**Charity registration number 1141206**
**Company registration number 07567138 (England and Wales)**
**STELIOS PHILANTHROPIC FOUNDATION ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2023**
page 1 of 28 dated 27nov23
## **STELIOS PHILANTHROPIC FOUNDATION**
## **LEGAL AND ADMINISTRATIVE INFORMATION**
|**Trustees**|Sir Stelios Haji-Ioannou|
|---|---|
||Jean-Claude Eude|
||Peter Barton|
||David Watson|
||Donald Manasse|
||Nikos Mourkogiannis|
||Irene Rouvitha Panou|
|**Charity number**|1141206|
|**Company number**|07567138|
|**Registered office**|34 Thurloe Square|
||South Kensington|
||London|
||SW7 2SR|
|**Auditor**|Kirk Rice LLP|
||The Courtyard|
||High Street|
||Ascot|
||Berkshire|
||SL5 7HP|
## **STELIOS PHILANTHROPIC FOUNDATION**
## **CONTENTS**
||**Page**|
|---|---|
|Trustees' report|1 - 4|
|Independent auditor's report|5 - 7|
|Statement of financial activities|8|
|Balance sheet|9|
|Statement of cash flows|10|
|Notes to the financial statements|11 - 25|
## **STELIOS PHILANTHROPIC FOUNDATION**
## **TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT AND STRATEGIC REPORT)** _**FOR THE YEAR ENDED 30 SEPTEMBER 2023**_
The trustees (who are also directors of the charitable company for purposes of the Companies Act) present their annual report together with the audited financial statements of Stelios Philanthropic Foundation ("the charitable company" or "the foundation") for the year ended 30 September 2023.
The trustees confirm that the annual report and financial statements of the charitable company have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's governing document, the Companies Act 2006 and "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)" (effective 1 January 2019).
## **Objectives and activities**
## **Policies and objectives**
The foundation’s mission is to support a diverse range of charitable activities, primarily in places where the founder has lived and worked the UK and Ireland, Greece, Cyprus, Monaco and France.
The foundation maintains 5 websites in order to inform the member of the public and potential beneficiaries of the ways it gives back to society:
https://stelios.org https://stelios-uk.foundation/ https://steliosfoundation.gr/ https://steliosfoundation.com.cy/ https://stelios.mc/
## **Fundraising activities**
The principal funding source for the charity is currently the donations from easyGroup Limited, Sir Stelios’s forprofit company and owner of the easy family of brands (www.easy.com and easyHistory. info). The cumulative total of the donations given by Sir Stelios or his various entities to the two charitable Foundations (the UK Foundation and its affiliated Foundation in Monaco) since 2010 amounts to £73 million pounds sterling or the equivalent of c €84 million euros (at the current exchange rate).
The foundation gives its support in the following ways:
1. **Helping the neediest people in Greece and Cyprus with "Food From The Heart".** This program, started in 2013, offers each and every working day, without discrimination, snacks to people who register at our 12 distribution points which were open during the financial year and ask for them. Since the start we have handed out more than c 34 million snacks for free with a retail value of c 34 million euro and the current number of visits by beneficiaries per month in total at our 12 distribution centres is about 150,000, receiving on average 300,000 snack pieces per month.
2. **Funding scholarships for young people** to attend schools and universities, including but not limited to the ones, where the founder was himself educated. (Doukas High School in Athens, London School of Economics and City University in London).
3. **Promoting lasting peace on the island of Cyprus.** Each year between 2007 and 2019 we offered several bicommunal awards to teams comprising one Turkish Cypriot and one Greek Cypriot, who are cooperating on the island. In 2023 200,000 euro in cash was granted to 20 Greek Cypriot and Turkish Cypriot entrepreneurs on the island who are doing joint business.
4. **Donating money to other charities** with a diverse range of causes - mainly in the countries named in our mission statement as being close to home.
5. **Supporting disabled entrepreneurs.** In the UK, an award was operated between 2007 and 2019 in conjunction with Leonard Cheshire, a charity that focuses on helping disability. Prizes were awarded to those disabled people who had started their own business. In 2023 £100,000 was won by 3 disabled entrepreneurs.
6. **Support young entrepreneurs** who have started their own business in the last 5 years in Greece and Cyprus and soon the UK to stimulate job creation and support the economy.
- 1 -
## **STELIOS PHILANTHROPIC FOUNDATION**
## **TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT AND STRATEGIC REPORT) (CONTINUED)** _**FOR THE YEAR ENDED 30 SEPTEMBER 2023**_
## **Public benefit statement**
The trustees confirm that they have referred to the guidance contained in the Charity Commission’s general guidance on public benefit when reviewing the charitable company’s aims and objectives in planning for the future and in setting the grant making policy for the year.
## **Strategic report**
The description under the headings "Achievements and performance" and "Financial review" meet the company law requirements for the trustees to present a strategic report.
## **Achievements and performance**
## **Review of activities**
The year under review saw the continuation of the core activities of the charitable company and it is anticipated that income will exceed expenditure during the forthcoming year. The trustees are grateful for the substantial donations received from both individuals and organisations during the year.
## **Financial review**
## **Review of the year**
The trustees present the financial statements for the year ended 30 September 2023, which show incoming resources for the year of £16,290,696 and resources expended on charitable activities of £6,455,419, being charitable donations (£4,378,546) and charity costs (£2,076,873). After raising funds and charitable expenditure, the overall movement in fund balances for the year was an increase of £9,835,277.
## **Going concern**
The Foundation has sufficient resources so that it can discharge its liabilities for at least a year from the date the financial statements are approved and ensure adequate resources to continue in operational existence for the foreseeable future. For this reason, the Trustees continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the accounting policies.
## **Reserves policy**
As at 30 September 2023 unrestricted reserves amounted to £16,317,235. The trustees have adopted a policy to maintain unrestricted funds, which are the free reserves of the charitable company, at a level which equates to approximately 12 months unrestricted expenditure and donations by each year end.
On 26 July 2019, the charitable company adopted revised articles of association stipulating that certain properties should be retained in perpetuity by the foundation. Accordingly, the net book value of these properties is represented in endowment funds.
## **Plans for future periods**
## **Future developments**
The charitable company plans to continue to donate funds in accordance with its policies in the foreseeable future.
## **Structure, governance and management**
## **Constitution**
The company is registered as a charitable company limited by guarantee and was incorporated on 16 March 2011 under the charity number 1141206. The governing document is the updated Articles of Association adopted on 26 July 2019.
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## **STELIOS PHILANTHROPIC FOUNDATION**
## **TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT AND STRATEGIC REPORT) (CONTINUED)** _**FOR THE YEAR ENDED 30 SEPTEMBER 2023**_
## **The directors, trustees, and members of the charitable company**
The directors of the charitable company are also trustees for the purposes of charity law.
The directors and trustees of the charitable company who held office during the year were Sir Stelios Hajiloannou, Peter Barton, Jean-Claude Eude, Donald Manasse, Nikos Mourkogiannis, David Watson, and Rena Rouvitha Panou.
The members of the foundation during the year were the following 17, Sir Stelios Haji-loannou, Peter Barton, Jean-Claude Eude, Donald Manasse, Nikos Mourkogiannis, David Watson, Irene Rouvitha Panou, Orla Murphy, Aria Haji-loannou, Tracy Ghori, Alan Marsh, Ken Griggs, Panicos Hassapis, Lora Galitzine, Marios Missirlis, Hugo Modderman and Mary Telemachou. The full details of the 17 members of the charitable company (7 trustees and 10 associate members) can be found on our website https://steIios-uk.foundation/.
## **Method of appointment or election of trustees**
The management of the charitable company is the responsibility of the trustees who are elected and co-opted under the terms of the Articles of Association.
Trustees are appointed at the discretion of Sir Stelios Haji-loannou. The existing trustees are responsible for the induction of any new trustee, which involves awareness of a trustee’s responsibilities, the governing document, administrative procedures, and the history and philosophical approach of the charitable company.
## **Risk management**
The trustees have assessed the major risks to which the charitable company is exposed, in particular those related to the finances of the charitable company, and are satisfied that systems and procedures are in place to mitigate our exposure to the major risks.
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## **STELIOS PHILANTHROPIC FOUNDATION**
## **TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT AND STRATEGIC REPORT) (CONTINUED)** _**FOR THE YEAR ENDED 30 SEPTEMBER 2023**_
## **Statement of trustees' responsibilities**
The trustees, who are also the directors of Stelios Philanthropic Foundation for the purpose of company law, are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
Company Law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that year.
In preparing these financial statements, the trustees are required to:
- select suitable accounting policies and then apply them consistently;
- observe the methods and principles in the Charities SORP;
- make judgements and estimates that are reasonable and prudent; and
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.
The trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
## **Disclosure of information to auditor**
Each of the trustees has confirmed that there is no information of which they are aware which is relevant to the audit, but of which the auditor is unaware. They have further confirmed that they have taken appropriate steps to identify such relevant information and to establish that the auditor is aware of such information.
The trustees' report, including the strategic report, was approved by the Board of Trustees.
..............................
Sir Stelios Haji-Ioannou **Chair**
27Nov23 Date: .............................................
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## **STELIOS PHILANTHROPIC FOUNDATION**
## **INDEPENDENT AUDITOR'S REPORT**
## **TO THE TRUSTEES OF STELIOS PHILANTHROPIC FOUNDATION**
## **Opinion**
We have audited the financial statements of Stelios Philanthropic Foundation (the ‘charity’) for the year ended 30 September 2023 which comprise the statement of financial activities, the balance sheet, the statement of cash flows and notes to the financial statements, including 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 state of the charitable company's affairs as at 30 September 2023 and of its incoming resources 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 Practice; and
- have been prepared in accordance with the requirements of the Companies Act 2006.
## **Basis for opinion**
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the _Auditor's responsibilities for the audit of the financial statements_ section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
## **Conclusions relating to going concern**
In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.
## **Other information**
The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the 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 performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
## **Opinions on other matters prescribed by the Companies Act 2006**
In our opinion, based on the work undertaken in the course of our audit:
- the information given in the trustees' report for the financial year for which the financial statements are prepared, which includes the directors' report and the strategic report prepared for the purposes of company law, is consistent with the financial statements; and
- the strategic report and the directors' report included within the trustees' report have been prepared in accordance with applicable legal requirements.
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## **STELIOS PHILANTHROPIC FOUNDATION**
## **INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF STELIOS PHILANTHROPIC FOUNDATION**
## **Matters on which we are required to report by exception**
In the light of the knowledge and understanding of the charity and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report included within the trustees' report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns 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 trustees' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.
## **Responsibilities of trustees**
As explained more fully in the statement of trustees' responsibilities, the trustees, who are also the directors of the charity for the purpose of company law, are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the trustees are responsible for assessing the charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.
## **Auditor's responsibilities for the audit of the financial statements**
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.
Our audit approach was developed by obtaining an understanding of the charity’s activities, the key functions and the overall control environment. Based on this understanding we assessed those aspects of the charity’s transactions and balances which were most likely to give rise to a material misstatement and were most susceptible to irregularities including fraud or error. Specifically, we identified what we considered to be key audit risks and planned our audit approach accordingly. Included in these key audit risks was management override of controls with respect to expenditure recognition and payment, improper accounting for transactions in foreign currencies, and inappropriate revenue recognition procedures.
We applied professional scepticism and designed audit procedures to respond to the risks, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery, misrepresentations or through collusion.
In responding to the risk of management override, we analysed the implementation and effectiveness of authorisation controls in place for online bank payments as well as performing journal testing and evaluating whether there was evidence of bias by key management personnel in developing accounting estimates and in applying accounting policies. To assess the appropriateness of revenue recognition we have obtained comfort letters and reviewed year-end bank payments to confirm proper cut-off. The risk of inappropriate accounting for foreign transactions was mitigated through the recalculation of various expenditure transactions tested throughout the audit at the exchange rate prevailing on the transaction date, and the retranslation of significant monetary assets and liabilities at the year-end spot rate.
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## **STELIOS PHILANTHROPIC FOUNDATION**
## **INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF STELIOS PHILANTHROPIC FOUNDATION**
There are inherent limitations in the audit procedures described above. The further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Appropriate enquiry was made of senior management as to whether there had been any identified or suspected fraudulent activities or non-compliance with relevant laws and regulations during the period. The minutes of trustee meetings were also reviewed to identify any indicators of non-compliance with laws and regulations and potential or suspected fraud that could lead to a material misstatement in the financial statements.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: https:// www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
## **Use of our report**
This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company’s members as a body, for our audit work, for this report, or for the opinions we have formed.
## **Graham Jennings (Senior Statutory Auditor) for and on behalf of Kirk Rice LLP**
`29/11/2023` .........................
## **Statutory Auditor**
The Courtyard High Street Ascot Berkshire SL5 7HP
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## **STELIOS PHILANTHROPIC FOUNDATION**
## **STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT**
## _**FOR THE YEAR ENDED 30 SEPTEMBER 2023**_
|**Unrestricted Endowment**
**funds**
**funds**
**2023**
**2023**
**Notes**
**£**
**£**
**Income from:**
Donations and
legacies
**3**
16,121,340
-
Investments
**4**
169,356
-
**Total income**
16,290,696
-
**Expenditure on:**
Raising funds
**5**
437,421
-
Charitable activities
**6**
5,727,893
290,105
**Total expenditure**
6,165,314
290,105
**Net incoming/(outgoing)**
**resources before**
**transfers**
10,125,382
(290,105)
Gross transfers
between funds
(760,955)
760,955
**Net income for the year/**
**Net movement in funds**
9,364,427
470,850
Fund balances at 1 October
2022
6,952,808
14,985,314
**Fund balances at 30**
**September 2023**
16,317,235
15,456,164|**Total**
**Unrestricted Endowment**
**funds**
**funds**
**2023**
**2022**
**2022**
**£**
**£**
**£**
16,121,340
10,499,225
-
169,356
-
-
16,290,696
10,499,225
-
437,421
327,683
-
6,017,998
2,325,863
268,896
6,455,419
2,653,546
268,896
9,835,277
7,845,679
(268,896)
-
(354,961)
354,961
9,835,277
7,490,718
86,065
21,938,122
(537,910)
14,899,249
31,773,399
6,952,808
14,985,314|**Total**
**2022**
**£**
10,499,225
-|
|---|---|---|
|||10,499,225|
|||327,683
2,594,759|
|||2,922,442|
|||7,576,783
-|
|||7,576,783
14,361,339|
|||21,938,122|
The statement of financial activities includes all gains and losses recognised in the year.
All income and expenditure derive from continuing activities.
The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006.
The notes on pages 11 to 25 form part of these financial statements.
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## **STELIOS PHILANTHROPIC FOUNDATION**
## **BALANCE SHEET**
## _**AS AT 30 SEPTEMBER 2023**_
|**2023**
**Notes**
**£**
**£**
**Fixed assets**
Tangible assets
**13**
17,612,698
**Current assets**
Debtors
**14**
8,809
Cash at bank and in hand
14,835,514
14,844,323
**Creditors: amounts falling due within**
**one year**
**15**
(623,051)
Net current assets
14,221,272
**Total assets less current liabilities**
31,833,970
**Creditors: amounts falling due after**
**more than one year**
**16**
(60,571)
**Net assets**
31,773,399
**Income funds**
Endowment funds
15,456,164
Unrestricted funds
16,317,235
31,773,399
The notes on pages 11 to 25 form part of these financial statements.|**2022**
**£**
**£**
16,483,675
1,135
6,155,711
6,156,846
(481,257)
5,675,589
22,159,264
(221,142)
21,938,122
14,985,314
6,952,808
21,938,122|
|---|---|
27Nov23 The financial statements were approved by the Trustees on ......................... .............................. Sir Stelios Haji-Ioannou **Trustee**
## **Company registration number 07567138**
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## **STELIOS PHILANTHROPIC FOUNDATION**
## **STATEMENT OF CASH FLOWS** _**FOR THE YEAR ENDED 30 SEPTEMBER 2023**_
|**Notes**
**Cash flows from operating activities**
Cash generated from operations
**23**
**Investing activities**
Purchase of tangible fixed assets
Investment income received
**Net cash used in investing activities**
**Financing activities**
Repayment of borrowings
**Net cash used in financing activities**
**Net increase in cash and cash equivalents**
Cash and cash equivalents at beginning of year
Effect of foreign exchange rates
**Cash and cash equivalents at end of year**|**2023**
**£**
**£**
9,259,482
(760,955)
169,356
(591,599)
-
-
8,667,883
6,155,711
11,920
14,835,514|**2022**
**£**
**£**
7,631,161
(394,266)
-
(394,266)
(1,129,230)
(1,129,230)
6,107,665
87,608
(39,562)
6,155,711|
|---|---|---|
The notes on pages 11 to 25 form part of these financial statements.
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## **STELIOS PHILANTHROPIC FOUNDATION**
## **NOTES TO THE FINANCIAL STATEMENTS** _**FOR THE YEAR ENDED 30 SEPTEMBER 2023**_
## **1 Accounting policies**
## **Charity information**
Stelios Philanthropic Foundation is a charitable company limited by guarantee incorporated in England and Wales. The registered office is 34 Thurloe Square, South Kensington, London, SW7 2SR. In the event of the company being wound up, the liability in respect of the guarantee is limited to £1 per member of the company.
## **1.1 Accounting convention**
The financial statements have been prepared in accordance with the charity's Articles of Association, the Companies Act 2006, FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the Charities SORP "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)" (effective 1 January 2019). The charity is a Public Benefit Entity as defined by FRS 102.
The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
## **1.2 Going concern**
The Foundation has sufficient available resources to discharge its obligations for at least one year from the date of approval of the financial statements and ensure adequate resources to continue in operational existence for the foreseeable future. There are no material uncertainties relating to events or conditions that cast significant doubt upon the charity's ability to continue as a going concern. The Trustees therefore continue to adopt the going concern basis in preparing the financial statements.
## **1.3 Charitable funds**
General funds are unrestricted funds which are available for use at the discretion of the trustees in furtherance of the general objectives of the charitable company and which have not been designated for other purposes.
Endowment funds represent assets held by the charitable company that are intended for use in perpetuity.
## **1.4 Income**
Income is recognised when the charity obtains legal entitlement for such income, it is probable that the income will be received, and the amount of income receivable can be measured reliably.
Cash donations and other donations, including property donations in kind, are included in the charity's accounts when received, provided the value of the donation can be measured reliably.
The value to the charity of donated properties is the amount that the charity would pay in the open market for an alternative property that would provide a benefit to the charity equivalent to the donated item, being the land registry property value on the date of transfer.
Investment income is earned from holding assets for investment purposes and includes interest accrued on surplus funds. Interest is recognised when earned and is used in the ordinary charitable activities of the entity.
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## **STELIOS PHILANTHROPIC FOUNDATION**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 30 SEPTEMBER 2023**_
## **1 Accounting policies**
**(Continued)**
## **1.5 Expenditure**
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement, and the amount of the obligation can be measured reliably.
Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity 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 are allocated on the portion of the asset’s use.
Governance costs are those incurred in connection with administration of the charitable company and compliance with constitutional and statutory requirements.
Charitable activities are costs incurred on the charitable company's operations, including support costs and costs relating to the governance of the company apportioned to charitable activities.
Grants payable are charged in the year when the offer is made except in those cases where the offer is conditional, such grants being recognised as expenditure when the conditions attaching are fulfilled. Grants offered subject to conditions which have not been met at the year end are noted as a commitment, but not accrued as expenditure.
All expenditure is inclusive of irrecoverable VAT.
## **1.6 Tangible fixed assets**
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
|Freehold land and buildings|2% straight line|
|---|---|
|Property improvements|10% - 20% straight line|
|Fixtures and fittings|33.3% straight line|
|Office equipment|33.3% straight line|
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities.
## **1.7 Impairment of fixed assets**
At each reporting end date, the charity reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).
## **1.8 Cash and cash equivalents**
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
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## **STELIOS PHILANTHROPIC FOUNDATION**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 30 SEPTEMBER 2023**_
## **1 Accounting policies**
## **(Continued)**
## **1.9 Financial instruments**
The charitable company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transactions value and subsequently measured at their settlement value with the exception of bank loans, which are subsequently measured at amortised cost using the effective interest method.
## _**Basic financial assets**_
Other debtors are recognised at the settlement amount after consideration of any trade discounts offered. Prepayments are valued at the amount prepaid net of any trade discounts due.
## _**Basic financial liabilities**_
Liabilities are recognised when there is an obligation at the balance sheet date as a result of a past event, it is probable that a transfer of economic benefits will be required in settlement, and the amount of such settlement can be estimated reliably.
Liabilities are recognised at the amount that the charitable company anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it may provide.
Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised within interest payable and similar charges.
## **1.10 Taxation**
Stelios Philanthropic Foundation is a registered charity and, as such, it's income and gains falling within Sections 466 to 493 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992 are exempt from corporation tax to the extent that they are applied to its charitable objectives.
## **1.11 Retirement benefits**
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
## **1.12 Foreign exchange**
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are recognised in the statement of financial activities incorporating income and expenditure accounts.
## **2 Critical accounting estimates and judgements**
In the application of the charity’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
- 13 -
## **STELIOS PHILANTHROPIC FOUNDATION**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 30 SEPTEMBER 2023**_
## **3 Donations and legacies**
||**Unrestricted **|**Unrestricted**|
|---|---|---|
||**funds**|**funds**|
||**2023**|**2022**|
||**£**|**£**|
|Donations and gifts|16,121,340|10,499,225|
|**Donations and gifts**|||
|Cash donations|15,440,306|10,499,225|
|Donations in kind|681,034|-|
||16,121,340|10,499,225|
Donations in kind relate to the transfer of two properties located in Cyprus, alongside associated land, from Sir Stelios Haji-Ioannou to the foundation. These properties are not permanent endowment.
## **4 Investments**
||**Unrestricted**|**Total**|
|---|---|---|
||**funds**||
||**2023**|**2022**|
||**£**|**£**|
|Interest receivable|169,356|-|
|**Raising funds**|||
||**Unrestricted **|**Unrestricted**|
||**funds**|**funds**|
||**2023**|**2022**|
||**£**|**£**|
|Events|437,421|327,683|
||437,421|327,683|
## **5 Raising funds**
- 14 -
## **STELIOS PHILANTHROPIC FOUNDATION**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 30 SEPTEMBER 2023**_
## **6 Charitable activities**
||**Charitable**|
**Charitable**|
|---|---|---|
||**Expenditure**|**Expenditure**|
||**2023**|**2022**|
||**£**|**£**|
|**Activity costs**|||
|Staff costs|167,118|-|
|Food From The Heart costs|339,969|235,994|
|Food From The Heart consultants fees|181,293|-|
|Professional fees|55,947|-|
|Advertising|222,917|-|
|Other costs|157,431|-|
|Associate members fees|69,340|-|
||1,194,015|235,994|
|Grants|4,378,546|1,392,856|
|Support costs|335,137|165,367|
|Governance costs|110,300|800,542|
||6,017,998|2,594,759|
|**Analysis by fund**|||
|Unrestricted funds|5,727,893|2,325,863|
|Endowment funds|290,105|268,896|
||6,017,998|2,594,759|
- 15 -
## **STELIOS PHILANTHROPIC FOUNDATION**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 30 SEPTEMBER 2023**_
|**7**
**Support and governance costs**
**Support costs**
**Governance**
**costs**
**Unrestricted**
**Endowment**
**Unrestricted**
**funds**
**funds**
**funds**
**£**
**£**
**£**
Staff costs
-
-
-
Consultancy fees
-
-
-
Bank charges
5,186
-
-
Professional fees
16,984
-
-
Auditor's remuneration
-
-
11,450
Professional fees
-
-
24,378
Exchange rate differences
-
-
11,920
Other costs
-
-
-
Bank charges
-
-
-
Trustee remuneration
-
-
62,552
Depreciation
22,862
290,105
-
**45,032**
**290,105**
**110,300**
Analysed between
Charitable activities
45,032
290,105
110,300|**2023 Support costs**
**Governance costs**
**Unrestricted Unrestricted**
**Endowment**
**funds**
**funds**
**funds**
**£**
**£**
**£**
**£**
-
13,411
117,381
-
-
151,956
-
-
5,186
-
-
-
16,984
-
-
-
11,450
-
11,110
-
24,378
-
21,547
-
11,920
-
39,562
-
-
-
230,834
-
-
-
4,592
-
62,552
-
60,719
-
312,967
-
45,901
268,896
**445,437**
**165,367**
**531,646**
**268,896**
445,437
165,367
531,646
268,896|**2022**
**£**
130,792
151,956
-
-
11,110
21,547
39,562
230,834
4,592
60,719
314,797|
|---|---|---|
|||**965,909**|
|||965,909|
The allocation of amounts as support and governance costs has been reconsidered during the period. The trustees have not deemed it necessary to restate prior period allocations.
- 16 -
**STELIOS PHILANTHROPIC FOUNDATION**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 30 SEPTEMBER 2023**_
## **8 Charitable commitments entered into in the year**
||**FY 2023**|**FY 2022**|
|---|---|---|
||**£**|**£**|
|Grants to institutions:|||
|**Direct donations made by Stelios Philanthropic Foundation UK to**|**other charities**||
|**including year-end commitments**|||
|Fondation Philanthropique Stelios (MC)|1,573,799|571,904|
|London School of Economics Scholarships (UK)|255,000|-|
|Wetwheels Foundation (UK)|61,000|15,000|
|The Air League (UK)|60,000|20,000|
|Bayes Business School - City University London (UK)|60,000|50,000|
|Royal National Lifeboat Institution (UK)|55,000|-|
|Reussite Scholarship (FR)|40,011|-|
|BCA College Scholarships (GR)|39,501|-|
|Shipwrights for Cutty Sark (UK)|32,750|-|
|Sea Cadets (UK)|30,000|-|
|London Nautical Society (UK)|30,000|-|
|Red Cross (CY)|26,558|8,585|
|Elepap (GR)|25,683|-|
|Luton Sea Cadets (UK)|25,000|-|
|UNHCR Greece (GR)|25,000|-|
|The Hellenic Initiative (UK)|25,000|-|
|Fundraiser for Anti-Cancer Association (CY)|22,132|-|
|Theotokus Foundation (CY)|21,959|-|
|The Smile of the Child (GR)|21,716|-|
|Together for Children (GR)|21,716|-|
|Hellenic Red Cross (GR)|21,716|-|
|Doctors Without Borders Greece (GR)|21,716|-|
|Leonard Cheshire Disability Donation (UK)|20,000|20,000|
|London Air Ambulance (UK)|20,000|-|
|Atlantic Youth Trust (IR)|17,705|17,136|
|Lania Council (CY)|17,705|8,304|
|Doctors of the World for Turkey-Syria Earthquake (GR)|17,688|-|
|Turkish Red Crescent (TR)|17,618|-|
|Aurora Together Against Disease (GR)|17,593|-|
|Link Baby Miracles (CY)|17,567|-|
|Reos Institute (UK)|17,271|-|
|Glassdoor Homeless Charity (UK)|15,000|15,000|
|Pancyprian Association of Friends in Cyprus (CY)|12,919|-|
|University of Cyprus MBA Programme (CY)|12,841|-|
|Parish of the Immaculate Conception (UK)|10,000|-|
|Annual National Service for Seafarers|10,000|-|
|Aerobility (UK)|10,000|-|
|Creeslough Explosion Go Fund Me (IR)|9,048|-|
|Conservation Collective Cyprus Environment (GR)|8,868|-|
|Pedoulas Community Council (CY)|8,853|-|
|Cliona's Foundation (IR)|8,736|-|
|Foundation of Arcturos (GR)|8,687|-|
|Irish Cancer Society (IR)|8,643|-|
- 17 -
## **STELIOS PHILANTHROPIC FOUNDATION**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 30 SEPTEMBER 2023**_
|**8**
**Charitable commitments entered into in the year**
Laura Lynn Children's Hospice (IR)
Spetses Care For Animals (GR)
Air League Monaco (MC)
Fine and Country (UK)
The Big Give City Harvest (UK)
Commonwealth Society Cyprus Choir (CY)
Tall Ships Youth Radio 4 Appeal (UK)
HPV and Anal Clinic (UK)
Paraskevoula Thrasyvoulou Sponsorship (CY)
Baby Miracles in the Name of Kosta Rouvithas (CY)
Sklavenitis Supermarket - Food Distribution (GR)
Irish Blue Cross (IR)
Together for Children in Memory of George Andreadis (GR)
Community Trust Spetses (GR)
Eco-Sustainable Development Association (UK)
St Barth Music Festival (FR)
Club Peleton (UK)
Holy Church of Agios Nikolaos, Spetses (CY)
Adventures Offshore (UK)
Donations under GBP 1,500
CYMEPA Beach Cleaning (CY)
Royal Thames Yacht Club Sonar Boat (UK)
Cyprus Marine Environment Protection Association 30 Years (CY)
Hellenic Initiative (UK)
GB Red Cross Ukraine Appeal (UK)
United Nations High Commission for Refugees Ukraine Appeal (UK)
Rhodes Yacht Club Sailing Dingy (GR)
Cancer Charity in Cyprus (CY)
Greek Orthodox Church in Spetses (GR)
Leukemia Care Charity in Memory of Chris Foyle (UK)
Floga Parents' Association of Children with Cancer in Memory of Dino Kyritsis
(GR)
Pedoulas District (CY)
Municipality Spetses Armata 2022 (GR)
IR Red Cross Ukraine Appeal (IR)
Spetses Country Club (GR)
St Barth (SNSM) Lifeboat Association (FR)
Tall Ships Youth Trust (UK)
Hospice in the Weald in Memory of Patricia O'Brennan (UK)
Maggie's Centres in Memory of John Barton (UK)
Red Cross in Memory of Mimi Kiprianou (CY)
Girokomeio Androu in Memory of Philipp Embiricos (GR)
Supporters Kids Contest 2023 Museum of Cycladic Art (GR)
Atlantic Youth Trust (IR)
RNLI in Memory of Janet Isabella-Hunt (UK)|**(Continued)**
**FY 2023**
**FY 2022**
**£**
**£**
8,563
-
6,853
-
5,039
2,561
5,000
-
5,000
-
5,000
-
5,000
-
4,436
-
4,392
-
4,382
-
4,341
-
4,282
-
4,280
-
4,280
-
4,275
-
4,184
21,041
3,000
-
2,827
-
2,000
-
1,858
2,695
1,630
1,656
-
40,000
-
25,895
-
25,000
-
20,000
-
20,000
-
17,105
-
12,952
-
10,382
-
10,000
-
8,655
-
8,585
-
8,454
-
8,394
-
8,319
-
5,234
-
5,000
-
5,000
-
5,000
-
4,244
-
4,209
-
3,050
-
2,687
-
2,000
2,872,621
1,014,047|**(Continued)**
**FY 2023**
**FY 2022**
**£**
**£**
8,563
-
6,853
-
5,039
2,561
5,000
-
5,000
-
5,000
-
5,000
-
4,436
-
4,392
-
4,382
-
4,341
-
4,282
-
4,280
-
4,280
-
4,275
-
4,184
21,041
3,000
-
2,827
-
2,000
-
1,858
2,695
1,630
1,656
-
40,000
-
25,895
-
25,000
-
20,000
-
20,000
-
17,105
-
12,952
-
10,382
-
10,000
-
8,655
-
8,585
-
8,454
-
8,394
-
8,319
-
5,234
-
5,000
-
5,000
-
5,000
-
4,244
-
4,209
-
3,050
-
2,687
-
2,000
2,872,621
1,014,047|
|---|---|---|
|||1,014,047|
- 18 -
## **STELIOS PHILANTHROPIC FOUNDATION**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 30 SEPTEMBER 2023**_
## **8 Charitable commitments entered into in the year**
|**Charitable commitments entered into in the year**
**Direct donations made via the affiliated 'Foundation Philanthropique Stelios'**
**registered in Monaco**
WWF International (CH)
Foundation Prince Albert II (MC)
Air League Monaco (MC)
Fight Aids (MC)
Les Restaux du Coeur (FR)
Gustavia Yacht Club Events (FR)
St Maartens Yacht Club (FR)
FEMUR at St Barth Hospital (FR)
Monaco Ambassodor Club (MC)
Municipal Event Armata Spetses Festival (GR)
Amical de l'Ecole Primaire de St Barth (FR)
Societe Nationale de Sauvetage en Mer st Barth (FR)
Kate Powers Association (MC)
Mission Enfance (MC)
British Association of Monaco (MC)
Les Anges Gardiens (MC)
Ieros Naos Agiou (GR)
St Barth Music Festival (GR)
Foundation Princess Charlene (MC)
Greek Community Monaco (MC)
Donations under GBP 1,500
MC Children and Future No Finish Line (MC)
MC Red Cross for Patrick Coote Charity Row (MC)
MC Red Cross for Ukraine (MC)
Total donations to institutions
Grants to individuals
Grants to individuals (MC)
Total donations|**(Continued)**
**FY 2023**
**FY 2022**
**£**
**£**
374,740
150,469
374,740
150,469
55,575
8,508
26,511
17,813
25,749
-
24,773
-
11,572
-
8,906
-
8,819
-
8,587
-
4,453
-
4,434
-
4,419
-
4,417
-
4,407
-
4,403
4,246
4,315
-
4,291
-
3,528
4,196
2,209
2,083
1,503
-
-
10,041
-
8,558
-
8,394
962,351
327,259
3,834,972
1,341,306
515,621
14,032
27,953
4,378,546
1,392,856|**(Continued)**
**FY 2023**
**FY 2022**
**£**
**£**
374,740
150,469
374,740
150,469
55,575
8,508
26,511
17,813
25,749
-
24,773
-
11,572
-
8,906
-
8,819
-
8,587
-
4,453
-
4,434
-
4,419
-
4,417
-
4,407
-
4,403
4,246
4,315
-
4,291
-
3,528
4,196
2,209
2,083
1,503
-
-
10,041
-
8,558
-
8,394
962,351
327,259
3,834,972
1,341,306
515,621
14,032
27,953
4,378,546
1,392,856|
|---|---|---|
|||327,259|
|||1,341,306
14,032|
|||1,392,856|
Grants to individuals includes £496,316 (€570,000) of donations to the families of the 56 deceased following the train accident in Tempi in Greece in February 2023.
## **Key:**
GR - Greece, MC - Monaco, CY - Cyprus, UK - United Kingdom, FR - France, CH - Switzerland, US - United States of America, IR - Republic of Ireland
- 19 -
## **STELIOS PHILANTHROPIC FOUNDATION**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 30 SEPTEMBER 2023**_
|**9**|**Net movement in funds**|**2023**|**2022**|
|---|---|---|---|
|||**£**|**£**|
||Net movement in funds is stated after charging/(crediting)|||
||Auditor's remuneration|10,800|8,000|
||Depreciation of owned tangible fixed assets|312,967|314,797|
||Loss/(Gain) on foreign exchange|11,920|39,562|
## **10 Trustees**
During the year, no trustees received any benefits in kind (2022: £Nil).
Trustees were reimbursed for negligible travelling expenses (2022: None).
Three trustees (2022: Four), D Manasse, N Mourkogiannis, and I Panou received remuneration of €2,000 (2022: €2,000) per month each in their roles as trustees, as permitted by the provisions in the governing document of the charitable company.
## **11 Employees**
The average monthly number of employees during the year was:
|Distribution
Administration
Total
**Employment costs**
Wages and salaries
Social security costs
Other pension costs
The number of employees whose annual remuneration was more than £60,000
is as follows:
£60,000 - £70,000|**2023**
**Number**
1
3
4
**2023**
**£**
141,595
24,100
1,423
167,118
**2023**
**Number**
1|**2022**
**Number**
1
3|
|---|---|---|
|||4|
|||**2022**
**£**
110,570
19,247
975|
|||130,792|
|||**2022**
**Number**
-|
## **12 Taxation**
The charity is exempt from tax on income and gains falling within section 505 of the Taxes Act 1988 or section 252 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects.
- 20 -
## **STELIOS PHILANTHROPIC FOUNDATION**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 30 SEPTEMBER 2023**_
|**13**
**Tangible fixed assets**
**Freehold land**
**and buildings**
**Property**
**improvements**
**Fixtures and**
**fittings**
**£**
**£**
**£**
**Cost**
At 1 October 2022
15,887,198
1,357,723
82,479
Additions
681,034
760,955
-
At 30 September 2023
16,568,232
2,118,678
82,479
**Depreciation and impairment**
At 1 October 2022
442,261
327,367
77,096
Depreciation charged in the year
123,434
183,403
5,383
At 30 September 2023
565,695
510,770
82,479
**Carrying amount**
At 30 September 2023
16,002,537
1,607,908
-
At 30 September 2022
15,444,937
1,030,356
5,383
**14**
**Debtors**
**Amounts falling due within one year:**
Prepayments and accrued income
**15**
**Creditors: amounts falling due within one year**
**Notes**
Other taxation and social security
Grants payable
Trade creditors
Other creditors
Accruals and deferred income
**16**
**Creditors: amounts falling due after more than one year**
Grants payable|**Office**
**equipment**
**£**
85,613
-
85,613
82,614
747
83,361
2,252
2,999
**2023**
**£**
8,809
**2023**
**£**
24,825
481,321
72,973
17,182
26,750
623,051
**2023**
**£**
60,571|**Total**
**£**
17,413,014
1,441,989|
|---|---|---|
|||18,855,003|
|||929,338
312,967|
|||1,242,305|
|||17,612,698|
|||16,483,675|
|||**2022**
**£**
1,135|
|||**2022**
**£**
24,684
360,571
18,953
35,264
41,785|
|||481,257|
|||**2022**
**£**
221,142|
- 21 -
## **STELIOS PHILANTHROPIC FOUNDATION**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 30 SEPTEMBER 2023**_
## **17 Endowment funds**
Endowment funds represent assets which must be held permanently by the charity. Income arising on the endowment funds can be used in accordance with the objects of the charity and is included as unrestricted income. Any capital gains or losses arising on the assets form part of the fund.
|**Balance at**
**1 October 2021**
**£**
**Permanent endowments**
34 Thurloe
Square (UK)
9,520,652
5 Markou
Drakou (CY)
1,130,847
21 Alopekis
(GR)
2,372,782
Conference
Hall Plaka
(GR)
1,874,968
14,899,249
xx str 5|**Resources**
**expended**
**£**
(113,347)
(23,383)
(120,555)
(11,611)
(268,896)|**Transfers**
**Balance at**
**1 October 2022**
**£**
**£**
-
9,407,305
-
1,107,464
-
2,252,227
354,961
2,218,318
354,961
14,985,314|**Resources**
**expended**
**£**
(113,347)
(23,383)
(120,555)
(32,820)
(290,105)|**Transfers**
**Balance at**
**30 September**
**2023**
**£**
**£**
-
9,293,958
-
1,084,081
-
2,131,672
760,955
2,946,453
760,955
15,456,164|**Transfers**
**Balance at**
**30 September**
**2023**
**£**
**£**
-
9,293,958
-
1,084,081
-
2,131,672
760,955
2,946,453
760,955
15,456,164|
|---|---|---|---|---|---|
||||||15,456,164|
On 26 July 2019, the charitable company adopted revised Articles of Association stipulating certain properties should be retained in perpetuity by the charity. At each year end, a transfer is made between unrestricted funds and endowments funds representing additions of, and depreciation charged on, restricted fixed assets during the year,
- 22 -
## **STELIOS PHILANTHROPIC FOUNDATION**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 30 SEPTEMBER 2023**_
## **18 Unrestricted funds**
||||**Movement in funds**|**Movement in funds**|||**Movement in funds**|**Movement in funds**|||
|---|---|---|---|---|---|---|---|---|---|---|
|||**Balance at**|**Incoming**|**Resources**|**Transfers**|**Balance at**|**Incoming**|**Resources**|**Transfers**|**Balance at**|
||**1**|**October 2021**|**resources**|**expended**|**1**|**October 2022**|**resources**|**expended**||**30 September**|
|||||||||||**2023**|
|||**£**|**£**|**£**|**£**|**£**|**£**|**£**|**£**|**£**|
|General funds||(537,910)|10,499,225|2,653,546|(354,961)|6,952,808|16,290,696|(6,135,682)|(760,955)|16,346,867|
- 23 -
## **STELIOS PHILANTHROPIC FOUNDATION**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 30 SEPTEMBER 2023**_
|**19**
**Analysis of net assets between funds**
**Unrestricted**
**funds**
**Endowment**
**funds**
**2023**
**2023**
**£**
**£**
Fund balances at 30
September 2023 are
represented by:
Tangible assets
2,156,534
15,456,164
Current assets/(liabilities)
14,221,272
-
Long term liabilities
(60,571)
-
16,317,235
15,456,164|**Total Unrestricted**
**funds**
**Endowment**
**funds**
**2023**
**2022**
**2022**
**£**
**£**
**£**
17,612,698
1,498,361
14,985,314
14,221,272
5,675,589
-
(60,571)
(221,142)
-
31,773,399
6,952,808
14,985,314|**Total**
**2022**
**£**
16,483,675
5,675,589
(221,142)|
|---|---|---|
|||21,938,122|
## **20 Related party transactions**
## **Transactions with related parties**
|easyGroup Limited (common influence)
Fondation Philanthropique Stelios - Monaco
(common influence)
Sir Stelios Haji-Ioannou|**Donations received**
**2023**
**2022**
**£**
**£**
15,440,306
10,496,875
-
-
681,034
2,500
16,121,340
10,499,375|**Donations paid**
**2023**
**2022**
**£**
**£**
-
-
2,564,103
936,681
-
-
2,564,103
936,681|**Donations paid**
**2023**
**2022**
**£**
**£**
-
-
2,564,103
936,681
-
-
2,564,103
936,681|
|---|---|---|---|
||||936,681|
As disclosed in Note 10, three trustees received remuneration in their role as trustees during the period totalling £62,552 (2022: £60,719).
Donations received from Sir Stelios Haji-Ioannou during the year relate to donations in kind as disclosed in Note 3.
The associate members, detailed in the trustees' report, received total fees of £104,965 (2022: £52,349) during the period with respect to consultancy services provided to the foundation.
In the prior year, the charitable company repaid the easyGroup Holdings loan of £1,129,230 fully.
## **21 Controlling party**
The ultimate controlling party is the trustees.
- 24 -
## **STELIOS PHILANTHROPIC FOUNDATION**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 30 SEPTEMBER 2023**_
## **22 Grants awarded for future payment**
Grants awarded by the Trustees for future payment as at 30 September 2023 total £541,892 (2022: £581,713) as follows:
|**School or Charity**
**Date signed**
**Last**
**Payment**
**FY**
**As at 30**
**September**
**2022**
**£**
London School of Economics
Scholarships
22/08/2018
2023
150,000
Doukas Scholarships in Athens
15/11/2022
2025
181,713
Royal Museum Greenwich
05/07/2019
2023
50,000
(Cutty Sark)
Prince's Trust
28/03/2022
2024
200,000
London School of Economics
Scholarships
27/06/2023
2024
-
Wetwheels
30/08/2023
2024
-
BCA College Scholarships in Athens
25/05/2023
2024
-
581,713
Due within one year (note 15)
360,571
Due after one year (note 16)
221,142
581,713|**Paid**
**As at 30**
**September**
**2023**
**£**
**£**
(150,000)
-
(60,571)
121,142
(50,000)
-
-
(100,000)
100,000
-
255,000
-
46,000
-
19,750
(360,571)
541,892
481,321
60,571
541,892|
|---|---|
Grants awarded for future payment will be funded from the general unrestricted funds of the charity.
|**23**
**Cash generated from operations**
Surplus for the year
Adjustments for:
Investment income recognised in statement of financial activities
Foreign exchange differences
Donations received in kind
Depreciation and impairment of tangible fixed assets
Movements in working capital:
(Increase) in debtors
(Decrease) in creditors
**Cash generated from operations**|**23**
**Cash generated from operations**
Surplus for the year
Adjustments for:
Investment income recognised in statement of financial activities
Foreign exchange differences
Donations received in kind
Depreciation and impairment of tangible fixed assets
Movements in working capital:
(Increase) in debtors
(Decrease) in creditors
**Cash generated from operations**|**2023**
**£**
9,835,277
(169,356)
(11,920)
(681,034)
312,968
(7,675)
(18,778)
9,259,482|**2022**
**£**
7,576,783
-
39,562
-
314,797
(126)
(299,855)
7,631,161
28|
|---|---|---|---|
|**24**
**Analysis of changes in net debt**
The charity had no debt during the year.||page 28 of|28|
- 25 -