## **GREEK COMMUNITY SCHOOL OF NEWCASTLE CIO** **REPORT AND FINANCIAL STATEMENTS For the year ended 05 April 2023** **Charity Number 1193711** **GREEK COMMUNITY SCHOOL OF NEWCASTLE CIO** ## **ANNUAL REPORT AND FINANCIAL STATEMENTS** For the year ended 05 April 2023 |**Contents**|**Page**| |---|---| |Trustees annual report|1 to 6| |Independent examiners report|7| |Statement of Receipts and Payments|8| |Statement of Assets and Liabilities|9| |Notes to the financial statements|10 to 14| ## **Greek Community School of Newcastle CIO TRUSTEES ANNUAL REPORT** For the year ended (April 2023) The trustees are pleased to present their annual trustees’ report together with the financial statements of the charity for the year ended 5 April 2023. The financial statements comply with the Charities Act 2022, the Memorandum and Articles of Association, and 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 October 2019) ## **1. Objectives and Activities** Aims of the Charity The objects of the CIO are to advance education for the public benefit in the Greek language, Greek and Cypriot culture, history, heritage and tradition in particular, but not exclusively by: - operating, supporting, expanding and developing a Greek school in order to advance the education, not only of children of Greek origin but of every child in need of a dedicated provision that facilitates their learning of the Greek language and culture - supporting and advancing the education of adults of non-Greek origin in the Greek language - offering the opportunity to students of all ages to obtain official qualifications in modern Greek language - undertaking other activities to enhance the educational and cultural outcomes of the school’s students ## **2. Public Benefit Statement** The School operates under a Declaration of Trust dated 12 August 1909 and a scheme which was sealed by the Charity Commissioners for England and Wales on 05 March 2021 which included the regulations for appointment of trustees. The school operates as a Children’s Saturday (only) Greek Language School, providing 3h per class (Reception to A levels) for Children 4-17 years old for 38 weeks an academic year ## **3. Policy on Grant Making** ## **N/A** ## **4. Policy on Social Investment** ## **N/A** 1 ## **5. Contribution by Volunteers** See 15. Structure, governance and management ## **6. Achievements and Performance** ## **Academic** Our year 2 GCSE Class was attended by two students both moved to their 2nd year of education. One got 8 in their GSCE exams in the Greek Language and the other got an outstanding 9 Both students moved to Our A- Level class The GCSE year 1 Class was attended by 7 students. ## **Other Activities** Parents may also be invited to make contributions for any extra activities taking place inside or outside of school hours. These activities could include but may not be limited to coffee mornings, theatrical performances, music and dance activities. The school reserves the right to cancel activities for which insufficient funding to cover costs is received from contributions. For Academic year 2022- 2023 Pupils took part in theater/music Sketches with Greek themed topics. More specifically Independences’ Day (25 March 1821) Celebrations, Victory in Europe Celebrations, Christmas Festivities and End of School celebrations. ## **7. Fundraising** ## **Pupil numbers and fees** Our educational activities are carried out through our rented School facilities. The number of Students were 50 children and 12 adults. ## **Day to day Financial School Obligations** The Greek Community School at Newcastle dependents on tuition fees and charitable donations in order to fulfil financial obligations and commitments of the School towards third parties such as facilities hire, teacher wages, training and any other costs or expenses necessary to allow the day to day running of the school. ## **Contributions** Parents will be expected to pay School tuition fees promptly at the beginning of each term to allow for the smooth running of the school. These fees will be agreed upon at the beginning of each academic year and parents must pay fees for each term that their child begins. Families with 1 Child received the full Contribution. Families with 2 children received a 50 % reduction for the second child and families with 3 children received a 50 % reduction for the 2[nd] child and the 3[rd] child would enter for free. Adults had a flat fee of £10/hour (£280 per term regardless of how many they were in their party 2 The table below shows the Contribution from Families/Adults per Term in Financial Year 2022-23 ## **Families/Adults Contribution per Term in Financial Year 2022-23** **----- Start of picture text -----**
Contribution Contribution 1 [st] Contribution 2nd
3rd Term Term Term Contribution
Child / Adults Apr22-July 22 Sep22-Dec22 Jan23-Mar23 Annually (Total)
Families with 1
Child £ 150.00 £250.00 £250.00 £650.00
Families with 2
Children £250.00 £350.00 £ 350.00 £ 950.00
Families with 3
Children £250.00 £350.00 £ 350.00 £ 250.00
Adult 1 £280.00 £280.00 £280.00 £ 840.00
**----- End of picture text -----**
**Note:** Term time is provided as per Academic years (not to be confused with a financial year) Term 3 derives from Academic year 2021-22 and terms 1 & 2 derive from Academic year 2022-23. The terms are selected as they lay within the financial year dated 6 April 2022- 5 April 2023 that is reported with this document. ## **Fee adjustments** The Board maintains the right to adjust Contributions throughout the year for future terms in the event of major unforeseen circumstances. In the event that major adjustments must be made (10% or more) a Parent’s Assembly must be called where a budget review will be necessary and justification for proposed adjustments given. ## **Annual Review** As costs may increase from year to year, this policy will be reviewed annually. This policy will be monitored and reviewed regularly by both the Governing Board and Parent Assembly ## **ACCESS POLICY (Financial difficulties)** If any Parents or Adults find themselves in financial difficulty and are unable to fulfil their financial obligations must speak to the Board immediately. As a charitable organization, the school and the Board will be obligated to assist in every way possible. Evidence however may be requested in order to assess the needs of the (Erg redundancy letter, benefits etc.). ## **8. Investments** ## **N/A** 3 ## **9. Financial review** ## **Review of the year** The results for the year and the charity's financial position at the end of the year are shown in the attached financial statements. During the year the Charity had income of £28,019 (2022: £24,331) and expenditure of £26,967 (2022: £22,618). There was an operating surplus of £1,052 (2022: £1,713) As per the Account Balance on 5 April 2023 the Charity had net assets of £6,993 (2022: £5,941). ## **Reserves policy/Going concern** The Trustees consider the level of reserves, £6,993 prudent for the Charity at this time taking into account potential liabilities in the event that the charity ceased. Our Reserves Policy is reviewed annually. ## **10. Risk Management** ## **SAFEGUARDING POLICY** The governors of the Greek Community School of Newcastle with the Cypriot and Greek Educational Missions in the United Kingdom and EFEPE, an umbrella organization of Greek supplementary community schools in the UK, recognise their responsibility to safeguard and promote the welfare of children within the legal framework of the Children Acts 1989 and 2004 ## **11. Plans for future periods** The school is planning to acquire a teacher that will be paid by the Greek Ministry of Education for a full-time position. This will mean that the School expenses will be significantly reduced as there will not be a cost for hiring School teachers ## **12. Reference and administrative details of the charity, its trustees and advisors** **Registered charity name Greek Community School of Newcastle CIO Charity number** 1193711 **Registered office** 4 Kittiwake Drive Washington Tyne & Wear NE380DW UK T **rustees** Nick Rodopoulos Anna Knighton **Members of the Board** Nick Rodopoulos Paul Sigalas Fey Kolila **Independent Examiner** Doug Maltman FMAAT Connected Voice Business Services One Strawberry Lane Newcastle upon Tyne. NE1 4BX. **Bankers** Paul Sigalas Nick Rodopoulos 4 ## **13. Structure, governance and management** ## **GOVERNING POLICY** The Greek Community School of Newcastle is governed by the Greek Community School Board members who act as Trustees of the Charity. The Greek Community School Board comprises of three- (3) members who are elected by the Parents General Assembly annually during a specially convened Parents General Assembly The members of the School Board act in a voluntary capacity and shall not profit from their position either through monetary or through non-monetary means. Members of the Board may be reimbursed for certain expenses. Details of explains that can be reimbursed can be found in the Charging Policy. Greek Community School Board Members elect among themselves their Office bearers, during their first meeting. In a 3-Member board the office bearers will be the Chair, the Secretary and the Treasurer. The elected Chair represents the Greek Community School Board in the General Parents Assembly and in the Greek Community Council and attends, after invitation, the meetings of the latter whenever needed. He/she also represents the Greek Community School Board in meetings with the Hellenic Education Office and the Cyprus Educational Mission. Other members of the Greek Community School Board may also attend any of the above meetings if they so wish. The number of Members in the Greek Community School Board may be amended by the Parents General Assembly. The Greek Community School Board is under the direction of and accountable to the Parents General Assembly. The parents of children who are enrolled in the Greek Community School of Newcastle elect their representatives in the Greek Community School Board, during a specially convened Parents General Assembly. The Greek Community School Board is responsible for the following: - the general progress and smooth operation of the School, - The maintenance, communication and implementation of the School Policies (see Article 14) by Parents, Pupils and the Greek Community School Board itself. - the arrangement of appropriate fund-raising events for maintaining the financial viability of the School, - submitting to the Parents General Assembly, at the start of each academic year, a proposal for setting the level of compulsory donations and arranging the payment of these donations, - hiring, appointing and dismissing Teachers as required. - submitting to the Parents General Assembly, at the start of each academic year, a proposal for adjusting the salaries of teaching staff and arranging their prompt payment, - appointing designated volunteers, among parents and other Greek Community members, for executing tasks and organizing events, should that be deemed necessary, - providing the necessary support to the Head Teacher and the Teachers for the normal execution of their duties, - agreeing at the start of each academic year, the Greek Community School Terms timetable in collaboration with the Head Teacher and the Teachers of the Greek Community School Terms timetable, - working closely with the Teachers in organising Greek National and Religious Celebration events) and the opening and closing ceremonies, - receiving from the Head Teacher his/her annual report on academic issues - submitting proposals to the Parents General Assembly with regards to the number of teaching staff necessary for the operation of the Greek Community School. ## **14. Related parties** - **Greek Ministry of Education** - **Cypriot Ministry of Education** - • **Greek Community Newcastle** The School belongs to and is managed by the members of the local Greek Community of Newcastle upon Tyne and surrounding areas. 5 The school is recognized by both the Hellenic Education Office and the Cyprus Educational Mission, both based in London, UK, working for their Ministries of Education of Greece and Cyprus respectively, and following their directives and regulations. Members of the Greek Community of Newcastle upon Tyne also include those from other nationalities who share common bonds and ties with Greek Community members. ## **17. Statement of Trustee Responsibilities** The trustees are responsible for preparing the Trustees’ Annual Report and the Financial Statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Charity SORP requires the trustees to prepare financial statements for each financial year, which give a true and fair view of the state of affairs of the charity and of incoming resources and application of resources, including the receipts and payments of the charity for that year. In preparing those financial statements, the trustees are required to: - select suitable accounting policies and apply them consistently; - observe the methods and principles in the Charities SORP; - make judgements and estimates that are reasonable and prudent; - state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; - prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation. The trustees are responsible for keeping accounting records that disclose with reasonable accuracy at any time the financial position of the charity. 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. Approved by the Trustees on 01.02.2024 and signed on their behalf by: Nick Rodopoulos Chair 6 ## **GREEK COMMUNITY SCHOOL OF NEWCASTLE CIO** ## **INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES** For the year ended 05 April 2023 I report on the financial statements of Greek Community School of Newcastle CIO for the year ended 05 April 2023, which are set out on pages 8 to 14. ## **Respective responsibilities of trustees and examiner** The charity's trustees are responsible for the preparation of the accounts. The charity's trustees consider that an audit is not required for this year under section 144 of the Charities Act 2022 ("the Charities Act) and that an independent examination is needed. Having satisfied myself that the charity is not subject to audit under company law and is eligible for independent examination, it is my responsibility to: - h examine the accounts under section 145 of the Charities Act, - h to follow the procedures laid down in the general Directions given by the Charity Commission (under section 145(5)(b) of the Charities Act), and - h to state whether particular matters have come to my attention. ## **Basis of independent examiner's statement** My examination was carried out in accordance with general Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from the trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently no opinion is given as to whether the accounts present a ‘true and fair view’ and the report is limited to those matters set out in the statement below. ## **Independent examiner's statement** In connection with my examination, no material matters have come to my attention which gives me cause to believe that in, any material respect: - h the accounting records were not kept in accordance with section 130 of the Charities Act; or - h the accounts did not accord with the accounting records; or - h the accounts did not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 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. I�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. Doug Maltman FMAAT Fellow Member of the Association of Accountancy Technicians Connected Voice Business Services One Strawberry Lane Newcastle upon Tyne NE1 4BX Date: 01.02.2024 7 ## **GREEK COMMUNITY SCHOOL OF NEWCASTLE CIO** ## **STATEMENT OF RECEIPTS AND PAYMENT** For the year ended 05 April 2023 **----- Start of picture text -----**
Unrestricted Total Total
Funds 2023 2022
£ £ £
Receipts from:
Contributions 5 28,019 28,019 24,331
Total receipts 28,019 28,019 24,331
Payments on:
Charitable activities
Operation of the charity 6 26,967 26,967 22,618
Total payments 26,967 26,967 22,618
Reconciliation of funds
Net of receipts/payments 1,052 1,052 1,713
Cash funds brought forward 5,941 5,941 4,228
Cash carried forward 6,993 6,993 5,941
Notes
**----- End of picture text -----**
The Receipts and Payments Statement includes all gains and losses recognised in the year. All receipts and payments derive from continuing activities The notes on pages 10 to 14 form an integral part of these accounts. 8 Charity Number 1193711 ## **GREEK COMMUNITY SCHOOL OF NEWCASTLE CIO** ## **STATEMENT OF ASSETS AND LIABILITIES** As at 05 April 2023 **----- Start of picture text -----**
Unrestricted Total Total
Funds 2023 2022
£ £ £
Cash funds
Cash at bank and in hand 9 6,993 6,993 5,941
Liabilities: amounts falling due within
one year 10 438 -
These financial statements were approved by the Board on: 01.02.2024
and are signed on its behalf by: N Rodopoulos
Chair
Notes
**----- End of picture text -----**
9 **GREEK COMMUNITY SCHOOL OF NEWCASTLE CIO** ## **NOTES TO THE FINANCIAL STATEMENTS** For the year ended 05 April 2023 ## 1 **Accounting Policies** The principal accounting policies adopted, judgements and key sources of estimation uncertainty in the preparation of the financial statements are as follows: ## 2 **Basis of accounting** ## 2.1 **Basis of preparation** The accounts have been prepared on the receipts and payments basis. An audit is not required by the charity's constitution and has not been requested by the trustees. The accounts 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. Greek Community School of Newcastle CIO meets the definition of a public benefit entity under FRS 102. ## 2.2 **Preparation of the accounts on a going concern basis** The charity reported total unrestricted funds at the year end of £0. The trustees are of the view that the immediate future of the charity for the next 12 months is secure and that on this basis the charity is a going concern. ## 3 **Receipts** ## 3.1 **Recognition of receipts** Receipts are recognised when the charity has received the resources, any performance conditions attached to the item(s) of receipt have been met. ## 3.2 **Offsetting** There has been no offsetting of receipts and payments, unless required or permitted by SORP. ## 3.3 **Volunteer help** The value of volunteer help received is not included in the accounts but is described in the trustees' annual report. ## 3.4 **Fund accounting** Unrestricted funds are available to spend on activities that further any of the purposes of the charity. ## 4 **Expenditure and liabilities** ## 4.1 **Payment recognition** Liabilities are recognised when it is more likely than not that there is a legal or constructive obligation committing the charity to pay out resources and the amount of the obligation can be measured with reasonable certainty. 10 ## **GREEK COMMUNITY SCHOOL OF NEWCASTLE CIO** ## **NOTES TO THE FINANCIAL STATEMENTS** For the year ended 05 April 2023 ## 4.2 **Charitable activities** Payments on charitable activities includes the costs of work and other activities undertaken to further the purposes of the charity and their associated support costs. ## 4.3 **Governance and support costs** Support costs have been allocated between governance cost and other support. Governance costs comprise all costs involving public accountability of the charity and its compliance with regulation and good practice. Support costs are those functions that assist the work of the charity but do not directly undertake charitable activities. Support costs include central functions and have been allocated to activity cost categories on a basis consistent with the use of resources. ## 4.4 **Irrecoverable VAT** Irrecoverable VAT is charged as a cost against the activity for which the payment was incurred. ## 4.5 **Liabilities** The charity has liabilities which are measured at settlement amounts less any trade discounts. 11 ## **GREEK COMMUNITY SCHOOL OF NEWCASTLE CIO** ## **NOTES TO THE FINANCIAL STATEMENTS** For the year ended 05 April 2023 ## **Analysis of receipts** |5
**Contributions**
Contribution May
Contribution June
Contribution July
Contribution August
Contribution Se[ptember
Contribution October
Contribution April (from 6 April)
Contribution November
Contribution December
Contribution January
Contribution February
Contribution March
Contribution April (to 5 April)|Unrestricted
Funds
£
350
2,549
3,299
1,330
280
1,808
4,448
3,709
1,107
2,187
5,047
1,715
190
28,019|**Total**
**2023**
**£**
**350**
**2,549**
**3,299**
**1,330**
**280**
**1,808**
**4,448**
**3,709**
**1,107**
**2,187**
**5,047**
**1,715**
**190**
**28,019**|Total
2022
£
562
538
1,300
1,121
248
1,952
5,256
2,293
2,495
1,068
4,945
2,553
-
24,331| |---|---|---|---| Receipts were £28,019 (2022: £24,331) of which £28,019 was unrestricted or designated (2022: £24,331) and £0 was restricted (2022: £0) ## **Analysis of payments on charitable activities** |6|**_Charitable activities_**
Direct costs
Support costs
Tuition fees
Classroom rental
Events (Dance)
External training
Printer ink
Bank charges
Insurance
DBS
Solicitor|Unrestricted
Funds
£
15,666
10,348
280
345
156
97
30
30
15
26,967|**Total**
**2023**
**£**
**15,666**
**10,348**
**280**
**345**
**156**
**97**
**30**
**30**
**15**
**26,967**|Total
2022
£
15,025
6,720
528
345
-
-
-
-
-
22,618| |---|---|---|---|---| Payments on charitable activities were £26,967 (2022: £22,618) of which £26,967 was unrestricted or designated (2022: £22,618 ) and £0 was restricted (2022: £0) 12 ## **GREEK COMMUNITY SCHOOL OF NEWCASTLE CIO** ## **NOTES TO THE FINANCIAL STATEMENTS** For the year ended 05 April 2023 - 7 **Transactions with trustees** None of the trustees have been paid any remuneration or received any other benefits from an employment with their charity or a related entity. ## **Trustees' expenses** No trustee expenses have been incurred in the year. ## **Transaction(s) with related parties** There have been no related party transactions in the reporting period. ## 8 **Corporation Taxation** The charity is exempt from tax on income and gains falling within section 505 of the Taxes Act 1988 or section 252 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to its charitable objectives. ## 9 **Cash at bank and in hand** |Bank current account|**2023**
**£**
**6,993**
**6,993**|2022
£
5,941
5,941| |---|---|---| 10 **Liabilities (payable within 1 year)** |Independent examination fee|**2023**
**£**
**438**
**438**|2022
£
-
-| |---|---|---| ## 11 **Events after the end of the reporting period** No events (not requiring adjustment to the accounts) have occurred after the end of the reporting period but before the accounts are authorised which relate to conditions that arose after the end of the reporting period. ## 12 **Analysis of charitable funds** ## **Analysis of movements in unrestricted funds For the year ended 05 April 2023** |**Unrestricted funds**
General unrestricted fund
**_Totals_**|**Fund**
**balances**
**brought**
**forward**
£
5,941
5,941|**Incoming**
**resources**
£
28,019
28,019|**Resources**
**expended**
£
( 26,967 )
( 26,967 )|**Transfers**
£
-
-|**Fund**
**balances**
**carried**
**forward**
**£**
**6,993**
**6,993**| |---|---|---|---|---|---| 13 **GREEK COMMUNITY SCHOOL OF NEWCASTLE CIO** ## **NOTES TO THE FINANCIAL STATEMENTS** For the year ended 05 April 2023 ## 12 **Analysis of charitable funds continued)** ## **Analysis of movements in unrestricted funds For the year ended 05 April 2022** |**Unrestricted funds**
General unrestricted fund
**_Totals_**
**Purpose of unrestricted funds**
General unrestricted fund|**Fund**
**balances**
**brought**
**Incoming**
**Resources**
**forward**
**resources**
**expended**
£
£
£
4,228
24,331
( 22,618 )
4,228
24,331
( 22,618 )
The 'free reserves' of the charity|**Transfers**
£
-
-|**Fund**
**balances**
**carried**
**forward**
**£**
**5,941**
**5,941**| |---|---|---|---| ## 13 **Capital commitments** As at 05 April 2023, the charity had no capital commitments (2022 -£nil) 14