School financial report for the first two years from the beginning of 2015 to the end of June 2017
The School was financially supported by a number of sponsors who appreciated the vision of its founders. From among the sponsors the contribution of the Ministry of Education and Culture deserves special mention. In recognition of the Church’s long-standing support of education in Cyprus, the MoEC funds the full services of two teachers at TSCC.
The economic plan of TSCC expressly forbids the use of tuition fees for the functional needs of the School. According to the Policy Statement that ensures the non-profit character of the School:
“Tuition fees paid by students of the Theology Department (undergraduate level) are deposited in a special account for Student Welfare and are used for the provision of scholarships and financial assistance to students. In addition to the financial assistance set forth in this Regulation, the School may make use of the Student Welfare Fund to assist students in the purchase of personal computers, books, and the provision of food and housing or for organizing activities.”
Accordingly, operating expenses and capital expenditure could only be covered by external funding. These needs were met by the donors of the School as detailed below.
Until the establishment of TSCC and the creation of a separate legal entity, the Holy Archdiocese of Cyprus temporarily assumed the maintenance of a separate accounting archive which, once the School had been registered as a Non-Profit Charitable Educational Organization, was immediately transferred to the School’s own account books.
Contributions Received for the period 2015/2016
In addition to income from student tuition fees as well as financial support for the Theological School from the Holy Archdiocese of Cyprus, various contributions were donated either directly to the Theological School or via the Holy Archdiocese of Cyprus. During the period from the foundation of the School on 19 June 2015 until 30 June 2016, the following organizations and individuals donated a total of €818,129 for the support of TSCC.
It is to be noted that the above sum includes special contributions from four Churches of the Archbishopric District which kindly undertook to support the School with the sum of €90,000. This contribution was intended to cover the costs of teaching and other educational needs.
Names of Donors 2015/2016
DAMARION HOLDINGS LTD €300,000
SATINWOOD LTD €200,000
KEO PLC €140,000
LASCARIS FOUNDATION €50,000
Church of Panagia Evangelistria, Pallouriotissa €35,000
Holy Church of Panagia Faneromeni, Nicosia €25,000
Holy Church of Panagia, Trachona €15,000
Holy Church of Panagia Chryseleousa, Strovolos €15,000
CHAR. PILAKOUTAS LTD €10,000
LOUIS HOTELS €10,000
HELLENIC TZILALLIS CYPRUS LTD €10,629
EMPIRE GROUP EG LTD €5,000
Jer. Agios Georgios (Ag. Dometios) €1,000
Mr. Christos Rokas €1,000
PERSONAL GIFT IN MEMORY OF MICHAEL €500
Total €818,129
Of the above total of €818,129, €524,129 was deposited in the School’s bank account to cover its first-year operating expenses and also to generate a cash surplus with a view to its use for emergencies.
A further €294,000 was used by the Holy Archdiocese of Cyprus to cover part of the cost of the initial planning and registration of the School, the capital outlay for the redevelopment, renovation and extension of the building and electro-mechanical installations, and to purchase equipment for the Theological School.
Total expenses for the period under review amounted to €603.051.
It is important to note that the auditing of the School’s Financial Statements was entrusted, under the terms of a special service agreement, to PricewaterhouseCoopers.
Contributions Received for the period 2016/2017
As recorded during the previous period of the School’s operation, in addition to the income from students’ tuition fees (deposited in a special fund for Student Welfare), several contributions were donated from 1 July 2016 to 30 June 2017 directly to the Theological School, or via the Holy Archdiocese of Cyprus. More specifically, the following organizations, individuals, funds and churches donated contributions of €326,128. This amount includes special contributions received from four Churches from the parish of the Archdiocese totalling € 282,500. As in the previous year, the income from these contributions enabled the Theological School to cover expenses related to Teaching and Educational Planning.
Names of Donors 2016/2017
Holy Church of Panagia Faneromeni, Nicosia €65,000
Holy Church of Panagia Chryseleousa, Strovolos €62,500
Holy Church of Panagia Evangelistria, Pallouriotissa €5,000
Holy Church of Panagia, Trachona €50,000
SUNHALL HOTEL LTD €50,000
Holy Archdiocese of America (Archbishop Demetrios Fund – donation of $ 50,000.00) €43,628
Total €326,128
Added to this total was the contribution of €100,000 from the Holy Archdiocese of Cyprus.
These generous contributions enabled the Theological School, for the academic year 2016/2017, to cover not only its running costs but also a large part of its expenditure on equipment. The running costs for the second year of the School’s operation amounted to €477,088.
At the same time, utilising its own funds, the Holy Archdiocese of Cyprus proceeded to cover the renovation costs of the building complex.
Donations of Books and Services to the School for the period 2015/2017
The Dean of the Theological School of the National and Kapodistrian University of Athens donated to TSCC, for the enrichment of the Student Library, a series of their school’s Yearbooks. The TSCC was also the recipient of an important donation of books from the University’s publications “Diabrasis”. These are series of pedagogical books and books on related topics that have enriched the Student Library and support the Theology Program. The Student Library was also enlarged by the generous donation of editions from the Holy Metropolis of Kition. The books were donated by the High Metropolitan of Kition, Mr Chrysostomos, who is also a member of the Board of the School. A significant number of related books were given to the School by the Holy Archdiocese of Cyprus. The Library of the Archbishop Makarios III Foundation, which functions as the Central Library, contributes valuable support to the School in the form of expertise and guidance on the operation of the Student Library.
Significant support in the form of free promotion and advertising of TSCC was donated by Mega Channel / MegaOne, TVONE NEWS portal and 101.1 LOGOS. In the field of technical support, key partners were HELLENIC TZILALLIS CYPRUS LTD and Logosnet Services Ltd.