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2021-07-31-accounts

Charity registration number 291348

INDEPENDENT GREEK EDUCATIONAL INSTITUTE OF BARNET ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2021

INDEPENDENT GREEK EDUCATIONAL INSTITUTE OF BARNET

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees Mr M Antoniades
Mr S Stavros
Mr C Michael
Mr J Vasiliou
Mrs N Paschalis
Mr C Pitsillides
R J Stephanou Georgiou (Appointed 6 November 2021)
A Leonida (Appointed 6 November 2021)
E Elia (Appointed 6 November 2021)
M Memtsa (Appointed 6 November 2021)
T Liousas (Appointed 6 November 2021)
P Kazitti (Appointed 6 November 2021)
K G Zouvani (Appointed 6 November 2021)
A Pantos (Appointed 6 November 2021)
Charity number 291348
Principal address Cranbrook
Marsh Lane
London
NW7 4NT
Independent examiner JF Francis Ltd
Francis House
2 Park Road
Barnet
Hertfordshire
EN5 5RN
Solicitors 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 2021

The trustees present their annual report and financial statements for the year ended 31 July 2021.

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 2021

Financial review

The financial statements show net incoming resources for the year on School activit i es of - £ 11,854 (20 20 - £ 7,411 ).

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 consider 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 have 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 c ontrolled 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:

Mrs M Kyriacou (Resigned 6 November 2021) Mr P Chaklides (Resigned 6 November 2021) Mr C Petinou (Resigned 6 November 2021) Mr D Shiamishis (Resigned 6 November 2021) Mr M Antoniades Mr S Stavros Mr C Michael Mr D Kazitti (Resigned 6 November 2021) Mr J Vasiliou Mrs N Paschalis Mr C Pitsillides Mrs K Johnston (Resigned 6 November 2021) R J Stephanou Georgiou (Appointed 6 November 2021) A Leonida (Appointed 6 November 2021) E Elia (Appointed 6 November 2021)

INDEPENDENT GREEK EDUCATIONAL INSTITUTE OF BARNET

TRUSTEES REPORT (CONTINUED) FOR THE YEAR ENDED 31 JULY 2021

M Memtsa (Appointed 6 November 2021) T Liousas (Appointed 6 November 2021) P Kazitti (Appointed 6 November 2021) K G Zouvani (Appointed 6 November 2021) A Pantos (Appointed 6 November 2021)

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: 20 May 2022

INDEPENDENT GREEK EDUCATIONAL INSTITUTE OF BARNET

STATEMENT OF TRUSTEES RESPONSIBILITIES

FOR THE YEAR ENDED 31 JULY 2021

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 2021.

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: 20 May 2022

INDEPENDENT GREEK EDUCATIONAL INSTITUTE OF BARNET

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 JULY 2021

Unrestricted Unrestricted Unrestricted Unrestricted
funds funds
2021 2020
Notes
£		 £
Income from:
Donations and legacies 3 15,400 12,327
Other trading activities 4 129,098 165,659
Investments 5 165 545
Total income 144,663 178,531
Expenditure on:
Raising funds 6 3,367 24,263
Charitable activities 7 153,150 146,857
Total expenditure 156,517 171,120
Net (expenditure)/income for the year/
Net movement in funds (11,854) 7,411
Fund balances at 1 August 2020 239,080 231,669
Fund balances at 31 July 2021 227,226 239,080

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 2021

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		 2021
£
1,893
223,673
225,566
(674)		 £
2,334
224,892
227,226
227,226
227,226		 2020
£
9,603
227,300
236,903
(612)		 £
2,789
236,291
239,080
239,080
239,080

The financial statements were approved by the Trustees on 20 May 2022

Mr M Antoniades Mr S Stavros Trustee Trustee

INDEPENDENT GREEK EDUCATIONAL INSTITUTE OF BARNET

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2021

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, FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the Charities SORP "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 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 2021

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 the statement of financial activities .

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 2021

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

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.

There are no significant judgements or estimates involved in the preparation of the financial estimates

INDEPENDENT GREEK EDUCATIONAL INSTITUTE OF BARNET

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2021

3 Donations and legacies

4
5
6		 UnrestrictedUnrestricted
funds
funds
2021
2020
£
£
Donations and gifts
15,400
12,327
Other trading activities
UnrestrictedUnrestricted
funds
funds
2021
2020
£
£
Fundraising events
15,138
45,677
Trading activity income: other
113,960
119,982
Other trading activities
129,098
165,659
Investments
UnrestrictedUnrestricted
funds
funds
2021
2020
£
£
Interest receivable
165
545
Raising funds
UnrestrictedUnrestricted
funds
funds
2021
2020
£
£
Fundraising and publicity
Staging fundraising events
3,367
24,263
3,367
24,263

INDEPENDENT GREEK EDUCATIONAL INSTITUTE OF BARNET

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2021

7 Charitable activities

Charitable
Charitable
Expenditure
Expenditure
Heading 1
Heading 1
2021
2020
£
£
Staff costs 119,114
114,974
Depreciation and impairment 583
697
Rent 21,600
18,900
Insurance 356
441
Printing, postage and stationery 2,493
3,638
Computer running costs -
350
Presents 798
-
Legal and professional fees 1,600
1,600
Subscriptions -
200
General expenses 427
1,470
Bank charges 55
22
Security and DBS safeguarding 3,146
4,565
Cleaning 2,978
-
153,150
146,857
153,150
146,857

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

The average monthly number of employees during the year was:

Employment costs
Wages and salaries
Other pension costs		 2021
Number
47
2021
£
118,464
650
119,114		 2020
Number
49
2020
£
114,348
626
114,974

INDEPENDENT GREEK EDUCATIONAL INSTITUTE OF BARNET

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 JULY 2021

9 Employees

(Continued)

There were no employees whose annual remuneration was more than £60,000.

10
Tangible fixed assets
Cost
At 1 August 2020
Additions
At 31 July 2021
Depreciation and impairment
At 1 August 2020
Depreciation charged in the year
At 31 July 2021
Carrying amount
At 31 July 2021
At 31 July 2020
11
Debtors
Amounts falling due within one year:
Trade debtors
Prepayments and accrued income
12
Creditors: amounts falling due within one year
Other taxation and social security
Trade creditors
Other creditors
Accruals and deferred income		 Fixtures and fittings
£
38,560
128
38,688
35,771
583
36,354
2,334
2,789
2021
2020
£
£
532
9,035
1,361
568
1,893
9,603
2021
2020
£
£
440
-
128
262
-
350
106
-
674
612

INDEPENDENT GREEK EDUCATIONAL INSTITUTE OF BARNET

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2021

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 £650 (2020 - £626).

14 Related party transactions

There were no disclosable related party transactions during the year (2020 - none) .