Compony reglstratlon number: 2643543 Charlty Numbei: 1010360 Hellenic Community Trust Trading as The Hellenl¢ Centre {A company limiled by guarantee) Report and financlal statements 31 December 2020
H8118nic Communily Tw$1 The Hellenic Centre Conten1$ Page Chairman's statemerbt Report of the fTUStees Independent auditor's report to the trustees 8-10 Statement ol financial activities 11 Statement ol linancial position 12 Statement of cash flows 13 Notes lo the financial statemènts 14-27
Hellenlc Communlty Trust The Hellenic Centre Chalrnian's Ststement Year ended 31 Deeember 2020 The year under review has bèan w difficult lor OUT Trust, as for mosl other enterpiises in the ¢oulllry. The Hellenic Centre. our operating arn. had a very full and successful cullural programme in the first three months ol the year which sadly were severely trunGated on161h March when we had to close our door on govemment inslwctions because ol the pandemic. Our doors have remained closed since then but very quickly we put together a cultural programme which we offered to our members. friends and the public using various online means. The Greeklossons wore able to continue online wilh only a Sm1 number of parcipants lallino off. We have a full programme prepared and we ale ready lo start having live evenls as soon as govemment regulations and safety considerations aS10w. We took atfvanlage ol government and other help available to us and we are proud that wè have beèn able to retain all our staff although we had lo furlough a nUMr of them Irom the beginning of the pandemic. Some were brought in lor odd days as necessary lo mainta¢n our operations and the maintenance of the buikling. Wa are very grateful lo our director, Mrs Agatha KlSperaS, who managed this difficult period wth professionalism bul also for her very generous forgoing ol her salary. some £100.000. Irom 1st April 2020 to 12th April 2021 without any condrtions. We are aiso very grateful lo Mr Alhos Christ¢doulou and the AG. Leventis Foundation for their large gift5. These, logelhgr with the govemmenl assistan. have enabled us lo achieve a sutplus of £34.400 instead ol a loss. Further infoTmation on our lillancial situation is to be found In the attached Alxounts and FinanGiai Statements. We are grateful to all our staff for their lothalance and helpfulness during this very difficult period and like them. we Ic¥)k forward lo the day when we can resume our nomial activities. During Ihis long lockdown. we have been busy revi9wing our methods ol ¢)peration, the mix ol OL¢r programmes and the condition ol our premises and we are ready to resume operations as Soon as govelnment regulations and operaling conditions alk)w. l am very grateful lo the Chairman of the &xeGulivg Board and his colleagues and to all al the Council for their help and support dursng this diffi¢)Jh year and I look forward to working wilh them in rnore conducive circumstances in the near future. Coslas Kleanthous Chairman of Truste8s Date.. 28 June 2021 Paoe 1
Hgllenlc Communlty Trust Th9 Hgllenlc Centre Report of the Trustees Year ended 31 Oecembgr 2020 The Trusletrs of the Trust are pleased lo present the annual direorS, report and the audited financial slatsments ot the Trust lor the year ended 31 December 2020. The financial statefflents cornply wlh the Charities Act 2011. the Companies Act 2006, the Memorandum and Articles ol Association. and the charities Statement of Recommended Practice (applicable lo charities preparing Ihgir accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic ol Ireland., FRS 1021 issued in Octob8r 2019. Reference and admlnl$trallve Informatlon Name Hellenic Community Trust Charlty Number 1010360 Company Number 2643543 Trustees Mr. Coslas Kleanthous (Chairman) Mr. Haralambos Falalios Isecrelaryl Mrs. SylvTa Christodoulou Mr. George Tsavliris Mr. George Kyriacou Lady Marina Marks Mr. SpyT05 Neophytou Mr. Akis Phylaklis Mr. Charalambos Sophoclides Mr. Antonios Yerolemou Mr. Evangelia Arapoglou lappoinled on 19110120201 Mr. Emmanuel Zuridis Mr. Michael Agalhou Mr. Marios Voskopoullos Mrs. Pigi Skinili Secretary Mr. Haralambos Fafalios Treasurer Mr. Michael lacovou Reglstered Office 9.17. Capital Tower 91 Waterloo Road London SE1 8RT Buslness Address 16-18 Paddinglon Street London W1U5AS Pao@ 2
Hellenlc Community Trust The Hellenic Centre Report of th9 Trustg8s (continued) Year ended 31 December 2020 Bankers Cynergy Bank (previously Bank ol Cypnjs UK) Coutts & Co. Audltors EXSUS UK Ltd Chartered Accountants and Statutory Auditors Office 9.17, Capital Towel 91 Waterloo Road London SE1 8RT Executive Board of Thg H811gnl¢ Cenlrg Mr. Stamos Falalios Ichairmanl Mrs. Sophie Kydoniels Ivice-chwmianl Mrs. Despo Papachristodoulou (Hon. Secretary) Mr. Constantinos A M Shiatis (Hon. Treasuierl Mrs. Marie Coccolatos Mrs. Helen Hadjifanig Mrs. Natasha Lemos Mrs. Irene Monios Ms. Marina Anloniou Dlrector of The Hellenlc Centre Mis. Agath8 Kalisperas Structure, Govemance and Management Governing Document The Trust is a company limlled by guarantee and a registered charity. It is governed under its Memorandum and Articles ol Association. Organlsation and Structure The Trustees are responsible for the general contiol and management of the Trust. The Tiustees give their lime freely and receive no remuneration or other benefits. In order to facilitate effectsve operations, the Trusle8s established The Hellenic Centre (The Centrel which is an association ol individuals, organisations and corporate members lo which the Trustees have granted a constitution as its governing document. The Trustees delegate authority lo an Executive Board an¢J to a director ol the centre both ol whom report lo the Council. There are also a number ol subcommittee5 covering premises, human resources and finance and administration which meet on a iegular basis. ReGruitmenl ane appointment of Trustees Under the provisions ol the governing docurnent, the Trustees are nominated by the members and elected by the Annual General Meeting andlor nominated by the Great Benefactors and elected by the Council. Nine Trustees are elected by the Annual General Meeting and eight by the Trustees. Those elected by the Council remain in ollice until they retire. One third of the Trustees elected by the Annual General Meeting must retire by rotation but are eligible to offer themselves lor re-election. The Lykion Ton Hellinidon (London Lyceum of Gieek Womenl is entitled lo be a member ol the Council as long as il is entitled lo the benefit ol a deed ol trust ented into al the inception ol the Trust. P8ae 3
Hellenic Community Trust The Hellenic Centre Report of the Trustees (continued) Year ended 31 December 2020 Inducllon and Training ol Trustees Most of the existing Trustees have been in office for many years and a all well informed ol their duties from the governing documents, relevant publications ol the Chartty Commission and other pertinent information. A number of them have seNed or are serving in similar posstiDns in other chariiable organisalions. Trustees are required to inform themselves liom the governing documents, Ch8rity Commission publications and other pertinent information and to attend a brief induction meeting. Trustees also obtain and follow professional advice and guidance when dealing with their responsibilities staled in the rery)rt. Related Parties Through a Trust instrument, The Lykion Ton Hellinidou, a registered charity and great benefactor ol the Trust. is housed in Centre's premises. Both benefit from a close Telationship and collaboration whilst each is financially and othetwise independent ol the other. Charivs remuneration policy The directors consider the board ol directors, who are the Trusfs Iruslees, and the sen¢or management t8am comprise the key management personnel of the charity in charge of directing and controlling. running and operating the Trust on a day lo day basis. All directors give their lime freely and no director received remuneration during the year. The pay of the senior staff is reviewed annually and normally in¢ased in accordance with average earnings. In view f the nature ol the charity. the dire¢lors benchfflark against pay leve15 in other charities ol a similar si2e run on a voluntary basis. The remuneration bench-rnark is the mid-point ol the range paid tor similar roles adjusted for a wèighting of up to 30V. lor any additional responsibilities. 11 recruttmenl has proven difficuli in the recent past a market addition is also paid with the pay maximum no greater than the highest benchmart¢ed salary lor a comparable role. Oblectlvès and Activities Our Aims The objects of the Trust are sel out in its Memorandum and Articles ol Association and are summarised as follows.. the benefit ol the inhabitants ol London. in particular those inhabilanls who are Hellenic or ol Greek origin. by providing or assisting in the provision ol a community centre containing facilities lor recreation or other leisure lime o¢¢upalions the advancement ol public education in the history, religion, culture and traditions ol Hellenism. Our Objectives Our objectives are lo promote the history, culbJre and traditions of Hellenism lo tre wider community, to provide a communty centre for cullural and recreational activities, and provide a forum ol learning. information and entertainment lor the benefit of its members and the publiG. The Truslees have regard lo Chartty Commission guidance lor public benefit. Strategies We want lo keep the Hellenic Centre an accessible and welcoming venue lor all,. lor those who wish to learn more about Hellenism and lor those who want to reflect on their Greek culture and traditions. The Centre is open everyday induding weekends providing cuttural and other acbvilies including.. lectures, rgcitals, Greek music evenings seninars and exhibitions Greek language courses
Hollenlc Communlty Trust The Hg11gnl¢ Cenlrg Report of the Trusteey {contlnuedl Year ended 31 Decgmbgr 2020 Public beneltt The Trustee confirms that they have referred lo the guidance contained in the Chwity Commission's general guidance on public benefit when ieviewing Hellenic Community Trust's ams, otieclives and in planning future activities. Achlevemanls and Pertormanco 2020 During the first quarter of 2020, the Hellenic Centre hosted. al ils building, a number ol w811-attended events. There were music and dance perfomiances, e-Panel discussions. lectures and presentations with speakers from Greece, CrS ané the UK. exhibititsns, social and children's events. The last event al the Centre's pmiseS took place on 9 March. However. the Cenlre's cultural a¢twity did not cease but continued online. Initially the Centie shared performances and exhibitions from its archive bul soon a new varie¢J cultural programme of events was organised lor its Members and Friends. this was available thiough its webslte. YouTube channel. social media and emails. Thg Centre formed a new collaboration and partnerships with universities, cultural and theatre groups and artisis based in the UK. Greece and elsewhere. The Greek Language Courses also continued online. The number ol students was maintained and in addition the courses attracted new students living outside London or in other countries. In a year, dlfficull for all, the Centre managed lo adapt lo the new reality that the pandemic determined and carry on ils work ni promoting Hellenic cuKure. Flnanclal Revlew Overview The charity had a surplus of £34,40012019.' deltil £85,26261 after deducting the depreciation charge of £18.467 and amortization charge of £2.500. The financial results were better than forecasted. This is mainly due to the government grants received on Coronavirus Job Retention Scheme and the Retail, Hospitality and Leisure grant fund amounting to £124.841 tog8lher with addttional donations received. The market value ol the investments was also increased by £11,549 from last year. Principal Funding Sources The principal ILJnding sources continued to be the comprehensive programme of cultural and other charitable events, venue lettTng, donations and subscriptions. The Trustees remain confident that these sources will continue at a satisfactory levgl once the problems ¢aused by cowd-19 are overcome. Investsnent Powers and Policy The Trst88s, having regard to the liquidity requiremgnls ol operating the Hellenic Centre, have kept available funds in inlerest-bearing deposit accoLJnls and seeking to achieve rate5 which match or exceed inllalion. Due to wider economic circumstances deposit rates have been depressed. The trustees therefore maintain the investment of £250,000 on a low risk inveslrnenl portfollo aiming to achieve best retum wthin acceptable leve15 of risk. Reserves Policy The Trustees have considered the minimum level ol free reserves that the Trust ought lo have. ReseNes are needed to meet the working capital requirements of th¢ Trust. lo cover possible emergency repairs to the premises and lo sustain operations over a period when income generating activities may be curtailed tempora¥ily. The Trustees consider that the minimum level ol free reserves shoijld be not less than twelve months, overhead5 01 the Trust. The free reserves lor the year ended 31 December 2020 are represented by the unreslricled general fund amoLtnting to £1,124,428. The Trustees are confident that the level ol free reseNgs will continue to be satisfactory. Risk Management The trustees have a risk management strategy which cofflprises.. an annual review ol the principal risks and uncertainties that the charity lace.. the estsblishment ol policies. systems and procedures to mitigate those risks Klenlilied in the annual review,. and Paa8 S
Hellenlc Communlty Trust The Hellenic Centre Report of the Trustees (contlnugd) Year ended 31 December 2020 the implementation ol procedures designed lo minimlze or manage any potential impact on the charity should those iisks malerialize. This work has identified that financial sustainability 15 the major financial risk lor the chailty. A key element in the management ol financial risk is a regular review ol available liquid funds to settle debts as they fall due, regular liaison with the bank, and active management ol trade debtors and cieditors balances lo ensure sufficient working capital by the Trust. Attention has also been focused on non-financial risks arising from lire, health and safety ol art15ts and audience, management of performing rights and lo(O hygiene. These risks are managed by ensuring accredstalion is up lo date, having robust policies and procedures in place, and regular awareness training foi staff working in these operational areas. The Wort¢pla¢8 Health & Safety Risk Assessment. which includes fire risk assessment. This is reviewed constantly as maintenance is carried out throughout the yeai. This includes the building and the lire exit routes and appropriate signs,. maintenance contracts according to the relevant laws regarding the lift, the l)oiler , the water Irealmenl, the ladders, the signs in the building. smoke detectors , burglar alarm and fire alarm maintenance and weekly testing, CCTV camera,. hazard signs when works are carr¢ed out, window eyebolts for the window cleaners, control ot hazardousldangerous materials, lire drills, electrical in8tsllalions inspections, manual handling risk assessment lor staff using the ladders or the lower and Pest control. Due to Covid-19. the building is not open every day bul all the rnaintenance contracts carried out regularly. There is insurance loi both the building but also lor the risksfinjury to persons, insurance lor public liability and also employers. liability- also a re¢ord of registration ol entertainm&nl and liquor licence. Regarding the staff there is a workplace risk assessment regarding the desks and position ol the computers. There is a first aid box in the office and in the caTetakeT'S roorn and a(1 accidents and injuries are recorder in a spe¢ial book. With regards to food hygiene the staff are aware ol the 'Safer Food Better Business, inslructtons frotn the Food Standard. Plans for luture The Directors and senior staff are very aware ol the effects ol the Covid-19 pandemic on the operation ol the HC and the finances of the HCT. They have prepared plans lor the gradual resloralion of the HC activities and operation of the HC in stages and in accordance with ils physical circumstances and government advice and recommendallons. Truste8$' RpOnSIbIlItIeS In Relatlon to the Flnancial Statements The trustees (who are also directors of Hellenic Community Trust for the purpose ol company lawl are responsible for Preparing the Trustees. Annual Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Praclicel. Company law requires the Trustees of ihe Trust to prepare financial statements for each financial year. Under that law the Trustees ol the Trust have elected to prepare the financial statements in accordance with United Kngdom Generally Accepted Accounting Practtce (United Kingdom Accounting Standards and applicable lawl. Under company law the rrustees ol the Trust musl not approve the financial statements unless they are satisfied that they give a true and lair view of the state of affairs of the company and the profil or loss of the company for that period. In preparing these financi slalements, the Trustees ol the Trust are required to.. selgct suitsble accounting poIleS and then apply them consislgnlly,. obseNe the method and principles in the Chartties SORP., make Sound judgments and estimates that a reasonable and prudent,. state whether applicable UK Accounting Standard5 have been followed. subject lo any departures disclosed arKI explained in the financial statements. prepare the linan¢ial statements on the going concern basis unless it is inappropriale lo presume that the company will continue in business. Pao& 6
Ho118nl¢ Communlty Trust Thg Hellenlc Centre Report of the Trustegs (contlnued) Yr ended 31 December 2020 The Trustees are responsible for keeF4ng adequats accounting ro¢ords that are sufficient to show and eXpln the companys transactions aThJ disclose with reasonable accuracy at any time the fjnancid position of the charttable ompany arKI enable them to 6nsure that the financ#al smemants comply with the Companies Acl 2006. They are also responsible lor sateguarding the assets of thg charitable company and hencg for taking reasonabl& steps for the prevention and dgledton ol fiaud and other irregularilios. The Tntstees are also sponSible for the maintenanc¢ and integrity ol the crpOrate and linanaal information included on the charitable companls website. Statement as to dls¢losur• of Infornwllon to audltors so far as the directorsl trustees are aware, there is no rejgvant audit infomation linfomiation n¢eded by the companls auditors in connection with preparing their rgpJrt} of which the compan¥s auditors arè unavrdre. and As the dIrS of the charity we have taken all the steps that we ought lo have taken in OTd¢r to make ourselves awa ol any relevant audr( information and to establish Ihal the ¢ompanYs aLKlilors are aware ol that infomialion. This repjrt is prepared in accoidance with the Spa promsions ol Part 75 of the companies Acl 2006 relating to small companies. Auditors A resolubon lo reappoint EXSUS UK Ltd as auditors ol Ihe charity y11 be proposgd at th8 forthcoming Annual Ggngral Maeting. This rewrt was ap roved by thoard on 28 June 2021 and signed on its behaw by Mr. Costas Kloanthous Chairman PAa@ 7
Independent auditor's report lo the members of Hellenic Community Trust The Hellenlc Centre Year ended 310ecomber 2020 Oplnlon We have audtted the financial statements ol Hellenic Community TTUSt (the 'Charitl lor the year ended 31 December 2020, which comprise Ststemenl ol financlal aclNilies, Slalement ol financial position. Statement ol cash flows and notes lo the financial statements. including a summary ol significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdorn Generally Accepted Accounting Pra¢licel, including Financial Reporting Standard 102.. The Financial Reporbng Standard applicable in the UK and Republic ol Ireland. In our opinion, the financial statements: give a true and lair view ol the state ol the Charitys affairs as at 31 Decemb8r 2020 and ol its income and expenditure lor the year then ended., have been properly prepar811 in accordance wth United Kingdom Genelally Accepted Accounllng Practice- have been prepared in accordance with the requirements ol the Companies Act 2006. Basi5 for opinlon We conducted our audit in accordance wtth International Standards on Auditing IUKI IISAS IUKII and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities lor the audit ol the linanciai statements section ol our report. We independent ol the Charity in accordance with the ethical requirements that are relevant lo our aud¢t ol the financial statements in the UK. including the FRC'S Ethical Standard. and the provisions available lor small entiiies. in the ¢ir¢umstan¢e $81 out in note 26 to the financial statements. and we have fulfilled our other ethical responsibilities in accordance with these quirements. We believe that the audit evidence we have obtained is sullicienl and appropriate to provltle a asis for our opinion. Concluslons relatlng to going concern In auditing the financial statements, we have ¢oncluded that the directors. use of the going concern basis of accounting in the preparation of the financi21 statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that. individually or collectively, may cast significant doubt on the Charity's ability lo continue as a going concern for a period ol al least months frotn when the financial statements are aulhorised lor issue. Our responsibilities and the responslblllties of the directors with respect to going concern are described in the relevant sections ol this report. Othor informatlon The trustees are responsible lor the other information. The other information comprises the information included in the annual report other than the financial statements and our audilols report thereon. OUT opinion on the financial statements does not cover the other inlorrnation and, except to the extent otherwise explicitly stated in our report, we do not express any lorrn of assurance conclusion Ihereon. Paof) 8
Independent auditor's report to the members of Hellenlc Communlty Trust Tho Hellgnic Cgnlro Ygar ended 31 December 2020 In connection with our audit ol the financial statements. our responsibility is to read the other information and, in doing so. consider whether the other information is materially inconsistent wtth the financial statements or our knowledge obtained in the audit or olhetwise appears to be materially misstated. 11 we identify such material inconsistencies or apparent material misstalemenls, we are required lo delemiine whether th8re is a material misslalemenl in the financial sktements or a material misstatement ol the other information. If, based on the work we have performed, we conclude that there is a material rnisslatement ol this other information. we are required lo reFKTrrt that fact. We have nothing lo report in this regard. Oplnlons on other matters prescrlbed by the Companle$ Act 2006 In our opinion, based on the work undertaken in the course of the audvt: the information given in the Iruslees, report, which includès the directors. report and the strategic report prepared lor the purposes of cornpany law, lor the financial year lor which the financial statements are prepared is consistent with the linan¢ial slalemenls.. and directors, report and strategic report included within the trustees. report have been prepared in accordance with applicable legal requirernents. Matters on whlch we are requlred to report by exceptlon In the light ol the knowledge and understanding ol the Charity and its environment obtained in the course ol the audit. we have not entifIed material misstalemenls in the Trustges, Annual Rgport. We have nothing lo report in respect ol the following matters in relation to which the Companles Act 2006 requires us to report to you rf, in our opinion: adequate accounting Tecords have not been kept or returns adequate for our a11 have not been received from branches not visited by us. the financial statements are not in agreement with the accounting records and retums., certain disclosures ol trustees. remuneration specified by law are not made; oi we have not obtained all the information and explanations necessary lor the purposes ol our audit. the trustees were not entitled lo prepare the financial statements in accordance with the small compan188 regime and take advantage ol the small companles exemptirjn in preparing the Iruslees. report and from the requirement lo prfrpe a strategic report. Aesponslbllltles of the trustees As explained more lully in the trustees, responsibilities statement sel out on page 5, the trustees are responsible for the PTeparalion ol the financial slalements and lor being sabslied that they give a true and lair view. and for such internal control as they deterrnine is necessary to enable the preparation of financial statements that are free from matgrial misstatement. whether due lo fraud or error. In preparing the financial slalernenls, the trustees are responsible for asse55ing the Charitls ability to continue as a going concem, disclosing, as applicable, matters related lo going Concem and using the going concerrb basis of accounting unless the trustees either intend to liquidate the Charity or lo cease operations, or have no realistic alternative but to do so. P400 9
Independent audltor's report to the members of Hellenlc Communlly Trust The Hellenic Cenlre Year ended 31 December 2020 Audltorf$ responslbllllles for the audit of the flnanclal slalomgnts Our objecfjves are lo obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement. whether due to fraud or error, and lo issue an auditor's report that includes our opinion. Rtrasonable assurance is a high level ol assurance. but is not a guarantee that an aLJdil conducted in accordance with ISAS IUKI will always delecl a material misslalemenl when il exists. Misstatements can arise from fraud or error and are considered material rf, individually or in the aggregate. they could reasonably be expected to influence the economic decisions ol users taken on the basis ol these financial statements. A fLJrthe¥ description ol our responsibilities lor the audit of the financial statements is located on the Financial Reporting Council's website at.. Iwww.frc.org.uklauditorsresponsibililiesl- This description forms part ol our auditorfs report. Use of our report This report is made solely to the charitable companls members, as a body, in accordance with Chapter 3 01 Part 16 01 the Companies Act 2006. Our audit work has been undertaken so that we might slate lo the ¢haritable cornpanls members those matters w8 are required to stale lo them in an auditorfs report and lor no other purpose. To the lullesl extent pertnitted by law, we do not accept or assume responsibility to anyone other than the charitable company's members as a body. lor our audit Wofk, for this report, or lor the opinions we have lomied. Avraam Koplrl {genlor ststutory audltorl For and on behalf of EXSUS UK Lld Chartered Accountants and Slalutory Audltors Offlce 9.17. Capltal Tower 91 Waterloo Road London SE18RT Dale.. 0110712021 Pa0è10
Hellgnic Communlty Trust The Hellenic Centrg Slatemont of flnanclal a1VIlle$ Ilncluding income and expenditure account) Year ended 31 December %)20 Contlnulng operallons Unrestrlcted Funds Restrlcte¢J Funds Total Funds 2020 Total Funds 2019 Note Income Donations and legacies Irbcome from other trading activities Investment income Incomè from Charitable activities 251.839 152,221 1.208 192,738 251,839 152,221 1.346 192,738 74.736 469,519 3.283 203,187 Totsl incom8 598,006 598,144 750,725 Expenditure Costs ol raising funds Expenditure on chafilable activities 1180.4561 1383.2391 1180.4561 1289.2001 1383.2881 1546.7871 1491 Total expenditure Net incomoll¢xp8ndilurg) for the year b8forg galns/{losses) on investments 1563,6951 1491 1563,7441 1835.9871 34.311 89 34.400 185,2621 Gainlllossl on investments 16 11.549 11,549 24,074 Net movement In funds for the year 45,860 89 45,949 161,1881 Aeconclllatlon of funds Total funds brought forward 3.723.711 80.348 3,804.057 3.865.245 Total fund$ carrled fonvard 20- 22 3,769,571 80,435 3,850.006 3.804.057 The statement ol financial activities includes all gains and105ses recognised in the year. All income and expenditure derive from continuing aclivilies. The notes on pages 14 to 27 lorm part of these flnanclal ststements. Pane11
Hellenlc Communlty Trust The Hellenlc Centre Stal•mènt of flnanclal po$ltlon 31 December 2020 2019 Nole Fixed assels Intangible fixed assets Tangible assets Fixed asset investments 14 15 2.645.288 16 287,313 2,500 2.663,755 275,764 2.932,601 2.942,019 Current a5set$ Stocks Debtors Cash at bank arKt in hand 977 35,4 941,370 2,049 28,3(6 924.720 17 977.812 955,075 Crodltors: amounts falllng due wlthln ong year Net current assgts 18 {60.4061 193,0361 917.405 862,038 Total as1&$$ curronl Ilabilltles 3,850,006 3.804,057 Totsl net assets 3,850,006 3.804,057 unrèstr1ct lunds General funds Designated funds Restrlctod lunds 1.124,428 2.645.143 1,060.150 2,663,561 80,346 21 Accumulated funds 3,850.OD6 3,804,057 These financi statements have been ppared in accordance with the provisions applicable lo companies subject to the small companies regime. These linancial statements wère approved by ih9 board of directo and aUthOsed for issuè on 28 June 2021, and are signed on b8haW ol1he.b"rd by.. Mr. Costa$ Kleanthous Chalrman Company regfslratlon number: 2643543 Th? notes on pages 14 to 27 form part ofth98e flnanclal statem8nlg. Pa0È 12
Hellenic Community Trust Company Ilmiled by guarant99 Statement of cash flows Year ended 31 December 2020 2020 2019 Cash flows from operatlng actlvltles Prolivllossl lor the financial year 45,950 161,188} Adjuslm8nts for.. Oeprecialion of tangible assets Amortisalion ol intangible assets (Gainllloss on investments Other interest receivable and similar Sncome (Gainllloss on disposal ol tangible assets 18.467 2.500 111,5491 11,3461 24,056 2.500 124,0741 13,2831 2.641 Changes in.. Stocks Trade and other debtors Trade and other creditors 1,071 17.1591 132,6301 569 30,016 122.4021 Cash generated from operations 15,304 151,1651 Interest received 1,346 3.283 Net cash Iromllused in) operaling activiiies 16,650 147,8821 Cash flows from investing activltles Purchase ol tangible assets 12.1851 Nel cash Iromllused inl investing acliwties Nel Increaselldecreasel in cash and ¢a$h equlvalents Cash and Cash equlvalent$ at beginning of year 12,1851 150,0671 974.787 16,650 924,720 Cash and cash equlvalents al end of year 941.370 924,720 P4oe13
Hellenlc Communlty Trust Thg Hellenlc Contre Notes to the flnanclal statements Year end9d 31 Dgcembgr 2020 Ac¢ountlng poll¢lo8 Bas1$ of prgparatlon The financial statements have been prepared in accordance with the Charities.. Slatemenl of Recommended Practice (applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 10211 IissLJed in October 20191 Ichartties SORP IFRS 10211, the Financial Reporting Standard applicable in the UK and Flepublic ot Ireland IFRS 1021 and the Companies Act 2006. Hellenic Community Trust meets the definition ol a public benefit entity under FRS 102. The financial statements have been prepared under the historical cost convention with iterns recognised al Cost or transaction value unless olherwse slated in the relevant nolelsl lo these accounts. Golng concern In line with almost every business the charity has been adveisely affected by COVID-19. The Hellenic Centre closed ils doors on 16 March 2020 and continues to remain closed and it still cannot be envisaged when operations may resume though cultural programmes and Greek langLJage classes have continued online, bul with reduced attendance and income. A substantial deficit was forecasted lor 2020, bul the actual iesults were better than expected. It is mainly due to the government grants and additional donations received during the year. A small dèfteil is lore¢asled tor 2021 as the Coronavirus Job Retention Scheme is lo end in September 2021 and no further government granl and additional donation5 are expected in 2021.The charitys resetves are in the region of £1m and considered robust enough to sustain the short to medium lemi future. The trustees are actively engaged in reviewing Opgralions and the future and remain confident that the trust wll continue as a going concern lor the foreseeable fUre. Fund accountlng Unrestricted general funds. which can b8 used In accordance wlh the charitable objects at the discretion ol the trustees. Designated funds, the investment of which has been directed by the trustees out of unrgslricled general funds lor specific purpose. Reslricled funds used lor specific purptsse in accordance wilh the donor's wishes. Invesiment income, gains and losses are allocated to the appropriate fund. Paoe 14
Hellenlc Cotnmunlty Trust The Hellenlc Centre Notes to the financial statements Icontinuedl Year ended 31 December 2020 Income Recognition of Income Income resourses are included in the Slalement ol Financial Activities ISOFAI when.. - the charty becomes ente to the resources- - any perforrnance conditions attached to the itemlsl of income have been mel.. f( is probable that the income will be received.. and the monetary value can be measured with sufficient roliability- Income with Related Expenditure Where income have related expenditure las with fund raising or contract income), the income and related expenditure are reported gross in the SOFA. Donations. Grants and Gifts Oonations, grants and gifts are recognized when receivable. In the event that a donation is subjeel lo fulfilling perfomiance Conditions before the charity is entitled lo the funds. the income is deferred and not recognized until it is protsable that those conditions will be lullilled in the reporting period. Incomg frorn Gift Aid lax reclaims is recognyzed lor any donations wlh relevant Gift Aid certificates recognized in income for the year. Any amount5 01 Gift Aid not received by the year-end are a¢¢ounled lor in income and accrued income in debtors. Donated Assets Donated books. pictures. paintings and other ass8ls are not reflected in the statement of financial positson as these are ol negligible value. It is not the policy ol the Trust to carry out annual valuation ol such assets. A register of such assets is kept by the Trust. Volunteer Help The value ol any voluntary help received is not incorporated into these tinancial statements. Investment Income Interest on deposit funds held is included when receivable and the amount can be measured reliably by Ihe charity which is nomally upon notilicalion of the interest paKI or payable by the bank. Paaa15
Hellenic Communily Trust The Hellenic Centre Notes to the financlal sta19menls {¢ontlnuedl Year ended 31 December 2020 Expendlture and irrecoverable VAT Recognition ol Expenditure Expenditure is recognized once there is a legal or constructive obligation lo make a payment to a third party, il is probable that settlement 11 be required, and the amount ol the obligation can be measured reliably. All expenditure is accounted lor on an accrual basis under the following headings. Costs of raising funds It includes expenses lor fundraising activitiès and their associated support costs. Expenditure cn charitable activities 11 includes the costs ol providing cultural events and Greek lessons to further the purpose ol the charity and their associated support costs. Support Costs Support costs Comprise those costs which ale incurred directty in support ol experKtiture on the objects ol the Charity and include stall costs, premises costs, administrative Costs, depreciation and amortization. Irrecoverable VAT is ¢harged as a cost against the activity lo¥ which the expenditure was incurred. Support costs are apportioned between costs ol raising funds and expenditure on charitable activities on an appropriate basis. Mole detail on the analysis and basis ol allocation is given in note 12 to the financial statements. Governance Cost5 Governance costs are those costs incurred in connection with the compliance wSth Constitutional and statutory requirements ol the charity- Grants With Performance Conditions Where the charity gives a grant with conditions lor its payment being a specific level ol service or outPLJI lo be provided, such grant is only recognised in the SOFA onco Ihg recipient ol the grant has provided the specified service or output. Grants Payable Without Pertormance Conditions These are only recognised in the accounts when a commitment has been made and there are no conditions to be met relating to the grant which rgmain in the control of the charity. Opgratlng leases Rentals applicable to operating leases where subslanlially all ol the benefits and risks ol ownership remain with the lessor are Charged against prolil on a straight line basis over the lease term. Intangible assets Intangible assets are inttially recorded al cost, and are subsequently stated at cost less any a¢¢umulated amortisalion and impairnent losses. Any intangible assets carried at a revalued amount, are recorded at the lair valLJe at the date ol revaluation, as determined by reference to an active market. less any subsequent a¢cumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part ol a business combination are recorded at the lair value at the acquisition date. Pa¢t 16
Hellenlc Communlty Trust The Hellenlc Centre Notes to the flnanclal statements Icontlnuedl Yoar gnded 31 0e¢&mber 2020 Amortlsatlon Amortisation 15 calculated so as to write off the cost ol an asset. less ils estimated residud value, over the useful life ol that asset as follows: Website costs 25% straight line 11 there is an indication that there has been a significant change in amoibsation rate, useful lrfe or residual value ol an intangible asset. the amortisalion is rewsed prospectively lo reflect the new eslimales. R8$ear¢h and development Research expenditure is written off in the year in which it is incurred. Development expenditure incurred is capitalised as an intangible asset only when all of the lolltswng Criteria are met.. 11 is technically leasibile to complete the intangible asset so that it will be available lor use or sale,. There is the intention lo ¢omplele the intangible asset and use or Sell it. There is the ability to use or sell the intangible asset- The use or sale ol the Intangible asset will generate probable lutUTe economic benefits.. There are adequate technical, financial and other resources available lo complete the development and lo use or sell the inlangiblg asset; and The expet)dilure attributablg to the intangible asset durtng ils development can be measured reliably. ExpenditLtre that does not meet Ihe above criteria is expensed as incurred. Tangible assets Tangible assets are initially recorded al cost. and are subsequentty slated al cost less any accurnulated depreciation and impairment losses. D8pre¢ialion Freehold property Fittings lixlures and equipmgnl 10-33 113% reducing balance In accordance with Companies Act 2006 and FRS 102, freehold property shall be depreciated over its estimated useful life. It is trustees. decision not to depreciate the f¥eehold propety in the a¢¢ounls. The charity is committed lo maintain the property in high standard wth continued improvernents and maintenance. It is in their view that the residual value of freehold propety will be higher than the historical costs of £2.5m recorded in the accounts. As a consequence, the property is subject to an annual ifflpairment review. 11 there is an indication that th8re has b8en a significant change in depreciation rate, useful lrfe or residual value ol tangible assets. the depr&cialion is revised prospectively to reflect the new estimates. Pau•_ 17
Hellenlc Communty Trust The Hellenlc Cenlre Noteg to the Ilnancial statements (continued) Year 9ndgd 31 Decembgr 2020 Flxed asset Investments Investments are a form of basic financial instrument. Fixed asset investments in quoted shares, traded bond5 and similar investments are valued initially al cost and subsequently measured at their fair value (mark61 value) al the balance sheet date. The same treatment is applied to unlisted investments unless fair value cannot be measured reliably in which case il is measured al cost legs irnpairment. All gains and losses are taken to the Statement ol Financial Activities as they arise. Realized gains and losses on investrnents are calculated as th? differen¢e between sales proceeds and their opening carrying value or their purchase value rf acquired subsequent to the first day ol the financial year. Unrealized g&ns and losses are calculated as the difference between the lair value al the year-end and their carrying value. Realyzed and unrealized investment gains and losses are combined in the Slal¢menl of Financial Activities. The main form ol financial risk laced by Ihe charity is that of volatility in equity MaetS and investment markets due to wider economic conditions, the attitude ol investment risk, and changes in sentiment concerning equities and within particular sectors or sub sectors. Flnanclol Instruments The charity only has financial assets and financial liabilities ol a kind that qualify as basic financial instruments. Basic financial instruments are initsally iecognized at transaction value and subsequently measured al their settlement value. Trade and other debtors are recognised al the settlement amount due after any trade discount offered. Cash al bank and cash in hand includes cash and short term highly liquid investrnents with a short rnaturity of three rnonths or less f'rom the dale of acquisttson or opgning ofthe deposit oi similar account. Creditors and provisions are recognised where the charity has a present obligation resulting f'rom a past event that will probably result in the Iransler ol funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions ar8 nomially recognised al their settlement amount after allowing lor any trade discounts due. Impalrment A review for indicators of impairment is carried Dut at each Teporting date. with the recoverable amount being estirnated where such indicators exist. whe the ¢arrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments we also reviewed lor possible reversal al each reporting dale. When il is not possible to estimate the recoverable arnount ol an indtvidual asset, an estimate rs made ol the recoverable amount of the cash-generating un({ to which the asset belongs. The cash-geneiating unit is the srnallesl identifiable group ol assets that includes the ass81 and gèneiates cash inflows that are largely independent ol the cash inflows from other assets or groups of assets. Stocks Stocks afe measured at the lower ol cost and nel realisable value. 11 any donated items of Stock for resale or distribution are re¢eNed they are not included in the financial statements until they are sold or distributed because the trustees consider it impractical to be able to assess the amount ol donated stocks as there are no system in place which record these item5 Until they are sold and undertaking a stock tske would incur undue cosl lor the charity which far oU19h the benefit. Pensions Pension contributions payable lor the year in respect ol defined contribution pension plans are recognised as an expense and as a liability. after deducting any arnounts already paid. Legal status of the charity The charity is a company limited by guarantee and has no share capitd. The liability of each member in the event ol winding-up is limited to £1. Paae18
Hellenlc Community Trust The Hellenlc Centre Notes to the linanclal statements {contlnued) Ygar ended 31 December 2020 N8t incomellexpendlturel Nel inc0mellexperitUreI 15 Stated after cha¥gingllcreditingl'. 2020 2019 Amortisalion ol intangible assets Depreciation ol tangible assets Operating lease rentals-Land & Buildings Defined contribution plan5 expense Fees payable lor the audr( ol the financial statements Fees payable lor the non-audit work ol financial statements 2,500 18.467 26.500 5,851 8.000 19.957 2.500 24,056 26.500 6,281 8,000 19.957 Incomo from donatlons and legacies 2020 2019 Donations Subscriptlons Grants 112.622 14,376 124.841 60.060 14,676 251.839 74.736 The charity received govemment grant lor Coronavirus Job Retention Scheme amounting to £99,841. It also receNed £25.000 for the governmont coronavirn8 Retail, Hospitality and Leisure Grant Fund. Inwme from other tradlng actlvltles 2020 2019 Venue letttng for fund raising purpose Catering income Fund raising events Rent receivable Miscellaneous income 99.714 17,352 9.538 23,100 2,517 334,161 68,822 23,123 38.400 5,013 152,221 469.519 Invgstment Income 2020 2019 Unreslricled bank interest Restricled bank interest 1,208 138 2,946 337 1,346 3.283 PattA 1
Hellenic Community Trust The Hellenlc Centre Notes to the financial statements (conllnuod) Year ended 31 December 2020 Incomo from charttable actlvltles 2020 2019 Cultural events and other charltable aclivitses Venue letting tor cultural purpose 189.273 3,465 189.418 13,769 192,738 203,187 Cost of ral$lng funds 2020 2019 Staff costs Premises costs Administrative Costs Finance Costs Caleiing costs Fund raising events and venue letting costs Amortisation Depreciation 91,704 38.064 23,013 4,798 6.006 6,413 1.250 9,208 141,432 49.618 27.034 5.063 25,467 27,340 1,250 11,996 180,456 289.200 Expendlture on charitabl8 activilles 2020 2019 Staft costs Premises costs Administrative costs Cultural events and other activitses costs AmortisatlDn Depreciation Donations Governance costs Isee note 101 91,704 38,064 23,013 95.918 1,250 9.258 141,432 49.618 27,034 140,504 1,250 12,060 500 174,389 123,961 383,288 546,787 10. Governance costs 2020 2019 Staff costs Legal and professional costs 91,704 32.257 141,432 32.957 123.1 174,389 Paa& 20
Hellenlo Community Trust The Hellenlc Centre Note$ to the flnancial statements (continued) Year ended 31 Decgmber 2020 11. General Support costs before allocatlon 2020 2019 Staff costs Premises costs Adminislralive costs Depreciation Amortisation 337,507 76.127 46,025 18,467 2.500 473,259 99.235 54,068 24,056 2.500 480,626 653.118 Staff costs. apart from wages lor Greek course teachers. are dlocaled equally amongst Cost ol raising funds, Expenditure on charitable aclivitses and Governance costs. Wages lor Greek course teachers are allocated to Cultural events and other activities costs under Expenditure on charitable activities Inole 101. All other costs are equally allocated between Expenditure on raising funds and Expenditure on charitable activities. 21
Hgllenic Community Trust The Hellenic C8ntr& Notas to the financial statements Iconllnued) Year ended 31 December 2020 12. Employees The averag8 monthly head count was 18 staff 12019.. 18 staff) and the average monthly number ol lull-lime equivalent employees (including part time staff) during the year were as follows.. 2020 2019 Administration Activities Employment costs 2020 2019 Wages and salartes Social secLJrity costs Other pension costs 309,108 22.548 5,851 426,985 39,993 6,281 337.507 473,259 The charity trustee5 were not paid or received any benefits from employment with the Trust in the year 12019.. £nill neither were they reimbuised expenses during the yeai12019- £nill. The number ot employees whose total employee benefits excluding pension contributtons earning over £60,OCIO, dassilied within bands of £10.000 is as follows.. 2020 2019 Between £60,000 and £69,999 Beeen £70,000 and £79,999 BetWè8n £80,000 and £89,999 Beeen £90.000 and £99.999 Bgtwgen £100,000 and £109,999 No pension contribution was paid in the ¢urrent year relating to the staff earning over £60,00012019'. The key management personnel ol the charf(able company comprise the trustees and the key management personnel of the Hellenic Centre which includes one director whose remuneration was £23,25012019.' £102.0001. The director ol Hellenic Centre, Mrs Agatha Kalisperas, waived her salary unconditFonally lor the period Irorn 1st April 2020 to121h April 2021 to support our Trust. Paoo 22
Hg11onic Communily Twst Thg Hellenic Cenlre Notes to the flnancl81 statements (continued} Year ended 31 December 2020 13. Taxatlon The company is considered to pass the tests set out in Sch.6, para.1 of the Finance Act 2010 and therefore it meets the definition ol a charitable company lor UK corpoiation tax purpose. Accordingly, the company is potentially exempt from taxation in respect of income or capital gains received within categories covered by Pl.11, Ch.3 of the Corporation Tax Act 2010 or s.256 of the Taxation of Chargeable Gains Act 1992. to the extent that such income or gains are applied exclusively lo charitable purposes. 14. Intangible assets Website costs Cost At 1 January 2020 and 31 December 2020 10,000 Amortisation Al 1 January 2020 Charge lor the year 7,500 2.500 Al 31 Decombor 2020 10,000 Carrylng amount At 31 December 2020 Al 31 December 2019 2,500 Patla 23
Hg11gnlc Communlty Trust The H911enic Cenlrg Noles lo the flnancl¥l ststements lcontlnued) Year ended 31 December 2020 15. Tangible assets FehOld Flxtures. property Ilttlngs and equipment Total Cost At 1 January 2020 and 31 Dgcgmber 2020 2.551.901 440.636 2,992,537 Depreciation At 1 January 2020 Charge lor the year 328,782 18,467 328.782 18.467 At 31 December 2020 347,249 347.249 Carrying amount Al 31 December 2020 2.551.901 93,387 2,645,288 Al 31 DeCemr 2019 2.551,901 111,854 2,663,755 16. Investments Llsted Investments Total Valuatlon At 1 January 2020 Unrealised gain on revaluations 275,764 11.549 275,764 11.549 Valuatlon At 31 Oecember 2020 287,313 287.313 The historical cost ol the investment is £250.000 (prior year.. £250,000) 17. Debtors 2020 2019 Trade debtors Prepayments and accrued income Other debtors 16,268 19,197 7,198 20,1Q3 1.005 35.465 28,306 Paoe 24
Hellenic Community Trust The Hellenlc Centre Notes to the financial statements Iconlinued) Year ended 31 December 2020 18. Creditors: amounts falllng duo wllhln on8 year 2020 2019 Trade creditors Accruals and deferred income Social security and other taxes Other creditors 2,310 24,787 12.657 20,652 5,657 22,744 42,788 21,847 60,406 93,036 19. Employ88 b8n8fEis Defined ponslon ¢ontrlbutlon plans The amount recognised in income and expenditure in relation lo defined pension contribution plans was £5,85112019=£6.2811. Unre$lrlcttrd funds G8n8ral Fund D8$ignatod lund$ Total Balance al 1 January 20 Movement in funds lor the year Balance at 31 December 2020 1,060,150 64.278 2,663,561 118.4181 3,723,711 45,860 1.124.428 2,645.143 3,769,571 Designated funds include the freehold property and fixed assets which enable the Trust lo meet its objectives. Paoè 25
Hellenlc Communlty Trust Thg Hgllenlc Cenlre Notes lo the flnanclal statement$ {continued) Year ended 31 Decomb8r 2020 21. Reslriclfjd funds Income Expendlture At31 D8cgmb8r 2020 January 2020 Equipment fund A David memoria fund 194 80,152 1491 145 80.290 80,346 1491 80,435 Name of fund D8seriptlon, nature and purposes of tho fund Equipment fund This is in respect ol specific equipment from restricted donations. Fund set up in memory ol the founder ol the Irusl, Biannual le¢tures ale held in memory of the founder. A David memorial fund Analy$ls ol net a$$ets between funds Unrestricted fundg Re$lrl¢ted funds Total General Designat8d Intangible fixed assets Tangible fixed assets Investments Nel Current assets 2.645,143 145 2,645,288 287.313 917,405 287,313 837.115 80,290 1.124,428 2,645,143 80,435 3,850,006 Members. liabilities The liability ol éa¢h member is limited lo a contribution not exceeding £1. The number of members as at 31 December 2020 is 7812019=801. Paae 26
Hellenlc Communlty Trust Thg H911gni¢ Cgnlre Note$ to the fln8n¢lal ststement$ Icontlnuedl Year ended 31 Decembgr 2020 24. Opgratlng leases The company as lessee The total future minirnum lease payments under non-cancellthe operating leases are as follows.. 2020 2019 Not later than 1 year Later than l yeaf and not later than 5 years Later than 5 years 26,500 106.000 530,000 26,500 106,000 556,500 662.500 689.00 Operating lease refers to the additional Fyemisgs used by the Charity expiiing in August 2045. 25. Rglated party tran8a¢tlon8 No Trustee or other person related to the charity has any personal interest in any contract or transaction entered into by the charity during the year12019'. NIL). 26. Ethical standards In common with many other SIneSSeS ol our size and nature we use our au¢Yilors to prepare arKI submit returns to the tax authorities and assist with the preparation of the financial statements. Paa& 27