Regulators have frozen the accounts of a charity that strives to "advance religion in accordance with the Orthodox faith and to relieve poverty", citing concerns over how it distributes money.

Combined Funds Limited (CFL) raised more than £700,000 in 2016 and had net assets of more than £6.5million, the Charity Commission said as it announced its action on Friday.

CFL gives grants to other charities but the commission said there was no formal policy on how it allocates these, leaving it unclear how it decides whom to give money.

The commission said it was also concerned that three of the trustees are relatives and, in eight of CFL's nine trading subsidiaries, the sole director is also its trustee. 

The commission said these issues raised potential conflicts of interest.

The commission opened "a compliance case" into CFL in 2017 amid concerns it had been operating without being registered with the commission, which is the independent regulator of charities.