4D i-lJ->l- REGISTERED COIIP.4NI' NI'IIBER: 10792729 {Engl#nd Il'ales) REGISTEREDCHARITI. II'IIBER: 1173946 REPORT OF THE TRI'STEES AND 'AlIDITED FIIYA . TEIIENTS FOR TIIE I E.4R ENDEDlL1Él&L24 AL4RI FOL'ND.4TION CHRISTOS L_- PANI. LI.MITED BTr' Chris Skarparis & Co Ltd Charnered Accounw) 2nd FlTh)r 10(bl Aldernians Hill Palmers Green Lonth)n 13 4PJ
CHRISTOS L4Z.4RI FOL'ND.4TIO COITENTSOFTHE FII.4NCI.4L ST.4TEIIENTS FOR THE I'EAR E%DED31 .%IARCII 2024 Page Rert of ihe Trn$iees Independent Ex#miner'5 Rewrt S¢gtement of Financial Acti%ities BAl*nte Sheet 10 11 C#5h Flow St8ttrnent 12 Notes ¢0 th¢ Cish Flow Si•lemmit 13 iyotes to ihe Flnanelil lleMents 14 20
HRISTO L.4ZARI FOI'ND. T ERED %I'IIBER' 079 729 REPORT OF THE TRI"STEES FOR THE I'EAR ENDED31 .11.4RCH 2024 The tyus¢¢es who are also direc¢ors of the charity for the purwses of the Comwjies Act 2006. present their report with the financial statements of rhe charity for the )'ear ended i l March •O?4. The injsiees have adopted the provisions of Accounting and Reporting by Charities." Statement of Recommended Pjxciice applitable to chariiies preparing their accounts in accordance 1th the Financial RetK>rting Siandard applicable in the LK and Republic of Ireland IFRS 10?) (effective l Januar) 2019). Trustees: Mr5 M LaLqri Mr L LazaTi Mr N Lal MrN K Pdoussis Mrs Z Proiopapas srRIICFLTRE. GOVERNANCE AND IMAY.4GE,%IE%T Governing document The charity is controlled by it5 governing d(KumenL a deed of trusL arwj consiitutes a limited cornpany, limited by guardnfft, as defjned bv the Companies Aci ?IX>6. REFERENCE .4ND ADIIINISTRATII'E DET.411S Regi5ttred Comwn). number 1079?729 IEngland and Wales Registered Charity number 1173946 Registered Accuri5t House 44 Baker Stree¢ London WIU7BR Page I
CHRisfos L.4Z.4RI FOI'%D.4TIO REGISTERED NL"IIBER: 10792729 REP RT F THE TRI'sfEES FOR THE I"EARE)DED31 11.4RCH 2024 Tru5tee5 O%'erview The Christos Lazari Foundation Ilhe FOur8(10n") is pleased present the TTUStee'5 Annual Rewrt and Financial SteMents for the period Isi April ?02i to ilsi March ?0?4. This period covers one of ihe challenging year5 for )Ciety. knih in ihe LIK and woddwide. The p)si-Covid period has not been a lirne of recovery thai was hOd for. Globa] ynresL political uncertaint). and esca]ating costs M'lthin the UK ¢reaied anoiheT Challenging year. As a rtsulL this h&s had a si?nific3ni impact on the charity and voluntary. sectOT. As ¢haTiti¢s contsnue to wjapi io such Challenging iimth the is unprecedented dejlland for their support and services causing further srrin on resourtes. We are pleased to repoT¢ IK)wever, the Christs)s Lazari F<tiOn has remained resilient. We continue io fulfil our mission in supporting 18 many individuals and charitable organisations as M'e can. in order to promote public benefji. Since the Foundation's incepiion in ?017. a total of ninery-six donations have been made. iots]Iing £808,753. including the year in question. This excllldes a £75.0(K) Sla] investment for public benefit. During the financial )¢ar under review. Th¢ Fouthdion has wtwle fifieen th)nLOn& amouniing £120 ?7? Structure. Governance and ManAgetyen¢ Tru5tee5 The Foundation was fomied in Tnemory and in hO[r of the [e Chrigos La2ari." husband to Maritsa and father Len. Nichol&s and Andrie Lazari. The Foundation w&$ tncorwrdied as a charitsble compani limited by guaranltt (company number. 1079?7291 on 26th Ma). 2017 and is goi'erned b). its Memordndum and Artieles of .4$lation. The Foundation is registe with the Charity Commission in England and Wales Ichan"ty number". 11739461. The Board of Tnjsiees consists of the four aiKbverneniioned member5 of the LazAri famili. 31ongside tsyo Independent Trnstees. Nicos PetOU5sis and Zoe Proiopapas. The Board of Tru5tee5 is re5ry)nsible for overseeing th¢ Foundation's Strdiegy and perfomiancc. overdll management and ¢ontsDI of its operation. and funding lOCatIon. The Trusiees do not receive any remunerdti¢)n. Our operdtion and m2nAgemtht The Foundation's g)le source of funds deri%'es fmm the rental In¢ome generated fiDm three commercial investment prop•lies ai 29-i3 High Road. Wwd Gffen. London N2? held frtelK)Id and unencumbered. The Foundaiion doe5 not undertake any fUndSing. Ongoing &s5et mawemeni of the propknies owned by the Found10n is undertak'en by Lazari Investments Managetnent Limited, pro b)no. This provisÉon of seThi¢es is documented b). M7y of a Management Agreement daied 13th July 2017. There are no volur)teers WOTking direcil). for the Christos LazaTi Foundation. In line with its gTht TnakÈng rK>licy. the Board of Tntstees elldeavou to hold quarterl%' meeiin?s to Consider ils operational management and assesses fundino appliClOnS made to the Charif).. artd appToi'¢s donations to be made in accordanc£ with the Foundation's goveming objective5 Idaailed below). In addition. the Trustees revitr% the financial ststus of the Foundation's income. reseTh¢s and operiollal costs. atMI implemeni w)licies miii8a* cosi and assess risk exposure. Objeetives Our Foundation's objeaive. as set out wÈthin the .4rticles of AssocI10n. is grani donations to orgartisations and individuals promoiing charitable eauses for public benefiL p8rnicularl)' bui Mithout limiiaiion 10.- I l the Greek Orthodox Church and other faith orwiisation5 21 charitable organisations w'ith link5 to or &ssociations with Greeee and1wcus 31 the advancement of health ihrough scientifie research in the LK 415uch OTher purpose as the Twstees shall from time to lime think fit. * their aknluie discretion. Page ?
CHtUSTOS LAZARI FOI.'ND.4TIO REGISTERED NI'IIBER: 10792729 REPORTOFTHE TRI"STE FOR THE I"EAR E.NDED31 IIAR H 2024 Grant mAking policy Grants made bj the Foundation are & the discrdton of the Board of TnJ5tee5. providing grants to charitie5 and worthy cau5e5 operating in fields consistent wsth its objectives arbd princip PUTP)ses. No grants a gilen to organisaiions atTiliaied wilh poliii¢al parties or ptmlg p)liti¢a] causes. The Board of Tnjstees considers ajl fijndtng applilonS received withtn each qllarterl%' peri(Ml ar selects the successful applicants. We undertak'e thorough due diligence and background checks to veTifi' each application, prior to tsll5ideTaiion by the Board. Each 5ucce5sful recipient 15 fK)tified in writing with a coi'ering letter along with a Grant Agreem¢nt Stipullng the i¢rms and ¢ondii)ns atta¢hed the grani. hleh is signed b>. Th¥0 of the Follndaiion's Trustees and up to two auihoriscd signatories on khalf of the recipient charity individual. Thi5 pr(Ke55 M'a5 estsblished in line thith the ChariTh' Commission regulotorv ftam¢thork' and acts as an addiiional &ssessmeni and evaluation tool io ensure that the intended gTant is llIsed forihe specific charithle PUryK>se only. Financial Review As at 31st March 2024, the properties held UnencuMred b>. the Foundation Imthich provide Ét5 sole source of income) were 5ndependentl) N'alued by JLL at £2.8 millK)n 120?3.. L?.8 millÉonl. refiecting change in the market vaiuaiion of the Foundation's capital sets. At the fjnaneial year end, the annual rentsl tncome frorn these properties incre&sed 4.1/0 to L?05.054 1?022.. £196.9591. As at the year end, the Il'eighted Ai'etage L'nexpJr¢d Lease T¢mi Ill'ALiLTI of ihe commercial properties stood at ?.6i )'ears. This is due to the expiry of orte of the rthl units commercial lea8es aT further lease expiri of the oiher rethil units under 3 years. We expect the WALLT of the Foundation io improve as a result of a new letting at ?9 High Road. Following Greggs PIC holding over during a ?.5-)'ear peTi(NJ. the tenant opted rM)t to leTte their lease and subsequentl) sejved a Noiice of Discontinuation on 5th June 20?4. vacaie the premises on 4th September ?0?4. Further io a successful Matting catnpaign. a tenant was secured. with a COTnpltlion date of 18th SepTeTnber ?0?4_ The letting se¢ures an in¢rease tn annual reni 10 £75,IXM) p.a. lfrom the £46.100 p.a. thai was king reeei¥td preN'touslJl. The letting is secured against a 3-month deFQ51t totallino £18.750. ImrM)rLqntl)'. the new ienani plans to rein5taie the up5taiws into a residential flaL .hIle the downsthirs will be fitted out as a l)ot fo(Ml thk"eaMaJ_ The lease will be for fjfieen )'ears. outside the Landlord and Tenani Aa. with an upw'ard-only rent review's ever¥. 5 )'ears. 'e h8I'e agreed half reni for the fiTS1 N'elve month> rdther than grani a pure fvmonih ren¢-frte petiol $0 a$ 10 genen an in¢om¢ of £37JIX> forthe initial Je8r of the le&se. The reEnaining two retail prOrtieS have le&se expires in Iktober 7026 and May ?0?8 respeciively. There are outstanding reni r¢views on t)th, bui with ntl in¢r¢as¢ anticI¢d. There are Th) arrears in respect of Ihese properties. The residential properties are let and the tenants are holding over kn11st negotiations for reneMls are underway. The Tetail units are cttupied with teT considerd have rtlively gthxl ¢oven2ni strength. The residential units remained fully occllpied ihrollghoui the year under review. without the Foundation incurring void costs. Dunng the period in question. rent collection retnained Stable. shoM'Lasing the resilientt of our pn)penies. despiie th¢ enomiC IRckground. The Board of Tntstees remain confident in the [OrarKe of the prowtie% considering their densely populaied l(Kation on a promineni high street Mith g] estrIan tlow and a mark'ei seTh'ing the l(Kal cornrnuniry Te5idents. Local high streety such as the High R03d in l¥'LKxJ Green. cimjlinue to open Mell as residents inkest loc]Y and give back to their¢ommunity. Charitie& like a]5 pwplt and organisation% ojntinue to (yrrate and adw against a background of ongoing pressures and uncertainties. Infl10n fell from a fow'-one ycar high in November ?0?? of I l.Ol°yb to 3.OV/• In March ?0?4. This mains high compared to historic levels and h&$ driven up lThiere Me5. contributed to the ¢osi of living Crisis and Created increased demand on the Charity and voluntary. s¢dor. Pa8e 3
CHRisfos LAL4RI FOI'%DATIO REGISTERED NI"IIBER: 10792729 REPORTOF THE Tl"S R THE I'EAR ENDED Risk lNgeTent and Opportunities The Foundation has no debi or finance wsts as il IKlds the frtehold of the three commercial investment propertie5 unencuTnbered. We also retain Sufficient c&sh reserves to aci as o buffer. allowing th¢ Foundation io med its runnin cosis and outgoings for the propertie5 as well a]lowing for emergenc>. funding for charithble n¢¢ds. Excluding ihe ieniial of any future r¢nt l¢M. resuliing from the pwibility for defaulting tenants. and retail and residential letting voids, the Foundation d(S noi face any e1Ved risk exFrf)sure as the financial )'earend. Neverthele55. the Board of Trustees actively revi¢ws the FoUr10n.5 ot¢rdtions. its busirhess plan ond its annual budgei in order to monitor an). F<)tential threats and'or risks that may impath on rhe perfornance of the Portfolio. as w¢ll as ideniifying oppN)rtuniiies thai may arise. with a particular emphasis ott loss of any re&1 or r1187 rental income. as well &s fuiure rK>ssibilities to ¢nhan¢e ren income. Achit%'ernent5 and P¢rforman¢e The Board of Trnsiees are pleased reFrt ihai fjfteen dorbations w'ere made in support ofehaTithble causes throughout the year under review. The al amotsnt of donions made was £120.272. Dethils of each o( the grants. split in four broad cate8orie5. aligning wilh oyr overarching objeuives. are lisied below. In summary. the Foundation h&$ made 2 (knnion5 in syppjrt of medical researclv health charities: ien donaiions in supw)rt of social Service community chariiies: I donation towards an organiLon relating io the Greek Orthodox faith,. 8nd 2 &)naiion io individual% one seekin8 financial for rnedical treaknent and the latier ioward5 PhD studie5. Medical Re5eArrh l Heglth Chgritles I l Muscular Dj'strophy UK- £15.000 Funding iowafds The organIlOn,$ research campAi8n for projects In treamients and cures for muscle-w8siing conditions. 21 Asihma and Lung UK- £5,C(KI Funding toward$ life-sJvin8 rescah and innovaiion projea& help i1¢ suffering from lung ¢ondition5 in th¢ UK. Social Servlces I Comrnunlty I I C'hickenshed- £?O.000 Grani iowards this in¢lusive theIe company workin8 Wlth children )'oung pe<)ple of all ages. ba¢kgTounds and biliiie5 to Create theatre productions and PTovid¢ perfornian¢¢ training ond ¢dLhcional course& &s well outreach projects. 21 Cyprioi Communiry Centre- £10.000 Grant towards the purchas¢ of a ULEZ compatible and adaed minibus used ¢0 provide trdnsporf to Cjpriol elderly members And those with disabilities. who attend ihe Centre and benefil from the services and a5515tantt provided 10 them ihere. 31 MarM)r Hill Greek SclMMTrI- £IO.OIK Funding io SUPPOrt the operntion of the Sch[. and to proMt the Greek lan8LW. dancin8 arml 5ingin8. 411 Can Danc¢- £lO.000 Funding towards a wre pyogramme of inclusive d•Ke xtiviiies for children and young lts with profound complex learning and physical disabiliLLes. 5} Mindsiead TriJsi- £5,000 Funding towards the Trust's work in sup1lTr8 [PIe with learnin8 disabilitie5 and autism, by offering them opportunities dev¢lop work and life skills. 61 Schwl of B)'zantine Music- £5.10 Coniribuiion towards ihe njnning ¢osts of the s¢h)ol, which ¢n¢ourages children and youn8 pPIe to take up cl&sses in Byzan¢ine Music fortheir enjoyment and knefrt. 71 Royal Hospital for NeUrlSability- £5,000
CHIUSTOS L4Z.4RI FOLND.4TIOI REGISTERED %I"%IBER: 10792729 REPORT OF THE TR '.STEES FOR THE I"E.IR ENDED31 IIARCH 21124 Funding towards the Hardship Fwid. hleh assists patients with a range of neurologlcal eonditions and brdin injurie& and their families, who are experiencÉng fjnanciai dilTiculties. 81 Mak"e A Wish UK. £5.IMK) Funding io help fulfLI the wishes of criticall). ill children in the UK providing them with life changin8 experiences and special memories. 91 Self Injury SUprt- £5.1)00 Fundtn? I08rdS supp)rting those atTe¢d by s¢lf-ham) through the wovision of self-help t(x>ls and a UK- wide. multi-channel supw>rt service. 101 Willow Foundation- £i.( Funding of Special Da), services which Éncludes day knp5. short breaks and experiences for voung adults who are living with a lif¢ ihr¢at¢ning or life liming illnes& providing ihem wilh llplifting and unforgettable memories. Greek Orthodox Faith I l Greek Orthodox Archdi(K¢se of Thyaleird and Great BTitain- £6.5(Kl Contribution WordS the $ts relit)g the Chrisrmas ¢arol servi¢¢s in tkcember ?023 held at ihe Archdi(Kesan Caihedrdl. Applications by IndividuAb I I Paris Achileos- £IO,IK>O Financial assisrance to cover medi¢a] and a9lad expenses whilst in the UK to receive treatment for Acute Lymphoblastic Leukaemi 21 Mikaela Sekkidou- £5.87026 Funding for full time pl swdies in Medical Sciences * the University of N'icosia Medical Sch(x)l. during the acadernic years 2023-2026. Reserves Poliey The Foundation hold5 unrestricted fijnd reserve5. The Trustees are able to Use funds genered from its investment properties to meet operntional nttds and offer grdnts. No fixed arnount of funds is allocaied. though ihe amount is dependent on macr<econOMIc coniexi and the particular prowty management rketds of the Foundation'5 sets. where funds are lOCated to service PToperti¢s and cover adrnini5trdtive costs. Th¢ Foundation's goal is 10 preserve its assds for long-terni income generation in order io etthle li io coniinue giving. bajanced agains1 its overriding purrK>5e to be of public ben¢fit and serv¢ the wider community. Publi¢ Benefit Statement The Tnjstees decl that ihey are ¢ons¢ious of and have adopted the Siipulions of the Charities Act ?01 l. holding ihe requirement thai charities of every kind musi be able io that their Krk is of dtrect benefit io the public. We are eonfideni that all activities funded by the Christos Lazari F(xJndation. i%'hieh we categorise under medical researth- communit)., edu¢ion aTrd social seTvi¢es= faith organisaiions and applications by disadartlaged individllals. demon5trdte their public benefit and purrx)se. In detemiining lis grdni making Strdiles and in the general adrnini5tration of the Charity. Ihe Trustees haN'e regarded Sertion 4 the ChaTrt)' Commission's guidan¢¢ on publi¢ ben¢fii and will continue to deliver grants profieienily and with purpos¢. Fundraising Statement Section l62a of the Charities Aa 2011 requires ehariiies make a statement regarding fvndrnisiog a¢tivili¢s. The legislation defines fundraising as "soliciiing or othen%ise pnxuring money or other property for chaT¥tsble puryse$. Such amounts receivable would be presented in the Accounts a5"1*r t>)nlon5 and Legacies-. Pag¢ 5
HRI ARIF "NDATIO REGISTERED NI'IIBER: 10792729 REPORTOF THE TRISTEES FOR THE I'EAR ENDED31 IIARCH 2024 In relation 10 the above. the TTUSte¢s Confimi that fundrnising approa¢h has been undettsk'en bl the TrnsL or by anyotte acting on its behalf. that tx) fi1ndsIng stsndards or scheme for fundrdising r.U1Lon haN'e been subscribed to by the TrusL or by anyone acting on its behalf. that no complaints in ye110n ¢0 fundrnising activiti have been receii'ed and thot any soliciwions ar¢ ma[ed lTrtrmly. without involvemeni of commercial participator5 or profe55ional fundrdisers. Tru5tee5' re5poNsibilities The Trustees are responsible for preparing the artnual r¢p)rt and the financial sratemenis of the Charity in accordance with the Companies Aa ?1)06 and for being satisfied that the financial 5taietnents £iN'e a and fair view. The TTU51e¢s are a]$0 reswnsible for preparing the finaneial ststements in xcordanLY with United Kingdom Accounting Standards Iuniied Kingdom Generdll). Accepted Accouniirkg Prxticel. Company law requires the Trustees (w'ho are Direcr5 of the Charit).) to preparr financiai stsiements for each finatJ¢ial year that give a true and fair view of the s¢ of aff[$ of the Charity. and of the income and expenditure of the Charity for year. In pJYparing ihese finla] stsiements. th¢ Trustees are required.. ' to select suitable a¢ntIng wli¢its arml then apply them consistently- ' io make judgements and estimatrs thai ate reag)nable and pnJdenL ' io prepare the financtal siatemenis on a going concern basis, unless it is inappropriate io presume tha¢ the Charity will n¢inue in business. Tht Trustees are restSible for keeping Jequate &counting that slM)w 2nd explain the ChaTity'5 transactions, dis¢los¢ with reasonable accuracy at any lime the financi txjsition of the Charity and erhable them to ertsu tha¢ the rinancial statements cornply with ihe Compankes Act 2. They are a]so responsible for safeguarding the of the Charity and hence fw tsking reasonable steps for the pVentIon and detection of frdlld and other irregulariti The Trustecs listed are the only directOT5 of the charitable wmpany. Independent ExamineT5 All of the current TTUSttts have taken the nect55ary Steps required in order io mak.e themselves aare of an). inforniation needed by th¢ Charity's Independeni Examiners for th¢ purrw of their Independent Examination. and establish that the) are aware of such infomaiion. The Tnjsitts are [1 aware of an). Tel.at information of which the Independeni Examiners are unaware. A resolution reaptK)int Chris Skarparis & Co will FE pro the neM Annual General Meetin Looking forward Aligning with the Charity Cornmis5ion Annual Rewrt ljuly. ?0241. we a¢k)ledge that continued societal. political and e¢onomi¢ volatility. will result in further la1 and culwr8] changes ahead. The role of the charity. Sector will remain vital and perhaps. even more critica]. for its w'ork and suptK)rt of local cornrnunitie5. as well as aiding discovery research, innovation and science. Public trust and confidence in charities risen 6.5 out of 10 16.) in ?02il. Against a bxkdrop of declining trust in many public insiinjtions. bj. comparison. tnjll in the charitsble seaor h&s improved (Charity Clmllmission, 20241. OUT Foundation pledge5 to enhance that tru5L and to continue its contribLrtior) in pla)'ing ollr small part in making a differenc¢ for those in need in our societ).. be it b%. enhancing S{la1 care and educ10. strengthening Teligious faith or enabling medical research to progress. 11 e endvd%'our io coniinue our lnissi to fwid charitable causes and supw>rt Vllal operation and actiitits of organisation5 that r. with Ihe wmmunity. and have significwLt public benefit. Our g031 is tts fost¢r rx)sitive change in slery an(( whenever t]ble. offera gltrnmerof light and hope fora brighter ftre. These financial statements have Fen prepared in xcordance with the provisions appli¢abl¢ eompanie& subject to the small companies, regim¢. Pag¢ 6
CHRISTOS LAZARI FOL'%D.4TIO REGISTERED %I'%IBER: 10792729 REPORTOF THE TRISTEES FOR THE I"£AR ENDLD3I IIARCH 2024 REFERECE AND ADMIIISTIL4TII.'E DET.4115 Independent Examiner I r Chris SkaTpari5 Chris Skarparis & Co Ltd Chartered Accountants Ynd Fl(x)r Iolbl Aldemians Hill Palmers Green iL)ndon N134PJ licitor5 Sione King LLP, Boundary House. 91 Charterhouse StreeL Lonthjn. ECIM 6HR Bgnker5 Llo>'ds Bank. 39 Threadneedle SirttL Lortdon. EC2R 8AU Approved by orderof the ix)ard of trus¢$ 10 ¢kti)ber 2024 and signed on its behalf by.. Ms A La7ari- Tw51ee Pase 7
IYDEPENDENT EX.IItINER'S REPORTTOTHE TRI'STEESOF C.HRISTOS L.4Z.4RI FOI"ID.4TIO ITbdependent ei#nJiner'$ report io the trusiees of Chri$to$ 14zri Found4tion ('the Companw'l I report io the Charl trustee5 on rn). examination of the accounts of the Compan). for the )'eaT ended il March ?024. Responsibilitie5 and basis of rert As the charity's ¢rustees of ihe Company land also its direaors for the purySe5 of company lawl Jou are responsible for Ihe preparaiion of ihe accounts in acconlance Miih the requirements of ihe Companies Aci ?IM)61'the ?006 Aci'l. Having saiisfied myself ihai ihe accounts of the Company are requiTed io be audikd under Part 16 of the ?IKb6 Aci and are eligible for independent examinaiion. I re[)rt in respeci of my examination of j'our charity's accounis as earr2¢d out under Section 145 of the Charities Act ?011 Ilhe 2011 Act'l. In c4Thyin8 Out my examination I have followed the Dirtttions given by ihe Chariry Commission under Seciion 145151 Ibl of the 2011 Aa. Irbdependent eiminer'$ $i#tement I have completed my e.¥aminaiion. I wnfinn thji mallu5 have corne to my attention in connection with the examinaiion giving me Cause to believe.. aceounting rttords were )1 kept in re5fL1 of the Cixnplny &% required by Section 386 of the 2tM)6 Act: or Ihe ¢0nIS th) noi accord wilh those rtconts: or Ihe accounts do not eompl>' with th¢ acwuniing requiremenis of Seaion 396 of the 2(M)6 Aci other than any requiremeni thai the a¢11 give a true and fair which is M)1 a matter considered as part of an independeni examinaiion: or the accounts have not been prepsred in cordance with the Methts and principles of the Ststemeni or Recommended Practice for accountin¥ and Teporting b). charities lappli¢able chariiies preparing iheir a¢¢oun in 8¢¢ordan¢e wilh ihe Financial Reponing Swthrd applhcabk in th¢ Lk and Republic of Ireland IFRS 10211. I have no concerns and have come across no other matters in wnne¢¢ion wilh the examination to which att¢ntiori Should be drdwn in thi5 report in order to enable a proper understsnding of ihe awounts to be reached. Mr Chris Skarpari$ Chris Skarpgris & Co Ltd Chartered Aecountants 2nd Floor Iolbl Ald¢mi8ns Hill Palmers Green London N134PJ 10 October 2024 Page 8
CHRisfos L4Z.IRI F 'NDATI ST.4TE.IIENTOF FIN.4NCI_4L_4crii'iTIE CORP0114TING.4% I%COIIE.4%D EIPE%DITLRE ACCOL FOR THE I'E.4R E%DED31 .11.4RCH 2024 31.i.24 Unrestrtcied fund Totsl funds Notes INCOI%lE AND ENDO11,lETS FRO1 Invesimeni income ?05.054 196.959 ENPENDITURE ON R9ising funits Other trading acliviiies 32,357 13.626 32J57 13.6?6 ChHTitHble 8Ctiviti¢s Medical..health Ans and ¢uliuYe PovertY1siduju$t1¢¢ 67,500 74.499 45,500 41.500 38.772 Totsl 152.6?9 201.125 NET INCOMEIIEXPENDITUREI 52.425 14.1661 RECONCILIATiof OF FliiYDS Tothl funds brou8hi forward 3.044.804 3.048.970 TOTAL FIIliDSCARRIED FORW'ARD 3,097.??9 3.044.804 The rM)ies fonn part of these fJnan¢ial stsm¢nts
CHRISTOS LAZARI F IsrERED NLIIBER: 10792729 B.4L.4NCE SHEET 31 IIARCH 2024 31.j.?3 Totsl funds Lnresthct¢d fund Notes FIXED ASSETS InTrestmeNts Investment prop¢rtv ial investments 10 2.800.IKN) 75.000 2,800.000 75,OIK) ?.875.000 CURREYT ASSETS Debiors Cash at bank 12 19.796 20,755 207.812 ?84,149 ??8.567 CREDITORS Atnounts falling due within one >'edr 13 157.771) 154.7291 NET CURREfsT ASSETS 226.i78 17i,838 TOT.4L ASSETS LESS CURREN LIABILITIES 3.IOIJ78 3.048.838 CREDITORS Amounts fa]ling due aficr more than one year 14 {4,1491 14.0341 r*ET ASSETS 3,044.804 15 Unrestricted fvnds 3,097.229 3.044.804 TOTAL FUNDS 3.097 ??9 3.044.804 The charitable company is entitled io exemption from audit under Secrion 477 of the Companies Aci 2006 for the year ¢nded 31 March ?024. The members have rk)t requiTrd the cotnpgny kn obtsin an audti of its fJn8n¢iat $ements for ihe year ended 31 March ?0?4 in a¢cordan¢e wilh Sectaon 476 of the Companies Aa ?006. The ttustees acknowledge their rcsrM)nskbilities for lal ensuring that the charitable ¢omw)y kttps %uting records that cornply with Sections i86 and 387 of the Companies Aci 2006 and preparing financial stsiements which give a true aj fair view of the state of affair5 of the charitsble company as at the end of each fjnancial year 2nd of tts sllrplus or deficil for each financial )'¢ar in accordance with the requirements of Section$ 394 ar)d i95 and which otheTWi5e cornply with the requirernents of the Cornpanies Act 2006 relating to financial Statemen so far as applicable ts) the charitsble eompan).. Ibl The ll¢$ fomi part of these finan¢ia] statements Page 10 continlled...
CHRISTOS L4ZARI FOL)D.4TtO REGlStERED N '}. IBER: I 792729 B.4L.4NCE SHEET- tontinu 31 ,IIARCH 2024 Thcse financial staiemenis hae been prepared in accordance with the provisions applicable to charitable companies subject tts the STnall companie5 regime. The fTnancial Statements were approved by the Board of Tnwees and auth)rised for issue on 10 Odober 2024 and were signed on its behalf by: Ms A Lazari. TruSe The notes forni part of thtse fin2neial swements
CHIU LAZ.&RI F 'ND.4TIO C.4SH FL li. sr.4TEIIENT FOR THE I"E.4R EIDED31)IARCH 2024 31.i.24 31.3.23 Notes Cash flows from opprnting acttTrities Cash generated from operdiions 19.7341 Nei cash provided bjilused in) operalin8 activitie5 19,7341 C8$h flow$ from inTr'e5ting actiThitie5 Interest received 7.819 726 Net cash pmided by irkvesiing activities 7.819 7?6 Chgnge in c#5h and cash equivaknts in the renIng period Cash and tash equii#lents at the l*ginning of the rewbrttng period 56.541 19,(X)81 207.81? 216,820 Cash and t2$h equivalents at the end ot the reporting period ?(AJ53 207.81? The notes form part ofthe5e financial ststements Page 12
OS LAZ.4 I FOI'ND.4TIOP* "OTESTOTHE CASH FL .&TE.IIE FOR THE I'EAR ENDED31 ,11.4RCH 2024 RECONCILI.4TION OF %ET INCO%IEI(EXPE%DITI"RE} TO SET CASH FLOW, FROM OPERATIIG ACtIl'lTIES ? l.i.24 31.j.?3 Net in¢omel(expendiiure) for the TepDrting peTiod18s per the Statement ofFinan¢ial Adivities) Adjustments for: Interest Te¢eived tkcre&sellincrvdsel Èn de0 Increase in CTeditOT5 5?.425 14.1661 17.8191 959 3.157 17?61 18.7611 3.419 Yet ta$h provided byllu5ed in) operdtions 48.722 19.7i41 .4NALYSIS OF CHAYGES IN NET FUNDS Cash flow At i1.3.24 Net cAsh Cash at bank 07.81? 56.541 ?64.j53 •07.819 56.541 264.353 Totsl 207.812 56.541 264.353 The rKKes f part of these financial ststements Page 13
TO OTESTOTHE FIN.4NCI..IL ST..ITE.1IE R THE I'E.4R ENDED -11.4RCH 2024 STATL TORY INFORMATIO.Y Chrisros Lazari Foundation ts a charirable compan} limiied by guardnrtt, regisiered in England and W'ales. The company's regisiered number 1$ 107927?9 and the regisiered offJ¢¢ address is A¢Curi House. 44 Baker Sire¢i. London Wl U 7BR. AccouwfiNG POLICIES B#sis of ¢eounling The financial SLqt¢ments have been w¢pad on a going concern b&sis in accordanee with Awouniin8 and Reporting by Chariiie5'. Staiemeni of Recommended Praaice Ichariiies SORP IFRS 10?Ik applicable to charities preparing their accoun¢S in xtordance with the Financial Reporting Stsndard applicable in the UK and Republic of Ireland IFRS 10?) leffeciiwe l January ?0151 and ihe Companies Aa ?006. There are maierial yn¢eNainiies aboui the tharity's ability to continue and the financial 5raiemenis are prepared on a gOin8thconcem basis. Chri5tos La7Ari Foundation meets ihe d¢finiiion of a pybli¢ benefii entity under FRS 102. Assets and liabilities are initially recognised at historical COSL as nKNlified by the reVu10ft of inves¢mert unles$ otherwise sthied in th¢ r¢l¢vant ac¢ouniing Folio Th)ielsl. Fund acwuniing The remaining funds held by the Foundation #re unrestricted funds whieh are available for use the discretion of the Trusi¢¢s in furth¢ran¢¢ of ihe 8¢n¢ral obj¢fflives of Ihe chafiTr. Income Donaiion5. grants and Gifl Aid income are xcOund fw when receivable. Investrneni irhcorne is accounted for on an xcrual basis. Resources expended Expendiiure is accounied for on an x¢rnals b&si$. Grants payable are ffcognised as exwdiiure in ihe year in which a bindin8 commitment to mske payments are entered into. Sup1 costs are those costs in¢urr¢d directly in Sup1 of expenditure on the objects of the Charity. In view of Ihe amounts involved t5¢ costs are t)ot reall0¢ individual Chanble proje¢is. Th¢s¢ msis include 80vemance costs that wmprise all wsis involving th¢ publi¢ accouniabilir>' of the Charity and its compliantt with re8ulatbon and 80(yJ practice. These e05ts irt¢lude costs related to s¢aiutOry 8udii. Inv¢s¢rn¢nt property Inve51ment property is carried at fair i'a]ue denined annually b). external vajuers and derived fTom the curreni mat¢t r¢nis and investhieni property yields for comparable real C$¢. adjvsied if ne¢¢ssary for any ditTeren¢e in the nature, location or CO[lI10Th of the ¥*cific a55ei. No depreciation is provided. Going concern During the )'ear. the Chrisios L87Ari Foundaiion w&$ not adveTStI)' aifected by the economic impact on the on80in8 conflia in Ukn3ine arkd the hL8h interesi e5 in the economy. The Foundation maintains that it can ¢on¢inue make donations for public bencfil and h&5 enough cash li l March ?0?4.. £?64,3531 ¢0 ¢on¢inue lis charitable xtiviiies. Th¢ Trusttts believe thai il is appropriatr prepare the Yuounts on a 80in8 concern b&si5. Pa8e 14 continued...
CHRisfos LIZ.4RJ FOI')DATIO 'OTESTO TFIE FI%.4NCI.4L ST.4TEIIE%TS- continued FOR THE I'EAR ENDED31 ,IIARCH 2024 CIUTICAL ACCOU1G JL DGEIENTs AYD KEI. SOL'RCES OF ESTIMATION LNCERTAINTY In lh¢ applicaiion of ihe ¢harity'S accounting p)li¢ie& trustees are required 10 Tnake judgeThent5. estitnaies and &ssumpiions about the canying values of and liabiliii¢s that afe noi r¢adilJ' apparen¢ ftDm other sources. The esiimates and underlyin8 &S5umptions are b&sed on historical experience and other faaoTS thai ar¢ considered io be relevant. A¢wal results may differ from these estim¢$. INVEsTlE4T 1PcOlE 31.3.24 31.3.23 Rents Te¢eived Insurdnce in¢ome Deposi¢ accowii iniere 193.901 3,334 7.819 192,899 3.334 7?6 205.054 196.959 COMMITfvIENTS LII%DER OPERATING LEASES As ai March 20?4 ihe Foundeiion had ¢ontracwal receivable underoperniin8 It$ as follows.. Ler 31.3.2024 31.3.2023 Not later than l year Later Ihan l year and not l*¢rthan 5 yea Laier Ihan 5 years 194.100 166.4(M) 194.100 360.500 Toial GtL4NTS PAI'ABLE 31.3.24 31.3.?3 Medicalthealth Arts and ¢yliuTe PovertylsociaVjusti¢¢ 40.0( 41.5(Nl 38.772 67.500 74.499 45.500 120.272 187.499 The total grants paid institlrtions during th¢ year was as follows: 31.3.24 31.3.23 Donation l ?0.772 187.4¢J9 Included within th¢ ¢har¢tsbl¢ p&tivity Cost are a number of grnnts paid for various charitable cause5 as follows: 31.3.2024 31.3.2024 Number Grants paid 10 In51itulions Grants paid to Individuals 104.396 15.876 Total 15 120.272 Page 15 continued...
HRI LAZAIU F STOTHE FINA%CI.4L sr.4TEIIENTS- co FOR THE I"E.4RENDED3111.4RCH 2024 TRUSTEES, REMUNERATIOY AIID BENEFITS There were no trusiees. remuneration or other benefits foi the year ended J l March 2024 nor for the yeaT ended 31 March 2023. Tru$te¢s' expenses There were no tnjstees. expejws paid for they¢ar ended 31 March YO74 nor forthe y&qr ended 31 March 2023. COIMPARATIVES FOR THE rATEIENT OF FINANCIAL Acfii"ITIES Unffstrictrd fund INCOME ATr4D ENiK)WMENTS FROM Investsneni income 196,959 EXPEJDITURE OTr4 Raising funds Othertrnding arti1ties 13.626 13.626 ChAritable Adiviti¢s MedicaLfftealih Arts and culture Poverty150ciaVju5tice 67.500 74,499 45.500 Tot81 201.1?5 I%ET JNCOMEIIEXPENDITLREI 14.1661 RECONCILIATION OF FLilDS Toral fll[s brought forward 3.048,970 TOTAL Fuf*'DS CARED FORWARD 3.044,804 EMPLOI'EES The Foundation did employ any stsff during lh¢ 11. P88e 16 eoniinued...
CHIUSTOS L.4Z.4RI FOI'%D.4TIO THE FIN:ANCI.4L ST FOR THE I"EAR ENDED31 ,IIARCH 2024 TAK4TIOY The Foundation 15 a charity. within the meaning of Pard I Schedule 6 Finance A ?010. Accordingly the Foundaiton is Fx)teniially exempt fwm ¢&tstion in respect of income or Capit gair)s within ¢aiegories covered by Chapier 3 of Pan I l of th¢ CotT)lOn Tax Aci ?010 or Seaion ?56 of the T&Kation of Chargeabl¢ Gains Aci 1992. to the exieni that sh ineome or are applied exclusively io charitable PuSes. No charge arose in the pwi(d. io. IYVESTMENT PROPERTY FAIRVALb'E At l April 0?3 and 31 March 2024 2.800,000 NET BOOK I'ALiIE A¢ 31 March 20?4 At 31 March 2023 Fair value 8131 March 2024 1$ ttpresen*d by.. Valuaiion in 2018 Valuation in ?019 Valuation in 2020 Vgluaiion in ?O?I Valuation in 2022 Cosi 130.000 135.0001 1175.(KX) I 1?40.0001 I100.O(K) I 3.220.000 ?.800.000 The property valuaiions were made by Jones Lzng Las1¢. Chartered SuTh'¢}ors. The valuaiions were made under RICS sthndards and the property kn been VAlued at fair Value. The directors consider ihis an appropriate valuation. SOCIAL lyN'ESTIEWTs In the year ended 31 March ?O•O. Ihe Charity made a social invesimeni related loan io the pr1valelyWned UK ncer research ¢ompan} called An&stssis Bioiec Ltd of £75.1. The loan is interesi free snd repayable on 31st December 2025. The loan agre¢meni pYovid¢s thai in Ihe eveni ihai Anastasi5 Blo Ltd is unable to repay the loan on expiry. then the £75.0(• kjan will be ConVerd inio ff)1 number of 169.680 ordinary sh1S nveT5iOn rate of £0.442. leaving uDali¢red the amouni of the loan. The Trustees rttognised the weniial of the project presemed them by Anas¢8sis Biotec Ltd &% a social investrnent. with the tK>iential ttnefii so¢idJ in ils understanding and fight against cer. Hotwer. the Trusttts are of ihe opinion ihaL &S it Slar [w. the £75.OIM) loan An&qasis Bioiec is more than covered by the tK)teniial uncrysts]lised profil on the ordinary shaw app]Y¢iation. Page 17 )ntinued...
CHRISTOS L4L4RI FOL'ND.4TIO STO TIIE FIN.4%CI.4LST.4TEIIENTS- continu FOR THE I'E.R ENDED 24 12. DEBTORS: Amour5 FALLING DI'E M'ITHIN ONE I'EAR il.3.24 31.3.23 Rents recovernble (hher debtors 17.583 20.755 19.796 20,755 13. CREDITORS: Al01Ts FALLING DI,'E M'ITHIN ONE I'EAR 31.3.24 Reni Teceived in advarKe Accrued expenses 45,6?3 11148 48.657 6.072 57,771 Rent Ttteived in advarhce are pyments for propty rental received in advance and relating 10 the following financial year. 14. CREDITOJLS: AMOUliTS FALLII%G DUE AFfER IIORE THATr* OYE I'EAR 31.3.24 31.3.23 Terwts, deposits 4.149 4.034 MOVEMENT lli FbNDS mowemeni in funds Ai 31.3.?4 Unrestricted fund$ General fund 3.¢)44.804 52.425 3.097.229 TOTAL FIINDS J.OM.804 3.097.229 Nd movemenl in fund& included in the a¥¢ are as follows.. Incoming resources Re50ur¢es expended Movement in funds Unrestricted funds General fund 205.054 1152,6291 52.425 TOTAL FUNDS 205.054 1152.6291 5?.425 Page 18 eoniinued...
CHRisfos LIZARI FO '%. D. NOTESTO THE FIN.4NCI.4L ST.4TEIIE%ILLllliu FOR THE ) EAR ENDEDJI.)IAR H 2024 15. MOvEMEr IN FLil%DS- Co111)ed Comparxtivts for m•vern¢o¢ io Nd mov¢m¢ni in funds At 31.3.23 At 1.4.22 Unrestri¢t¢d fynds General fund 3.048,970 14,166 3,044.804 TOTAL FllIYDS i.048.970 14.1661 3.044,804 Compararive movemeni in fund& inclth in the at4)ve are as folknws.. IrKomin8 Resourtes expended Movement in fund5 Ilnre51ritted funds General fund 196.959 1201.1251 14.1661 TOTAL FUNDS 196.959 1201.1231 14.1661 A curreni year 12 months and prioryear 12 momhs combined position is as follows: mowemeni in furLd5 Ai 31.3.?4 Ai 1.4.22 L.'nrestrirt¢d funds Genernl fund 3.048.970 48.259 3.097.229 TOTAL FLIT*DS 3.048.970 48.259 3,097,229 A current year 12 month5 and Prior year 12 months ¢bined net movement in fund& included in the obove are follow5.. Ino)ming Resources expered Movem¢nt in fund5 Ilnr¢strict¢d funds General fund 402.013 1353.7541 48,259 TOTAL FUYDS 402.013 1353.754} 48,259 REVALLATION RESERVES Included in Total Funds &s at 31 March 20?4 is a debit amount of £4?0.0¢ 1202i.' £420.(¥)01 of revaluation reserves. Page 19 continued...
LiL4RI F NOTES TO THE FII.4%CI.4L ST.4TEIIE%TS- tontinued FOR THE I'EAR ENDEDJI IIARCH 2024 16. RELATED PARTY TIL4PSAcrio%s The Chri5t05 Lazari Foundation i5 related by virtue of familj member ties between the respective Trustees. The Lazari Investments MaThagemeni L, again related via virn of family member ries beN'een directors of the Company and Trusiees of the Foundation. undertake a]1 assets and proprty management a¢iiNities. pro iK>no. in respecl of the Foundation'5 property. During the period Lazari Investments Management provided management services for the inves¢meni property pro trA)no. There are no her reled pa]ty traTrtIOnS or $)$ made or be declared. 17. LIABILITY OF tEIBEll$ The liability of member5 15 limitrd by guarantee. In the ¢vem of the Charlble compsny b¢ing wound up during memberfs period of membership. or within oThe )'etr afterwards. an amount not e¥¢ttding the surn of £1 may be required from th m¢mkr WardS the paymeni of the debts and liabiliiies of the Charithble company incurred before membetship ttased. As at 31 March 2024. the Charlble company had Six members.