REGISTERED CHARITY NUMBER: 1041474
THE AXIS EDUCATIONAL TRUST
TRUSTEES’ REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 AUGUST 2024
THE AXIS EDUCATIONAL TRUST
| Contents | Page |
|---|---|
| Legal and administrative information | 2 |
| Trustees’ Report | 3 - 12 |
| Accountant’s Report | 13 |
| Statement of Financial Activities | 14 |
| Balance Sheet | 15 |
| Notes to the Financial Statements | 16 – 24 |
1
THE AXIS EDUCATIONAL TRUST
Legal and administrative information
Trustees
Sevgi Iz (Treasurer - Trustee)
Charity Number: 1041474
Office address
16-17 Grand Arcade, Industrial House Second Floor, London, N12 0EH
Accountants
AA ACCOUNTANCY SERVICES 244 Chase Road London N14 6HH
Bankers
HSBC Bank plc PO Box 1311 The Town Enfield Middlesex EN2 6LD
Solicitors
Russell Wise Solicitors
2
EDUCATIONAL TRUST 11 For the period ended 31 August 2024
Welcome
On behalf of the Board of Trustees, I warmly welcome you to the 2024 Trustees' Report of Axis Educational Trust.
This year marks a special milestone in our history as we prepare to celebrate the 30th anniversary of our founding. Planning is well underway for a spectacular Gala Night and Talent Contest later in the year, where we aim to showcase the achievements of our students and community. We anticipate the event will be attended by the Mayor, councillors, artists, and members of the public, and will reflect how far we have come in our mission to empower, educate, and elevate the communities we serve.
Despite continued economic challenges, Axis Educational Trust has remained resilient, expanding its impact through dynamic partnerships, targeted funding, and a highly motivated team. Our strategic focus on supplementary education, youth development, and community wellbeing has delivered tangible outcomes for disadvantaged communities across Enfield, Barnet, and Kent.
In response to the increasing demand for youth and family services-particularly due to rising migration and refugee settlement in the Barnet and Enfield boroughs-our Board has approved plans to purchase a dedicated Youth and Community Centre in East Barnet. We are actively pursuing a mix of donation campaigns and loan financing to make this vision a reality. The new centre will provide a permanent, safe, and inclusive space for learning, mentoring, social action and well-being services.
Warm regards,
Sevgi Iz
On behalf of the Board of Trustees
Board of Trustee Report FOR THE PERIOD ENDED 31 AUGUST 2024 The trustees present their annual report along with the audited financial statements of the charity for the period ended 31 August 2024. The trustees conf irm that the Annual report and f inancial statements have been prepared in accordance with the accounting policies set out in note I to the accounts and comply with the CharItS trust deed, the Charities Act1993 and the Statement of Recommended Practice: Accounting and Reporting by Charities 2005. STRUCTURE, GOVERNANCE AND MANAGEMENT Constitution The Axis Educational Trust is constituted under a trust deed dated Ilth July1994 and as amended on15 January 2021 and is a registered charity, number1041474. The principal objective of the Trust is to advance the education of students in the UK. In setting our objectives and planning our activities the trustees have considered the Charity Commission's general guidance on public benef it and to its supplementary public benef it guidance on advancing education and on fee- charging. Method of appointment or election of trustees The management of the charity is the responsibility of the Trustees who are elected and co-opted under the terms of the Articles of Association. Policies adopted for the induction and training of trustees. New Trustees are inducted into the workings of the charity including Board policy and procedures, by way of electronic updates including, but not limited to, monthly brief ings on Trust activities. Organisational structure and decision making The Axis Educational Trust is a registered charity, number 1 1041474 and managed by its Trustees. The Board of Trustees is made up of the chair, secretary, treasurer and other trustees and meet at least four times a year to manage the charity. . Risk Management The Trustees have assessed the major risks to which the charity is exposed, in particular those related to the operations and f inances of the charity and are satisf led that systems and procedures are in place to mitigate our exposure to the major risks.
Our Vision and Objectives To become a key player in creating education opportunities and life chances for children, young people and families of disadvantaged backgrounds Our vision will be realised through the delivery of four key objectives articulated as commitments to the local community as described in the Memorandum of Association the advancement of education of children and young people by tackling the inequalities and developing their skills, capacities and capabilities through establishment of supplementary education opportunities 11 relieving unemployment by training of those who are unemployed, young adults, adults and women with the aim of increasing their skill level and chances of employability providing mentoring and mental health support for young people particularly through the provision of sports and arts activities the relief of poverty amongst the residents of London by providing emergency aid, food and equipment to the families especially in the time of crisis
KEY PROJECTS AND ACHIEVEMENTS (2023~2024) l. Skill Up & Youth Empowerment Projects Delivered across Barnet (funded by John Lyons Charity), Enfield (by City Bridge Foundation), and Kent (by Colyer Fergusson Charitable Trust). Supported over 90 young people with skilling sessions, career advice, mentoring, and creative arts programmes. Resulted in 65% engagement in further education, apprenticeships or employment. "The Skill Up programme gave me not just career skills, but a sense of purpose and support I never had bef ore." Project participant 2. Supplementary Education & Mentoring Axis delivers tuition centres, youth clubs, holiday activity programmes and adult training groups across North London and Kent. These are offered as paid, subsidised, or f ree community projects focused on supporting disadvantaged and vulnerable residents. Our work strictly follows safeguarding, inclusion, and anti-discrimination policies, ensuring all benef iciaries are treated equally. Trustees regularly review Charity Commission guidance to balance public benef it and f ee-charging policies. Thanks to tuition income and grants, we were able to offer free or subsidised education (up to 50 % scholarships) to children from low-income families. We also enhanced our digital offering and staff training to provide high-quality blended learning across centres. Key activities delivered: Tuition centres offering regular academic support across core subjects One-to-one and small group tuition in English, Maths, and Science Evening and weekend sessions including homework clubs and booster classes SATS, Il+ and GCSE preparation courses NEET and adult employability support Teacher training programmes, particularly for young tutors and overseas- qualified refugees Holiday Activity and Food programmes with academic and wellbeing components Sports and arts-based wellbeing sessions to improve physical and emotional resilience
We prioritise core skills-literacy and numeracy-and tailor programmes for Key Stages1-4. Students receive customised weekly booklets, complete homework, and are assessed regularly. Parents are kept informed through weekly and termly reports, and we run review meetings to align learning goals. For GCSES, we offer 2+ hours per subject weekly. A-Level students and others requiring intensive support receive personalised sessions. Our centres are largely managed by former programme graduates and refugee professionals who have completed our training. We're proud that our community-based model also strengthens social bonds, offering safe, focused learning environments and opportunities for parents to connect. "Axis helped my son not just academically but emotionally too. The support has been a lifeline. Parent feedback Outcomes: 100 % of GCSE students achieved grade 5-9 last year. 85 % of KSI-KS3 students showed progress after two terms. To ensure access, we kept fees low (£121hour for most students), and provided f ull or partial support to families on Universal Credit or f ree school meals. 3. Holiday Activities and Food (HAF) Programmes Funded by Barnet Council, our HAF clubs served 120 children during Easter, summer, and winter breaks. Offered engaging academic, arts, and sports activities with daily healthy meals. Provided over1,500 hours of structured learning and recreation. "Axis Holiday Club helped my kids learn and grow through fun and care-just what every family needs in tough times." Parent feedback
- Wellbeing through Arts, Mentoring & Sports Delivered 60 group sessions on mental health and personal growth. Organised 370 hours of sports and creative arts sessions. Worked with children and teenagers most at risk of social isolation or school exclusion. PARTNERSHIPS AND COMMUNITY ENGAGEMENT We are proud of our growing collaboration with: London Youth Young Barnet Foundation Enf ield Voluntary Action Inclusion Barnet Local schools and voluntary sector organisations These partnerships have been vital in reaching marginalised communities, coordinating services, and raising the standard of provision across boroughs. LOOKING AHEAD As we move into the next phase of our journey, Axis Educational Trust remains committed to: Expanding youth and refugee employability pathways Embedding wellbeing support in all our academic programmes Increasing family engagement and parental involvement Sustaining high-quality tuition through hybrid models (in-person and online) Establishing our new Youth and Community Centre in East Barnet as a f lagship hub f or our local service delivery With gratitude to our f unders, supporters, staff, and volunteers, we look f orward to building a more inclusive and opportunity-rich future. Financial Summary and Accounts Please refer to our audited financial statements for detailed income, expenditure, and f unding breakdown.
II'A
THE AXIS EDUCATIONAL TRUST
INDEPENDENT EXAMINER'S REPORT TO TRUSTEES OF THE AXIS EDUCATIONAL TRUST
I report on the accounts of the charity for the year ended 31 August 2023 which are set out on pages 14 to 24
Respective responsibilities of trustees and examiner
The charity’s trustees are responsible for the preparation of the accounts in accordance with the terms of the Charities and Trustee Investment (Scotland) Act 2005 and the Charities Accounts (Scotland) Regulations 2006. The charity trustees consider that the audit requirement of Regulation 10(1) (a) to (c) of the 2006 Accounts Regulations does not apply. It is my responsibility to examine the accounts as required under section 44(1) (c) of the Act and to state whether particular matters have come to my attention.
Basis of independent examiner’s statement
My examination is carried out in accordance with Regulation 11 of the 2006 Accounts Regulations. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts and seeks explanations from the trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently I do not express an audit opinion on the view given by the accounts.
Independent examiner’s statement
In the course of my examination, no matter has come to my attention other than disclosed below.
1.which gives me reasonable cause to believe that in any material respect the requirements:
•to keep accounting records in accordance with Section 44(1) (a) of the 2005 Act and Regulation 4 of the 2006 Accounts Regulations
•to prepare accounts which accord with the accounting records and comply with Regulation 8of the 2006 Accounts Regulations have not been met, or
2.to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached .
AA ACCOUNTANCY SERVICES
Chartered Certified Accountant
244 Chase Road, London, N14 6HH
Date: 25 June 2025
13
THE AXIS EDUCATIONAL TRUST STATEMENT OF FINANCIAL ACTIVITIES
(Incorporating income and expenditure account) FOR THE YEAR ENDED 31 AUGUST 2024
| Unristricted Notes Funds INCOME AND EXPENDITURES £ INCOMING RESOURCES Incoming resources from generated funds: Voluntary income 2 73292 Activities for generating funds 3 0 Investment income 4 257400 Incoming resources from charitable activities 5 231392 Other incoming resources 6 43624 TOTAL INCOMING RESOURCES 605708 RESOURCES EXPENDED charitable Activities 7 456270 Governance Costs 8 44869 Other resources expended 9 0 TOTAL RESOURCES EXPENDED 11 501139 NET INCOMING/(OUTGOING) RESOURCES before transfers 21 104569 Transfersbetween funds - NET MOVEMENT IN FUNDS FOR THE YEAR 104569 Total Funds at 1 September 2023 2118524 Prior Year Adjustment (Note 20) 0 Total Funds at 31 AUGUST 2024 2223093 ===== |
Restricted Funds £ 71762 0 0 0 - 71762 65805 6100 0 71905 -143 - -143 0 0 -143 ===== |
2024 Total £ 145,054 0 257400 231392 43624 677470 522075 50969 0 573044 104426 - 104426 2118524 0 2222950 ===== |
2023 Total £ 189,924 0 269548 219340 10683 689495 522579 44835 0 567414 122081 - 122081 1996443 0 2118524 ===== |
|---|---|---|---|
The notes on pages 16 to 24 form part of these accounts.
14
THE AXIS EDUCATIONAL TRUST
BALANCE SHEET AS AT 31 AUGUST 2024
| BALANCE SHEET AS AT 31 AUGUST 2024 |
||||
|---|---|---|---|---|
| Notes | 2024 | 2023 | ||
| FIXED ASSETS | ₤ | ₤ | ||
| Tangible assets | 15 | 35085 | 29760 | |
| Programme related investments | 16 | 2886026 | 2886026 | |
| 2921111 | 2915786 | |||
| CURRENT ASSETS | ||||
| Debtors | 17 | 33996 | 24400 | |
| Investments | 61667 | 61667 | ||
| Cash at bank and in hand | 137716 | 127300 | ||
| 233379 | 213367 | |||
| CREDITORS:Amounts falling due | ||||
| within one year | 18 | (132555) | (115831) | |
| Net current assets / (liabilities) | ||||
| CREDITORS:Amounts falling due | 19 | (798985) | (894798) | |
| more than one year | ||||
| Total assets less current liabilities | 2222950 | 2118524 | ||
| ===== | ===== | |||
| CHARITY FUNDS | ||||
| Restricted funds | 21 | -143 | 0 | |
| Unrestricted funds | 21 | 2223093 | 2118524 | |
| 2222950 | 2118524 | |||
| ===== | ===== |
The notes on pages 16 to 24 from part of these accounts. Approved by the Board of Trustees on 25 June 2024 and signed on its behalf by Sevgi Iz, Treasurer
Sevgi Iz Treasurer (Trustee)
15
THE AXIS EDUCATIONAL TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024
1. ACCOUNTING POLICIES
1.1 Basis of preparation of financial statements
The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value, and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008). The financial statements have been prepared in accordance with the Statement of Recommended Practice (SORP), 'Accounting and Reporting by Charities' published in March 2005 and applicable accounting standards.
1.2 Fund accounting
General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the charity 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 charity for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.
Investment income, gains and losses are allocated to the appropriate fund.
1.3 Incoming resources
All incoming resources are included in the Statement of financial activities when the charity has entitlement to the funds, certainty of receipt and the amount can be measured with sufficient reliability.
Donated services or facilities, which comprise donated services, are included in income at a valuation which is an estimate of the financial cost borne by the donor where such a cost is quantifiable and measurable No income is recognised where there is no financial cost borne by a third party.
Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.
Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable
1.4 Resources expended
Expenditure is accounted for on an accruals basis and has been included under expense categories that aggregate all costs for allocation to activities. Where costs cannot be directly attributed to particular activities they have been allocated on a basis consistent with the use of the resources.
Governance costs are those incurred in connection with administration of the charity and compliance with constitutional and statutory requirements.
Grants payable are charged in the year when the offer is made except in those cases where the offer is conditional, such grants being recognised as expenditure when the conditions attaching are fulfilled, Grants offered subject to conditions which have not been met at the year end are noted as a commitment, but not accrued as expenditure.
16
THE AXIS EDUCATIONAL TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024
1. ACCOUNTING POLICIES (continued)
1.5 Tangible fixed assets and depreciation
All assets costing more than £ 500 are capitalised.
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost of fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Fixtures and fittings 25% reducing balance
1.6 Foreign currencies
Monetary assets and liabilities denominated in foreign currencies are translated into sterling at rates of exchange ruling at the balance sheet date.
Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction.
Exchange gains and losses are recognised in the Statement of financial activities.
1.7 Programme related investment
Programme related investments are stated at the cost of investment.
| 2. VOLUNTARY INCOME Donations Grants Voluntary Income 3. TRADING ACTIVITIES Charity trading income Charity trading income-Domestic Net income from trading activities |
Unristricted Funds £ 58345 14947 73292 Unristricted Funds £ 0 |
Restricted Funds £ 0 71762 71762 Restricted Funds £ - 0 |
2024 Total £ 58345 86709 145054 2024 Total £ 0 0 |
2023 Total £ 80599 109325 |
|---|---|---|---|---|
| 189924 | ||||
| 2023 Total £ 0 |
||||
| 0 |
17
THE AXIS EDUCATIONAL TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024
| 4. INVESTMENTINCOME Unristricted Funds £ Rental Income 257400 5. INCOMING RESOURCES FROM CHARITABLE Unristricted Funds £ Educational Activities 231392 6. OTHER INCOMING RESOURCES Unristricted Funds £ Other incoming resources 43624 7. EXPENDITURE BY CHARITABLE ACTIVITY SUMMARY BY FUND TYPE Unristricted Funds £ Total Expenses 0 Educational Activities 501139 501139 SUMMARY BY EXPENDITURE TYPE Staff Costs £ Investment Income 0 Educational Activities 270412 270412 |
Restricted 2024 Funds Total £ £ 0 257400 ACTIVITIES Restricted 2024 Funds Total £ £ 0 231392 Restricted 2024 Funds Total £ £ 0 43624 Restricted 2024 Funds Total £ £ 0 0 71905 573044 71905 573044 Other 2024 Costs Total £ £ 70326 70326 232306 502718 302632 573044 |
2023 Total £ 269548 |
|---|---|---|
| 2023 Total £ 231392 |
||
| 2023 Total £ |
||
| 10683 | ||
| 2023 Total £ 0 567414 |
||
| 567414 | ||
| 2023 Total £ 62935 504479 |
||
| 567414 |
18
THE AXIS EDUCATIONAL TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024
| 8. GOVERNANCE COSTS Unrestricted Funds £ Governance- Accountants fees 1500 Governance - Other expenses 50 Governance - Premises costs for head office 7917 Governance - telephone 446 Governance expense - computer expenses 851 Governance expense - wages and salaries 22991 Governance expense - NI 7808 Governance - depreciation - tangible fixed assets 3306 44869 ==== 9. OTHER RESOURCES EXPENDED Unrestricted Funds £ Loss((profit) on disposal of fixed asset 0 ==== 10. DIRECT COSTS Allocation Unrestricted £ Other expenses Direct Bursaries and scholarships Direct 31040 Staff training and welfare Direct 2314 Premises Direct 71254 Insurance Direct 5748 Consultancy fees Direct 0 Professional fees Direct 7451 Printing, Postage and Stationary Direct 4546 Equipment Hire Direct 515 Student Related costs Direct 4900 Telephone Direct 4017 Travel and substance Direct 1619 Repairs and Renewals Direct 311 Bank Charges Direct 599 Credit Card Charges Direct Subscriptions Direct 573 Miscellaneous Direct 1374 Advertising Direct 5211 Interest Direct 70326 Computer costs Direct 7662 Wages and salaries Direct 201421 Pension Direct 521 Purchases Direct 34868 456270 ==== |
Unrestricted Funds £ 1500 50 7917 446 851 22991 7808 3306 |
Restricted Funds £ 1500 4600 6100 ==== Restricted Funds £ 0 ==== Restricted £ 13500 200 1790 5120 41400 3795 65805 ==== |
2024 Total £ 1500 50 9417 446 851 27591 7808 3306 |
2023 Total £ 1500 305 5410 350 557 27191 6216 3306 |
|---|---|---|---|---|
| 44869 ==== Unrestricted Funds £ |
50969 ==== 2024 Total £ |
44835 ==== 2023 Total £ |
||
| 0 ==== 2024 Total £ 0 31040 2314 84754 5748 200 7451 6336 515 10020 4017 1619 311 599 0 573 1374 5211 70326 7662 242821 521 38663 |
0 ==== 2023 Total £ 2740 21800 129 48687 4740 6650 7903 1615 511 1661 3146 6165 5047 424 1012 71 11962 10701 62935 5018 244722 788 74152 |
|||
| 456270 ==== |
522075 ==== |
522579 ==== |
19
THE AXIS EDUCATIONAL TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024
11. ANALYSIS OF RESOURCES EXPENDED BY EXPENDITURE TYPE
| Staff Costs Depreciation Other Costs 2024 £ £ £ £ Investment Income 0 0 70326 70326 Educational Activities 235013 0 216736 451749 Charitable activities 235013 0 287062 522075 Governance 35399 3306 12264 50969 Loss on disposal of fixed assets 0 0 0 0 270412 3306 299326 573044 12. ANALYSIS OF RESOURCES EXPENDED BY ACTIVITIES Activities undertaken Total Directly Support Costs 2024 £ £ £ Investment Income 456270 0 456270 Educational Activities 65805 50969 116774 Total 522075 50969 573044 |
2024 £ 70326 451749 |
2023 £ 62935 459644 |
|---|---|---|
| 522075 | 522579 | |
| 50969 0 |
44835 0 |
|
| 573044 | 567414 | |
| Total 2023 £ 454915 112499 |
||
| 573044 | 567414 |
13. NET INCOMING RESOURCES
This is stated after charging:
| 13. NET INCOMING RESOURCES This is stated after charging: |
||
|---|---|---|
| 2024 | 2023 | |
| £ | £ | |
| Depreciation of tangible fixed assets: owned by charity | 3306 | 3306 |
| Auditor's remuneration | 0 | 0 |
| Governance Accountant fees | 1500 | 1500 |
During the year, no Trustees received any remuneration (2022 -£NIL). During the year, no Trustees received any benefits in kind (2022 -£NIL).
During the year, no Trustees received any reimbursement of expenses (2022 -£NIL).
14. STAFF COSTS
Staff costs were as follows:
| Wages and salaries Social security costs The average monthly number of employees during the year was as follows: |
2024 £ 270412 7808 278220 2024 No. 14 |
2023 £ 271913 6216 |
|---|---|---|
| 278129 | ||
| 2023 No. 13 |
No employee received remuneration amounting to more than £60,0O0 in either year.
20
THE AXIS EDUCATIONAL TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024
15. TANGIBLE FIXED ASSETS
| 15. TANGIBLE FIXED ASSETS | |
|---|---|
| Cost At 31.08.23 Additions At 31.08.24 Depreciation At 31.08.23 charge for period At 31.08.24 Net book values At 31.08.24 At 31.08.23 |
TOTAL £ 124525 8631 |
| 133156 | |
| 94765 3306 |
|
| 98071 | |
| 35085 | |
| 29760 |
16. PROGRAMME RELATED INVESTMENT
| Market Value At 31 August 2024 At 31 August 2023 |
336 Philip Lane £ 733552 733552 |
337 Fore Street £ 1434256 1434256 |
4 Glasgw Road £ 467265 467265 |
Alterations to Premises £ 250953 |
Total £ 2886026 |
|---|---|---|---|---|---|
| 250953 | 2886026 |
Programme related investments enable other charities to further their charitable objectives as well as ours in advance of furthering the education of students throughout the UK.
Total bank loans at the year end of £860189 (2023: £939609) are owed in relation to the Programme Related Investments held.
21
THE AXIS EDUCATIONAL TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024
17. DEBTORS
| EBTORS | ||
|---|---|---|
| 2024 | 2023 | |
| £ | £ | |
| Due after more than one year | ||
| Other Debtors | 0 | 0 |
| Due within one year | ||
| Trade debtors | 0 | 0 |
| Other debtors | 33996 | 24400 |
| 33996 | 24400 |
18. CREDITORS: Amount falling due within one year
| 2024 £ Bank loans and Overdraft 88776 Trade creditors 709 Other taxation and social security 7605 Other creditors 34130 Accruals and deferred income 1335 132555 |
2023 £ 73086 1846 4779 31590 4530 |
|---|---|
| 115831 |
19. CREDITORS: Amount falling due after one year
| 2024 | 2023 | |
|---|---|---|
| £ | £ | |
| Bank loans | 798985 | 894798 |
| Other creditors | ||
| 798985 | 894798 | |
| Creditors include amounts not wholly repayable within 5 years as follows: | ||
| 2024 | 2023 | |
| £ | £ | |
| Repayable by instalments | 543750 | 605250 |
Bank loans are secured by way of a charge over the freehold buildings of the charity.
22
THE AXIS EDUCATIONAL TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024
20. PRIOR YEAR ADJUSTMENT
There is no prior year adjsutment this year
21. STATEMENT OF FUNDS
| Designated Funds General Funds General Funds-all funds Total Unrestricted funds Restricted funds Restricted funds-all funds Total of funds SUMMARY OF FUNDS General Funds Restricted funds |
Brought Forward £ 2118524 2118524 0 2118524 Restated Brought Forward £ 2118524 0 2118524 |
Incoming Resources £ 605708 605708 71762 677470 Incoming Resources £ 605708 71762 677470 |
Resources Expended £ (501139) (501139) (71905) (573044) Resources Expended £ (501139) (71905) -573044 |
Transfers In/Out £ 0 |
Carried Forward £ 2223093 |
|---|---|---|---|---|---|
| 0 | 2223093 | ||||
| 0 | -143 | ||||
| 0 | 2222950 | ||||
| Transfers In/Out £ 0 0 |
Carried Forward £ 2223093 -143 |
||||
| 0 | 2222950 |
23
THE AXIS EDUCATIONAL TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024
22. ANALYSIS OF NET ASSETS BETWEEN FUNDS
| Tangible fixed assets Programme related investments Debtors due after more than 1 year Current assets Creditors due within one year Creditors due in more than one year |
Unrestricted Restricted Total Total Funds Funds 2024 2023 £ £ £ £ 35085 0 35085 29760 2886026 0 2886026 2886026 0 0 0 0 233522 -143 233379 213367 (132555) 0 (132555) (115831) (798985) 0 (798985) (894798) |
|---|---|
| 2223093 -143 2222950 2118524 |
23. RELATED PARTY TRANSACTIONS
There was not any related party transaction with any of the trustees this year and last year.
24