Docvslgn Envelope ID.. C6562M7-A924.40F3-AEAC-7F6588482DEO DocusbJn Envelope ID.. 4191sE2D044BO0-BS8¢.8DE10D3CE8fj7 ST. CATHERINE'S BRITISH SCHOOL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31"AUGUST 2024 Charity number: 313909 Company number: 00860288 •AE2YRYAR* 2010512025 COMPANIES HOUSE AQ3.
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Oocusi9n Envelope ID: 06562A47.A92440F&AEAC-7F6588482DED DO910 Envdope 10.. 4191SE28.B0014BDO.BSBC-8DE10D3CE887 ST. CATHERINE'S BRITISH SCHOOL IA company limited by 8uarantee} DIRECTORS, REPORT FOR THE YEAR ENDED 31" AUGUST 2024 The Governors ale pleased lo present their annual Oirectors. Report together with the financial staternent5 of the charlty for the year ended 31" August 2024, whlch are also prepared to meet the requirements for a Directors, Report and Accounts for Companies Acl purposes. The financial statements comply wlth the Companles Act 2006. the Memorandurn and Artlcles ofA$50ciation, and Accounting and Reportin8 by Charlties: Statement of Recommended Practice appllcable to charitles preparlng thelraceounts in accordano with the Financlal Reporting Standard applicable inthe UK and Republic of Ireland IFRS 1021. Statu5 and Admini5tratlon St. Catherine's Brlt15h School 1.the Schoov, or Ihe "Company) was founded In 1956. The school Is a non-proflt company Ilmited by guarantee, re8iStered number 00860288 and Is also a registered charity. nurnber 313909. Isslon Statem St. Catherine's 8ritish khool endeavour5 to foster a love of learnln8 through a well tau8tr+t. appropriately challengin8 and clearly defined, broad and balanced curriculum. Our aim is to develop fully puplls, intellectual, social, physlcal. and creative potentlal, In anticlpallon that they wlll develop into 5ensillve, informed, declslve and capable 8lobal cltliens of the future. Ob ecllves To provide for and promote the moral, cultural, Intellectual social, physlcal, and aesthetic development and the teachlng and in5truclion of pup115 accordln8 to the National Currlculum for England and Wales. IGCSE and Intemational Baccalaureate, with the overall oblectlve of preparing puplls for the opportunities, re5pon5ibilities, and experlences of adult life in national and international soclety. In setting our objectlves and plannln8 our acllvitles our Governors have considered the Chaiity Commission's Beneral guidance on public benef il and In particulaw to its supplementary publlc benefit 8uldance on advancinB education and on fee-charging. Polic The School Is a day school based In Athens, Greece which follows the Natlonal Curriculum for England and Wales. the International General Cèrtificate of Secondary Educatlon (Years 10 and 111 and the Internatlonal Baccalaureale Diploma Course for Years 12 and 13. Cla$5es are conducted in the English lan8uage, although Greek language, history and culturè le550ns a150 feature prominently in the sthool's pro8ramme, Our School welcomes puplls from all backgrounds. To admit a prospective pupil, we need to be satisfied that our School will be able to educate and develop a prospective pupil to the best of their potential and in line with the general standards achieved by their peers. Entrance Intervlews and a55essrnents are undertaken to satisfy ourselve5 and parents that potential pupils can cope with the pace of learning and beneflt from the
Do¢u$ign Enlope ID: 06562PA'7"A9g4.40FUEAC-7F6588482DED Oocu5ignEn¥¢lope Jty. 4.1915E2woBti(>BSBeDEl0DsCE867 educalion we provide. An indiy.iduafs gender, èthniclty: race, rèli8ion. or dlsabllity do not fdrm part of our. assÈtsment pro.ce5ses. We are an eq31 opportunity organisatlon 8nd.are committed to a working environment that is freefrom any form of discrim'ination on the grounds o.f colo'ur, race, et'hnicily. religlon,"sex, sexual oriènfalion, or. disabilty." we.wlll makè re•sovable adjustments to meef the needs of staff Or puplls who are or become d15Jbled'. Ivltle This yèar rnarked another chaptér of growth and suc£ess acr055 the school communlty as we continued to celebrate the many achlevemènts. for. our. students and staff. The theatre once again served.as a vlbrant hub for creatlvlty., hosting remhrkable performances such as'the Adams famllf and the"City of Angels" aloTrg51de our eyèr.POPLtlar music"concerts and dramaticproductions, We.welcomed 'once mo're 19 schools from aci05S the Ditiort and more than 350 partlcipants'that dèbited Dn global issues surrounding thè a8enda of.post war. .soclètle5. Our debalers continued to excèl In local and natlonal competition5 while furthermore our Inaugural Alumni sOclJl event at Chrlstmas was a 8ie3t success with fomer students retvr.nlng to enjoy. meetln& old friends'and teachers and vowlng to.retum next yea'r. The year Saw the succeksful launch of rtew InlliatlQeswhi¢h brolight together students, stsff and fimilles for ctltIeS Promotlng Mental and phy51cal well-beln& A hi8hllÉht of the year was the landmark f115t yeai at our Chelsea Fqotball camp durlng the Easter Break. Chelsea foundation jolned us >ll tbe way from the UK and maty Studènts across the year 8roups.enjoyed'thls great experlence. In term5 of facllltles. we made slgnirant stride5 completlng the constwctiDn of three new outdoor sPacES as part of our "Green Sp.aces" campaign IncludinB'a new football"4nd basketball covrts,.a free play area, Carpo 8arden5 and Thallo Park offerln8 ihe opportynlty for our studehts to enjoy but also learn outdoors. As we.contlnue. to. embra¢e the future our comrnltment to o.ur. ¥alue5 ensures that our Ichool cortlnues. to thrlve. The sohool's prlncipal. fundln8 source contlnued to be applicatlon, reÈist4tion, development fund, nursery, nd malnschool fees.. Theschool'Sthlrd1S1 In5pectlon wa5 In the autumn of 2016.as part of the BS018rbtish Schools Overseas)Ihree.. ¥Rai inspÉction cycle, The findlngs (>f thls.151 inspertion were.rated '.Excellent" in all elght cate8oriÈ5. It shoyld be noted that, although the school was due for a new In5pectlon ID 2019, th15 was defetred duE tp. the dislocatlon caused not only by the openlng of the new Upper School bullding in Septefftber 2020 but a150 the ongoing COVIQ pandemlc. Indeed, the dlsruptlon of Inspection rycles due to the pandemic was a woild.wide phenomenon. It should be nol¢d that the DfE In the UK nevertheless conflrmed 5t Catherlne's Brlt15h School BSO statu5 until the rnost recent151 inspectlon'whlch took Pla In March 2023. Although under 8 dlfferent frarneworl the school wBs Judged as fully compllant and met all the standards for Brilish Schools Oversèas whllit both the quolity cf the pupils, learnlng and achlevement and Ihe quallty. of the pupili, personal development received the highest ratln8- Excellént. Ihe school is also a member of HMC (Headteathers, and headmistre5ses' Conlerence}, AGBIS IA550(iatlon of Goveming Bodies ol Independent Schools), ISBA Ilndependent Schoo15' Bursars Association) and AoB50. (Assoclatlon of Brlli5h Schools Oiier5easl. The schoo5 now has slx leadin8 Ul< regulatory ldIeS to advisè and a5slst wlth its'operation. The school ha5 continued, Ils partnership wlth the 8rltish CouncH who deliver Engllsh LanEuage courses to over 260 local Greek.children wbthin the schoc)I pretDlsés and they have partitularlv. rellshed Ilve learning.in the new upper School bulldlng.. We continue to invest a grèat de31. of resource. into high quallty staff. CPD Icontinuing, ProfelOnal Dèvelopment). Some othe CPD hlghlights included: Whole SclK•oI Behavlour Mana8Èmenttrain5ngwlth Jenny M051ey' EYFStonsultanty Inspectlon vjsit;BSO In5pettlon TraininB forthe 5LTi the IBO Global Conference; two members of.the PE Department undertaking.Masterfs Degree progiamme5; the NPQLT (National Professional Qualificatlon foT Leadlng Teaching) for two members of staff longoin$)- Teathlng Sex Educatlon and Pubertv
Doc(Lsign Envelope ID':"06562A47,A92440F3.AE4¢7F65884gÈDED D0¢1.Er1¥è1Ope 10: 41915É2&6O044BDD-B5pOÉfQDJcE867 to Prlmary.School. Con5entènd Touch:.YoUng leamer5-'Coutse for Recepiion teach'er5: Foregt5chool Ttaining. proBramthe longoing), a .'varlety of 18 subject cour5es.for Upper School staff longoingl: Cambridge Internatlonal Guldarice Counsellor Confefence'.Fire Saf'ety and FirstAid Trainin8; Design &TethnolD.HQaItb & safety Accre4itation Trdinjng,. E*4olVe Educatlon Vlsils Co.-ordinator Training; HMC Annal Conference. and many MO Flnallyi.the school contlnue5 as a Mlcrosoft "Incubatorf, School - we remain On.'corse towards. the final stè8eof achlevihB Microsoft Showcase School status. CharltableA£tlvlties l) Bursarles to pdplls '2?.The Scbool supported and contributed lo'the follow.lng overseas and k)cal charttles: Smlle Of'The Chlld Ma21 Gia To Paidi NGO tshosi Oivers Red Cross KH15 Home Prolect Associatlon of'Frlend5 of Plraeus'Pensloners Retirement honle ELIZ4 SDtlety ag4in5tChlld Abusè MANA organlsatlon for Breast Cancer Breast Cancer Assoclation, Ooctors wlthout borders Proleps15 In5titule No FlTrlsh Llfte Chatity Breathe Hellas Make-A-Wish E5TIA NGO FLOGA
IIoGii51gn"EnveloF¢ ID'.'06562A47-A92440F3.AEAC'7F656B482DED Oocu5ign En'iiel0pe1. 4101SE28400448004SBt'4L)EIOD3cÉ867 Directors The Dlrectors of the School, who aré also the charity trustees and membqrs ofnhe 8oaFd Df .Governors who served slhce 1st September 2023 thtouEh to.the.date of ihis feport, were: Name Chalrman, Vice Ch4ir & Honorary Treasurer ointments First Appgintmont ChanFes Kantart2ls.Oraper. Kattrin Ap.pointed. 19108122 Appointed 10110122 Aopointed ?0110122 Appointed 20110122 Appolnted 14106123 Appointed 141.06123 Appointed 14/06123 Appolnted 14106123 Appointed 14106/23 Appolnted 14106123 Appolnted 14106/23. Appolnte 14106n3 . App.ointed 14106123 Appoint¢d 141D6123 Appointed 14106123 Drymlolls, GeOTge Chalrman'14111122 Reapp.olnted 1210612024 Gavrielide5, Andrea5 Reappointed'1210612024 Yakovee. Danlel Terrn flnlsh@d 301612024 Antlregdls, Elen Jonath4n, Belbln Cobuz. Marcel Eht, Mlthael Kynourgiopoulou. Waslllkl Reslgned 3VOSIZI124 Lambpry, MlchBel ReslBned 1110912024 Papapolltls, Nlchol Phoca'Cosmet4tou, Nellle Pilncè-Wri8ht, Howard Honorary Treaiurer Sp0p10S, Nikolaos styllaDOU, Elen4 Pfig¥ 4
Do¢usi9n.Envelope10, 06562A47.AY2440Fii.AEAC-7F658848ZDED Dwggn Envélope10: 41915E284004.4BW'..858G8DE1003CW7. l & Adviso Headteacher. J8me5 Stuart Siiiith. BA IHonsl Oxon lappointed Head 011091131, CompanySe¢retary. Company S@cTelqry: Mr5 Debotah Elefth'eriou .lappolnted 201.IV12 to I.V06124) and Mrs Despina F. Ch4tildaki (appolnted 12106124) Bu5iness"DirÈctor: Mr Konstandinos S. Theodoslou (appointed IV04111) Senlor Accountant: Mr AnastasFOS Koutsoukos {appolnted 27106111) Schotsl's address: Leoforos Ven12elou 77 Lycovri5si GR14123 Athens Greece Webslte: iYwwJtcatherines:gr Re8lstered Officv. 66 Lincoln's Inn Fiélds LONt)ON WC2A 3LH ENGLAND Bankers: Alpha Bank Eth'nikl Odos I kThi Athlnon Larnlas Kilissla GR145 64 Greece Pancrets Bank Mesogeion 109-111 Avenue, Athens GR115.2'6 Greece Natlonal Bank of Gieece Potamou 25 & Galin15Avenue, N. Kiflssia GR145 64 Greece Eurobank P. Maxjmov 2& Deligionnl, Kefalari GR145 62 Greece. 'Sollcltors (J:K.I: FarlEr & Co LlP 66 Lincoln's Inn Flelds LONDON W.C2A 3IH ENGLAND 5.oll¢ltor5 IGreece): C:, & 5. Dlrnltrlou & Agsoa'ates 28 Dldotou Street ATHÈNS 106 80 GREECE Audltors: Hilller Hopkins LLP h3rtÈre4 Accquntants and Statutory Audito[$ Radjus House 51 aarendon Road Wpfford, Herts WD17 IHP And 185 IHella$l Certlfled Audltors Accountants SA 60 Kifisslas Av. 15125, Maioussi, Greeoe. PA8e 5
DouJs(gn Etwdbp'è.10: 06862A47.A92Q&mEA&7F658ts4820ED' Doa$¥gn'EnveW10:.419..1SE280044BIXI458ClElQD3cEeGY. overnanc ThÈ Director5'ratify specific school policios: somè, such as Safeguarding and frlealth & Safety are revlevied and .approved on an annual ba515, Others are reviewed periodically. The.day-tolay management of the..5chool'i5 delegated to the Headteacher, In tho prevlous.year theschool operated three standlng commlttee5: Finance/Res'ource5 Committee Curriculu-ml5tandards Committee Health gndSafÈty Commlttee All the above committee5 Ire chèlred by a Director and Inclu¢e other Directgrs and staff ¥5 approprlate. The mlnutes olthe rneetin8s are dlstrlbuted to the 8oard.tor ratlficatlon. Each committee hasTerms ot Reference, and.thelr role Is to rnonltor, revlew and evqluate'all appropriate matters and bring ffe'commendations to the Board. The school a150 has a 8ursary Commlttee Ihat15 chaired by the C.halrmaD of the Board which meets to iSCU55 and decide on the grantln8 of me3ns"te5ted bur5ariei.' rector0 Indu tloTr and Tr Inln Governo follow. an Induction protramme, i4ilth Ihe HÈa(tteacher, Executlve Leadershlp Team, Company Secretaryi and Ibè Chairman's Committee. Upon appoSntment, a Dirertor recetves a detalled, fllÈ .wiih thè School's constltutlon, Its corpotate doctsrnÈntation. and Its by-law5. T.he,Boatd of Governors In consultatiot¢ wlth its advisors are constantly lookln8 torw4yS to broaden the skills and expefience'ofthe'School'¥ GovernlnB Body. Accordlngtoth? ISllnspeLion veport pub155hed.ln Marth2023 the leadershlp and the management of the .school, InddIng governots, demonstrate good skllls and. knowled8p, and lulfil theli iegpon51bllltles SO that the stahdards for Brltlsh Schoo15 Overseas are rnet consistentlw, and the well bein8'of the student5 Is promoted. The'8overnors receive no remuneratlon Dr fi.nanclal asslstance. governors. expense'g as Ihey. rÈla'ie in thÈlr 4pacily to cirry out their dutles and re5ponslbllltles may be fecovèred from the School. The affjoiint of Dlrectors'expenses In the finonclal yearended 31"August 2024 amountedto£15:773 cornpared to (5382 in 'the financlal year'ended 31st August 2023, b¢lng relmburseinent ol alrfar.es, taxl fares and hotel tosts to enable those 0SrèctOfS, ivho are based lry the UK. to attend meetings. The DlrectD*s 4re indemnlfled by the. school In accordAnce with its Memorandum and Artldts of Association. Pri ks and Uncertain'ti The principal finandal rlsks of the Schrjol late lo a potential feduction in student iiuniber5,.to high Inflatlon nd a"slgnrfic.ant worsenlng of the economic conditions in Greece which may affect enrolment. The fure financlal obliEations'and covenants associatéd with loa'n funding ob'talnéd from.our banke'rs forthe bulldih8 of.Phase l of the new sch'ool gave rise.lo additlonal A5k.factor5 and posslble constralnts forthe School 'Buslness plan that wa5 approved by the Board on 5 June 2018, A redualon In revenues, incTease in overheads or reduttion in the value5 of the. SchoDYs flxed 'propertles May re5u.lt in the school's" failure .to meet its obliEation5 whlch may result In a default underlhe terms and conditions of such loan a8reements. Increases in interest rates.rnay also adversely affettthe School:5 abilityto meet its obligations. These defaults may restslt In the bankruptcy or Insolvency ot the School. In addition, the loan covenants May 'restrlct the SchoDI's busine55 ènd. flnanclng actiiiities. The School therefore tarefull¥ evaluates its fundlng and endeavours to ensofe that its'.buslness plans are pivdenl and'ensure ade.quate liquidity to'cover for potential.unrertaintie¥. Pqse 6
0(Ul19 EnvBlcpe 10,, 0656gA47'A92HiJF3-AEAC.7F658g482DEO DOC1 ErivelDp• ID.. 419..15E2W044KJO.B5BC:8DE10D3CEWI The prlncipal risks to which the Sthool is exposed: as Idehtllied by the'DirectOfS, are reviewéd systemalicallv 'frorn tlme to time In order to thItIte.those rlsks. 'Strat vlew vei. the last lew decades the'S¢hool has Impltrnent'ed a pkn to malmain QCLwpanry ?t between 1.050 and 1.200 yntil its development. pl4n for. the .thacsolèr prtsperni was completod. .Occupanry. data slnte 200812009 15 .summ•Tised as foFJgvis:' ro .no. 2008/2009 2009/2010 201012011 .201V201Z 201212013 201312014 201412015 201512016 890 1,030 1,190 1,067 1,071 1,116 1,15S 11 201612017 201712018 201812019 201912020 202012021 2021120ZI 202V2023 202312024 202412025 {estlmated) 1,144 1,205 1,228 1,276 1,349 1,350 'The Schools butsary scheme In 2023/24 supported 96 pupils (prior year 1051 in varlous.percentaees of whlth 75 (prior.year 791 were 5tafls' chlldroD la150 In varlou5 percentage51. Flnanclal The flnanclal perfo.thiance for the year 2023114, excludin8 donatlons received1$ derailed below.: Totsl IncpmlnB Resource5 for th'e year 2023124 weie (19,583,076 compared to C17,796,6S.6 for 2022123 representing an increase Df Cl.7.86,420 or 10.04% compared to the yeai 202V23. Pupil nombers docreased bv 0.15% in 2023124 compared to 2022123. The key Orivers of the Increase are donations amounting to 97,631 In 2023124, cornpared to £67,367 In 2022123 and addiuonal otber illcomp maln1¥ from extra- curricular clubs, bus fee5 antl other educational fees of 11,944,021 in 2023124 compared to El,653.936 in 2022173. Total Rèsource5 Used for. th¢ year 2023124 amounted to (18,781,589 cor11pad to £.17,387,199'for 2022123 representlng an Increase of (1,394,390 or 8.02% compared to the year 2023124. Net Incomin8 Resources fDr the year 2023124 amounted to aOL487 comp,8red to fA09,457 for 1022123. representing In iricreaSe of (392,030 or 95.74%. Npt Movernent In FuDd5 amounted to É780,665 for the.year Z023124. The balance Larried foThvèrd Increased 10 É29,131,365. Page 7
C)ocu8lgn Enve!ope"ILi.. 06S62A47-A9244oFJ.AEA7F6S84B2DED .DorJ)n En¥dopB ID:. 419"ISE28.6DD44&DO.BSec.aDE10Dxe867 elves The School's restrictéd reservè5 relate to. funds h¢ld for spèclfle purpose5. At 31" August 2024 there ate .É531,683 h'eld undér the Land Revalts3tion ReseN¢ and É146.742 held under thE SchDoI ReseNe. totallin8 678,425. The 5chool's.unrÈstrlcted funds are re-invested back into the School'throuah addition5 and improvement5 to Its fac115ties and expÈnditvre In.relatlon ¢0 new technDIo8y as well as new furnlture and fittln8s. At 31." August 2024 there'w¢re U8,451940 In unrestricted reseNes. The dlrectors cornslder that the ideal level of feserves would be between I to 2 yÈaTS' expendlture. The dirertors believe thaf the current unrestrkni ed reservès represent a sufflcient level to ensu that the 80in8 oneern è5sumptioD ts appropriate. The reserves PolSry15 reylewed on an annyal basis. The Sthool'5 assets are sufhclÈnt.to meet Its obligatloTrs. The restslis are Set out In Ihe gltached Itatement of Plnanclal Actlvltles, Balance Sbeet arbd 5tsterrient ol Gash Flows. The School's Bu51ness Director'produce5 manag'ement reports to8ether¥iith his team that'.measure"the.actual performance of the School tampared to the budgel as well as interim ,financlal statements. The Financlal 51alements and mana8ement reports.are revlew¢d by the Board and ihe'HeJdteacher4 After makln8 due enquiries, the Bobérd of Dlrettors confirm It5 expectstlon that the khool has adequate resourre5 to continue In operational exlstence forthe foreseeabte future. ThereforÈ: In preparin8the flnandal statement5 the Board continues to adopt the 8oin8 concern basis: Oov In Augut 2017 the Srhool acq(rlred th¢ Wella property- adjacent to the Mac301ar property, Th15 Plopérty wll! form part Df Phase 2 ol the r¢deVelopment, and It ha5 beèn declded that It wlll be reconftgured to create a multl-sport5 comple)[ for use by all the students of thÈ school. In July 2019, the'school Signed an aEreement ',with Vratsanos & Kotsla Archltects: Structural Engiryeefs and MEP. EnBlneers"to produce designs ahd plans for the te-de518n of Wella. Following numerous revisiDn5 to the plan5 to èccomrnodate BuildinB Authorlty requirements, the bullding permlt w)sfinally granted on thé 14 January 2023. The arc.hllects and en8lneers ,are In thè process oFflnali5in8 the.detalled deson4. Once completed, and the lundln8 Is in place, the sFhool 'wlll Inltiate the tenijering proce55. Bullding improvernents'were made to the Lykovrisl site (Lower SthoOII to. facllitate Ihe use of the buildinB5 freed up by the move of the Upper School to the new campu5. During August 2024. the YI area5 was fully renovated. The reno*ot'lon was tomplel'ed at the be8lnnlng of September..2024'. .In July 2022, following a year of delay due.to' Covld, the BulldlneAuthority approved the démolltlon of the WB Block and CO'E Block (both previously accominodatlhg.the upper gchooll. Due'to the delay in approval.the school wa5 only able to complete the derriolition of'the A/8 Block In AuEU5t 2022. In AuBU5t 2023 the school cornpleted.the demolltlon of the C/D/E Block as well, Prlor to the demolition, the school had workingtogethér ith the. teachers, 5tudeTrts,.and parent body to detemiine how best to utili5ethe new space made available followln8 both demDlitions. It wa5 allp. decided to creale a g¥een play area next to Ihe 5wimmin8 pool. BDth of the above green areaslplaygfounds were completed withln. the current financ"lal"year." Furthermore. the school. entered into a n'ew lease agre'ement" on th'è land.acr055 current lowerschool site where an addiflohal
ODCUBigri Envelope ID:: o6562A4?Ag244tf3.AEAC..7Fs58B482oED ()w8lgn En%lDpE ID: 4191SE7BffjDDMBDO".B5BC-80E1QDE867 football pltth and basketboll Pitch wore developed along with a new rècreation area: The annual rent is at. 96.000 whlle the duratlon of the lease i¥ untll 2026 with'the option to extend for two additional years. During 2022n3 the S'chool obtained perm1551on frorn the MunlclPalltle5 Involved, to build a brlfj8e crossing the main avenue between the UpperScl)ool arld the Lower school, The brldge will provlde a 5fe i¢)ute linking the Upper and lower School sités..The brid8e.wlll be donated to thp Municlpalitie5 involved..'It is antlclp.ated that the bridge wlll bé In place durln8 the uptomlng school y2ar 2024125, Work51improvements donR during.2023124 Included: Crealion of two new playground areas In lower amountSn8 to C249,4'7.3 New electric substation In lower amounllng.to É18,228 Inst&llation of.nEW flooiing In'Lower ainountin8 to C13,7.32 Refurbishlng of lower school canteen amountln8 to (139,769 Placing of awning above bridge and roof In upper arnountinE to aO,038 Floor refurblshmènt for black box amounlln8.to CIO,575 Reconfiguratlon of prlnt room In upper amounllng to C7,4140 CoDstructlon mlnl football pitch and basketball court amouritlnK to (149,211 Recgnstructbn Df Wella buildlns Inlo three c1355r1m$ amounting to £634,518 Furntture & Equlprnpnt. Hardware and Software additions 4mOunted to (234,532. Key Ihformatlon Te¢hnolo8y upyades and fitting5 Included the followlng: Additional WewbDards (touchscrèens) 75" Interactlve displays'purcha5ed for Lower & Upper School, Contlnued te¢hnDIo8y tspgrades'ln classrooms and science labs egulpment, Cantlnued replacement of old desktops'and laplops. Purchaslng of laptops'lor KSI, Réplacement of Dld thalts and cla55room furDlture. closure of I matlon to the.audltor$. So far as each person who was J dlreclor Jt the date of appr¢)vlng thls iepprt h aware, therels no relev•nt udit Informatian, being fftform8lbn neede.d:by auditor In connectlon wlth prepaTlng11s report.. of whlch the audltor15 unaware. Havlt78 made enqulries offellow dire'ctors an'd theEroUP'S auditor, èach direct'or has laken all the 51eps that he/5he Is obllged to.lake a5 a dirÈctofiD order to make hlmselflhp.rfjelf aware olany relevant gudlt Infomiation and to establish that the auditor.ts avlare of that Information.. ment f audltors In accordance with s485 of the Cornpanie5 Act 2006, a re501ution is to be proposed at the Buar(E Meeting for reappointment of Hlllrer Hopkin5 LLP as statutory auditors. Pfise 9
o¢usiin Envelope 1D;.08562A47-A924-40F>AC-'7FSS8B482DRD Docustgn Envtltspe ID., 419lsE20OI4BOO.B58ckBDE1Oo3C£86F roval ol the Dir tors, è ort d Ftnancial Statemen A re501ullon approvin8. thi5 DSrectors Aeport and the School's Financial Statemenrs f.or the year e'nded 31, August 2Q23 will be put fOard at the goard meeting to be held on 181h March 2025: In si8nlng this. re'pDrr the Oirertors confirm that they hove approvedthe 5trategK Rep.ort ITr their capacily a& Company Dirèctors of St. CBtherSne'5 Brltlsh School. Approved by Iho Board of Directors at- it5 meetlng on 181h March 2025 and 5igned.un Its behalf by. 'OJ141y. CdlSCA•J5757rAA•. Geor8e Drimiotis Chairman Howard Prince.wrfÈht Honorjry Tr.easurer'
00910n Enwlope ID.. 06562A47-A924'.40F3AEAC.?F65884BZDEP Ov¥wi4n Envelopp ID,. d191>EoDOBD0.BS&DE{0O3CEd6y. The Governors (who are also the Dlrectors of the Company for the purpDses of .company law} are responslble'for preparlng the Directors, Report (including tNe.Strategtc Report) ond th¢ acrounts in accordance with appllcable law andftÈulations. Cornpany. law r.equlres the Dltectors lo pfepare accounts for each fina'ncial year. Under t'hat law Éhe Olrectors h?veeletted to préparethe accounts In accordance wilh.United KlnEdom Generally Accepfed Accountin8 Practlce (United Kingdom 'Accounting Standard5 and applicable lawl, includlng FR5 102 he Financlal Rep.ortlng Standard Jppllcable in the UK and REpubllc of Ireland,. Under compzny law the Directors rnust not. appratre the aGcounts unless they are satisfied.that they glve a true and falr vlew ol the state of aftal(s of the School and of the profit or-loss of the School for that perlod. In prÉparin&those accounts tlie Directovs are requlred to. Select sultatyle accountin8 pollcie5 and then apply them con5tstentlv. Ob5eNe the method5 and prlnclples Df the Charlties SORP IFRS, 1021. 'Make judBements and estimatestha"t.are reasonable and.prudenl. I State whether appllcable UK Accountlng Sfandards have be¢n followed, subAect to aDy materlal depirtures disc105eO and explained in the accounts.and Prepare. the account5 on the going concern basls urile55 It Is In•pproprlJte to assumè that'jhe 5thooI wlll tohtlnue In bu5ines5: Tbe Direclors are re5ponslb.le for keèplhg proper accouritlftg records thst a sufflclent ta shoiy and ¢xpl?In the School's transartlons and dlsc105e wlth feasonable accur4cy al any tlme the finartciil P051tIOri.of .the School and en&blè them to ensure tbat the accounts camply wlth the Companie5 Act 2fA)6. They arè alsc respon51ble for safeguardin8 ihe assets of the school and hence for takln8 r¢bsonaW¢ step5 for.the preyentlon anrf detecllon ol fraud or other lffe8ularitles. The GoVe(narn arÈ re5PDnslble.foi the rnalntenance and Integrlty of the corporate and financial Infclrmatlon Induded on the charllable company's website. Le8lslatlon In the United Klngdom go¥ernln8 the PfepBration and dlssemlnation of flnanclal stètemEnts may dlffer from leB151atlDn in other jurlsdiclions. Page 11
00gJs¥grkEnvelope ID., 13C5t9E1-78F.14z¥c-AA4>C42DB7E90653 INDEPENDENT AUOITOR'S REPORTTO T.HE MEMBERS OF St. CATHERINE'S BRITISA SCHOOL Opinlon We have audite& the financial .statements of St. Catherine's Britlsh Schonl (the 'Companv'l for the year end¢d 31 August 2024, which comprise the Sta¥ement pf Financial Activities, the Balance Sheet,. the Statert)Èn't' of.cash Flows an'd th'e related. notes, includlng a surnmary of signif icant.accounti'n8. policies. The, financial reportinB framework that has been app.lled in. their preparation l& applicak)le law Ind Unlted Kingdom AGcountlng Standards, including 'Flnancial Reportin¥ standard. 102 'The Financlal Repottlng Standard applicable in,the UK and Republic of Ireland, {Unlted klngdom Generally Accepted.Accounting PraGtiee> and. the Cha'rities SORP 2019. In our opinlon the financial statempnts gjve.a'true and fair NieW of the state of the Compan.v's affairs as. at 31 August 2Q24 and of ils incomin8 resources and 3pplicatloh of resour[es, IncludlnE Its Income and expendlture for. the year then ended,. ha.ve been ptoperly. prepared in accordance with Unjted Kingdom Generally Accepted Accountln8 Prgctlce; an4 have been preparèd ih accordanc.e with the requlréments of.the Companies Act.2006 and the. Charf(i¢s SORP 2019. B3515 for.oplnion We conducted our ludit in accordante with Internatlonal Standards on Aydlting IUKI {.IS85 (UKII and applicable law. Our responsibilitles under those stsndards are further descflbed in the Audltor.'s, responslbilities for the.audlt of the finarlcial statémènts gectlon of our report. Weare independent of the Company in accordahce with the ethlcal requirements that are relevant lo our audit of the finaDclal statpment5 in th,e Unite¢ Kin8dom, includlng the Financlal Reporting Councll's .Ethlcèl Standard, and we have fulfilled our other ethical rÈsponslbilitle.s In acco.rdance wlth thes¢ rèquirements,, We belleve that the audit evldence.we, hav¢ Dbtained li.sufficient and approprSate'lQ provldq a basls for our opinlon. Conclu51ons relatlng.to.going roncern In auditing the flhancial statements, we have concluded that the Directors use of the going ¢.oncern basls Df accountlng in the preparatlon of the fin3ncial statements is appropriate. Based.on the work wo have performed, we hav¢ not Identified pny matèrial uricenainties relatlng to events or.conditfons. that, individually.or.collectivèly. may cast 'siEnifltant doubt. on the CompanV5 ability to contlnue as a going concern for.? period of at least,twelve month5 from when the financial statements are authori5ed for lslue. Our re5pon5ibilities and .the respon51bllltles Df the Director5 With respect to g'oirig concern are described itl the telev?nt sections of this report. Dther Information The pther inforrnation .covnprisRS the intormation included in the Annual "Report other tliah the fihantial statemeht5 arLd our Aud'itor'5 report thereon. Thè Directors ar.e 5ponSible for th'e other Infotmatioh cuntalned w5thin the AnThyal' Report. Our opinion on the flnancial statem¢nt5'does nol cover theother information and, eicept to the extent otherwise explicitlystated'.in our report, we do not express any fo.rm .of assiJra"nce" conclusion thereon. Ou'r responsibility 15 to. read the other info'rmètion and, in.dolng 50* consider whether the oth.er informatjon is'materiallv inconslstent with Pq¥r.12
Dccuslyri Enviilw ID.. 13C5C9EI-7BF1477C.AA4S£42D87E90553. the financial statements or our knowledge obtajned in the course of the audit or ot.her:wise appears to be materlally misstated. If WR identify such material Inconsistenties or apparènt matèr.ial misstatement5, we are requir.ed to determine whether there is a inaterlal misstatement in tho flnanèlal statements tlyemselves. If, based on the work we h'ave performed, we CDnclyde that there Is a material mi5Statement of thi5 Other informatian, we.are required to report tha't fact. Wé have nothingto report in thls regard, Oplnityn on other matters prescribed by the Companles Att 2006. 'In oufopinjon, based on thè.)Ork li'ndertaken In th'e: course of thè audit. the information E.iven In the Directors, Report, includlng the Strategic Report. for the financjal year for which the Ilnancial 5tatemehts are prepared Is consistent wlth the Tinanclal statements: and the Direqtor5' Report and 5troteglc Reporthave been prepaied in7tcordance with appllcable le£al requireménts. Matters on which w.e are required to rapprt by ¢xceptl9n In the light ofthe knowledge and und&rstanding ofthe Company and its envi¥onmpnt abtained in the ourse of the 3udit, we have not i.dentified Material mlsltatements in the Directors, report, includin8 'the Strategic.Report. We have nothlng to report in réspect of tFte followlng matters.in relatlon'to which the tomp2nies.Act 2006 r,eguires u5 to rèport to you If, in pur oplnlpn.. ade9u.ate accountiA'8 rècordg have not:beÈr) kept, Dr returns adEquate for pur 2ydit h4ve not been received from branches. not. Vislted by u5. Or thè financial statemènts are not In agreement with the actountint reqords and re,turns'. or certairl disdosures of dirertors, remtsneration speclfied by law are not made,. or we have not reteived all the informatjon and explanations we reouire for our audlt. Responslbilities of dlrectors As explained MorÈ fully in the Dlrectors, respon%ibilitles. statement on p38e 11, the dSrectors are responsible for the preparation of the financlal siatements and.for belng satlsfied that they give a true ahd fair vlpw, and for such Internal.control a5 the directors deterrnlne IS necessary'to enable the preparation of flnancial statementi thot are free from materlal misstatement, whether due to fraud pr ¢rror. In preparlng the financial statements, ,the dlrecrors are rèsponsible for as5e'sslng the Company's. ability to continue as a going concern, disclosing, as applicable, matters related to going concern and usln8 the going 'conc.ern basi5 of accounting unle55 the directors. either intend to liquidate the CL¥mpany or.to cease operations, or have no realistic.altematlve but to do so. Auditors.':responslbilltles lor the audlt of the tlnantlal.Statenlehts Our ob"jectives.a"re to obtain reasonable assurance about:whether'.the financial stat'em'ents a5'a.whole 3re.free from material misstatement, whethet due tofraud or error, ahd to i5Suèan Auditor's report that ihcludes uur opinioh. Reasonable o55urance is a high level of assurinr4 bu't is not a guarantee that an audit conducted in accordance with ISA5 (UK) will alwèV& d¢tect ¥ Material mi55tatémenl when It È¥ists. Mi55tatements can arise from fr.aud ol error arid are considered material if: indiQldua!ly Pfjse 13
Do¢usigTr Envelope ID.. 13CSC9Elw7BF.147JC-AA45 ¢42DB7E90553. or'in.the aggregate, they could ieas1iNably be expéGted to ihfluonce the economic.declsions of usors taken on the bas15 of these flnanclal st.4tements. Irregularrties,'iricluding fraud, are instancek of non-compliance with laws and regulations, We design procedures in lino with our resp.onslbllltles, outlined above, to detect materlal. mlsstatemènts in respect.of Irregularities, including fraud. The extentto'which our.procedures are capable of dete,ctin& irre8ularities, InclLJding fraud 15 detailed below.. the nature of the industry and sector, the control environment and performance of the Company, includ'ing the remunpration Incentlves and pressures of key management, the primary reiponsibllity for thé preverttion and d¢tection of fraud rests with both those charged wlth EovernaDce of the Companv and management. We consider the results about their.own identification and aslessmertt of the risks of irreg'ularities- .any rnatters we identined having obtained and roviewed.the ¢omp3ny.s documentation of their'policie5 and procedures relating to,. identifylngi evaluating, and complylng with law5 an4 regulatlons and whether they were aware of'any instan5 of non-compllarice; detecting and responding to the risks of fraud and whethèr they have knowle¢ge of any actuaL suspected or alleged fraud,, ¢he Internal rontrDls established to nlitigate risks.of fraud or non-.compliance with laws and regulatiorls,. the malters discussed among the Audli enÈaBéihent team, reEardlng how and where'fraud might occur in the f inaricial statements aryd any potential Indicators of fraud. A5 a result of these procedures, weconsidered the i)pportunltles and incehtlves that may exist within the organisatlon for fraud and identifled the greatest potential for Iraud. In ¢ommrtn with, Ill audlts under ISAS IUKI, we are. £lso required to perform 5peclfic procedtsres to res#ond to the risk of m3naseinent Override, Infjluding testln&Joutnals and.evaluating.whetber there was evidence. ol bias by the dlrectori that reprefented a rlsk o.f materlal mlsstatement due to fraud. We also obtalne'd an understanding of the legal and regulatory frameworks :that the Company pperates in, focusing on provislons pf .those laws ond. regulations that had a direct effect ofi the ijetermination of material amount5.arwd dlsc105ures In the firianclal statemqnts. We focused on law5 aDd tegulations that could give rise to a aterIal mi55tatement in, the financial statemenls, ilicluding, but not. Ilmlted.to, the Companle5 Act 2006, thè Charltles SORP 2019 and relevant tak leElslation. Because of th, e inherent1Srriitations of an audit, there Is ? risk that we will hot detect all irregularities, including thosè leading to .a' materlal misstaternent in th"É. f inancial stat'ements or non.compliance with re8ulation. This risk increases thp more that compllancewith a law ar regulation is removed from the events'and transattlons reflected In the flnancial statement5, a5 we wlll bè.. less Ilkely to become aware of ihstahces or non-com pliance. The risk 15 a150 greator regarding irregularitles occur,ring due to Iraud rather than'Frror., as.frdud involves intentional conc.ealment, 'forgery,.collusion. omission or isfepresentation. A lurthei des¢riptlon of our rosponslbllltles.for the audit of the.financial statements Is locafed on the Fihancial RÈPOrting Counc.il'5 website at,. .Www.fr.c.org:uklauditorsr.e5ponsibilltles. This description forms part of our, Auditor'5'rpport. Use of our'report This report Is made solely'to the Cornpany's member¥: as a body, in accordance with Chapter 3 otPart 16 of the Companies.Act 2006. Our audit work has been under.taken so that we rnight statÈ to.thÈ Company's tnembèrs those-matters we'are required io state to them In 3tt Auditor's.report.and for Poge'l!
t)ocu5wJn Envelope10:"13'C5cJE1-7BF1477CJA45-C42D'B7E90553 no other ptsrpose. To thèfullest extent permitted by law: we do not accept or assume responsib'ility 'to anvone other than the Company and the Company's members, as a body, for our audit work, for this report. or.forthe op.inions we.have formed. 09¢¥84fjDd by.. 2EF•Wx8EO44. Gaty.Wong BFP FCA(Senior statu.toryauditorl for•'nd on beh'alf of HILLIER HOPKINS LLP ,Chartered Actountants & StatutotyALidltor Radlus'House 51 Clarendon Road Watford Hertfordshire WD17 IHP tsate: 241h March 2025 P,.!gL I.
DO99n Envelope ID.. 06562A47-A92440F&AEAC-7F658B482DED Oacuslgn Envelw ID: 41915E2&8DO44BDO.8SBC4DE1003CE887 ST. CATHERINE'S BRITISH SCHOOL STATEMENT OF FINAI4CIAL ACTIVITIES FOR THE YEAR ENDEO 31" AUGU5f2024 IAII amounts in table5 and notes are presented in É unle$s othep4vise stated 31-Aug-24 31.Aug.23 otes Incoming Resources Income fiom charitable a¢tivitltes: Fees Aeceivable Otherlncome 8ank Interest 16.725,590 2,841,653 15,833 16.075.351 1,72L303 Tolal InrnIng Resour¢es 19 583 076 17.796 656 Resources Used Oirert Charitable Éxpenditure: Stafl Costs Educational Consumables Maintenance & Utilities Real Estate, VAT and other Sundry Outies Governance Costs General Adrninistration Expenses 12,443,176 620,961 1.250,653 812,030 3L523 1,623,Kll 16,782,143 11,36L545 610,745 1,242,539 386.352 39,632 1,786.850 15,427,663 Other Expenditure.. Interest Forei8n Exchan8e gain51105ses Depreclation Bad Debts Normal faxation 687,161 &oio 1.263,716 22,955 17,fi 1.999,446 724,867 6,778 1,228.611 17,631 1.959,536 Total Resources U5od 18 781,589 17.387 199 Net Incomlng Resources Before Other Reco8nised Gains & Losses unrestricted Funds 801,487 4109.457 Actuarial Ilossllgain on Staff Retirement Indemnitie5- unrestricted funds io Net Movernent In Funds Balance BrouAht Fonvard at I September Balance Carried FoThvard at 31"August 780.665 28.350.7 29.131,365 325.394 28,025.306 28,350,700 Tlie iiotes on page5 19-31 are on integral part OE these Anancial statemeftts
Oocu8lgn EftlOpe ID.. 06562A47.Ag24.40F3-AEAC.7F65884820EO Oocysign Envelope 10.. 4l915E2B4D48Do-e$Bc.aDElcjJcE8fi7 ST. CATHERINE'S BRITISH SCHOOL BALANCE SHEET AS AT 315t AUGUST 2024 (All amounts in tables and notes are presented in É unless otherwise stated) 31-Aug-24 31-AuE-23 Notes rixed Assets Tangible FIMÈd Assets School's Land. 8uildln8s and Equipment 37,182,354 36.964,329 Current Assets Debtors 872,380 ,$01,946 9,374.326 627,082 10.749,320 IL376,402 Cash and Banks Current Llabllltles Creditor5 Due Within l Year Short Tenn portion of Lon8 term loan {10,983,57Jl <2,45B.I)X)I {13.441,5711 17,9J9,5161 11,5C¥).CO)I 19,4J9,5161 Net CuryentAssets (4,067,245) 1,956,886 Total Assets Less Current Llabilitles 33,115,109 38.921,215 long Temi Uabllltles Bank Loans Retirement 8enefits Other Long Term Liabllltles 12,417,CQOI {I.J,75.CKJ9) 139J,735J 13,983.7441 19.51KI,IXfjI IL063,26S) 17,2501 110,S70,5151 io Total Net Assets 29, 131,365 28,350,7 Reslflcted Funds li 671425 28,452,940 67&425 27.672,275 Unrestrlcted Funds li Totsl Funds 29, 131.365 28,350,700 The Financial Statements of St. Catherine's British School Icompany number 008602881 were approved at the Board of Directors meeting held on 181* March 1025 and 518ned on its behalf Slgn•dty.' CA A635757C4Ag... George OrimiotiS Chairman Howard Prince-wrighl Honorary Treasurer Tlie notes on pages 1931 are on integral part of iliese Anancial statements
Oocusign Envelope 10.. 06562A47-A92440F3.AEAC-7F658B482DEQ Do¢u$lgn Énvelope ID, 41915E2B-6tl014B.8SeC4DE1lI3cEBfj7 ST. CATHERINE'S BRITISH SCHOOL. STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31" AUGUST 2024 IAII amounts in tables and notes are presented in É unless otherwise siatedl 31-A148-24 3l.Autr23 Netcash Inftow From Operalln8 Artl¥ltles IW.489 Taxatlon 117,fAJ4) 117,6311 Cashflow Ifom Investlng Artlvltles Capltal Expenditure A Trd Flnantial Investment Interest Received 1.465.9)81 11,48J,74.11 15,833 (611,6421 161J,6441 Cashflow Irom Fhnancln8 Activltle$ Repaymeni ofloan Interes1 Paid 16.811161) 16.125,CiyJI 1687,1611 Il224,8671 l J,5th,¢JKJl 1724,8671 Increase l {Decrease) In Cash IL247,3741 1173,6511 Cash and cash equivalents atthe be8innlnB ol the year 10,749,320 10,922,971 ,Cash and cash equlvalents atlhe efid of the perfod 8,501,946 10.749,320 Reconelllatlon of net Incomln8 resour$ to net tash Inf low from operatln8 artlvltles .Net incomin8 re50urce5 Interest Taxatlon paid Depreciaiion Bad debt Pfovision (Profltllloss on dlsposal of a55els IncieasellDecreasel In provlsion for retlrement indeffinltles Increase in debtors Increase in creditors - excluding loan Increase in other lone terrn Ilabllities Net Cash Inflow From Oper*in8 Actlvltles 801,487 671,328 409,4S7 724,865 17,631 1,228,611 118,3SJI 427.773 78,(K)9 166,76Q) (12Q,746) 1,263,716 22.955 90,922 1268,2531 3,064,055 384,485 048,299 2.680.489 Pp.J,' Id The notes oil pases 19-31 are on integral part of these financial stateménts
Docuslgri Etliielw101 (i65'è2A47..A92440F&A'EAC.7F65884020EO. D$3 Envelopq ID: 4191562B4B0o•5BcEiQO2C£d8? ST. CATHERINK'S BRITISH SCHOOL Notes.. tD the A¢¢ount5 aS.at.31st.Au811St 202.4 (All arnount5 in tobles and note5 are presented in E unle55.otheISe Stated) ACCOUNTrNG POLICIES a) Staternent of compliance and Basig of Prepaption. T.he flnaiKlal statements have been prepared Dn 3 Bolng.concem basls, and In accordance wlth Accounting and Reporting by Charitles: 5taternent of Recommènded Practice appllcable: to charities preparing thelr accounts ID. actordan¢è wlth the Flnancial Reportln8 Standaid applicable in the UK and Republic'of Iweland IFRS 102}- Charltles SORP {FRS 1021. the Financlal Reporting Stindard applicable in Ihe UK and Republlc of Ireland IFRS 1021 and the Compènle Ad 2DO6. The tlnancial statements are pSented in Euros whlch Is the funrtional currenry of the School. b). Tarig'lble Flxed Assets Land Is stated'at d.eemed historical cost IpreviDu51y revaluèd c051} following change to Fris 101 whlle the remalnderof thetanglble flxed assets are Staled at cost less accumulated depreclatlon. Depreclatlon Is provlded on all langlble fixed.assets in use, other thon freehold lond that Is not depreciated, at rates and bases calculaled to wrlte.off the cost of the assets overthelr expeded Useful Ilve5 by the stralght-line rnethod. Tbe depreclatlon rates are 4% to.5% for buildlnBs and 8eneral improvement5, 10% for furnItW ènd equipment Iterns and 20%. lor compulets, and sOar¢..Leaseho1d improvements are dpprecljted over the lease tgrm. c) Fee5 Income Is recognlsed when the Schpol has entitlement'lo the fvnds, ahy performan¢e conOitlons ttached to the. Item{sl of Income have beÈn met, it Is probablelhat Ihe income will be recoSvewl,. and the amount can be measured rellably. The School's revenue cpmpr15e5 non-refundibie appllcation feES and maln schoo5 and nursery fees, net of.bur5atle5 and other'di5counts. Fee Income Is reco8nised over the period.to.whlch It relates. Re8iStratlon fees and development fund5 aro tated as Income in the year they are receSved. dl Exp.endituré Expendltuie is generally Inclusive of Irrecoverable V.A.T. and Is reflerted In th¢ accompanylnB acrount5 by nature. However, with effect frorn I. January'201'4, all VAT Is Separately Ilisc105ed in .Real Estate, VAT and Other sundry Dties. Purchases made in Europei wh'ich give% rise to Greek VAT obligtytlon: are also reflected separately In Real Estate,.VAT.and Other Sundry Dutle5 'under diieci rharltable expenditure. e). Pension schème The Sthool operaie5 4 defined beneflt scheme in Gree whieh proliides a saylngslpension sthème for employee5 that choose to participate. The Srhool matche5 UP to 5% Of the CDntributions to the scheme. The School contlnued.to operatea defined contrlbutlori scheme in the UK, whlch provides lrfe and retlrethent beneflts to certain of its employees. The scheme managed by a Ilfe assuran• compahy and its a55etS are held sep.arately for each individual mtmbet. All staff are atso members of the Greek 5tgte 50clal secuflty and Pénsion arrahgements..
Docu8n EnveloF¢ tO'.09562A47-A9244PF3".AEAC-7F6566483DEO. 'Dourfign Envelope10.' 41916E2UDoHBDBS8C..aDEloDJCEB67 ST. tATHERINK:S BRITISH SCHOOL Notes to the A¢counts a5 ai 31st Ay8ust 2024 IAII amounts in tables an4 notes are prèsented in É unless otherwisestatedl fl BeseNe for Staff Retirenlent Indo¥rtnitie5 The School'.s staff ietirement obratIonS under the fjreek. State Social Security and penslon aTran8ements are calculated accordante with ihe provisions of FRS 102, at the discounted value of'the fut'ure retlrement beneflts.gccrued. Retirerrient. obllgatlons are. c3'lculated.on the basis of financial and actuarlal assumptlon5 and are determlned u5inBlhe p'roje¢ed unit credit actuarlal valuatltsn method {ProJect Unlt Cfedit Methgd). The pension exppnse for the perlod Is "Included in siaff cost5 arHI consi5t5 of "the present value of behefits earned tlle.year, Interest C05t on ihe benefit obllgation and any pèst seNice cost, Acluaiial galns and10$5es'are recognlsed In full In other reco8n15ed Income arid expense In the perlod ln whlch they ottur. 81 Forel8n curreDcles The account5 Jre expressed In Eurds. The exchange rdte at'.31" August. 2024 was £1 I (1.190 131" August 2023: £11 Cl.166). .Assets and Ilabllltle5 deMominkteO In foreign currencie5. are translated at the rate of exchan8e rullng at t'he balance sheet date. Transactlons ITr forei8n currencles are recorded at the rate rullTrg at the date ol the transgrtioh. Dlfferences on translatlons'are relle¢ed in the statenlent of financial actlvltles. h) Ta%atlOh' T.he School is a not-for"proflt or8ah15atlon and Is therefore èxempt from Income tax lexcept for ?ctsvitles'not reljled to educatlon.). lffespectlve of thE Schools exempt Income tax status, 11 15 svblect to Real E5tate.Property Tax. 11 Leases: Rentals payable untjer operatlng leases are charged In Ihe statement of flnan¢iJlartli*lties pn a. .5tralght-line bksis overlhe lease lerm. j) Funds T'he School's reslrirted funds'afe held forspeclflc purpose5. They consist of£531.683 held under the Land Revaluation ReseNe an'd a46,742 held under the School Reseryes. The School'5 nrestilcted fvnds are re-Inve5ted back Into the School throuBh addltions and Improvèments'to Its tacilit andexpend5tyre in r¢lation to.new technology a5 well as new furniture.and fittlnfjs. k) Cash and cash Èquivalenls. Cash and cash equNalents Inclyde cash at bank and In haAd Iniludlng any shortterm hlBhty liqiild InvestmentS.With a short maturity. of three month5 Qr less from the date of acqulsltion or operilng of the deposit or.simllBr account. 11 Re50vrce5.expended Diiert Charltsble. Expendlture reprèsents the full .cost of teachln& welfare,. premise5, and support Co'sts associated'with rurliiing the Sthool.. Governance costs repre5ent.lhe.".ne5sily.0f compllaoce wlth ststutory and coftstltutional rEqulrementS. Pa8e 20
Docusign'Envèlvpe ID.. 08S62A47-A924-40F8-AEAC'7F658ed82DED DO519n En¥dope IP.. 419l5E2Do446D.B5.'lDE1.0O3cEOaI ST, CATHERINEPS BRITISH SCAO.OL Notes ta the Aeegunts as at31st August 2024 (All amounts ikl t&bles and notes are presented in £ unle55 Otherwlse statedl m) Liabilltiés and Provisions Liabilities are. reco8n12ed when there1$8n obligation atthe reporting.date because of a. past event, it 15 probable that'a'trarisfer of èconomic benefit will be required. In settlelnent, arid the omount of the 5ettle.mènt can be .e5tlmated reliably. LlabilitlE5 7ro recogniied at the amount that the School anticlpales it w511 pav to settle the debt or the2mount11 ha5 recelved as advanced payments for the. goods or seThice5 it must provide, ProvisloDs are me05ured at the best estimats.of.the amounts exptcted to outflow to settle present oblSEatlons. n) Coing Concern The School'5 Dirpdors 4ssess whether the use of golng Concern Is approprlatè I,e. whether there Is any Inaterial uncertalntie5 related lo events or condltltsns that may cast Significant. doubt on the ability of the SCE01 to contlnue as a goln8 concem, The Dlrectors make this asseurnent In respect of'a perlod of at leasl one year from the date of authoritation for155ue of the Inanclal statements and have con¢luded that the School has adèqyate resources 10 contlnue In operallonal exlstence for the forèseeable futur.e and there are rio materlal uncertaintles about the School'5 abllityto contlnue asa 8oin8,'concern,..thu5 Ihey.c.orilinue' to odopt the golng concern basls of accountin8 In preparin8 the flhanoal statements. o) Accountln8 EstimatE5 The preparatloh of the financlal .stafenlents' requires monagement to make judgerrients,. e5tlmJles and assumptlons that affect the amount5 reported for assets and Ilabilltles as at the rèpgrtin& date and the amounts reported for revenues and ep(p¢nses during the perlod, However, Ihe nalur.e of esimatlDn means that actual oytcomes could dlffpr frorn those estlmates. The'followlng'Jud8ements and estlmates have'hadlhe mosl 51gnlflc8nt effect ob the amounts rÈco8nlzed'ln the financial st3tement5', Dep.rec'lot'ion and residual values -.The D'lrectors hève revlewed the asset liijÈs and assoclated residual values of all fix¢d. asset £14sses and havé concluded that a55et lives and residual value5 are appropriate. Provision staff leavlng Indeiiillitle5: In calculatin8 the PtÈsent value of defined benefit Dbligailon, the Direcfors obtalned an actuarlal Valuatlon, and revlewed the key a55umptlons a$ Discount rate, AvErage prke Infl)tIDn Rate o. salary Increases. p) Debtors Short-lemi debtors are measured at transaction pri. less. Iny impalrment. loans recelvables are measured Inltlally at falr value. net of tran5actlon costs, and measurèd subsequently at ).mortlsed cost usin8 the effectlve Interest method, less Iny Impalrmen¢ q) Financlal Insttumenfs The.School has elerted tozpply the provlslons of Section Il'Basir Fln8Thcl*l Instrnments" of FRS 102 to all its f inaDclal instrurnents. Financial instruments are recognised In the School B31anGeheet when becijmes party to the ontractual provisions of the Instrument. Flnanclal assets .and Ilabilitle5 a offseL wllh the net amounts prosinted in ihe.flnanclal statements. when there Is a legally enfOr3ble.righttO5Qt9tt the Tetognised amounls and thete Pa.ge 21
DorJJ$lgn Envelope ID.. 06592A47.A92440F>AEAC-7F6S88482DED Dtirwign Envelope It).. 4..1915E2&6CW8DO.B5B&8DE10D3¢E867 ST. CATHERINE'S BRITISH SCHQOb. Notes to the Accounts as at 31st AuEust 2024 IAII amounts in table5 and.note5.are presented in É"unl¢ss otherw15é slaledl is an Intention. to Settle on a net'basls or lo reallse the wet and setlle the lijblllty simultaneously. rl Basic Flnancial A¥*ets Basic financlal.assets, which Include trado and oth'èr'rereivobles, cash and bank balances. are inltially meè5ured at thelr tiansactlon pilce Inrludlne tran5actlon costs and are subsequently carried 'at their'amortised cost uslng .the effeCtIle interest method, le55 any provision for Impolm)ent, unless the arran8ement.¢onstltutès a flnancin8 transactlon, Whe the transadign is measured at the present value of the future recelPt5 dlscounted at a h)arket rate of Inlere5t, D'iscounting is omitted wh¢rp the effect."of discountlng is"immoterial, The School cash and cash equhlaleTrt5, trade and rnost other recelvable5 duE wlth.th¢ operatin8 cycle fall Into this cate80ry Of linanclg11nstrumenls. sl gther Flrpanc141 Assets Otherfinancial assets, which Includes inve'stments In equity Instruments.whlch'are not"classlfted s subsidlarle5, associates or'lolnt ventures, ar¢.Inltlally measured at falr value, which is normall¥ the recognlsed transactlon prlce. SuFh asse¢S are subsequently measured at.falr value.with the change5 In falr value being reco8nlsed In the proflt or1055. Where'other'flnancial assets. are not publlcly traded, hence thelr fall Value cannot bE me45ured rellably, they are measured Bt cgst 'le55 Impalmienl. tl Impalnnent of Flnanclll Alsels Fln?ncial a55et5 are'asse55Ed for Indicators of impalrment at each reportlng date, Flnanclal assets are. Impiired when event5, after ihelr Inltlal TecognitioD.. indicate the estlffiated ture cash flow5 derived from the financial a55etlsl have been adtrersely Imparted. The Impalrmènt loss wlll the d)fference between the current catryln8 amount and the present value of the future c8sh flows at the a55Èt(sl ort8lnal effectlve Interest rale. If there15. a favourable change In relatlon to the events surrounding tho Impalrment Ios5, theD the Impalrment can be reylewed for pa551ble reversal. The rerSal wlll not tause the current. carrylng amDun't lo e¥ceed th? ortglnal c•try.Ing amount. had the irnpairment not beeh recognised. The impairrnentTever5al 15 reco8nlsed in the proflt or1055. u) Flnancial Liabilitles Flnandal Ilabllities and equlty instruments, afè classlfSèd accordlnB 'lo the substance 14f the contractual arrdngements entered. An equlty Instrurnent Is any ntract that evldences resldual interest in the assets of.the Company after the dedvctlDn of pil its liabllities. 8asSc flnancial Ilablllties, whlch include trnde and other payables, bank loans and other loans are inll'lally measured at.-Ihelf transattion .prlce'after trangattion costs. When this constitutes a flhancltt8 ttsnsactlDn, whereby the debt instrijment.ls hleasured at the present value of. the futuré recelpts. discounted at 8 market.rate of Interest.. Debt in5tiuments are Subsequently. caled.at their arnortised.cost using the effertive interest.r3te..method. Trade.poyables awe obliBation5 to pay for EocNls and services that have been acquired in Ihe ordSnary course of business frorn'suppliers. Trade payables'are classified as current Iiabjlltles If. the payment Is. due within one" year if not.; they represent ryon-current liabilities. Tra4e payab'les are inltially recognised al thelr..transartion price and"svb5eq"uently i're mEasuwed ai amorti5ed .cost uslng the effettive Interèst method.
DoJ819n envelopi ID". Ob562A47.A924-40F3.AEA'e-7F658B482DEO. Oocu5ign En¥¢lope.ID.'4191"SE2PA00448CJJ..8SBC-8DÉ10D3CE86Z ST. THERINE:s BRITISHSCHOOL Notes to the Atcounts a5 at 31st Augu512D24 {All amounts in table5 and note5 aie'presented In É unless. Otberwise state41 Iv) Dere¢o8rt15edAssetslLiabllllle5 Derecognition of.6nancial a5s,els:.Flnancial'a5sets.'are derecognsed wlien.thEir contractual rlght to future cash flow éxpire5, or .are settled, or when the School transfers the as¥et and 5ub5tantialty all the.Ytsks ahd reivards. of ownershlp to anotljer party. If.slgnifKant iisks and rewards of. ownershlp are 'rotained after the.transfer to another p.bity, then the School wln contlnue to recognlse the value of the portion ot thè r15k5.and reward's Tetalned Derecognltlon of flnanclal Ilabllities: Flnanclal. IlabllltFes are derecognised when the School's contractual (iblSBations explre or are dl$ch8r8ed or cancelled.
Docusi9n Envelope ID: o62A47..Ag24JoF3-.AEAG7F65BB482DEO Docitslgn Envelope ID.. 4191SE*Po44BQQ-B5-BDElOulCE6s7 ST. CATHERINE'S BRITISH SCHOOL Notes to the Accounts a%Èt Jlst August 20.24 {All amount5 in'tables and notes are presented In É tsnless oiherwi5e stated) OTHER INCOME Other Income arnonts to Q.841,653 for 2023124 {CI,721.303 in 2D22n31. The Increise is inainly due to DonatlDns Tecelved amounting. lo 97,631 in 2023124 {C67,367 for 20221231 to PE Clubs revenuepmounting to 81,7?1 in 2023124 {Q48.073 f(>r 202.21231, to Extra Curricular lubs gmounting to'QOG.324 In 2023124 (C130,755 for 20221231, to Bus Revenues amounting to (306,192 In 20231241£289,969 for 20221231, as welfa5 Other Educatlonal Fees amountingto 74,1421¢)r 2023A4 {É222,494 for 20221231. STAFF COSTS 2023-2024 2022-2023 WaÈes & salèrles Soclal secyrlty COSt5 Pen510'n tonlributlons Other cost5 9,342,632 2,065,424 314,491 7,20,629 12,443,176 8,511,n4 1,885,441 288,608 675,722 11,361,545 The Board Dlrertors recelved no remuneratlon duilng the year 2023124, eiqept for amounts dlrectly related to expenses for attendlng the governor5, meetings suclj as taxls, alrfares. meals ahd hotel costs. Included In Governance .costs in. the. ar.comp"anylng, sL1teme'nt Df financial ctlsiltles amountlnB to 2023124. É15,773 ¢1022123.. (5.3821. È average munthly nunlber of employees IbDth flI.tIme •nd part-llmel during the year15 shown below. 2023-.2024 2022-2023 Full.tlme teachlng staff Part-time teaching staff Teathing A5515tallts Administratirsn stafF site Maintenlnce & Cleanln8 Management PE Co3che5 Supply Teathers & AsSiSt4rit5 IOG 16 15 46 46 3.1 42 29 14 14 277 266 Full tlme equlvalent numbers were 247.14 fo.r20231241238.55 for 2022123). Employee nrnbe h4ve increased by eleven ye8r-ori.yeai. The teachln&staff had the biEge¥t irtcrease by 5 Siaff. There'were also Increase in admlnistration to accommodate th.e increased heeds for both sile5, The key management personnel of.the SchoolcompilsEthe.Board of Olrector4. the Headteacher, the.Deputy Head/Head of Upper School, the Head of Lower 5choDI. the Bu5ine55 Director and the Operatlon5 Dlrtctor (j'oined the school in Augy5t 20231. The total ernployee benefirs of key management personnel of.tho school were £573,8S9 for. 20231241É509,819 for2022123). Pase 24
Dbcusl9nEfflvèlOP8 10.. 06562A47.A924.:40F3.AEAG7F65884.82tsEO Dc6¥ EnVelope.ID...41915E2El¢m4BwB5Bc.8DÉ1oD3c£8&7 ST. CATHERINE'SBRITISH SCHOOL Notes to thé Acthunts at,3lst August 2024 (All amDUllts In tables and.notes are presented In C unless otherwi5d stated) REAL ESTATE PROPERIY TAX, VAT & DTHER SUNDRY DUTIES In the current fiscal yeaf, the School paid varlous dulles and taxes omountffjg. to É812,03 {¢386,352 'for 2022123). This comprised mainly fmm Tax & Municip31 Fes5 amounting to .ts88,3111É13,129 fol 2022123) and VAT payable on lo1 goods and 5eNlces to the Greek tax authorities amounted to (389,349(50,451 in 2022123). VAT payable on purchase5 made withln the European Unlon amouDted,to Cl7.3871É13,004 In 20221231. N£T INCOMING RESOURCES- Before Qther Rewgni5ed Gains & Losses Included In Net Incomlng Resources are the followln8.dlsclosable Items: (al Audlt remuneratlon for 2023124 amounted to £15,75012022123. É15,750}, (bl Operatlng leases - Land & 8ulldln8S for 2023124 ?mOtsnted to £296,201 IC207,517 for 2022123) (cl Opera¢ln8 Leases- cirs for 2023n4 arnounled to Cl,52512021123 - U,458) TANGIBLE FIXED A5SErs Freehold & Leased Land & Buildlny Furnlture & Equipment Imprwments Total Cost orDeeme At tst September 2023 Addltlons Devaluations/Di$posal¥ At 31 Au8USt 2024 reclat'on.: At 1st September 2023 Charge for the year Oi5P05als At 31 AuEU5t.2024 Net bookval At 31 Ats8llSt 2024 At 3tst August 2023 42,798,143 997,736 4,732,054 234,532 1,031,821 249,473 48,562,018 1,481,741 43,795,879 4.966,586 1,281,294 5.D,043,759 6,975,971 969,260 3,599,720 290,668 1,021,998 3,7.88 11,597,689 1,263,716 7,94S,231 3,890,388 1.025,786 12.861,405 35,850,648 35,822,172 1,076,198 1,132,334 255,508 9,823 37,182,354 36.964.329 In applying the atcountill8 palScie5 r.equired by FR5 102 and the Charltles SORP FRS 102, Ihe. 5ohool haselected that the revalued value of the land be deemed c05t a5 from the Balance Iheet dale, Accordingly, the Revaluation reservÈ(if has be'en frozen at £531,683. In Au8USt 2017 tbe School.acquiTed the ella property adjacent to the Macsolar slte a5 Part of its strate8ic'rampus developmept, The intention is to u¢ilise the e*istlng building footprinl to build a new Sports Cpniplex with a swlmmlng pool, Basketball, Dance. Gyn) and PE classroom teaching facilitie5. A5 mentioed in the Diredors Report above, a Building Perrnit was obtained On t"he.141h.of Janary 2023. Pase 25.
Docusign Envdope ID: Q6582A474924'4QF3..AEAC-7F658e482D.EC) 'Docu9n Envelt•po.iQ.' 410IsE784D04-4BD(BSbc.eDEIfj03c£tté7 ST. CATHERINE'S BRITISH SCHOOL Notes.to the AccDuDts a5 at.31st AuBusi 2024 (All amounts in tables arid notes are'presented in C.unl¢ss otherwjse stated) Notwith5tandingthe delays catssÈd bythe Miriisty of Culture 15 a resuft of Archaeology flndin'gs, 518nifiont progress had been made 11th re5P¢Ct to the Macsolar Building DeveloprnÈDt in 2019 and 2020. On ioth of Augbst 2020 the school accepted th¢ prellmlnary handover o'f .the hew building from the co.nstructlon company Red¢x. Admln staff were relocatèd durlng Avgust 2020 'to the n'ew preffjise5 and ihe schtiol opened Its doors to thé upper5chool students In 5epteffjber 2020. Durins 2023124 the iinprovemehts in Macsolar Buildlng amgunted to a49.211. Durin8 202ai24 buildlng improverneTrls forlhe Well3 ComplÈx.athounted to É624,877. BuiltSin8 Improvements on the. LykovrisinDSitsè srtes amounted (175.972, Improvements ifft the newly leased land amounted to £149,211..Furnftuèe & Eqvlprnent, Hardware and SofNvare'additions amounted to É484JM)5. PEBTORI 2023-1024 202Z-Z023 Fee5 (Net of Bad Oebll 6arantee5 Other debiors {') rppaid expenses'('I' 295,76.4 316,4fj5 46,111 101,307 163,199 627.082 300,129 223,807 872 380 (ty) The amount of other detstor5 and prepald expenses Includes advance$ to SuP[erS relatlng to constiuctlon acilvlty of vaTIou5 projects, ès well a5 purchas6$ of book5 and educatlonal material, whlth will be used ln the followlD8.school year. Pa8e 26
Docusigft Envelopp ID". Q6662A4.7-Ag20F>AEAc-7F584B2DEO' DO19 Envelope ID: 41915E2Bffj0044801kBfjBUOE1003CE887 ST. CATHERtNE'S BRITISH SCHOOL Notes tothe Actounts as.al 315t Augtsst 2024 IAII ainoiints In table5 and notes are presented in < unle55 Otherwise ststedl CREDITOAS: Due within ono year. 202>2024 2022-2023 Trade creditors Reservatlon deposlls {") Sundry credrtor5 Ta)(es &..social security Accruals 277,572 9,iaB,092 644,951. 363,751 559.205 10,983,571 292,218 3,939.128 858,301 305,098 524.771 7,919,516 ( } During 2023/24 the School received £9.138.092 rep.re5entlng part.of the innual fèes In advance for the 2024/25 schoDI year. BANK LOANS Followlng approval by the éoafd of Governors by ordlnary wrltten resolution dated 18.th becembei 20.17: the School sSgned an EIB loan agreement ivith Alph'a Bartk 5A amountirl8 tg 7.sm dated 22 December 2Q17 repre5eiitln8 50% of thè fundlng f.equirèd lot the redevelopment olthè TrÈw upper school on the. Mècsolar site.. On.21M June 2018, the School.signed an EIB loan agreement wlth Natlonal Bank of Greece SA INBGI for a loan of È7.5m. Thls NBG loan tO8etherwith the loan above totsl to an initial loan finance of CISM. In September 201.8, the Schocil was notlfled by NBG that the loan of U.5m could not exceed f5m 4ue to the rule5 of the EIB. NBG dld however inform the school that It would fund the required a.sm through 3 normal cDn5trucllon bank loan, The required replacemEnt loan agre¢ment5 were appwoved by the Board and finally signed by. Ihe Sth(>ol .on .the 19th of pcember2019. 2023-2024 2022-ioia Due wlttrlin one year (shortlerm portlon) Due aft¢r one yeaT Ilon8 term porti¢)n) .2,458,t)00 2,4.17.000. 1,500,000 9,500,OQO 4,875,000 ii.000,oixi T.hE loan5 are secured by a flrst preferd Jnorteage on the Sthoofs immovable property. In additlon, the Insurance pollGles on the School'5 ifflmovabl¢ property have been as518nÈd as collateral forthls loan facility, On August 2?, 2024, the School prepald £5 milllon in loan.prihcipal, allocatinB Q.5 millionto Alpha Bank and E2.5 millioh to the NatTronal Bank of Greecv, P.agé27
OccyB.19n EnvelDp.E tD::06562A47-A924.40F.34EA&7F05gb482DED D(cusbJn Envelope IQ.. 41q15E2&.6DOHSDB59¢.8oE7.OD3CEB67 ST. tATHERINE'S BRITISH SCHOOL Notes to the Accounts as.at 31st Ausust.2024 fAII amounts in tables and DotE5 are presented In'EMnle55 Otherwise Stated) 10. PROVISIQN FOR REfiREMENT INDEMNif.IE5 Urldef Gréek labour law, einpbyees are entitled to terminatlon payments .In the event of dlsmlssal Df retirement, wlth the amount of payment varylng In relatlon to Ihe employee's compensation, length of servlce and. manner Idismis5ed or.re¢iredl of'.termlnation,.w.hlch If due to rÈtlrement is 4)f the airiount payable uptsn.di5missal. Employees who. reslgn or are dlsmlssed with cause are rtol entitledloterminatioh paments. The numberofemplqyeeswho wlll eventually be.dlsm155ed or retire. in s(tbsequent years is'nol known.. An actuarlal valuation of the r£tlrement Indemnities Ilablllty was perforrned durlng the year by Independent actua[l¢s. The movement" and cbmponents. of ihe retirèm'ent Indemnitie5.1Sability for the year ended 31" August 2024 is as follows: Net1SJblllty reco8nSseO in the.Balancé Sheet 2023-2024 2022-2023 Present value of defined benef51 obllgatloTr Net Ilabilitv 1,175,009 1,175,009 1,063.265 1,063,265 Actuarlal assumptions 2023-2024 2022-2023 Rate of salary Increase Discount rate Avera8e pr1[¢ Inflatlon 6,00% 3.24% 2.00% 6.00% 3.80% 2.10% Net expense reco5nlsed In the ..StaleMent .01 Flnand41 2023-2024 2022-.2023 Actl¥lties Sepgice cost.componenl Past Servlcé C05t due to amendments lTrteie5t. cosi component TerrninatlDn benefits Less,. Beneflt$ pald 140,010 23,20S 40,404 110,801 7.936
6,135 42.110 1112,6981 1108,9731 7B,009
Docuslgn Envelope ID.. 06502A4.7' A91440F3AEAG.7F$588482DED 00cu Envelope ID.. 4191SE?WD04.4BtXl.B53C.aCE1003CE867 ST. CATHERINF,, S BRITISH SCFtOOL Notes lo the Account5 as at 31st August 2024 IAII 3mouDts in lables and rsoles are presented in C unles5 Otherwlse stated) io. PRO'VISION FOR RETIREENT INt)EMNITIES Icon¢inuedl oth.er recognised'galns and10ss.es Yècognised in the. statement of Financlal Actlvltles 2023-2024 2022-2023 ..tUaal Igains)Ilosses 84.063 84,063 2Q,822 Change In the present value of the deffned benefit.obli8ation 2023-20Z4 2022-Z02a Presenl value of déf ined benefit Obllfjallon as atl:., 5epternber Serylce cost componenl Past SeNlce Costdueto'amendrnents Inter'st.cost cornponent Termln?tlon benefit5 LÈSS: 8eneflls Paid Actuarlal:losses/l8ainsl Present value of deflne4 beneflt obllgation 85 It 31, Au8USt 1,063,26S 140,010 23,205 40,404 901,ig3 110,801 7.936 26,135 41110 1112,6981 1108.973) 84,063 1,175,009 1,063,265 IJ. RESTRICTED AND UNRESTRICTED FUNDS Re5trlrted Funds 2023-2024 2022.2023 Lnd Revoluation ReseNe 531,683 533,683 School FIpserve5 146,742 678,425 146,742 678,425 The Land Valuatlon Reserve reflerts the retsaluafbn gf the gchool's.'Freehold land. The rev31uatlott re5e{ve has been frozen due to the decision of the School to record the land at deemed ¢0st followlns the adoptlon of FRS 102. Unreslfirted Funds The School's funds arè héld to finance the freehold property an¢ to cover normal t1uttuatns In workln&capital. As at'31'.'.Au8U5t 2024 unrestricted rese¢ves amounted t'9 É28,452,940 {2023' 7.672,2751.. I?. RELATED. PARTY TftANSAcfioNS Thère were no.related party. transaction5 in the year. Page 29
Docusign Envelope 10: 06562A47-A924.40F3.AEAC.7F658B4820EO Oowsign Envelope 10.. 41915E2B-600H8DO.8sec.8DEIOD3CE867 ST. CATHERINE'S BRITISH SCHOOL Notes td the Ac¢ounts as at 31st August 2024 IAII amounts In tables and notes are presented in £ unless otherwlse stated) 13. CONTIIACYS AND COMMITMENTS At 31" August 2024 the School had cornmitments under non•cancellable operatina leases as set out below: 2023-Z014 2012-2023 Operating leases: Less than one year In 2 to 5 years Greaterthan 5 years 324,036 665,864 200,157 631,567 98.794 930,518 989,900 Additlonally, at 31. August 2024 the School had commltments related to the redevelopment of the Lower School slte as set out below.. 2023-2024 2022-2023 Less than one year In 2 to 5 years 316,598 93,238 409,836 144,620 93,358 237,978 14. ANALYSIS OF CHANGES IN NEf OEBT AtISep 202> oihtr DOnb ¢h•npi C•sh Iltyws At31Au 2024 Cash and eash equlvalents C•5h 10.749,320 1?,247.3741 10,749.320 12.147.374) 8,501,946 8,501,946 Borrowln Debt dLte wlthln one year Debt due alter one year iJ.xb).rKK)I 19.S(Y).crf)01 li,fyx).KjI 6.125,000 17.083.IX)01 7,083.000 I2.458.¢10) 12.4.17.CQOI 14.87S.0001 6.125.000 1250.6801 3 877.626 3,626,946 IS. CONTINGENT LIA8iiinES During May 2000. the School's tax status was clarified with the tax authorltles and the School was granted a Greek tax Tegi5tration number. Accoidlng to Greek tax le8lslation, tax relurns are filed annually but the profits or losse5 declared for tax purposes remain provisional until such tlme a5 the tax authorities examine the returns and the records of the tax payer and 3 final a55essment IS 155ued. As the School has never been audited by the lax authorities since InceptloA. its liability for taxes. fine5, dutles and any other dues or actions that may be levled or laken a8alnst It by the sald authorities is not considered flnalised. Given the clarification of the School's income tax statu5 descrlbed above, the School's principal activities are not Subject to income tsxe5- a5 a result, the Director5 believe thal the possibility of reali5allon of such contingent tax liabilities is remote. Pase 30
Docu5n Envelope.D.' 06562A47-A924.40F3-AEAC-7F658B482DEO .DoEuslgn Ene10.30.. 41915E?&6D0$4&Dt8S9c-6DE.10D3CE887 ST. CATHERINE?S BRItISH SCHOOL Notes to the Accounts as at 31st 2024 IAII amounts in"tables and note&.'are.presented in É unless citherwlse.statedl Greek tax law. 384V201O imposed, amon8 Others a speclal taK of IS% to.various tate8ories (¢nt'ities or Ind"ividu¥151. of real estate owners In Greece,.'51multaneously providin8 for.¢ertain exceptionL The'school, a'5'.a not for pr(bfit oiganTzatlon, 15 exempteé fr( Ihe.above mentioned tax., The law specified that a fomial procedure of submittingarf exceptjon appllcallon and a zero tax reiurn to the tax authorities had to be followed. Ihe School dld. not flle an extrptlon appliration with the tax authorities, for the calendar year 2010.but It'tlirectly submitted a zero tax..return. Management bèlièves that, because th'e.Sthool ts exempted ofthe a'bove mentioned tax non strsct iinplenient3tion. (sf the above formalrtie5 will not result In any additional tax burdeh. I& POST BALAN££ SHEEf EVENTS There were no other thateftal events after thè balance Sheet date whlch have a b&arln8 on the under5tandlng af the flnandal slatements. Page 31