Registered number: 2643543 Charity number: 1010360 HELLENIC COMMUNITY TRUST Operating as The Hellenic Centre (A company limited by guarantee) TRUSTEES, REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Gsf.1&Co Gfiffi IF, S?one Moscrop & Co 100 YEARS HELLENIC COMMUNITY TRUST (A company limited by guarantee) CONTENTS Page Reference and administrative details of the Company, its Trustees and advisers Chairman's statement Trustoes. report Independent auditors. report on the financial statements Statement of flnancial activities 4-11 12-14 15 Balance sheet 16 Statement of cash flows 17 Notes to the financial statements 18-35 Griffin Stone Moscrop & Co HELLENIC COMMUNITY TRUST (A company limited by guarantee) REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 DECEMBER 2023 Trustees Costas Kleanthous. Chairman loannis Toumazis (appointed 27 November 2023) Marios Voskopoullos George Tsavliris Akis Phylaktis (resigned 19 June 2023) Haralambos Fafalios, Secretary Emmanuel Zurides Haris Sopho¢lides Marina Marks Pigi Skiniti Antonios Yerolemou Evangelina Arapoglou Michael Agathou loanna Hadjicosti (resigned 9 October 2023) Panagiotis Seretis Executive Board of The Hellenic Centre Mr Stsmos Fafalios, Chaiman Mrs Stella Dinenis, Hon. Secretary Mr Constantinos A M Shiatis, Hon. Treasurer Ms Marina Antoniou Mr John Michael Carras Mrs Marie CoccoL9tos Dr Natasha Lemos Mrs Irene Monios Mrs Despo Papachristodoulou Company registered number 2643543 Charity registered number 1010360 Registered office 9.17 Capital Tower 91 Waterloo Road London SE18RT Company secretary Mr. Haralambos Fafalios Director of The Hellenic Dr. Nayia Yiakoumaki Centre Independent auditors Grrffin Stone Moscrop & Co Chartered Accountants 21-27 Lamb's Conduil Street London WC1N 3GS Page 1 Griffin Stone Moscrop & Co HELLENIC COMMUNITY TRUST (A company limited by guarantee) REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY, ITS TRUSTEES AND ADVISERS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Bankers Coutts & Co. 440 Strand London WC2R OQS Investment manager Coutts & Co. 440 Strand London WC2R OQS Treasurer Mr Mrchael lacovou Page 2 Griffin Stone Moscrop & Co HELLENIC COMMUNITY TRUST IA company limited by guarantee) CHAIRMAN'S STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2023 The chairman presenls his statement for the year. The past year has been posittve in mosl respects but (( has been challenging as well. The implementation of our new. more waried cultural programme has been a major success with the numbers attending our events increasing substantially. This interest has come from an ever widening circle of the British public as well as the Hellenic community. At the same time. the return of our clients who rent space from us. and providing the means by which we finance our cultural activrties. has been slower in recovering from the Covid-19 pandemic than we expected. Our programme of Modem Greek lessons continues to be Suc￿sSfUl. We have expanded our provision of on- line teaching, reaching a greater number of students bolh in this covntry and abroad. Our enhanced cultural programme with increased interplay be￿een the current Greek cufture and the culture of our host community, while not ignoring our history and customs. has proved to be a success. Among many notable events held during this year, Christos Marantos.- Tradition and Vision, looked at different aspects of human life, illuminated by music from Baroque to the present day.. Papyrus Fragments, a talk with discussion and demonstrations explored the lost literature of ancient Greece and the attempts to create new theatrical performances inspired by il, while The Monochords.- Artists and Poets in Dialogue, an evening of conversation and readings, examined the continuing resonan￿ of Yiannis Ritsos's poelry were partiCLSlarly successful. From our exhibitions, Vlassis Caniaris.. Selected Woths 1960s - 1980s dealing wrf(h themes of immigration and social inequaltty, which was open for six weeks. was the most notable. Our usual celebrations of Greek tradition5 continued to be popular and much enjoyed by the community and some of our Modem Greek students as well. Financially, the year was not as successful as we hoped. ending with a deficit of £64.514. This was due to the slower return of our long temi clients after the Covid-19 pandemic and their more modest requirements. With the further steps we have taken to reduce OLtr expenditure. and the continuing increase of our rental income. WÈ are budgeting for a small Surplus at the end of 2024. and we are confident in achieving this. l am very grateful to our director. Dr Nayia Yiakoumaki. and her colleagues for their dedication and resourcefulness and I have every confidence that they will continue to implement successfully our policy of updating, modernising and making our activities more relevant both to the members of the Hellenic community and of our host community, which we consider very important. I'm also mosl grateful for the chairman and members of the Hellenic Centre ExeculNe Board for their hard work in supporting our Director and the efforts of the Council during the year. Similarly, I wish to express my heartfelt gratrtude to my fellow trustees and members on the Council for their unstinling support both to me. our Trust and the objectives for which we all work. I have every confidence in our efforts to disseminate Hellenrc culture. both old and new and the future of our Trust. Chaimian Date.. 1 July 2024 Page 3 Grifffin Stone Moscrop & Co HELLENIC COMMUNITY TRUST (A company limited by guarantee) TRUSTEES. REPORT FOR THE YEAR ENDED 31 DECEMBER 2023 The Trustees present their annL5al report together with the audited financial statements of Ihe Company for the year 1 January 2023 to 31 December 2023. The Annual report seNes Ihe purposes of both a Trustees, report and a directors, report under company law. The Truslee5 confimi Ihat the Annual report and financial statements of the charitable company comply with the current stalutory requirements, the requirements of the charitable ompany's governing document and the provisions of the Statement of Recommended Practice {SORP) applicable to charities preparing their accounts in accordance with the Financial Reporting Stsndard applicable in the UK and Republic of Ireland {FRS102} (effective 1 January 20191. Since the Company qualifies as small under section 382 of the Companies Act 2006, the Strategic report required of medium and large companies under the Companies Act 2006 (strategic Report and Directors, Report) Regulations 2013 has been omitted. Objectives and actlvlties Policies and objectives The objects of the Trust are set out in ts Memorandum and Artides of Association and are summarised as follows.. the benefrt of the inhabitants of London. in particular those inhabitants who are Hellenic or of Greek origin, by providing or assisting in the provision of a communty centre containing facilitres for recreation or other lesiure time occupations- the advancement of public education in the history, religion. culture and traditions of Hellenism. Our objectives are to promote the history. cutture and traditions of Hellenism to the wider community, to provide a community centre for cultural and recreational activities, and provide a forum of leaming. infomiation and entertainment for the benefrt of its members and the public. b. Strategies for achlevlng objectlves We want lo keep the Hellenic Cenlre 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 tradrtions. The Centre is open everyday including weekends providing culiural and other activtties including.. lectures, recital, Greek music evenings; seminars and exhibitions., - Greek language courses. c. Public benefrt statement In setting objectives and planning for adivities, the Trustees have given due consideration to general guidance published by the Charity Commission relating to publrc benefit, including the guidance 'Public benefit- running a charity (PB21'. Page 4 Griffin Stone Moscrop & Co HELLENIC COMMUNITY TRUST (A company limited by guarantee) TRUSTEES, REPORT {CONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2023 Achievements and perfomiance a. Review of activities 2023 was a successful year for the Hellenic Centre. We achieved our main targets for the year which were.. Refreshing our visual identrty. Launching a new website. Renewing our programme to attract new aUdien￿S. Renovaling the signage of our building. We launched a new website in the summer of 2023 which is clear, simple to use and reflects our brand. Our new programme, in its first year. has attracted new audiences and we have had exlensNe coverage from press for the first time, including BBC Radro. We have initiated new strands for the programme which include.. Talks, Film, Performance, Exhibitions, Family and Communty Events. A number of sold-out events have taken place at the Hellenic Centre, to name but a few.. What did Medusa Think? Re4magining the Ancient Myths with Natalie Haynes Thursday 12 January. 19:00 With Natalie Haynes. a 'rock star mylhologist, {Wa5hington P05t). Doomed companions, unsubstantial shades Thursday 19 January, 19:00 Curator Akis Kokkinos discusses his recent exhibition Doomed companions, unsubstantial shades at the Hellenic Residence in London. New Year Recital~ Tribute to Swing and Jazz Saturday 4 February, 19:00 Contemporary Art and Archaeology: History and Material Culture Thursday 23 February, 19:00 Sofia Victorino focuses on the dialogue be￿een art and archaeological enquiry. Celebrate Greek Carnival Saturday 25 February, 19:00 Kourelou and London Greek Collective perform Greek traditional music in a lively Carnival event open to all. Quartet for the End of Tlme Thursday 2 March, 19:00 The Waldstein Piano Trio in collaboralion with clarinettist Benjamin Mason are bringing auartet for the End of Time by Olivier Messiaen. to the Hellenic Centre. Papyrus Fragments - Rediscovering the Lost Stories of Ancient Greece Saturday 22 April, 15:00 Discussion and demonstration exploring the lost literature of ancient Greece that survives only on fragments of papyrus, and the attempts to create a new theatrical perfom)ance inspired by such mysteries. The Monochords: Artists and Poets in Dialogue on Yannis Ritsos Thursday 4 May, 19:00 To celebrate the launch of the book Monochords. by Greek poet Yannis Ritsos and London based artist and filmmaker Chiara Ambrosio. this is an evening of conversation and readings about Rttsos. poetry, its significance and continuing rèsonance with contemporary artists and wrrlers. Page 5 Griffin Stone Moscrop & Co HELLENIC COMMUNITY TRUST {A company limited by guarantee) TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Achievements and perforniance (continued) Review of activities (cont.) Maths Workshops for Children and Teenagers Saturday 10 June, 14:00 How and why did maths begin? How has it been helping us over the centuries to better our lives? Labyrinth.. Knossos, Myth & Realty exhibition introduction Thursday 15 June, 19:00 Curator of Labyrinth.. Knossos, Myth & Reality Dr Andrew Shapland. provides an introduction to the first major exhibitton in the UK about Knossos. Vlassis Caniaris: Selected Works 1960s- 1980s Thursday 5 October- Saturday 18 November Vlassis Caniaris (1928-2011) remains one of the most important Greek artists of his generation. Amy Stephens: Objects ofwonder Thursday 5 October- Saturday 18 November Coinciding with a commission for the public art exhibition Frieze Sculpture 2023. Objects of Wonder by British sculptor and mixed media artisl Amy Stephens (London. UK. b.1981) presents works developed in response to her surroundings while on residency in Cyprus. Events for children took place in February and December with music and art and Graft sessions related to Carnival, summer holidays and Christmas respectively. Greek language courses took place online and in-person and attracted an average of 300 students ea¢h term. In addition to the courses offered in the Winter. Spring and Autumn terms we also offered private tuilion to over 80 students as well as online courses during August which continue to be successful. In addition to the lessons, we have introduced our students to cultural traditions from Greece and Cyprus by offering cooking workshops before major holidays. such as Christmas and Orthodox Easter. Venue Hirè The venue hire has improved but we are still in the process of recovering from the pandemic and the impact to venue hire that the shift to online meetings and training sessions had on the HC. We had substantial hires which helped us a lot,. the fashion promoter The Music Room. hired the Great Hall in numerous occasions for designer sample sales and the production company MASK hired our spaces in August for the rehearsals of musical Love Never Dies. Staff changes We recfurted fixed tem contract staff to cover the maternty leave of members of staff and generated a new position for Office Administrator. Membership I fundraising Membership started picking up again from January 2023. We introduced new appealing benefits for the members which include.. Discount in hiring the spaces.. Lending rights from our Library,. Special behind the scene tours to other UK institutions. We printed a flyer to promote membership and this is now displayed prominently in various place in the building. We have introduced the Cuttural Fund. a new initiative which aims to raise funds to be able to realise a more ambitious cultural programme. Page 6 Griffin Stone Moscrop & Co HELLENIC COMMUNITY TRUST (A company limited by guarantee) TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 310ECEMBER 2023 Financial review a. Going concern After making appropriate enquiries. the Trustees have a reasonable expectation that the Company has adequate resources lo continue in operattonal existence for the foreseeable futLJre. For this reason, they continue to adopt the going concem basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the accounting policies. b. Reserves policy The Trustees have considered the minimum level of free reserves that the Trust ought to have. Reserves are needed to meet the working capital requiretnents of the Trusl, 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 thal the minimum level of free reseryes should be not less then iwelve months, overheads of the Trust. The free reserves for the year ended 31 December 2023 are represented by the unrestricted general fund amounting to £833,074 {2022 - £896.944). The Trustees are confident that the level of free reserves will continue to be satisfactory. c. Material investments policy The Trustees, having regard to the liquidty requirements of operating the Hellenic Centre, have kept available funds in Interest￿earIng deposit accounts and seeking to achieve rates which match or ex￿ed inflation. Page 7 Griffin Stone Moscrop & Co HELLENIC COMMUNITY TRUST IA company limited by guarantee) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 d. Principal risks and uncertainties The Trustees have a risk management strategy which comprises.. an annual review of the principal risks and uncertainties thal the charity fa￿.. - the establishment of policies, systems and procedures to mitigale those risks identrfied in the annual review. the implementation of procedures designed to minimise or manage any potential impact on the charity should those risks materialise. This work has identrfied that financial sustainabilty is the major financial risk for the charity- A key element in the management of financial risk is a regular review of available liquid ftjnds to settle debts as they fall due, regular liaison with the bank, and active management of trade debtors, and credilrs, balances to ensure sufficient wofking capital by the Trust. Attention has also been focused on non-financial risks arising from fire, health and safety of artists and audien￿, management of performing rights and food hygiene. These risks are managed by ensuring accreditation is up to date, having robust policies and procedures in pla￿, and regular awareness training for staff working in these operational areas. The Workplace Health & Safety Risk Assessment, which includes fire risk assessment is reviewed constantly as maintenance is caffied out Ihroughout the year. This includes the building and the fire exit routes and appropriate signs- maintenance contracts according to the relevant laws regarding the lfft, the boiler, the water treatment, the ladders. the signs in the building, smoke delectors, 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 hazardousldangerous materials, fire drills. electrical installations inspections, manual handling risk assessment for staff using the ladders or the tower and pest control. There is insurance for the building. for the riskslinjury to persons, insurance for public liability and also employers, liability., also a record of registration of entertainment and liqour 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 posrtion of the computers. There is a first aid box in the office and in the caretakerfs room and all accidents and injuries are recorded in a special book. Wrth 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. Principal funding 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 fvture. Structure, governance and management a. Constitutlon Hellenic Comrnunity Trust is registered as a charitable company limited by guarantee and was set up by a Memorandum of Association. Page 8 Griffin Stone Moscrop & Co HELLENIC COMMUNITY TRUST (A company limited by guarantee) TRUSTEES. REPORT {CONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2023 Structure, governance and management (continued) b. Methods of appointment or election of Trustees Under the provisions of the goveming document. the Trustees are nominated by Ihe members and elected by the Annual General Meeting andlor nominated by the Great Benefactors and elected by Ihe 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 Truslees elected by the Annual General Meetingmust retire by rotation but are eligible to offer themselves for re-election. The Lykion Ton Hellinidon (London Lyceum of Greek Women) is enlilled to be a member of the Council as long as it is entitled to benefit of a deed of tnjst entered into at the in￿ptiOn of the Trust. . Organisational structure and decision-making policies The Trustees are responsible for the general Control and management of the Trust. The Trustees gNe their time freely and receive no remuneration or other benefts. In order to facilitate effective operalions, the Trustees est8blised 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 bolh 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. d. Policies adopted for the induction and training of Trustees Most of the exisling 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 seNed or are serving in similar positions in other charitable organisations. Trustees are required to inform themselves from the goveming documents. Charity Commission publications and other pertinent information and lo attend a brief induction meeting. Trustees also obtain and follow professional advice and guidance when dealing with their responsibiif(ies stated in the report. e. Pay policy for key management personnel The key managemenl personnel of the charty in charge of directing and controlling, running and operating Ihe charity comprise the Trustees, the director of the Centre and the Executrve Board. All Trustees and members of the Executive Board gwe their time freely and no Trustees or members of the Executive Board received remuneration during the year. The pay of senior staff is reviewed annually and normal￿ increased in accordance with average earnings. In view of the nature of the charity, the directors benchmark against pay leve15 in other charities of a similar size run on a voluntary basis. The remuneration benchmark is the mid-point of the range paid for similar roles adjusted for a weighting of up to 300/0 for any additional responsibilrties. If recruitment has proven difficult in the recent past a market addition is also paid wilh the pay maximum no greater than the highest benchmarked salary for a comparable role. f. Related party relatronshlps Through a TTUSt instrumènt, the L￿10n Ton Hellinrdon, a registered charity and great benefactor of the Trust, is housed in Ihe Centre's premises. Both benefrt from a ¢k)se relationship and collboration whilst each is financially and othetwise independent of the other. Page 9 Griffin Stone Moscrop & Co HELLENIC COMMUNITY TRUST (A company limited by guarantee) TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Plans for future periods The HC continues to be financially affected by the effects of the pandemic showing a defictt in our accounts but we continued to work hard in 2023 to close the gap. We have srgned new contracts with all our utilities. suppliers which are more economic for us. We have implemented a three-quote rule when staff reach out to potential contractors. In this way we can ensure we are getting the best value for money when we need to do repairs or general maintenance works around the building. The office operates very well as it is and we are going to maintain all staff recrutted in 2023. We will continue to improve our HR systems and after revEwing all staff contracts in 2023 we will be creating job descriptions for staff as some members of staff have a list of tasks instead of job description. In terms of fundraising, we are launching the Cultural Fund, an initiative which will raise funds to support our cultural offer lo the public and fulfil Ihe Charitys mission. We will continue lo approach individuals and companies to share our mission and vision with them so that we can attfact them as long-tem supporters. Through our new programme. which was implemented in January 2023. we have seen a diverse and new audience coming to the HC. In 2024 we will be working hard to continue to expand our audiences and continue the success of 2023. We will also be looking at ways to make our events more financially sustsinable by introducing a small token fee so that when people book they are committed to coming. We will continue our membership with EUNIC, the international network of European Cultural institutions in the UK. as this has proven very helpful for us. Networking wrth other robust institulions will continue in 2024 to ensure that we benefit from the knowledge exchange but also communicating our programmes and educational offer to their ne￿orkS and audiences. We are going to boost the promotion of Greek lessons and hopefully increase income by tapping into famous alumni, who will write testimonials for our website. We are also working towards a plan to open our café and have income from the rental. Overall we continue to work towards putting the Centre at the forefront of cumure in London and ￿ment its reputation for the next years to come as a place where intemational audiences can meet Hellenic culture. Page 10 Griffin Stone Moscrop & Co HELLENIC COMMUNITY TRUST (A company Ilmited by guarantee) TRUSTEES. REPORT {CONTINUED FOR THE YEAR ENDED 31 DECEMBER 2023 Statement of Trustees, responsibilities The Trustees (who are also the directors of the Company for the purposes of company law) are responsible for preparing the Trustee5' report and the financial statements irs accordance with applicable law and United Kingdom Accounting Standards {Unrted Kingdom Generally Accepted Accounling Practice). Company law requires the Trustees to prepare financial statements for each financial year. Under company law, the Trustees must nol approve the financial statements unless they are satisfied that they give a true and fair view of the state of affaits of the Company and of its incoming resources and application of resources, including ils incom8 and expenditure. for that period. In preparing these financial statements, the Trustees are required lo: select suitable accounting policies and then apply them consistently- observe the methods and principles of the Charities SORP (FRS 102).. make judgments and accounting estimates that are reasonable and prudent.. slate whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any material departures disclosed and explained in the financial statements- prepare Ihe financial 5talements on the going concern basis unless ti is inappropriate to presume that the Company will continue in business. The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and discl¢)se with reasonable accuracy al any time the financial position of the Company and enable them lo ensure thal the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Disclosure of information to auditors Each of the persons who are TTUStees at the time vthen this Tnjstees, report is approved has confirmed that.. so far as that Trustee is aware, there is no relevant audit information of whrch the charrtls auditors are unaware, and that Trustee has taken all the steps that ought to have been taken as a Trustee in order to be aware of any relevant audit information and to establish that the charrtys auditors are aware of that information. Auditors The auditors, Griffin Stone Moscrop & Co, have indicated their willingness to continue in office. The designated Trustees will propose a motion reappointing the auditors at a meeting of the Trustees. Approved by order of the members of the board of Trustees on 1 July 2024 and signed on their behalf by.. Costas Kleanthous (Chair of Trustees) Page11 Griffin stone Moscrop & Co HELLENIC COMMUNITY TRUST (A company limited by guarantee) INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF HELLENIC COMMUNITY TRUST Opinion We have audited the financial statements of Hellenic Community Trust (the 'charitable company,) for the year ended 31 December 2023 which comprise the Statemenl of financial activities, the Balance sheel. the Statement of cash flows and the related notes. 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. including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland, (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements- give a true and fair view of the stae of the charitable companls affairs as at 31 December 2023 and of its incoming resource5 and application of resources, including its income and expenditure for the year then have been properly prepared in accordance with Uniied Kingdom Generally AC￿pIed Accounting Practice., and have been prepared in accordan￿ with the requirements of the Companies Act 2006. Basls for opinion We conducted our audrt in accordance with International Standards on Auditing (UK) (ISAS (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors, responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance wrth the ethical requirements that are relevant to our audit of the financial slatements in the United Kingdom, including the Financial Reporting Council's Ethical Standard. and we have fulfilled our olher ethical responsibilrties 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. Concluslons relatlng to going concern In auditing the financial statements. we have concluded Ihat 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 identif￿d any material uncertainties relating to events or conditions that. individually or colledively, may cast significant doubt on the chantable company's ability to continue as a going concem for a period of at least hmelve monlhs from when the financial statements are authorised for issue. Our responsibilities and the responsibilitses of the Trustees with respect to going concem are described in the relevant seclions of this report. Page12 Griffin Stone Moscrop & Co HELLENIC COMMUNITh TRUST (A company limited by guarantee} INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF HELLENIC COMMUNITY TRUST (CONTINUED} Other Information The other infomation comprises the information included in the Annual report other than the financial statements and our Auditors, report thereon. The Truslees are responsible for the other infonnation contained within the Annual report. Our opinion on the financial ststements does not cover the other information and, except to the extent othemise explicitly stated in our report. we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and. in doin9 so. consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or Othe￿Ise appears lo be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this grves rise to a material misstatement in the financial statements themselves. If. based on the work we have performed, we conclude that there is a material misstatement of this other infomation, we are required to report that fact. We have nothing to report in this regard. Opinlon on other matters prescrlbed by the Companles Act 2006 In our opinion. based on the work undertaken in the course of the audit.. the information given in the Trustees, report for the financial year for which the financial statements are prepared is consistent wtth the financial statements. the Trustees. report has been prepared in accordance with applicable legal requirements. Matters on whi¢h we are required to report by exception In the light of our knowledge and understanding of the charrtable company and its environment obtained in Ihe course of the audit, we have not identified material misslatements in the Trustees, report. We have nothing to report in respect of the following matters in relation to whrch Companies Act 2006 requires us to report to you ff, in our opinion.. adequate accounting records have not been kept. or retums adequate for our audit have not been received from branches not visited by us- or the financial statements are not in agreement with the accounting records and returns,. or certain disclosures of Truslees, remuneration specified by law are not made., or we have not received all the information and explanalions we require for our audit., or the Trustees were not entitled to prepare the financial 51aternents in accordance with the small companies regime and lake advantage of the small companies, exemptions in preparing the Trustees, report and from the requirement to prepare a Strategic report. Page13 Griffin Stone Moscrop & Co tr￿ERE￿￿(C￿[￿MlS&REr￿5TERED￿T1)￿5 HELLENIC COMMUNITY TRUST (A company Ilmited by guarantee) INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF HELLENIC COMMUNITY TRUST (CONTINUED) Responsibilities of trustees As explained more fully in the Trustees, responsibilities statement. the Trustees (who are also Ihe directors of the charrtable company for the purposes of company law} are responsible for the preparation of the financial slalemenls and for being satisfied that they give a true and fair view, and for such internal control as the Trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or erfor. In preparing the financial statements. the Trustees are responsible for assessing the charitable companvs ability to continue as a going concem, disclosing, as applicable. matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to I￿uldate the charitable company or to cease operations, or have no realistic alternative but to do so. Auditors. responsibilities for the audit of the financlal 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 lo issue an Auditors, 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 consrdered 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 InStan￿S of non-compliance with laws and r8gulations. We design procedures in line wtth our responsibilities. outlined above, to detect material misstatements in respect of irregularities. including fraud. The extent to which our procedures are capable of detecting irregularities. including fraud is detailed below-. IExplanation as to what extent the audrt vms considered capable of deteding irregularities, including fraud.] 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.or .ukJaudrtorsres onsibilities. This description forms part of our Auditors, report. Use of our report This report is made solely to the charitable companvs members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audrl work ha5 been undertaken so that we might state lo the charitable company's members those matters we are required to state to them in an Auditors, 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 and its members. as a body. for our audit work, for this report, or for the opinions we have formed. Robert Smith (Senior statutory auditor) for and on behalf of Griffin Stone Moscrop & Co Chartered Accountants Statutory Auditors Date.. i / f /zobY Page 14 Griffin Stone Moscrop & Co HELLENIC COMMUNifi TRUST {A company limited by guarantee) STATEMENT OF FINANCIAL ACTIVITIES {INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 DECEMBER 2023 Restricted Unrestricted funds funds 2023 2023 Total funds 2023 Total funds 2022 Notè Income from: Donations and legacies Charitable activrties other trading activities Investments 95,250 233,201 397,671 18,451 95,250 233,201 397,671 20,227 68,628 200,464 310,493 2.313 1.776 Total income 1,776 744,573 746,349 581,898 Expenditure on: Raising funds Charttable activities 265,504 564,024 265,504 566,444 254,888 511.906 2,420 Total expenditure 2,420 829,528 831,948 766, 794 Net movement in funds before other recognised galnsl(losses) 1644) (84,955) (85,599} (184,896) Other recognised gainsl{lossesl: Gainsl{losses) on revaluation of fixed assets 21,085 21,085 (26,518) Net movement in funds 1644) 163,870) 164,5141 (211.414) Reconciliation of fvnds: Total funds brought forward Net movement in funds 78,782 (6441 3.519,661 (63,870Tr 3,598,443 {64,614) 3, 809. 857 (211,414) Total funds carried lo￿ard 78,138 3,455,791 3,533,929 3,598,443 The Statement of financial activities includes all gains and losses recognised in the year. The notes on pages 18 to 35 fonm part of these financial statements. Page 15 Griffin Stone Moscrop & Co HELLENIC COMMUNITY TRUST (A company limited by guarantee) REGISTERED NUMBER: 2643543 BALANCE SHEET AS AT 31 DECEMBER 2023 2023 2022 Note Flxed assets Tangible assets Investments 13 2,619,117 2, 622, 799 292,333 14 2,619,117 2,915. 132 Current assets Stocks Debtors Cash al bank and in hand 15 16 2.792 26.407 982.326 2.314 26,459 711.896 1.011.525 740,669 Creditors.. amounts falling due within one year 17 (96,713) (57,358) Net current assets 914,812 683,311 Total assets less current liabilities 3,533,929 3,598,443 Total net assets 3,533,929 3.598.443 Charity funds Restricted funds Unrestricted funds 19 19 78,138 3.455,791 78, 782 3,519,661 Total funds 3.533,929 3, 598,443 The Trustees acknowledge their responsibilities for complying with the requirements of the Act wtth respect to accounting records and preparation of financial statements. The financial statements have been prepared in accordan¢e wtth the provisions applicable to entities subject to the small companies regime. The financial statements y￿re approved and authorised for issue by the Trustees on 01 July 2024 and signed on their behalf by= Costas Kleanthous (Chair of Trustees) The note5 on pages 18 to 35 form part of these financial statements. Page 16 Gr1￿1n Stone Moscrop & Co HELLENIC COMMUNITY TRUST (A company limited by guarantee) STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2023 2023 2022 Cash flows from operating activtties Net cash used in operating activities 153,5181 (205,491) Cash flows from investing activities DNidends, interests and rents from investments Purchase of tangible fixed assets Proceeds from sale of investments 20.227 (9,697) 313,418 2,313 (5,295) Net cash provided byl{used in) investing activities 323,948 (2,9821 Cash flows from financing activitles Net Gash provided by financing actlvltles Change in cash and cash equivalents in the year Cash and cash equivalents at the beginning of the year 270.430 (208,473} 711.896 920,369 Cash and cash equivalents at the end of the year 982.326 717,896 The notes on pages 18 to 35 fomi part of these financial statements Page 17 Griffin Stone Moscrop & Co HELLENIC COMMUNITY TRUST IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 General infomiation Hellenic Community Trust (Ua The Hellenic Centre) is a regislered charity with the Charity Commission for England & Wales (charty number- 1010360) and a prNate company limited by guarantee, incorporated in England and Wales (company number.- 2643543). The registered office address is 16-18 Paddington street, London, W1 U SAS. Accountiny policies 2.1 Basis of preparation of financial statements The financial statements have been prepared in accordance with the Charities SORP {FRS 1021 Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their accounts in accordance wilh the Financial Reporting Standard applicable in Ihe UK and Republic of Ireland (FRS 1021 {effective 1 January 2019}, the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 1021 and the Companies Act 2006. Hellenic Community Trust meets the definition of a public benefit entrty under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy. 2.2 Income All income is recognised once the Company has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably. Grants are included in the Statement of financial actNities on a receivable basis. The balance of income received for specrfic purposes but not expended during the period is shown in the relevant funds on the Balance sheet. Where income is re￿IVed in advance of entitlement of receipt. its recognition is deferred and included in creditors as deferred income. Where entitlement occurs before income ts received, the income is accwed. Donated books. pictures, paintings and other assets are not reflected in the Statement of fi'nancial 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. Income tax recoverable in relatron to investment income is recognised al the time the investment income is re￿1vable. 2.3 Expenditure Expenditure is recognised once there is a legal or construdive obligation to Iransfer economic benefit to a third party, it is probabte that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is Glassified by activity. The costs of each activity are made up of the total of direcl costs and shared costs, including support costs involved in undertaking each actrvty. Direct costs attributable to a single activity are allocaled directly to thal a¢tivity. Shared cosls which contribute to more than one activity and support costs which are not attributable to a single activty are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the pOrt￿)n of the assefs use. Page 18 Griffin Stone Moscrop & Co HELLENIC COMMUNITY TRUST (A Company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Accounting policies {continued 2.3 Expenditure (continued) Expenditure on raising funds includes all expenditure incurred by the Company to raise funds for ils charitable purposes and includes costs of all fundraising aclivities events and nonn pension schemes 434,994 35,180 8,204 388,296 34,977 6,559 478,378 429, 832 Page 26 Griffin Stone Moscrop & Co HELLENIC COMMUNITY TRUST (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 11. Staff costs (continued) The average number of persons employed by the Company during the year was as follows.. 2023 2022 Administration Activities 11 The number of employees whose employee benefrts (exduding employer pension ct)sts) exceeded £60.000 was: 2023 2022 No. In the band £70,001- £80,000 In the band £80.001- £90,000 The key management personnel of the charitable company comprise the truslee5 and the key management personnel of Ihe Hellenic Centre which includes one director whose employee benefits totalled £91.239 (2022.. £72,597). Page 27 G[l￿an Stone Moscrop & Co ci4kn"TtPJl ￿=￿￿tT￿r5&￿E￿5TEPE￿AUDLlOP3 HELLENIC COMMUNITY TRUST (A company limited by guarantee} NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 310ECEMBER 2023 12. Trustees. remuneratlon and expenses During the year, no Trustees re¢etved any remuneration or other benefrts {2022- £NIL). During the year ended 31 December 2023, no Trustee expenses have been incurred (2022- £NIL). 13. Tangible fixed assets Freehold Fixtures and property fittings ToLIl Cost or valuation At 1 January 2023 Additions 2,551,901 447,790 9,697 2,999,691 9,697 At 31 December 2023 2,551,901 457,487 3,009,388 Depreciation At 1 January 2023 Charge for the year 376,892 13,379 376,892 13,379 At 31 DeGember 2023 390,271 390,271 Net book value At 31 December 2023 2.551,901 67.216 2,619,117 At 31 December 2022 2.551.901 70,898 2,622, 799 In accordan￿ with Ccwnpanies Ad 2006 and FRS 102, freehokl property shall be depreciated over its estimated useful life. It is the trustees, decision not to depreciate the freehold property in the accounls. The charity is committed to maintain the property in high standard wrth continued improvements and aintenance. It is in their view that the residual value of freehold propety will be higher than the historical costs of £2.5m shown above. As a consequen￿. the property is subject to an annual impairment review. Page 28 Griffin Stone Moscrop & Co HELLENIC COMMUNITY TRUST (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 14. Fixed asset investments Listed investments At 1 January 2023 Disposals 292,333 (292,333} Net book value Al 31 December 2022 292,333 15. Stocks 2023 2Q22 Stock (Drinks & Books} 2,792 2,314 16. Debtors 2023 2022 Due within one year Trade debtors other debtors Prepayments and accrued income 3,956 6.550 15,901 9, 855 16.600 26,407 26,459 17. Creditors: Amounts falllng due within one year 2023 2022 Trade treditors Other taxation and social securty Other creditor5 AGcruals and deferred income 3,633 21,637 24,585 46,858 3,985 19,353 16,736 17,284 96,713 57,358 Page 29 Griffin Stone Moscrop & Co HELLENIC COMMUNITY TRUST (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 18. Financial instruments 2023 2022 Financlal assets Financial assets measured at fair value through income and expenditure 982,326 711,896 Financial assets measured at fair value through income and expenditure comprise cash at bank and in hand. Page 30 Griffin Stone Moscrop & Co HELLENIC COMMUNITY TRUST (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 19. Statement of funds Statement of funds - current year Balance at 31 Gainsl December (Losses) 2023 Balance at 1 January 2023 Income Expenditure Unrestrictèd funds Designatèd funds Designaled Funds 2.622,717 2,622,717 General funds General Fund 896,944 744.573 (829,5281 21,085 833,074 Total Unrestricted funds 3,519,661 744,573 (829,5281 21,085 3.455.791 Restrlcted funds Equipment fund A David memorial fund 82 78.700 (201 (2,4001 62 78,076 1.776 78,782 1.776 12,420) 78.138 Total of funds 3,598,443 746,349 1831,948) 21,085 3,533,929 Page 31 Griffin Stone Moscrop & Co HELLENIC COMMUNITY TRUST (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 19. Statement of funds (continued) Statement of funds - prior year Balan￿ at 31 De￿mber 2022 Balance at 1 January 2022 Inc¢%ne Expenditu UnrestriGted funds Designated funds Designated Funds 2.631.274 (8, 557) 2, 622, 717 General funds General Fund 1.098. 146 580,867 {782. 069) 896,944 Total Unrestricted funds 3. 729,420 580.867 (790, 626) 3,519, 661 Restrlcted funds Equipment fund A David memorial fund 109 (27) (2, 660) 82 78, 700 80,328 1,032 80.437 1.032 (2, 687) 78, 782 Total of funds 3,809,857 581,899 (793,313) 3,598,443 Page 32 Griffin Stone Moscrop & Co HELLENIC COMMUNITY TRUST IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 20. Analysis of net assets between funds Analysis of net assets between funds - current year Restricted Unrestricted funds funds 2023 2023 Total funds 2023 Tangible fixed assets Current assets Credttors due within one year 62 78,076 2,619,055 933.449 {96.713) 2,619,117 1,011,525 196,7131 Total 78,138 3,455,791 3,533.929 Analysis of net assets between funds - prlor year Restricted Unrestricted fvnds funds 2022 2022 Total funds 2022 Tangible fixed assets Fixed asset investments Current assets Creditors due within one year 82 2, 622, 717 292,333 661,969 (5T,358) 2,622. 799 292,333 740. 669 (57.358) 78. 700 Totsl 78, 782 3,519,661 3,598,443 Page 33 Griffin Stone Moscrop & Co HELLENIC COMMUNITY TRUST IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 21. Reconciliation of net movement in funds to net cash flow from operating activities 2023 2022 Nel expenditure for the year (as per Ststement of Financial Activities) (85,599) (184,896) Adjustments for: Depreciation charges Oividends, interests and rents from investments Increase in stocks Decreasellincrease) in debtors InGreasel(decrease) in Creditors 13,379 (20,227) (478> 52 13,879 (2,313) (767) (7, 121) (24,273J 39.355 Net cash used in operating activities (53,518) (205,491) 22. Analysis of cash and cash equivalents 2023 2022 Cash in hand 982,326 711,896 Total cash and cash equivalents 982.326 711.896 23. Analysis of changes In net debt At1 January 2023 Cash flows At31 December 2023 Cash at bank and in hand 711,896 270,430 982,326 711,896 270,430 982,326 Page 34 Griffin Stone Moscrop & Co HELLENIC COMMUNITY TRUST (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEM8ER 2023 24. Pension commitments The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company io the fund and amounted to £8.20412022 £6,558}. Amounts totalling £1,966 (2022 £1,867) were payable to the fund at Ihe balance sheet date and arè included in creditors. 25. Operating lease commitments At 31 December 2023 the Company had commitments to make future minimum lease payments under non-cancellable operating leases as follows" 2023 2022 Not later than 1 year Later than 1 year and not later than 5 years Later than 5 years 26.500 106.000 450,500 26,500 106,000 471,000 583,000 609.500 26. Related party transactions The Company has not entered into any related party transaction during the year, nor are there any outstanding balan￿S owing between related part￿5 and the Company at 31 December 2023. Page 35 Griffin Stone Moscrop & Co