Docusign Envelope ID: C62610A2-65CD-4133-9E86-101B423DB72C
**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 2024**
Docusign Envelope ID: C62610A2-65CD-4133-9E86-101B423DB72C
## **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|
Docusign Envelope ID: C62610A2-65CD-4133-9E86-101B423DB72C
## **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 - 30|
Docusign Envelope ID: C62610A2-65CD-4133-9E86-101B423DB72C
## **STELIOS PHILANTHROPIC FOUNDATION**
## **TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT AND STRATEGIC REPORT)** _**FOR THE YEAR ENDED 30 SEPTEMBER 2024**_
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 2024.
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 documents, 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 causes, primarily in places where the founder and his family have lived and worked: the UK and Ireland, Greece and Cyprus, Monaco and France.
The foundation maintains at least 5 websites in order to inform members of the public and potential beneficiaries of the ways it gives back to society:
stelios.org stelios.foundation steliosfoundation.gr steliosfoundation.com.cy stelios.mc
Moreover, it maintains several pages on LinkedIn under the main page:
www.linkedin.com/company/stelios-philanthropic-foundation/
## **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 £89 million pounds sterling or the equivalent of c €107 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 and ask for them.
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.** Since 2007 we have offered several bi-communal awards to teams comprising one Turkish Cypriot and one Greek Cypriot, who are cooperating in business on the island as a way of building confidence between the two communities.
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 entrepreneurs in the UK, Greece and Cyprus** : We give cash grants to the most successful entrepreneurs who have started their own business in order to encourage the creation of more business start-ups which is the best way of creating new jobs in an economy.
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Docusign Envelope ID: C62610A2-65CD-4133-9E86-101B423DB72C
## **STELIOS PHILANTHROPIC FOUNDATION**
## **TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT AND STRATEGIC REPORT) (CONTINUED)** _**FOR THE YEAR ENDED 30 SEPTEMBER 2024**_
## **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 2024, which show incoming resources for the year of £16,954,657 and resources expended on charitable activities of £9,532,837, being charitable donations (£6,291,792) and charity costs (£3,241,045). The overall movement in fund balances for the year was an increase of £7,421,820.
## **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 2024 unrestricted reserves amounted to £24,124,603. 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.
In addition, and following the change of the articles of association with a new investment policy adopted on 10 April 2024, the charitable company will invest its surplus funds in order to generate its own recurring income from which it can fund future donations.
Since 26 July 2019, when the charitable company adopted revised articles of association stipulating that certain properties should be retained in perpetuity by the foundation, 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 documents are the updated memorandum and articles of association adopted on 10 April 2024.
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Docusign Envelope ID: C62610A2-65CD-4133-9E86-101B423DB72C
## **STELIOS PHILANTHROPIC FOUNDATION**
## **TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT AND STRATEGIC REPORT) (CONTINUED)**
## _**FOR THE YEAR ENDED 30 SEPTEMBER 2024**_
**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.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 documents, 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 the foundation's exposure to the major risks.
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Docusign Envelope ID: C62610A2-65CD-4133-9E86-101B423DB72C
## **STELIOS PHILANTHROPIC FOUNDATION**
## **TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT AND STRATEGIC REPORT) (CONTINUED)**
## _**FOR THE YEAR ENDED 30 SEPTEMBER 2024**_
## **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;
- state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; 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.
## **Auditor**
In accordance with the company's articles, a resolution proposing that Kirk Rice LLP be reappointed as auditor of the company will be put at a General Meeting.
## **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**
## 28/11/2024
Date: .............................................
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Docusign Envelope ID: C62610A2-65CD-4133-9E86-101B423DB72C
## **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 2024 which comprise the statement of financial activities, the balance sheet, the statement of cash flows and the 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 2024 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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Docusign Envelope ID: C62610A2-65CD-4133-9E86-101B423DB72C
## **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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Docusign Envelope ID: C62610A2-65CD-4133-9E86-101B423DB72C
## **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**
28/11/2024
.........................
## **Statutory Auditor**
The Courtyard High Street Ascot Berkshire SL5 7HP
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Docusign Envelope ID: C62610A2-65CD-4133-9E86-101B423DB72C
## **STELIOS PHILANTHROPIC FOUNDATION**
## **STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT**
## _**FOR THE YEAR ENDED 30 SEPTEMBER 2024**_
|**Unrestricted Endowment**
**funds**
**funds**
**2024**
**2024**
**Notes**
**£**
**£**
**Income from:**
Donations and
legacies
**4**
15,849,704
-
Charitable activities
**3**
79,888
-
Investments
**5**
1,025,065
-
**Total income**
16,954,657
-
**Expenditure on:**
Raising funds
**6**
34,522
-
Charitable activities
**7**
9,112,767
385,548
**Total expenditure**
9,147,289
385,548
Gross transfers
between funds
-
-
**Net income/(expenditure)**
**for the year/**
**Net movement in funds**
7,807,368
(385,548)
Fund balances at 1 October
2023
16,317,235
15,456,164
**Fund balances at 30**
**September 2024**
24,124,603
15,070,616|**Total**
**Unrestricted Endowment**
**funds**
**funds**
**2024**
**2023**
**2023**
**£**
**£**
**£**
15,849,704
16,121,340
-
79,888
-
-
1,025,065
169,356
-
16,954,657
16,290,696
-
34,522
22,844
-
9,498,315
6,142,470
290,105
9,532,837
6,165,314
290,105
-
(760,955)
760,955
7,421,820
9,364,427
470,850
31,773,399
6,952,808
14,985,314
39,195,219
16,317,235
15,456,164|**Total**
**2023**
**£**
16,121,340
-
169,356|
|---|---|---|
|||16,290,696|
|||22,844
6,432,575|
|||6,455,419|
|||-
9,835,277
21,938,122|
|||31,773,399|
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 30 form part of these financial statements.
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Docusign Envelope ID: C62610A2-65CD-4133-9E86-101B423DB72C
## **STELIOS PHILANTHROPIC FOUNDATION**
## **BALANCE SHEET**
## _**AS AT 30 SEPTEMBER 2024**_
|**2024**
**Notes**
**£**
**£**
**Fixed assets**
Tangible assets
**14**
17,686,808
**Current assets**
Debtors
**15**
3,249
Cash at bank and in hand
22,722,130
22,725,379
**Creditors: amounts falling due within**
**one year**
**16**
(716,968)
Net current assets
22,008,411
**Total assets less current liabilities**
39,695,219
**Creditors: amounts falling due after**
**more than one year**
**17**
(500,000)
**Net assets**
39,195,219
**Income funds**
Endowment funds
15,070,616
Unrestricted funds
24,124,603
39,195,219
The notes on pages 11 to 30 form part of these financial statements.|**2023**
**£**
**£**
17,612,698
8,809
14,835,514
14,844,323
(623,051)
14,221,272
31,833,970
(60,571)
31,773,399
15,456,164
16,317,235
31,773,399|
|---|---|
28/11/2024 The financial statements were approved by the Trustees on ......................... .............................. Sir Stelios Haji-Ioannou **Trustee**
## **Company registration number 07567138**
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Docusign Envelope ID: C62610A2-65CD-4133-9E86-101B423DB72C
## **STELIOS PHILANTHROPIC FOUNDATION**
## **STATEMENT OF CASH FLOWS** _**FOR THE YEAR ENDED 30 SEPTEMBER 2024**_
|**Notes**
**Cash flows from operating activities**
Cash generated from operations
**27**
**Investing activities**
Additions to tangible fixed assets
Investment income received
**Net cash generated from/(used in)**
**investing activities**
**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**|**2024**
**£**
**£**
7,316,539
(485,777)
1,025,065
539,288
-
7,855,827
14,835,514
30,789
22,722,130|**2023**
**£**
**£**
9,259,482
(760,955)
169,356
(591,599)
-
8,667,883
6,155,711
11,920
14,835,514|
|---|---|---|
The notes on pages 11 to 30 form part of these financial statements.
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Docusign Envelope ID: C62610A2-65CD-4133-9E86-101B423DB72C
## **STELIOS PHILANTHROPIC FOUNDATION**
## **NOTES TO THE FINANCIAL STATEMENTS** _**FOR THE YEAR ENDED 30 SEPTEMBER 2024**_
## **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 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 assets is the amount that the charity would pay in the open market for an alternative assets that would provide a benefit to the charity equivalent to the donated item. For donated land and buildings, this is the land registry property value on the date of transfer.
Investment income is earned from holding assets and, as disclosed in Note 18, selling derivative financial instruments for investment purposes. Investment income includes interest accrued on surplus funds and premiums received on the sale of put options. These amounts are recognised when earned and are used in the ordinary charitable activities of the charity.
Income from charitable activities relates to rental income from the leasing of Cine Paris, an open-air cinema located on the rooftop of the charity's Plaka conference hall. Rental amounts are recognised when earned and are structured to increase in line with expected general inflation of 3% to compensate for the charity's expected inflationary cost increases.
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Docusign Envelope ID: C62610A2-65CD-4133-9E86-101B423DB72C
## **STELIOS PHILANTHROPIC FOUNDATION**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 30 SEPTEMBER 2024**_
## **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|
|Plant and equipment|33.3% 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.
- 12 -
Docusign Envelope ID: C62610A2-65CD-4133-9E86-101B423DB72C
## **STELIOS PHILANTHROPIC FOUNDATION**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 30 SEPTEMBER 2024**_
## **1 Accounting policies**
## **(Continued)**
## **1.9 Financial instruments**
The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
## **Basic financial assets**
Basic financial assets include other debtors and prepayments. 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.
## **Other financial assets**
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in net income/(expenditure), except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.
## **Derecognition of financial assets**
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the charity transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
## **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.
## **Other financial liabilities**
Derivatives, including options, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in finance costs or finance income as appropriate.
## **Derecognition of financial liabilities**
Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled.
- 13 -
Docusign Envelope ID: C62610A2-65CD-4133-9E86-101B423DB72C
## **STELIOS PHILANTHROPIC FOUNDATION**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 30 SEPTEMBER 2024**_
## **1 Accounting policies**
## **(Continued)**
## **1.10 Taxation**
Stelios Philanthropic Foundation is a registered charity and, as such, its 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.
## **3 Income from charitable activities**
|||**Unrestricted**|**Unrestricted**|
|---|---|---|---|
|||**funds**|**funds**|
|||**2024**|**2023**|
|||**£**|**£**|
||Charitable rental income|79,888|-|
|**4**|**Donations and legacies**|||
|||**Unrestricted **|**Unrestricted**|
|||**funds**|**funds**|
|||**2024**|**2023**|
|||**£**|**£**|
||Donations and gifts|15,849,704|16,121,340|
||**Donations and gifts**|||
||Cash donations|15,849,703|15,440,306|
||Donations in kind|1|681,034|
|||15,849,704|16,121,340|
- 14 -
Docusign Envelope ID: C62610A2-65CD-4133-9E86-101B423DB72C
## **STELIOS PHILANTHROPIC FOUNDATION**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 30 SEPTEMBER 2024**_
## **4 Donations and legacies**
## **(Continued)**
Donations in kind relate to the transfer of the Klelia 1 Yacht from Sir Stelios Haji-Ioannou to the foundation for use in BCA College's Yacht Chef programme and Omega Yachting Academy Yacht Skipper scholarships, for which the charity sponsors a number of scholarships annually. This asset is not permanent endowment.
## www.linkedin.com/showcase/my-klelia-1
www.bca.edu.gr/en/executive-education/yacht-chef-certificate-2024-25 omega.gr
The donation has been recognised within the foundation's accounts once received and is measured at fair value. The Klelia 1 is not seaworthy but remains idle in the same marina Zeas in Piraeus, Greece, where she has been since 1976 when it was owned by Sir Stelios' late Father, Loucas, as his first yacht. Therefore its fair value cannot be measured based on observable active market transactions or market information. The asset's fair value is instead deemed to be the higher of its salvage value and the value it holds in current use as a training facility.
The Trustees estimate that the cost of dismantling and delivering the metal and components as scrap would either outweigh the value of the metal sold, or produce a highly immaterial gain on disposal. Conversely, the Trustees have confirmed that the annual mooring fees, insurance costs, and general maintenance and running costs of owning and making available the yacht for charitable purposes far exceeds the costs the charity would incur in providing an acceptable alternative training facility to BCA College and Omega Yachting Academy.
The value to the Foundation of paying the costs of the Klelia 1 is also the free publicity and brand awareness in the maritime communities of Greece where Sir Stelios and his father started their career.
Therefore, the yacht is deemed to have no material salvage value and no material value in use, and, for transparency, the donation in kind has been recognised at the nominal value of £1.
## **5 Income from investments**
||**Unrestricted**|**Unrestricted**|
|---|---|---|
||**funds**|**funds**|
||**2024**|**2023**|
||**£**|**£**|
|Option premiums|235,130|-|
|Interest receivable|789,935|169,356|
||1,025,065|169,356|
- 15 -
Docusign Envelope ID: C62610A2-65CD-4133-9E86-101B423DB72C
## **STELIOS PHILANTHROPIC FOUNDATION**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 30 SEPTEMBER 2024**_
## **6 Raising funds**
|||**Unrestricted **|**Unrestricted**|
|---|---|---|---|
|||**funds**|**funds**|
|||**2024**|**2023**|
|||**£**|**£**|
||**Events and awards**|||
||Other event running costs|34,522|22,844|
|**7**|**Charitable activities**|||
|||**Charitable**|
**Charitable**|
|||**Expenditure**|**Expenditure**|
|||**2024**|**2023**|
|||**£**|**£**|
||**Activity costs**|||
||Staff costs|192,375|167,118|
||Food From The Heart costs|442,489|339,969|
||Food From The Heart consultants fees|164,734|181,293|
||Professional fees|3,970|55,947|
||Advertising|595,698|222,917|
||Other costs|259,424|157,431|
||Associate members fees|68,288|69,340|
|||1,726,978|1,194,015|
||Grants|7,215,971|4,793,123|
||Support costs|431,984|335,137|
||Governance costs|123,382|110,300|
|||9,498,315|6,432,575|
||**Analysis by fund**|||
||Unrestricted funds|9,112,767|6,142,470|
||Endowment funds|385,548|290,105|
|||9,498,315|6,432,575|
- 16 -
Docusign Envelope ID: C62610A2-65CD-4133-9E86-101B423DB72C
## **STELIOS PHILANTHROPIC FOUNDATION**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 30 SEPTEMBER 2024**_
|**8**
**Support and governance costs**
**Support costs**
**Governance**
**costs**
**Unrestricted**
**Endowment**
**Unrestricted**
**funds**
**funds**
**funds**
**£**
**£**
**£**
Bank charges
4,333
-
-
Professional fees
15,985
-
19,967
Auditor's remuneration
-
-
11,220
Exchange rate differences
-
-
30,789
Trustee remuneration
-
-
61,406
Depreciation
26,119
385,548
-
46,436
385,548
123,382
Analysed between
Charitable activities
46,436
385,548
123,382|**2024 Support costs**
**Governance**
**costs**
**Unrestricted**
**Endowment Unrestricted**
**funds**
**funds**
**funds**
**£**
**£**
**£**
**£**
4,332
5,186
-
-
35,952
16,984
-
24,378
11,220
-
-
11,450
30,789
-
-
11,920
61,406
-
-
62,552
411,667
22,862
290,105
-
555,366
45,032
290,105
110,300
555,366
45,032
290,105
110,300|**2023**
**£**
5,186
41,362
11,450
11,920
62,552
312,967|
|---|---|---|
|||445,437|
|||445,437|
- 17 -
Docusign Envelope ID: C62610A2-65CD-4133-9E86-101B423DB72C
## **STELIOS PHILANTHROPIC FOUNDATION**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 30 SEPTEMBER 2024**_
## **9 Charitable commitments entered into in the year**
|**FY 2024**
**£**
**Direct donations made by Stelios Philanthropic Foundation UK to other charities**
**including year-end commitments**
**Awards**
Young Entrepreneurs Awards (UK)
300,000
Disabled Entrepreneurs Awards (UK)
200,000
Bi-Communal Awards (CY)
171,925
Young Entrepreneurs Awards (GR)
168,719
Young Entrepreneurs Awards (CY)
83,535
Total Awards
924,179
**Scholarships**
London School of Economics Scholarships (UK)
255,000
Bayes Business School - City University London (UK)
130,000
University of Cyprus MBA Programme (CY)
38,123
Oikonomico College for Chefs (GR)
23,477
BCA College Scholarships (GR)
22,982
Omega Training Centre Scholarships (GR)
21,550
Omega College Athens (GR)
20,965
LSE - Scholarships Recruitment (UK)
13,026
BBS - Scholarships Recruitment - Use of Plaka (GR)
13,000
BCA College Scholarships - Use of Plaka (GR)
12,702
Omega Training Centre - Use of Plaka (GR)
12,670
Corpus Christi College Oxford (UK)
5,100
Doukas Scholarship Refund (GR)
(19,425)
Reussite Scholarship (FR)
-
Total Scholarships
549,170
**Donations**
Prince's Trust (UK) - Including £750,000 future commitment
1,000,000
Fondation Philanthropique Stelios (MC)
655,092
UNICEF (UK)
640,000
Medecins sans Frontiere Greece (GR)
464,758
King's Foundation (UK)
151,200
Spetses Authorities EV Station and Fire Trucks (GR)
104,820
British Red Cross (UK)
100,000
Hellenic Red Cross (GR)
85,844
The Air League (UK)
60,000
Red Cross (CY)
51,607
Hellenic Initiative (GR)
50,862
Sea Cadets (UK)
45,000
Glassdoor Homeless Charity (UK)
45,000|**FY 2023**
**£**
-
100,000
168,201
85,785
60,590|
|---|---|
||414,577
255,000
60,000
12,841
-
39,501
-
-
-
-
-
-
-
-
40,011|
||407,353
-
1,573,799
-
21,716
-
-
-
21,716
60,000
26,558
-
30,000
15,000|
- 18 -
Docusign Envelope ID: C62610A2-65CD-4133-9E86-101B423DB72C
## **STELIOS PHILANTHROPIC FOUNDATION**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 30 SEPTEMBER 2024**_
|**9**|**Charitable commitments entered into in the year**||**(Continued)**|
|---|---|---|---|
|||**FY 2024**|**FY 2023**|
|||**£**|**£**|
||Together for Children (GR)|42,922|21,716|
||Axion Hellas (GR)|42,922|-|
||The Smile of the Child (GR)|42,922|21,716|
||Elepap (GR)|42,868|25,683|
||Independent Social (CY)|42,849|-|
||Trinity College Dublin (IR)|34,385|-|
||Make a Wish Foundation (GR)|34,284|-|
||Spetses Authorities (GR)|34,160|-|
||Bloomsbury Football Club (UK)|34,000|-|
||The Mission to Seafarers (UK)|31,600|-|
||Seafarers Charity (UK)|30,000|-|
||Cancer Research (UK)|30,000|-|
||British Heart Foundation (UK)|30,000|-|
||UNHCR UK (UK)|30,000|-|
||Medecin sans Frontiere (UK)|30,000|-|
||Maritime Museum (UK)|30,000|-|
||London Air Ambulance (UK)|30,000|20,000|
||The Hellenic Foundation (GR)|25,758|-|
||Theotokos Foundation (CY)|25,744|-|
||Cyprus Anti-Cancer Society (CY)|25,709|-|
||Lania Council (CY)|25,543|17,705|
||Pedoulas Community Council (CY)|25,299|8,853|
||Spinal MuscularAtrophy (UK)|25,000|-|
||Migration Museum (UK)|25,000|-|
||The Hellenic Initiative (UK)|25,000|25,000|
||Foundation Vasili Papantoniou (GR)|21,638|-|
||SOS Children's Villages Greece (GR)|21,461|-|
||Breathe Hellas (GR)|21,088|-|
||UK Committee Unicef for Gaza (UK)|20,000|-|
||Leonard Cheshire Disability Donation (UK)|20,000|20,000|
||Cypriot organisation for Kidney desease (CY)|17,265|-|
||Pieta House (IR)|17,192|-|
||Irish Red Cross (IR)|17,192|-|
||Friends Organisation of Ayias Skepis (GR)|17,163|-|
||Wetwheels Foundation (UK)|17,000|61,000|
||Prince's Trust International (GR) for use of Plaka|13,000|-|
||Helmepa (GR)|12,949|-|
||Naftemporiki book (GR)|12,930|-|
||Borysthenes NGO (GR)|12,894|-|
||Halse (GR)|12,841|-|
||Friends of Greece (GR)|12,823|-|
||Laura Lynn Children's Hospice (IR)|12,765|8,563|
||TEDX Athens (GR) for use of Plaka|12,658|-|
||KEMEL Centre for Volunteer Managers for Greece (GR)|12,658|-|
||Foundation of Research and History (GR)|12,656|-|
||Ecological Elafonisos (GR)|12,632|-|
||Open Minds Foundation (GR)|12,622|-|
- 19 -
Docusign Envelope ID: C62610A2-65CD-4133-9E86-101B423DB72C
## **STELIOS PHILANTHROPIC FOUNDATION**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 30 SEPTEMBER 2024**_
|**9**|**Charitable commitments entered into in the year**||**(Continued)**|
|---|---|---|---|
|||**FY 2024**|**FY 2023**|
|||**£**|**£**|
||Hellenic Cypriot Cultural Association (GR)|12,622|-|
||Medical Prevention NGO (GR)|12,622|-|
||Dumfries House Trust (UK)|12,000|-|
||St Wilfrid's Hospice in Memory of Jessica Fry's mother (UK)|10,000|-|
||Aerobility (UK)|10,000|10,000|
||Now Teach (UK)|10,000|-|
||Andrew Simpson Sailing Association (UK)|10,000|-|
||World Wide Fund for Nature (CH)|8,637|-|
||Elpira Charity Concert (CY)|8,628|-|
||Irish Heart Foundation (IR)|8,596|-|
||Irish Cancer Society (IR)|8,596|8,643|
||Arktouros (GR)|8,584|-|
||Atlantic Youth Trust (IR)|8,567|17,705|
||Sailing for Victory Ltd (Pavlos Kontides) (CY)|8,551|-|
||Water Safety Ireland (IR)|8,540|-|
||Anima Care (GR)|8,391|-|
||Friends of St. Bartholomew's Anglican Church (FR)|8,141|-|
||Friends of Aboyne in memory of Nancy Ferguson (UK)|5,000|-|
||Mind (UK)|5,000|-|
||Tall Ships Youth Trust (UK)|5,000|-|
||CYMEPA Beach Cleaning (CY)|4,869|1,630|
||Cyprus Economic Society (CY)|4,778|-|
||Agia Triada Church Greece (GR)|4,351|-|
||Jigsaw (IR)|4,298|-|
||Conservation Collective Cyprus Environment (CY)|4,298|8,868|
||Wicklow Hospice (IR)|4,298|-|
||The Love for Children (CY)|4,298|-|
||Cliona's Foundation (IR)|4,298|8,736|
||Irish Blue Cross (IR)|4,298|4,282|
||Enable Ireland (IR)|4,298|-|
||Children Leukemia Association (IR)|4,298|-|
||Small Heroes (CY)|4,291|-|
||Spetses Church (GR)|4,199|-|
||Gala for sailing to Paris 2024 (CY)|3,748|-|
||Paws with Love for Chandri's Christenings (GR)|3,374|-|
||Blood Bike Leinster (IR)|2,579|-|
||Pink Tie Ireland (IR)|2,562|-|
||Annual National Service for Seafarers (UK)|2,000|10,000|
||Adventures Offshore (UK)|2,000|2,000|
||Donations under GBP 1,500|2,000|1,858|
||Organisation of children Friend in memory of G Hadzaras (GR)|1,712|-|
||Royal National Lifeboat Institution (UK)|-|55,000|
||Shipwrights for Cutty Sark (UK)|-|32,750|
||London Nautical Society (UK)|-|30,000|
||Luton Sea Cadets (UK)|-|25,000|
||UNHCR Greece (GR)|-|25,000|
||Fundraiser for Anti-Cancer Association (CY)|-|22,132|
- 20 -
Docusign Envelope ID: C62610A2-65CD-4133-9E86-101B423DB72C
## **STELIOS PHILANTHROPIC FOUNDATION**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 30 SEPTEMBER 2024**_
|**9**
**Charitable commitments entered into in the year**
Theotokus Foundation (CY)
Doctors of the World for Turkey-Syria Earthquake (GR)
Turkish Red Crescent (TR)
Aurora Together Against Disease (GR)
Link Baby Miracles (CY)
Reos Institute (UK)
Pancyprian Association of Friends in Cyprus (CY)
Parish of the Immaculate Conception (UK)
Creeslough Explosion Go Fund Me (IR)
Foundation of Arcturos (GR)
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)
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)
**Direct donations made via the affiliated 'Foundation Philanthropique Stelios'**
**registered in Monaco**
Centre Hospitalier Princesse Grace (MC)
The Duke of Edinburgh Awards (UK)
St Barth Authorities (FR)
Make a Wish (US)
The Hellenic Initiative (US)
Air League Monaco (MC)
FEMUR St Barth (FR)
Les Restaux du Coeur (FR)
Fight Aids Monaco (MC)
Association de l'Eglise Anglicane St Paul Monaco (MC)
Communautee Hellenique de Monaco (MC)
Societe Nationale de Sauvetage en Mer St Barth (FR)
Les Anges Gardiens de Nice (FR)
Gustavia Yacht Club Events (FR)
St Marteen Yacht Club (NL)|**(Continued)**
**FY 2024**
**FY 2023**
**£**
**£**
-
21,959
-
17,688
-
17,618
-
17,593
-
17,567
-
17,271
-
12,919
-
10,000
-
9,048
-
8,687
-
6,853
-
5,039
-
5,000
-
5,000
-
5,000
-
5,000
-
4,436
-
4,392
-
4,382
-
4,341
-
4,280
-
4,280
-
4,275
-
4,184
-
3,000
-
2,827
4,847,897
2,465,268
127,910
-
87,831
-
85,273
-
85,273
-
80,157
-
49,128
55,575
42,637
8,906
42,637
25,749
25,582
26,511
21,318
-
17,907
2,209
17,055
4,434
17,055
4,403
15,733
24,773
10,971
11,572|**(Continued)**
**FY 2024**
**FY 2023**
**£**
**£**
-
21,959
-
17,688
-
17,618
-
17,593
-
17,567
-
17,271
-
12,919
-
10,000
-
9,048
-
8,687
-
6,853
-
5,039
-
5,000
-
5,000
-
5,000
-
5,000
-
4,436
-
4,392
-
4,382
-
4,341
-
4,280
-
4,280
-
4,275
-
4,184
-
3,000
-
2,827
4,847,897
2,465,268
127,910
-
87,831
-
85,273
-
85,273
-
80,157
-
49,128
55,575
42,637
8,906
42,637
25,749
25,582
26,511
21,318
-
17,907
2,209
17,055
4,434
17,055
4,403
15,733
24,773
10,971
11,572|
|---|---|---|
|||2,465,268
-
-
-
-
-
55,575
8,906
25,749
26,511
-
2,209
4,434
4,403
24,773
11,572|
- 21 -
Docusign Envelope ID: C62610A2-65CD-4133-9E86-101B423DB72C
## **STELIOS PHILANTHROPIC FOUNDATION**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 30 SEPTEMBER 2024**_
|**9**
**Charitable commitments entered into in the year**
Yacht Club of Greece Spetses GYC
Children and Future - No Finish Line (MC)
Ecole Francois d'Assise Nicolas Barre (MC)
l'Amicale de l'ecole Primaire de Gustavia (FR)
Fondation Princesse Charlene de Monaco (MC)
Monaco Desease Power (MC)
Outward Bound Monaco (MC)
Association monegasque de Vol a Voile (MC)
Donation Societe Protectrice des Animaux Monaco (MC)
Etoiles de Monaco (MC)
The Federation Monegasque de Rugby (MC)
Assoc Francaise Contre l'Amylose (FR)
Donations under GBP 1,500
WWF International (CH)
Fondation Prince Albert II (MC)
Monaco Ambassador Club (MC)
Municipal Event Armata Spetses Festival (GR)
Kate Powers Association (MC)
Mission Enfance (MC)
Ieros Naos Agiou (GR)
St Bart Music Festival (FR)
Total donations
Total donations to institutions
Grants to individuals
Grants to individuals (MC)
Total donations|**(Continued)**
**FY 2024**
**FY 2023**
**£**
**£**
10,574
-
10,233
-
10,233
-
8,527
4,453
8,527
3,528
8,527
-
8,527
-
8,527
-
7,248
-
6,822
-
5,116
-
4,264
-
2,559
5,910
-
374,740
-
374,740
-
8,819
-
8,587
-
4,419
-
4,417
-
4,315
-
4,291
826,151
962,351
5,674,048
3,427,619
7,147,397
4,249,549
65,146
515,621
8,527
27,953
7,215,971
4,793,123|**(Continued)**
**FY 2024**
**FY 2023**
**£**
**£**
10,574
-
10,233
-
10,233
-
8,527
4,453
8,527
3,528
8,527
-
8,527
-
8,527
-
7,248
-
6,822
-
5,116
-
4,264
-
2,559
5,910
-
374,740
-
374,740
-
8,819
-
8,587
-
4,419
-
4,417
-
4,315
-
4,291
826,151
962,351
5,674,048
3,427,619
7,147,397
4,249,549
65,146
515,621
8,527
27,953
7,215,971
4,793,123|
|---|---|---|
|||962,351|
|||3,427,619|
|||4,249,549
515,621
27,953|
|||4,793,123|
## **Key:**
GR - Greece, MC - Monaco, CY - Cyprus, UK - United Kingdom, FR - France, CH - Switzerland, US - United States of America, IR - Republic of Ireland
|**10**|**Net movement in funds**|**2024**|**2023**|
|---|---|---|---|
|||**£**|**£**|
||Net movement in funds is stated after charging/(crediting)|||
||Auditor's remuneration|11,220|10,800|
||Depreciation of owned tangible fixed assets|411,667|312,967|
||Loss/(Gain) on foreign exchange|30,789|11,920|
- 22 -
Docusign Envelope ID: C62610A2-65CD-4133-9E86-101B423DB72C
## **STELIOS PHILANTHROPIC FOUNDATION**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 30 SEPTEMBER 2024**_
## **11 Trustees**
During the year, no trustees received any benefits in kind (2023: £nil).
The charity paid for travelling expenses linked to events of the foundation and board meetings for trustees to a total of £19,303 (2023: negligible).
Three trustees (2023: Three), D Manasse, N Mourkogiannis, and I Panou received remuneration of €2,000 (2023: €2,000) per month each in their roles as trustees, as permitted by the provisions in the governing document of the charitable company. The remuneration for September 2024 was unpaid at period end and has been recognised within accruals.
## **12 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|**2024**
**Number**
1
4
5
**2024**
**£**
161,934
29,120
1,321
192,375
**2024**
**Number**
1|**2023**
**Number**
1
3|
|---|---|---|
|||4|
|||**2023**
**£**
141,595
24,100
1,423|
|||167,118|
|||**2023**
**Number**
1|
## **13 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.
- 23 -
Docusign Envelope ID: C62610A2-65CD-4133-9E86-101B423DB72C
## **STELIOS PHILANTHROPIC FOUNDATION**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 30 SEPTEMBER 2024**_
## **14 Tangible fixed assets**
|**Freehold land**
**and buildings**
**Property**
**improvements**
**Plant and**
**equipment**
**£**
**£**
**£**
**Cost**
At 1 October 2023
16,568,232
2,118,678
-
Additions
1
69,037
413,165
At 30 September 2024
16,568,233
2,187,715
413,165
**Depreciation and**
**impairment**
At 1 October 2023
565,695
510,770
-
Depreciation charged in the
year
128,542
281,029
-
At 30 September 2024
694,237
791,799
-
**Carrying amount**
At 30 September 2024
15,873,996
1,395,916
413,165
At 30 September 2023
16,002,537
1,607,908
-
**15**
**Debtors**
**Amounts falling due within one year:**
Prepayments and accrued income
**16**
**Creditors: amounts falling due within one year**
Other taxation and social security
Grants payable
Trade creditors
Other creditors
Accruals and deferred income
**17**
**Creditors: amounts falling due after more than one year**
Grants payable|**Fixtures and**
**fittings**
**£**
82,480
-
82,480
82,479
1
82,480
-
1|**Fixtures and**
**fittings**
**£**
82,480
-
82,480
82,479
1
82,480
-
1|**Office**
**equipment**
**£**
85,613
3,575
89,188
83,361
2,096
85,457
3,731
2,252
**2024**
**£**
3,249
**2024**
**£**
30,184
376,998
76,246
32,690
200,850
716,968
**2024**
**£**
500,000|**Total**
**£**
18,855,003
485,778|
|---|---|---|---|---|
|||||19,340,781|
|||||1,242,305
411,668|
|||||1,653,973|
|||||17,686,808|
|||||17,612,698|
|||||**2023**
**£**
8,809|
|||||**2023**
**£**
24,825
481,321
72,973
17,182
26,750|
|||||623,051|
|||||**2023**
**£**
60,571|
- 24 -
Docusign Envelope ID: C62610A2-65CD-4133-9E86-101B423DB72C
## **STELIOS PHILANTHROPIC FOUNDATION**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 30 SEPTEMBER 2024**_
## **18 Derivatives**
At period end, in accordance with the powers of the charitable company granted under the Articles of Association, adopted 10 April 2024, the entity has pledged surplus cash of circa £14.3m as a security for the sale of put options on exchange traded funds (ISF.LN) which tracks the FTSE 100 index in consideration for cash premiums. These derivative financial instruments fall under the scope of FRS102:12 and will initially be recognised at cost, which is invariably nil, and subsequently at fair value through profit or loss. As at periodend, the put options sold, but not matured, are out-of-the-money and are deemed to have zero cost and zero fair value, with any time value being immaterial. This assessment of fair value has been made using quoted prices available at the London Stock Exchange.
In the event of the share options being exercised, the charity would utilise its pledged cash deposits to purchase the equivalent value of the exchange traded funds at the strike price. The entity would then hold the shares and collect dividends until the value increases. Once the price has sufficiently increased, the entity would sell call options to give a counterparty the right to buy such shares at a price which would represent a realised capital gain of the charity. No share options were exercised during the period and the entity holds no exchange traded funds.
The charity's investment strategy is intended to generate a return comprising interest generated on cash deposits held with banks, including cash pledged as security, premiums earned from the sale of options, dividend income from exchange traded funds held, and realised capital gains deriving from the exercise of call options.
## **19 Retirement benefit schemes**
|**Retirement benefit schemes**|||
|---|---|---|
||**2024**|**2023**|
|**Defined contribution schemes**|**£**|**£**|
|Charge to profit or loss in respect of defined contribution schemes|1,321|1,423|
The charity operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the charity in an independently administered fund.
- 25 -
Docusign Envelope ID: C62610A2-65CD-4133-9E86-101B423DB72C
## **STELIOS PHILANTHROPIC FOUNDATION**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 30 SEPTEMBER 2024**_
## **20 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 2022**
**£**
**Permanent endowments**
34 Thurloe Square (UK)
9,407,305
5 Markou Drakou (CY)
1,107,464
5 Alopekis (GR)
2,252,227
Conference Hall Plaka
(GR)
2,218,318
14,985,314|**Resources**
**expended**
**£**
(113,347)
(23,383)
(120,555)
(32,820)
(290,105)|**Transfers**
**Balance at**
**1 October 2023**
**£**
**£**
-
9,293,958
-
1,084,081
-
2,131,672
760,955
2,946,453
760,955
15,456,164|**Resources**
**expended**
**Balance at**
**30 September**
**2024**
**£**
**£**
(113,347)
9,180,611
(23,383)
1,060,698
(120,555)
2,011,117
(128,263)
2,818,190
(385,548) 15,070,616|**Resources**
**expended**
**Balance at**
**30 September**
**2024**
**£**
**£**
(113,347)
9,180,611
(23,383)
1,060,698
(120,555)
2,011,117
(128,263)
2,818,190
(385,548) 15,070,616|
|---|---|---|---|---|
|||||15,070,616|
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.
## **21 Unrestricted funds**
The unrestricted funds of the charity comprise the unexpended balances of incoming resources which are not subject to specific conditions by donors as to how they may be used.
|**At 1 October**
**2023**
**£**
General funds
16,317,235
**Previous year:**
**At 1 October**
**2022**
**£**
General funds
6,952,808|**Incoming**
**resources**
**£**
16,954,657
**Incoming**
**resources**
**£**
16,290,696|**Resources**
**expended**
**£**
(9,147,289)
**Resources**
**expended**
**£**
(6,165,314)|**Transfers**
**£**
-
**Transfers**
**£**
(760,955)|**At 30**
**September**
**2024**
**£**
24,124,603|
|---|---|---|---|---|
|||||**At 30**
**September**
**2023**
**£**
16,317,235|
- 26 -
Docusign Envelope ID: C62610A2-65CD-4133-9E86-101B423DB72C
## **STELIOS PHILANTHROPIC FOUNDATION**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 30 SEPTEMBER 2024**_
|**22**
**Analysis of net assets between funds**
**Unrestricted**
**funds**
**Endowment**
**funds**
**2024**
**2024**
**£**
**£**
Fund balances at 30
September 2024 are
represented by:
Tangible assets
2,616,192
15,070,616
Current assets/(liabilities)
22,008,411
-
Long term liabilities
(500,000)
-
24,124,603
15,070,616|**Total Unrestricted**
**funds**
**Endowment**
**funds**
**2024**
**2023**
**2023**
**£**
**£**
**£**
17,686,808
2,156,534
15,456,164
22,008,411
14,221,272
-
(500,000)
(60,571)
-
39,195,219
16,317,235
15,456,164|**Total**
**2023**
**£**
17,612,698
14,221,272
(60,571|
|---|---|---|
|||31,773,399|
## **23 Operating lease commitments**
## **Lessor**
Operating lease commitments represent the lease of Cine Paris, an open-air cinema located on the rooftop of the charity's Plaka conference hall, to third parties. The lease is negotiated over a term of 9 years and rentals receivable are adjusted each calendar year at a rate of 3%, calculated on the rent of the previous rental year.
At the reporting end date the charity had contracted with tenants for receipt of the following minimum lease payments:
|Within one year
Between two and five years
In over five years|**2024**
**£**
106,703
459,799
415,388
981,890|**2023**
**£**
-
-
-|
|---|---|---|
|||-|
## **24 Related party transactions**
## **Transactions with related parties**
|easyGroup Limited (common influence)
Fondation Philanthropique Stelios - Monaco
(common influence)
Sir Stelios Haji-Ioannou|**Donations received**
**2024**
**2023**
**£**
**£**
15,818,420
15,440,306
-
-
1
681,034
15,818,421
16,121,340|**Donations paid**
**2024**
**2023**
**£**
**£**
-
-
1,489,770
2,564,103
-
-
1,489,770
2,564,103|**Donations paid**
**2024**
**2023**
**£**
**£**
-
-
1,489,770
2,564,103
-
-
1,489,770
2,564,103|
|---|---|---|---|
||||2,564,103|
- 27 -
Docusign Envelope ID: C62610A2-65CD-4133-9E86-101B423DB72C
## **STELIOS PHILANTHROPIC FOUNDATION**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 30 SEPTEMBER 2024**_
## **24 Related party transactions**
**(Continued)**
As disclosed in Note 11, three trustees received remuneration in their role as trustees during the period totalling £61,406 (2023: £62,552) and trustees were reimbursed for travelling expenses of £19,303 (2023: negligible).
Donations received from Sir Stelios Haji-Ioannou during the year relate to donations in kind as disclosed in Note 4.
Six associate members, A Marsh, M Telemachou, H Modderman, P Hassapis, K Griggs, and M Missirlis, received total fees of £103,261 (2023: £104,965) during the period with respect to consultancy services provided to the foundation. The fee amounts for September 2024 were unpaid at period end and have been recognised within accruals.
Additionally, one associate member, T Ghori, received remuneration and other benefits under a contract of full-time employment of £75,999 (2023: £70,059).
The charity paid for travel expenses linked to events of the foundation and board meetings for associate members to a total of £5,000 (2023: Negligible).
## **25 Controlling party**
The ultimate controlling party is the trustees.
- 28 -
Docusign Envelope ID: C62610A2-65CD-4133-9E86-101B423DB72C
## **STELIOS PHILANTHROPIC FOUNDATION**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 30 SEPTEMBER 2024**_
## **26 Grants awarded for future payment**
Grants awarded by the Trustees for future payment as at 30 September 2024 total £876,997 (£541,892) as follows:
|**School or Charity**
**Date signed**
**Last**
**Payment**
**FY**
**As at 30**
**September**
**2023**
**£**
Doukas Scholarships in Athens
15/11/2022
2025
121,142
Prince's Trust
28/03/2022
2024
100,000
London School of Economics
Scholarships
27/06/2023
2024
255,000
Wetwheels
30/08/2023
2024
46,000
BCA College Scholarships in Athens
25/05/2023
2024
19,750
Prince's Trust
09/09/2024
2027
-
BCA College Scholarships in Athens
07/06/2024
2025
-
Omega College Scholarships in
Athens
08/02/2024
2025
-
University of Cyprus MBA
Scholarships
20/05/2024
2025
-
Bayes University MBA Scholarships
06/06/2024
2025
-
541,892
Due within one year (note 16)
481,321
Due after one year (note 17)
60,571
541,892|**Paid**
**As at 30**
**September**
**2024**
**£**
**£**
(60,571)
60,571
(100,000)
-
(255,000)
-
(46,000)
-
(19,750)
-
-
750,000
-
22,982
-
20,965
-
12,479
-
10,000
(481,321)
876,997
376,997
500,000
876,997|
|---|---|
Grants awarded for future payment will be funded from the general unrestricted funds of the charity.
|**27**
**Cash generated from operations**
**2024**
**£**
Surplus for the year
7,421,820
Adjustments for:
Investment income recognised in statement of financial activities
(1,025,065)
Foreign exchange differences
(30,789)
Donations received in kind
(1)
Depreciation and impairment of tangible fixed assets
411,667
Movements in working capital:
Decrease/(increase) in debtors
5,562
Increase/(decrease) in creditors
533,345
(Decrease)/increase in deferred income
-
**Cash generated from operations**
7,316,539|**2023**
**£**
9,835,277
(169,356)
(11,920)
(681,034)
312,968
(7,675)
(139,528)
120,750
9,259,482|
|---|---|
- 29 -
Docusign Envelope ID: C62610A2-65CD-4133-9E86-101B423DB72C
## **STELIOS PHILANTHROPIC FOUNDATION**
**NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 30 SEPTEMBER 2024**_
## **28 Analysis of changes in net debt**
The charity had no debt during the year.
- 30 -
## **Certificate Of Completion**
Envelope Id: C62610A2-65CD-4133-9E86-101B423DB72C Subject: Complete with Docusign: Stelios Philanthropic Foundation 2024 Financial Statements.pdf Source Envelope: Document Pages: 33 Signatures: 3 Certificate Pages: 5 Initials: 31 AutoNav: Enabled EnvelopeId Stamping: Enabled Time Zone: (UTC) Dublin, Edinburgh, Lisbon, London
Status: Completed
Envelope Originator: Philippe Ewart 168 Fulham Road, Chelsea, London, . SW10 9PR philippe.ewart@stelios.com IP Address: 51.145.70.179
## **Record Tracking**
Status: Original Holder: Philippe Ewart Location: DocuSign 11/28/2024 7:30:51 AM philippe.ewart@stelios.com **Signer Events Signature Timestamp** Stelios Haji-Ioannou Sent: 11/28/2024 7:57:29 AM stelios@stelios.com Resent: 11/28/2024 8:17:07 AM President Viewed: 11/28/2024 8:19:13 AM Security Level: Email, Account Authentication Signed: 11/28/2024 8:21:31 AM (None), Authentication Signature Adoption: Pre-selected Style Using IP Address: 51.145.70.179 **Authentication Details** SMS Auth: Transaction: 5acbba49-7b1d-41fa-9f3e-24c9a81c7b5f Result: passed Vendor ID: TeleSign Type: SMSAuth Performed: 11/28/2024 8:19:04 AM Phone: +33 6 40 61 09 17 **Electronic Record and Signature Disclosure:** Accepted: 11/28/2024 8:19:13 AM ID: b3fb3922-a338-4565-b98d-5a61bf8d0d0b Graham Jennings Sent: 11/28/2024 8:21:33 AM graham.jennings@kirkrice.co.uk Viewed: 11/28/2024 9:13:23 AM Partner Signed: 11/28/2024 9:13:46 AM Security Level: Email, Account Authentication (None), Authentication Signature Adoption: Pre-selected Style Using IP Address: 167.98.238.90
## **Authentication Details**
SMS Auth: Transaction: 02da5542-4dcd-4d39-9be7-a14faa4fa2f8 Result: passed Vendor ID: TeleSign Type: SMSAuth Performed: 11/28/2024 9:13:07 AM Phone: +44 7786 439638 **Electronic Record and Signature Disclosure:** Accepted: 11/28/2024 9:13:23 AM ID: 1af4cfc8-a444-47f7-8a4c-8b4b4e6386b6
|**In Person Signer Events**|**Signature**|**Timestamp**|
|---|---|---|
|**Editor Delivery Events**|**Status**|**Timestamp**|
|**Agent Delivery Events**|**Status**|**Timestamp**|
|**Intermediary Delivery Events**|**Status**|**Timestamp**|
|---|---|---|
|**Certified Delivery Events**|**Status**|**Timestamp**|
|**Carbon Copy Events**|**Status**|**Timestamp**|
|**Witness Events**|**Signature**|**Timestamp**|
|**Notary Events**|**Signature**|**Timestamp**|
|**Envelope Summary Events**|**Status**|**Timestamps**|
|Envelope Sent|Hashed/Encrypted|11/28/2024 7:57:29 AM|
|Certified Delivered|Security Checked|11/28/2024 9:13:23 AM|
|Signing Complete|Security Checked|11/28/2024 9:13:46 AM|
|Completed|Security Checked|11/28/2024 9:13:46 AM|
|**Payment Events**|**Status**|**Timestamps**|
|**Electronic Record and Signature**|**Disclosure**||
Electronic Record and Signature Disclosure created on: 7/3/2024 11:03:37 AM Parties agreed to: Stelios Haji-Ioannou, Graham Jennings
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If you created a DocuSign account, you may update it with your new email address through your account preferences.
## **To request paper copies from easyGroup Ltd**
To request delivery from us of paper copies of the notices and disclosures previously provided by us to you electronically, you must send us an email to vikas.kotecha@easy.com and in the body of such request you must state your email address, full name, mailing address, and telephone number. We will bill you for any fees at that time, if any.
## **To withdraw your consent with easyGroup Ltd**
To inform us that you no longer wish to receive future notices and disclosures in electronic format you may:
i. decline to sign a document from within your signing session, and on the subsequent page, select the check-box indicating you wish to withdraw your consent, or you may;
ii. send us an email to vikas.kotecha@easy.com and in the body of such request you must state your email, full name, mailing address, and telephone number. We do not need any other information from you to withdraw consent.. The consequences of your withdrawing consent for online documents will be that transactions may take a longer time to process..
## **Required hardware and software**
The minimum system requirements for using the DocuSign system may change over time. The - - current system requirements are found here: https://support.docusign.com/guides/signer guide signing-system-requirements.
## **Acknowledging your access and consent to receive and sign documents electronically**
To confirm to us that you can access this information electronically, which will be similar to other electronic notices and disclosures that we will provide to you, please confirm that you have read this ERSD, and (i) that you are able to print on paper or electronically save this ERSD for your future reference and access; or (ii) that you are able to email this ERSD to an email address where you will be able to print on paper or save it for your future reference and access. Further, if you consent to receiving notices and disclosures exclusively in electronic format as described herein, then select the check-box next to ‘I agree to use electronic records and signatures’ before clicking ‘CONTINUE’ within the DocuSign system.
By selecting the check-box next to ‘I agree to use electronic records and signatures’, you confirm that:
- You can access and read this Electronic Record and Signature Disclosure; and
- You can print on paper this Electronic Record and Signature Disclosure, or save or send this Electronic Record and Disclosure to a location where you can print it, for future reference and access; and
- Until or unless you notify easyGroup Ltd as described above, you consent to receive exclusively through electronic means all notices, disclosures, authorizations, acknowledgements, and other documents that are required to be provided or made available to you by easyGroup Ltd during the course of your relationship with easyGroup Ltd.