REGISTERED COMPANY NUMBER: 10792729 (England and Wales) REGISTERED CHARITY NUMBER: 1173946 REPORT FTHETR STEES AND UNAUDJTED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 FOR CHRISTOS LAZARI FOUNDATION A COMPANY LIMITED BY GUARANTEE Chris Skary>aris & Co Ltd Chartered Accountants 2nd Floor l O(b) Aldernians Hill Palmers Green London N134PJ
CHRISTOS LAZARI FOUNDATION CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Page Report of the Trustees I to 12 Trustees, Responsibility Statement 13 Independent Examiner's Report 14 Statement of Financial Aetivities Bxlanee Sheet 16 to 17 Cash Flow StAtement 18 Notes to the Cash Flow Statement 19 Notes to the Financial Statements 20 to 27
CHRISTOS LAZARI FOUNDATEON REGISTERED NUMBER: 10792729 REPORT F THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2025 The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present iheir report with the financial statements of the charity for the year ended 31 March 2025. The trustees have adopted the provisions of Accounting and Reporting by Charities.. Stalement of Re¢ommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 1021 (effeclive I January 2019). Trustees: Mrs M Lazari Ms A Lazari Mr L Lazari Mr N Lazari MrN K Petoussis Mrs Z Protopapas STRucfuRE, GOVERNANCE AND MANAGEMENT Governing document The charity is controlled by ils goveming document, a deed of trust, and constitutes a limited CoMpy, limited by guarrAntee, as defined by the Companies Act 2006. REFERENCE AND ADMINISTRATIVE DETAILS Registered Company number 10792729 (England and Wales) Registered Charity number 1173946 Registered office 28 St. George Street, London WIS2FA Page I
CHRISTOS LAZARI FOUNDATION EGISTERED NUMBER: 10792729 REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 202$ Trustees Contents l. Overview 2. Structure, Governance and Management Board of Trustees Trustees. Responsibilities Objectives Operation and Management 3. Policy Grant Making Policy Reserves Policy 4. Risk Management and Opportunities Cost of Living Crisis Political Landscape under Labour Govemment Public Trust in Charities Post-COVID Regulatory Change in Digital Filing 2025 National Slate of Giving Conclusion of Risk and Opportunity 5. Achievements and Perfotinance Medical Research l Healih Charities Social Services / Community Greek Orthodox Faith Strategic update on Anastasis Biotech Limited 7. Financial Review 8. Public Benefit Statemenl 9. Fundraising Statement 10. Looking Ahead.. The Future of the Christos Lazari Foundation I l. Independent Examiner Trustees, Report for the year ended 31 st March 2025 Page 2
CHRISTOS LAZARI FOUNDATION REGISTERED NUMBER: 10792729 REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2025 Overview The Christos Lazari Foundation (the "Foundation" or "Charity") is pleased io present the Trustees, Annual Report and Financial Statements for the period I st April 2024 to 3 1st March 2025. Thi5 period represents one of the most turbulent limes for socieiy, both in the UK and globally. The post-COVID era has fallen short of expectations for a full recovery and has instead been characterised by ongoing global instability, persistent inflation, a deepening cost-of-living crisis, and significant political change marked by the transition lo a Labour govemment in the UK. According to the Office for National Statistics (ONS}. over 900/0 of households reported increased living eosts in 2024, while research from the Charities Aid Foundation {CAF) revealed that only 50% of adults donated to charity the lowest proportion since records began. This has had a significant impact on the charity and voluniary sector, with demand for support rising faster than income. Charity is more important than ever, as there is a growing demand for their support and services in these challenging times, causing further strain on the sector and forcing charities to adapt quickly and imptfully. Smaller community organisations have faced acuie pressures, reinforcing the importance of foundations like the Christos Lazari Foundation (CLF) in providing siable and reliable funding. We are pleased to report that, despite sector wide challenges, the Christos Lazari Foundation continued lo operate effectively and deliver on its mission. Throughout the year. the Foundation continued to fulfil its mission by supporting both individuals and charitable organisations in areas such as health, community service5, the Greek Orthodox Church and other faith-based organisations, ensuring a measurable public benefit. During the financial year under review, the Foundation made twenty-five donations, amounting to £144,711. Structure, Governance and Management Board of Truslees The Foundation was estsblished in memory and honour of the late Christos Lazari, beloved husband of Maritsa and father to Len, Nicholas, and Andrie Lazari. It was incorporated as a charitable company limited by guarantee on 26 May 2017 (Company No. 10792729) and operates in ac¢ordance with its Memorandum and Articles of Association. The Foundation is also registered with the Charity Commission for England and Wales under c.harity No. 1173946. The Board of Trustees eomprises the four aforementioned members of the Lazari family, together with two Independent Trustees, Nicos Petoussis and Zoe Protopapas. The Board is responsible for the strategic direction and overnll performance of the Foundation, including the governance, management, and oversight of its operalions, as well as the allocation of funding. The Trustees serve on a voluntary basis and receive no remuneration for their roles. Trustees, Responsibilities The Trustees are responsible for preparing the annual report and the financial statements of the Charity in accordance with the Companies Act 2006and for being sat15fied thal the financial statements give a true and fair view. The Trustees are also responsible for preparing the financial statements in accordance with United Kingdom Accounting Standards (United Kingdom Generally A¢eepted Accounting Praetice). Page 3
CHIUSTOS LAZARI FOUNDATION REGISTERED NUMBER: 10792729 REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2025 Company law requires the Trustees (who are Directors of the Charity) to prepare financial Statements for each financial year that give a trne and fair view of the stale of affairs of the Charity, and of the income and expenditure of the Charity for that year. In preparing these financial statements, the Trustees are required to.. 5eleet suitable accounting policies and ihen apply them consistently make judgements and estimates that are reasonable and prudent prepare the financial stalemenls on a going concem basis. unles5 It is inappropriate to presume that ihe Charity will ontinue in business The Trustees are responsible for keeping adequate accounting records that document and detail the Charity's transactions, 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 Aci 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 irrcgularities. The Trustees listed are the only directors of the charitable company. Objettives The objective of the Foundalion, as set out in its Articles of Association, is lo make grants and donalions to individuals and organisations that promole charitsble purposes for the public benefit. These purposcs include, bul are noi limited to.. l. Supporting the Greek Orthodox Church and other faith-based organisations. 2. Assisting charitable organisalions with connections to, or associations with, Greece andlor Cyprus. 3. Advancing health by supporting scientific and medical research wiihin the lJnited Kingdom. 4. Supporting such other charitable purposes as the Trustces may? at their absolute discretion, determine from time to time. Operation and Management The Foundation's sole source of funding is derived from rental income generated by three freehold, unencumbered commercial investment properties located at 29-33 High Road, Wood Green, London N22. The Foundation docs not engage in any form of public fundraising. The ongoing asset management of ihese properties is provided on a pro bono basis by Lazari Investments Management Limited. This arrangement is governed by a Management Agreement dated 13 July 2017. The Foundation does not operate with volunteers. In accordance with its grant-making policy, the Board of Truslees endeavour to convene quarterly lo review the Foundation's operdtional management, consider funding applications submitted io the Charity, and approve donations in line with ils stated charitable objectives. During these meetings, Ihe Trustees also review the Foundation's financial position, including ineome, reserves, and operational expenditure, and adopt appropriate policies to manage cost. Policy Grant-making Policy Grants awarded by the Foundation are made entirely al the discretion of the Board of Trustees and are direcled towards charitable organisations and causes that align with the Foundation's objectives and principal purposes. The Foundation does not make grants to organisations atTiliated with political parties or those that promote political agendas. Funding application5 are reviewed by the Board of Trnstees on a quarterly basis. Each application undergoes a thorough due diligence process, including background checks, prior to being presented for consideration by the Board of Trustees. Page 4
CHRISTOS LAZARI FOUNDATION REGISTERED NUMBER: 10792729 REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2025 Successful applicants are notified in writing and issued a Grant Agreement outlining the specific temis and conditions att2ched io ihe award. This agreement IS Signed by two of the Foundation's Trustees and by up to two authorised signatories acting on behalf of the recipient organisalion or individual. This grant-making process has been developed in accordance with ihe regulatory framework set out by the Charity Commission and serves as an important mechanism for assessment and evaluation, ensuring that all funds granted are used exclusively for the designated charitable purposes. Reserves Policy The Foundation holds fund reserves generated from the income of its investment properties, which the Trustees utilise to provide grants, make charitable donations. and meet the operational costs associated with maintaining and managing these investment properties. While no fixed amount is allocated for these purposes, the level of expenditure is detemined by the income generated from the freehold properties, taking inl0 account prevailing macroeconomic conditions and the specific property management requirements of the Foundation's assets. The Foundation is committed to preserving its assets to ensure long-tem income generation, thereby sustaining its ability to support charitable giving. This objective is refullY balanced againsl its overarching purpose: to deliver public benefit and serve the wider community. Risk Management and Opportunities The Foundation has no debi or finance costs as it holds the freehold of all Ihree commercial investment properties unencumbered. Rental income generated from the properties is used predominantly to donate to worthy causes that benefit the public. The Foundation also has sufficient cash reserves lo act as a buffer, allowing the Foundation to meet its ongoing costs, propetty outgoings, and provide emergency charitable funding as needed. Excluding the potential of any future rent loss from defaulting tenants or voids, no material finan¢ial risks were perceived at yeals end. However, as required by the Trustees, a business plan and an annual budget are necessary. The Trustees now also consider external sector-wide risks, including economic, political, regulatory, and reputational developments thal could impact the Foundation or its beneficiaries. Over the past few years, sector-wide risks have significantly intensified for charities. Declining donor participation (CAF, 2025) and increased pre5surc on grantees due to the ongoing cost-of-living crisis (ONS, 2024) have placed considerable strain on charitable organisations. These challenges are compounded by heightened reputational risks, with public trust in charities standing at just 570/0 (Charity Commission, 2025). At the same time, the sector is undergoing a fundamental shift towards hybrid giving models that blend traditional fundraising with digital plarforn)s (NCVO, 2024). This evolving landscape creates new opportunilies but also introduces added complexities and risks. However, such support also comes with shared exposure to the reputational and operational risks facing the wider sect. As we move ahead, it is essential that we consider boih risks and opportunities that may influence how effectively the Foundation is run. This will allow the Foundation to safeguard its integrity for the future. Cost of Living Crisis The ongoing cost-of-living erisis in the UK conlinues to impact lower-income households disproportionately. with rising food, energy, and housing costs (ONS). As a result. household disposable income has declined, reducing many individuals, capacity to give. According to CAF'S UK Giving Report 2025, only 500/0 of people donated to charity in 2024 -the lowest on record-though total donations held steady at £15.4 billion. sustained by fewer but higher-value donors. For the Foundation, this environmeni presents dual challenge5'. increased demand from financially stretched grantees and a constrained donor landscape. However, it also reinforces the importance of our stable, unrestricted funding model, positioning the Foundation as a reliable partner in a volatile sector. Page 5
CHRISTOS LAZARI FOUNDATION REGISTERED NUMBER: 10792729 REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2025 Politie#l Landseape in Labour Government The election of the Labour government in 2024 has reshaped the polilical and policy landscape in ways that dIre[Y impact the charitable sector. The government has introduced the Civil Society Covenant, aimed at strengthening the partnership between the govemment and the charity sector, as well as ensuring that charity aligns with the needs of local govemment. The NCVO (National Council for Voluntary Organisations) has advised charities to expect to work more closely with the government but also face greater scrutiny of their accountability and the use of fi]nds. For the Foundation, this creates both risks and opportunities. Policy changes may alter the flow of public contracts and grants to frontline charities, creating uncertainty for some of the Foundation's beneficiaries. However, the Covenant also provides opportunities for ihe Foundation to engage in co-funding initiatives, support pilot projects, and position itself as a flcxible partner that complements government priorities while maintaining it5 independence. Regulatory Change in Digital Filing 2025 The Charities (Annual Return) Regulations 2024 came into effect for financial years ending on or after l January 2025. These regulations require charities to complele the new Annual Retum digitally via the Charity Commission's online system, with expanded questions designed to capture more detailed financial and governance infomiation. The CoTnmission ha5 emphasised the need for timely COTnpliance to avoid regulatory aclion and reputational hann. For the Foundation, the key risk is administrative: late or inaccurate filing could damage trust and invile extra scn]tiny. However, the move to digital returns also presents an opportunity engaging with the new data requirements may help support intemal planning and provide useful insighls to inforni governance and transparency going fonward. The Changing Landscape of Charitable Giving Recent data indi¢ates notable shifts in the UK'S charitable giving environment. Since the COVID-19 pandemie, public expectations have risen, with greater scrutiny of how charities demonstrate impact. Although, according to the Charity Commission'5 2025 research, 57% of the public report "high trust" in charities, this trust increasingly depends on transparency and assurance that funds reach intended beneficiaries. The Foundation is ¢ognisant thal reputational risk extends beyond its own governance to the conduct of grantee organisations, and that any missteps by funded bodies could impacl the Foundation's reputation. According to the CAF UK Giving Report 2025, overall donation values remllin robust al £15.4 billion: however, the number of individuals donaiing has declined, resulting in a more concentrated donor base. The NCVO UK Civil Society Almanac 2024 further reports that while the public continues to be the largest source of income for the volunlary sector, giving pattems are evolving. Larger national charities are attracting an increasing share of donations, often at the expense of smaller organisations. This context offers a clear opportunity to position ihe Foundation &$ a trusted and effective vehicle for philanthropy, able to allocate funds strategically to areas where they will generate the greatest measurable impact. Conclusion of Risk and Opportunity The extemal environment for Charities is complex. with significant risks arising from economic pressures, political shifts, regulaiory change, and evolving patterns of public trust and giving. For the Foundation, the path forward is lo manage these risks through strong COTnpliance, transparent reporting, and careful scenario planning, while capturing opportunities by positioning itself as a reliable, transparent, and strategic grdnl-maker in a rapidly changing sector. Page 6
CHRISTOS LAZARI FOUNDATION REGISTERED NUMBER: 10792729 REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2025 Achievements and Performance The Board of Trustee5 is pleased to report that a lotal of 25 donations were made in support of charitable causes during the year under review. These contributions amounted lo £144,711. The grants have been categorised inlo four broad areas, reflecting our core objectives. A detailed breakdown of each grant is provided below. Medical Research / Health Charities l ) Royal Marsden Cancer Charity - £10,000 Funding iowards supporting the Oak Children and Young People's Drug Development Unit at the Royal Marsden Hospital. 2) Action for Pulmonary Fibrosis - £5,000 Funding towards the research programme aiming at improving early diagnosis, developing effective treatment5 and improving understanding of the biological basis of the disease. J) Retina UK- £3.000 Funding towards Professor Sowden's research project at UCL Institute of Child Health, looking at regenerating photoreceptor patches from stem cells as a route to restoring vision. 4) Prostate Cancer UK - £3,000 Funding towards the Trnnsfom Trial, focusing on early diagnosis. 5) Bowel Cancer UK- £J.000 Funding towards the research projects focused on improving diagnosis. Social Services I Community l ) Spread a Smile - £15,000 Grant loWdS funding hospital visits and family events for hospitalised children and their families. 2) NARA - The Breathing Charity- £5,000 Funding the services and support provid¢d to children with disabilities, chronic respiratory condilions and complex healthcare needs and their families. J) School of Byzantine Music £5,000 Contribution towards the running costs of the school, which encourages children and young people to take up classes in Byzantine Music for their enjoyment and benefit. 4) Royal Hospital for Neuro-disability - £5,000 Funding towards the Hardship Fund, which assisls patients with a range of neurological conditions and brain injurie5, and their families, who are experiencing financial difyiculties. 5) Mindstead Trust - £5,000 Funding towards the Trust's work in supporting people with learning disabilities and autism, by offering them opportunities to develop work and life skills. 6) Signhealth - £5,000 Funding towards the operation of the peer-led support services provided to deaf people. 7) Sunny Days Children's Fund- £5,000 Funding towards the Support and Crisis Grants Fund project. 8) Buttercup Children's Trust - £5,000 Funding towards the support Services for children with adverse medical conditions and life-lhreatening illnesses. Page 7
CHRISTOS LAZARI FOUNDATION REGISTERED NUMBER: 10792729 REPORT F THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2025 9) BuckVi5ion - £5,000 Funding towards the support services for blind, partially sighted and people with sensory disabilities. 10) Council of ex-patriates and friends of Anogira Village, Cypnjs - £4,294.06 Funding towards the preparation #nd publication of a hislory book narrating the history of the village, its people and its produce. I l ) The Guide Dogs for the Blind Association £4,000 Funding towards the charity's work in training highly skilful assistance dogs to partner with people with sight loss and funding the Support Services. 12) Shift.MS- £3,000 Funding towards the operation of the peer-led support network for people living with MS. 13) Tall Ships Youth Trusl - £3,000 Funding a residential voyage for ten disadvantaged young people. 14) Shine - £2,500 Funding towards the support services provided io children living with spina bifida. Christian - Greek Orthodox Faith I l Agia Marina Doras Church - £35,908.27 Contribution towards the refurbishment and restoration works, including ihe painting of Christian faith icons, at the church in Dord Village, Cyprus ihe birth village of C.hristos Lazari. (Comprising 3 separate donations granted at different times throughout the finaneial year of £30,755.71 + £4,298.12 4 £854.44.) 2) Greek Orthodox Archdiocese of Thyateira and Great Britain - £4,414.10 Contribution towards the eosts relating lo the Christmas carol services in December 2024 held at the Arehdiocesan Cathedral. 3) Gypsou Village Community Council- £4,292.21 Funding towards the restoration works of the Greek Orthodox churches and cemeteries in Gypsou village, in Cyprus. 4} Saint Sophia Chureh - £4,200 Supporting the Choir services of the church. Strategic update on Anastasis Bioteeh Limited This was a loan made by ihe Foundalion to Anaslasis Biotech Limiled (ABL) of £75.000 in December 2019 for a temi expiring in December 2025 (or such other later date as ABL and the Trustees may agree} for the sole purpose of funding research inlo the developmeni of new technologies for Ireating cancer. ABL is a biotech start-up company based in the UK, seeking to develop a new technology for treating cancers which are driven by a signalling pathway mutation called Notch. The hypothesis is that - if this pathway that promotes the proliferation of cancer stem cells 15 controlled - these cells will not proliferate, and the cancer should stop developing and die. The aim of ABL is the development and testing of their drug candidate (Syntana 4 or S4) through phase l and 2 clinical trials, by testing its effectiveness against prostale cancer, which is one of the highesl 'nolches expressing, tumours. If the testing is effective, il will generate substantial and impressive proof_of_concept to technically validate the platform. The Trustees recognised the potential of the project presented to them by ABL as a social investment for the Charity, capable of benefitting mankind in its understanding and fight against cancer. Page 8
CHRISTOS LAZARI FOUP4DATION REGISTERED NUMBER: 10792729 REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2025 The social investment carried the condition that, should the interest-free loan not be repaid by 31 December 2025, the Trustees would have the option to convert the loan into shares in ABL at such lime. Scientific and Preelinical Progress ABL has made significant progress in the development of its lead therapeutic candidate, S4. Preclinical studies, conducted in partnership with Almac (Partnering lo Advance Human Health), yielding promising results and thereby supporting the continued advanceTnent of the plaifomi. ABL'S innovative therapeulic approach targets gene expression through selective inhibition or modulation of transcription factors within ihe cell nucleus. This stralegy aims to selectively el iminate cancer ells bearing specific mutations while sparing healthy tissue, representing a potentially transfomiative advancement in precision oncology. ABL is currently preparing an Investigalional New Drug {IND} application to the U.S. Food and Drug Administration (FDA), a critical step toward initiating clinical trials and eventual commercialisation. In parallel, ABL has successfully expanded its intellectual property portfolio, securing patent protection for S4 and AB l across key international markets including the United Ststes, European Union, and Chin& Post Year-End Developments Following the year end, the Foundation and ABL have been in discussions regarding the forthcoming expiry of the existing loan agreement. Under the tenns of the agreement, ABL mu51 either repay the loan on or before 31 December 2025 or allow the Trustees to exereise their right to convert the loan into shares in ABL. Given ABL'S currenl priorities, it would be advantageous for ABL not to repay the loan but instead to direct available funds towards advancing ils research. The loan, cutrently recorded as a liability in ABL'S accounts, also limits ABL'S ability to Secure future funding from other sources. Since the Foundation's original investment, ABL'S share price has increased significantly. Consequently, it is considered to be in the Foundation's best interests and in furtherance of its charitable objectives in the long term to opt to convert the loan into equity at the price pre-agreed by the parties in the original loan agreement (which is at a substantial discounl to the current share price). This approach align5 With the Foundation's charitable purpose by supporting the eontinued development of research into the understanding and ireatment of cancer, an area of significant global public benefit. As ABL'S research progresses, there is potential not only for meaningful scientific impact but also for an eventual increase in the value of the Foundation's shares. Such growth would. in tum, enhance the Foundation's capacity to generate further income and make future grants for wider public benefit. Financial Review As of the year-end, the FoL5ndation's portfolio continues to deliver a stable income stream, with full oecupancy across all commercial and residential units and no outslanding atTears. The portfolio includes a blend of retail and residential properties located on the High Road in Wood Green, N22 a well-established area known for its high footfall and strong local demand. As of 31st March 2025. the properties held unencumbered by the Foundation, which represenl its sole source of income, were independently valued by JLL at £3 million 12024.. £2.8 million). This reflects a 7.140/0 increase in the market value of the Foundaiion's capital asset5 compared to the previous year, attributed predominantly to successful Set management initiatives. At the financial year end, the annual rental income from these properties reduced temporarily from lasl year's £205.054 to £199,31 I due to a concessionary rent being granted at the commencement of a new le&8e to Dalston Mini¢abs Limited {at half annual rental as opposed to pure rent free) with the full renl commencing &8 of 17 September 2025. The annual rental income generaied by the Foundation's portfolio will further increase to £223,000 on expiry of all rent-free periods, wilh further projected rental enhaneement on the revision of AST renewals and/or lettings. Page 9
CHRISTOS LAZARI FOUNDATION REGISTERED NUMBER: 10792729 REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2025 During the period under review, the Foundation completed a new letting at 29 High Road. Following Greggs PIC vacating the premises in September 2024, Dalston Minicabs Ltd was secured as the incoming tenant. The lease completed on 18 September 2024 at a headline rent of £75,000 per annum, supported by a rent deposit of £18,750. The le&se, which runs until 17 September 2039, is contracted outside the Landlord and -Fenant Act 1954. To facilitate the letting, HRH Retail acted as agents, receiving a commission of £7,500 plus V A T. Importantly, a concession of half rent for six months was negotiated, resulting in an income of £37,500 in ihe first year. Rent reviews are scheduled for 2029 and 2034. The premises have been refurbished and are now trading as a chicken takeaway. The upper parts are being reinstated &% a residential flat, which will enhance the overall income profile on completion. At 31 High Road, the rent review was Concluded on 2 September 2025 with the passing rent of £47,000 per annum maintained. The lease, which expires on 6 May 2028, is contracted within the provisions of the Landlord and Tenani Act 1954 and provides a stable income stream for the medium tem). At 33 High Road, the existing Ic&se with Power Leisure Bookmakers Ltd produces a rental income of £57,800 per annum. The lease is due to expire on 19 October 2026, with the previous rent review (due October 2021) still outstanding. Following advice from HRH Rctail, no rental uplift is anticipated, and the review will be addressed as part of the lease renewal discussions in 2026. The residentia] accommodation above 33 High Road comprises two flats, both Currently let on assured shorthold tenancies which have since expired. Flat l expired on 31 August 2025 at a rent of £21,600 per annum, while Flat 2 expired on 31 May 2025, also at a rent of £21,600 per annum. Both tenants continue lo hold over on the same lerms, and confirmation regarding renewal or vacation is expected by ihe end of December 2025. The retail units remain fully occupied by tenanls of reasonable covenant strength, while ihe residential units are occupied on a holding-over basis with no void costs incurred by the Foundation. Rent collection has remained stable across all properties, reflecting the resilience of the portfolio. As at the year end, the Weighted Average Unexpired Lease Tem) (WAULT} of the commercial properties stood at 4.03 years cotnpared to last year's 2.63 years. This is due to the completion of an open market letting increasing the WAULT. Albeit the WAULT saw limited growth having been supressed by further lease expiries on the two other retail units, where thc WAULT is under 3 years. The overall WAULT for the Foundation's propcrties at 29133 High Road, Wood Green, London N22 stands at 5.04 years. This figure is derived by weighting the unexpired lease terms of all tenancies against their respective annual rental incomes, based on a total rent roll of £223,000, which incotporates the confimied uplift in rent for Dalston Minicabs Ltd to £75,000 per annum effective from 17 Seplember 2025. The cumulative rent-weighted lease term is £1,124,654, and the lease profile comprises a mixture of commercial and residential tenancies. Thesc include Dalston Minicabs Ltd with 14.00 years unexpired and £75,000 annual rent, Currency Exchange Corporation Ltd with 2.64 years unexpired and £47,000 annual rent, Power Leisure Bookmakers Ltd with 1.09 years unexpired and £57,800 annual rent, in addition 10 two residential flats (Flat and Flat 2} each generating £21,600 per annum, with unexpired temis of 0.96 years and 0.71 years respectively. The WAULT has been calculated to lease expiry (there are no break options within the leases} and reflects a balanced tenant profile with a eombination of a long-tem] commercial lease (notably Dalston Minicabs Lid wilh 14 years remaining) and shorter-temi lease expiries and residential tenancies. This WAULT reflects a stronger income security Posltion due to the longer commercial lease commitment and the recent rent uplift, with over four years of weighted average lease term at year end and over five year5 remaining at completion of the audit across the income-generating units. This provides a strong indieation of medium-tern) income security and stability for the Foundation's assets. The Board of Trustees remain confident in the perfoman¢e of the properties. noting their densely populated and prominent location on Wood Green's High Road. The area continues to serve ils local community effeclively, demonstrating ongoing demand and consistent income generation for the Foundation. Page 10
CHIUSTOS LAZARI FOUNDATION REGISTERED NUMBER: 10792729 REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2025 Public Benefit Statement The Trustees declare that they are conscious of and have adopled the stipulation5 of the Charities Act 2011. holding the requirement that all charities of every kind must be able to show that their work is of direct benefit to the public. The Trustees are confident that all activities funded by the Foundation, which are caiegorised under medical research- community, education and social services; faith organisations and applications by disadvantaged individuals, demonstrate their public benefit and purpose. In detemiining its grant making strategies and in the general administration of the Charity, the Tn]stees have regarded Section 4 on the Charity Commission's guidance on public benefit and will continue to deliver grants proficiently and with purpose. Fundraising Ststement Section 162a of the Charities Act 201 I requires charities to make a slalement regarding fundraising activities. The legislalion defines fundraising as "soliciting or oiherwise procuring money or other property for charitable purposes" Such amounts receivable would be presented in the Accounts as "Other Donations and Legacies" In relation to the above, the Trustees confimi thal no fundraising approach has been undertaken by the Foundation, or by anyone acting on its behalf, that no fundraising standards or scheme for fundraising regulalion have been subscribed to by the Foundation, or by anyone acting on its behalf, that no complainis in relation to fundraising activities have been received and that any solicitations are managed internally. without involvement of commercial parti¢ipalors or professional fundraisers. Looking Ahead: The Future of the Christos Lazari Foundation As the Foundation looks to the future, it does so with a strong sense of purpose and responsibility. The challenges of recent years have underscored the vital role that independent foundations play in susiaining charitable work and supporting communities in need. Since ils estsblishment in 2017. the Foundation has maintained a consistent commilmenl to charitable giving, continuing its support even through periods of economic downlum and uncertainty. During the year under review, the Foundation awarded grants totalling £144,71 I, bringing the cumulative lifetime value of grants awarded to £952.964. This excludes a separate £75,000 social invesiment made in support of the ongoing fight against Cancer. We are ple&8ed to report ihat in the forthcoming year, the Foundation will surpass the £1 million cumulative grants milestone a significant achievement that highlights the Foundation's sustained impact, resilience, and enduring dedication to public benefit. In the year ahead. the Foundation's focus will centre on two key priorities. Firstly. we will continue to provide unrestricted granls that empower organisations to adapl. grow. and make a measurable difference in the ¢ommuniti&s ihey serve. Our ongoing eommilment will remain directed towards smaller community groups, many of which are under incfeaging.strain . as demand for their services conlinues to rise {NCVO, UK Civil Society Almanac 2024). Secondly, we will strengthen our capacity lo monitor and respond to ongoing economic and political uncertainty. ensuring that the Foundation remaing agile, informed, and able to act swiftly as new challenges or opportunities arise. Our commitment to transparency and accounbillty will continue, with a focus on communicating the tangible impact of our grants and reinforcing public trust in our work. Above all, the trustees remain steadfast in honouring the legacy of Christos Lazari by upholding the Foundation's core values of generosity, community, and service. With resilience, careful stewardship, and a continued focus on public benefit, the Foundation will continue to move forward, supporting causes that create lasting, positive change across the UK, Greece and Cyprus. Pagell
CHRISTOS LAZARI FOUNDATION REGISTERED NUMBER: 10792729 REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2025 Independent Examiners All of the current Trustees have taken the necessary steps required in order to make themselves aware of any infomiation needed by the Charity's Independent Examiners for the purposes of their Independent Examination, and to establish that they are aware of such inforniation. The Trustees are not aware of any relevant infom)ation of which the Independent Examiners are unaware. A resolution to reappoint Chris Skarparis & Co will be proposed at the next Annual General Meeting. Independent Examiner Mr Chris Skarparis Chris Skarparis & Co Ltd Chartered Accountants 2nd Floor l O(b) Aldermans Hill Palmers Green London N13 4PJ Solicitor5 Simons Muirhead Burton 87-91 Newman Street London WIT3EY BAnkers Lloyds Bank 25 Gresham Street London EC2V 7HN Approved by order of the board of trustees on 18 November 2025 and signed on its behalf by= Ms A Lazari - Trustee Page 12
CHIUSTOS LAZARI FOUNDATION TRUSTEES, RESPONSIBILITY STATEMENT FOR THE YEAR EP*'DED 31 MARCH 2025 The trustees are responsible for preparing the trustees, report and accounts in accordance with applicable law and United Kingdom Accounting Standards {United Kingdom Generally Accepted Accounting Practice). Law applicable to charities in England and Wales requires the Irustees to prepare accounts for each financial year which give a true and fair view of the state of affairs of the charity and of the income and expenditure of the charity for that period. In preparing these accounts, the trustees are required to- select suitable accounting policies and then apply them consistently. observe the methods and principles in Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their accounts in acrdance with ihe Financial Reporting Standard applicable to the United Kingdom and Republic of Ireland (FRS 102); make judgetnents and estimates that are reasonable and pnjdent: state whether applicable United Kingdom Accounting Standards have been followed, subject to any departures disclosed and explained in the accounts. prepare the accounts on the going concern basis unless it is inappropriate to presurne that the Charity will continue in operation. The trusiees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and which enable them to ensure that the accounls comply with ihe Charities Act 2011, the relevant Charity (Aceounts and Reports} Regulations and the provisions of the charity's governing document. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of frdud and other irregularities. The trustees are responsible for the maintenance and integrity of the charity and financial infonnation included on the charity's website. Legislation in the United Kingdom governing the preparation and dissemination of accounts may differ frorn other jurisdictions. The tNstees are responsible for the maintenance and integrity of the corporate and financial infomialion included on the chariiable company's website. Legislation in ihe United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions. Page 13
IIYDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF CHRISTOS LAZARI FOUNDATION Independent examiner's report to the trustees of Christ05 Lazari Foundation {'the Company,) I report to the charity trustee5 On my examination of the accounts of the Company for the year ended 31 March 2025. Responsibilities and basis of report As the charity's trLJslees of the Company (and also its direetors for the purposes of company law) you are responsible for the preparation of the ac¢ounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act'l. Having satisfied myself ihat the accounts of the Company are not required to be audited under Part 16 of the 2006 Aet and are eligible for independenl examination, I report in respect of my examination of your charity's accounts as carried out under Section 145 of the Charities Act 2011 {'the 201 l Act'}- In carrying out my examination I have followed the Directions given by the Charity Commission under Section 145{5) (b) of the 2011 Act. Independent examiner's statement Since your charity's gross income exceeded £250,000 your examiner must be a member of a listed body. I can confirn) that I am qualified to undertake the examination because l am a member of the Institute of Chartered Accountants in England and Wales, which is one of the listed bodie5. I have completed my exaTnination. I confimi that no matters have come lo my altention in wnne¢tion with the examinalion giving me cause to believe.. accounling records were not kept in respect of the Company a5 required by Section 386 of the 2006 Act. or the accounts do not accord with ihose records. or the accounts do not comply with the accounting requirements of Section 396 of the 2006 Act other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination. or the accounts have not been prepared in aceordance with the methods and principles of the Statemenl of Recommended Practice for accounting and reporting by charities (applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ircland {FRS 102)). I have no concerns and have come across no other matters in ¢onneclion with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. Mr Chris Skarparis Chris Skarparis & Co Lid Chartered Ac¢ountaniS 2nd Floor l O(b) Aldermans Hill Palmers Green London N13 4PJ 18 November 2025 Page 14
CHRISTOS LAZARI FOUNDATION STATEMENT OF FINANCIAL ACTIVITIES INCORPORATING AN INCOME AND EXPENDITb'RE ACCOUN FOR THE YEAR ENDED 31 MARCH 2025 31.3.25 31.3.24 Total nds Unrestrieted fund Noies INCOME AND ENDOWMENTS FROM Charitable activities Investment expenses.. 200,000 Investment income 199,311 205,054 Total 399,311 205.054 EXPENDITURE ON RAising funds Other trading activities 98,818 32,357 98,818 Charitable activities Medicalthealth Arts and culture Povety/soeiaVjustice 63,500 53,820 27,391 40,000 41,500 38,772 Total 243,529 152,629 NET INCOME 155,782 52,425 RECONCILIATIO]N OF FUNDS Total funds brought fonvard 3,097,229 3,044,804 TOTAL FUNDS CARRIED FORWARD 3,253,011 3,097,229 The notes forni part of these financial statements Page 15
CHRISTOS LAZARI FOUNDATION REGISTERED NUMBER: 10792729 BALANCE SHEET 31 MARCH 2025 31.3.25 Unrestricted fund 31.3.24 Total funds Noles FIXED ASSETS Investments InvestTnent propety Social investments 3.000.000 75,000 2,800,000 75,000 12 3,075,000 2,875,000 CURRENT ASSETS Debtors Cash at bank 13 27,967 234,731 19,796 264,353 262,698 284,149 CREDITORS Amounts falling due within one year 14 (61,788) (57,771) NET CURRENT ASSETS 200,910 226,378 TOTAL ASSETS LESS CURRENT LIABILITIES 3,275,910 3,101,378 CREDITORS Amounts falling due after more ihan one year 15 (22,899) (4,149) NET ASSETS 3,253,011 3,097,229 FUNDS Unrestricted funds 16 3,253,011 3,097,229 TOTAL FUNDS 3,253,011 3,097,229 The charitable ¢ompany is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2025. The members have not required the company to obtain an audit of its financial statements for the year ended 31 Mar¢h 2025 in aecordance with Section 476 of the Companies Act 2006. The mistees acknowledge their responsibilities for (a) ensuring that the charitable ¢ompany keeps accounting records thal comply with Se¢tions 386 and 387 of the Companies Act 2006 and preparing financial statements which give a true and fair view of the state of affairs of ihe charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which oiherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company. {b} The notes fonn part of these financial staiements Page 16 continued...
CHRISTOS LAZARI FOUNDATION REGISTERED NUMBER: 10792729 BALANCE SHEET- continued 31 MARCH 2025 These financial ststements have been prepared in accordance with the provisions applicable lo charitable companies subject to the small companies regime. The financial statements were approved by the Board of Trustees and authorised for issue on 18 November 2025 and were signed on its behalf by.. Ms A Lazari - Trustee The notes form part of these financial stalements Page 17
CHRISTOS LAZARI FOUNDATIOIN CASH FL W STATEMENT FOR THE YEAR ENDED 31 MARCH 2025 31.3.25 31.3.24 Notes Cash flows frorn operating activities Cash generated from operations (37,898) 48,722 Net cash (used in)Iprovided by operating activities {37,898) 48,722 Cash flows from investing activitie5 Interest received 8,276 7,819 Net cash provided by investing activities 8,276 7,819 Change in cash #nd tash equivalents in the reporting period Cash and cash equRv2lents at the beginning of the reporting period {29,622) 56,541 264,353 207,812 Cash and cash equivalents at the end of the reporting period 234,731 264,353 The notes form part of these financial statements Page 18
CHtUSTOS LAZARI FOUNDATION NOTES TO THE CASH FLOW STATEMENT FOR THE YEAR ENDED 31 MARCH 2025 RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES 31.3.25 31.3.24 Net income for the reporting period (as per the Statement of Financial Activities) Adjustments for: Interest received Investment income Ilncreaselldeerease in debtors Increase in creditors 155,782 52,425 (8,276) {200,000) (8,171) 22,767 (7,8191 959 3,157 Net cash (used invprovided by operations (37,898) 48.722 ANALYSIS OF CHANGES IIN NET FUNDS At 1.4.24 Cash flow At 31.).25 Net cash Cash at bank 264,353 {29,622 } 234,731 264.353 (29,622) 234,731 Total 264,353 {29,622 } 234,731 The notes form part of these financial slalements Page 19
CHRISTOS LAZARI FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 STATUTORY INFORMATION Christos Lazari Foundation is a charitsble company limited by guarantee, registered in England and Wales. The Company's registered number is 10792729 and the registered office address is Accurist House, 44 Baker StreeL London WIU 7BR. AccouNfING POLICIES Ba515 of 8ccounting The financial statements have been prepared on a going concern basis in accordance with Accounling and Reporting by C.harities.' Statement of Recommended Practice (Charities SORP {FRS 102)), applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective l January 2015) and the Companies Act 2006. There are no material uncertainties about the charity's ability to continue and the financial statements are prepared on a going-concern basis. Christos Lazari Foundation meets the definition of a public bencfit entity under FRS 102. Assets and liabilities are initially recognised at historical cost, as modificd by the revaluation of investments, unless oihcrwise slated in the relevant accounting policy nole(s). Fund accounting The remaining funds held by the Foundation are unrestricted fund5 which are available for use at the discretion of the Trustees in furtherance of the general objeclives of the charity. Income Donations, grant5 and Gift Aid income are accounted for when receivable. Investment income is accounted for on an accrual basis. Resources expended Expenditure is accounted for on an accruals basis. Grants payable are recognised as expenditure in the year in which a binding commitment to make payments are entered into. Support costs are those ¢osts ineurred directly in support of expenditure on ihe objects of the Charity- In view of the amounts involved these costs are not reallocated to individual eharitable projects. These costs also irkclude governance costs that comprise all costs involving the public accountability of the Charity and its compliance with regulation and good practice. These costs include costs related to statutory audil. Investment property Investment property is carried at fair value delemlined annually by extemal valuers and derived from the current market rents and investment property yields for ¢omparable real estate, adjusted if necessary for aT]y difference in the nature. location or condition of the specific asset. No depreciation is provided. Going concern The trustees have assessed whether the use of the going concern assumplion is appropriate in preparing these accounts. The trustees have made this assessment in respect to a period of one year from the date of approval of these accounts. The truslees of the Chrisios Lazari Foundation have concluded thai there is no material uncerfainties related to events or conditions that may cast significant doubt on the ability of the Christos Lazari Foundation to continue as a going concern. The trustees are of the opinion that the Christos Lazari Foundation will have sufficient resources to meet it5 liabilities as ihey fall due. Page 20 continued...
CHRISTOS LAZARI FOUNDATION NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR END_ED 31 MARCH 2025 ACCOUNTING POLICIES- continued Going concern Most of the Chrislos Lazari Foundation's income is derived from rental properties boih commercial and residential. This rental income is not affected by any economi¢ factors and has been consistent over several years with very few bad debts. Based on the above, Chrislos Lazari Foundation's maintains ihat it can conlinue to make donalions for public benefit and has enough ¢ash (J I Wlarch 2025.. £2i4,731) to serve its charitable purposes. The Trustees believe that it is appropriate lo prepare the accounts on a going concern b&8is. CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION U]NCERTAINTY In the application of the charity's accounting policies. trustees are required to make judgemenls, estimates and assumptions about the canying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other facto that are considered to be relevant. Actual results may differ from these estimate5. INVESTMENT INCOME 31.3.25 31.3.24 Rents received Insurance income Deposit account interest 187,733 193.901 8,276 7,819 199,311 205.054 COMMITMENTS UNDER OPERATING LEASES As ai March 2025 ihe Foundation had conlractual rent receivable under operating leases as follows.. Lessor 31.3.2025 31.3.2024 Not later than l year Later than l year and not later than 5 years Later than 5 years 166,400 194,100 166,400 Total 166400 360 500 Page 21 continued...
CHRISTOS LAZARI FOUNDATION NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 31 MARCH 2025 GRANTS PAYABLE 31.3.25 31.3.24 Medicallhealth Arts and culture Poverty150cialljustice 63,500 53,820 27,391 40,000 41,500 38,772 144,711 120,272 The total grants paid to institutions during the year was &s follows: 31.3.25 31.3.24 Donation 144,711 120,272 Included within the total charitable activity cost are a number of grants paid for various charilable causes as follows= 31.3.2025 31.3.2025 Number 26 Grant5 paid to Institution5 Grants paid to Individuals 144,613 98 Total 27 144,711 TRUSTEES, REMUNERATION AND BEIYEFII'S There were no trustees, remuneralion or other benefits for the year ended 31 March 2025 nor for the year ended 31 March 2024. Trustees, expense5 There were no trustees, expenses paid for the year ended 31 March 2025 nor for the year ended 31 March 2024. EMPLOYEES The Foundalion did not employ any staff during the period. COMPARATIVES FOR I"HE STATEMENT OF FINANCIAL ACTIVITIES Unrestricted fijnd INCOME AND ENDOWMENTS FROM Investment income 205,054 EXPETr4DITURE ON Raising funds Other trading aetivities 32,357 32,357 Page 22 continued...
CHRISTOS LAZARI FOUNDATION NOTES TO THE FINANCIAL STATEMEN continued FOR THE YEAR ENDED 31 MARCH 2025 COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES- eontinued Unrestricted fund Charitable activities Medicallhealth Arts and culture Poverty/so¢ialljustice 40,000 41,500 38,772 Total 152,629 NET INCOME 52.425 RECONCILIATION OF FUNDS Totsl fund5 brought fonvard 3,044,804 TOTAL FUNDS CARRIED FORWARD 3,097,229 EMPLOYEES The Foundation did not employ any staff during the period. io. TAXATION The Foundation is a charity within the meaning of ParrA I Schedule 6 Finance Aet 2010. Accordingly the Foundation is potentially exempl from t&xation in respect of income or capital gains within ¢ategories Covered by Chapter 3 of Part I l of the Corporaiion Tax Aa 2010 or Section 256 of the T&xalion of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes. No lax charge arose in the period. INVESTMENT PROPERTY FAIR VALUE At l April 2024 Revaluation 2,800,000 200,000 At 31 March 2025 3,000,000 NET BOOK VALUE Ai 31 Mareh 2025 3,000,000 Ai 31 March 2024 2,800,000 Page 23 continued...
CHRISTOS LAZARI FOUNDATION NOTES TO THE FINANCIAL STATEMEf4TS- Continued FOR THE YEAR ENDED 31 MARCH 2025 ii. INVESTME]NT PROPERTY - continued Fair value at 31 March 2025 is represented by- Valuation in 2018 Valuation in 2019 Valuation in 2020 Valuation in 2021 Valualion in 2022 Valuation in 2025 Cosl l30,000 (35,000) (175,000) {240,000) ( i 00,000) 200,000 3,220.000 3,000,000 The property valuations were made by Jones Lang Lasalle, Chartered Surveyors. The valuaiions were made under RICS standards and the property has been valued at fair value. The directors consider this an appropriale valuation. 12. SOCIAL INVESTMENTS In ihe year ended 31 March 2020, the Charity made a social investment related loan to the privalely-owned UK cancer research company called Anastasis Biotec Ltd of £75,000. Thc loan is interest free and repayable on 3 1st December 2025. The loan agreeTnent provides that in the event that Anastasis Biotec Ltd is unable to repay the loan on expiry, then the £75,000 loan will be converted into total number of169,680 ordinary shares at conversion rate of £0.442, leaving unaltered the amount of ihe loan. The Tn]stees recognised the potential of the project presented to them by An&st&sis Biotee Ltd as a social investment, with the potential to benefit society in ils understanding and fight against cancer. However, the Trustees are of the opinion that, as il stands now, the £75,000 loan lo Anasiasis Biotec Lid is more than covered by the potential uncrystallised profit on the ordinary share appreciation. 13. DEBTORS: AMOUNTS FALLING DUE WITHIIY ONE YEAR 31.3.25 31.3.24 Renls recoverable Other debtors 24,217 3.750 17,583 2,213 27,967 19,796 PrAge 24 corktinued...
CHRISTOS LAZARJ FOUNDATION NOTES TO THE FINANCIAL STATEMENTS- Continued FOR THE YEAR ENDED 31 MARCH 2025 14. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 31.3.25 31.3.24 Rent received in advance Accrued expenses 48,763 13,025 45.623 12,148 61.788 57,771 Rent received in advance ore payments for property rental received in advance and relating to the following financial year. 15. CREDITORS: AMOUNTS FALLING DUE AFfER MORE THAN ONE YEAR 31.3.25 31.3.24 Tenants, deposits 22,899 4,149 16. MOVEMENT IN FUNDS Net movement in ndS At 31.3.25 At 1.4.24 Unre5trieted funits General fund 3,097.229 155,782 3,253,011 TOTAL FUNDS 3.097,229 155,782 3.253,011 Net movement in funds, included in the above are as follows- Incoming resources Resources expended Movement in fund5 Unrestricted funds General fund 399,311 (243,529) 155,782 TOTAL FUNDS 399,311 (243,529) 155,782 Page 25 continued...
CHRISTOS LAZARI FOUINDATION NOTES TO THE FINAIY IAL STATEMENTS- continued FOR THE YEAR ENDED 31 MARCH 2025 16. MOVEMENT IN FUNDS- continued Comparative5 for movement in funds Nel movement in funds At 31.3.24 At 1.4.23 Unrestricted funds General fund 3,044,804 52,425 3,097,229 TOTAL FUNDS 3,044.804 52,425 3,097,229 Comparative nel movement in funds, included in the above are as follows- Incoming resources Rc50urces expended Movement in funds Unrestricted funds General fund 205,054 (152,629) 52,425 TOTAL FUNDS 205,054 (152,629) 52,425 A current year 12 months and prior year 12 months combined position is as follows: Net movement in funds At 31.3.25 At 1.4.23 Unrestricted funds General fund 3,044,804 208,207 3,253,011 TOTAL FUNDS 3,044,804 208,207 3,253,011 A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows.. Incoming resources Resources expended Movement in funds Unrestrieted funds General fund 604,365 (396,158) 208,207 TOTAL FUNDS 604,365 (396,158) 208,207 Page 26 continued...
CHRISTOS LAZARI FOUNDATION NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 31 MARCH 2025 16. MOVEMENT IN FUNDS- continued REVALUATION RESERVES Included in Total Funds as at 31 March 2025 is a debit amount of £220,000 12024= £420,000) of revaluation reserves. 17. RELATED PARTY TRANSACTJONS The Christos Lazari Foundation is related by virtue of family member ties between the respective Trustees. The Lazari Investments Management Lid, again related via virtue of family Enember lies between directors of the Company and Trustees of the Foundation. undertake all assets and property management activilies, pro bono, in respect of the Foundation's property. During the period, Lazari Investments Management provided managemenl services for the investment property pro bono. There are no other related party trdnsactions or donations made or be declared. 18. LIABILITY OF MEMBERS The liability of members is limited by guarantee. In the event of the charitable company being wound up during a membels period of membership, or within one year afterwards, an amount not exceeding the sum of £1 may be required from that member towards the payment of the debis and liabilities of the charitable company incurred before membership ceased. As at 31 March 2025, the charilable company had six members. Page 27