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 2025
for
ST SOPHIA'S SCHOOL BENEVOLENT FUND LIMITED
K J Pittalis and Partners LLP Chartered Certified Accountants Global House 303 Ballards Lane London N12 8NP
ST SOPHIA'S SCHOOL BENEVOLENT FUND LIMITED
Contents of the Financial Statements for the year ended 31 July 2025
| Page | |||
|---|---|---|---|
| Report of the Trustees | 1 | to | 4 |
| Independent Examiner's Report | 5 | ||
| Statement of Financial Activities | 6 | ||
| Statement of Financial Position | 7 | to | 8 |
| Notes to the Financial Statements | 9 | to | 13 |
| DetailedStatementofFinancialActivities | 14 |
ST SOPHIA'S SCHOOL BENEVOLENT FUND LIMITED
Report of the Trustees for the year ended 31 July 2025
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 July 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).
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. It 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 St Sophia's School Benevolent Fund Limited. Appointment to the Board of Directors is by application to the Board and is at their discretion.
Objectives, Public Benefit Aims and Principal Activities
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.
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ST SOPHIA'S SCHOOL BENEVOLENT FUND LIMITED
Report of the Trustees for the year ended 31 July 2025
STRUCTURE, GOVERNANCE AND MANAGEMENT
A summary of the main achievements of the charity during 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, 9 assistant teachers and 1 cover supervisors teacher. The number of pupils during the year was 356. 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, 1 class for Year 5, 1 class for Year 6, GCSE1 and GCSE2 class, an A1 Level, an A2 Level and an A3 Level class in Modern Greek.
During the summer of 2025, the number of pupils who entered for the GCSE and A level public examinations and the results obtained at each level were as follows:
-
13 students sat the GCSE Modern Greek and the grades achieved were: 3 <9>, 5 <8>, 2 <7>, 2<6>, 1<5>
-
5 students sat the A Level in Modern Greek and the grades achieved were: 4 , 1
School concerts, services and prize giving events were held on 6 occasions with parents, staff and teachers in attendance.
Saturday 7th September, Pimlico Academy - Blessing Saturday 26th October, Pimlico Academy - OXI Day Celebration SaturdaySaturday 14th11th January,December,PimlicoSt Sophia's AcademyChurch/ Vassilopita- Christmas liturgy/ Nativity Play
Saturday 22nd March, Pimlico Academy — “25th March” Celebration / prizegiving Saturday 12th July, Pimlico Academy — Summer Celebration / End of year
The School started producing a magazine from July 2016. Another school magazine was produced this year, in the summer, and distributed with contributions of written material, photographs and drawings from the teachers and pupils.
The Directors sought donations during the year to supplement the school fees. Total sum received in the year was £35,164.41 and this contributed towards the general running of the school.
Also, during the year 16 bursaries were granted.
From Year 2015 the governors decided to gradually increase the fees with the aim of securing a more sound financial footing to enable the school to become more self-financing and less reliant on subsidisation through donations and to keep up with inflation.
There were over 89 children on the waiting list for entry in September 2024.
A website designed in previous years is now live and operational and provides useful information to parents, children and the general public. The progress of the school was monitored by regular termly meetings held by the directors with the Headmistress of the School.
Parent's Association donated £1,000 in order to cover the School's Magazine graphic designer's fee £320 for the purchase of the New Year's cakes (Vassilopites).
Bursaries
A total of £7,049.00 was awarded as Bursaries to 16 students broken down as below:
- Full Bursaries
9 students received a 100% bursary against the full year's fees - Half Bursaries
7 students received a 50% bursary against the full year's fees
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ST SOPHIA'S SCHOOL BENEVOLENT FUND LIMITED
Report of the Trustees for the year ended 31 July 2025
STRUCTURE, GOVERNANCE AND MANAGEMENT
Financial Review
In 2024-25, fee income increased by 27% to £298,112 (2024: £235,222),
Resources expended decreased by 1% to £245,450 (2024: £247,005), comprised of resources expended on charitable activities, governance costs and other expenditure.
Reserves
As at 31 July 2025, the Fund held accumulated unrestricted funds of £281,744 (2024: £229,081).
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 to further the objectives of the Trust.
REFERENCE AND ADMINISTRATIVE DETAILS Registered Company number 00889233 (England and Wales)
Registered Charity number 1138475
Registered office 150 Aldersgate Street London EC1A 4AB
Trustees
T Bakalis Priest Mrs C Caroussis Company Director Mrs M Limnios Lawyer Mrs M Nikolopoulou Teacher N J Paleocrassas Treasurer 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 Accountants Global House 303 Ballards Lane London N12 8NP
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ST SOPHIA'S SCHOOL BENEVOLENT FUND LIMITED
Report of the Trustees for the year ended 31 July 2025
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 the board of trustees on cake APEIL, LOZG and signed on its behalf by:
(ZrI\ > Te aa oe
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Date: o..eeeeccceeeseeeeeneeteeeeenseeeeeravenes 29th April 2026
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ST SOPHIA'S SCHOOL BENEVOLENT FUND LIMITED
Statement of Financial Activities for the year ended 31 July 2025
| 31/7/25 | 31/7/24 | ||
|---|---|---|---|
| Unrestricted | Total | ||
| fund | funds | ||
| Notes | £ | £ | |
| INCOME AND ENDOWMENTS FROM | |||
| Donations and legacies | 298,112 | 235,222 | |
| EXPENDITURE ON | |||
| Raising funds | 2 | 70,233 | 82,895 |
| Other | 175,216 | 164,110 | |
| Total | 245,449 | 247,005 | |
| NET INCOME/(EXPENDITURE) | 52,663 | (11,783) | |
| RECONCILIATION OF FUNDS | |||
| Total funds broughtforward | 229,081 | 240,864 | |
| TOTALFUNDSCARRIEDFORWARD | 281,744 | 229,081 |
The notes form part of these financial statements
Page 6
ST SOPHIA'S SCHOOL BENEVOLENT FUND LIMITED
Statement of Financial Position 31 July 2025
| 31/7/25 | 31/7/24 | ||
|---|---|---|---|
| Unrestricted | Total | ||
| fund | funds | ||
| Notes | £ | £ | |
| CURRENTASSETS | |||
| Debtors Cash at bank |
6 | 241 387,647 |
246 316,385 |
| 387,888 | 316,631 | ||
| CREDITORS | |||
| Amounts falling due within oneyear | 7 | (4,300) | (87,550) |
| NET CURRENTASSETS | 383,588 | 229,081 | |
| TOTAL ASSETS LESS CURRENT | |||
| LIABILITIES | 383,588 | 229,081 | |
| CREDITORS | |||
| Amounts falling due aftermore than one year | 8 | (101,844) | - |
| NETASSETS | 281,744 | 229,081 | |
| FUNDS | 9 | ||
| Unrestricted funds | 281,744 | 229,081 | |
| TOTALFUNDS | 281,744 | 229,084 |
The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 July 2025.
The members have not required the company to obtain an audit of its financial statements for the year ended 31 July 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.
The notes form part of these financial statements
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continued...
ST SOPHIA'S SCHOOL BENEVOLENT FUND LIMITED
Statement of Financial Position - continued 31 July 2025
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 DA APALL....2.92.G...... and were signed on its behalf by:
N J Paleacrassas - Trustee
The notes form part of these financial statements
Page 8
ST SOPHIA'S SCHOOL BENEVOLENT FUND LIMITED
Notes to the Financial Statements for the year ended 31 July 2025
ACCOUNTING POLICIES
Basis of accounting
The financial statements have been prepared in accordance with 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 2015) - (Charities SORP (FRS 102)), the Financial Reporting Standard.
Assets and liabilities are initially recognised at their historical cost or transaction value unless otherwise stated in the relevant accounting policy notes(s).
The Governors consider that the Fund has sufficient funds to meet its obligations as they fall due for at least 12 months from the date these financial statements are approved and deem it appropriate that the financial statements are produced on a going concern basis.
The functional and presentation currency of the fund is GB Pound Sterling (£).
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. Restricted 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 to 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 to the income and the amount can be quantified with reasonable accuracy. Income from school fees is taken into the statement of financial activities when received or when receipt 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 fs not registered for VAT as follows:
Charitable activities Resources expended on charitable activities comprise of all the resources applied by the fund in undertaking educational activities, including both direct costs together with those support costs incurred. Governance costs Governance 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 accountability. Expenditure on the governance of the fund includes accountants fees and costs associated with statutory 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.
Deposits
Customer deposits are initially recognised as liabilities. Where deposits remain unclaimed for more than one year and are non-refundable under the terms and conditions, they are released to income when no obligation to refund exists. Such amounts are recognised as donation income in the Statement of Financial Activities.
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ST SOPHIA'S SCHOOL BENEVOLENT FUND LIMITED
Notes to the Financial Statements - continued for the year ended 31 July 2025
ACCOUNTING POLICIES - continued
Financial instruments
The Fund only has financial assets and liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.
2.
RAISING FUNDS
Raising donations and legacies
Support & governance costs
TRUSTEES’ REMUNERATION AND BENEFITS
| 31/7/25 | 31/7/24 |
|---|---|
| £ | g |
| 70,233 | 82,895 |
There were no trustees' remuneration or other benefits for the year ended 31 July 2025 nor for the year ended 31 July 2024.
Trustees' expenses
There were no trustees' expenses paid for the year ended 31 July 2025 nor for the year ended 31 July 2024.
STAFF COSTS
| STAFF COSTS | ||
|---|---|---|
| 31/7/25 | 31/7/24 | |
| £ | £ | |
| Wages and salaries | 173,707 | 162,822 |
| Social security costs | 126 | - |
| Other pension costs | 1,383 | 1,288 |
| 175,216 | 164,110 | |
| The average monthly number ofemployees during the yearwas as follows: | ||
| 31/7/25 | 31/7/24 | |
| Teachers Assistants |
22 9 |
23 8 |
| 31 | 31 |
No employees received emoluments in excess of £60,000.
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- COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES 2024
ST SOPHIA'S SCHOOL BENEVOLENT FUND LIMITED
Notes to the Financial Statements - continued for the year ended 31 July 2025
| Unrestricted | |||
|---|---|---|---|
| fund | |||
| £ | |||
| INCOMEAND ENDOWMENTS FROM | |||
| Donations and legacies | 235,222 | ||
| EXPENDITURE ON | |||
| Raising funds | 82,895 | ||
| Other | 164,110 | ||
| Total | 247,005 | ||
| NET INCOME/(EXPENDITURE) | (11,783) | ||
| RECONCILIATION OF FUNDS | |||
| Total funds brought forward | 240,864 | ||
| TOTAL FUNDS CARRIED FORWARD | 229,081 | ||
| 6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR | ||
| 31/7/25 | 31/7/24 | ||
| £ | £ | ||
| Other debtors | 241 | 246 | |
| 7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONEYEAR | ||
| 31/7/25 | 31/7/24 | ||
| £ | £ | ||
| Deposits held | 2,500 | 85,750 | |
| Accrued expenses | 1,800 | 1,800 | |
| 4,300 | 87,550 |
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ST SOPHIA'S SCHOOL BENEVOLENT FUND LIMITED
Notes to the Financial Statements - continued for the year ended 31 July 2025
==> picture [454 x 586] intentionally omitted <==
----- Start of picture text -----
|||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
|8.|CREDITORS:|AMOUNTS|FALLING|DUE AFTER|MORE|THAN|ONE|YEAR|
|31/7/25|31/7/24|
|£|£|
|Other|creditors|101,844|-|
|9.|MOVEMENT|IN|FUNDS|
|Net|
|movement|At|
|At|1.8.24|in|funds|31.7.25|
|£|£|£|
|Unrestricted|funds|
|General|fund|229,081|52,663|281,744|
|TOTAL|FUNDS|229,081|52,663|281,744|
|Net|movement|in|funds,|included|in|the|above|are|as|follows:|
|Incoming|Resources|Movement|
|resources|expended|in|funds|
|£|£|£|
|Unrestricted|funds|
|General|fund|298,112|(245,449)|52,663|
|TOTAL|FUNDS|298,112|(245,449)|52,663|
|Comparatives|for movement|in|funds|
|Net|
|movement|At|
|At|1.8.23|in|funds|31.7.24|
|£|£|£|
|Unrestricted|funds|
|General|fund|240,864|(11,783)|229,081|
|TOTAL|FUNDS|240,864|(11,783)|229,081|
|Comparative|net|movement|in|funds,|included|in|the|above|are|as|follows:|
|Incoming|Resources|Movement|
|resources|expended|in|funds|
|£|£|£|
|Unrestricted|funds|
|General|fund|235,222|(247,005)|(11,783)|
|TOTAL FUNDS|235,222|(247,005)|(11,783)|
----- End of picture text -----
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ST SOPHIA'S SCHOOL BENEVOLENT FUND LIMITED
Notes to the Financial Statements - continued for the year ended 31 July 2025
10. 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 at normal rate.
There were no other transactions with related parties and the Governors received no remunerations or reimbursed expenses.
41. SHARE CAPITAL
The Company is limited by guarantee and as such has no share capital.
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ST SOPHIA'S SCHOOL BENEVOLENT FUND LIMITED
| Detailed Statement of Financial Activities | |||
|---|---|---|---|
| forthe yearended 31 July2025 | |||
| 31/7/25 | 31/7/24 | ||
| £ | £ | ||
| INCOMEAND ENDOWMENTS | |||
| Donations and legacies | |||
| School fees Donations |
253,584 35,164 |
223,297 10,265 |
|
| Fees-other | 2,170 | 1,660 | |
| Interest income | 7,194 | ~ | |
| 298,112 | 235,222 | ||
| Total incoming resources | 298,112 | 235,222 | |
| EXPENDITURE | |||
| Other | |||
| Wages | 173,707 | 162,822 | |
| Social security | 126 | - | |
| Pensions | 1,383 | 1,288 | |
| 175,216 | 164,110 | ||
| Support& governance costs | |||
| Other | |||
| Rent | 48,916 | 43,900 | |
| Otherexpenses | |||
| Insurance | 3,151 | 3,050 | |
| Postage and stationery Sundry |
6,392 4,752 |
4,430 3,821 |
|
| School expenses | 3,320 | 4,440 | |
| ITsoftware and consumables Deposit |
134 = |
12,536 6,555 |
|
| 17,749 | 34,832 | ||
| Governance costs | |||
| Accountancy fees | 1,800 | 1,800 | |
| Legal fees | 700 | 1,503 | |
| Payroll costs | 1,068 | 860 | |
| 3,568 | 4,163 | ||
| Total resources expended | 245,449 | 247,005 | |
| Netincome/(expenditure) | 52,663 | (11,783) |
This page does not form part of the statutory financial statements
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