| REGISTERED COMPANY NUMBER: |
| REGISTERED CHARITY NUMBER: |
| REPORT OF THE TRUSTEES AND |
| UNAUDITED FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| FOR |
| THE GREEK ORTHODOX COMMUNITY THE TWELVE |
| APOSTLES HERTFORDSHIRE TRUST |
| REGISTERED COMPANY NUMBER: |
| REGISTERED CHARITY NUMBER: |
| REPORT OF THE TRUSTEES AND |
| UNAUDITED FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| FOR |
| THE GREEK ORTHODOX COMMUNITY THE TWELVE |
| APOSTLES HERTFORDSHIRE TRUST |
| THE GREEK ORTHODOX COMMUNITY THE TWELVE |
| APOSTLES HERTFORDSHIRE TRUST |
| CONTENTS OF THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| Page |
| Report of the Trustees | 1 | to | 3 |
| Independent Examiner's Report | 4 |
| Statement of Financial Activities | 5 |
| Balance Sheet | 6 |
| Cash Flow Statement | 7 |
| Notes to the Cash Flow Statement | 8 |
| Notes to the Financial Statements | 9 | to | 15 |
| THE GREEK ORTHODOX COMMUNITY THE TWELVE |
| APOSTLES HERTFORDSHIRE TRUST (REGISTERED NUMBER: 05059031) |
| REPORT OF THE TRUSTEES |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| 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 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 objective and aims of the charity are: |
| To preserve and propagate the Christian Orthodox faith and traditions as contained in the Holy Scriptures, as practised in the life of the Church, as confirmed by the Ecumenical and local councils and as interpreted, preserved and taught by the Great Church of Christ, the Ecumenical Patriarchate of Constantinople. |
| To preserve the original language of the New Testament in Divine Worship and in the Ecclesiastical life of the faithful, and to minister to the people through canonical services conducted according to the order of the Great Church of Constantinople by canonical priests, and through sermons and through catechism and Greek Language Schools. |
| To establish schools for the teaching of Greek Orthodox education. |
| To receive into the Orthodox Christian faith, by Baptism or Chrismation, all those who freely decide and sincerely desire to adopt the Orthodox Christian faith, and to live in accordance with its spiritual and moral teaching. |
| To undertake charitable work for the benefit of those who need protection, assistance and medical care, to make grants to organisations (including schools and charities), to provide services (including care/counselling). |
| To support and to assist in the charitable objects of the unincorporated body known as The Greek Orthodox Community "The Twelve Apostles" Hertfordshire ( Registered Charity No:1049541). |
| The trustees are pleased to report that in their opinion the objectives were generally met. |
| Significant activities |
| The charity's significant activities are the Sunday services, weddings, christenings, dinner and dance functions. |
| Public benefit |
| The trustees confirm that they have complied with their duty to have regard to the guidance on public benefit published by the Charity Commission in exercising their function. |
| Volunteers |
| All trustees perform their duties on a voluntary basis. Ladies of the congregation help with ancillary duties, including community care, church functions and fundraising. |
| ACHIEVEMENT AND PERFORMANCE |
| The results for the financial year of the charity are shown in the annexed financial statements. The Trust managed to collect additional donations from followers for the new Church extension that was under development. |
| The Trustees are optimistic that a further increase in donations received in the year end to 31st of December 2024 so that the new church extension to be finalised on time and with no financial constraints. |
| FINANCIAL REVIEW |
| Principal funding sources |
| The Charity generates income from a variety of sources, principally related to activities based in and around the Church. The majority of income is derived from donations, sales of candles, collections and fees for church services. In addition, the Charity normally organises two annual Dinner and Dances, and other functions throughout the year which generate additional income. |
| Review of Charity's financial position |
| The results of the Charity are set out on Page 5-15. The Trustees applied the same controls on expenses, and the financial statements show a surplus of £72,357 (2023: 245,494). The Trustees are confident that the expenditures will be reduced and safeguard the Charity's ability to generate forthcoming income. The donations for the year decreased in total, as the Church did not make any major fundraising activities. |
| With effect from 1 July 2005 The Board agreed to accept delegation from The Greek Orthodox Community "The Twelve Apostles" Hertfordshire (Charity Registration Number 1049541) that all the operations for the Charity including all income, hire and letting of the premises, making all payments for running and administration. |
| Reserves policy |
| The Trustees reserves policy is to retain surplus funds to maintain sufficient working capital for the charity and its related charity. |
| THE GREEK ORTHODOX COMMUNITY THE TWELVE |
| APOSTLES HERTFORDSHIRE TRUST (REGISTERED NUMBER: 05059031) |
| REPORT OF THE TRUSTEES |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| FUTURE PLANS |
| The Community Board's aims are: |
| A To attract younger members to our community. |
| B To improve the church grounds. |
| C To promote attendance at our Saturday morning services in English. |
| D To find local accommodation suitable for community and pastoral needs. |
| E To increase the gift aid donations to repay the mortgage of the related charity. |
| STRUCTURE, GOVERNANCE AND MANAGEMENT |
| Governing document |
| The charity is controlled by its governing document, a deed of trust, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006. |
| Recruitment and appointment of new trustees |
| The trustees of the charity who are also trustees of the unincorporated body The Greek Orthodox Community "The Twelve Apostles" Hertfordshire (Registered Charity No:1049541) must be members of the Community. |
| All members are eligible to stand for election. Applicants are appointed by voting and four are selected and appointed by his Eminence the Archbishop of Thyateira and Great Britain in consultation with the parish priest. The trustees will serve a term of two years. The trustees are familiar with the practical work of the charity. |
| Organisational structure |
| The charity is governed by its trustees who comprise the Community Board. The Community Board comprises the elected members of the unincorporated body known as The Greek Orthodox Community "The Twelve Apostles" Hertfordshire (Registered Charity No.1049541). |
| The members of the charity are the persons serving on the Community Board. Each person who is a member of the Community Board shall, at the time of this appointment to the Community Board, become a member of the charity and on ceasing to be a member of the Community Board, for any reason, shall at the same cease to be a member of the charity. |
| The Trustees meet ten times a year to administer the affairs of the charity. The Trustees elect a Chairman, a Vice-Chairman, a Treasurer and a Secretary to carry out day-to-day functions. |
| The presiding priest by virtue of his canonical ordination administers the priestly duties which consist in shepherding the Parish entrusted to his care, directing its orderly life, preserving its unity and keeping it faithful to its divine purpose. |
| The Trustees appoint sub-committees to develop, administer and promote fund raising, religious festivals and charitable causes. |
| Induction and training of new trustees |
| All trustees are briefed on their legal obligations under charity and company law, the content of the Memorandum and Articles of Association, the committee and decision making processes, the projections and recent financial performance of the charity. At the first board meeting the trustees will elect the Chair, Treasurer and Secretary. The Chair co-ordinates all the charity's activities including meetings, functions, fund raising committees and liaises with the priest and staff. |
| The Treasurer maintains the financial records, management reports, budgeting and the preparation of financial statements. The Secretary maintains the minutes and correspondence. All other trustees are on a rota for church services, candle sales, collections and fund raising. |
| Wider network |
| The charity is under the auspices of The Greek Archdiocese of Thyateira and Great Britain. |
| Related parties |
| The charity is governed by its trustees who are also elected members and trustees of The Greek Orthodox Community "The Twelve Apostles" Hertfordshire and donates a substantial amount of its surplus to the unincorporated body. |
| REFERENCE AND ADMINISTRATIVE DETAILS |
| Registered Company number |
| Registered Charity number |
| Registered office |
| THE GREEK ORTHODOX COMMUNITY THE TWELVE |
| APOSTLES HERTFORDSHIRE TRUST (REGISTERED NUMBER: 05059031) |
| REPORT OF THE TRUSTEES |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| Trustees |
| Archbishop Nikitas of Thyateira & Great Britain | Archbishop |
| D A Liveras | Management Trustee | (resigned 11 March 2024) |
| L Loizou | Custodial Trustee-Chairman |
| D Habeshis | Management Trustee |
| Y Nicholas | Custodial Trustee | (resigned 11 March 2024) |
| M Pilina | Management Trustee |
| S A Savva | Management Trustee-Secretary |
| I Chronias | Management Trustee |
| E Kritikos | Management Trustee-Treasurer |
| C D Constantinou | Management Trustee |
| S Economou | Management Trustee |
| S Spyrou | Management Trustee |
| M Rodosthenous | Custodial/Management Trustee |
| T Liousas | Management Trustee |
| K Kyriakou | Management Trustee |
| Y Ioannou | Management Trustee | (appointed 3 January 2024) |
| Company Secretary |
| Independent Examiner |
| G Christoforou |
| AC Partners LLP |
| Chartered Accountants |
| 869 High Road |
| London |
| N12 8QA |
| Solicitors |
| Nicholas & Co. |
| 18 Wigmore Street |
| London |
| W1U 2RG |
| Bankers |
| Barclays Bank plc |
| 33 Darkes Lane |
| Potters Bar |
| EN6 1BA |
| CHARITABLE DONATIONS |
| During the year under review, the charity donated £32,500 (2023: £33,500) to charitable causes, including net donations £30,000 (2023: £30,000) to the unincorporated charity The Greek Orthodox Community "The Twelve Apostles" Hertfordshire (registered Charity No. 1049541), £2,000 (2023: £2,050) to Greek Orthodox Archdiocese of Thyateira and Great Britain, £500 (2023: £150) to Essex Monastery and the balance of £nil (2023: £1,300) to other charitable causes. |
| Approved by order of the board of trustees on |
| INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF |
| THE GREEK ORTHODOX COMMUNITY THE TWELVE |
| APOSTLES HERTFORDSHIRE TRUST |
| Independent examiner's report to the trustees of The Greek Orthodox Community The Twelve Apostles Hertfordshire Trust ('the Company') |
| I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 December 2024. |
| 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 |
| Since your charity's gross income exceeded £250,000 your examiner must be a member of a listed body. I can confirm that I am qualified to undertake the examination because I am a member of the Institute of Chartered Accountants in England and Wales, which is one of the listed bodies. |
| 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. |
| G Christoforou |
| The Institute of Chartered Accountants in England and Wales |
| AC Partners LLP |
| Chartered Accountants |
| 869 High Road |
| London |
| N12 8QA |
| 12 May 2025 |
| THE GREEK ORTHODOX COMMUNITY THE TWELVE |
| APOSTLES HERTFORDSHIRE TRUST |
| STATEMENT OF FINANCIAL ACTIVITIES |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| 2024 | 2023 |
| Unrestricted | Restricted | Total | Total |
| fund | funds | funds | funds |
| Notes | £ | £ | £ | £ |
| INCOME AND ENDOWMENTS FROM |
| Other trading activities | 2 |
| Other income |
| Total |
| EXPENDITURE ON |
| Raising funds | 3 |
| Charitable activities | 4 |
| Other |
| Total |
| NET INCOME |
| RECONCILIATION OF FUNDS |
| Total funds brought forward |
| TOTAL FUNDS CARRIED FORWARD | 632,928 |
| THE GREEK ORTHODOX COMMUNITY THE TWELVE |
| APOSTLES HERTFORDSHIRE TRUST (REGISTERED NUMBER: 05059031) |
| BALANCE SHEET |
| 31 DECEMBER 2024 |
| 2024 | 2023 |
| Unrestricted | Restricted | Total | Total |
| fund | funds | funds | funds |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Tangible assets | 11 |
| CURRENT ASSETS |
| Stocks | 12 |
| Debtors | 13 |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 14 | ( |
) | ( |
) | ( |
) |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year | 15 | ( |
) | ( |
) | ( |
) |
| NET ASSETS |
| FUNDS | 17 |
| Unrestricted funds | 632,928 |
| TOTAL FUNDS | 632,928 |
| The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2024. |
| The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2024 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 |
| THE GREEK ORTHODOX COMMUNITY THE TWELVE |
| APOSTLES HERTFORDSHIRE TRUST |
| CASH FLOW STATEMENT |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| 2024 | 2023 |
| Notes | £ | £ |
| Cash flows from operating activities |
| Cash generated from operations | 1 | 25,522 | (475,877 | ) |
| Interest paid | - | (9 | ) |
| Net cash provided by/(used in) operating activities | 25,522 | (475,886 | ) |
| Cash flows from investing activities |
| Purchase of tangible fixed assets | (17,851 | ) | (7,771 | ) |
| Net cash used in investing activities | (17,851 | ) | (7,771 | ) |
| Cash flows from financing activities |
| New loans in year | - | 100,000 |
| Net cash provided by financing activities | - | 100,000 |
| Change in cash and cash equivalents in the reporting period |
7,671 |
(383,657 |
) |
| Cash and cash equivalents at the beginning of the reporting period |
7,595 |
391,252 |
| Cash and cash equivalents at the end of the reporting period |
15,266 |
7,595 |
| THE GREEK ORTHODOX COMMUNITY THE TWELVE |
| APOSTLES HERTFORDSHIRE TRUST |
| NOTES TO THE CASH FLOW STATEMENT |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| 1. | RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES |
| 2024 | 2023 |
| £ | £ |
| Net income for the reporting period (as per the Statement of Financial Activities) |
72,357 |
245,494 |
| Adjustments for: |
| Depreciation charges | 4,027 | 670 |
| Interest paid | - | 9 |
| (Increase)/decrease in stocks | (138 | ) | 557 |
| Increase in debtors | (51,809 | ) | (645,823 | ) |
| Increase/(decrease) in creditors | 1,085 | (76,784 | ) |
| Net cash provided by/(used in) operations | 25,522 | (475,877 | ) |
| 2. | ANALYSIS OF CHANGES IN NET DEBT |
| At 1.1.24 | Cash flow | At 31.12.24 |
| £ | £ | £ |
| Net cash |
| Cash at bank | 7,595 | 7,671 | 15,266 |
| 7,595 | 7,671 | 15,266 |
| Debt |
| Debts falling due after 1 year | (100,000 | ) | - | (100,000 | ) |
| (100,000 | ) | - | (100,000 | ) |
| Total | (92,405 | ) | 7,671 | (84,734 | ) |
| THE GREEK ORTHODOX COMMUNITY THE TWELVE |
| APOSTLES HERTFORDSHIRE TRUST |
| NOTES TO THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| 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. |
| 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. |
| ALLOCATION AND APPORTIONMENT OF COSTS |
| Costs are allocated as general operating expenses unless they are in regard to specific activities generating income,in which case they are then allocated according to specific cost type. |
| TANGIBLE FIXED ASSETS |
| Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life. |
| Plant and machinery | - |
| Fixtures and fittings | - |
| Computer equipment | - |
| STOCKS |
| Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
| 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. |
| PENSION COSTS AND OTHER POST-RETIREMENT BENEFITS |
| The charitable company operates a defined contribution pension scheme. Contributions payable to the charitable company's pension scheme are charged to the Statement of Financial Activities in the period to which they relate. |
| 2. | OTHER TRADING ACTIVITIES |
| 2024 | 2023 |
| £ | £ |
| Donations |
| Membership |
| Books | 7,867 | 6,119 |
| Other Functions | 10,645 | 14,660 |
| Candles | 60,532 | 56,327 |
| Services | 79,750 | 81,440 |
| Dinner and Dance | 11,651 | 2,970 |
| Ladies Auxiliary Functions | - | 1,445 |
| Greek Evenings | 720 | 8,000 |
| Icons | - | 2,800 |
| Carried forward | 401,368 | 509,657 |
| THE GREEK ORTHODOX COMMUNITY THE TWELVE |
| APOSTLES HERTFORDSHIRE TRUST |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| 2. | OTHER TRADING ACTIVITIES - continued |
| 2024 | 2023 |
| £ | £ |
| Brought forward | 401,368 | 509,657 |
| Collections | 42,321 | 69,390 |
| 3. | RAISING FUNDS |
| RAISING DONATIONS AND LEGACIES |
| 2024 | 2023 |
| £ | £ |
| Candles |
| Services |
| Dinner and dance |
| Books |
| Church Trip | 2,027 | 3,500 |
| 77,438 | 56,944 |
| OTHER TRADING ACTIVITIES |
| 2024 | 2023 |
| £ | £ |
| Opening stock |
| Closing stock | ( |
) | ( |
) |
| Interest payable and similar charges | - | 9 |
| (119 | ) | 566 |
| Aggregate amounts | 77,319 | 57,510 |
| 4. | CHARITABLE ACTIVITIES COSTS |
| Grant |
| funding of |
| activities |
| (see note |
| 5) |
| £ |
| Managing and Administering Charity | 39,500 |
| 5. | GRANTS PAYABLE |
| 2024 | 2023 |
| £ | £ |
| Managing and Administering Charity | 39,500 | 33,500 |
| The total grants paid to institutions during the year was as follows: |
| 2024 | 2023 |
| £ | £ |
| The Greek Orthodox Community The Twelve Apostles Hertfordshire | 30,000 | 30,000 |
| Greek Orthodox Archdiocese of Thyateira and Great Britain | 2,000 | 2,050 |
| Essex Monastery | 500 | 150 |
| Other charities | - | 1,300 |
| Non-charities | 7,000 | - |
| THE GREEK ORTHODOX COMMUNITY THE TWELVE |
| APOSTLES HERTFORDSHIRE TRUST |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| 6. | SUPPORT COSTS |
| Governance |
| Management | Finance | costs | Totals |
| £ | £ | £ | £ |
| Other resources expended | 246,661 | 926 | 7,013 | 254,600 |
| Support costs, included in the above, are as follows: |
| MANAGEMENT |
| 2024 | 2023 |
| Other |
| resources | Total |
| expended | activities |
| £ | £ |
| Wages | 137,938 | 126,029 |
| Social security | 8,498 | 6,675 |
| Pensions | 8,804 | 8,649 |
| Rent and rates | 12,500 | 12,818 |
| Insurance | 7,690 | 7,383 |
| Light and heat | 12,255 | 34,588 |
| Telephone | 7,900 | 2,753 |
| Postage and stationery | 3,955 | 7,845 |
| Sundries | 170 | - |
| Repairs and renewals | 21,216 | 21,703 |
| Computer expenses | 2,825 | 4,720 |
| Travelling | 15,883 | 5,221 |
| Accountancy Fees | 3,000 | 3,500 |
| Depreciation of tangible and heritage assets | 4,027 | 670 |
| 246,661 | 242,554 |
| FINANCE |
| 2024 | 2023 |
| Other |
| resources | Total |
| expended | activities |
| £ | £ |
| Bank charges | 926 | 941 |
| GOVERNANCE COSTS |
| 2024 | 2023 |
| Other |
| resources | Total |
| expended | activities |
| £ | £ |
| Legal and professional fees | 7,013 | 439 |
| 7. | NET INCOME/(EXPENDITURE) |
| Net income/(expenditure) is stated after charging/(crediting): |
| 2024 | 2023 |
| £ | £ |
| Depreciation - owned assets |
| THE GREEK ORTHODOX COMMUNITY THE TWELVE |
| APOSTLES HERTFORDSHIRE TRUST |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| 8. | TRUSTEES' REMUNERATION AND BENEFITS |
| During the year Theodoros Liousas, a trustee of the company received £3,700 (2023: £3,000) for his services as a Chanter of the Church. There were no other trustees' remuneration or other benefits for the year ended 31 December 2024 nor for the year ended 31 December 2023. |
| TRUSTEES' EXPENSES |
| There were no trustees' expenses paid for the year ended 31 December 2024 nor for the year ended 31 December 2023. |
| 9. | STAFF COSTS |
| 2024 | 2023 |
| £ | £ |
| Wages and salaries |
| Social security costs |
| Other pension costs |
| 155,240 | 141,353 |
| The average monthly number of employees during the year was as follows: |
| 2024 | 2023 |
| Priests | 2 | 2 |
| Secretarial | 1 | 1 |
| Administrative | 3 | 3 |
| 10. | COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES |
| Unrestricted | Restricted | Total |
| fund | funds | funds |
| £ | £ | £ |
| INCOME AND ENDOWMENTS FROM |
| Other trading activities |
| Other income |
| Total |
| EXPENDITURE ON |
| Raising funds |
| Charitable activities |
| Other |
| Total |
| NET INCOME |
| Transfers between funds | 216,281 | (216,281 | ) | - |
| Net movement in funds | ( |
) |
| RECONCILIATION OF FUNDS |
| Total funds brought forward | 237,638 | 149,796 |
| TOTAL FUNDS CARRIED FORWARD | 632,928 | - | 632,928 |
| THE GREEK ORTHODOX COMMUNITY THE TWELVE |
| APOSTLES HERTFORDSHIRE TRUST |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| 11. | TANGIBLE FIXED ASSETS |
| Fixtures |
| Plant and | and | Computer |
| machinery | fittings | equipment | Totals |
| £ | £ | £ | £ |
| COST |
| At 1 January 2024 |
| Additions |
| Disposals | ( |
) | ( |
) |
| At 31 December 2024 |
| DEPRECIATION |
| At 1 January 2024 |
| Charge for year |
| Eliminated on disposal | ( |
) | ( |
) |
| At 31 December 2024 |
| NET BOOK VALUE |
| At 31 December 2024 |
| At 31 December 2023 |
| 12. | STOCKS |
| 2024 | 2023 |
| £ | £ |
| Stocks |
| 13. | DEBTORS |
| 2024 | 2023 |
| £ | £ |
| Amounts falling due within one year: |
| Prepayments and accrued income |
| Amounts falling due after more than one year: |
| Other debtors |
| Aggregate amounts |
| 14. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| Social security and other taxes |
| Nest | 741 | 673 |
| Net wages | - | 42 |
| Accrued expenses |
| THE GREEK ORTHODOX COMMUNITY THE TWELVE |
| APOSTLES HERTFORDSHIRE TRUST |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| 15. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| Other loans (see note 16) | 100,000 |
| 16. | LOANS |
| An analysis of the maturity of loans is given below: |
| 2024 | 2023 |
| £ | £ |
| Amounts falling due between two and five years: |
| Other loans - 2-5 years |
| 17. | MOVEMENT IN FUNDS |
| Net |
| movement | At |
| At 1.1.24 | in funds | 31.12.24 |
| £ | £ | £ |
| Unrestricted funds |
| GENERAL FUND | 632,928 | 72,357 | 705,285 |
| TOTAL FUNDS | 72,357 | 705,285 |
| Net movement in funds, included in the above are as follows: |
| Incoming | Resources | Movement |
| resources | expended | in funds |
| £ | £ | £ |
| Unrestricted funds |
| GENERAL FUND | 443,776 | (371,419 | ) | 72,357 |
| TOTAL FUNDS | ( |
) | 72,357 |
| Comparatives for movement in funds |
| Net | Transfers |
| movement | between | At |
| At 1.1.23 | in funds | funds | 31.12.23 |
| £ | £ | £ | £ |
| Unrestricted funds |
| GENERAL FUND | 237,638 | 179,009 | 216,281 | 632,928 |
| Restricted funds |
| Church Extension | 149,796 | 66,485 | (216,281 | ) | - |
| TOTAL FUNDS | 387,434 | 245,494 | - | 632,928 |
| Comparative net movement in funds, included in the above are as follows: |
| Incoming | Resources | Movement |
| resources | expended | in funds |
| £ | £ | £ |
| Unrestricted funds |
| GENERAL FUND | 513,953 | (334,944 | ) | 179,009 |
| Restricted funds |
| Church Extension | 66,485 | - | 66,485 |
| TOTAL FUNDS | 580,438 | (334,944 | ) | 245,494 |
| THE GREEK ORTHODOX COMMUNITY THE TWELVE |
| APOSTLES HERTFORDSHIRE TRUST |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| 17. | MOVEMENT IN FUNDS - continued |
| A current year 12 months and prior year 12 months combined position is as follows: |
| Net | Transfers |
| movement | between | At |
| At 1.1.23 | in funds | funds | 31.12.24 |
| £ | £ | £ | £ |
| Unrestricted funds |
| GENERAL FUND | 237,638 | 251,366 | 216,281 | 705,285 |
| Restricted funds |
| Church Extension | 149,796 | 66,485 | (216,281 | ) | - |
| TOTAL FUNDS | 387,434 | 317,851 | - | 705,285 |
| 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 | 957,729 | (706,363 | ) | 251,366 |
| Restricted funds |
| Church Extension | 66,485 | - | 66,485 |
| TOTAL FUNDS | 1,024,214 | (706,363 | ) | 317,851 |
| 18. | RELATED PARTY DISCLOSURES |
| During the year, the church made donations totalling £6,000 (2023: £nil) to School of Byzantine Music Ltd and £1,000 (2023: £nil) to Hellenic Music Centre Limited, both of which are non-charitable organisations where J P Paliouras, the church’s priest, serves as a director. |
| The donation to School Of Byzantine Music Ltd, a company limited by guarantee, supported its activities in training students to become chanters in the UK. The Archdiocese is currently consulting with its solicitors regarding the school’s potential conversion to charitable status. The donation to Hellenic Music Centre Ltd contributed towards expenses for music events organised by Fr. Paliouras. Both donations were made on an arm's length basis, with no further obligations or conditions attached. |
| The trust also purchases candles for the church from Mybeewax, which is the trading name of a business of a son of trustee Sotirios Economou. Included within the Statement of Financial Activities are candle purchases from Mybeewax during the year totalling £19,878 (2023: £14,863). |
| During the year, the trust made donations amounting to £30,000 (2023: £30,000), to The Greek Orthodox Community "The Twelve Apostles" Hertfordshire. |
| Within other debtors falling due after more than one year there is a balance of £724,860 (2023: £695,873) due from The Greek Orthodox Community "The Twelve Apostles" Hertfordshire. |
| The Trustees of the Trust are also Trustees of The Greek Orthodox Community "The Twelve Apostles" Hertfordshire. |