REGISTERED CHARITY NUMBER:1196224 ort of the Trustees and Unaudited Financial Statemellts for the Period 22 December 2022 to 21 December 2023 for The Hellenic Initiative Chris SyLimis & Co Chartered Certified Accountsnts 97 Judd Street London WCIH 9JG The Hellenic InitiAtive Contents of the Financial Statements for the Period 22 DeceTnber 2022 to 21 December 2023 Page Report of the Trustees Independent Examiner's Report Statement of Finaneigl Aetivitles Statement of Financial Position Notes to the Flnancial Statements Detailed Statement of Financial Activitie5 10 The Helleni¢ Initiatlve ort of the Trustees for the Period 22 December 2022 to 21 De¢ember 2023 The trustees present their report with the financial statements of the charity for the period 22 December 2022 to 21 December 2023. The trustees have adopted the provisions of Accounting and Reporting by Charities.. Statcmcnt of Rccotnmcndcd Practice applicable to charities preparing their a¢counts in accordance with th¢ Financial Reporting St3ndard applicable in the UK and Republic of Irelalld. The law applicable to charities in England and Wales requires the trustees to prepare financial statements for each financial year which give a truc and fair view of the stat¢ of affairs of the charity and of the incoming resources and applications of resources of the charity for that year. The Trnstees are responsible for keeping sufficient accounting records that disclose with reasonable accuracy at any lime the financial position of the charity and enabl¢ them to ensure that the financiil stAtements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2(M)8 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the Charity aud hence for tsking reasonable steps for th¢ pr¢v¢ntion and detection of fraud and other i￿egularIties. ORIECTIVES AM) ACTIVITIES Objectives And aims Thc Hellenic Initiative (UK) is a global, nonprofit, se¢ular Tnstimtion mobili2ing the Greek Diaspora and Philhellene community to Support sustsinable economic recovery and renewal for Greece and its people. Our programmes address crisis relief through strong nonpiofil organizalions, lcd by hcroic Greeks that arc serving their ¢ountry. They also build capacity in a new generation of heroes. the business leaders and entrepreneurs with the skills and values to promote the long-terni gr0￿h of Hellas. The orgallization brings together Diaspora Grccks and Philhellenes to illvcst in the future of Greece through programmes fo¢used on crisis relief, entrepreneurship, and economic development. Activities of the board Stralcgic thinking.. agree the PUTPOS¢, vision and values of the organisition and its corporate Culture and, develop yearly plans and priorities for the organisation Support ￿ndraising initiatives= help with fundraising and biinging donorslsupporters to events. - Monitoring organisationai perforniance and fulfilmcnl of mission.. review key business results. Accountability.. ensure the organisation is fully compliant wilh the law and regulations and that it reports aCcUra￿lY to its stakeholders and rcgulators. Decision makn'ng.. exatuine and ¢onsider key decisiolls proposed by senior management, particularly amund new strategic directorslpartnerships. FINANCIAL REVIEW Financial position The charity held a successful Gala on 5 October 2023 in London and raised fijnds which was paid over to ow sister chariry in th¢ USA for distribution to our charitable partners. During the year £M.541 was paid to our associate company The Hellenic Initiative (THI) based in Delware USA for onwards payment to our chosen chtirities. Page I Going concer At th¢ time of approving the fsnancial statements. the trustees have a reasonable expectation that the charity has adequat¢ resources to continue in operational existence for the foreseeable future. Thug, the tnJst¢es continue to adopt the going concern basis of accounting in preparing the financial statements. STRUCTURE, GOVERNANCE AND MANAGEMELYT Governlng document The charity is CODtrolled by its governing document aDd a deed of trnst. Orgatllsatiollal struelure Companies House reference number.. CE026957 Legal Status: Charitable tncorporated Organisation (CIO) REFERENCE ADMINISTRATIVE DETAtLS Registered Charity nuTnber 1196224 PrineipAI Address clo Alithea Capital 35 Park Lane London WIK IRB Trustee$ Mr Nikos Stathopoulos Mr Constantine Logothetis Mr Panos Katsambas Independent Examiner Chris Syrimis & Co Chartered Certified Accountallts 97 Judd Street London WCIH 9JG Approvedby order of the board of trustees on......................................... and Signed on its behalf by.. Constall ogothctis - Tntstee Page 2 Inde endent Eiamlnerts Re ort to the Trustees of The Hellenic Initiative Independent examiner's report to the trustees of The Hellenic Initiative (UK) I report to the charity trustees on my examination of tb¢ accounts of The Hellenic tllitialive {UK) (the Trust) for the period 22 December 2022 to 21 December 2023. Responsibilities and basis of report As the charity trustees of the Twst you are responsible for the preparatioll of the accounts in accordallce with the requirements of the Charities Act 2011 ('the Act,). I report in respect of my examination of the Tn￿t'S accounts carried out under Section 145 of th¢ Act and in canying out tny examination I have followed all applicable Dircetions given by the Charity Commission under Section 145(5)(b) of the Act. Independent examiner's stgtement Since your charity's gross incotne exceeded £250,000 your examirter must be a member of & listed body. I can confirni that l am qualified to undertake tbe ¢xamiJution bc¢ause l am a member of the Association of Chartered Certified Accountants, whicb 15 one of the listed bodies. I have completed my examillation. I confirn) that no material matters have come to my attention ill connection wlth tbe examination giving me cause to bclicve that in any mat¢rial respect.. accounting records were not kept in respect of the Tru81 as required by Section 130 of the Act. or the accounts do not accord with those records,. or the accounts do not comply with Ihc applicable requirements concerning the forni and content of a¢¢ounÉs set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that thc accounts givc a tn￿ and fair view whi¢h is not a matter consi(kred as part of an independent examination. I have no concerns and have come across no other matt¢rs in connectiotk with the examination to which attentioll should be drawn in this report in order to enable a propu understanding of the accowits to be reached. Stefanos Spyrou The Association of Chartered Certified Accountants Chris Syrffimis & Co Chartered Certified Accoulllants 97 Judd Street London WCIH 9JG Date.. Page 3 The Hellenlc Initiative Ltd Statement of Financial Activities for the Year Ended 21 December 2023 Period 22.10.2I Year Ended 21.12.23 Unrcstricted fjjnd 21.12.22 Total funds Notes INCOME AND ENDOWMENTS FROM Donations and legacies 259,033 284,893 Investsnent income 615 39 Total 259 648 284,932 LXPENDITURE ON Raising futtds 211,097 139,394 Charltable activlties USA Grant 127.088 Total 255.638 266,482 NET INCOME 4.010 18.450 RECONCILIATION OF FUNDS Total funds brought forward 18,450 TOTAL FUNDS CARIUED FORWARD 22,460 The notes form part of these f1naneial statements Pagc 4 The Hellenic Initiative Ltd Statement of Financial Posltion 21 December 2023 21112123 Unrestricted fund 21112122 Total nds Notes CURRENT ASSETS Dcbiors Cash at ballk 18,250 265,322 32,060 32,060 283,572 CREDITORS Amounts filling due within one year (9,600) (265,122) NET CURRENT ASSETS 18,450 TOTAL ASSETS LESS CURRENr LIABILITIES 22,460 18,450 NET ASSETS Unrestricted funds 22,460 TOTAL FUNDS The financial stal ments were approved by the Board of Tn￿teeS and authorised for issue on and were signed on its behalf by.. alltLtLt ogothetis- Trustee The notcs form part of thes¢ financial statements Page 5 The Hellenic Initiative Notes to the Fingncial Statements for the Period 22 December 2022 to 21 December 2023 ACCOUNTING POLICIES Basis of preparing the flnancial statements Thc financial statements of the charity, which is a public benefit cnlity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'AccowJting alld Reporting hy Charities.. Statement of Recommended Practice applicable to charities preparing their accounts ill accordance with the Finaneial Reporting Standard appli¢able in the UK and Republic of Ireland {FRS 102) (effeeiive I Janu8ry 2019),, Financial Reporting Standard 102 'The Financi￿ Reporting St2ndard applicable in the UK and Republic of Ireland, and the Charities Act 2011. The financial statements havc been prepared under the histori¢al cost eonvention. Going Concern At the titn¢ of approving the financial SLqtements, the tft￿tees have a reasonable expectation thai the charity has adequate resources to continue ID operational existence for the foreseeable future. Thus the ttijstees continue to a(lopt the going coyjcern basis of accounting in preparing the financial staterllents. Incoming Resources All illcome is recogJhised in the Ststement of Financial Activities once the charity has entitlcm¢nt to the funds, it is probable that thc income will be received and the amount can be measured reliably. Expenditure Liabilities are recognised as expcnditUTe as soon as there is a legal or constructiv¢ obligation committing the ¢harity lo that eXpCnditt￿e, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expendittwe is accounted for on an accrnals basis and has been classified under headings that aggregate 211 cost related to the category. Where costs cannot bc directly attributed to particular headings they have becn allo¢ated to activities on a basis consistCDt with the use of resources. Grants offered subject to conditions which have not been met at the year eud date are noted as a commitment but not accrued as cxpenditure. Taxation The charity is exempt from t&x oll ils charitable actLViti&g. Fund accounting Unrcslricted funds Can be used in accordance with the charit2ble objectives at the discretion of the twstees. Restricted fuDds can only be used for particular restricted purposes within thc objects of the charity. Rcstrictions arisc when spccified by the dottor or whell funds are raised for particular rcstri¢ted pu0)0￿5. Further explanation of the nature and purpose of caeh fvnd is included in the notes to the financial statements. Page 6 continued... The HelleDiC Initiative Ltd Notes to the Financial Statements - continued for the Yeor Ended 21 December 2023 INVESTMENT INCOME Period 22.10.21 to 21.12.22 Year EThded 21.12.23 Interest receivable- trading 615 39 RAlStNG FUNDS Raising donations and legacles Period 22.10.21 to 21.12.22 YeaT Ended 21.12.23 Evelll costs Support costs 205,459 5.638 133,234 6,160 211097 139 394 TRUSTEES, REMUNEIL4TION AND BENEFITS There were no trustees, remuneration or other benefits for tbe year ended 21 December 2023 nor for the period ended 21 Decembcr 2022. Trustees, expenses There wcre no tntstees, expenses paid for the year ended 21 December 2023 Dor for the period ended 21 December 2022. DEBTORS: AMouNfs FALLING DUE wrrHIN ONE YEAR 2l112123 21112122 Trade debtors CREDrroRS: AMOUNTS FALLING DUE WITHIN ONE YEAR 21112123 21112122 Trade Creditors Other creditors 260,322 4,800 9,600 265,122 Page 7 continued... The Hellenic Initiative UK Note5 to the Financial Stxtements - continued for the Period 22 December 2022 to 21 December 2023 MOVEMENT IN FUNDS- eontinued Net movcm¥nt in funds, includ¢d in the aboyc ar¢ as follows.. Incorning resources Resources expelldcd Movejnent in furLds Unrestricted funds General fund 259,648 (255,638) 4,010 TOTAL FUNDS 259,648 255,6381 Comparatives for movement in funds Net movement in funds At 21.12.22 Unrestricted funds General fund 18,450 18,450 TOTAL FUNDS 18,450 18,450 Comparative net movement in fi]nds, included in the above are as follows.. tn¢oming resourees Resources expended Movement tn furlds Unrestricted funds G¢neral fijnd 284.932 (266.482) 18,450 TOTAL FUNDS 266 482) Page 8 ci>ntinued... The Hellenic Initiative Ltd Notes to the Financial Statements- continued for the Year Lnded 21 December 2023 Employees The average monthly number of employees duLing th¢ period were nil. RELATED PARTY DISCLOSURES There were no related party transactions for the year ended 21 Deccmber 2023. Page 9 The Hellenic Initiative UK Ltd Detgiled Statement of Financial Activities for the Year Ended 21 December 2023 Period 22.10.21 to 21.12.22 Year Euded 21.12.23 INCOME AND EPIDOWMENTS Donations and legacies Donations Gift aid 257,233 1.800 284,893 259,033 284,893 Investment income Interest receivablc- trading 615 39 Total incoming resources 259.648 284,932 EXPENDITURE Raising donatloDs and legacies Event ¢osts 205,459 133,234 Charitable activities Grants to lllstitutions 44,541 127,088 Support Costs Flnance Bank charges 838 1,360 Governance costs Accountancy and legal f¢es 4,800 4,800 Total resourccs cxpended 255 638 266 482 Net income 18,450 This page does not form part of the statutory financial statements Page 10