Reglstered number: 2643543 Charity number: 1010360 TRUSTEES, REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
HELLENIC COMLiUNITY.TRusr CONTENTS Page Reference and adminlstratlve details of the Company, its Trustees and advisers Chalrman's statement Trustees. raport Independenl auditors, report on the flnanclal statements Statemont of financial actlvltles 4-14 15-18 19 Balance sheet 20 Statement of cash flows 21 Notes to the financial statements 22-38
. HELLENIC COMMUNIT.Y TRUST . (A company Ilmlted by guatantee).. REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 DECEMBER 2024 Trustees Costas Kleanthous, Chairman loannis Toumazis Marios Voskopoullos George Tsavlirls Haralambos Fafalios, Secretary Emmanuel Zurides (resign 11 March 2025) Haris Sophoclides Marina Marks Pigi Skiniti Antonios Yerolemou Evangelina Ar8poglou Michael Agalhou Panagiolis Seretis Bernard Carantinos (appointed 11 March 2025) Executlve Board of The Hellenic Centre Mr Slamos Fafalios. Chairman Mrs Stella Dinenis, Hon. Secretary Mr Constantinos A M Shiatis, Hon. Treasurer M8 Marina Antoniou Mr John Michael Carras Mrs Marie Coccolatos Dr Natasha Lemos Mrs Irene Monios Mrs Despo Papachristodoulou Company reglstered number 2643543 Charity registered number 1010360 Registered office 9.17 Capital Tower 91 Waterloo Road London SE18RT Company Secretary Mr. Haralambos Fafalios Dlrector of The Hallonlc Dr. Nayia Yiakoumaki Centre Independent audltors Griffin Stone Moscrop & Co Chartered Accountants 21-27 Lamb's Conduit street London WC1N 3GS Page 1
HELLENIC COMMUNITY TRUST :. (A company:'linlitéd b.y guarantee).. . REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY, ITS TRUSTEES AND ADVISERS {CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Bankars Coutts & Co. 440 Strand London WC2R OQS Investment manager Coutls & Co. 440 Strand London WC2R OQS Tr8asurer Mr Michael lacovou Page 2
.HELLENI¢.COMMUNITY TRUST CHAIRMAN'S STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2024 The chairman presents his statement for the year. The past year has seen many improvements in our Cultural programm8 attracting a large number of new people to the Hellenic Cenlre. Similarly our Greek lessons programme has been expanded with the use of the internet and has met with notable success. Financialty, although we continue to improv& the situation, we finished the year with another small deficit. Our main income derives from letting our facilities when they are not needed for our cultural programme and this, in common with other similar organisations has been slow to r@cover.11 16 now Gl8ar that the impact ofthe Covid- 19 pandemic together with the resulting shift to much greater use of the internet for meetings of all kinds and the increase in costs of in-person meetings, have resulted in a reduction in the use of facilities such as ours. While we continue to recover, this is proving to be slower than w8 expected. We continu8 to control our expenses rigorously and this is a major contribution to our financial r8sults. We have introduced a new fundraising strategy designed to engage a range of stakeholder groups in a more structur8d and targeted manner. This approach aims to build stronger, more sustainable support across our diverse activities. We continued our r8Vltalis8d cultural programme, develop8d in collaboration with a number of respected UK partners. Th8 programme achieved significant pUblC engagement with several sold-out events and, importantly, generated income from cultural activity for the first time. Our provision of Modem Greek lessons has been expanded by the use ofthe internet, thus baing mad8 available to people out of London and the UK. It continues to be successful and much appreciated by th8 people taking the lessons. The dedication of our director, Dr Nayia Yiakoumaki and her colleagues during Ihis difficult year has been very instrumental in our success and I'm very grateful lo th8m. I have every confidence that Ihey will ntinUe to successfully implement our policy of updating and enhancing our organisation and activities both for th8 benefit of the Hellenic communty and of our host community which w8 consider as important. I'm also very grateful to the chaiman and the members of the Hellenic Centre Executive Board for their dedication and hard work and their support of our director and th8 Council during the year. Similarty, I'm grateful to all the members of the Council for their support and advice throughout the year and their enthusiastic support of all our efforts to improv8 our trust and its offerings to the public. I have every confidence in our ability to continue our mission of disseminating Hellenic cultur8, both old and new and in the future of our Trust, Costas Kleanthous Chaimian Chairman Date., 24 June 2024 Page 3
TRUSTEES, REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 The Trustees present their annual report togèther with the 8LJdited financi81 statements of the Company for the 1 January 2024 to 31 December 2Q24. The Annual report seNes the putposes of both a Trustees, report and a directors, report under company law. The Trustees confirm that the Annual report and financial statements of the charitable company comply with the Current statutory requirements, the requirements of the charitable company's governing document and the provisions of the Statement of Recommended Practice (SQRP) applicable to charities preparing their accounts in a¢cordanc8 with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102} {effective 1 January 2019). Since the Company qualifies as small under geclion 382 of the Companies Act 2008, the Strategio report required of medium and large companies under the Companies Act 2006 (Strategic Report and Directors, Report) RulationS 2013 has been omilted. Objectives and activities a. Policies and objectlves The objects of the Trust are set out in its Memorandum and Articles of Associalion and are summarised as follows,. the benefit 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 community centre containing facilities for recreation or other lesiure lime occupations. the advanc8m8nl of public education in the history, religion, culture and traditions of Hellenism, Our objectives are to promcte the history, cultur6 and traditions of H&llenism to th8 wid8r community, to provide a community centre for cultural and recreational a¢tivities, and provide a forum of learning, informallcn and entertainment for the b8nefil of its members and the public. b. Strategies for achievlng objectlves W8 want to keep the Hellenic Centre an accessible and welcoming venue for all, for those who wish lo 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.. lectures, recitals, Greek music evenings,, seminars and exhibitions. Greek language courses. c. Publlc benefit statement In setting objectives and planning for activities, the Trustees have given due consideration to general guidance published by the Charity Commission r&lating to public benefit, including the guidance 'Public benefit.. running a charity (PB21'. Page 4
TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Achievements and perfomiance a. Revlew of activities 2024 was a successful year for the Hellenic Centre. We achieved our main targels for the yearwhich we, Enhancing our programme wilh high qualily events Network with reputable organisations to create collaboralions Attract new audiences Increase the income from our programm8d events Our programme continues to attract new audiences and we have had extensiv@ coverage from press including BBC Radio, Radio Tim&s, Kathim8rini, RIBA Journal. We have maintained the new strands for the programme which include: Talks. Film, Performance, Exhibitions, Family and Community Events. These have been very well received. A number of soldqQUt events have taken plac8 at the Hellenic Centre, to name but a few.. Hellenlc Centre 2024 events 20 January New Yearfs Celebratlon with Ensemble R8za performing traditional Greek and Romani music 25 January The Aesthetlcs of Drlnking and Dining: Explorlng Taste on the Eye and Tongue with Christina Makris 3 February Nlmata A project supported by th8 Athena Scholarships presenting innovative Greek performers and compo88rs from the Royal Academy of Music and Guildhall School of Music and Drama 8 February The British School at Athens: Talk by Returning Resident Joshua Whltaker on the subject of Acid HistL)ry developed during hi8 residency at BSA. In partnership with University of the Art8 London 15 February Camera vs Camera: Maria Lalou Artlst's Talk 17 February Albanlans in Greece.. Migration, Momory and Art A talk, film screening and performanc&. In collaboration with the University of Westminster 22 February Boulevard Humalne A dance theatre pi8C8 developed by dancer and choreographer Zoi Demetriou inspired by Xanakis, Okho 29 Fébruary Mess8ng8rs and Communlcation in Anc5ent Mythology & Drama wlth Evdoxla Lymperl 9 March Ancient Tastes: Traditlon and Change In Hellenistic Athens A feast accompanied by a ledure with Mariana Kavroulaki, which was an 8xceplional success, Guests dined as the poor and the rich in ancient times, Page 5
HELLENIC COMMUNITY TRUST ._.:, {A:compan_y limlted by guarantèe) TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2024 Achievements and performance {contlnuedl Revlew of activities {conL) 12 March Mark Hadjlpateras Book Launch & Discussion Mark Hadjipateras on his new book M8kn'ng a Mart( with art curator and writer G@Ily Gryntaki,. introduced by the présidenl and CEO ofABRAMS, Mary McAveney. 18 March Children's Carnlval A family event with Asterakia, always successful 2nd well attended. 18 March Kathara D8ftera Celebration wlth Music and Food with Kourelou and the London Greek Colleclive, with a special feature, the chef Georgina Hayden cooking in addition the what the HC offered. 21 March Costas Tsoclis: From the Eraty Days to Livlng Palntingi NFTS and Beyond A conversation with Costas Tsoclis and Irini Mirena Papadimitriou, creativ8 Director of FutureEverything 28 March Who has the Rlght to Sp8ak and Act in the Publlc Space? A conversation on public artworks in Greec8 commissioned by London-based Counterpoints Arts with artists Tamara Al Mashouk, Eirini Linardaki, Andrian Paci and co-curalors Almir Koldzic and Niovi Zarampouka-chatzimanou 20 April Thlnk Future.. Innovation in Everyday Llfe A community event with live d&monstrations from various sectors. In collaboratlDn with the Hellenic Tech Networf(. 25 April Institutlons In the Age of Prècarity: T8chnologles, Materia15 and Imaglnatlon A talk with Dr Alexandra Antonopoulou and Dr Gabiel Menotti. 27 April Western & Eastern Influences In Christodoulos Georgiad8s' Music Talk and recital with MpoSer and pianist Christodoulos Georgiad88. Supported by the Cyprus High Commissions and the A G Levantis Foundation 9May Fabulous Cr8atures: Women Between Reallty and Myth A talk with theatre director Emily Louizou and producer Elizabeth Filippouli on the occasion of their nèw play 11 May Vakia: A Singer's Journey A recital with singer and songwriter Vakia Stavrcu and guitarist Socrates Leptos. In collaboration with the Cyprus High Commission 15 May A Time of Her Own Launch of the online interactive project by arti81 Zoe Hatziyannaki and curator Christina Petkopoulou integrating female portraits in the Greek press in the 708 and 80s. Supported by the American Coll8ge of Greece, Frances Rich school of Fine and Performing Arts. 23 May Ancient Phllosophy To(lay A talk with academics Anna Marmodoro, Erasmus Mayr, John Sellars, Raphael Woolf. Page S
.HELLENIC COMMUNITY TRIJST. TRUSTEES. REPORT {CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Achlevements and perfomiance Icontlnued} Revlaw of actlvltles {cont.) 4 June The Road is Wider Than Long Talk with Anthony Penrose recounting the journey his parent, photographer Lee Miller and artist Roland Penrose made together through the Balkans and Greece in 1938 13 June Heritage on a Plata Wtth Carolina Doriti: The Untold Stories of Greek Culsine Talk with cookbooklfood writer and cook Carolina Doriti, which included a honey and olive oil tagling, 27 June Travelling the Medit8rranean: Late Antique and Victorian Women on the Move Talk with Rebecca Sweatman, Director al the Brit15h School at Athens. 29 June We4all Environmental Day A family event of games, conversation and activities dedicated to our planet earth in partnership with We4all Environmental Organisalion. 29 Jun8 Soliria's Songs A music perfonnance on the life and songs of Greek singer Sotiria Bellou with Chrtstina Maxouri 2 OclDber-16 November Rena Papaspyrou: Images Thmugh Alatter Exhibition 2-21 October Maria Lolzldou: The Place 1Am Not Exhibltion in partnership with the Freud Museum 10 October In Conversatlon., Lins8y Young wlth Elpida Karaba and Stamati5 Schizakis on Rena Papaspyrou's work 11 October In Conversatlon: Maria Loizidou wlth Dr Nayla Ylakoumakl and Dr Giuseppe Albano on Loizidou's work The Place l Am Not 17 October Th8 Truth 1$ In the Soll: A Photographic Exploratlon of Ancestral Mournlng Rltuals, Trauma and Vlsuality In Gree Artist loanna Sakellaraki on her book inspir8d by the Msni moumers in conversation with GOST publisher Stuart Smith 24 October Travel Wrlters in Greece.. From th8 1940s to the Present A talk with Prof Gonda Van Steen (Kings College London), author Peter Sarber and travel writing historian David Wills, cOrganiSed with the Society for Mod8rn Greek Studie8. 31 October Echo.. Tai Shani and Iwona Blazwi¢k In Conversation Launch of Echo, a series of ¢onvers8tion8 with leading artists reveling the echos of past civilasation that resonate in their wotft Artist Tai Shani discusses her work with curator Iwona Blazwick focusing on the performance Anti-Antigone End Time12011) Page 7
H.ELLENIC COMMUN!TY..TRUST . (A company limited'by guarantsel., TRUSTEES, REPORT {CONTINUED FOR THE YEAR ENDED 31 DECEMBER 2024 Achlevements and performance Icontinued) Revlew of actlvltles Icont.) 2 November Cyprus Today: The State of Hlstoric Monuments in th8 Occupied Areas A talk with Dr Charalampos Cholzakoglou. Co-organised with Ihe Hellenic Institute and the Centre of Diaspora Studies, Royal Holloway, Universty of London and supported by the Ministry of Education, Sport 8nd Youth of the Republic of Cyprus 7 November Many Different Hlstorles: Film screening and Q&A with Maria Anastasiou and Gareth Evans Screening of films AGropolis by Eva Slefani and Notes Remembetpd and Found by Maria Anasl8810U 14 November Suzana Antonakaki: A 'P8ripheral' Female Volce In Modem Archltecture Talk with architecture historian Slelios Giamarelos 21 November Women and Greek Mythology: Interprotations In Contemporary Art Talk with artist and academic Stella Baraklianou 28 November Greek Wine: Today and Tomorrow - Tasting and Discussion with cultural commentator and wine writer Christina Makris 30 November Praxls 9: The Time of Cri888 A Festlval of Modern Greek Theatro Rehears8d readings of nine contemporary plays in Greek with Engli8h surtttles dir8¢ted by Anastasia Revi 12 December dad, i want you to be ashamed of me sam albatross discusses his second novel with Elsa Amanalidou, Director of Modem Greek Studies, Brown University 14 December Round About Chrlstmas Christmas songs from arounf the world, including traditional carols from Greece and Cypru8, With Andri8 Antoniou and a band of London based musicians Events b Member Soci8ti8S 12 January Vasilopitta by Lykion ton Hellinidon 7 FebrLrary Imperial Tyranny? Rethlnklng Athenlan Imperial Power Talk by the Society of Promotion of Hellenic Studies 20 March Conversations wlth our Alumni by the English School Alumni and Friends Association IUKI 26 April Alexander the Great and hls Legacy In Central Asia Panel discussion by the Macedonian Society of Greal Britain 14 May The Figurine: When Beauty Inspires Crlma Presentation of Victoria Hislop's book The Figunne by the Society for Mod8rn Greek Studies 18 June An Evening with Explorer Stephanle Solomonides by the English School Alumni and Friends Association {UKI 3 Decemb8r From Heroon to Church.. The Eventful Life of the Episkopi of Sikinos 3rd Annual Matti Egon Lecture by the Greek Archaeological Committee UK Page 8
. HELLÈNIC COMMUNITY TRUST ::.. . TRUSTEES. REPORT {CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Achlevements and performancè (contlnuedl Revlow of activltles (cont.) Evenls for children took place in February, and December with music and art and craft s6ssion$ rel8led lo Carnival, summer holidays and Christmas resp8Ctively. Greek language courses took place online and in-person and attracted over 300 students each term. In 8ddition to the courses offered in the Winter, Spring and Autumn tems we also offered private tuition lessons to over 80 students as w811 as online courses during August which continu8 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 Hir8 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. The Events and Hires industry has weakened across the UK, and the DCMS ha5 published a very accurate report. Staff chan Christina Gkika, Reception and Administration Assistant went on matemity leave in October 2024. We recruited two members of staff to share her rol8, Sotos Kourtellaris and Stella Manousaki. In addition, Medea Manaz, Press and Marketing Officer resigned to follow an acting career and to replace her, we recruTted Agape Harmani. Memb8rshi I fundraisin Membership started picking up again from January 2024 with many members giving us donations with their subsGriptions' The new appealing benefits introduced in 2023 have been very much appreciated. These w8r8'. 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 membershlp and this is now displayed prominently in various place in the building. The profile of the Centre has increased and many more people came through our doors in 2024. Every week we meet visitors who come to the Centre for the first time and some of them, tell us that they have heard about it in the rec8nl press or through word of mouth. Pag8 9
(A"¢Oiiipgny limried,"by guarantee):, TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Flnancial revlew a. Going concern After making appropriate enquiries, Ihe Trustees have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concem basis in preparing the financial slatemenls. Further details regarding the adoption of the going concern basis can be found in the accounting policies. b. Res&rvès pollcy The Trustees have considered the Minimum level of free reseNes that the Trust ou9ht lo 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 8 period when income generating activities m8y be curtailed temporarily, The Trustees consider that the minimum level of free reserv85 should be not less then twelve months, overheads of the Trust. The free r8serves for the year ended 31 December 2024 are represented by the unrestricted general fund amounting 10 £722,645 (2023 - £833,074). The Trustees are confident that the level of free reserves will continlie to be satisfactory. c. Material investments pollcy The Trustees, having regard to the liquidity requirements of operating the Hellenic Centre, have k&pt availabl8 funds in interest-bearing deposit accounts 2nd seeking to achi8ve rates which match or exceed inflation. Page 10
HELLENIC. COMMUNITY TkUST. TRUSTEES, REPORT (CONTINUED FOR THE YEAR ENDED 31 DECEMBER 2024 d. Prlnclpal risks and uncertaintles The Trustees have a risk management strategy which comprises., an annual review of the principal risks and uncertainties that the charity face,. the establishment of policies, systèms and procedures to mitigate those risks identified in the annual review., th6 implementation of procedures designed to minimise or manage any potential impact on the charity should th08e risks materialise. This worf< has identrfied that financial sustainability is the major financi81 risk for the charity. A key element in the management of financial risk is a regul8r review of available liquid funds to settle debts as they fall due, regular liaison with the bank, and active management of trad6 debtors, and credilrs, balances to ensure sufficient working capitsl by the TNst. Attention has also been focused on non-finan¢ial 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 & Safely Risk Assessment, which includes fire risk assessm8nl is reviewed constantly as maintenance is carri8d out throughout the year. This includ8s the building and the fire exit roules and appropriat8 signs,. maintenance contracts according to Ihe 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 testSng, CCTV camera. hazard signs when works are carried out, window eyebolts for the window cleaners, control of hazardousldangerous materials, fire drills, electric81 installations inspections, manual handling risk assessment for staff using the ladders or the tower and pest control. Ther6 is in8urance 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 Iic8nce which has since September 2022 be&n allocated to a new DPS. Regarding the staff there 18 a workplace risk asses8m8nt regarding the desks and position of the computers. There is a first aid box in the office and in the caretak6r's room and all accidents and injuries are recorded 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 terIng stsff. e. Prlnclpal funding The principal funding sources continued to be the comprehensive programme cf cultural and other charitable events, venue letting, donations and subscriptions. The Trustees remain confident that these sources wrll continue at a satisfactory level for the foreseeable future. Structure, governance and management a. Constltutlon Hellenic Community Trust is registered as a charit2ble company limited by guarantee and was set up by a Mémorandum of Association. Pag811
HELLENIC tOMMUNITY_T.RUST. TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Structure, govarnanee and management (continued b. Methods of appolntrnent or election of Trustees Under the provisions of the governing document, the Trustees are nominated by the m6mb8rs and elected by the Annual General Meeting andlor nominal@d 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 Meetingmust retire by rotation bLrt are eligible to offer themselves for re-election. The Lykion Ton Hellinidon (London Lyceum of Greek Women) is entitled to be a mambèr of the Council as long as il is entitled to benefit of a deed of trust entered into at the InptIOn of the Trust. c. Organlsational structure and declslon-maklng policies The Truste8s are responsible for the general control and management of the Trust, The Trustees give their lime freely and receive no remuneration or other benefits. In order to facilitate effective operations, the Trustees establi88d The Hellenic Centre (The Centre) which is an association of individuals, organisations and corporat8 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 lo the Council. There are also a number of subcommittees covering pr8mi8es, human resources and finance and administration which m&@t on a regular basis. d. Policios adopted for the Inductlon and training of Trustees Most of the existing Trustees have been in office for many years and are all well informed oftheir duties from the governing documents, relevant publications of the Charity Commission and other pertinent information. A number of them h8ve served or are serving in similar positions in other charitable organisations. Trustees are r8quired 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. e. Pay policy for key management personnel The key management personnel of the charity in charge of directing and controlling, running and operating th8 charity comprise the Trustees, th8 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 remun6ration during the year. Th& pay of senlor staff is revlewed annually and normalty increased in accordance with av8rag8 earnings, In view of the nature of the charity, the directors benchmark against pay levels in other ch81itie$ 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 30 /0 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. f. R6lated party relatlonshlps Through a Trust instrument, the Lykion Ton Hellinidon, a registered charity and great benefactor of Ihe Trust, is housed in the Centre's premises. Both benefit from 8 close relationship and collboration whilst each is financially and otheise independent crf the other. Page 12
HELLENIC COMM.UNITY TRUST.... . TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Plans for future p6riods The HC continues to be financially affected by the effects of the pandemic and the slowing down of the Events and Venu8 hires industry showing a deficit in our accounts but wé continued to work hard in 2024 to close the gap and will continue to do so in 2025. We hav8 reduced our spending in all area5 of our activity despite the increases in rates across seNices. The three-quote rule when staff reach out to potential contractors is working very well and we are now able to compare and enEure the best value for money from the majority of our suppliers. The office operates well as it 18 and we are going to maintain all staff recruited in 2025. Ideally, we can expand the staff and introduce more roles in the future. We will continue lo improve our HR systems and we have started to produce accurate job descriptions for all staff. The to-do-lisls are slowly b eing replaced across the board but this is an arduous process that has lo align with staff s existing contracts. In terms of fundraising, after launching the Cultural Fund, the initialive which will raise funds to support our cultural offer to the public and fulfil the Charity's mission, we continue to pursue Trusts and Foundations as well as Individuals. We will continue to share our mission and vision with them so that we can attract them as long- term supporters in 2026 and beyond. This year slarted off very positively in terms of fundraising outcomes. To successfully implement fundraising at the HC, we have recruited a professional fundraiser, which we hope we can continue to employ for 2025 and beyond. This was agreed by the Council at the end of 2024. Through our refreshed programme, which was implemented with the arrival of the new director, we have seen a diverse and new audience coming to the HC and we have increased our social media following by 3,0000kn. In 2025 w8 will be working hard lo continue lo expand our audiences and continue the success of 2024. We have made our events more financially sustainable by introducing a small token fee so that when people book they are committed to attending. This poli¢y has produc8d a good outcome, events with a small incom8 which is very positive. Going forward we will increase out lick8ting, but k88ping it affordable, to ensure that we br8ak even every time. We will continue our membership with EUNIC, the intemational network of European Cultural institutions in the UK as this has proven very helpful for u8. Networking with other robust institutions will continue in 2025 to ensure that we benefit from the knowledge exchange but also communicating our programmes and educational offer to their networks and audience. Aft6r the significant increase of students through our promotional efforts, we are going to mark81 Greek lessons more and continue to offer to our students paid workshops to find out mora about Greek Gullure, through cooking and cultural aclivilies. In 2025 we will programme 8ngaging events for our Members, an activity that has been very successful in 2024. We continue working towards a plan to open our café and have incom@ from the rental we will receive. Overall we shall continue to work towards putting the Centre at the forefront of culture in London and cement its r6PUtation for the next years to Come as a Pla where international audience can meet H&116nic culture. Page 13
HELLENIC COMMUNITY. TRUST ,.. TRUSTEES, REPORT ICONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2024 Statement of Trustees, responsibilities The Trustees {who are also the directors of the Company for the purposes of company law) are fftsponsible for preparing the Trustees, report and the financial slatemanls in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accept8d Accounting Practice). Company law requires the Trustees to preparg financial statements for each financial . Under company law, the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the slate of affairs of the Company and of its incoming resources and application of resources, including ils inrne and expenditure, for that period. In preparing these financial statements, the Trustees are required to.. select suitable accounting policies and then apply them consistently. obsewe the methods and principles of the Charities SORP (FRS 102},' make judgments and accounting estimates that are reasonabl8 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 the financial statements on the 90ing concern basis unless it is inappropriate to presume that the Company will continue in business. Th8 Trustees are responsible for keeping adequate accounting records that are suffici8nt to show and explain the Company'8 transactions and disclose with reasonable accuracy al any time the financial position of the Company and enable them to ensure that the financial statements Gomply with the Cornpanies Act 2006. They are also responsible for safeguarding the assets of th& Company and hence for taking reasonabl8 s18ps for the prevention and detection of fraud and other irregularities. Disclosure of informatlon to audltors Each of the persons who are Tru8le&s at the lime when this Truste8s' report is approved has confirmed that.. so far as that Trustee 18 aware, there is no relevant audit infomiation of which Ihe charity's auditors ar& unaware, and that Trustee has taken all Ihe 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 charitys auditors are awar6 of that information. Audltors The auditors, Griffin Stone Moscrop & Co, have Indicat their willingness lo continue in office. The designated Trustees will propose a motion reappointing the auditors at a meeling of the Trustees. Approved by order ofthe members of the board of Trustees on 24 Juna 2025 and signed on their behalf by.. Costas Kleanthous Chairman Page 14
INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF HELLENIC COMMUNITY TRUST Opinion We h ave audited the financial statements of Hellenic Community Trust (the 'charilable company'} for the year ended 31 December 2024 which comprise the Statement of Financial Activities. Ihe Balance sheet, the statement of cash flows a nd the related noles, Including a summary o f significant accounting policies. The financial r6porting 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: giv8 a true and fair view of the state ofthe charitable companls affairs as at 31 December 2024 and of its incoming resour5 and application of resources, including its income and expenditure for the year then ended., have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Prdctice; and have be8n prepared in accordance with the requirement5 of the Companies Act 2006. Basis for opinlon We conducted our audit in accordance with International Standards on Auditing (UK) (ISAS (UK)) and applicable law. Our responsibilities under those standards are furth8r described in the Auditors. responsibilitles for the audÉt of the financial stat8ments section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including th@ Financial Reporting Council's Ethical Standard, and we have fulfilled our other elhical responslbilities in accordance with these requirements, We believe that the audit evidence we have obtsin8d is sufficient and appropriate to provide 8 b8sis 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 hav8 performed, we have nol identified any material uncertainties relating to events or conditions Ihal, individually or collectively, may cast significant doubt on the charitable company's ability to continue as a going conc8m for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsiblllties of the Trustees wilh resp8Ct to going concern are described in the relevant sections of this report. Page 15
HELLENIC COMMUNITY TRU.ST. . INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF HELLENIC COMMUNITY TRUST (CONTINUED) Other Information The other information Comprises the information included in the Annual report other than the financial statements and our Auditors, report Ihereon. The Trustees are responsible for the other information contained within the Annual report. Our opinion on th8 financial slatemenls does not cover the olher information and, except to the extent otherwise explicitly stated in our report, w8 do not express any form of assurance conclusion thereon. Our responsibility is to read th8 other information and, in doing so, consider whether the other information is materially inconsistent with th8 financial statements or our knowledge obtained in the course of 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 this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have p8rformed, we conclude that there is a material misstatement of thi8 Other information, we are required to report that fact. W6 have nothing to report in this re9ard. Opinlon on other matters prescrfbed by the Companies 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 financlal year for which the financial statements sre prepared is consistent with the financial statements. the Trustees, report has been prepared in accordanc8 with applicable legal requir6ments. Matters on which we are requlred to report by exceptlon In the light of our knowledge and understanding of the charitable company and its environment obtained in the Course of the audit, we have not idenlified material misstatements in the Truslèe8' report. We have nothing to report in respect of the following rratters in relation to which Companies Act 2006 requires us lo report to you if, in our opinion.. adequate accounting records have not be8n kept, or retums adequate for our audit have not been received from branches not visited by us., or the financial slatem6nts are not in agreement with the accounling records and returns, or certain disclosLJres of Trustees, remuneration specified by law are not made., or we have not received all the information and explanations we require for our audit,. or the Trustees were nol èntitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies, exemptions in preparing the Trustees, report and from the requirement to prepare a Strategic report. Page16
, HELLENIC..COMMUNIT.Y.TRUST. - (A cotnpany.ilmlted byyuarantee}. INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF HELLENIC COMMUNITY TRUST (CONTINUED) Responslbilities of trustees As explained more fully in the Trustees, responsibilities statement, the Trustees (who are also the directors of the charitable company for the purposés of company law) are responsible for the preparation of the financial statement6 and for being satisfied that they give a twe and fair view, and for such internal control as the Trustees delermine is necessary to enable the preparation of financial statements that are free from material misslatem@nt, whelher due to fraud or error. In preparing the financial statements, the Trustees are responsible for assessing the charitable company's abilty to continue as a going concern, disclosing, as applicable, matters related to going concern and using th8 going concern basis of accounting unless the Trustees either intend to liquidate the charitable Company or to cease op8rations, or have no re81istic alternative bul to do so. Auditors, responsibilities for the audit of the financial statements Our objectives ar8 to obtain reasonabl& a8surance about whether the financial statements as a whole are free from material misstatement, whether due lo fraud or error, and to 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 wwth ISAS (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error 8nd are considered matertal if, individually or in the aggregate, they could reasonably be 8xpected to influence the economic d8cisions of users taken on the basis of these financial statements. Irregularities, including fraud. are instan$ of nonqcornplianc8 with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irr8gulariti6s, including fraud. Th8 extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: carrying out substantive checking to support documents on a sample basis of individual trans8Ctions within income and expenditure to give comfort that on a sample basis the Statèment of Financial Activities does not Contain any irregular items., carrying out walk-lhrough testing to verify that the charity's accounting systems and controls are being implemented as designed; and verifying that material balances within the Balance Sheet are supported by third party evidence to confirm the exist6nce and valuation of these balances at the year-end, A further description of our responsibilitias for the audit of the fin8ncial ststements is located on the Financial Reporting Council's website al: W.frC or .uk/auditorsres Auditors, report. onsibilities. This description forms part of our Page 17
HELLENle.COMMUNITY TRUST. . INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF HELLENIC COMMUNITY TRUST (CONTINUED) Usa 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 lo the charitable company's metrnbers those matters we are required to state lo them in an Auditors, report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibilty 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 Smlth (Senior statutory audltor) for and on behalf of Grlffln Stone Moscrop & Co Chartered Accountants statLrtory Auditors Date.. Page18
HELLENI¢ c.OMMUNITY. TRUS.T ' IA"tompany. limited b.y guaranteej '. STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNTI FOR THE YEAR ENDED 31 DECEMBER 2024 Restrlcted Unrestricted funds funds 2024 2024 Totsl fundg 2024 Total funds 2023 Note Income from: Donations 2nd legacies Charitable activities other trading activities Investments 113,491 257,527 309,882 25,610 113N91 257,527 309,882 28,056 95,250 233,201 397,671 20,227 2,445 Total Income 2,445 706,510 708,955 746,349 Expenditure on: Raising funds Charitable aclivities 243,698 659.449 243,698 559,765 259,079 572, 929 316 Total expeiiditure 316 803,147 803,463 831,948 Net movement in funds before oth6r re¢ognised gainsl{loss88) 2.129 {96,637} {94,5081 (85,599) Other recognised gainslllossos): Gains on revaluation of fixed assets 21,085 Net movemont in funds 2,129 (96,637} 194,508 (64, 514) R8conciliation of funds: Total funds brought fOard Nel movement in funds 78,138 2,129 3,455,791 {96,6371 3,533,929 194,508} 3,598,443 (64,514J Total funds carrled forward 80,267 3,359,154 3,439,421 3,533, 929 The Stat8rrent of financial activities includes all gains and losses recognised in the year. The notes on pages 2210 38 form part of these financial statements. Page19
HELLENIC COMMUNITY TRUST IA company limited by guarantee) REGISTERED NUMBER.. 2643543 BALANCE SHEET AS AT 31 DECEMBER 2024 2024 2023 Note Flxed assots Tangible assets 13 2.608.626 2,619,117 2.608,626 2,619, 117 Current assets Slocks Debtors Cash at bank and in hand 14 15 2,098 14,739 898,559 2, 792 26.407 982,326 915,396 1,011,525 Creditors= amounts falling due wrthin one year 16 184,601) (96,713) Nèt current assets 830,795 914.872 Total assots less current Ilabllltles 3,439A21 3,533,929 Total net assets 3.439,421 3,533.929 Charlty funds Restricted funds Unrestricled funds 18 18 80,267 3,359,164 78. 138 3.455.791 Total funds 3.439.421 3,533.929 The TTuslees acknowledge their responsibilities for complying with the requirements of the Act wrth respecl lo accounting records and preparation of financial statements. The financial slalements have been prepared in accordance wth Ihe provisions applicable to entities subject to the small companies regime. The financial statements were approved and authorised for issue by the Trustees on 24 June 2025 and signed on their behalf by ? Costas Kleanthous Chaiman The notes on pages 22 10 38 fom part of these financial statements. Page 20
HELLENIC.C.OMMUNITY.YRUST STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2024 2024 2Q23 Cash flows from operatlng actlvltles Net cash used in operating activities 1111,372) (53,578) Cash flows from investing activities Dividends, interests and rents from investments Purchase of tangible fixed assets Proceeds from sale of investments 28,065 1460) 20,227 (9,697) 313,478 Net cash provlded by Investlng actlvltles 27,605 323,948 Cash flows from financing a¢tivltle5 Net cash provided by financing aclivltles Change In cash and cash equlvalents In the year Cash and cash equivalents at the beginning of th8 year 183,767) 982,326 270,430 711.896 Cash and cash equival&nts at tho end of the y8ar 898,569 982,326 The notes on pag&$ 22 to 38 form part of these financial statements Page 21
HELLENIC COMMUNITY.TRUST jA company limlted by guarantee)., ..,, NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Genoral information Hellenic Community Trust (Ua The Hell&nic Centre) is a registered charity with the Charity Commission for England & Wales (charity number.. 1010360) and a private company limited by guarantee, incorporated in England and Wales (company number: 2643543>. The regiBtered offic& address is 16-18 Paddington Street, London, W1 U SAS. Accountlng polici8S 2.1 Basls of preparation of financlal statements Th8 financial statements have been prepared in accordance with the Charities SORP {FRS 102) Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their accounts in accordallce with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102} (effective 1 January 201S), the Financial R8POrting Standard applicable in th8 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. Assets and liabilities are inilially recognised at historical cost or transaction value unless othe[8 stated in the relevant accounting policy. 2.2 Income All income is recognised once the Company has entitlement to the income, il is probable that the income will be received and th8 amount of income receivable can be measured reliably. Gr8nt8 are included in the Stalement of financial activit18s on a receivable basis. The balance of income received for 8pecific purposes but not expended during the period is shown in the relevant funds on the Balance sheet. Where income is receivèd in advance of entitlement of receipt, its recognition is deferred and included in creditors as deferred income. Wh8r8 entitlement occurs before incoma is received, th6 income is accrued. Donated books, Plctures, paintings and other assets are not reflècted in the Statement of financial position as these are of negligible value. It is not the policy of the Trust to cary out annual valuation of such assets. A register of such assets is k8pt by the Trust, Income tax recoverable in r8lation to investment income is recognised al the time the investment income is receivable. 2.3 Expendlture Expenditure is recognised once there is a legal or constructive obligation to transf8r economic benéfrt to a third party, rt is probable that a transfer of ernnomic benefrts will be required in settlement and the amount of the obligation c8n be measured reliably. Expenditure is classified by activity. The Costs Df each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs altributable to a single activity are allocated directly to that activty. Shared costs which contribute to more than one activity and support costs which are not attributable lo a single activty are apportioned between those activities on a basis conslSt@nl with the use of resources. Expenditure on raising funds include8 all expenditure incurred by the Company to rai8e ndS for its charitable purpos&s and includes costs of all fundraising activities events and non-charitable trading. Page 22
HELLENIC CQMMUNITY TRusr NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Accountlng policies (continued 2.3 Expendlture (continued) Expenditure on charitable activities is incurred on directly undertaking the activities which further the Company's objectives, as well as any associated support costs. All expenditure is inclusive of irrecoverable VAT. 2.4 Intorast recelvable Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Company,. this is nom)ally upon notification of the interest paid or payable by the institution with whom the funds are deposited. 2.5 Tangible flxed assets and depreciation Tangible fixed assets cosling £NIL or more are capilalised and recognised wh8n future economic ben6fits are probable and the cost or value ofthe asset can be measured reliably. Tangible fixed assets are initially recognised at cost, After recognition, under the cost model, tangib18 fixed ass8ts are measured at cost less accumulated d8preciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into its intended working condilion should be included in the measurement of cost. Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated us8ful lives. on a reducing balance basis. Depreciation is provided on the following basis.. Fixtures and frttings 2.6 Stocks Stocks are valued at the lower of cost and net realisable value afier making due allowance for obsolete and slow-moving 8tocks. Cost includes all direct ¢osls and an appropriate proportion of fixed and variable overheads. 2.7 Debtors Trade and other debtors are recognised al the settlement amount aft8r any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due. 2.8 Cash al bank and In hand Cash at bank 2nd in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit Dr similar account. Page 23
.HELLENIC.COMMUNITY TRUST .. ::., .. . NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Accountlng policies {contlnued} 2.9 Liabilitles and provislons Liabililies are recognised when th8re is an obligation at the Balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount ol the settlement Can be estimated reliably. Liabilities are re¢ognised at the amount that the Company anticipates il will pay to settle the debt or the amount it has rsceived as advanced payments for the goods or services it must provide. Provisions are measured at the best estimate of the amount8 required to settle the obligation. Where the effect of th8 time value of money is material, the provlsion is based on the present value of those amounts, discounted at the pr8-lax discount rat& that reflects the risks specific tc the liability. The unwinding of the discount is recognised in the Stat&menl of financial aclivilies as a finance cost. 2.10 Flnan¢lal Instruments The Company Dnly has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exc8Ption of bank loans which are subsequently measured at amortised cost using the effective interest method. 2.11 Operating leases Rentals paid under operating lea8e8 are charged to the Statement of financial activities on a straight- line basis over the lease term. 2.12 Pensions The Company operates a defined contribution pension scheme and the pension charge represents the amounts payable by the Company to th8 fund in respect of the year, 2.13 Fund accounting General funds are unr6Stricted funds which are available for use at the discretion of thé Trustees in furtherance of the general objectives of the Company and which have not been designated for other purposes. Designated funds comprise unrestrictèd funds Ihal have been set aside by the Trustees for particular purposes. The aim and u8e of each designaled fund is sel out in the note8 to the financial stat8ments. Restricted funds are funds which ar8 to be used in accordance with specific restrictions imposed by donors or which hav8 been raised by the Company for particular purposes, The costs of raising and administering such funds are charged against the specific fund. The aim and use of each réstriGted fund is set out in the notes lo the financial statements. Investment incom8, g8ins and losses are allocated t¢ the appropriate fund. Page 24
HELLENIC COMMUNITY TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Income from donatlons and legacies Unrestrlcted funds 2024 Total funds 2024 Donations Grants Subscriptions 52.651 48.515 12,325 52,651 48,515 12,325 Total 2024 113,491 113,491 UnTrstricled funds 2023 Total funds 2023 Donations Grants Subscriptions 32, 557 50, 000 12,693 32,557 50,000 72,695 Total 2023 95,250 95, 250 Income from charitable activities Unrestrlcted funds 2024 Total funds 2024 Charitable activities 257,527 257,527 Total 2024 257,527 257,527 Page 25
HELLENIC,COMMU.NITY: TRUST (A comp.any.Ilmlted by guaran"tée).". NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Income from charitable actlvltles {contlnued} Unrestricted funds 2023 Total funds 2023 Ch8ritable activities 233, 201 233,201 Total 2023 233,201 233,201 Income from other trading activitiès Income from fundraising events Unr8stricted funds 2024 Total funds 2024 Catering income Venue letting for fund raising purposes Rent recewable Miscellaneous income 65,547 191,785 38,400 14,150 65,547 191,785 38.400 14,150 Total 2024 309,882 309,882 UnrB8tricled funds 2023 Total funds 2023 Catering income Venue letting for fund raising purposes Rent receivable Miscellaneous income 55,877 297,944 38,400 5,450 55,877 297, 944 38,40Q 5,450 Total 2023 397, 671 397,677 Page 26
HELLENI.C. C.OMMUNITY TRUS.T. .., . - (A ¢timpahy. Ilmlte.d by.QUarantèej.. NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Investment Income Rastricted Unrestrlcted funds funds 2024 2024 Total funds 2024 Bank interest 2,445 25,610 28,055 Total 2024 2,445 25,610 28,056 Rest17cÈed Unstricted funds funds 2023 2023 Total funds 2023 Bank interest 1, 776 18,457 20,227 Total 2023 1, 776 18,451 20,227 Expenditure on raising funds Costs of ralslng voluntary income Unrestrlcted funds 2024 Total funds 2024 staff costs Premises costs AdministratlV8 CO8ls Financa Costs Catering costs Fundraising events and venue letting Costs Depreciation 175,050 10,346 22,000 5,210 17,080 8,541 5,471 175,050 10,346 22,000 5,210 17,080 8,641 5,471 Total 2024 243,698 243,698 Page 27
HÈLLENIC COMMUNITY.TRUST.: NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Expendlture on raising funds (continued) Unrestricted funds 2023 Total fur7ds 2023 Staff costs Premises Costs Administrative costs Finance costs Catering costs Fundraising events and venue letting costs Depreciation 179,247 11,410 30,415 6,467 14, 799 9,992 6, 689 179,247 11,410 30,415 6,467 14, 799 9,992 6,689 Total 2023 259,019 259,019 Following the completion of the 2023 accoun15, a review of the apportionm8nt of expenditur8 across activities was undertaken and the cost8 reflec18d across fundraising, direct and support costs have bean r8classified accordingly lo reflect a more appropriate categorisation based Dn the charity's activities. As part of this exercise, the prior year figures reflected above have also been réclassified in order to make the expenditure Comparable with the 2024 figures. Page 28
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Analysls of expendlture on charitable activitios Summary by fund type Restrlcted Unrestricted funds funds 2024 2024 Total 2024 Charilable activities 316 559,449 559,765 Restricted UnrestriGted funds funds 2023 2023 Total 2023 Charitable activities 2, 420 570,509 572,929 Analysis of expendlture by a¢tlvltles Activities undertaken directly 2024 Support costs 2024 Total funds 2024 Charitable activities 285,481 274,284 559,765 Activili6)S undertaken directly 2023 Support costs 2023 Total funds 2023 Charitable activities 279,577 293,352 572, 929 Page 29
HELLENIC COMMUNIT.Y.TRUST.. NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Analysls of expenditure by activities {¢ontlnued) Analysis of dlrect costs Total funds 2024 Total funds 2023 Staff costs Reallocation of Greek Teacher costs (to Cuycural events) Premises costs CuFtur81 events and other activities 119,596 {74,941) 51,728 189,098 119,885 (58, 105) 57,051 160, 746 285,481 279.577 Anatysis of sUPPOrt costs Total funds 2024 Total funds 2023 Staff costs Premises costs Administrative costs Depreciation Donations to others Governance costs 175,049 41,383 22,001 SN71 200 30,180 179,246 45,641 30,416 6, 690 31,359 274,284 293, 352 Following the compl8tion of the 2023 accounts, 8 review of the apportionment of expenditure across £ctivities was undertaken and the costs reflected across fundraising, direct and support costs have been reclassifi6d accordingly to reflect a more appfopriate categorisalion based on the charity's activities, As part of this exercis&, the prior year figures reflected above have also been reclassrfied in order lo make th8 expenditure comparable with th& 2024 figures. Page 30
HELLENIC COMMUNITY:TRUST . NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 10. Auditors. remunoration 2024 2023 Fees payable lo the Company's auditor for the audit of the Company's annual accounts 6,800 6, 500 Fees payable lo the Company's auditor in respect of.. All non-audit services not included above 500 11. Staff costs 2024 2023 Wages and salaries Social security costs Contribution to defined contribution pension schemes 427,648 33,641 8,406 434,994 55, 180 8,204 489,695 478,378 The average number of persons employed by th8 Company during the year was as follows.. 2024 2023 Adminislration Activities The number of 8mploye&s whose employee benefits (excluding employ8r pension costs) 8xceeded £60,OOD was., 2024 2023 No. In the band £80,001- £90,000 The key management personnel of the charitable company comprise the trustees and the k@y management personnel of the Hell8nic Centre which includes one director whose employee benefits totalled £91,105 (2023.. £91,239}. Page 31
HELLENIC COMMUNITY.TRVST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 12. Trustees. remuneratlon and expenses During the year, no Trustees receivad any remuneration or olher benefits (2023- £NIL). During the year ended 31 December 2024, no Trustee expenses have been incurred (2023- £NIL). 13. Tanglble flxod ass•ts Freehold Fixtures and property fittings Tota Cost or valuation At 1 January 2024 Additions 2,551,901 457,487 450 3,009,388 Al 31 Dernber 2024 2,551,901 457,937 3,009,838 D8pr8ciation At 1 January 2024 Charge for the year 390,271 10,941 390,271 10,941 At 31 December 2024 401,212 401,212 Net book value At 31 Dernber 2024 2,551,901 56,725 2,608,626 At 31 Dgcember 2023 2,551,901 67,216 2,619,117 In accordance with Companies Act 2008 and FRS 102, freehold property shall be depreciated over its estimated useful life. It is the trustees, decision not to depreciate the freehold property in the accounts. The charity is committed to maintain the property in high standard with continued improvam@nts and maintenance. It is in their view that the residual value of freehold property will be higher than the historical cost8 of £2.5m shown abov8. As a consequence, the propety is subject to an annual impairment review. 14. Stocks 2024 2023 stock (Drinks & Books) 2,098 2, 792 Page 32
.HELLENIGCOMMUNITY.fRUS.T , IA:company,limited by guarant8e}'"" NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEPIIBER 2024 15. Debtors 2024 2023 Due wlthln one year Trade debtors Olher debtors Prepayments and accrued income 4,607 3,956 6,550 15,901 10,132 14,739 26,407 16, Credltors: Amounts falling due wlthln one year 2024 2023 Trade creditors other taxation and social security other creditors Accruals and d8ferred income 9,508 19,099 20,677 35,317 3,633 21,637 24, 585 46, 858 84,601 96,713 17. Flnancial instruments 2024 2023 Flnanclal asseis Financial assets measured at fair valu8 through income and expenditure 898,559 982,326 Financial assets measured at fair valu8 through income and expenditure comprise cash at bank and in hand. P8ge 33
.,HELLENI¢.COMMUNITYTRUST - NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 18. Statement of funds statemént of funds - current year Balance at 31 December 2024 Balance at 1 January 2024 Income Expenditure Unrestricted funds Designated funds Designated Fund8 Cultural Fund 2,622,717 2,622,717 13,792 13,792 2,622,717 13,792 2,636,509 General funds Gener81 Fund 833,074 692,718 1803,1471 722,645 Total Unrestrlcted funds 3,455,791 706,510 (803,1471 3,359,154 Restrlcted funds Equipment fund A David memorial fund 62 78,076 {15 {301 47 80,220 2,445 78,138 2,445 1316) 80,267 Total of funds 3,533,929 708,955 (803,463} 3,439,421 Designated funds include the freehold property and fixed assets which enable the Trust to meet 118 objectives. The Cultural (designated) Fund is a new fundraising initiative and all proceeds are eannarked for the cultural programme only and for improvements in the building that will benefit the prcgramm8. Restricted fund balanc8s comprise., quipment fund - this is in respect of specific equipment from restricted donations. Depreciation on this equipment 18 charged to this fund, A David memorial fund this fund was set up in memory cf the founder of the trust. Biannu81 lectures are held in memory of the founder. Page 34
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 18. Statement of funds (continued) Statement of funds - prior year Balance a 31 December 2023 Balance al l Janu8ry 2023 Gains/ (Lo8se8) Income Expenditure Unrestricted funds Deslgnated funds Designated Funds 2,622, 717 2,622, 717 General funds General Fund 896, 944 744, 573 (829, 528) 21,085 833,074 Total Unrestricted funds 3,519,861 744, 573 (829, 528) 21,085 3,455, 791 Restrlcted funds Equipment fund A David memorial fund 82 78, 700 (20) (2,400) 82 78,076 1, 776 78, 782 1, 776 (2,420) 78, 738 Total of funds 3, 598, 443 746,349 (831, 948) 21,085 3, 533,929 Page 35
. HELLENIC COMMUNITtr TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 19. Analysis of net assets between funds Analysis of net assets between funds - current period Rastricted Unrestricted funds funds 2024 2024 Total funds 2024 Tangible fixed assets Current assets Creditors due within one year 47 80,220 2,608.579 835,178 (84,601) 2,608,626 916,396 (84,601} Total 80,267 3,359,154 3,439,421 Analysis of net assets between funds - prior period Reséricted Unr6slricted funds fvnds 2023 2023 Total funds 2023 Tangible fixed assets Current assets Creditors due within one year 62 78,078 2,619,055 933, 449 (96, 713) 2,619,717 1,011,525 (96, 713) Total 78, 138 3, 455, 791 3, &33,929 20. Reconciliation of not movement In funds lo net cash flow from operating actlvities 2024 2023 Nel &xpenditur6 for the period las per Statement of Financial Activriies) (94,508) (85, 599) Adjustmonts for: Depreciation charge8 Dividends, interests and rents from investments Decrease/(increase) in stocks Decrease in debtors Increasel{decrease} in creditors 10,941 (28,055) 694 11.668 (12,112 13,379 {2G,227J (478) 52 39,355 Not cash used in operating activities {111,372) (53,518) Page 36
HELLENIC COMMUNITY.TRUST-; NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 21. Analysls of cash and cash equlvalents 2024 2023 Cash in hand 898,559 982, 326 Total cash and cash equivalents 898,569 982, 326 22. Analysis of changes In net debt At1 January 2024 Cash flows At31 December 2024 Cash al bank and in hand 982,326 {83,767} 898,559 982,326 (83,767) 898.559 Page 37
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 23. Pension commltments The company cperales a defined contribution pension scheme. The assets of the scheme are held sèparately from those of the company in an independently administered fund. The pension cost charge r8pres8nts contributions payable by the company lo the fund and amounted to £8,40612023 £8,204>. Amounts totalling £1,864 {2023 £1,966) were payable to the fund al the balanc8 sheet date and are included in creditors. 24. Operatlng lease commitments At 31 December 2024 the Company had commitments to make future minimum lease payments under non-cancellable operating leases as follows= 2024 2023 Not later than 1 year Later than 1 year and not later than 5 years Later Ihan 5 years 26,500 106,000 424,000 26, 500 106, QOO 450,500 556,500 583, 000 25. Related party transactions The Company has not entered into any related party Iran8action durtng the year, nor are there any outstsnding balance8 owing beeen related parties and the Company at 31 December 2024. Page 38