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2022-08-31-accounts

ST. CATHERINE’S BRITISH SCHOOL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31[st] AUGUST 2022 Charity number: 313909 Company number: 00860288

ST. CATHERINE'S BRITISH SCHOOL

(A company limited by guarantee)

DIRECTORS’ REPORT FOR THE YEAR ENDED 31[st] AUGUST 2022

The Governors are pleased to present their annual Directors’ Report together with the financial statements of the charity for the year ended 31[st] August 2022 which are also prepared to meet the requirements for a Directors’ Report and Accounts for Companies Act purposes.

The financial statements comply with the Companies Act 2006, 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).

Status and Administration

St. Catherine's British School (“the School” or the “Company) was founded in 1956. The School is a non-profit company limited by guarantee, registered number 00860288 and is also a registered charity, number 313909.

Mission Statement

St. Catherine's British School endeavours to foster a love of learning through a well taught, appropriately challenging and clearly defined, broad and balanced curriculum. Our aim is to develop fully pupils' intellectual, social, physical, and creative potential, in anticipation that they will develop into sensitive, informed, decisive and capable global citizens of the future.

Objectives

To provide for and promote the moral, cultural, intellectual social, physical, and aesthetic development and the teaching and instruction of pupils according to the National Curriculum for England and Wales, IGCSE and International Baccalaureate, with the overall objective of preparing pupils for the opportunities, responsibilities, and experiences of adult life in national and international society.

In setting our objectives and planning our activities our Governors have considered the Charity Commission’s general guidance on public benefit and in particular to its supplementary public benefit guidance on advancing education and on fee-charging.

Policy

The School is a day school based in Athens, Greece which follows the National Curriculum for England and Wales, the International General Certificate of Secondary Education (Years 10 and 11) and the International Baccalaureate Diploma Course for Years 12 and 13. Classes are conducted in the English language, although Greek language, history and culture lessons also feature prominently in the school's programme.

Our School welcomes pupils from all backgrounds. To admit a prospective pupil, we need to be satisfied that our School will be able to educate and develop a prospective pupil to the best of their potential and in line with the general standards achieved by their peers. Entrance interviews and assessments are undertaken to satisfy ourselves and parents that potential pupils can cope with the pace of learning and benefit from the

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education we provide. An individual’s gender, ethnicity, race, religion, or disability do not form part of our assessment processes.

We are an equal opportunity organisation and are committed to a working environment that is free from any form of discrimination on the grounds of colour, race, ethnicity, religion, sex, sexual orientation, or disability. We will make reasonable adjustments to meet the needs of staff or pupils who are or become disabled.

Activities

Although the previous academic year had seen the opening of the new state-of-the-art Upper School building replete with a 350-seat theatre, a spacious and airy library, fully equipped science laboratories and innovative technology labs and wide corridors for ease of student movement, the constraints of COVID greatly limited its full operational use. Therefore, the academic year 2021-2022 saw the new building used much more to its full capacity throughout the year – Lower and Upper School music and drama productions, Key Stage assemblies, Christmas shows, the Year 6 Graduation as well our first hosting of an MUN (Model United Nations) event. The Lower School continued to benefit from increased investment in reconfiguration including creating some more spacious classrooms, new specialist facilities for Science and ICT, increased space and comfort in the Library as well as developing more outside play space.

The School continued to offer the National Curriculum for England and Wales for all pupils, both girls and boys, from the age of three up to fourteen, an IGCSE/GCSE programme up to sixteen and thereafter the International Baccalaureate Diploma to eighteen. The school’s principal funding source continued to be application, registration, development fund, nursery, and main school fees.

In January 2011 the school received the report of its first inspection by ISI (Independent Schools Inspectorate). As a result, the school was granted full membership of COBIS (Council of British International Schools). It should be noted that the school was subsequently re-inspected in November 2013. Both reports had excellent outcomes and can be found on the school’s website. The school was re-inspected in the autumn of 2016 as part of the BSO (British Schools Overseas) three-year inspection cycle. The findings of this most recent ISI inspection were rated “Excellent” in all eight categories. It should be noted that, although the school was due for a new inspection in 2019, this was deferred due to the dislocation caused not only by the opening of the new Upper School building in September 2020 but also the ongoing COVID pandemic. Indeed, the disruption of inspection cycles due to the pandemic was a world-wide phenomenon. It should be noted that the DfE in the UK nevertheless confirmed St Catherine’s British School BSO status until the next ISI inspection scheduled for the 2022 – 2023 academic year. This has now been scheduled for 6[th] - 9[th] March 2023.

The school is also a member of HMC (Headteachers’ and Headmistresses’ Conference) and AGBIS (Association of Governing Bodies of Independent Schools). In November 2012 the School became a member of ISBA (Independent Schools' Bursars Association) whilst in September 2019 the school joined AoBSO ( Association of British Schools Overseas). The school now has six leading UK regulatory bodies to advise and assist with its operation. The school has continued its partnership with the British Council who deliver English Language courses to over 230 local Greek children within the school premises and they have particularly relished live learning in the new Upper School building.

The school continues to invest a great deal of resource into high quality staff CPD (Continuing Professional Development). Some of the CPD highlights included: the HMC/AGBIS Good Governance webinar programme; the “Outstanding Schools Conference”; the NPQLT (National Professional Qualification for Leading Teaching) for our 2[nd] -in-PE; the Forest School Training programme (ongoing); a variety of IB subject courses for Upper School staff (ongoing); the PSHE Association Conference; “Bouncebackability”: Ensuring Staff resilience course; Fire Safety and First Aid Training; Strategic Development for SEND course; Marketing and Admissions Conference; AccessArt for Primary Schools; the SLA School Library Association Conference and many more. Finally with the move into the new Upper School building in September 2020, the school moved from Microsoft Flagship School status to “Incubator” status – we remain on course towards the final stage of achieving Microsoft Showcase School status.

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On the student front the extra-curricular programme began gradually to open up again in spite of ongoing government-imposed restrictions. Nevertheless, students, staff and parents combined to facilitate a number of memorable events including the in house PTSA Halloween and Christmas events, the Upper School Play – “Diana of Dobsons”; Upper and Lower School Music concerts; the Lower School Victorian Day; the first TEDx event in the theatre; celebrations of Greek Independence Day, the Lunar New Year and Remembrance Day; a charity-fundraiser for the local Volunteer Firefighters, to name but a few. Our debaters continued to excel in local and national competitions even though participation was organised in a hybrid live and virtual world. Wherever possible, the school began to operate a number of our very popular extra-curricular sports clubs as well as music tuition opportunities. The school has always provided numerous trip opportunities both at home and abroad and, with the gradual relaxation of the COVID regulations, began once more to organise trips towards the end of the academic year – these included trips to Marathon, Mt. Parnassos, Mt. Parnitha and Malakasa. In July the school ended the year by running two very successful Summer Schools – one a Sports Camp attracting a wide range of ages and the other targeted at creative play and learning for younger children. Both these camps attracted record numbers of attendees – a great end to the year for all concerned!

Charitable Activities

1) Bursaries to pupils

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Directors

The Directors of the School, who are also the charity trustees and members of the Board of Governors, who served since 1st September 2021 through to the date of this report, were:

Name Chairman, Vice Chair &
Honorary Treasurer
Appointments		 First
Appointment		 Changes
Taki, Stavros Chairman 25/08/09 Appointed
05/06/08		 Retired 30/09/09 on Board
Dissolution, Re-Appointed
01/10/09, 2ndTerm
Re-Appointed 01/10/15
Re-Appointed 01/10/21
Retired 03/11/22
Dheere, Maurice Jean Resigned as Hon. Treasurer
on 31/05/14 and appointed
Vice Chairman on the same
date
Retired as Vice Chairman
01/10/21		 Appointed
21/06/01		 Retired 30/09/09 on Board
Dissolution, Re-Appointed
01/10/09, 2ndTerm
Re-Appointed 01/10/15
Re-Appointed 01/10/21
Retired 01/10/21
Markou, Christos Appointed Vice Chairman on
01/10/21		 Appointed
05/07/18		 Retired 06/07/22
Sabatakakis, Kyriacos Appointed Honorary
Treasurer on 31/05/14		 Appointed
20/11/12		 Re-Appointed 20/11/18
Retired 27/09/22
Nicola, Loukia Appointed
01/10/09		 Re-Appointed 01/10/13
Re-appointed 01/10/17
Re-Appointed 01/10/21
Retired 20/09/22
Outwin-Flinders, Roger Appointed
01/09/16		 Re-Appointed 01/09/20
Retired 20/09/22
Peel, Roger Victor Appointed
04/10/11		 Re-Appointed 04/10/15
Re-Appointed 04/10/19
Re-Appointed 04/10/20
Re-Appointed 01/10/21
Retired 20/09/22
Tinios, Platon Appointed
24/04/12		 Re-Appointed 24/04/16
Re-Appointed 24/04/20
Retired 27/09/22
Paleokrassas, George
Andreas		 Appointed
01/04/13		 Re-Appointed 01/04/17
Re-Appointed 01/04/21
Retired 20/09/22
Coulon-Contomichalos,
Nathalie Isabelle		 Appointed
06/01/18		 Retired 06/01/22
Contomichalos, Sarah
Kinney		 Appointed
07/04/21		 Retired 4/08/22
Braimi, Athanasia Appointed
25/01/19		 Retired 11/11/22
Hohenstein (Hodgson),
Adele		 Appointed
01/10/21		 Retired 27/09/22
Watt, Iain Cameron Appointed
16/03/22		 Retired 20/09/22
Kantartzis, Katerina Appointed
19/08/22
Manolis,Despoina Appointed Retired 3/10/22

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21/09/22
Name Chairman, Vice Chair &
Honorary Treasurer
Appointments		 First
Appointment		 Changes
Drymiotis, George
Chair		 Chairman 14/11/22 Appointed
20/10/22		 One year from constituted
new Board
Gavrielides, Andreas Appointed
20/10/22		 One year from constituted
new Board
Pistofidou, Christina Appointed
20/10/22		 One year from constituted
new Board
Yakovee, Daniel Appointed
20/10/22		 One year from constituted
new Board

Key Personnel & Advisors Headteacher: James Stuart Smith, BA (Hons) Oxon (appointed Head 01/09/13) Company Secretary : Company Secretary: Mrs Deborah Eleftheriou (appointed 20/11/12) Business Director: Mr Konstandinos S. Theodosiou (appointed 11/04/11) Senior Accountant: Mr Anastasios Koutsoukos (appointed 27/06/11) School's address: Leoforos Venizelou 77 Lycovrissi GR141 23 Athens Greece Website: www.stcatherines.gr Registered Office: 66 Lincoln’s Inn Fields LONDON WC2A 3LH ENGLAND Bankers: HSBC Bank Alpha Bank Kifissias Avenue, Ethniki Odos 17[th] km Athinon Lamias Kifissia GR145 62 Kifissia GR145 64 Greece Greece National Bank of Greece Eurobank Potamou 25 & Galinis Avenue, P. Maximou 2 & Deligianni, N. Kifissia GR145 64 Kefalari GR145 62 Greece Greece Solicitors (U.K.): Farrer & Co LLP 66 Lincoln’s Inn Fields LONDON WC2A 3LH ENGLAND Solicitors (Greece): C. & S. Dimitriou & Associates 28 Didotou Street ATHENS 106 80 GREECE

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Auditors:

Hillier Hopkins LLP Chartered Accountants and Statutory Auditors Radius House 51 Clarendon Road Watford, Herts WD17 1HP

And

tgs (Hellas) Certified Auditors Accountants SA 60 Kifissias Av. 151 24, Maroussi, Greece

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Governance

The Directors ratify specific school policies; some, such as Safeguarding and Health & Safety are reviewed and approved on an annual basis, others are reviewed periodically. The day-to-day management of the school is delegated to the Headteacher.

The school operates four standing committees:

All the above committees are chaired by a Director and include other Directors and staff as appropriate. The minutes of the meetings are distributed to the Board for ratification. Each committee has Terms of Reference, and their role is to monitor, review and evaluate all appropriate matters and bring recommendations to the Board. The school also has a Bursary Committee that is chaired by the Chairman of the Board which meets to discuss and decide on the granting of means-tested bursaries.

It should be noted that in the summer of 2022 seven Directors resigned thereby leaving only three Directors on the Board. This required a Special Written Resolution modifying the Articles of Association so that a smaller Interim Board could enable the school to function prior to the process of establishing a new Full Board of Directors. This situation necessitated a Serious Incident Report being submitted to the Charities’ Commission. The school is now well along the road to establishing a new Full Board of Directors in the Spring of 2023.

Directors’ Induction and Training

Governors follow an induction programme with the Headteacher, Executive Leadership Team, Company Secretary, and the Chairman's Committee. Upon appointment, a Director receives a detailed file with the School’s constitution, its corporate documentation, and its by-laws. The Board of Governors in consultation with its advisors are constantly looking for ways to broaden the skills and experience of the School’s Governing Body. Following the Board of Governors full day’s INSET session with Stuart Westley from AGBIS and the advent of the Key Stage/Curriculum-linking initiative during the academic year 2015-2016, the ISI inspection team in November 2016 rated the “quality of governance as excellent” – the top possible grade. In their report, the inspectors commented: “Governor training has a high priority. Each February there is a joint governor and Senior Leadership workshop which has increased governors’ insight into the working of the School. Furthermore, governors are invited to attend staff training sessions as appropriate”.

The Directors receive no remuneration or financial assistance. Directors’ expenses as they relate in their capacity to carry out their duties and responsibilities may be recovered from the School. The amount of Directors’ expenses in the financial year ended 31[st] August 2022 amounted to €333 compared to €389 in the financial year ended 31st August 2022, being reimbursement of airfares, taxi fares and hotel costs to enable those Directors, who are based in the UK, to attend meetings. The Directors are indemnified by the School in accordance with its Memorandum and Articles of Association.

Principal Risks and Uncertainties

The principal financial risks of the School relate to a potential reduction in student numbers, to high inflation and a significant worsening of the economic conditions in Greece which may affect enrolment. The most significant overhead relates to staff costs. Staff payment awards and School fee increases are set by the Board each year together with the approval of the budget and therefore the School has some control over the payroll overhead and its revenue. The School does not have significant hard currency exposure.

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During 2017 and 2018 the School obtained financing in the form of an EIB mortgage loan with National Bank of Greece (NBG) and Alpha Bank totalling €15m in order to finance the building of the new upper school. The final drawdown of the loans was made in December 2020 bringing loan balances to €7.5m respectively. As of 31[st] August 2022, the loans balances had reduced by €2.5m respectively following part repayment of the loans in line with the repayment schedules. The future financial obligations and covenants associated with loan funding obtained from our bankers for the building of Phase 1 of the new school gave rise to additional risk factors and possible constraints for the School Business plan that were approved by the Board on 5[th] June 2018. A reduction in revenues, increase in overheads or reduction in the values of the School’s fixed properties may result in the School’s failure to meet its obligations which may result in a default under the terms and conditions of such loan agreements. Increases in interest rates may also adversely affect the School’s ability to meet its obligations. These defaults may result in the bankruptcy or insolvency of the School. In addition, the loan covenants may restrict the School’s business and financing activities. The School therefore carefully evaluates its funding and endeavours to ensure that its business plans are prudent and ensure adequate liquidity to cover for potential uncertainties.

The principal risks to which the School is exposed, as identified by the Directors, are reviewed systematically from time to time in order to mitigate those risks. An example of risk mitigation was when the Directors took into consideration the then current economic climate in Greece and decided not to raise tuition fees for the academic years from 2010/11 to 2018/19. Similarly, staff pay awards were kept at nominal levels.

For the academic year 2019/20 the tuition fees were raised by 2% approximately and the staff had a small increase in the form of benefits in kind (Supermarket voucher cards). Fees remained the same for 2020/21 and 2021/22. Staff salaries were increased by 2% in 2021/22. For the upcoming academic year 2022/23 fees will be raised by 5%.

The COVID-19 Pandemic: As mentioned earlier, the onset of the pandemic in March 2020 impacted negatively on the day-to-day operations of the school, an impact not limited only to schools. Due to the government enforced lockdown requirements, the school launched online teaching programmes from Nursery through to the Sixth Form. Furthermore, Blended Learning programmes were developed as parts of the School were allowed to re-open whilst others remained closed. This approach was also employed to the full when part of some year groups were required to quarantine whilst the remainder were in school. Upon re-opening the school, the Executive Leadership Team ensured that:

As a result of the above measures, the School’s expenses increased significantly with respect to staffing, disinfectants, masks and cleaning materials notwithstanding some limited furloughs and discounted offers. Furthermore, rentals receivable decreased following government enforced rental reductions even though this was to some extent offset by the reduction of rentals payable. The School also had to withstand some aggressive claims for fee reductions/discounts from parents – a number of which remain outstanding into the current year. Nevertheless, the School did decide to make some concession to the families in Nursery, Reception and Years 1 and 2 for their school fees for 2020-2021. The effects of the Covid pandemic continued to be felt in 2021/22 both in reduced revenues due to the discounts highlighted above as well as increased expenses in cleaning materials and Covid testing of staff.

The Energy Crisis: The current energy crisis sweeping the globe, and now escalating due to the onset of war in Ukraine, has also impacted on the School. This has resulted in significant increases to electricity and gas bills in 2022. These high charges have continued into 2023. These increasing energy costs have also impacted on the cost of goods and services. Inflation in Greece for 2023 is estimated by the European Commission at 6%. The School, as always, is investigating measures to mitigate these increased costs.

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Strategic Report

• Review

Over the last decade the School has implemented a plan to maintain occupancy at between 1,050 and 1,200 until its development plan for the Macsolar property was completed. Recent occupancy data is summarised as follows:

Academic Year
2008/2009
2009/2010
2010/2011
2011/2012
2012/2013
2013/2014
2014/2015
2015/2016
2016/2017
2017/2018
2018/2019
2019/2020
2020/2021
2021/2022
2022/2023 (estimated)		 approx. no. of pupils
890
938
1,030
1,100
1,067
1,071
1,116
1,155
1,144
1,176
1,205
1,228
1,276
1,326
1,345

The School's bursary scheme in 2021/22 supported 111 pupils (prior year 120) in various percentages of which 77 (prior year 78) were staff children (also in various percentages).

• Financial Results

The financial performance for the year 2021/22, excluding donations received, was above the budget approved by the Board.

Total Incoming Resources for the year 2021/22 were €16,020,691 compared to €14,906,588 for 2020/21 representing an increase of €1,114,103 or 7.47% compared to the year 2020/21. Pupil numbers increased by 3.92% in 2021/22 compared to 2020/21.

Total Resources Used for the year 2021/22 amounted to €15,464,067 compared to €13,317,321 for 2020/21 representing an increase of €2,146,746 or 16.12% compared to the year 2020/21.

Net Incoming Resources for the year 2021/22 amounted to €556,624 compared to €1,589,267 for 2020/21 representing a decrease of €1,032,643 or -64.98%.

Net Movement in Funds amounted to €655,991 for the year 2021/22. This was due to the actuarial gain on staff retirement of €99,367. The balance carried forward increased to €28,025,306.

• Reserves

The School’s restricted reserves relate to funds held for specific purposes. At 31[st] August 2022 there are €531,683 held under the Land Revaluation Reserve and €146,742 held under the School Reserve totalling €678,425.

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The School’s unrestricted funds are re-invested back into the School through additions and improvements to its facilities and expenditure in relation to new technology as well as new furniture and fittings. At 31[st] August 2022 there were €27,346,881 in unrestricted reserves.

The directors consider that the ideal level of reserves would be between 1 to 2 years’ expenditure. The directors believe that the current unrestricted reserves represent a sufficient level to ensure that the going concern assumption is appropriate.

The reserves Policy is reviewed on an annual basis.

• Resources

The School's assets are sufficient to meet its obligations.

The results are set out in the attached Statement of Financial Activities, Balance Sheet and Statement of Cash Flows.

The School’s Business Director produces management reports together with his team that measure the actual performance of the School compared to the budget as well as interim financial statements. The Financial Statements and management reports are reviewed by the Board and the Headteacher.

After making due enquiries, the Board of Directors confirm its expectation that the School has adequate resources to continue in operational existence for the foreseeable future. Therefore, in preparing the financial statements the Board continues to adopt the going concern basis.

• Development Plans

In August 2017 the School acquired the Wella property - adjacent to the Macsolar property. This property will form part of Phase 2 of the redevelopment, and it has been decided that it will be reconfigured to create a multi-sports complex for use by all the students of the school. In July 2019, the School signed an agreement with Vratsanos & Koula Architects, Structural Engineers and MEP Engineers to produce designs and plans for the re-design of Wella. Following numerous revisions to the plans to accommodate Building Authority requirements, the building permit was finally granted on the 14[th] January 2023. The architects and engineers are in the process of finalising the detailed designs. Once completed the school will initiate the tendering process.

With the move of the Upper School into their new facility in September 2020, a major reconfiguration of the current site for the Lower School was planned and implemented from November 2019 through to August 2020.

During 2020/21 the upper school development was completed. Final works included the finalisation of the science laboratories, the addition of a waterproof roof canopy, signage in the building, wooden fittings as well as the final billings of Redex for the completion of the building.

Building improvements were made to the Lykovrisi site (Lower School) to facilitate the use of the buildings freed up by the move of the Upper School to the new campus.

In July 2022, following a year of delay due to Covid, the Building Authority approved the demolition of the A/B Block and CDE Block (both previously accommodating the upper school). Due to the delay in approval the school was only able to complete the demolition of the A/B Block in August 2022. The management is currently considering the renovation and improvements for the C/D/E Block. The school is working together with the teachers, students, and parent body to determine how best to utilise the new space made available following both demolitions.

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ST. CATHERINE’S BRITISH SCHOOL

Statement of Directors’ Responsibilities

The Governors (who are also the Directors of the Company for the purposes of company law) are responsible for preparing the Directors’ Report (including the Strategic Report) and the accounts in accordance with applicable law and regulations.

Company law requires the Directors to prepare accounts for each financial year. Under that law the Directors have elected to prepare the accounts in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland’. Under company law the Directors must not approve the accounts unless they are satisfied that they give a true and fair view of the state of affairs of the School and of the profit or loss of the School for that period. In preparing those accounts the Directors are required to:

The Directors are responsible for keeping proper accounting records that are sufficient to show and explain the School’s transactions and disclose with reasonable accuracy at any time the financial position of the School and enable them to ensure that the accounts comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the School and hence for taking reasonable steps for the prevention and detection of fraud or other irregularities.

The Governors are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

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INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF ST. CATHERINE’S BRITISH SCHOOL

Opinion

We have audited the financial statements of St. Catherine’s British School (the 'Company') for the year ended 31 August 2022, which comprise the Statement of Comprehensive Income, the Statement of Financial Activities, the Statement of Cash Flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to you where:

Other information

The directors are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Auditor's report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In the light of our knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Directors’ report.

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In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinion on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Directors’ report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of directors

As explained more fully in the Directors’ responsibilities statement on page 12, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in

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the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

As a result of these procedures, we considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud. In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override, including testing journals and evaluating whether there was evidence of bias by the directors that represented a risk of material misstatement due to fraud.

We also obtained an understanding of the legal and regulatory frameworks that the Company operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. We focused on laws and regulations that could give rise to a material misstatement in the financial statements, including, but not limited to, the Companies Act 2006, the Charities SORP 2019 and relevant tax legislation.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditor's report.

Use of our report

This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditor's report and for no

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other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.

……………………………….…………………………………….… Neil Cundale BSc FCA (Senior statutory auditor)

for and on behalf of HILLIER HOPKINS LLP

Chartered Accountants & Statutory Auditor

Radius House 51 Clarendon Road Watford Hertfordshire WD17 1HP

Date: 17 May 2023

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ST. CATHERINE’S BRITISH SCHOOL STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31[st] AUGUST 2022

( All amounts in tables and notes are presented in € unless otherwise stated)

Notes
Incoming Resources
Income from charitable activitites:
Fees Receivable
Other Income
2
Bank Interest
Total Incoming Resources
Resources Used
Direct Charitable Expenditure:
Staff Costs
3
Educational Consumables
Maintenance & Utilities
Real Estate, VAT and other Sundry Duties
4
Governance Costs
General Administration Expenses
Other Expenditure:
Interest
Foreign Exchange losses
Depreciation
6
Bad Debts
Normal Taxation
Total Resources Used
Net Incoming Resources
Before Other Recognised Gains & Losses
- unrestricted Funds
5
Actuarial (loss)/gain on Staff Retirement
Indemnities - unrestricted funds
10
Net Movement In Funds
Balance Brought Forward at 1stSeptember
Balance Carried Forward at 31st August		 31-Aug-22
31-Aug-21
14,585,475
14,117,849
1,435,211
788,174
5
565
16,020,691
14,906,588
10,256,959
9,329,945
427,072
295,317
1,217,794
805,831
370,230
244,361
16,083
15,089
1,302,793
961,880
13,590,931
11,652,423
522,515
519,665
2,154
5,639
1,423,775
1,360,603
(83,224)
(255,562)
7,916
34,553
1,873,136
1,664,898
15,464,067
13,317,321
556,624
1,589,267
99,367
10,011
655,991
1,599,278
27,369,315
25,770,037
28,025,306
27,369,315

All income and expenditure derives from continuing activities

Page 17

31-Aug-22 31-Aug-21
Notes €'000
Fixed Assets
Tangible Fixed Assets
School'sLand,BuildingsandEquipment 6 38,009,069 39,028,027
Current Assets
Debtors 7 541,971 590,543
CashandBanks 10,922,971 12,365,752
11,464,942 12,956,295
Current Liabilities
CreditorsDueWithin1Year 8 (8,040,262) (9,644,656)
ShortTermportionofLongtermloan 9 (1,500,000) (1,500,000)
(9,540,262) (11,144,656)
Net Current Assets 1,924,680 1,811,639
Total Assets Less Current Liabilities 39,933,749 40,839,666
Long Term Liabilities
BankLoans 9 (11,000,000) (12,500,000)
RetirementBenefits 10 (901,193) (963,101)
OtherLongTermLiabilities (7,250) (7,250)
(11,908,443) (13,470,351)
Total Net Assets 28,025,306 27,369,315
Restricted Funds 11 678,425 678,425
Unrestricted Funds 11 27,346,881 26,690,890
Total Funds 28,025,306 27,369,315

ST. CATHERINE’S BRITISH SCHOOL STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31[st] AUGUST 2022

( All amounts in tables and notes are presented in € unless otherwise stated)

----- Start of picture text -----
31-Aug-22 31-Aug-21
Net Cash Inflow From Operating Activities 1,118,293 4,339,433
Taxation (7,916) (34,553)
Cashflow from Investing Activities (530,643) (2,009,734)
Capital Expenditure And Financial Investment (530,648) (2,010,299)
Interest Received 5 565
Cashflow from Financing Activities (2,022,515) 5,180,085
(Repayments)/drawdown of loans (1,500,000) 5,699,750
Interest Paid (522,515) (519,665)
Increase / (Decrease) In Cash (1,442,781) 7,475,231
Cash and cash equivalents at the beginning of the year 12,365,752 4,890,521
Cash and cash equivalents at the end of the period 10,922,971 12,365,752
Reconciliation of net incoming resources to net cash inflow from
operating activities
Net incoming resources 556,624 1,589,267
Interest 522,510 519,100
Taxation paid 7,916 34,553
Depreciation 1,423,775 1,360,603
Bad debt provision (83,224) (255,562)
(Profit)/loss on disposal of assets 125,831 0
Increase/(Decrease) in provision for retirement indemnities 37,459 (33,905)
Decrease in debtors 131,796 476,175
Increase/(Decrease) in creditors - excluding loan (1,604,394) 641,952
Increase in other long term liabilities 0 7,250
Net Cash Inflow From Operating Activities 1,118,293 4,339,433
----- End of picture text -----

Page 19

ST. CATHERINE’S BRITISH SCHOOL Notes to the Accounts as at 31st August 2022 (All amounts in tables and notes are presented in € unless otherwise stated)

1. ACCOUNTING POLICIES

a) Statement of compliance and Basis of Preparation

The financial statements have been prepared on a going concern basis, and 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 applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

The financial statements are presented in Euros which is the functional currency of the School.

b) Tangible Fixed Assets

Land is stated at deemed historical cost (previously revalued cost) following change to FRS 102, while the remainder of the tangible fixed assets are stated at cost less accumulated depreciation. Depreciation is provided on all tangible fixed assets in use, other than freehold land that is not depreciated, at rates and bases calculated to write-off the cost of the assets over their expected useful lives by the straight-line method. The depreciation rates are 4% to 5% for buildings and general improvements, 10% for furniture and equipment items, and 20% for computers and software. Leasehold improvements are depreciated over the lease term.

c) Fees

Income is recognised when the School has entitlement to the funds, any performance conditions attached to the item(s) of income have been met, it is probable that the income will be received, and the amount can be measured reliably.

The School’s revenue comprises non-refundable application fees and main school and nursery fees, net of bursaries and other discounts. Fee income is recognised over the period to which it relates. Registration fees and development funds are treated as income in the year they are received.

d) Expenditure

Expenditure is generally inclusive of irrecoverable V.A.T. and is reflected in the accompanying accounts by nature. However, with effect from 1[st] January 2014, all VAT is separately disclosed in Real Estate, VAT and Other Sundry Duties. Purchases made in Europe, which give rise to a Greek VAT obligation, are also reflected separately in Real Estate, VAT and Other Sundry Duties under direct charitable expenditure.

e) Pension scheme

The School operates a defined benefit scheme in Greece which provides a savings/pension scheme for employees that choose to participate. The School matches up to 5% of the contributions to the scheme. The School continued to operate a defined contribution scheme in the UK, which provides life and retirement benefits to certain of its employees. The scheme is managed by a life assurance company and its assets are held separately for each individual member. All staff are also members of the Greek state social security and Pension arrangements.

Page 20

ST. CATHERINE’S BRITISH SCHOOL Notes to the Accounts as at 31st August 2022 (All amounts in tables and notes are presented in € unless otherwise stated)

f) Reserve for Staff Retirement Indemnities

The School’s staff retirement obligations under the Greek State Social Security and pension arrangements are calculated in accordance with the provisions of FRS 102, at the discounted value of the future retirement benefits accrued. Retirement obligations are calculated on the basis of financial and actuarial assumptions and are determined using the projected unit credit actuarial valuation method (Project Unit Credit Method). The pension expense for the period is included in staff costs and consists of the present value of benefits earned in the year, interest cost on the benefit obligation and any past service cost. Actuarial gains and losses are recognised in full in other recognised income and expense in the period in which they occur.

Effect of change in accounting policy - IAS 19

The IFRS Interpretations Committee (IFRIC) issued in May 2021 the final Decision on the agenda entitled "Attributing Benefits to Periods of Service in accordance with International Accounting Standard (IAS) 19", which includes guidance on how to distribute benefits in periods of service on a specific program of defined benefits. Based on the above Decision, the way in which the basic principles of IAS 19 were generally applied in Greece in the past changed and consequently, in accordance with IASB Due Process Handbook (par. 8.6) entities are required to amend their accounting policies accordingly. Until the issuance of the IFRIC Decision, the School applied IAS 19 distributing the benefits defined by the respective law (L.2112 / 1920, and its amendment L.4093 / 2012) mainly in the period from the recruitment until the date of retirement of employees. The application of this final Decision in the financial statements, has as a result the distribution of the retirement benefits in the final years until the date of retirement of employees in accordance with the applicable legal framework and the other additional contractual obligations of the school in accordance with their respective collective labour agreements. As a result, the application of the above Decision has been treated as a change in accounting policy. The effect of the application of the IFRIC Decision is presented in the below table:

Present Value Of Defined Benefit Obligation
at the beginning of the reporting Period
Current Service Cost
Past Service Cost due to amedments
Interest Cost
Termination Benefits
Minus Benefits Paid
Actuarial (gain)/loss of the period
Correction due to change in IAS19		 31/08/2022
963,101.42
118,068.72
2,000.99
2,889.30
6,825.00
(92,325.83)
(99,366.97)
901,192.63		 Restated
Published
31/08/2021
31/08/2021
1,007,017.41
1,757,030.06
113,987.97
115,527.85
1,274.35
1,277.84
3,021.05
12,299.21
468.30
(12,790.01)
(152,656.47)
(152,656.47)
(10,011.18)
20,328.86
963,101.43
1,741,017.34
777,915.91

g) Foreign currencies

The accounts are expressed in Euros. The exchange rate at 31[st] August 2022 was £1 / €1.168 (31[st] August 2021: £1 / €1.166). Assets and liabilities denominated in foreign currencies are translated at the rate of exchange ruling at the balance sheet date. Transactions in foreign

Page 21

ST. CATHERINE’S BRITISH SCHOOL Notes to the Accounts as at 31st August 2022 (All amounts in tables and notes are presented in € unless otherwise stated)

currencies are recorded at the rate ruling at the date of the transaction. Differences on translations are reflected in the statement of financial activities.

h) Taxation

The School is a not-for-profit organisation and is therefore exempt from income tax (except for activities not related to education). Irrespective of the School’s exempt income tax status, it is subject to Real Estate Property Tax.

i) Leases

Rentals payable under operating leases are charged in the statement of financial activities on a straight-line basis over the lease term.

j) Funds

The School’s restricted funds are held for specific purposes. They consist of €531,683 held under the Land Revaluation Reserve and €146,742 held under the School Reserves. The School’s unrestricted funds are re-invested back into the School through additions and improvements to its facilities and expenditure in relation to new technology as well as new furniture and fittings.

k) Cash and cash equivalents

Cash and cash equivalents include cash at bank and in hand including any short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

l) Resources expended

Direct Charitable Expenditure represents the full cost of teaching, welfare, premises, and support costs associated with running the School. Governance costs represent the necessity of compliance with statutory and constitutional requirements.

Page 22

ST. CATHERINE’S BRITISH SCHOOL Notes to the Accounts as at 31st August 2022 (All amounts in tables and notes are presented in € unless otherwise stated)

2. OTHER INCOME

Other income amounts to €1,435,211 for 2021/22 (€788,174 in 2020/21). The increase is mainly due to PE clubs revenue amounting to €286,711 in 2021/22 (€75,042 for 2020/21), to Bus Revenues amounting to €250,274 in 2021/22 (€117,077 for 2020/21), to rent revenues from the Canteen amounting to €72,500 in 2021/22 (€23,440 for 2020/21), as well as, Development department donations revenue amounting to €171,851 for 2021/22 (€81,000 for 2020/21).

3. STAFF COSTS

31 Aug 2022 31 Aug 2021
Wages & salaries 7,769,526 7,007,771
Social security costs 1,740,442 1,620,400
Pension contributions 241,602 233,701
Other costs 505,389 468,073
10,256,959 9,329,945

The Board Directors received no remuneration or reimbursement of expenses during the year except for amounts directly related to attending the governors’ meetings such as taxis, airfares, meals and hotel costs included in Governance costs in the accompanying statement of financial activities amounting to 2021/22: €333 (2020/21: €389).

The average monthly number of employees (both full-time and part-time) during the year is shown below.

Full-time teaching staff
Part-time teaching staff
Teaching Assistants
Administration staff
Site Maintenance & Cleaning
Management
PE Coaches
Supply Teachers & Assistants		 2021-2022
93
13
44
38
31
12
25
17
273		 2020-2021
87
15
39
35
29
11
21
16
253

Full time equivalent numbers were 223.45 for 2021/22 (208.0 for 2020/21).

Employee numbers have increased by twenty year-on-year mainly due to the increase in teaching and teaching assistant staff to accommodate additional forms in Year 6 and Year 7 (from four to 5 forms). There were also increases in site maintenance and cleaning staff to accommodate the needs to the new Upper School (Macsolar) building. Significant increases were also made in support teachers and assistants.

The key management personnel of the School comprise the Board of Directors, the Headteacher, the Deputy Head/Head of Upper School, the Head of Lower School and the Business Director.

Page 23

ST. CATHERINE’S BRITISH SCHOOL Notes to the Accounts as at 31st August 2022 (All amounts in tables and notes are presented in € unless otherwise stated)

The total employee benefits of key management personnel of the School were €442,230 for 2021/22 (€462,301 for 2020/21).

4. REAL ESTATE PROPERTY TAX, VAT & OTHER SUNDRY DUTIES

In the current fiscal year, the School paid various sundry duties and taxes amounting to €370,230 (€244,361 for 2020/21). This comprised mainly VAT payable on local goods and services to the Greek tax authorities and amounted to €308,158 (€214,002 in 2020-21). VAT payable on purchases made within the European Union amounted to €5,802 (€21,076 in 2020-21).

5. NET INCOMING RESOURCES - Before Other Recognised Gains & Losses

Included in Net Incoming Resources are the following disclosable items:

6. TANGIBLE FIXED ASSETS

Freehold &
Leased Land
& Buildings
Furniture &
Equipment
Improvements
Total
Cost or Deemed Cost:
At 1st September 2021 44,275,600
4,310,763
982,540
49,568,903
Additions 216,144
265,224
49,280
530,648
Devaluations/Disposals (760,851)
0
0
(760,851)
At 31 August 2022 43,730,893
4,575,987
1,031,820
49,338,700
Depreciation:
At 1st September 2021 6,403,925
3,202,937
934,014
10,540,876
Charge for the year 1,074,582
262,869
86,324
1,423,775
Disposals (635,020)
0
0
(635,020)
At 31 August 2022 6,843,487
3,465,806
1,020,338
11,329,631
Net book value:
At 31 August 2022 36,887,406
1,110,181
11,482
38,009,069
At 31st August 2021 37,871,675
1,107,826
48,526
39,028,027

On 31[st] August 2015 a valuation of freehold land was conducted by Proprius S.P. LLC (a member of the Cushman & Wakefield Alliance). The basis of valuation was the market value of each property in its current condition, assuming vacant possession and not considering any business aspect. The School’s land was valued at €12,054,000. This resulted in a devaluation of €871,000 which reduced the revaluation reserve created in previous years of €1,402,683 at 31[st] August 2014 to €531,683 at 31[st] August 2015.

Page 24

ST. CATHERINE’S BRITISH SCHOOL Notes to the Accounts as at 31st August 2022 (All amounts in tables and notes are presented in € unless otherwise stated)

Had the School’s land been carried at historical cost, its carrying value would have amounted to €11,522,317.

In applying the accounting policies required by FRS 102 and the Charities SORP FRS 102, the school has elected that the revalued value of the land be deemed cost as from the Balance Sheet date. Accordingly, the Revaluation reserve of has been frozen at €531,683.

In August 2017 the School acquired the Wella property adjacent to the Macsolar site as part of its strategic campus development. The intention is to utilise the existing building footprint to build a new Sports Complex with a swimming pool, Basketball, Dance, Gym and PE classroom teaching facilities. As mentioned in the Directors Report above, a Building Permit was obtained on the 14[th] of January 2023.

Notwithstanding the delays caused by the Ministry of Culture as a result of Archaeology findings, significant progress had been made with respect to the Macsolar Building Development in 2019 and 2020. On 10[th] of August 2020 the school accepted the preliminary handover of the new building from the construction company Redex. Admin staff were relocated during August 2020 to the new premises and the school opened its doors to the upper school students in September 2020.

During 2021/22 Macsolar building additions for the period amounted to €34,244. Building improvements for the Wella Complex amounted to €32,373. Building improvements on the Lykovrisi/Tositsa sites amounted €198,807. Furniture & Equipment, Hardware and Software additions amounted to €265,224.

7. DEBTORS

Fees (Net of Bad Debt)
Guarantees
Other debtors (a)
Prepaid expenses (a)		 2021-2022
280,828
34,516
73,203
153,424
541,971		 2020-2021
337,945
34,218
140,546
77,834
590,543

(a) The amount of other debtors and prepaid expenses includes advances to suppliers relating to construction activity of various projects, as well as purchases of books and educational material, which will be used in the following school year.

Page 25

ST. CATHERINE’S BRITISH SCHOOL Notes to the Accounts as at 31st August 2022

(All amounts in tables and notes are presented in € unless otherwise stated)

8. CREDITORS: Due within one year

Trade creditors
Reservation deposits (a)
Sundry creditors
Taxes & social security
Accruals		 2021-2022
333,147
5,921,577
916,436
359,341
509,761
8,040,262		 2020-2021
927,319
6,891,493
1,162,834
290,330
372,680
9,644,456

9. BANK LOANS

Following approval by the Board of Governors by ordinary written resolution dated 18[th] December 2017, the Chairman of the Board signed an EIB loan agreement with Alpha Bank SA amounting to €7.5m dated 22 December 2017 representing 50% of the funding required for the redevelopment of the new upper school on the Macsolar site.

On 21[st] June 2018, the Headteacher signed an EIB loan agreement with National Bank of Greece (NBG) for a loan of €7.5m. This NBG loan together with the loan above amounts to loan funding of €15m.

In September 2018, the School was notified by NBG that the loan of €7.5m could not exceed €5m due to the rules of the EIB. NBG did however inform the School that it would fund the required €2.5m through a normal construction loan. The required replacement loan agreements were approved by the Board and finally signed by the Headteacher on the 19[th] of December 2019.

Due within one year (short term portion)
Due after one year (long term portion)		 2021-2022
1,500,000
11,000,000
12,500,000		 2020-2021
1,500,000
12,500,000
14,000,000

The loans are secured by a first preferred mortgage on the School’s immovable property. In addition, the insurance policies on the School’s immovable property have been assigned as collateral for this loan facility.

Page 26

ST. CATHERINE’S BRITISH SCHOOL Notes to the Accounts as at 31st August 2022 (All amounts in tables and notes are presented in € unless otherwise stated)

10. PROVISION FOR RETIREMENT INDEMNITIES

Under Greek labour law, employees are entitled to termination payments in the event of dismissal or retirement, with the amount of payment varying in relation to the employee’s compensation, length of service and manner (dismissed or retired) of termination, which if due to retirement is 40% of the amount payable upon dismissal. Employees who resign or are dismissed with cause are not entitled to termination payments. The number of employees who will eventually be dismissed or retire in subsequent years is not known.

An actuarial valuation of the retirement indemnities liability was performed during the year by independent actuaries. This resulted in a change in the way the provision is calculated. Refer “Pt1. Accounting policies f) Reserve for Staff Retirement Indemnities”. The disclosure below represents the new methodology and the comparatives have been restated. The movement and components of the retirement indemnities liability for the year ended 31[st] August 2022 are as follows:

Net liability recognised in the Balance Sheet
Present value of defined benefit obligation
Net liability
Actuarial assumptions
Rate of salary increases
Discount rate
Average price inflation
Net expense recognised in the Statement of Financial
Activities
Service cost component
Past Service Cost due to amendments
Interest cost component
Termination benefits
Less: Benefits paid		 2021-2022
2020-2021
901,193
963,101
901,193
963,101
2021-2022
2020-2021
%
%
3.00%
2.95%
2.90%
0.70%
2.20%
1.00%

2021-2022
2020-2021
118,069
113,988
2,001
1,274
2,889
3,021
6,825
468
(92,326)
(152,656)
37,458
(33,905)

Page 27

ST. CATHERINE’S BRITISH SCHOOL Notes to the Accounts as at 31st August 2022

(All amounts in tables and notes are presented in € unless otherwise stated)

10. PROVISION FOR RETIREMENT INDEMNITIES (continued)

Other recognised gains and losses recognised in the
Statement of Financial Activities
Actuarial (gains)/losses
Change in the present value of the defined benefit obligation
Present value of defined benefit obligation as at 1stSeptember
Service cost component
Past Service Cost due to amendments
Interest cost component
Termination benefits
Less: Benefits paid
Actuarial (gains)/losses
Present value of defined benefit obligation as at 31stAugust		 2021-2022
2020-2021
(99,367)
(10,011)
(99,367)
(10,011)
2021-2022
2020-2021
€
€
963,101
1,007,017
118,070
113,988
2,001
1,274
2,889
3,021
6,825
468
(92,326)
(152,656)
(99,367)
(10,011)
901,193
963,101

Page 28

ST. CATHERINE’S BRITISH SCHOOL Notes to the Accounts as at 31st August 2022

(All amounts in tables and notes are presented in € unless otherwise stated)

11. RESTRICTED AND UNRESTRICTED FUNDS

Restricted Funds

Land Revaluation Reserve
School Reserves		 2021-2022
531,683
146,742
678,425		 2020-2021
531,683
146,742
678,425

The Land Valuation Reserve reflects the revaluation of the School’s freehold land. The revaluation reserve has been frozen due to the decision of the School to record the land at deemed cost following the adoption of FRS 102.

Unrestricted Funds

The School’s funds are held to finance the freehold property and to cover normal fluctuations in working capital. As at 31[st] August 2022 unrestricted reserves amounted to €27,346,881 (2021: €26,690,890).

12. RELATED PARTY TRANSACTIONS

There were no related party transactions in the year.

13. CONTRACTS AND COMMITMENTS

At 31[st] August 2022 the School had commitments under non-cancellable operating leases as set out below:

elow:
Operating leases:
Less than one year
In 2 to 5 years
Greater than 5 years		 2021-2022
120,865
368,199
202,830
691,894		 2020-2021
174,167
17,544
0
191,711

Additionally, at 31[st] August 2021 the School had commitments related to the redevelopment of the Wella site as set out below:

Less than one year 2021-2022
110,940
110,940		 2020-2021
897,205
897,205

Page 29

ST. CATHERINE’S BRITISH SCHOOL Notes to the Accounts as at 31st August 2022

(All amounts in tables and notes are presented in € unless otherwise stated)

14. ANALYSIS OF CHANGES IN NET DEBT

Cash and cash equivalents
Cash
Borrowings
Debt due within one year
Debt due after one year		 At 1 Sep
2021
Cash
flows
Other
noncash
changes
At 31 Aug
2022
12,365,752(1,442,781)
0
10,922,971
12,365,752(1,442,781)
0
10,922,971
(1,500,000)
1,500,000
(1,500,000)
(1,500,000)
(12,500,000)
0
1,500,000
(11,000,000)
(14,000,000)
1,500,000
0
(12,500,000)
(1,634,248)
57.219
0
(1.577.029)

15. CONTINGENT LIABILITIES

During May 2000, the School’s tax status was clarified with the tax authorities and the School was granted a Greek tax registration number. According to Greek tax legislation, tax returns are filed annually but the profits or losses declared for tax purposes remain provisional until such time as the tax authorities examine the returns and the records of the tax payer and a final assessment is issued. As the School has never been audited by the tax authorities since inception, its liability for taxes, fines, duties and any other dues or actions that may be levied or taken against it by the said authorities is not considered finalised.

Given the clarification of the School’s income tax status described above, the School’s principal activities are not subject to income taxes; as a result, the Directors believe that the possibility of realisation of such contingent tax liabilities is remote.

Greek tax law 3842/2010 imposed, among others a special tax of 15% to various categories (entities or individuals) of real estate owners in Greece, simultaneously providing for certain exceptions. The School, as a not for profit organization, is exempted from the above mentioned tax. The law specified that a formal procedure of submitting an exception application and a zero tax return to the tax authorities had to be followed. The School did not file an exception application with the tax authorities, for the calendar year 2010 but it directly submitted a zero tax return. Management believes that, because the School is exempted of the above mentioned tax non strict implementation of the above formalities will not result in any additional tax burden.

16. POST BALANCE SHEET EVENTS

No significant subsequent events have taken place after the reporting date and until the date the financial statements were available to be issued.

Page 30