REGISTERED COMPANY NUMBER: 10792729 (England and Wales)

REGISTERED CHARITY NUMBER: 1173946

REPORT OF THE TRUSTEES AND

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

FOR

CHRISTOS LAZARI FOUNDATION

(A COMPANY LIMITED BY GUARANTEE)

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Report of the Trustees

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Trustees' Responsibility Statement

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Independent Examiner's Report

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Statement of Financial Activities

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Balance Sheet

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Cash Flow Statement

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Notes to the Cash Flow Statement

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Notes to the Financial Statements

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The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their 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: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).

Trustees:

Mrs M Lazari

Ms A Lazari

Mr L Lazari

Mr N Lazari

Mr N K Petoussis

Mrs Z Protopapas

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing document

The charity is controlled by its governing document, a deed of trust, and constitutes a limited company, limited by guarantee, 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

W1S 2FA

Trustees

Contents

1. 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 Government

- Public Trust in Charities Post-COVID

- Regulatory Change in Digital Filing 2025

- National State of Giving

- Conclusion of Risk and Opportunity

5. Achievements and Performance

- Medical Research / Health Charities

- Social Services / Community

- Greek Orthodox Faith

- Strategic update on Anastasis Biotech Limited

7. Financial Review

8. Public Benefit Statement

9. Fundraising Statement

10. Looking Ahead: The Future of the Christos Lazari Foundation

11. Independent Examiner Trustees' Report for the year ended 31st March 2025

Overview

The Christos Lazari Foundation (the "Foundation" or "Charity") is pleased to present the Trustees' Annual Report and Financial Statements for the period 1st April 2024 to 31st March 2025.

This period represents one of the most turbulent times for society, 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 to a Labour government in the UK.

According to the Office for National Statistics (ONS), over 90% of households reported increased living costs 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 voluntary 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 impactfully. Smaller community organisations have faced acute pressures, reinforcing the importance of foundations like the Christos Lazari Foundation (CLF) in providing stable and reliable funding.

We are pleased to report that, despite sector wide challenges, the Christos Lazari Foundation continued to 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 services, 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 Trustees

The Foundation was established 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 accordance with its Memorandum and Articles of Association. The Foundation is also registered with the Charity Commission for England and Wales under Charity No. 1173946.

The Board of Trustees comprises 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 overall performance of the Foundation, including the governance, management, and oversight of its operations, 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 satisfied that 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 Accepted Accounting Practice).

Company law requires the Trustees (who are Directors of the Charity) to prepare financial statements for each financial year that 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 year. In preparing these financial statements, the Trustees are required to:

- select suitable accounting policies and then apply them consistently

- make judgements and estimates that are reasonable and prudent

- prepare the financial statements on a going concern basis, unless it is inappropriate to presume that the Charity will continue 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 Act 2006.

They are also responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The Trustees listed are the only directors of the charitable company.

Objectives

The objective of the Foundation, as set out in its Articles of Association, is to make grants and donations to individuals and organisations that promote charitable purposes for the public benefit. These purposes include, but are not limited to:

1. Supporting the Greek Orthodox Church and other faith-based organisations.

2. Assisting charitable organisations with connections to, or associations with, Greece and/or Cyprus.

3. Advancing health by supporting scientific and medical research within the United Kingdom.

4. Supporting such other charitable purposes as the Trustees 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 does not engage in any form of public fundraising.

The ongoing asset management of these 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 Trustees endeavour to convene quarterly to review the Foundation's operational management, consider funding applications submitted to the Charity, and approve donations in line with its stated charitable objectives. During these meetings, the Trustees also review the Foundation's financial position, including income, reserves, and operational expenditure, and adopt appropriate policies to manage cost.

Policy

Grant-Making Policy

Grants awarded by the Foundation are made entirely at the discretion of the Board of Trustees and are directed towards charitable organisations and causes that align with the Foundation's objectives and principal purposes. The Foundation does not make grants to organisations affiliated with political parties or those that promote political agendas.

Funding applications are reviewed by the Board of Trustees 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.

Successful applicants are notified in writing and issued a Grant Agreement outlining the specific terms and conditions attached to the 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 organisation or individual.

This grant-making process has been developed in accordance with the 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 determined by the income generated from the freehold properties, taking into 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-term income generation, thereby sustaining its ability to support charitable giving. This objective is carefully balanced against its overarching purpose: to deliver public benefit and serve the wider community.

Risk Management and Opportunities

The Foundation has no debt or finance costs as it holds the freehold of all three 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 to act as a buffer, allowing the Foundation to meet its ongoing costs, property outgoings, and provide emergency charitable funding as needed.

Excluding the potential of any future rent loss from defaulting tenants or voids, no material financial risks were perceived at year's 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 that 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 pressure 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 57% (Charity Commission, 2025). At the same time, the sector is undergoing a fundamental shift towards hybrid giving models that blend traditional fundraising with digital platforms (NCVO, 2024). This evolving landscape creates new opportunities 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 both 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 crisis in the UK continues 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 50% 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 environment presents dual challenges: 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.

Political Landscape in Labour Government

The election of the Labour government in 2024 has reshaped the political and policy landscape in ways that directly impact the charitable sector. The government has introduced the Civil Society Covenant, aimed at strengthening the partnership between the government and the charity sector, as well as ensuring that charity aligns with the needs of local government. 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 funds.

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 the Foundation to engage in co-funding initiatives, support pilot projects, and position itself as a flexible partner that complements government priorities while maintaining its independence.

Regulatory Change in Digital Filing 2025

The Charities (Annual Return) Regulations 2024 came into effect for financial years ending on or after 1 January 2025. These regulations require charities to complete the new Annual Return digitally via the Charity Commission's online system, with expanded questions designed to capture more detailed financial and governance information. The Commission has emphasised the need for timely compliance to avoid regulatory action and reputational harm.

For the Foundation, the key risk is administrative: late or inaccurate filing could damage trust and invite extra scrutiny. However, the move to digital returns also presents an opportunity - engaging with the new data requirements may help support internal planning and provide useful insights to inform governance and transparency going forward.

The Changing Landscape of Charitable Giving

Recent data indicates notable shifts in the UK's charitable giving environment. Since the COVID-19 pandemic, public expectations have risen, with greater scrutiny of how charities demonstrate impact. Although, according to the Charity Commission's 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 cognisant that reputational risk extends beyond its own governance to the conduct of grantee organisations, and that any missteps by funded bodies could impact the Foundation's reputation.

According to the CAF UK Giving Report 2025, overall donation values remain robust at £15.4 billion; however, the number of individuals donating 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 voluntary sector, giving patterns 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 the Foundation as 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 external environment for charities is complex, with significant risks arising from economic pressures, political shifts, regulatory change, and evolving patterns of public trust and giving. For the Foundation, the path forward is to manage these risks through strong compliance, transparent reporting, and careful scenario planning, while capturing opportunities by positioning itself as a reliable, transparent, and strategic grant-maker in a rapidly changing sector.

Achievements and Performance

The Board of Trustees is pleased to report that a total of 25 donations were made in support of charitable causes during the year under review. These contributions amounted to £144,711. The grants have been categorised into four broad areas, reflecting our core objectives. A detailed breakdown of each grant is provided below.

Medical Research / Health Charities

1) Royal Marsden Cancer Charity - £10,000

Funding towards 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 treatments and improving understanding of the biological basis of the disease.

3) 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 Transform Trial, focusing on early diagnosis.

5) Bowel Cancer UK - £3,000

Funding towards the research projects focused on improving diagnosis.

Social Services / Community

1) Spread a Smile - £15,000

Grant towards funding hospital visits and family events for hospitalised children and their families.

2) NARA - The Breathing Charity - £5,000

Funding the services and support provided to children with disabilities, chronic respiratory conditions and complex healthcare needs and their families.

3) 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 assists patients with a range of neurological conditions and brain injuries, and their families, who are experiencing financial difficulties.

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-threatening illnesses.

9) BuckVision - £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, Cyprus - £4,294.06

Funding towards the preparation and publication of a history book narrating the history of the village, its people and its produce.

11) 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 Trust - £3,000

Funding a residential voyage for ten disadvantaged young people.

14) Shine - £2,500

Funding towards the support services provided to children living with spina bifida.

Christian - Greek Orthodox Faith

1) Agia Marina Doras Church - £35,908.27

Contribution towards the refurbishment and restoration works, including the painting of Christian faith icons, at the church in Dora Village, Cyprus the birth village of Christos Lazari. (Comprising 3 separate donations granted at different times throughout the financial year of £30,755.71 + £4,298.12 + £854.44.)

2) Greek Orthodox Archdiocese of Thyateira and Great Britain - £4,414.10

Contribution towards the costs relating to the Christmas carol services in December 2024 held at the Archdiocesan 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 Church - £4,200

Supporting the Choir services of the church.

Strategic update on Anastasis Biotech Limited

This was a loan made by the Foundation to Anastasis Biotech Limited (ABL) of £75,000 in December 2019 for a term expiring in December 2025 (or such other later date as ABL and the Trustees may agree) for the sole purpose of funding research into the development of new technologies for treating 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 is 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 1 and 2 clinical trials, by testing its effectiveness against prostate cancer, which is one of the highest 'notches expressing' tumours. If the testing is effective, it 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.

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 time.

Scientific and Preclinical Progress

ABL has made significant progress in the development of its lead therapeutic candidate, S4. Preclinical studies, conducted in partnership with Almac (Partnering to Advance Human Health), yielding promising results and thereby supporting the continued advancement of the platform. ABL's innovative therapeutic approach targets gene expression through selective inhibition or modulation of transcription factors within the cell nucleus. This strategy aims to selectively eliminate cancer cells bearing specific mutations while sparing healthy tissue, representing a potentially transformative advancement in precision oncology. ABL is currently preparing an Investigational 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 AB1 across key international markets including the United States, European Union, and China.

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 terms of the agreement, ABL must either repay the loan on or before 31 December 2025 or allow the Trustees to exercise their right to convert the loan into shares in ABL.

Given ABL's current priorities, it would be advantageous for ABL not to repay the loan but instead to direct available funds towards advancing its research. The loan, currently 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 discount to the current share price).

This approach aligns with the Foundation's charitable purpose by supporting the continued development of research into the understanding and treatment 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 turn, 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 Foundation's portfolio continues to deliver a stable income stream, with full occupancy across all commercial and residential units and no outstanding arrears. 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 represent its sole source of income, were independently valued by JLL at £3 million (2024: £2.8 million). This reflects a 7.14% increase in the market value of the Foundation's capital assets compared to the previous year, attributed predominantly to successful asset management initiatives.

At the financial year end, the annual rental income from these properties reduced temporarily from last year's £205,054 to £199,311 due to a concessionary rent being granted at the commencement of a new lease to Dalston Minicabs Limited (at half annual rental as opposed to pure rent free) with the full rent commencing as of 17 September 2025. The annual rental income generated by the Foundation's portfolio will further increase to £223,000 on expiry of all rent-free periods, with further projected rental enhancement on the revision of AST renewals and/or lettings.

During the period under review, the Foundation completed a new letting at 29 High Road. Following Greggs Plc 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 lease, which runs until 17 September 2039, is contracted outside the Landlord and Tenant Act 1954. To facilitate the letting, HRH Retail acted as agents, receiving a commission of £7,500 plus VAT. Importantly, a concession of half rent for six months was negotiated, resulting in an income of £37,500 in the 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 as 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 Tenant Act 1954 and provides a stable income stream for the medium term.

At 33 High Road, the existing lease 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 Retail, no rental uplift is anticipated, and the review will be addressed as part of the lease renewal discussions in 2026.

The residential accommodation above 33 High Road comprises two flats, both currently let on assured shorthold tenancies which have since expired. Flat 1 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 to hold over on the same terms, and confirmation regarding renewal or vacation is expected by the end of December 2025.

The retail units remain fully occupied by tenants of reasonable covenant strength, while the 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 Term (WAULT) of the commercial properties stood at 4.03 years compared 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 the WAULT is under 3 years.

The overall WAULT for the Foundation's properties at 29/33 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 incorporates the confirmed uplift in rent for Dalston Minicabs Ltd to £75,000 per annum effective from 17 September 2025. The cumulative rent-weighted lease term is £1,124,654, and the lease profile comprises a mixture of commercial and residential tenancies. These 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 to two residential flats (Flat 1 and Flat 2) each generating £21,600 per annum, with unexpired terms 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 combination of a long-term commercial lease (notably Dalston Minicabs Ltd with 14 years remaining) and shorter-term lease expiries and residential tenancies.

This WAULT reflects a stronger income security position 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 years remaining at completion of the audit across the income-generating units. This provides a strong indication of medium-term income security and stability for the Foundation's assets.

The Board of Trustees remain confident in the performance of the properties, noting their densely populated and prominent location on Wood Green's High Road. The area continues to serve its local community effectively, demonstrating ongoing demand and consistent income generation for the Foundation.

Public Benefit Statement

The Trustees declare that they are conscious of and have adopted the stipulations 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 categorised under medical research; community, education and social services; faith organisations and applications by disadvantaged individuals, demonstrate their public benefit and purpose. In determining its grant making strategies and in the general administration of the Charity, the Trustees have regarded Section 4 on the Charity Commission's guidance on public benefit and will continue to deliver grants proficiently and with purpose.

Fundraising Statement

Section 162a of the Charities Act 2011 requires charities to make a statement regarding fundraising activities. The legislation defines fundraising as "soliciting or otherwise 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 confirm that no fundraising approach has been undertaken by the Foundation, or by anyone acting on its behalf, that no fundraising standards or scheme for fundraising regulation have been subscribed to by the Foundation, or by anyone acting on its behalf, that no complaints in relation to fundraising activities have been received and that any solicitations are managed internally, without involvement of commercial participators 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 sustaining charitable work and supporting communities in need.

Since its establishment in 2017, the Foundation has maintained a consistent commitment to charitable giving, continuing its support even through periods of economic downturn and uncertainty. During the year under review, the Foundation awarded grants totalling £144,711, bringing the cumulative lifetime value of grants awarded to £952,964. This excludes a separate £75,000 social investment made in support of the ongoing fight against cancer.

We are pleased to report that 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 grants that empower organisations to adapt, grow, and make a measurable difference in the communities they serve. Our ongoing commitment will remain directed towards smaller community groups, many of which are under increasing strain as demand for their services continues to rise (NCVO, UK Civil Society Almanac 2024).

Secondly, we will strengthen our capacity to monitor and respond to ongoing economic and political uncertainty, ensuring that the Foundation remains agile, informed, and able to act swiftly as new challenges or opportunities arise. Our commitment to transparency and accountability 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.

Independent Examiners

All of the current Trustees have taken the necessary steps required in order to make themselves aware of any information needed by the Charity's Independent Examiners for the purposes of their Independent Examination, and to establish that they are aware of such information. The Trustees are not aware of any relevant information 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

10(b) Aldermans Hill

Palmers Green

London

N13 4PJ

Solicitors

Simons Muirhead Burton

87-91 Newman Street

London

W1T 3EY

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

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 trustees 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 accordance with the Financial Reporting Standard applicable to the United Kingdom and Republic of Ireland (FRS 102);

- make judgements and estimates that are reasonable and prudent;

- 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 presume that the charity will continue in operation.

The trustees 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 accounts comply with the Charities Act 2011, the relevant Charity (Accounts 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 fraud and other irregularities.

The trustees are responsible for the maintenance and integrity of the charity and financial information included on the charity's website. Legislation in the United Kingdom governing the preparation and dissemination of accounts may differ from other jurisdictions.

The trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

Independent examiner's report to the trustees of Christos Lazari Foundation ('the Company')

I report to the charity trustees 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 trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act').

Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent 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 2011 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 confirm that I am qualified to undertake the examination because I am a member of the Institute of Chartered Accountants in England and Wales, which is one of the listed bodies.

I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:

1.	accounting records were not kept in respect of the Company as required by Section 386 of the 2006 Act; or

2.	the accounts do not accord with those records; or

3.	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

4.

the accounts have not been prepared in accordance with the methods and principles of the Statement 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 Ireland (FRS 102)).

I have no concerns and have come across no other matters in connection 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 Ltd

Chartered Accountants

2nd Floor

10(b) Aldermans Hill

Palmers Green

London

N13 4PJ

18 November 2025

31.3.25

31.3.24

Unrestricted

Total

fund

funds

Notes

£

£

INCOME AND ENDOWMENTS FROM

Charitable activities

Investment expenses:

200,000

-

Investment income

4

199,311

205,054

Total

399,311

205,054

EXPENDITURE ON

Raising funds

Other trading activities

98,818

32,357

98,818

32,357

Charitable activities

Medical/health

63,500

40,000

Arts and culture

53,820

41,500

Poverty/social/justice

27,391

38,772

Total

243,529

152,629

NET INCOME

155,782

52,425

RECONCILIATION OF FUNDS

Total funds brought forward

3,097,229

3,044,804

TOTAL FUNDS CARRIED FORWARD

3,253,011

3,097,229

31.3.25

31.3.24

Unrestricted

Total

fund

funds

Notes

£

£

FIXED ASSETS

Investments

Investment property

11

3,000,000

2,800,000

Social investments

12

75,000

75,000

3,075,000

2,875,000

CURRENT ASSETS

Debtors

13

27,967

19,796

Cash at bank

234,731

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 than one year

15

(22,899

)

(4,149

)

NET ASSETS

3,253,011

3,097,229

FUNDS

16

Unrestricted funds

3,253,011

3,097,229

TOTAL FUNDS

3,253,011

3,097,229

The charitable company 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 March 2025 in accordance with Section 476 of the Companies Act 2006.

The trustees acknowledge their responsibilities for

(a)	ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the 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 otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company.

These financial statements have been prepared in accordance with the provisions applicable to 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

Cash flows from operating activities

Cash generated from operations

1

(37,898

)

48,722

Net cash (used in)/provided by operating activities

(37,898

)

48,722

Cash flows from investing activities

Interest received

8,276

7,819

Net cash provided by investing activities

8,276

7,819

Change in cash and cash equivalents in the reporting period

(29,622

)

56,541

Cash and cash equivalents at the beginning of the reporting period

264,353

207,812

Cash and cash equivalents at the end of the reporting period

234,731

264,353

1.	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)

155,782

52,425

Adjustments for:

Interest received

(8,276

)

(7,819

)

Investment income

(200,000

)

-

(Increase)/decrease in debtors

(8,171

)

959

Increase in creditors

22,767

3,157

Net cash (used in)/provided by operations

(37,898

)

48,722

2.	ANALYSIS OF CHANGES IN NET FUNDS

At 1.4.24

Cash flow

At 31.3.25

£

£

£

Net cash

Cash at bank

264,353

(29,622

)

234,731

264,353

(29,622

)

234,731

Total

264,353

(29,622

)

234,731

1.	STATUTORY INFORMATION

Christos Lazari Foundation is a charitable 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 Street, London W1U 7BR.

2.	ACCOUNTING POLICIES

Basis of accounting

The financial statements have been prepared on a going concern basis in accordance with Accounting and Reporting by Charities: 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 1 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 benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost, as modified by the revaluation of investments, unless otherwise stated in the relevant accounting policy note(s).

Fund accounting

The remaining funds held by the Foundation are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the charity.

Income

Donations, grants 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 costs incurred directly in support of expenditure on the objects of the Charity. In view of the amounts involved these costs are not reallocated to individual charitable projects. These costs also include 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 audit.

Investment property

Investment property is carried at fair value determined annually by external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any 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 assumption 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 trustees of the Christos Lazari Foundation have concluded that there is no material uncertainties 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 its liabilities as they fall due.

Most of the Christos Lazari Foundation's income is derived from rental properties both commercial and residential. This rental income is not affected by any economic factors and has been consistent over several years with very few bad debts.

Based on the above, Christos Lazari Foundation's maintains that it can continue to make donations for public benefit and has enough cash (31 March 2025: £234,731) to serve its charitable purposes. The Trustees believe that it is appropriate to prepare the accounts on a going concern basis.

3.	CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY

In the application of the charity's accounting policies, trustees are required to make judgements, estimates and assumptions about the carrying 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 factors that are considered to be relevant. Actual results may differ from these estimates.

4.	INVESTMENT INCOME

31.3.25

31.3.24

£

£

Rents received

187,733

193,901

Insurance income

3,302

3,334

Deposit account interest

8,276

7,819

199,311

205,054

COMMITMENTS UNDER OPERATING LEASES

As at March 2025 the Foundation had contractual rent receivable under operating leases as follows:

Lessor

31.3.2025

31.3.2024

£

£

Not later than 1 year

166,400

194,100

Later than 1 year and not later than 5 years

166,400

Later than 5 years

Total

166,400

360,500

5.	GRANTS PAYABLE

31.3.25

31.3.24

£

£

Medical/health

63,500

40,000

Arts and culture

53,820

41,500

Poverty/social/justice

27,391

38,772

144,711

120,272

The total grants paid to institutions during the year was as 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 charitable causes as follows:

31.3.2025

31.3.2025

Number

£

Grants paid to Institutions

26

144,613

Grants paid to Individuals

1

98

Total

27

144,711

6.	TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the year ended 31 March 2025 nor for the year ended 31 March 2024.

Trustees' expenses

There were no trustees' expenses paid for the year ended 31 March 2025 nor for the year ended 31 March 2024.

7.

EMPLOYEES

The Foundation did not employ any staff during the period.

8.	COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES

Unrestricted

fund

£

INCOME AND ENDOWMENTS FROM

Investment income

205,054

EXPENDITURE ON

Raising funds

Other trading activities

32,357

32,357

Charitable activities

Medical/health

40,000

Arts and culture

41,500

Poverty/social/justice

38,772

Total

152,629

NET INCOME

52,425

RECONCILIATION OF FUNDS

Total funds brought forward

3,044,804

TOTAL FUNDS CARRIED FORWARD

3,097,229

9.

EMPLOYEES

The Foundation did not employ any staff during the period.

10.

TAXATION

The Foundation is a charity within the meaning of Para 1 Schedule 6 Finance Act 2010. Accordingly the Foundation is potentially exempt from taxation in respect of income or capital gains within categories covered by Chapter 3 of Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes.

No tax charge arose in the period.