2024-06-30-accounts - The Akhter Educational Foundation

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CHARITY COMMISON NUMBER - 1045132

THE AKHTER EDUCATIONAL FOUNDATION

Report and Financial Statements For the Year ended 30 June 2024

THE AKHTER EDUCATIONAL FOUNDATION

REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 June 2024

Contents	Page
Officers and professional advisers		2
Independent auditors’ report		8
Notes to the accounts		11

THE AKHTER EDUCATIONAL FOUNDATION REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 June 2024

LEGAL AND ADMINISTRATIVE INFORMATION

Officers and Professional advisers

TRUSTEES

HUMAYUN AKHTER MUGHAL Nadia Mughal Dr Wassim Mughal

REGISTERED OFFICE

Unit 1-3 Marshgate Centre Parkway, Harlow Business Park Harlow Essex CM19 5QP

BANKERS

BARCLAYS BANK

EXAMINER

AACSL Accountants Limited 1st Floor North Westgate House Harlow Essex CM20 1YS

CHARITY COMMISSION REGISTERED NUMBER 1045132

THE AKHTER EDUCATIONAL FOUNDATION

REPORT OF THE TRUSTEES

FOR THE YEAR ENDED 30 June 2024

The Trustees, for the purposes of the Charities Act 1993 as amended and Statement of Recommended Practice (SORP) 2005, submit their annual report and financial statements for the year ended 30 June 2024. The Trustees have adopted the provisions of the Statement of Recommended Practice (SORP) “Accounting and Reporting by Charities” (FRS 102) in preparing the report and financial statements. The Charity is governed by a Memorandum and Articles of Association.

PRINCIPAL ACTIVITIES, AIMS AND ORGANISATION OF THE CHARITY

The principal activities of the charity continue to be the creation, maintenance and funding of grants, bursaries, scholarships, prizes and rewards for young children in any part of the world for the advancement of their education and good standards of study.

The Key objectives of the charity is to offer funding for grants and bursaries and scholarships for educational purposes, to support the advancement of education of young people in the world and local areas. This is achieved by single donations/grants or support for maintenance of a nursery schools or educational establishments to offer appropriate play, education and care facilities.

The Akhter Early Learning Centre is an OFSTED approved childlike provider which continues to build on its good reputation for the future within the local are of Harlow in Essex.

The objectives of the centre are to provide government funded and privately paid childcare and education predominantly to babies and pre-school aged children. The Centre additionally offers facilities for a term time afterschool club which caters for children from school age upwards. Ongoing training and development programs are provided to staff to ensure that they operate in an efficient and safe manner so children attending the nursery receive the highest quality of childcare and that nursery facilities remain safe and secure at all times.

THE MAIN ACHIEVEMENTS OF THE ORGANISATION DURING THE PERIOD WERE:

THE AKHTER EDUCATIONAL FOUNDATION

REPORT OF THE TRUSTEES (Continued)

FOR THE YEAR ENDED 30 June 2024

PLANS FOR THE FUTURE

We plan to continue offer funding for grants and bursaries and scholarships for educational purposes, to support the advancement of education of young people in the world and local areas.

FINANCIAL REVIEW

The Charity has generated £72,000 in donations during the year ended 30 June 2024, which is a decrease of £19,274 on the £87,616 received during the year ended 30 June 2023.

The Charity has been successfully expanding its services and portfolio of projects. These projects have continued to gain profile and have been recognised as good practice in the sector.

The Charity will continue to develop its key programmes and seek their sustainability through fundraising and through self-generated income

RISKS

The factors that June affect the Charity’s delivery of its objectives include:

a) Reputation of Charity and the relationship with the community.
b) Ability to generate enough funds to successfully complete the identified projects for the charity.

THE AKHTER EDUCATIONAL FOUNDATION produces an annual plan for delivery against its objectives. This plan sets out the targets for the year and is then broken down to a work plan. THE AKHTER EDUCATIONAL FOUNDATION has developed a strategy, which specifies how it will deliver the key programmes of work. The strategy also identifies targets and performance indicators.

RESERVES POLICY

The Charity aims to build reserve which will enable it to meet its average annual operational need. The Trustees review the reserves held by the Charity on a regular basis to ensure that an appropriate level of funds is held to meet the above policy of the Charity going forward.

GOING CONCERNS

As at the date of approving the report and accounts, there are no uncertainties about the charity’s ability to continue as a going concern.

MATERIAL DEFICIT

As at the date of this report, there are no funds or subsidiary undertakings that are materially in deficit.

THE AKHTER EDUCATIONAL FOUNDATION

REPORT OF THE TRUSTEES (continued)

FOR THE YEAR ENDED 30 June 2024

STRUCTURE, GOVERNANCE AND INTERNAL CONTROL

CHARITY ORGANISATION STRUCTURE

A Board of Trustees governs the Charity. New Trustees are selected by the Board of Trustees and are subject to re-election every five years. At 30 June 2024, the Board had a membership of Three people.

DECISION MAKING PROCESS

The Board meets three times a year to agree key policy decisions, set the strategy for the charity and oversee its performance. At present the Board has committee members who are responsible for the day-to-day activities of the charity. None of the committee members is being remunerated.

The trustee December delegate any of their power to any committee consisting of one or more trustees. They December also delegate to any managing director or any director holding any other executive office such of their power as they consider desirable to be exercised by him. Any such delegation December be made subject to any conditions the director December impose and, either collaterally with or to the exclusion of their own powers and December be revoked or altered. Subject to any conditions, the proceedings of a committee with two or more members shall be governed by articles regulating the proceedings of Trustees so far as they are capable of applying.

THE POLICIES AND PROCEDURES FOR THE INDUCTION AND TRAINING OF TRUSTEES

New Trustees are selected by the Board of Trustees and are subject to re-election every five years. As at 30 June 2024, the Board had a membership of five people.

All Trustees receive the handbook for Trustees provided through the Charity Commission. Each Trustee will have an induction programme by other Trustees and receive an information pack on the Charity and its finances. Beyond this, the Charity follows the code of practice for governance produced by the Governance Hub.

INTERNAL CONTROL SYSTEM

The systems of internal control are designed to provide reasonable, but not absolute, assurance against material misstatement or loss.

They include:

A strategic plan and annual budget approved by the Trustees;
Regular consideration by the Trustees of financial results, in particular variance from budget; and
Delegation of authority and segregation of duties.

STATEMENT OF TRUSTEES RESPONSIBILITIES IN RESPECT OF THE TRUSTEES' ANNUAL REPORT AND THE FINANCIAL STATEMENTS

The trustees are responsible for preparing the Trustees' Annual Report and the financial statements in accordance with applicable law and regulations.

Company law requires the trustees to prepare financial statements for each financial year in accordance with UK Accounting Standards and applicable law (UK Generally Accepted Accounting Practice).

The financial statements are required by law to give a true and fair view of the state of affairs of the charitable company and of the excess of income over expenditure for that period.

In preparing these financial statements, the trustees are required to:

select suitable accounting policies and then apply them consistently;
observe the methods and principles in the Charities SORP (FRS 102)
make judgements and estimates that are reasonable and prudent;
state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
Prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Charity will continue in its activities.

In so far as the trustees are aware:

there is no relevant information of which the charitable company’s examiner is unaware; and
the trustees have taken all steps that they ought to have taken to make themselves aware of any relevant information and to establish that the examiner is aware of that information.

The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that its financial statements comply with the Charities Act 1993 as amended. They have general responsibility for taking such steps as are reasonably open to them to safeguard the assets of the charitable company and to prevent and detect fraud and other irregularities.

THE ARRANGEMENTS FOR SETTING THE PAY AND REMUNERATION

The arrangements for setting the pay and remuneration of the charity’s key management personnel and any benchmarks, parameters or criteria used in setting their pay are determined by the trustees as the boards December think fit and appropriate.

WIDER NETWORK

The charity is not part of any umbrella group or affiliated to any umbrella group.

THE AKHTER EDUCATIONAL FOUNDATION

REPORT OF THE TRUSTEES (continued)

YEAR ENDED 30 June 2024

DISCLOSURE OF INFORMATION TO EXAMINER

The trustees who held office at the date of approval of this trustees’ report confirm that, so far as they are each aware, there is no relevant information of which the Charity’s examiner is unaware; and each trustee has taken all the steps that he/she ought to have taken as a trustee to make himself/ herself aware of any relevant information and to establish that the Charity’s examiner is aware of that information.

EXAMINER

In line with the provision exemption in the Charities Act 1993 as amended, the trust decided to appoint an examiner, which will review the accounts for the year ended 30 June 2024. In accordance with this appointment, AACSL Accountants Limited was appointed as examiner.

Approved by the Board of Trustees and signed on behalf of the Board by:

HUMAYUN AKHTER MUGHAL on behalf of the trust. Trustee 09 January 2025

Independent Examiner’s Report to the Trustees of THE AKHTER EDUCATIONAL FOUNDATION

I report to the trustees on my examination of the accounts of THE AKHTER EDUCATIONAL FOUNDATION Trust for the year ended 30 June 2024, which are set out on pages 9 to 13.

Responsibilities and basis of report

As the charity trustees of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (‘the Act’).

I report in respect of my examination of the Trust’s accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.

Independent examiner’s statement

I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:

Accounting records were not kept in respect of the Trust as required by section 130 of the Act; or
The accounts do not accord with those records.

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.

AACSL Accountants Limited 1st Floor North Westgate House Harlow Essex CM20 1YS. 09 January 2025

THE AKHTER EDUCATIONAL FOUNDATION STATEMENT OF FINANCIAL ACTIVITIES (Incorporating an Income and Expenditure Account) for the year ended 30 JUNE 2024.

Notes INCOMING RESOURCES Charitable activities Investment Income Other income TOTAL 2 Expenditure on: Raising funds Charitable activities Governance Net gains/(losses) on investments 3 Transfers between funds Other recognised gains/ (losses) Net movement in funds Reconciliation of funds Funds brought forward Net movement in funds and funds balance carried forward as at 31 December 2024	Un-restricted funds 2024 £ 72000 - 0 72,000 (112,045) - (112,045) - - (40,045) 2,479 - 81,911 39,388	Restricted Funds 2024 £ -	Total Funds Total Funds 2024 2023 £ £ 72000 87616.2 0 3657.6 72,000 91,274 (112,045) (68,322) - - - -
		-
		- - -
		-	(112,045) (68,322)
		- - - - -	- - - - (40,045) 22,951.7 (2,479) 1,221 81,911 57,739.0 41,867 81,911
		-

THE AKHTER EDUCATIONAL FOUNDATION Balance Sheet as at 30 JUNE 2024

Notes FIXED ASSETS Investment Accumulated depreciation TOTAL FIXED ASSETS 5 CURRENT ASSETS Debtors and accrued income Cash at bank and in hand CREDITORS: amount falling due within one year 6 Net Current assets/(Liabilities) TOTAL ASSETS LESS CURRENT LIABILITIES FINANCED BY: Unrestricted funds Restricted Funds TOTAL FUNDS 7	2024 Total £ 30,000 - 30,000 - 39,191.3 39,191 (29,803) 39,388 39,388 39,388 - 39,388	2023 Total £ 30,000 -
		30,000
		39,978.6 41,735.8
		81,714
		(29,803)
		29,803 -

		81,911
		81,911 -
		81,911

For the year ending 30 June 2024, the Charity was entitled to exemption from audit under section 477(2) of the Companies Act 2006.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The trustees acknowledge their responsibility for complying with the requirement of the Companies Act 2006 with respect to accounting records and the preparation of accounts.

The Accounts was approved by the Board of Trustees and signed on behalf of the Board by:

HUMAYUN AKHTER MUGHAL Trustee

09 January 2025

THE AKHTER EDUCATIONAL FOUNDATION NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 30 June 2024

1. ACCOUNTING POLICIES

Basis of preparation

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 applicable in the UK and Republic of Ireland (FRS 102).

Cash flow statement

Under FRS 102 the Charity is exempt from the requirement to prepare a cash flow statement on the grounds permitted by this SORP specified in Section 7 of FRS102.

Going concern

The trustees have assessed the charity’s ability to continue as a going concern and there are no material uncertainties.

Fund accounting

General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the 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 Note 2.

Investment income and gains are allocated to the appropriate fund.

Incoming resources

All incoming resources are included in the Statement of Financial Activities (SOFA) when the Charity is legally entitled to the income and the amount can be quantified with reasonable accuracy. The grant income where related to performance and specific deliverables are accounted for as the Charity earns the right to consideration by its performance. Where income is received in advance, its recognition is deferred and included in creditors. Where entitlement occurs before income being received, the income is accrued.

Resources expended

All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Where costs cannot be directly attributed to particular headings, they have been allocated to activities on a basis consistent with the use of resources.

a) Premises overheads have been allocated on a floor basis and other overheads have been allocated on the basis of the head count.
b) Community project costs are those costs incurred directly in support of the objects of the Charity. The community project cost includes other support costs incurred in support of the objects of the Charity.
c) Governance costs are those incurred in connection with governance arrangement of the Charity, which relate to the general running of the Charity and compliance with constitutional and statutory requirements.

The basis of allocation for support costs and governance costs has been explained in Note c) above.

Fixed assets

All fixed assets are initially recorded at cost.

Depreciation

The fixed assets are written down over their useful economic lives at the following rates

Office equipment - 25% on cost

Pensions

The charity does not operate pension scheme as at 30 June 2024.

THE AKHTER EDUCATIONAL FOUNDATION NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 30 JUNE 2024

Note 2. TOTAL INCOMING RESOURCES

Voluntary Income Charitable activities Investment Income Other income Note 3. TOTAL RESOURCES EXPENDED Cost of generating funds Charitable Costs Governance Costs	2024 72000 -	2023 87616.2 - 3,658 91,274 Support 2024 2023 Costs Total Total £ £ £ - 112,045 68,322 - - - -
	72,000
	Direct Costs £ - - -
	-	- 112,045 68,322

The trust allocates all costs as shown in the table above. Costs are allocated between direct costs and support costs based on the actual expenditure and nature of transactions.

Operating Surplus/(Deficit) is after charging: Auditor's remuneration Audit -fee : Audit of Financial statement Other creditors Accountancy, Taxation and other Services	2024 2023 £ £ - - - - - - -

Note 4. TRUSTEES REMUNERATION

The Trustees did not receive any emoluments and no out of pocket expenses were paid during the year (2023: £nil)

EMPLOYEE INFORMATION

During the period from 1st April 2010 to 31st March 2011, the charity has 2 employees All other activities were conducted through volunteers who are members of the Charity.

Note 5.

Basis

Investment £ 30,000 - - -	2024 £ 30,000 - - -	2023 £ 30,000 - - -
30,000	30,000	30,000
4% - - - - -	- - - - - -	- - - - - -
-	-	-

The Charity continues to use component accounting in acordance with provision of FRS15 and Accounting and Reporting by Charities: Statement of Recommended Practice on tangible assets

Note 6. CREDITORS: amount falling due more than one year

This is made up as follows: Prepaid Expenditure Director Loan Note 7. Total Funds Reserve brought Forward Surplus/(Defict) for the year	2024 £ - 29,803	12 2023 £ - 29,803 29,803 2023 £ 57,739 22,952 80,691
	29,803
	2024 £ 57,739 (40,045)
	17,694

THE AKHTER EDUCATIONAL FOUNDATION NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 30 June 2024

Note 8. TAXATION

THE AKHTER EDUCATIONAL FOUNDATION is a registered charity and is thus exempt from taxation of its income and gains falling within Section 505 of the Income and Corporation Taxes Act 1988 or Section 256 of the Taxation of Chargeable Gains Act 1992 to the extent that they are applied to its charitable objectives. No tax charge has arisen in the year.