OpenCharities

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator.

2020-07-31-accounts

Charity Registration No. 291348

INDEPENDENT GREEK EDUCATIONAL INSTITUTE OF BARNET ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2020

INDEPENDENT GREEK EDUCATIONAL INSTITUTE OF BARNET

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees

Mrs M Kyriacou Mr P Chaklides Mr C Petinou Mr D Shiamishis Mr M Antoniades

Mr S Stavros

Mr C Michael Mr D Kazitti

Mr J Vasiliou Mrs N Paschalis Mr C Pitsillides Mrs K Johnston

(Appointed 16 November 2019) (Appointed 16 November 2019) (Appointed 16 November 2019) (Appointed 16 November 2019) (Appointed 16 November 2019) (Appointed 16 November 2019) (Appointed 16 November 2019) (Appointed 16 November 2019)

Charity number 291348

Principal address Cranbrook Marsh Lane London NW7 4NT

Independent examiner

Solicitors

JF Francis Ltd Francis House 2 Park Road Barnet Hertfordshire EN5 5RN Philip Ross Soiicitors 34 Queen Anne Street London W1G 8HE

INDEPENDENT GREEK EDUCATIONAL INSTITUTE OF BARNET

CONTENTS

Page
Trustees report 1 - 3
Statement of trustees responsibilities 4
Independent examiner's report 5
Statement of financial activities 6
Balance sheet 7
Notes to the financial statements 8 - 14

INDEPENDENT GREEK EDUCATIONAL INSTITUTE OF BARNET

TRUSTEES REPORT FOR THE YEAR ENDED 31 JULY 2020

The trustees present their report and financial statements for the year ended 31 July 2020.

The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the institute's constitution , the Charities Act 2011 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)” (as amended for accounting periods commencing from 1 January 2016)

Objectives and activities

The purposes of t he institute are the promotion and education of Greek language, relig i on, history, geography of Greece and Cyprus, drama, music, dance and to preserve their Greek national tradition and inheritance.

T he institute's aim 's to provide a first class education to boys and girls from the ages of 4 to 18. The institute also provides classes in Modern Greek for adults.

The institute has adopted the official Analytical Timetable of the Ministry of Education of Cyprus especially adapted for Greek Community Schools.

We seek to provide a structured educational environment that develops our pupils' c apabilities, competences and skills. Emphasis is given to the teaching of the Greek language and the pupils are actively encouraged to speak Greek. The majority of our students not only pass GCSE and A' Level examinations in Modern Greek but do so with consistently high passes.

Our objectives are set to reflect the educational aims and the ethos of the charity. It i s important to us that we maintain and enhance the academic success of the charity.

Our key objectives for the year included:

The trustees confirm that they have referred to the Charity Commission's guidance on public benefit when reviewing the charity's aims and objectives, in planning future activities.

The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the institute should undertake.

Achievements and performance

Our Modern Greek L an g uage examination results again showed further improvements with 1 00% passes at A Level, AS Level and GCSE.

INDEPENDENT GREEK EDUCATIONAL INSTITUTE OF BARNET

TRUSTEES REPORT (CONTINUED) FOR THE YEAR ENDED 31 JULY 2020

Financial review

The financial statements show net incoming resources for the year on School activit i es of £7,411 (2019 - £-6,296).

The principal source of income is fees and income ge n erated from various activities. The t rustees are continuing their strategy of deploying all net incoming resources to investing in the educational purposes of the School.

As a charity the parents of our pupils have the assurance that all the income of the School must be applied for educational purposes. As an educational charity we enjoy tax exemption on our educational activities and on our investment income and gains provided these are applied for our charitable aims. The financial benefits we receive from these tax exemptions are all applied for educational purposes and indirectly help us to maintain our policies.

However, as an educational charity, we are unable to reclaim VAT input tax on our costs as we are exempt for VAT purposes. We also pay tax as an employer through the national insurance contributions we make.

It is the policy of the institute that unrestricted funds which have not been designated for a specific use should be maintained at a level equivalent to between three and six month’s expenditure. The trustees considers that reserves at this level will ensure that, in the event of a significant drop in funding, they will be able to continue the institute’s current activities while consideration is given to ways in which additional funds may be raised. This level of reserves has been maintained throughout the year.

The trustees has assessed the major risks to which the institute is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks.

Plans for future periods

The Governors intend to continue their current strategies by investing to provide high quality education for our pupils. Achieving a high standard of academic results is a constant aim whilst maintaining the breadth and depth of the education provided.

The Headmaster and senior staff continue to review the curriculum to ensure that the educational qualifications remain appropriate for our pupils' development.

Structure, governance and management

The institute is a registered charity, number 291348, was established in 1980 and registered with the Charities Commission on 7 July 1984 .

The institute is controlled by its constitution and constitutes an unincorporated charity.

The trustees who served during the year and up to the date of signature of the financial statements were: The trustees who served during the year and up to the date of signature of the financial statements were:
Mr A Kyriacou (Resigned 16 November 2019)
Mrs M Kyriacou
S Callis (Resigned 16 November 2019)
A Soteri (Resigned 16 November 2019)
A Andreou (Resigned 16 November 2019)
Mr P Chaklides
P Ctori (Resigned 16 November 2019)
G Demetriou (Resigned 16 November 2019)
C Kyprianos (Resigned 16 November 2019)
Mr C Petinou
N Kessaris (Resigned 16 November 2019)
Mr D Shiamishis
M Paschali (Resigned 16 November 2019)
J Thomas (Resigned 16 November 2019)
Mr M Antoniades (Appointed 16 November 2019)

INDEPENDENT GREEK EDUCATIONAL INSTITUTE OF BARNET

TRUSTEES REPORT (CONTINUED) FOR THE YEAR ENDED 31 JULY 2020

Mr S Stavros (Appointed 16 November 2019) Mr C Michael (Appointed 16 November 2019) Mr D Kazitti (Appointed 16 November 2019) Mr J Vasiliou (Appointed 16 November 2019) Mrs N Paschalis (Appointed 16 November 2019) Mr C Pitsillides (Appointed 16 November 2019) Mrs K Johnston (Appointed 16 November 2019)

The trustees of the institute must be members of the institute and are elected for a term of one year at the Annual General Meeting . They can be re-elected. All members are eligible to stand for election. A ll trustees are briefed on their legal obligations under charity law, the content of the constitution, the committee and decision making processes, the projections, and recent financial performance of the institute. At the first board meeting the trustees will elect the Chair, Vice Chairman, Treasurer, and Secretary. The Chair co-ordinates all the institute activities including meetings, functions and fund raising activities. The Treasurer maintains the financial records, management reports, budgeting and the preparation of financial statements. The secretary maintains the minutes and correspondence.

All other trustees act as advisors and help with the day to day running of the institute. All trustees give of their time freely and none of the trustees (or any persons connected with them) received any remuneration during the year.

The trustees r eport was approved by the Board of Trustees.

Mr S Stavros

Trustee Dated: 24 March 2021

INDEPENDENT GREEK EDUCATIONAL INSTITUTE OF BARNET

STATEMENT OF TRUSTEES RESPONSIBILITIES

FOR THE YEAR ENDED 31 JULY 2020

The trustees are responsible for preparing the Trustees Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

The law applicable to charities in England and Wales 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 institute and of the incoming resources and application of resources of the institute for that year.

In preparing these financial statements, the trustees are required to:

The trustees are responsible for keeping sufficient accounting records that disclose with reasonable accuracy at any time the financial position of the institute and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the institute and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

INDEPENDENT GREEK EDUCATIONAL INSTITUTE OF BARNET

INDEPENDENT EXAMINER'S REPORT

TO THE TRUSTEES OF INDEPENDENT GREEK EDUCATIONAL INSTITUTE OF BARNET

I report to the trustees on my examination of the financial statements of Independent Greek Educational Institute of Barnet (the institute) for the year ended 31 July 2020.

Responsibilities and basis of report

As the trustees of the institute you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 (the 2011 Act).

I report in respect of my examination of the institute’s financial statements carried out under section 145 of the 2011 Act . In carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.

Independent examiner's statement

Your attention is drawn to the fact that the charity has prepared financial statements in accordance with Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has now been withdrawn.

I understand that this has been done in order for financial statements to provide a true and fair view in accordance with Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015.

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 that in any material respect:

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 financial statements to be reached.

JF Francis Ltd

Francis House 2 Park Road Barnet Hertfordshire EN5 5RN

Dated: 26 March 2021

INDEPENDENT GREEK EDUCATIONAL INSTITUTE OF BARNET

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 JULY 2020

Unrestricted Unrestricted
funds funds
2020 2019
Notes
£		 £
Income from:
Donations and legacies 3 12,327 10,382
Other trading activities 4 165,659 188,114
Investments 5 545 1,278
Total income 178,531 199,774
Expenditure on:
Raising funds 6 24,263 32,544
Charitable activities 7 146,857 173,526
Total resources expended 171,120 206,070
Net income/(expenditure) for the year/
Net movement in funds 7,411 (6,296)
Fund balances at 1 August 2019 231,669 231,729
Fund balances at 31 July 2020 239,080 225,433

The statement of financial activities includes all gains and losses recognised in the year.

All income and expenditure derive from continuing activities.

INDEPENDENT GREEK EDUCATIONAL INSTITUTE OF BARNET

BALANCE SHEET

AS AT 31 JULY 2020

Notes
Fixed assets
Tangible assets
10
Current assets
Debtors
11
Cash at bank and in hand
Creditors: amounts falling due within
one year
12
Net current assets
Total assets less current liabilities
Income funds
Unrestricted funds		 2020
£
9,603
227,300
236,903
(612)		 £
2,789
236,291
239,080
239,080
239,080		 2019
£
3,723
219,558
223,281
(1,334)		 £
3,486
221,947
225,433
225,433
225,433

The financial statements were approved by the Trustees on 24 March 2021

Mr D Shiamishis Trustee

Mr S Stavros Trustee

INDEPENDENT GREEK EDUCATIONAL INSTITUTE OF BARNET

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2020

1 Accounting policies

Charity information

Independent Greek Educational Institute of Barnet is a registered charity and register with Charities Commission on 7 July 1984.

1.1 Accounting convention

The financial statements have been prepared in accordance with the institute's [governing document], the Charities Act 2011 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 1 January 2019)". The institute is a Public Benefit Entity as defined by FRS 102.

The institute has taken advantage of the provisions in the SORP for charities applying FRS 102 Update Bulletin 1 not to prepare a Statement of Cash Flows.

The financial statements have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a true and fair view. This departure has involved following the Statement of Recommended Practice for charities applying FRS 102 rather than the version of the Statement of Recommended Practice which is referred to in the Regulations but which has since been withdrawn.

The financial statements are prepared in sterling , which is the functional currency of the institute. Monetary a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2 Going concern

At the time of approving the financial statements, the trustees have a reasonable expectation that the institute has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3 Charitable funds

Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.

Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.

Endowment funds are subject to specific conditions by donors that the capital must be maintained by the institute.

1.4 Income

Income is recognised when the institute is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.

Cash donations are recognised on receipt. Other donations are recognised once the institute has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

INDEPENDENT GREEK EDUCATIONAL INSTITUTE OF BARNET

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2020

1 Accounting policies

(Continued)

Legacies are recognised on receipt or otherwise if the institute has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.

1.5 Expenditure

Expenditure are recognised on an accrual basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is reported as part of the expenditure to which it relates:

Costs of generating funds comprise the costs associated with attracting voluntary income and the costs of trading for fundraising purposes.

Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.

All costs are allocated between the expenditure categories of the S O FA on a basis designed to reflect the use of the resource. Costs relating to a particular activity are allocated directly, others are apportioned on an appropriate basis.

1.6 Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Fixtures and fittings

20% reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in net income/(expenditure) for the year.

1.7 Impairment of fixed assets

At each reporting end date, the institute reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any ) .

1.8 Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.9 Financial instruments

The institute has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the institute's balance sheet when the institute becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

INDEPENDENT GREEK EDUCATIONAL INSTITUTE OF BARNET

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2020

1 Accounting policies

(Continued)

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future p aymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the institute’s contractual obligations expire or are discharged or cancelled.

1.10 Employee benefits

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the institute is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.11 Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

2 Critical accounting estimates and judgements

In the application of the institute’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

INDEPENDENT GREEK EDUCATIONAL INSTITUTE OF BARNET

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2020

3 Donations and legacies

4
5
6		 UnrestrictedUnrestricted
funds
funds
2020
2019
£
£
Donations and gifts
12,327
10,382
Other trading activities
UnrestrictedUnrestricted
funds
funds
2020
2019
£
£
Fundraising events
45,677
59,334
Trading activity income: other
119,982
128,780
Other trading activities
165,659
188,114
Investments
UnrestrictedUnrestricted
funds
funds
2020
2019
£
£
Interest receivable
545
1,278
Raising funds
UnrestrictedUnrestricted
funds
funds
2020
2019
£
£
Fundraising and publicity
Staging fundraising events
24,263
32,544
24,263
32,544

INDEPENDENT GREEK EDUCATIONAL INSTITUTE OF BARNET

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2020

7 Charitable activities

Charitable
Charitable
Expenditure
Expenditure
Heading 1
Heading 1
2020
2019
£
£
Staff costs 114,974
136,919
Depreciation and impairment 697
871
Rent 18,900
24,000
Insurance 441
638
Printing, postage and stationery 3,638
6,120
Computer running costs 350
67
Presents -
1,607
Donations -
500
Legal and professional fees 1,600
1,600
Subscriptions 200
200
General expenses 1,470
1,000
Charitable expenditure heading 13 22
4
Charitable expenditure heading 14 4,565
-
146,857
173,526
146,857
173,526

8 Trustees

None of the trustees (or any persons connected with them) received any remuneration or benefits from the institute during the year.

9 Employees

Number of employees

The average monthly number of employees during the year was:

Employment costs
Wages and salaries
Other pension costs		 2020
Number
49
2020
£
114,348
626
114,974		 2019
Number
54
2019
£
136,433
486
136,919

INDEPENDENT GREEK EDUCATIONAL INSTITUTE OF BARNET

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2020

10 Tangible fixed assets

Cost
At 1 August 2019
At 31 July 2020
Depreciation and impairment
At 1 August 2019
Depreciation charged in the year
At 31 July 2020
Carrying amount
At 31 July 2020
At 31 July 2019
Debtors
Amounts falling due within one year:
Trade debtors
Prepayments and accrued income
Creditors: amounts falling due within one year
Trade creditors
Other creditors		 Fixtures and fittings
£
38,560
38,560
35,074
697
35,771
2,789
3,486
2020
2019
£
£
9,035
1,776
568
1,947
9,603
3,723
2020
2019
£
£
262
876
350
458
612
1,334

11 Debtors

12 Creditors: amounts falling due within one year

13 Retirement benefit schemes

Defined contribution schemes

The institute operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the institute in an independently administered fund.

The charge to profit or loss in respect of defined contribution schemes was £626 (2019 - £486).

INDEPENDENT GREEK EDUCATIONAL INSTITUTE OF BARNET

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2020

14 Related party transactions

There were no disclosable related party transactions during the year (2019 - none).