OpenCharities

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator.

2022-12-31-accounts

Company registration number: 2643543 Charity Number: 1010360

Hellenic Community Trust Trading as The Hellenic Centre (A company limited by guarantee)

Report and financial statements

31 December 2022

Hellenic Community Trust The Hellenic Centre

Contents

Page
Chairman's statement 1
Report of the Trustees 2 - 8
Independent auditor's report to the trustees 9 - 12
Statement of financial activities 13
Statement of financial position 14
Statement of cash flows 15
Notes to the financial statements 16 - 28

Hellenic Community Trust The Hellenic Centre

Chairman's Statement Year ended 31 December 2022

The year under review has seen a slow but steady recovery from the effects of the Covid-19 pandemic. The fallow period gave us the opportunity to re-examine our priorities and focus our activities to better suit the needs of today and the immediate future. A great help in doing this has been the influence of our new director, Dr Nayia Yiakoumaki who has wide experience from her previous employment in a senior position in a well-known and respected public gallery in London.

We have continued with our successful programme of Greek lessons for adults, expanding this to remote teaching using electronic means and increasing the overall number of our students.

The cultural programme of the Hellenic Centre, our cultural operating arm, has recovered its former frequency and variety with some notable events, covering the one hundredth anniversary of the defeat of the Greek forces in Asia Minor and the destruction of Smyrna, art exhibitions, including an exhibition in cooperation with the Cyprus Government Deputy Ministry of Culture, of the works of Christoforos Savva, a major Cypriot painter not exhibited in Britain before, concerts, from classical to Byzantine to modern Greek music, lectures on a wide variety of subjects including a lecture on the life and work of Professor Vassos Karagiorgis, the celebrated Cypriot archaeologist who died recently, Lela's Story, a granddaughter relating the life of her grandmother, a Salonica Jew who survived Auschwitz Birkenau, the Greek maritime tradition, a number of workshops and events for children of all ages, an event on technology and its impact on everyday life presented by a group of young entrepreneurs from the Hellenic Tech Network and many others.

Financially, the deficit for the year which was not unexpected following the Covid-19 years, the retirement of our previous Director, Mrs. Agatha Kalisperas and the appointment of our new Director Dr. Nayia Yakoumaki. Another reason is our determination to revive and enhance our cultural activities before our normal clients resumed their own activities needing to hire our facilities during the day for conferences and training of their staff. We are confident that this side of our activities will recover.

I am very grateful to our director and her staff for their dedication and resourcefulness, especially during this year of recovery and have every confidence that the recovery will continue with high quality programmes celebrating our Hellenic heritage and of relevance to the inhabitants of London of all cultures.

I am very grateful to the Chairman of the Executive Board and her colleagues as well as my colleagues of the Council for their contribution and their support during this difficult year. With our new programmes, we look forward to a an even more successful year to come.

Costas Kleanthous Chairman of Trustees

Date:

Hellenic Community Trust The Hellenic Centre

Report of the Trustees Year ended 31 December 2022

The Trustees of the Trust are pleased to present the annual directors' report and the audited financial statements of the Trust for the year ended 31 December 2022.

The financial statements comply with the Charities Act 2011, the Companies Act 2006, the Memorandum and Articles of Association, and the 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) issued in October 2019.

Reference and administrative information

Name Hellenic Community Trust Charity Number 1010360 Company Number 2643543 Trustees Mr. Costas Kleanthous (Chairman) Mr. Haralambos Fafalios (Secretary) Mrs. Sylvia Christodoulou (resigned 14/03/2022) Mr. George Tsavliris Mr. George Kyriacou (resigned 27/06/2022) Lady Marina Marks Mr. Spyros Neophytou (resigned 14/03/2022) Mr. Akis Phylaktis Mr. Charalambos Sophoclides Mr. Antonios Yerolemou Mrs. Evangelia Arapoglou Mr. Emmanuel Zuridis Mr. Michael Agathou Mr. Marios Voskopoullos Mrs. Pigi Skiniti Mrs. Ioanna Hadjicosti (appointed 02/05/2022) Mr. Panagiotis Seretis (appointed 10/10/2022) Secretary Mr. Haralambos Fafalios Treasurer Mr. Michael Iacovou Registered Office 9.17, Capital Tower 91 Waterloo Road London SE1 8RT Business Address 16-18 Paddington Street London W1U 5AS

Hellenic Community Trust The Hellenic Centre

Report of the Trustees (continued) Year ended 31 December 2022

Investment manager Coutts & Co. Bankers Coutts & Co. Auditors EXSUS UK Ltd Chartered Accountants and Statutory Auditors Office 9.17, Capital Tower 91 Waterloo Road London SE1 8RT Executive Board of The Hellenic Centre Mrs. Sophie Kydoniefs (Chairman until 31/12/2022) Mr. Stamos Fafalios (Vice-Chairman, acting Chairman as from 01/01/2023) Mrs. Despo Papachristodoulou (Hon. Secretary) Mr. Constantinos A M Shiatis (Hon. Treasurer) Mrs. Marie Coccolatos Mr John M Carras Mrs. Natasha Lemos Mrs. Irene Monios Ms. Marina Antoniou Director of The Hellenic Centre Mrs. Georgia Giakoumaki (appointed 01/09/2022) (also known as Mrs.Nayia Yiakoumaki) Mrs. Agatha Kalisperas (retired 31/08/2022)

Structure, Governance and Management

Governing Document

The Trust is a company limited by guarantee and a registered charity. It is governed under its Memorandum and Articles of Association.

Organisation and Structure

The Trustees are responsible for the general control and management of the Trust. The Trustees give their time freely and receive no remuneration or other benefits. In order to facilitate effective operations, the Trustees established The Hellenic Centre (The Centre) which is an association of individuals, organisations and corporate members to which the Trustees have granted a constitution as its governing document. The Trustees delegate authority to an Executive Board and to a director of the centre both of whom report to the Council. There are also a number of subcommittees covering premises, human resources and finance and administration which meet on a regular basis.

Recruitment and appointment of Trustees

Under the provisions of the governing document, the Trustees are nominated by the members and elected by the Annual General Meeting and/or 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 office until they retire. One third of the Trustees elected by the Annual General Meeting must retire by rotation but are eligible to offer themselves for re-election.

Hellenic Community Trust The Hellenic Centre

Report of the Trustees (continued) Year ended 31 December 2022

The Lykion Ton Hellinidon (London Lyceum of Greek Women) is entitled to be a member of the Council as long as it is entitled to the benefit of a deed of trust entered into at the inception of the Trust.

Induction and Training of Trustees

Most of the existing Trustees have been in office for many years and are all well informed of their duties from the governing documents, relevant publications of the Charity Commission and other pertinent information. A number of them have served or are serving in similar positions in other charitable organisations. Trustees are required to inform themselves from the governing documents, Charity 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 stated in the report.

Related Parties

Through a Trust instrument, The Lykion Ton Hellinidon, a registered charity and great benefactor of the Trust, is housed in Centre's premises. Both benefit from a close relationship and collaboration whilst each is financially and otherwise independent of the other.

Charity's remuneration policy

The key management personnel of the charity in charge of directing and controlling, running and operating the charity comprise the Trustees, the director of The Centre and the Executive Board. All Trustees and members of the Executive Board give their time freely and no Trustees or members of the Executive Board received remuneration during the year.

The pay of the senior staff is reviewed annually and normally increased in accordance with average earnings. In view of the nature of the charity, the directors benchmark against pay levels in other charities of a similar size run on a voluntary basis. The remuneration bench-mark is the mid-point of the range paid for similar roles adjusted for a weighting of up to 30% for any additional responsibilities. If recruitment has proven difficult in the recent past a market addition is also paid with the pay maximum no greater than the highest benchmarked salary for a comparable role.

Objectives and Activities

Our Aims

The objects of the Trust are set out in its Memorandum and Articles of Association and are summarised as follows:

Our Objectives

Our objectives are to promote the history, culture and traditions of Hellenism to the wider community, to provide a community centre for cultural and recreational activities, and provide a forum of learning, information and entertainment for the benefit of its members and the public. The Trustees have regard to Charity Commission guidance for public benefit.

Strategies

We want to keep the Hellenic Centre an accessible and welcoming venue for all; for those who wish to learn more about Hellenism and for those who want to reflect on their Greek culture and traditions. The Centre is open everyday including weekends providing cultural and other activities including:

Hellenic Community Trust The Hellenic Centre

Report of the Trustees (continued) Year ended 31 December 2022

Public benefit

The Trustees confirm that they have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing Hellenic Community Trust's aims, objectives and in planning future activities.

Achievements and Performance 2022

2022 marked the return of traditional events at the Hellenic Centre. The programme for the first quarter started in January, as in the pre-pandemic period, with a New Year's Celebration Recital and Vasilopita and featured also a celebration of Carnival with live traditional music in March. A number of book presentations also took place - Natalie Katsou's poetry collection Idolaters, Ruth Patel's Daughters of the Labyrinth and Sam Albatros' faulty boy among others.

During the period April to July a variety of recitals took place the highlight being a music event dedicated to Theodorakis. The programme also featured exhibitions in the Friends Room, lectures - a tribute on Cypriot archaeologist Vassos Karagiorgis and a talk on the Philhellene artist John Craxton amongst them.

Events for children took place in February, June and November with music and art and craft sessions related to Carnival, summer holidays and Christmas respectively.

From September - till December 2022 we celebrated Smyrna and focused all our events to the catastrophe of the city and the population exchange that followed. Several speakers, musicians and performers took place in this programme including:

Alan Charlton, former British diplomat who presented his book on Apollo Cokkinis. Renee Hirschon, anthropologist and academic presented her research on Kokkinia and the first Mikrasiates inhabitants.

Ioanna Georgiou, mathematician presented a talk on the history of Maths in ancient times. A panel discussion on Technology and Everyday life was organised by Marina Antoniou. Dame Sian Phillips and Stephen Greif presented the play Tears, Treachery and Just a Little Murder. Story teller Anna Conomos performed during Smyrna Day and a music performance entitled Songs of Asia Minor followed on the dame day. A series of other talks and presentations followed, with Victoria Solomonidis and Natasha Lemos and the season culminated with the exhibition of Cypriot artists Christophoros Savva, in collaboration with the Deputy Ministry of Culture in Cyprus.

Greek language courses took place online and in-person and attracted an average of 300 students each term. In addition to the courses offered in the Winter, Spring and Autumn terms we also offered private tuition lessons to over 70 students as well as online courses during August (these were first offered in August 2020); it was expected that there would not be a great demand for these as the pandemic was practically over but over 90 students registered for revision and conversation classes.

Venue Hire

In the first half of 2022, especially, there was still great hesitation from clients to commit to booking spaces in fear of another lockdown (loss of deposits) etc. There were still mask wearing restrictions in place or recommendations to wear a mask and keep a social distance where meeting with people.

We had some events transferred (along with their deposits) from the previous year and more than once had date changes in 2022, incl. the PeriPeri event that eventually took place on 18th September 2022. The Queen's passing (mourning period, funeral and additional bank holiday) also had an effect on bookings which were cancelled, as did the beginning of strikes, especially tube and train strikes. The 1821 exhibition in the Friends Room meant the building was open on Sundays, throughout January and February 2022, an additional cost to the HC. The HC staff changes (Christina Vagioti leaving, Natassa Karli returning but going on maternity leave) and the Director announcing her retirement, had an affect on the daily operation of the office from January - June 2022.

Hellenic Community Trust The Hellenic Centre

Report of the Trustees (continued) Year ended 31 December 2022

Membership / fundraising

Membership started picking up again from March 2022; some members renewed for both 2021 and 2022 after situation with covid slowed down. However, we lost many members because of the previous uncertainty caused by the pandemic.

Small donations by members continued coming in 2022, and we secured larger donations from A.G. Leventis , Athos Christodoulou, Edward Harvist Foundation.

Financial Review

Overview

The charity had a deficit of £184,896 for the year (2021: deficit £71,686) after deduction of depreciation charge of £13,879. The negative effect of Covid-19 pandemic on the operation of the Hellenic Centre and the finance of the HCT continued in the year 2022. The Coronavirus Job Retention Scheme (CJRS) ended on 30 September 2021, which helped the Hellenic Centre greatly when it was forced to close its door during the Covid-19 pandemic. The charity only received £6,000 Omicron grant in 2022 compared to the £155,040 received from CJRS and the Retail, Hospitality and Leisure grant in 2021. The Centre was fully open in 2022, but the public was not quite ready to come back yet. This was reflected in the venue hiring income. It was better than 2021 result but was still below the pre-Covid level. Both the premises and administrative costs were higher in 2022. This is expected by the trustees, as the Centre was fully open during the year and the maintenance of the building, utility bills and administrative work are expected to increase as a result. The market value of the investments decreased by £26,518 from last year.

Principal Funding Sources

The principal funding sources continued to be the comprehensive programme of cultural and other charitable events, venue letting, donations and subscriptions. The Trustees remain confident that these sources will continue at a satisfactory level for the foreseeable future.

Investment Powers and Policy

The Trustees, having regard to the liquidity requirements of operating the Hellenic Centre, have kept available funds in interest-bearing deposit accounts and seeking to achieve rates which match or exceed inflation. Due to wider economic circumstances deposit rates have been depressed. The Trustees therefore maintain the investment of £250,000 on a low risk investment portfolio aiming to achieve best return within acceptable levels of risk. In view of current economic and political conditions the Trustees consider prudent to continue its current policy.

Reserves Policy

The Trustees have considered the minimum level of free reserves that the Trust ought to have. Reserves are needed to meet the working capital requirements of the Trust, to cover possible emergency repairs to the premises and to sustain operations over a period when income generating activities may be curtailed temporarily. The Trustees consider that the minimum level of free reserves should be not less than twelve months' overheads of the Trust. The free reserves for the year ended 31 December 2022 are represented by the unrestricted general fund amounting to £896,944. The Trustees are confident that the level of free reserves will continue to be satisfactory.

Risk Management

The Trustees have a risk management strategy which comprises:

Hellenic Community Trust The Hellenic Centre

Report of the Trustees (continued) Year ended 31 December 2022

This work has identified that financial sustainability is the major financial risk for the charity. A key element in the management of financial risk is a regular review of available liquid funds to settle debts as they fall due, regular liaison with the bank, and active management of trade debtors' and creditors' balances to ensure sufficient working capital by the Trust.

The impact of Covid-19 on the business has been significant, however the healthy reserves, cash balance and the goverment job retention scheme have enabled the organisation to plan for a resilient future, whilst safeguarding the safty of the HC's staff and its visitors.

Attention has also been focused on non-financial risks arising from fire, health and safety of artists and audience, management of performing rights and food hygiene. These risks are managed by ensuring accreditation is up to date, having robust policies and procedures in place, and regular awareness training for staff working in these operational areas. The Workplace Health & Safety Risk Assessment, which includes fire risk assessment. This is reviewed constantly as maintenance is carried out throughout the year. This includes the building and the fire exit routes and appropriate signs; maintenance contracts according to the relevant laws regarding the lift, the boiler , the water treatment, 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 carried out, window eyebolts for the window cleaners, control of hazardous/dangerous materials, fire drills, electrical installations inspections, manual handling risk assessment for staff using the ladders or the tower and Pest control. Due to Covid-19, the building was only fully open from January 2022 and all the maintenance contracts are carried out regularly. There is insurance for the building, for the risks/injury to persons, insurance for public liability and also employers' liability; also a record of registration of entertainment and liquor licence which has since September 2022 been allocated to a new DPS. Regarding the staff there is a workplace risk assessment regarding the desks and position of the computers. There is a first aid box in the office and in the caretaker's room and all accidents and injuries are recorder in a special book. With regards to food hygiene the staff are aware of the 'Safer Food Better Business' instructions from the Food Standard and we are constantly seeking to provide more training to our catering staff.

Plans for future

The HC continues to be financially affected by the effects of the pandemic but we are working hard to overcome this by promoting the Centre very actively in both the cultural programme area and the commercial associates and potential clients. There were staff changes including Mrs Agatha Kalisperas who retired as the Director of the HC in August 2022 and the new director, Dr. Nayia Yiakoumaki started in September 2022. Since the new director's arrival, the office is re-organised in terms of roles and staffing, all contracts of all staff were re-looked at and reviewed and it is now supported by an Office Administrator.

The impact of the pandemic is slowly lifting and our events are well attended again including the clients that are returning gradually. The HC has entered a very exciting phase of renewal and change where all areas of the organisation are reviewed and repositioned. For example, in 2023 and 2024 we are working hard to expand our audiences and we have seen already significant expansion in this area. The visual identity of the organisation is also changing with a new website and graphic design in all internal and external documents.

The Centre is also significantly working towards expanding its networks by becoming a member of other important cultural organisations' and business' coalitions.

We are also working towards new effective marketing strategies that will put the Centre at the forefront of culture in London and will cement its reputation for the next years to come.

Hellenic Community Trust The Hellenic Centre

Report of the Trustees (continued) Year ended 31 December 2022

Trustees' Responsibilities in Relation to the Financial Statements

The Trustees (who are also directors of Hellenic Community Trust for the purpose of company law) 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 Practice). Company law requires the Trustees of the Trust to prepare financial statements for each financial year. Under that law the Trustees of the Trust have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the Trustees of the Trust 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 company and the profit or loss of the company for that period.

In preparing these financial statements, the Trustees of the Trust are required to:

The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the 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. 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. The Trustees are also responsible for the maintenance and integrity of the corporate and financial information included on the charitable company's website.

Statement as to disclosure of information to auditors

This report is prepared in accordance with the special provisions of Part 15 of the companies Act 2006 relating to small companies.

Auditors

A resolution to reappoint EXSUS UK Ltd as auditors of the charity will be proposed at the forthcoming Annual General Meeting.

This report was approved by the Board on ............................ and signed on its behalf by

..................................

Costas Kleanthous Chairman

Independent auditor's report to the members of Hellenic Community Trust The Hellenic Centre Year ended 31 December 2022

Opinion

We have audited the financial statements of Hellenic Community Trust (the "Charity") for the year ended 31 December 2022, which comprise Statement of financial activities, Statement of financial position, Statement of cash flows and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102: The Financial Reporting Standard applicable in the UK and Republic of Ireland.

In our opinion, the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the Charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and the provisions available for small entities, in the circumstance set out in note 26 to the financial statements, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the Trustees' use of the going concern basis of accounting in the preparation of the financial 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 to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report.

Other information

The trustees are responsible for the other information. The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

Independent auditor's report to the members of Hellenic Community Trust The Hellenic Centre Year ended 31 December 2022

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the Charity and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustees' Annual Report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of the trustees

As explained more fully in the trustees' responsibilities statement set out on page 6, the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as they determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the Charity's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the Charity or to cease operations, or have no realistic alternative but to do so.

Independent auditor's report to the members of Hellenic Community Trust The Hellenic Centre Year ended 31 December 2022

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. I design procedures in line with my responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which my procedures are capable of detecting irregularities, including fraud is detailed below.

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

Independent auditor's report to the members of Hellenic Community Trust The Hellenic Centre Year ended 31 December 2022

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: [www.frc.org.uk/auditorsresponsibilities]. This description forms part of our auditor's report.

Use of our report

This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Avraam Kapiri (senior statutory auditor) For and on behalf of EXSUS UK Ltd Chartered Accountants and Statutory Auditors Office 9.17, Capital Tower 91 Waterloo Road London SE1 8RT

Date:

Hellenic Community Trust The Hellenic Centre

Statement of financial activities (including income and expenditure account) Year ended 31 December 2022

Continuing operations Continuing operations Continuing operations
Unrestricted Restricted Total Total
Note Funds Funds Funds Funds
2022 2021
£ £ £ £
Income
Donations and legacies 4 68,628 - 68,628 215,122
Income from other trading activities 5 310,494 - 310,494 119,456
Investment income 6 2,035 278 2,313 367
Income from charitable activities 7 199,710 754 200,464 189,002
Total income 580,867 1,032 581,899 523,947
Expenditure
Costs of raising funds 8 )
(254,888		 - )
(254,888
)
(184,527
Expenditure on charitable activities 9 )
(509,220		 )
(2,687		 )
(511,907
)
(411,106
Total expenditure )
(764,108		 )
(2,687		 )
(766,795
)
(595,633
Net income/(expenditure) for the
year before gains/(losses) on
investments )
(183,241		 )
(1,655		 )
(184,896		 )
(71,686
Gain/(loss) on investments 16 )
(26,518		 - )
(26,518		 31,538
Net movement in funds for the year )
(209,759		 )
(1,655		 )
(211,414		 )
(40,148
Reconciliation of funds
Total funds brought forward 3,729,420 80,437 3,809,857 3,850,006
Total funds carried forward 20 - 22 3,519,661 78,782 3,598,443 3,809,857

The statement of financial activities includes all gains and losses recognised in the year.

All income and expenditure derive from continuing activities.

The notes on pages 16 to 28 form part of these financial statements.

Hellenic Community Trust The Hellenic Centre

Statement of financial position 31 December 2022

2022 2021
Note £ £ £ £
Fixed assets
Intangible fixed assets 14 - -
Tangible assets 15 2,622,799 2,631,383
Fixed asset investments 16 292,333 318,851
2,915,132 2,950,234
Current assets
Stocks 2,314 1,547
Debtors 17 26,460 19,339
Cash at bank and in hand 711,896 920,369
740,670 941,255
Creditors: amounts falling due
within one year 18 )
(57,359		 )
(81,631
Net current assets 683,311 859,623
Total assets less current liabilities 3,598,443 3,809,857
Total net assets 3,598,443 3,809,857
Unrestricted funds
General funds 20 896,944 1,098,146
Designated funds 20 2,622,717 2,631,274
Restricted funds 21 78,782 80,437
Accumulated funds 22 3,598,443 3,809,857

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

These financial statements were approved by the board of directors and authorised for issue on ..............., and are signed on behalf of the board by:

.........................................

Mr. Costas Kleanthous Chairman Company registration number: 2643543

The notes on pages 16 to 28 form part of these financial statements.

Hellenic Community Trust Company limited by guarantee

Statement of cash flows Year ended 31 December 2022

2022
£
Cash flows from operating activities
Loss for the financial year
)
(211,414
Adjustments for:
Depreciation of tangible assets
13,879
(Gain)/loss on investments
26,518
Other interest receivable and similar income
)
(2,313
Accrued expenses/(income)
)
(2,686
Changes in:
Stocks
)
(767
Trade and other debtors
)
(7,121
Trade and other creditors
)
(21,587
Cash generated from operations
)
(205,491
Interest received
2,313
Net cash used in operating activities
)
(203,178
Cash flows from investing activities
Purchase of tangible assets
)
(5,295
Net cash used in investing activities
)
(5,295
Net increase/(decrease) in cash and cash equivalents
)
(208,473
Cash and cash equivalents at beginning of year
920,369
Cash and cash equivalents at end of year
711,896		 2021
£
)
(40,148
15,763
)
(31,538
)
(367
-
)
(570
16,126
21,225
)
(19,509
367
)
(19,142
)
(1,859
)
(1,859
)
(21,001
941,370
920,369

Hellenic Community Trust The Hellenic Centre

Notes to the financial statements Year ended 31 December 2022

1. Accounting policies

Basis of preparation

The financial statements have been prepared in accordance with the 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)) (issued in October 2019) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

Hellenic Community Trust meets the definition of a public benefit entity under FRS 102. The financial statements have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant note(s) to these accounts.

The financial statements are presented in sterling and are rounded to the nearest pound.

Going concern

In line with almost every business the charity has been adversely affected by Covid-19 pandemic. The Centre is now in full operation for the cultural events and venue hiring. The public is also ready to come back to the Centre. A small deficit was forecasted for 2023. As the pandemic has now ended, the Centre has seen a slow but steady recovery. The charity's reserves are in the region of £900k and considered robust enough to sustain the short to medium term future. The trustees are actively engaged in reviewing operations and the future and remain confident that Trust will continue as a going concern for the foreseeable future.

Fund accounting

Hellenic Community Trust The Hellenic Centre

Notes to the financial statements (continued) Year ended 31 December 2022

Income

Recognition of Income

Income resourses are included in the Statement of Financial Activities (SOFA) when:

Income with Related Expenditure

Where income have related expenditure (as with fund raising or contract income), the income and related expenditure are reported gross in the SOFA.

Donations, Grants and Gifts

Donations, grants and gifts are recognized when receivable. In the event that a donation is subject to fulfilling performance conditions before the charity is entitled to the funds, the income is deferred and not recognized until it is probable that those conditions will be fulfilled in the reporting period. Income from Gift Aid tax reclaims is recognized for any donations with relevant Gift Aid certificates recognized in income for the year. Any amounts of Gift Aid not received by the year-end are accounted for in income and accrued income in debtors.

Donated Assets

Donated books, pictures, paintings and other assets are not reflected in the statement of financial position as these are of negligible value. It is not the policy of the Trust to carry out annual valuation of such assets. A register of such assets is kept by the Trust.

Volunteer Help

The value of any voluntary help received is not incorporated into these financial statements.

Investment Income

Interest on deposit funds held is included when receivable and the amount can be measured reliably by the charity which is normally upon notification of the interest paid or payable by the bank.

Hellenic Community Trust The Hellenic Centre

Notes to the financial statements (continued) Year ended 31 December 2022

Expenditure and irrecoverable VAT

Recognition of Expenditure

Expenditure is recognized once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required, and the amount of the obligation can be measured reliably. All expenditure is accounted for on an accrual basis under the following headings.

Costs of raising funds

It includes expenses for fundraising activities and their associated support costs.

Expenditure on charitable activities

It includes the costs of providing cultural events and Greek lessons to further the purpose of the charity and their associated support costs.

Support Costs

Support costs comprise those costs which are incurred directly in support of expenditure on the objects of the charity and include staff costs, premises costs, administrative costs, depreciation and amortization. Irrecoverable VAT is charged as a cost against the activity for which the expenditure was incurred. Support costs are apportioned between costs of raising funds and expenditure on charitable activities on an appropriate basis. More detail on the analysis and basis of allocation is given in note 12 to the financial statements.

Governance Costs

Governance costs are those costs incurred in connection with the compliance with constitutional and statutory requirements of the charity.

Grants With Performance Conditions

Where the charity gives a grant with conditions for its payment being a specific level of service or output to be provided, such grant is only recognised in the SOFA once the recipient of the grant has provided the specified service or output.

Grants Payable Without Performance 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 remain in the control of the charity.

Operating leases

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profit on a straight line basis over the lease term.

Amortisation

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:

Website costs - 25% straight line

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.

Hellenic Community Trust The Hellenic Centre

Notes to the financial statements (continued) Year ended 31 December 2022

Tangible assets

Tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses.

Depreciation

Freehold property - Nil - Fittings fixtures and equipment 10-33 1/3% 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 freehold property in the accounts. The charity is committed to maintain the property in high standard with continued improvements and maintenance. It is in their view that the residual value of freehold property will be higher than the historical costs of £2.5m recorded in the accounts. As a consequence, the property is subject to an annual impairment review.

If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.

Fixed asset investments

Investments are a form of basic financial instrument. Fixed asset investments in quoted shares, traded bonds and similar investments are valued initially at cost and subsequently measured at their fair value (market value) at the balance sheet date. The same treatment is applied to unlisted investments unless fair value cannot be measured reliably in which case it is measured at cost less impairment. All gains and losses are taken to the Statement of Financial Activities as they arise. Realized gains and losses on investments are calculated as the difference between sales proceeds and their opening carrying value or their purchase value if acquired subsequent to the first day of the financial year. Unrealized gains and losses are calculated as the difference between the fair value at the year-end and their carrying value. Realized and unrealized investment gains and losses are combined in the Statement of Financial Activities.

The main form of financial risk faced by the charity is that of volatility in equity markets and investment markets due to wider economic conditions, the attitude of investment risk, and changes in sentiment concerning equities and within particular sectors or sub sectors.

Financial instruments

The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognized at transaction value and subsequently measured at their settlement value.

Trade and other debtors are recognised at the settlement amount due after any trade discount offered.

Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less f'rom the date of acquisition or opening ofthe deposit or 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 transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.

Hellenic Community Trust The Hellenic Centre

Notes to the financial statements (continued) Year ended 31 December 2022

Impairment

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.

Stocks

Stocks are measured at the lower of cost and net realisable value. If any donated items of stock for resale or distribution are received 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 of donated stocks as there are no system in place which record these items until they are sold and undertaking a stock take would incur undue cost for the charity which far outweigh the benefit.

Pensions

Pension contributions payable for the year in respect of defined contribution pension plans are recognised as an expense and as a liability, after deducting any amounts already paid.

2. Legal status of the charity

The charity is a company limited by guarantee and has no share capital. The liability of each member in the event of winding-up is limited to £1.

3. Net income/(expenditure)

Net income/(expenditure) is stated after charging/(crediting):

Net income/(expenditure)
Net income/(expenditure) is stated after charging/(crediting):
2022 2021
£ £
Depreciation of tangible assets 13,879 15,763
Operating lease rentals-Land & Buildings 26,500 26,500
Defined contribution plans expense 6,558 5,643
Fees payable for the audit of the financial statements 8,000 8,000
Fees payable for the non-audit work of financial statements 20,977 19,967

4. Income from donations and legacies

Donations
Subscriptions
Grants		 2022
£
51,822
10,806
6,000
68,628		 2021
£
48,370
11,713
155,039
215,122

The Charity received £6,000 for the Omicron grant from Westminster council.

Hellenic Community Trust The Hellenic Centre

Notes to the financial statements (continued) Year ended 31 December 2022

5.
Income from other trading activities
Venue letting for fund raising purpose
Catering income
Fund raising events
Rent receivable
Miscellaneous income
6.
Investment income
Unrestricted bank interest
Restricted bank interest
7.
Income from charitable activities
Cultural events and other charitable activities
Venue letting for cultural purpose
8.
Cost of raising funds
Staff costs
Premises costs
Administrative costs
Finance costs
Catering costs
Fund raising events and venue letting costs
Depreciation		 2022
£
216,897
35,204
10,206
38,400
9,787
310,494
2022
£
2,035
278
2,313
2022
£
190,069
10,395
200,464
2022
£
125,757
58,605
39,782
5,833
7,046
10,939
6,926
254,888		 2021
£
77,265
8,874
7,144
25,600
573
119,456
2021
£
329
38
367
2021
£
184,174
4,828
189,002
2021
£
106,088
36,839
20,574
5,244
2,019
5,900
7,864
184,527

Hellenic Community Trust The Hellenic Centre

Notes to the financial statements (continued) Year ended 31 December 2022

9. Expenditure on charitable activities

Staff costs
Premises costs
Administrative costs
Cultural events and other activities costs
Depreciation
Donations
Governance costs (see note 10)		 2022
£
125,757
58,605
39,782
119,613
6,953
1,463
159,734
511,907		 2021
£
106,088
36,839
20,574
97,772
7,900
2,878
139,055
411,106
10.
Governance costs
Staff costs
Legal and professional costs
11.
General support costs before allocation		 2022
£
125,757
33,977
159,734		 2021
£
106,088
32,967
139,055
General support costs before allocation
Staff costs
Premises costs
Administrative costs
Depreciation		 2022
£
429,831
117,209
79,564
13,879
640,483		 2021
£
380,034
73,677
41,148
15,763
510,622

Staff costs, apart from wages for Greek course teachers, are allocated equally amongst Cost of raising funds, Expenditure on charitable activities and Governance costs. Wages for Greek course teachers are allocated to Cultural events and other activities costs under Expenditure on charitable activities (note 9). All other costs are equally allocated between Expenditure on raising funds and Expenditure on charitable activities.

Hellenic Community Trust The Hellenic Centre

Notes to the financial statements (continued) Year ended 31 December 2022

12. Employees

The average monthly head count was 21 staff (2021: 18 staff) and the average monthly number of full-time equivalent employees (including part time staff) during the year were as follows:

Administration
Activities
Employment costs
Wages and salaries
Social security costs
Other pension costs		 2022
7
2
9
2022
£
388,296
34,977
6,558
429,831		 2021
7
2
9
2021
£
347,602
26,789
5,643
380,034

The charity trustees were not paid or received any benefits from employment with the Trust in the year (2021: £nil) neither were they reimbursed expenses during the year (2021: £nil).

The number of employees whose total employee benefits excluding pension contributions earning over £60,000, classified within bands of £10,000 is as follows:

Between £60,000 and £69,999
Between £70,000 and £79,999		 2022
£
-
1		 2021
£
1
-

No pension contribution was paid in the current year relating to the staff earning over £60,000 (2021: Nil)

The key management personnel of the charitable company comprise the trustees and the key management personnel of the Hellenic Centre which includes one director whose remuneration was £72,597 (2021: £68,784). The director of Hellenic Centre, Mrs. Agatha Kalisperas, retired on 31 August 2022, and the new director Mrs. Georgia Giakoumaki joined on 1 September 2022.

Hellenic Community Trust The Hellenic Centre

Notes to the financial statements (continued) Year ended 31 December 2022

13. Taxation

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 of a charitable company for UK corporation tax purpose. Accordingly, the company is potentially exempt from taxation in respect of income or capital gains received within categories covered by Pt.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 to charitable purposes.

14. Intangible assets

Cost
At 1 January 2022 and 31 December 2022
Amortisation
At 1 January 2022 and 31 December 2022
Carrying amount
At 31 December 2022
At 31 December 2021		 Website
costs
£
10,000
10,000
-
-

Hellenic Community Trust The Hellenic Centre

Notes to the financial statements (continued) Year ended 31 December 2022

15. Tangible assets

15. Tangible assets
Freehold Fixtures, Total
property fittings and
equipment
£ £ £
Cost
At 1 January 2022 2,551,901 442,495 2,994,396
Additions - 5,295 5,295
At 31 December 2022 2,551,901 447,790 2,999,691
Depreciation
At 1 January 2022 - 363,013 363,013
Charge for the year - 13,879 13,879
At 31 December 2022 - 376,892 376,892
Carrying amount
At 31 December 2022 2,551,901 70,898 2,622,799
At 31 December 2021 2,551,901 79,482 2,631,383
16. Investments
Listed Total
investments
£ £
Valuation
At 1 January 2022 318,851 318,851
Unrealised gain/(loss) on revaluations )
(26,518		 )
(26,518
Valuation
At 31 December 2022 292,333 292,333
The historical cost of the investment is £250,000 (prior year: £250,000)
17. Debtors
2022 2021
£ £
Trade debtors 9,855 2,664
Prepayments and accrued income 16,601 15,505
Other debtors 4 1,170
26,460 19,339

Hellenic Community Trust The Hellenic Centre

Notes to the financial statements (continued) Year ended 31 December 2022

18. Creditors: amounts falling due within one year

Creditors: amounts falling due within one year
Trade creditors
Accruals and deferred income
Social security and other taxes
Other creditors		 2022
£
3,985
17,283
19,354
16,737
57,359		 2021
£
5,161
19,969
21,283
35,218
81,631

19. Employee benefits

Defined pension contribution plans

The amount recognised in income and expenditure in relation to defined pension contribution plans was £6,558 (2021:£5,643).

20. Unrestricted funds

Unrestricted funds
General Fund Designated Total
funds
£ £ £
Balance at 1 January 22 1,098,146 2,631,274 3,729,420
Movement in funds for the year )
(201,202		 )
(8,557		 )
(209,759
Balance at 31 December 2022 896,944 2,622,717 3,519,661

Designated funds include the freehold property and fixed assets which enable the Trust to meet its objectives.

Hellenic Community Trust The Hellenic Centre

Notes to the financial statements (continued) Year ended 31 December 2022

21. Restricted funds

Equipment fund
A David memorial fund		 At 1
January
2022
£
109
80,328
80,437		 Income
Expenditure
At 31
December
2022
£
£
£
-
)
(27
82
1,032
)
(2,660
78,700
1,032
)
(2,687
78,782

Name of fund

Description, nature and purposes of the fund

Equipment fund This is in respect of specific equipment from restricted donations. A David memorial fund Fund set up in memory of the founder of the trust, Biannual lectures are held in memory of the founder.

22. Analysis of net assets between funds

Unrestricted funds Unrestricted funds Restricted Total
funds
General Designated
£ £ £ £
Intangible fixed assets - - - -
Tangible fixed assets - 2,622,717 82 2,622,799
Investments 292,333 - - 292,333
Net current assets 604,611 - 78,700 683,311
896,944 2,622,717 78,782 3,598,443

23. Members' liabilities

The liability of each member is limited to a contribution not exceeding £1. The number of members as at 31 December 2022 is 78 (2021:78).

Hellenic Community Trust The Hellenic Centre

Notes to the financial statements (continued) Year ended 31 December 2022

24. Operating leases

The company as lessee

The total future minimum lease payments under non-cancellable operating leases are as follows:

Not later than 1 year
Later than 1 year and not later than 5 years
Later than 5 years		 2022
£
26,500
106,000
477,000
609,500		 2021
£
26,500
106,000
503,500
636,000

Operating lease refers to the additional premises used by the Charity expiring in August 2045.

25. Related party transactions

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 year (2021: NIL).

26. Ethical standards

In common with many other businesses of our size and nature we use our auditors to prepare and submit returns to the tax authorities and assist with the preparation of the financial statements.