## Tulip London
Report & Financial Statements For the period ended 5 April 2021
Charity no: 1092840
Tulip London CRN:1092840 Report & Financial Statements 2020/2021
## Contents
|**Charity Information**|**2**|
|---|---|
|**Trustees’ Annual report**|**3**|
|**Independent Examiner’s report**|**7**|
|**Statement of Financial Activities**|**8**|
|**Balance Sheet as of 5 April 2021**|**9**|
|**Notes to the financial statements**|**10**|
|Principal accounting policies|10|
|Donations and legacies|11|
|Incoming resources from charitable activities|11|
|Other incoming resources|12|
|Expenditure on raising funds|12|
|Cost of generating voluntary income|12|
|Fees for examination of accounts|13|
|Other resources expended|13|
|Debtors|13|
|Cash at bank and in hand|14|
|Creditors: amounts falling due within one year|14|
|Analysis of net assets between funds|14|
|Statement of funds|15|
|Fair value of assets and liabilities|15|
|Salaries & wages|15|
|Defined contribution pension scheme or defined benefit scheme|16|
|Unrestricted fund closing balance|16|
|Previous year comparison|16|
|Transactions with trustees and related parties|16|
|Independent examination and accountancy services|16|
|Controlling party|16|
1
Tulip London CRN:1092840 Report & Financial Statements 2020/2021
## Charity Information
|**Charity Name:**|Tulip London||
|---|---|---|
|**Other name:**|Tulip Pre-School (Old|Name)|
||Eitoku Gakuen||
|**Charity number:**|1092840||
|**Management Trustees**|||
|**(06/04/2020-05/04/2021)**|||
||● Toshimi Akao|(Chair) from 07/12/2019|
||● Reiko Yorita|(Secretary) from 02/12/2017|
||● Yuko Tolhurst|(Treasurer) from 07/12/2019|
||● Tomoko Hoult|from 08/12/2018|
||● Yuri Jain|from 05/12/2020|
||● Hisako Onuki|from 23/04/2016|
|**Contact and**|||
|**Correspondence:**|**Tulip London**||
||c/o 1 Charlbury Grove||
||London W5 2DY||
|**Independent**|**Maroof Adeoye MBA**|**DchA FCIE MInstF**|
|**Examiner:**|Registered Charity Independent Examiner||
||Community Benefit Action CIC||
||Maroof Suite||
||Union Road||
||Croydon CR0 2XU||
|**Banker:**|Barclays Bank Plc||
||1 Churchill Place||
||London E14 5HP||
2
Tulip London CRN:1092840 Report & Financial Statements 2020/2021
## Trustees’ Annual report
The trustees present their report along with the financial statements of the charity for the period ended 5 April 2021. The financial statements have been prepared in accordance with the accounting policies set out on p age 10 to 11 and comply with the charity’s constitution and applicable law. The association is a registered charity and acts entirely as a non-profit making organisation.
## Structure, Governance & Management
The charity is an unincorporated charitable association, governed by a constitution adopted at member’s extra-ordinary meeting held on 14 January 2002 as amended on 9 October 2010 and registered as a charity with registration no 1092840 on 8 July 2002.
The trustees who have served during the year are set out on page 2. The trustee selection method is by election at the General Meeting. In addition, the trust body may appoint a replacement for a trustee who retires between regular meetings.
The charity’s constitution is based on the model form of The Pre-school Learning Alliance (PLA). The group is a member of the PLA.
The following are the Management Trustees that serve the charity from the 6 April 2020 to the time of their resignation or the time this report was approved:
● Hideko Russell (Chair) from 09/05/2021 ● Yuko Oguri (Secretary) from 24/04/2021 ● Taeko Oyama (Treasurer) from 09/05/2021 ● Sachiko Hamamoto from 24/04/2021 ● Kumi Watanabe from 24/04/2021 ● Hisako Onuki from 23/04/2016 ● Toshimi Akao to 24/04/2021 ● Reiko Yorita to 24/04/2021 ● Yuko Tolhurst to 24/04/2021 ● Tomoko Hoult to 24/04/2021 ● Yuri Jain to 24/04/2021
## Objectives & Activities
The aim of our group is to enhance the development and education of children and to encourage parents to understand and provide for the needs of their children.
Our main activities are to provide Japanese language and culture learning for children and people in the west London area where there is a large Japanese community.
To achieve our objectives, we run the following session at St. Barnabas Millennium Hall:
3
Tulip London CRN:1092840 Report & Financial Statements 2020/2021
- Pre-school sessions for ages 2 and 4, two times a week during the term time.
At Harvington Prep School site, we run the sessions during the term time as follows:
- Sakura Yochien - Nursery school for ages 3 and above;
- Saturday school sessions for ages 3 to primary school age children;
- GCSE/A-Level Japanese classes for teenagers;
- After-school clubs.
In addition, holiday clubs are held during half terms and school holidays at Harvington Prep School site.
Once every half term, special sessions with children and parents are held to enjoy and celebrate Japanese seasonal events. These occasions are also for parents and staff to meet each other.
In this reporting period, most of the regular sessions and the special sessions shown above were closed in the summer term and the spring term of 2020/21, in accordance with the school closure which took place under the lockdown restrictions by the government.
In order to help children to keep learning Japanese language and culture during the lockdown, we constantly held online meetings of the regular sessions and opened online sessions such as:
- Private talking sessions;
- Online play sessions for ages 3 and above;
- Online Parents & Toddler sessions;
- Other ad-hoc sessions.
## Public Benefit
The trustees have compiled with their duty to have due regard to the public benefit published by the Charity Commission in exercising their powers and duties.
## Achievements and Performance
Due to the COVID-19 outbreak, the number of pupils who attended the regular sessions significantly decreased to 176 (2020: 209). On the other hand, the total number of children who joined the online sessions in 2021 was 175, which indicates that we were able to have more opportunities to involve families who had difficulty in attending the face-to-face sessions.
4
Tulip London CRN:1092840 Report & Financial Statements 2020/2021
Our biggest fundraising event, the annual Japanese style autumn fete, is held in September every year. It was cancelled this year due to the COVID-19 pandemic. Other minor fundraising events were held online and raised £201 in total.
## Sources of Funds - Fees, Grant & Donations
The group’s principal sources of funds are fees from the parents of the group, the Nursery Education Grant (NEG) provided by a local authority and major and minor fundraising events. In addition, the Special Educational Needs Fund is included in the grant paid in this reporting period.
The group received the Coronavirus Job Retention Scheme grant from May to August 2020.
## Future Plan
The management continues to focus on stabilising the charity’s day-to-day operation model and to better the quality of its services.
In order to improve the charity’s financial position, the group may close some face-to-face sessions which involve a significant cost. However, we will endeavour to establish online sessions as well as our regular settings, which widely increase the presence of the charity as a playgroup where children can learn Japanese language and enjoy the traditional Japanese culture wherever they live.
## Financial Review
The results of this year’s operation are set out in the separate financial statements.
This year, the charity's incoming resources decreased to £243,983 (2020: £322,709) and the total resources expended also decreased to £265,440 (2020: £332,249) resulting in a net loss of £21,458.
The COVID-19 pandemic significantly affected our revenue this year. The total income earned from the regular sessions was £206,661 (2020: £316,857), since we did not charge a fee for the cancelled sessions during the school closure. The total amount of the fees which were refunded to the customers was £82,904, which mainly caused the decrease in the total income. In order to compensate for the loss, we held online sessions which eventually brought £14,000 of additional income. There was no major change in the fee amounts charged for our services.
In addition, the grant received under the Coronavirus Job Retention Scheme (£20,925) was included as income.
As we were unable to open our settings during the lockdown, the cost of generating voluntary income also decreased to £264,312 (2020: £330,234). This is attributable to a decrease in employee's salaries, supply teacher's wages and rent of premises which was
5
Tulip London CRN:1092840 Report & Financial Statements 2020/2021
waived during the summer term, although the volume of the expenditure was still larger than that of the income.
## Risk Assessment
The board of trustees has a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. For this reason, it continues to adopt the going concern basis in preparing the financial statements.
## Statement of Trustees’ Responsibilities
Charity law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity at the year end and of its incoming resources and resources expended during that year. In preparing those financial statements, the trustees are required to:
- Select suitable accounting policies and then apply them consistently;
- Make judgements and estimates that are reasonable and prudent;
- State whether applicable standards statements of recommended practice have been followed, subject to any 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 its activities.
The trustees are responsible for:
- Keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with the Charities Act 2016;
- Safeguarding the assets and taking reasonable steps for the prevention and detection of fraud and other irregularities.
This report was approved by the trustees and signed on their behalf by:
## **Hideko Russell (Chair)**
## **Management Trustees Member**
**Date:**
6
Tulip London CRN:1092840 Report & Financial Statements 2020/2021
## Independent Examiner’s report
## To the trustees of Tulip London
I report on the accounts of the above charity for the year ended 5 April 2021, which are set out on pages 8 to 16.
## Responsibilities and basis of report
As the charity's trustees, 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 Charity’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 which gives me cause to believe that in, any material respect:
- the accounting records were not kept in accordance with section 130 of the Charities Act; or
- the accounts did not accord with the accounting records; or
- the accounts did not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 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.
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.
## **Maroof Adeoye MBA DChA FCIE MInstF**
Registered Charity Independent Examiner Community Benefit Action CIC Maroof Suite, 30 Union Road Croydon, Surrey. CR0 2XU
Date:
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Tulip London CRN:1092840 Report & Financial Statements 2020/2021
## Statement of Financial Activities
## **For the period ended 5 April 2021**
|**For the period ended 5 April 2021**||
|---|---|
|**2020**|**2021**|
|Incoming resources|**Unrestricted**
**funds**
**Restricted**
**funds**
**Total funds**|
|**£**
**Income and endowment from:**|**£**
**£**
**£**|
|646
Donation and legacies
2|856
0
856|
|322,046
Charitable activities
3|222,201
0
222,201|
|0
Investment income|0
0
0|
|16
Other incoming resources
4|20,925
0
20,925|
|**322,709**
**Total incoming resources**|**243,983**
**243,983**|
|||
|||
|Resources expended||
|**Expenditure on:**||
|1,178
Raising funds
5|0
0
0|
|330,234
Cost of generating voluntary
income
6|264,312
0
264,312|
|750
Fees for examination of the
accounts
7|750
0
750|
|88
Other resources expended
8|378
0
378|
|**332,249**
**Total resources expended**|**265,440**
**265,440**|
|||
|**(9,540)**
**Net income (expenditure)**|**(21,458)**
**0**
**(21,458)**|
|44,667
Total funds carried forward|35,127
0
35,127|
|**35,127**|**13,669**
**0**
**13,669**|
All incoming resources are derived from continuing operations. The charity has no other gains or losses other than those recognised in the Statement of Financial Activities (SOFA).
The notes on p ages 10 to 16 form part of t hese financial statements.
Tulip London CRN:1092840 Report & Financial Statements 2020/2021
## Balance Sheet as of 5 April 2021
|**2020**
**£**
Fixed assets
0
Tangible assets
**£**
Current assets
14,754
Debtors
9
79,518
Cash at bank and in hand
10
**94,272**
Total current assets
**£**
Current liabilities
Creditors:
59,145
amounts falling due within one year
11
**59,145**
Total current liabilities
35,127
Net current assets
**35,127**
Total net asset
Funds of the charity
35,127
Unrestricted income funds
0
Restricted income funds
**35,127**
Total funds|**2021**
**£**
0
**£**
25,996
65,612
**91,608**
**£**
77,939
**77,939**
13,669
**13,669**
13,669
0
**13,669**|**2021**
**£**
0
**£**
25,996
65,612
**91,608**
**£**
77,939
**77,939**
13,669
**13,669**
13,669
0
**13,669**|
|---|---|---|
||||
|||**13,669**|
|||13,669
0|
|||**13,669**|
The notes on page s 10 to 16 fo rm part of these financial statements. This was approved by the board of trustees and signed on its behalf by:
**Hideko Russell (Chair)**
**Management Trustees Member**
**Date:**
9
Tulip London CRN:1092840 Report & Financial Statements 2020/2021
## Notes to the financial statements
## **1. Principal accounting policies**
The following accounting policies have been applied consistently in dealing with items which are considered material in relation to the charity’s financial statements.
## **Accounting Conversion**
The financial statements have been prepared under the historical conversion and in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102), Accounting & Reporting Charities: Statement of Recommended Practice (Charities SORP FRS102) and the Charities Act 2011. No changes were made to the basis of preparation or to the previous year’s accounts. The principal policies which the trustees have adopted within these conversions are set out below.
## **Funds Accounting**
_**Unrestricted funds**_ comprise those funds, which the trustees are free to use in accordance with the charitable objects.
_**Restricted funds**_ are funds, which have been given for particular purposes and projects. For this reporting period, the trust held no restricted funds.
## **Incoming Resources**
The income figure represents fees paid by parents of children who attend the settings, donations from private individuals and grants by the local authority (Ealing Council) received during the year. Income relating to a specific period is apportioned over the accounting periods to which it relates. All other income is recognised when received. Restricted income is used in accordance with specific restrictions imposed by donors.
## **Investment Policy**
The trust holds no long-term investments. Cash is held in current accounts and any interest generated is expended through the charitable activities of the group.
## **Policy of Reserves**
A reserve of up to £10,000.00 or such greater amount as may be decided by the Committee will be established.
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Tulip London CRN:1092840 Report & Financial Statements 2020/2021
The reserve will be maintained in an instant access interest bearing account by the Committee of Tulip London.
## **Resources expended**
Expenditure is charged on an accrual basis. Inclusive of irrecoverable VAT. The costs of activities in furtherance of the charity’s objects include the cost directly incurred in providing activities together with support costs. Support costs primarily related to the employment of staff involved in the delivery of service. Where costs cannot be directly attributable to particular headings, they have been allocated on a basis consistent with the use of resources.
## **Taxation**
The trust is a registered charity and accordingly is exempt from taxation on its income and gains where they are applied for charitable purposes.
## **2. Donations and legacies**
|**2020**
**£**
646
Donations
**646**|**2021**
Unrestricted
funds
Restricted
funds
Total funds
**£**
**£**
**£**
856
0
856|
|---|---|
||**856**
**0**
**856**|
## **3. Incoming resources from charitable activities**
|**2020**
**£**
273,607
Fees
3,132
Fundraising
45,307
Nursery Education Grant
0
Special Educational Needs
Inclusion Fund
**322,046**|**2021**
**Unrestricted**
**funds**
**Restricted**
**funds**
**Total funds**
**£**
**£**
**£**
179,531
0
179,531
201
0
201
41,532
0
41,532
937
0
937|
|---|---|
||**222,201**
**0**
**222,201**|
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Tulip London CRN:1092840 Report & Financial Statements 2020/2021
## **4. Other incoming resources**
|**2020**|||**2021**||
|---|---|---|---|---|
|||Unrestricted|Restricted||
|||funds|funds|Total funds|
|**£**||**£**|
**£**|
**£**|
|16|Bank loyalty rewards|0|
0|
0|
||Coronavirus Job Retention||||
|0|Scheme|20,925|
0|
20,925|
|**16**||**20,925**|
**0**|
**20,925**|
## **5. Expenditure on raising funds**
|**2020**
**£**
1,178
Staging fundraising events
**1,178**|**2021**
**Unrestricted**
**funds**
**Restricted**
**funds**
**Total funds**
**£**
**£**
**£**
0
0
0|
|---|---|
||**0**
**0**
**0**|
## **6. Cost of generating voluntary income**
|**2020**
**£**
215,681
Salaries
9,580
Employers NI contributions
2,206
Pension payments
53,585
Supply teachers (Contractors)
2,911
Administration charges
5,428
Educational expenses
37,904
Rent of premises
1,081
Equipment expenses
1,858
Sundries
**330,234**|**2021**
**Unrestricted**
**funds**
**Restricted**
**funds**
**Total funds**
**£**
**£**
**£**
182,609
0
182,609
5,970
0
5,970
1,400
0
1,400
40,372
0
40,372
2,658
0
2,658
3,700
0
3,700
24,741
0
24,741
752
0
752
2,110
0
2,110|
|---|---|
||**264,312**
**0**
**264,312**|
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Tulip London CRN:1092840 Report & Financial Statements 2020/2021
## **7. Fees for examination of accounts**
|**2020**
**£**
0
Legal and professional fees
750
Independent examiner's fees
**750**|**2021**
**Unrestricted**
**funds**
**Restricted**
**funds**
**Total funds**
**£**
**£**
**£**
0
0
0
750
0
750|
|---|---|
||**750**
**0**
**750**|
## **8. Other resources expended**
|**2020**
**£**
0
Donation
88
Sundry charges
**88**|**2021**
**Unrestricted**
**funds**
**Restricted**
**funds**
**Total funds**
**£**
**£**
**£**
300
0
300
78
0
78|
|---|---|
||**378**
**0**
**378**|
## **9. Debtors**
|**2020**
**£**
14,090
Trade debtors
664
Prepayments
0
Accrued incomes
**14,754**|**2021**
**Unrestricted**
**funds**
**Restricted**
**funds**
**Total funds**
**£**
**£**
**£**
25,410
0
25,410
510
0
510
76
0
76|
|---|---|
||**25,996**
**0**
**25,996**|
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Tulip London CRN:1092840 Report & Financial Statements 2020/2021
## **10. Cash at bank and in hand**
|**2020**
**£**
79,319
Main bank account
200
Cash in hand
**79,518**|**2021**
**Unrestricted**
**funds**
**Restricted**
**funds**
**Total funds**
**£**
**£**
**£**
65,543
0
65,543
69
0
69|
|---|---|
||**65,612**
**0**
**65,612**|
## **11. Creditors: amounts falling due within one year**
|**2020**
**£**
0
Trade creditors
56,689
Accruals and deferred income
2,456
Taxation and social security
0
Other creditors
**59,145**
**12. Analysis of net assets between funds**
**2020**
Funds balances at 5 April
**£**
0
Tangible fixed assets
94,272
Current assets
(59,145)
Current liabilities
**35,127**
Net asset|**2021**
**Unrestricted**
**funds**
**Restricted**
**funds**
**Total funds**
**£**
**£**
**£**
7,350
0
7,350
64,612
0
64,612
3,880
0
3,880
2,096
0
2,096|
|---|---|
||**77,939**
**0**
**77,939**|
||**2021**
Unrestricted
funds
Restricted
funds
Total funds
**£**
**£**
**£**
0
0
0
91,608
0
91,608
(77,939)
0
(77,939)|
||**13,669**
**0**
**13,669**|
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Tulip London CRN:1092840 Report & Financial Statements 2020/2021
## **13. Statement of funds**
|**2020**|||**2021**|||
|---|---|---|---|---|---|
|||**Unrestricted**|**Restricted**|||
|||**funds**|**funds**||**Total funds**|
|**£**||**£**||**£**|
**£**|
|44,667|Funds balances on 6th April|35,127||0|
35,127|
|322,709|Incoming resources|243,983||0|
243,983|
|**_367,376_**||**_279,109_**||**_0_**|
**_279,109_**|
|(332,249)|Resources expended|(265,440)||0|
(265,440)|
|**35,127**|5 April|**13,669**||**0**|
**13,669**|
## **14. Fair value of assets and liabilities**
The trust believes that there is no concern in terms of meeting our short-term liability. 82% of the trust's debt (£63,857 out of £77,939) is qualified as deferred income for the summer term of 2021/22, which will be released at the beginning of the following financial year.
## **15. Salaries & wages**
|**2020**
**£**
215,681
Salaries and wages
9,580
Social security costs
2,206
Pensions
**227,467**|**2021**
**Unrestricted**
**funds**
**Restricted**
**funds**
**Total funds**
**£**
**£**
**£**
182,609
0
182,609
5,970
0
5,970
1,400
0
1,400|
|---|---|
||**189,979**
**0**
**189,979**|
Expenditure on staff working for the charity whose contracts are with and are paid by a related party was £Nil (2020: £Nil).
The number of employees that received employee benefits (excluding employer pension costs) that fell within each band of £10,000 from £60,000 upwards was Nil (2020: Nil).
In the year, the average headcount of permanent employees that worked for charitable activities was 25 (2020: 24).
Tulip London CRN:1092840 Report & Financial Statements 2020/2021
## **16. Defined contribution pension scheme or defined benefit scheme**
The amount of the contributions recognised in the SOFA as an expense was £1,400 (2020: £2,206). The number of the enrolled employees decreased from 2020.
The pension charge amount represents the amount payable to the fund managed by National Employment Savings Trust (NEST).
## **17. Unrestricted fund closing balance**
At the year end, unrestricted funds are in surplus, amounting to £13,669 (2020: £35,127).
## **18. Previous year comparison**
This year’s financial activities have resulted in a net loss of £21,458 (net loss £9,540 in 2020). While there was 24% decrease in the total incoming resources from the previous year (£243,983 in 2021, £322,709 in 2020), there was only 20% decrease in the total resources expended (£265,440 in 2021, £332,249 in 2020).
The total income earned from the regular sessions was £206,661 (2020: £316,857), excluding the cancelled sessions during the school closure. This year, we had additional income from online sessions (£14,000) and the grant received under the Coronavirus Job Retention Scheme (£20,925).
The cost of generating voluntary income also decreased (£264,312 in 2021 compared to £330,234 in 2020). This is attributable to a decrease in employee's salaries (£182,609 in 2021, £215,681 in 2020), supply teacher's wages (£40,372 in 2021, £53,585 in 2020) and rent of premises which was waived during the summer term (£24,741 in 2021, £37,904 in 2020).
## **19. Transactions with trustees and related parties**
In the period the charity has paid Ms Hisako Onuki £18,900 (2020: £18,900) remuneration for working full-time for the charity and acting as the General Manager of the organisation.
## **20. Independent examination and accountancy services**
During the period, the amount of £750 was accrued as the cost of the examination (2020: £750) and accountancy services was £Nil (2020: £Nil).
## **21. Controlling party**
The charity is under the control of the charity’s management trustees.
16