REGISTERED COMPANY NUMBER: 00889233 (England and Wales) REGISTERED CHARITY NUMBER: 1138475 Report of the Trustees and Unaudited Financial Statements for the Year Ended 31 July 2024 for ST SOPHIA'S SCHOOL BENEVOLENT FUND LIMITED K J Pillalis and Partners LLP Chartered Certified Accountants Global House 303 Ballards Lane London N128NP
ST SOPHIA'S SCHOOL BENEVOLENT FUND LIMITED Contents of the Financial Statements for the year ended 31 July 2024 Page Report of the Trustees Independent Examiner's Report Statement of Financial Activities Statement of Flnanclal Posltlon Notes to the Financial Statements 8 to 11 Detailed Statement of Financial Activities 12
ST SOPHIA'S SCHOOL BENEVOLENT FUND LIMITED Report of the Trustees for the year ended 31 July 2024 The Irustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial slalemenls of the charity for the year ended 31 July 2024. The Iruslees 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) {effeclive 1 January 2019). STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document St Sophia's School Benevolent Fund Limited is a company limited by guarantee and as such has no share capital. It is governed by its Memorandum and Articles of Association. 11 was registered as a charity on 19th October 2010. There are currently twelve directors, together referred to as the 'Board of Directors,, which has the overall responsibility for Sl Sophia's School Benevolent Fund Limited. Appointment to the Board of Directors is by application lo the Board and is at their discretion. Objectives, Public Benefit Aims and Principal ActivSties st Sophia's School Benevolent Fund Limited was established in 1966, and the object of the Fund, in accordance with its Memorandum and Articles of Association is "to advance the education of young people for the benefit of the public in Greek Language, history, culture and dance by the provision of a school or schools" Summary of the main activities undertaken in relation to those objects Teachers taught the Greek language, history, culture, singing and dance to pupils of the school during classes held for each age group at Pimlico Academy, Pimlico, which are rented from the School each Saturday morning from 9.30 am to 1.15 pm. Pupils consisted of children of parents where both parents were Greek speaking or where one parent was Greek speaking and the other not. Teachers were either Greek or Cypriot or of Greek or Cypriot descent, a small proportion being offered and funded by the Cypriot government. Page 1
ST SOPHIA'S SCHOOL
BENEVOLENT FUND LIMITED
Report of the Trustees
for the year ended 31 July 2024
STRUCTURE, GOVERNANCE AND MANAGEMENT
A summary of the main achievements of the charity durlng the year
The staff of the school consisted of 31 staff including one headmistress, one deputy headmistress, 17 teachers,
one dance teacher, one music teacher, 8 assistant teachers and 2 cover supervisors teacher. The number of
pupils during the year was 329. There were 19 classes consisting of 2 parallel Nursery classes, 2 parallel
Reception classes, 2 parallel classes for Year 1, 2 parallel classes for Year 2, 2 parallel classes for Year 3, 2
parallel classes for Year 4, 2 parallel classes for Year 5, 1 class for Year 6, GCSE1 and GCSE2 class, an A1
Level and an A2 Level class in Modern Greek.
During the summer of 2024, the number of pupils who entered tor Ihe GCSE and A level public examinations and
the results obtained al each level were as follows..
13 students sat the GCSE Modern Greek and the grades achieved were.. 6 <9> 2 <8> 3 <7> 2<6>
2 students sat Iho A Level in Modem Greek and the grades achieved were: 1
ST SOPHIA'S SCHOOL BENEVOLENT FUND LIMITED Report of the Trustees for the year ended 31 July 2024 STRUCTURE, GOVERNANCE AND MANAGEMENT Financlal Review In 2023-24, fee income increased by 13.14/0 to £235,222 (2023: £207,906). Resour$ expended increased by 11.63 % 10 £247,005 {2023.' £221,280), comprised of resources expended on charitable activities, governance costs and other expenditure. Reserves As at 31 July 2024, the Fund held accumulated unreslricled funds of£229,081 (2023.. £240,864). The Governors, policy is to maintain sufficient reserves to provide the requisite working capital and a contingency to meet any future expansion and development plans lo further the objectives of the Trust. REFERENCE AND ADMINISTRATIVE DETAILS Registered Company number 00889233 {England and Wales) Registered Charity number 1138475 Reglstered offlce 150 Aldersgale Street London EC1A 4AB Trustees T Bakalis Priest Mrs C Caroussis Company Director Mrs M Limnios Lawyer Dr l Margaronis Company Director (resigned 6.3.24) Mrs M Nikolopoulou Teacher N J Paleocrassas Treasurer Mrs S Polemis Housewife {resigned 6.3.24) Mrs M Spyrou Architect J Panayiotou Company Director Ms J Shall Company Director Mrs E Goulandris Company Director C Nifadopoulos Lawyer Company Secretary Mrs M Nikolopoulou Independent Examiner K J Pittalis and Partners LLP Chartered Certified Accounlanls Global House 303 Ballards Lane London N12 8NP Page 3
ST SOPHIA'S SCHOOL BENEVOLENT FUND LIMITED Report of the Trustees for the year ended 31 July 2024 This report has been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies. Approved by order of e board of trustees on and signed on its behalf by.. aleocrass Trustee Page 4
Independent Examlner's Report to the Trustees of St Sophia's School Benevolent Fund Limited Independent examiner's report to the trustees of St Sophia's School Benevolent Fund Limited I'the Company'l report to the charity trustees on my examination of the accounts of the Company for the year ended 31 July 2024. Responsibilities and basis of report As the charity's trustees of the Company (and also ils directors for the purposes of company lawl you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 I'lhe 2006 Act'l. Having satisfied myself that Ihe 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 examinalion of your charity's accounts as carried out under Section 145 of the Charities Act 2011 {'the 2011 Act'l. In carrying oul my examination I have followed the Directions given by the Charity Commission under Section 145(5) (bl of the 2011 Act. Independent examiner's statement I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause lo believe.. accounting records were not kept in respect of the Company as required by Section 386 of the 2006 Act,. or the accounts do not accord with those records. or the accounts do not comply with the accounting requirements of Section 396 of the 2006 Act other th8n any requirement that the accounls giva a true and fair view which is not a maller considered as part of an independent examination. or 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 wilh the Financial Reporting Standard applicable in the UK and Republic of Ire18nd IFRS 102)). I have no concerns and have come across no other mallers in connection with the examination to which attention should be drawn in this report in order lo enable a proper understanding of the accounts to be reached. K J Pittalis K J Pillalis and Partners LLP Chartered Certified Accountants Global House 303 Ballards Lane London N128NP Date: ........ Page 5
ST SOPHIA'S SCHOOL BENEVOLENT FUND LIMITED Statement of Financial Activities for the year ended 31 July 2024 3117124 Unrestricted fund 3117123 Total funds Notes INCOME AND ENDOWMENTS FROM Donations and legacies 235,222 207,906 EXPENDITURE ON Raising funds 82,895 69,393 Other 164,110 151,887 Total 247,005 221,280 NET INCOMEI(EXPENDITUREI {11,7831 (13,374) RECONCILIATION OF FUNDS Total funds brought forward 240,864 254,238 TOTAL FUNDS CARRIED FORWARD 229,081 240,864 The noles form part of these financial slalemenls Page 6
ST SOPHIA'S SCHOOL BENEVOLENT FUND LIMITED Statement of Financial Position 31 July 2024 3117124 Unrestricted fund 3117123 Tot81 funds Notes CURRENT ASSETS Debtors Cash al bank 246 316,385 472 306,442 316,631 306,914 CREDITORS Amounts falling due within one year (87,5501 (66,050) NET CURRENT ASSETS 229,081 240,864 TOTAL ASSETS LESS CURRENT LIABILITIES 229,081 240,864 NET ASSETS 229,081 240,864 FUNDS Unreslricled funds 229.081 240,864 TOTAL FUNDS 229,081 240,864 The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 July 2024. The members have not required the company lo obtain an audit of ils financial statements for the year ended 31 July 2024 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 Ihe Companies Act 2006 and 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 olheNise comply with the requirements of the Companies Act 2006 relating to financial stalemenls, so far as applicable to the charitable company. (bl These fin8ncial slatemenls have been prepared in accordance with the provisions applicable lo charitable companies subject lo the small companies regime. The financial statements were approved by the Board of Trustees and aulhorised for issue on and were signed on ils behalf by.. leo ss Trustee The notes form part of these financial slalements Page 7
ST SOPHIA'S SCHOOL BENEVOLENT FUND LIMITED Notes to the Flnanclal Statements for the year ended 31 July 2024 ACCOUNTING POLICIES Basls of accounting The financial slalemenls have been prepared in accordance with Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their 8ccounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 102) leffeclive 1 January 20151- (Charities SORP {FRS 102)), the Financial Reporting Standard. Assets and liabilities are initially recognised at their historical cost or transaction value unless otherwise staled in the relevant accounting policy notesls). The Governors consider that the Fund has sufficient funds lo meet its obligations as they fall due for al least 12 months from the dale these financial statements are approved and deem it appropriate that the ffinancial slatemenls are produced on a going concern basis. The functional and presentation currency of the fund is GB Pound Sterling (£1. Fund accounting General funds are unrestricted funds which are available for use at the discretion of the trustees in furtherance of the general objects of the Fund and which have not been designated for other purposes. Reslricled funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the Fund for particular purposes. The aim and use of each restricted fund is set out in the notes lo the financial statements. All funds are unrestricted. Incoming resources All income is included in the Statement of Financial Activities (SODA) when the Fund is legally entitled lo the income and the amount can be quantified with reasonable accuracy. Income from school fees is taken into the statement of financial activilies when received or when receipi is probable and the value can be measured with sufficient reliability. Resources expended All expenditure is accounted for on an accruals basis and includes VAT as the Fund is not registered for VAT as follows.. Charitable activities ReSoUrS expended on charitable activities comprise of all Ihe resources applied by the fund in undertaking educational activities, including both direct costs together with those support costs incurred. Governan costs Governan costs include those costs of governance arrangements which relate to the general running of the fund which allows the fund to operate and to generate the information required for public accounlabilily. Expenditure on the governance of the fund includes accounlanls fees and costs associaled with slalulory requirements. Other resources expended Other resources expended will include any costs which the fund has not been able to analyse within the main resources expended categories above. Financial instruments The Fund only has financial assets and liabillties of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised al transaction value and subsequently measured al their settlement value. Page 8 continued...
ST SOPHIA'S SCHOOL BENEVOLENT FUND LIMITED Notes to the Financial Statements . contlnued for the year ended 31 July 2024 RAISING FUNDS Ralsing donations and legacies 3117124 3117123 Support & governance costs 82,895 69,393 TRUSTEES. REMUNERATION AND BENEFITS There were no trustees, remuneration or other benefits for the year ended 31 July 2024 nor for the year ended 31 July 2023. Trustees. expenses There were no truslees. expenses paid for the year ended 31 July 2024 nor for the year ended 31 July 2023. STAFF COSTS 3117124 3117123 Wages and salaries Other pension costs 162,822 1,288 150,748 1,139 164,110 151,887 The average monthly number of employees during the year was as follows: 3117124 23 3117123 21 Teachers Assistants 31 30 No employees received emoluments in excess of £60,000. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES 2023 Unreslricled fund INCOME AND ENDOWMENTS FROM Donations and legacies 207,906 EXPENDITURE ON Raising funds 69,393 Other 151,887 Total 221,280 NET INCOMEIIEXPENDITURE) (13,3741 Page 9 continued...
ST SOPHIA'S SCHOOL BENEVOLENT FUND LIMITED Notes to the Financial Statements - continued for the year ended 31 July 2024 COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES 2023 - continued Unrestricted fund RECONCILIATION OF FUNDS Total funds brought forward 254,238 TOTAL FUNDS CARRIED FORWARD 240,864 DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 3117124 3117123 Other debtors 246 472 CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 3117124 3117123 Deposits held Accrued expenses 85,750 1,800 64,250 1,800 87,550 66,050 MOVEMENT IN FUNDS Net movement in funds Al 31.7.24 At 1.8.23 Unrestricted funds General fvnd 240,864 (11,783) 229,081 TOTAL FUNDS 240,864 {11,7831 229,081 Nel rnovement in funds, included in the above ar8 as follows-. Incoming resources Resources expended Movement in funds Unrestricted funds General fund 235,222 {247,0051 (11,783) TOTAL FUNDS 235,222 (247,005) (11,7831 Page 10 continued...
ST SOPHIA'S SCHOOL BENEVOLENT FUND LIMITED Notes to the Financlal Statements - continued for the year ended 31 July 2024 MOVEMENT IN FUNDS - continued Comparatives for movement in funds Nel movement in funds At 31.7.23 Al 1.8.22 Unrestrlcted funds General fund 254.238 113,374) 240,864 TOTAL FUNDS 254,238 {13,374) 240,864 Comparative net movement in funds, included in the above are as follows: Incoming resources Resources expended Movement in funds Unrestricted funds General fund 207,906 (221,280) (13,374) TOTAL FUNDS 207,906 (221,280) (13,374) RELATED PARTY DISCLOSURES Certain Members of the board of governors are also parents of children who attend the School and, accordingly, fee income for the year includes fees receivable from the Governors al normal rate. There were no other transactions with related parties and the Governors received no remunerations or reimbursed expenses. 10. SHARE CAPITAL The Company is limited by guarantee and as such has no share capital. Page11
ST SOPHIA'S SCHOOL BENEVOLENT FUND LIMITED Detalled Statement of Financial Activities forthe year ended 31 July 2024 3117124 3117123 INCOME AND ENDOWMENTS Donations and legacies School fees Donations Fees-other Deposit 223,297 10,265 1,660 182,092 16,343 1,960 7,511 235,222 207,906 Total Incomlng resourcès 235,222 207,906 EXPENDITURE other Wages Pensions 162,822 1,288 150,748 1.139 164,110 151,887 Support & governance costs Other Rent 43,900 42,609 Other expenses Insuran Postage and stationery Sundry School expenses IT software and consumables Deposit 3,050 4,430 3,821 4,440 12,536 6,555 2,862 3,405 2,632 2,320 13,325 34,832 24,544 Governance costs Accountancy fees Legal fees Payroll costs 1,800 1,503 860 1,800 440 4,163 2,240 Total resources expended 247,005 221,280 Net expenditure 111,7831 (13,3741 This page does not form part of the slatulory financial slalements Page 12