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REGISTERED COMPANY NUMBER: 00889233 (England and Wales)
REGISTERED CHARITY NUMBER: 1138475















Report of the Trustees and

Unaudited Financial Statements

for the Year Ended 31 July 2023

for

ST SOPHIA'S SCHOOL
BENEVOLENT FUND LIMITED

ST SOPHIA'S SCHOOL
BENEVOLENT FUND LIMITED






Contents of the Financial Statements
for the year ended 31 JULY 2023




Page

Report of the Trustees 1 to 4

Independent Examiner's Report 5

Statement of Financial Activities 6

Statement of Financial Position 7 to 8

Notes to the Financial Statements 9 to 12

ST SOPHIA'S SCHOOL
BENEVOLENT FUND LIMITED (REGISTERED NUMBER: 00889233)

Report of the Trustees
for the year ended 31 JULY 2023


The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 July 2023. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).

STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
St Sophia's School Benevolent Fund Limited is a company limited by guarantee and as such has no share capital. It is governed by its Memorandum and Articles of Association. It was registered as a charity on 19th October 2010.

There are currently twelve governors, together referred to as the 'Board of Directors', which has the overall responsibility for St Sophia's School Benevolent Fund Limited. Appointment to the Board of Directors is by application to the board and is at their discretion.

Objectives, Public Benefit Aims and Principal Activities
St Sophia's School Benevolent Fund Limited was established in 1966, and the object of the Fund, in accordance with its Memorandum and Articles of Association is "to advance the education of young people for the benefit of the public in Greek Language, history, culture and dance by the provision of a school or schools".

Summary of the main activities undertaken in relation to those objects
Teachers taught the Greek language, history, culture, singing and dance to pupils of the school during classes held for each age group at Pimlico Academy,Lupus Street,London,SW1V 3AT, which are rented from the School each Saturday morning from 9.30 am to 1.15 pm.

Pupils consisted of children of parents where both parents were Greek speaking or where one parent was Greek speaking and the other not.

Teachers were either Greek or Cypriot or of Greek or Cypriot descent, a small proportion being offered and funded by the Cypriot government.


ST SOPHIA'S SCHOOL
BENEVOLENT FUND LIMITED (REGISTERED NUMBER: 00889233)

Report of the Trustees
for the year ended 31 JULY 2023


STRUCTURE, GOVERNANCE AND MANAGEMENT
A summary of the main achievements of the charity during the year
The staff of the school consisted of 30 staff including one headmistress, one deputy headmistress, 19 teachers, one dance teacher, one music teacher, 8 assistant teachers and one cover supervisor teacher. The number of pupils during the year was 281. There were 27 classes consisting of 2 parallel Nursery classes, 3 parallel Reception classes, 2 parallel classes for Year 1, 2 parallel classes for Year 2, 2 parallel classes for Year 3, 2 parallel classes for Year 4, 1 class for Year 5, 1 class for Year 6, GCSE1 and GCSE2 class, an A1 Level and an A2 Level class in Modern Greek.

During the summer of 2023, the number of pupils who entered for the GCSE and A level public examinations and the results obtained at each level were as follows:

- 17 students sat the GCSE Modern Greek and the grades achieved were: 10 <9>, 6 <8>, 1<4>

- 2 students sat the A Level in Modern Greek and the grades achieved were: 1 <A*>, 1 <B>

School concerts, services and prize giving events were held on 6 occasions with parents, staff and teachers in attendance.

Saturday 10th September, Pimlico Academy - Blessing
Saturday 22nd October, Pimlico Academy - OXI Day Celebration
Saturday 17th December, St Sophia's Church - Christmas liturgy / Nativity Play
Saturday 7th January, Pimlico Academy / Vassilopita
Saturday 25th March, Pimlico Academy - "25th March" Celebration / prizegiving
Saturday 8th July, Pimlico Academy - Summer Celebration / End of year

The School started producing a magazine from July 2016. Another school magazine was produced this year, in the summer, and distributed with contributions of written material, photographs and drawings from the teachers and pupils.

The Directors sought donations during the year to supplement the school fees. The total sum received in the year was £16,343.09 and this contributed towards the general running of the school.

Also, during the year 10 bursaries were granted.

From year 2015 the governors decided to gradually increase the fees with the aim of securing a more sound financial footing to enable the school to become more self-financing and less reliant on subsidisation through donations and to keep up with inflation.

There were over 86 children on the waiting list for entry in September 2023.

A website designed in previous years is now live and operational and provides useful information to parents, children and the general public. The progress of the school was monitored by regular termly meetings held by the directors with the Headmistress of the School.

Parent's Association donated £600 in order to cover the School's Magazine graphic designer's fee

Bursaries

A total of £4,868.00 was awarded as Bursaries to 12 students broken down as below:
- Full Bursaries
5 students received a 100% bursary against the full year's fees
- Half Bursaries
5 students received a 50% bursary against the full year's fees


ST SOPHIA'S SCHOOL
BENEVOLENT FUND LIMITED (REGISTERED NUMBER: 00889233)

Report of the Trustees
for the year ended 31 JULY 2023


STRUCTURE, GOVERNANCE AND MANAGEMENT
Financial Review
In 2022-23, fee income increased by 2.42% to £207,906 (2022: £202,997).

Resources expended increased by 11.07% to £221,280 (2022: £199,222), comprised of resources expended on charitable activities, governance costs and other expenditure.

Reserves
As at 31 July 2023, the Fund held accumulated unrestricted funds of £240,864 (2022: £254,238).

The Governors' policy is to maintain sufficient reserves to provide the requisite working capital and a contingency to meet any future expansion and development plans to further the objectives of the Trust.

REFERENCE AND ADMINISTRATIVE DETAILS
Registered Company number
00889233 (England and Wales)

Registered Charity number
1138475

Registered office
150 Aldersgate Street
London
EC1A 4AB

Trustees
T Bakalis Priest
Mrs C Caroussis Company Director
B C Goulandris Charter Broker (resigned 24.11.22)
Mrs M Limnios Lawyer
Dr I Margaronis Company Director (resigned 6.3.24)
Mrs M Nikolopoulou Teacher
N J Paleocrassas Treasurer
Mrs S Polemis Housewife (resigned 6.3.24)
P M Poulmentis Shipbroker (resigned 1.12.22)
Mrs M Spyrou Architect
J Panayiotou Company Director (appointed 16.5.23)
Ms J Shall Company Director (appointed 16.5.23)
Mrs E Goulandris Company Director
C Nifadopoulos Lawyer

Company Secretary
Mrs M Nikolopoulou

Independent Examiner
K J Pittalis and Partners LLP
Chartered Certified Accountants
Global House
303 Ballards Lane
London
N12 8NP


ST SOPHIA'S SCHOOL
BENEVOLENT FUND LIMITED (REGISTERED NUMBER: 00889233)

Report of the Trustees
for the year ended 31 JULY 2023

This report has been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

Approved by order of the board of trustees on 16 April 2024 and signed on its behalf by:





N J Paleocrassas - Trustee

Independent Examiner's Report to the Trustees of
St Sophia's School
Benevolent Fund Limited

Independent examiner's report to the trustees of St Sophia's School Benevolent Fund Limited ('the Company')
I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 July 2023.

Responsibilities and basis of report
As the charity's trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act').

Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity's accounts as carried out under Section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under Section 145(5) (b) of the 2011 Act.

Independent examiner's statement
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:

1. accounting records were not kept in respect of the Company as required by Section 386 of the 2006 Act; or
2. the accounts do not accord with those records; or
3. the accounts do not comply with the accounting requirements of Section 396 of the 2006 Act other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination; or
4. the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities (applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)).

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.








K J Pittalis

K J Pittalis and Partners LLP
Chartered Certified Accountants
Global House
303 Ballards Lane
London
N12 8NP

16 April 2024

ST SOPHIA'S SCHOOL
BENEVOLENT FUND LIMITED

Statement of Financial Activities
for the year ended 31 JULY 2023

31/7/23 31/7/22
Unrestricted Total
fund funds
Notes £    £   
INCOME AND ENDOWMENTS FROM
Donations and legacies 207,906 202,997

EXPENDITURE ON
Raising funds 2 69,393 56,616


Other 151,887 142,606
Total 221,280 199,222

NET INCOME/(EXPENDITURE) (13,374 ) 3,775


RECONCILIATION OF FUNDS
Total funds brought forward 254,238 250,463

TOTAL FUNDS CARRIED FORWARD 240,864 254,238

ST SOPHIA'S SCHOOL
BENEVOLENT FUND LIMITED (REGISTERED NUMBER: 00889233)

Statement of Financial Position
31 JULY 2023

31/7/23 31/7/22
Unrestricted Total
fund funds
Notes £    £   
CURRENT ASSETS
Debtors 6 472 -
Cash at bank 306,442 314,138
306,914 314,138

CREDITORS
Amounts falling due within one year 7 (66,050 ) (59,900 )

NET CURRENT ASSETS 240,864 254,238

TOTAL ASSETS LESS CURRENT
LIABILITIES

240,864

254,238

NET ASSETS 240,864 254,238
FUNDS 8
Unrestricted funds 240,864 254,238
TOTAL FUNDS 240,864 254,238

The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 July 2023.


The members have not required the company to obtain an audit of its financial statements for the year ended 31 July 2023 in accordance with Section 476 of the Companies Act 2006.


The trustees acknowledge their responsibilities for
(a)ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company.


ST SOPHIA'S SCHOOL
BENEVOLENT FUND LIMITED (REGISTERED NUMBER: 00889233)

Statement of Financial Position - continued
31 JULY 2023

These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime.


The financial statements were approved by the Board of Trustees and authorised for issue on 16 April 2024 and were signed on its behalf by:





N J Paleocrassas - Trustee

ST SOPHIA'S SCHOOL
BENEVOLENT FUND LIMITED

Notes to the Financial Statements
for the year ended 31 JULY 2023

1. ACCOUNTING POLICIES

Basis of accounting
The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2015) - (Charities SORP (FRS 102)), the Financial Reporting Standard.

Assets and liabilities are initially recognised at their historical cost or transaction value unless otherwise stated in the relevant accounting policy notes(s).

The Governors consider that the Fund has sufficient funds to meet its obligations as they fall due for at least 12 months from the date these financial statements are approved and deem it appropriate that the financial statements are produced on a going concern basis.

The functional and presentation currency of the fund is GB Pound Sterling (£).

Fund accounting
General funds are unrestricted funds which are available for use at the discretion of the trustees in furtherance of the general objects of the Fund and which have not been designated for other purposes.

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the Fund for particular purposes. The aim and use of each restricted fund is set out in the notes to the financial statements.

All funds are unrestricted.

Incoming resources
All income is included in the Statement of Financial Activities (SODA) when the Fund is legally entitled to the income and the amount can be quantified with reasonable accuracy. Income from school fees is taken into the statement of financial activities when received or when receipt is probable and the value can be measured with sufficient reliability.

Resources expended
All expenditure is accounted for on an accruals basis and includes VAT as the Fund is not registered for VAT as follows:

Charitable activities
Resources expended on charitable activities comprise of all the resources applied by the fund in undertaking educational activities, including both direct costs together with those support costs incurred.

Governance costs
Governance costs include those costs of governance arrangements which relate to the general running of the fund which allows the fund to operate and to generate the information required for public accountability. Expenditure on the governance of the fund includes accountants fees and costs associated with statutory requirements.

Other resources expended
Other resources expended will include any costs which the fund has not been able to analyse within the main resources expended categories above.

Financial instruments
The Fund only has financial assets and liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.

ST SOPHIA'S SCHOOL
BENEVOLENT FUND LIMITED

Notes to the Financial Statements - continued
for the year ended 31 JULY 2023

2. RAISING FUNDS

Raising donations and legacies
31/7/23 31/7/22
£    £   
Support & governance costs 69,393 56,616

3. TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the year ended 31 July 2023 nor for the year ended 31 July 2022.


Trustees' expenses

There were no trustees' expenses paid for the year ended 31 July 2023 nor for the year ended 31 July 2022.


4. STAFF COSTS
31/7/23 31/7/22
£    £   
Wages and salaries 150,748 141,563
Other pension costs 1,139 1,043
151,887 142,606

The average monthly number of employees during the year was as follows:

31/7/23 31/7/22
Teachers 21 20
Assistants 9 9
30 29

No employees received emoluments in excess of £60,000.

5. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES 2021
Unrestricted
fund
£   
INCOME AND ENDOWMENTS FROM
Donations and legacies 202,997

EXPENDITURE ON
Raising funds 56,616


Other 142,606
Total 199,222

ST SOPHIA'S SCHOOL
BENEVOLENT FUND LIMITED

Notes to the Financial Statements - continued
for the year ended 31 JULY 2023

5. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES 2021 - continued
Unrestricted
fund
£   

NET INCOME 3,775


RECONCILIATION OF FUNDS
Total funds brought forward 250,463

TOTAL FUNDS CARRIED FORWARD 254,238

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31/7/23 31/7/22
£    £   
Other debtors 472 -

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31/7/23 31/7/22
£    £   
Deposits held 64,250 58,100
Accrued expenses 1,800 1,800
66,050 59,900

8. MOVEMENT IN FUNDS
Net
movement At
At 1.8.22 in funds 31.7.23
£    £    £   
Unrestricted funds
General fund 254,238 (13,374 ) 240,864

TOTAL FUNDS 254,238 (13,374 ) 240,864

Net movement in funds, included in the above are as follows:

Incoming Resources Movement
resources expended in funds
£    £    £   
Unrestricted funds
General fund 207,906 (221,280 ) (13,374 )

TOTAL FUNDS 207,906 (221,280 ) (13,374 )


ST SOPHIA'S SCHOOL
BENEVOLENT FUND LIMITED

Notes to the Financial Statements - continued
for the year ended 31 JULY 2023

8. MOVEMENT IN FUNDS - continued

Comparatives for movement in funds

Net
movement At
At 1.8.21 in funds 31.7.22
£    £    £   
Unrestricted funds
General fund 250,463 3,775 254,238

TOTAL FUNDS 250,463 3,775 254,238

Comparative net movement in funds, included in the above are as follows:

Incoming Resources Movement
resources expended in funds
£    £    £   
Unrestricted funds
General fund 202,997 (199,222 ) 3,775

TOTAL FUNDS 202,997 (199,222 ) 3,775

9. RELATED PARTY DISCLOSURES

Certain Members of the board of governors are also parents of children who attend the School and, accordingly, fee income for the year includes fees receivable from the Governors at normal rate.

There were no other transactions with related parties and the Governors received no remunerations or reimbursed expenses.

10. SHARE CAPITAL

The Company is limited by guarantee and as such has no share capital.