Registered number: SC545983
Charity number: SC046862
THE MANGRIOTIS CHARITABLE FOUNDATION
(A company limited by guarantee)
UNAUDITED
TRUSTEES' REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
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THE MANGRIOTIS CHARITABLE FOUNDATION
(A company limited by guarantee)
CONTENTS
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Reference and administrative details of the Charitable company, its Trustees and advisers
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Independent examiner's report
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Statement of financial activities
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Notes to the financial statements
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THE MANGRIOTIS CHARITABLE FOUNDATION
(A company limited by guarantee)
REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITABLE COMPANY, ITS TRUSTEES AND ADVISERS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
Company registered number
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Charity registered number
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24 Blythswood Square
Glasgow
G2 4BG
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Armstrong Watson LLP
Chartered Accountants
1st Floor 24 Blythswood Square
Glasgow
G2 4BG
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Page 1
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THE MANGRIOTIS CHARITABLE FOUNDATION
(A company limited by guarantee)
TRUSTEES' REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2024
The Trustees present their annual report together with the financial statements of the Charitable company for the year 1 October 2023 to 30 September 2024. The Annual report serves the purposes of both a Trustees' report and a directors' report under company law. The Trustees confirm that the Annual report and financial statements of the charitable company comply with the current statutory requirements, the requirements of the charitable company's governing document and the provisions of the Statement of Recommended Practice (SORP) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (effective 1 January 2019).
Since the Charitable company qualifies as small under section 382 of the Companies Act 2006, the Strategic report required of medium and large companies under the Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013 has been omitted.
Objectives and activities
a. Objectives and activities
The objectives of the Charitable company are to advance the lives of people by:
• the prevention or relief of poverty;
• the advancement of education;
• the advancement of religion, namely Christianity;
• the advancement of health;
• the saving of lives;
• the advancement of citizenship or community development;
• the advancement of the arts, heritage, culture or science;
• the provision or organisation of recreational facilities, with the object of improving the lives of the persons for whom the facilities or activities were intended;
• the promotion of religious or racial harmony;
• the promotion of equality and diversity; and
• the promotion of animal welfare.
b. Strategies for achieving objectives
The Charitable company seeks to fulfil its objectives by being predominantly active in, but not limited to, Greece, Cyprus and Scotland and by:
• providing support and/or assistance to charities and other organisations and institutions who assist the needy, homeless children, aged, poor and those who suffer from ill health;
• providing support and/or assistance to individuals who do not have the means of proper health care or who are suffering or vulnerable due to ill health, poverty or age (old or young;
• providing support or assistance to worthy causes of public interest such as but not limited to: libraries, schools, fire-fighting equipment and provision of medical equipment and/or training; and
• providing support and/or assistance to the relief of poverty.
c. Activities undertaken to achieve objectives
The Charitable company aims to generate investment income to enable grants and/or donations to be made in furtherance of its charitable objectives.
Page 2
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THE MANGRIOTIS CHARITABLE FOUNDATION
(A company limited by guarantee)
Achievements and performance
a. Main achievements of the Charitable company
During the period under review, the charitable company made various charitable donations totalling £22,436 (2023 - £9,000).
A donation was received from a Trustee in the prior year amounting to £92,457 to assist in the purchase of an investment property which has been rented out to a third party producing additional income for the charitable company. Income from the investment property and investment portfolios held amounted to £51,043 (2023 - £46,095).
Financial review
a. Going concern
After making appropriate enquiries, the Trustees have a reasonable expectation that the Charitable company has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the accounting policies.
b. Reserves policy
It is the policy of the charitable company to maintain an unrestricted fund to be used for the charitable company's purposes at the Trustees' discretion. Provision is made to maintain sufficient liquid funds to cover management and administration costs and to respond to emergency applications for charitable donations as they may arise. The Trustees are satisfied with the current level of reserves.
c. Investment policy and objectives
The articles of association give the Trustees power to invest in such investments as may be considered appropriate and to dispose and vary such investments. The Trustees have engaged professional investment managers. The policy is to adopt a medium risk investment strategy based on maximising income.
The market value of investments held at 30 September 2024 was £957,228 (2023 - £906,652).
Structure, governance and management
a. Constitution
The Mangriotis Charitable Foundation controlled by its governing document, its articles of association, and constitutes a charitable company limited by guarantee as defined by the Companies Act 2006.
b. Methods of appointment or election of Trustees
Any person who is willing to act as a Trustee and is permitted by law to do so may be appointed a Trustee by a decision of the Board of Trustees. The number of Trustees shall not be less than three or more than nine. There is no formal procedure for the induction and training of Trustees.
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THE MANGRIOTIS CHARITABLE FOUNDATION
(A company limited by guarantee)
Structure, governance and management (continued)
c. Financial risk management
The Trustees have assessed the major risks to which the Charitable company is exposed, in particular those related to the operations and finances of the Charitable company, and are satisfied that systems and procedures are in place to mitigate exposure to the major risks.
The principal risk faced by the charitable company is that the investments do not perform and capital and income are not maintained. This risk is managed with the support of investment advisors through regular review of investment policy and asset allocation.
Plans for future periods
The Trustees plan to consider all appeals received and to make charitable donations accordingly.
Statement of Trustees' responsibilities
The Trustees (who are also the directors of the Charitable company for the purposes of company law) are responsible for preparing the Trustees' report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
Company law requires the Trustees to prepare financial statements for each financial year. Under company law, the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Charitable company and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the Trustees are required to:
∙select suitable accounting policies and then apply them consistently;
∙observe the methods and principles of the Charities SORP (FRS 102);
∙make judgments and accounting estimates that are reasonable and prudent;
∙state whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any material departures disclosed and explained in the financial statements;
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Charitable company will continue in business.
The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Charitable company's transactions and disclose with reasonable accuracy at any time the financial position of the Charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006, the Charities and Trustee Investment (Scotland) Act 2005 and the Charities Accounts (Scotland) Regulations 2006 (as amended). They are also responsible for safeguarding the assets of the Charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Approved by order of the members of the board of Trustees and signed on their behalf by:
Page 4
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THE MANGRIOTIS CHARITABLE FOUNDATION
(A company limited by guarantee)
INDEPENDENT EXAMINER'S REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2024
Independent examiner's report to the Trustees of The Mangriotis Charitable Foundation
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I report on the accounts of the charitable company for the year ended 30 September 2024 which are set out on pages 6 to 18.
Respective responsibilities of Trustees and examiner
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The trustees, who are also directors of the company for the purposes of company law, are responsible for the preparation of the financial statements in accordance with the terms of the Charities and Trustee Investment (Scotland) Act 2005 ('the Act') and the Charities Accounts (Scotland) Regulation 2006 ('the Accounts Regulations'). The trustees consider that the audit requirement of Regulation 10(1)(a) to (c) of the Accounts Regulations does not apply. It is my responsibility to examine the financial statements as required under section 44(1)(c) of the Act and to state whether particular matters have come to my attention.
Basis of independent examiner's statement
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My examination was carried out in accordance with regulation 11 of the Accounts Regulations. An examination includes a review of the accounting records kept by the charitable company and a comparison of the financial statements presented with those records. It also includes consideration of any unusual items or disclosures in the financial statements, and seeking explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently I do not express an audit opinion on the view given by the accounts.
Independent examiner's statement
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In the course of my examination, no matter has come to my attention:
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which gives me reasonable cause to believe that in any material respect the requirements:
∙to keep accounting records in accordance with section 44(1)(a) of the Act and regulation 4 of the Accounts Regulations; and
∙to prepare financial statements which accord with the accounting records, Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard in the UK and Republic of Ireland (FRS 102) and in other respects comply with regulation 8 of the Accounts Regulations
have not been met; or
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to which, in my opinion, attention should be drawn in order to enable proper understanding of the financial statements to be reached.
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This report is made solely to the charitable company's Trustees, as a body, in accordance with regulation 11 of the Charities Accounts (Scotland) Regulations 2006. My work has been undertaken so that I might state to the charitable company's Trustees those matters I am required to state to them in an Independent examiner's report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the charitable company and the charitable company's Trustees as a body, for my work or for this report.
Signed: Dated: 27 June 2025
Karen Rae FCCA DChA
Armstrong Watson LLP
1st Floor, 24 Blythswood Square, Glasgow, G2 4BG
Page 5
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THE MANGRIOTIS CHARITABLE FOUNDATION
(A company limited by guarantee)
STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
Net income before net losses on investments
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Net losses on investments
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Total funds brought forward
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Total funds carried forward
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The Statement of financial activities includes all gains and losses recognised in the year.
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The notes on pages 9 to 18 form part of these financial statements.
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Page 6
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THE MANGRIOTIS CHARITABLE FOUNDATION
(A company limited by guarantee)
REGISTERED NUMBER: SC545983
BALANCE SHEET
AS AT 30 SEPTEMBER 2024
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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The Charitable company was entitled to exemption from audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit for the year in question in accordance with section 476 of Companies Act 2006.
The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements.
The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small companies regime.
The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:
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THE MANGRIOTIS CHARITABLE FOUNDATION
(A company limited by guarantee)
REGISTERED NUMBER: SC545983
BALANCE SHEET (CONTINUED)
AS AT 30 SEPTEMBER 2024
The notes on pages 9 to 18 form part of these financial statements.
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Page 8
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THE MANGRIOTIS CHARITABLE FOUNDATION
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1.Accounting policies
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Basis of preparation of financial statements
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The financial statements 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), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.
The Mangriotis Charitable Foundation meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.
The Trustees of the Charitable company have reviewed the financial requirements for the next twelve months and have determined that this can be met with the current reserves held, even if there was no income whatsoever.
For this reason, the Trustees have assessed the Charitable company as a going concern and these financial statements have been prepared on a going concern basis.
All income is recognised once the Charitable company has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.
Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable.
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, 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 classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use.
Expenditure on raising funds includes all expenditure incurred by the Charitable company to raise funds for its charitable purposes and includes costs of all fundraising activities events and non-charitable trading.
Expenditure on charitable activities is incurred on directly undertaking the activities which further the Charitable company's objectives, as well as any associated support costs.
Grants payable are charged in the year when the offer is made except in those cases where the offer is conditional, such grants being recognised as expenditure when the conditions attaching are fulfilled. Grants offered subject to conditions which have not been met at the year end are noted as a commitment, but not accrued as expenditure.
All expenditure is inclusive of irrecoverable VAT.
Page 9
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THE MANGRIOTIS CHARITABLE FOUNDATION
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1.Accounting policies (continued)
Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Charitable company; this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited.
Monetary assets and liabilities denominated in foreign currencies are translated into sterling at rates of exchange ruling at the reporting date.
Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction.
Exchange gains and losses are recognised in the Statement of financial activities.
The Charitable company is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the Charitable company is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes.
Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the Balance sheet date, unless the value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as ‘Gains/(Losses) on investments’ in the Statement of financial activities.
Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.
Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.
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Liabilities and provisions
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Liabilities are recognised when there is an obligation at the Balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.
The Charitable company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.
Page 10
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THE MANGRIOTIS CHARITABLE FOUNDATION
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1.Accounting policies (continued)
General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Charitable company and which have not been designated for other purposes.
Investment income, gains and losses are allocated to the appropriate fund.
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Income from donations and legacies
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Interest and dividend income
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Page 11
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THE MANGRIOTIS CHARITABLE FOUNDATION
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
3.Investment income (continued)
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Interest and dividend income
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Expenditure on raising funds
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Costs of raising voluntary income
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Portfolio management fees
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Portfolio management fees
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Page 12
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THE MANGRIOTIS CHARITABLE FOUNDATION
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
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Analysis of grants and donations
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The Charitable company has made the following material grants to institutions during the year:
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EMEIS Breast Cancer Scientific Society
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Asilon Aniaton Parapalegic Society
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Angalia Society for the protection of the unborn child
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Floga for cancerous patients
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Greek Orthodox Church of Glasgow
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Ecumenical Federation of Consantinople to provide higher education
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ETHE.K.A.P - Volunteer Fire Safety Team of Kapandriti-Polidendri
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En Dynamei for people with potential capabilities
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Page 13
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THE MANGRIOTIS CHARITABLE FOUNDATION
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
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Analysis of expenditure by activities
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Grant funding of activities
2024
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Grant funding of activities
2023
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Analysis of support costs
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Foreign exchange loss/(gain)
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Independent examination fees
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Page 14
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THE MANGRIOTIS CHARITABLE FOUNDATION
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
6.Analysis of expenditure by activities (continued)
Analysis of support costs (continued)
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Foreign exchange loss/(gain)
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Independent examination fees
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Independent examiner's remuneration
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Fees payable to the Charitable company's independent examiner for the independent examination of the Charitable company's annual accounts
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Trustees' remuneration and expenses
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During the year, no Trustees received any remuneration or other benefits (2023 - £NIL).
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During the year ended 30 September 2024, no Trustee expenses have been incurred (2023 - £NIL).
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Page 15
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THE MANGRIOTIS CHARITABLE FOUNDATION
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
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Freehold investment property
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The Trustees do not believe that the investment property value has fluctuated materially since the original purchase.
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The Charitable company held investment assets both inside the UK and overseas.
UK listed investments had a market value of £97,804 (2023 - £95,095) with the remainder being overseas investments.
Should the listed investments be shown at cost this figure would be £964,185 (2023 - £998,987).
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Page 16
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THE MANGRIOTIS CHARITABLE FOUNDATION
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
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Creditors: Amounts falling due within one year
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Accruals and deferred income
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Statement of funds - current year
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Balance at 1 October 2023
£
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Balance at 30 September 2024
£
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Statement of funds - prior year
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Balance at
1 October 2022
£
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Balance at
30 September 2023
£
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Summary of funds - current year
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Balance at 1 October 2023
£
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Balance at 30 September 2024
£
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Page 17
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THE MANGRIOTIS CHARITABLE FOUNDATION
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
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Summary of funds (continued)
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Summary of funds - prior year
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Balance at
1 October 2022
£
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Balance at
30 September 2023
£
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Analysis of net assets between funds
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Analysis of net assets between funds - current period
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Creditors due within one year
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Analysis of net assets between funds - prior period
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Creditors due within one year
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Related party transactions
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The Charitable company has not entered into any related party transaction during the year, nor are there any outstanding balances owing between related parties and the Charitable company at 30 September 2024.
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Page 18
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