Tulip London
Report & Financial Statements
For the period ended 5 April 2022
Charity no: 1092840
Doc ID: d5b703b23a2046e527d227fef925fa8e73dca23e
Tulip London CRN:1092840 Report & Financial Statements 2021/2022
Contents
| Charity Information | 2 |
|---|---|
| Trustees’ Annual report | 3 |
| Independent Examiner’s report | 7 |
| Statement of Financial Activities | 8 |
| Balance Sheet as of 5 April 2022 | 9 |
| Notes to the financial statements | 10 |
| 1. Principal accounting policies | 10 |
| 2. Donations and legacies | 11 |
| 3. Incoming resources from charitable activities | 11 |
| 4. Other incoming resources | 12 |
| 5. Expenditure on raising funds | 12 |
| 6. Cost of generating voluntary income | 12 |
| 7. Legal and accounting fees | 13 |
| 8. Other resources expended | 13 |
| 9. Debtors | 13 |
| 10. Cash at bank and in hand | 14 |
| 11. Creditors: amounts falling due within one year | 14 |
| 12. Analysis of net assets between funds | 14 |
| 13. Statement of funds | 15 |
| 14. Fair value of assets and liabilities | 15 |
| 15. Salaries & wages | 15 |
| 16. Defined contribution pension scheme or defined benefit scheme | 16 |
| 17. Unrestricted fund closing balance | 16 |
| 18. Previous year comparison | 16 |
| 19. Transactions with trustees and related parties | 16 |
| 20. Independent examination and accountancy services | 16 |
| 21. Controlling party | 16 |
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Tulip London CRN:1092840 Report & Financial Statements 2021/2022
Charity Information
Charity Name:
Charity Name: Tulip London Other name: Tulip Pre-School (Old Name) Eitoku Gakuen Charity number: 1092840
Management Trustees (06/04/2021-05/04/2022)
● Toshimi Akao (Chair) from 07/12/2019 to 24/04/2021 ● Hideko Russell (Chair) from 09/05/2021 to 25/04/2022 ● Reiko Yorita (Secretary) from 02/12/2017 to 24/04/2021 ● Yuko Oguri (Secretary) from 24/04/2021 ● Yuko Tolhurst (Treasurer) from 07/12/2019 to 24/04/2021 ● Taeko Oyama (Treasurer) from 09/05/2021 ● Kumi Watanabe from 24/04/2021 to 25/04/2022 ● Tomoko Hoult from 08/12/2018 to 24/04/2021 ● Yuri Jain from 05/12/2020 to 24/04/2021 ● Sachiko Hamamoto from 24/04/2021 ● 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
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Tulip London CRN:1092840 Report & Financial Statements 2021/2022
Trustees’ Annual report
The trustees present their report along with the financial statements of the charity for the period ended 5 April 2022. The financial statements have been prepared in accordance with the accounting policies set out on page 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 a 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 group is a member of the Early Years Alliance (EYA, formerly known as the Pre-school Learning Alliance). The charity’s constitution is based on the model form of the EYA.
The following are the Management Trustees that serve the charity from the 6 April 2021 to the time of their resignation or the time this report was approved:
-
Sachiko Hamamoto (Chair) from 24/04/2021
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● Fumie Igarashi from 25/04/2022 ● Maromi Hisano from 12/12/2022 ● Kaori Gawne from 24/01/2023 ● Yukie Echigo from 24/01/2023 ● Hisako Onuki from 23/04/2016 ● Kotoko Uota from 12/12/2022 to 24/01/2023 ● Yuko Oguri to 12/12/2022 ● Taeko Oyama to 12/12/2022 ● Hideko Russell to 25/04/2022 ● Kumi Watanabe to 25/04/2022 ● 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.
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Tulip London CRN:1092840 Report & Financial Statements 2021/2022
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 during the term time at St. Barnabas Millennium Hall:
- Pre-school sessions for ages 2 - 4.
At Harvington Prep School site, we run the sessions during the term time as follows:
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Sakura Yochien - Nursery school for ages 3 and above;
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Saturday school sessions for ages 3 - 6 *;
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GCSE/A-Level Japanese classes for teenagers;
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After-school clubs.
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(*) Saturday school sessions for ages 7 and above were closed in March 2021.
During half terms and school holidays, holiday clubs are held at Harvington Prep School site.
Before the COVID-19 pandemic, special sessions were held once every half term for the children and parents to enjoy and celebrate Japanese seasonal events. The reopening plan is to be determined.
In addition to the in-person sessions listed above, we offer online sessions such as:
-
Private talking sessions;
-
Online play sessions for ages 3 and above;
-
Online Parents & Toddler sessions;
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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
Since the COVID-19 restrictions eased, the charity resumed most of its in-person sessions as before. Also, online and hybrid sessions were provided to meet the growing demands for the childrens' opportunities of learning Japanese language and culture. As of the end of the spring term, the number of pupils who attended the regular classes or online sessions was about 200.
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Tulip London CRN:1092840 Report & Financial Statements 2021/2022
Our biggest fundraising event, the annual Japanese style autumn fete, took place in October 2021. The event was attended by 130+ children and their family, and raised about £2,000.
Sources of Funds - Fees, Grant & Donations
The group’s principal sources of funds are the 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 during this reporting period.
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 July 2022, the group had to close its nursery since a renting contract of Harvington Prep School ceased. From September 2022, we started to hire St. Andrew's Church Centre for the Saturday school and continue to hold the other sessions at St. Barnabas Millennium Hall. We are also keen to find an additional place which will be fit for our activities.
Financial Review
The results of this year’s operation are set out in the separate financial statements.
This year, the charity's incoming resources increased to £275,202 (2021: £243,983) and the total resources expended also increased to £287,761 (2021: £265,440) resulting in a net loss of £12,559.
The total income earned from charitable activities increased by £51,341 (£273,542 in 2022, £222,201 in 2021). Unlike the previous year, there was no grant received under the Coronavirus Job Retention Scheme (£20,925 in 2021).
The cost of generating voluntary income also increased by £18,366 (£282,678 in 2022 compared to £264,312 in 2021). This is mostly attributable to an increase in the rent of premises (£35,645 in 2022, £24,741 in 2021) which was partially waived in the previous year due to the lockdown.
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.
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Tulip London CRN:1092840 Report & Financial Statements 2021/2022
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:
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Select suitable accounting policies and then apply them consistently;
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Make judgements and estimates that are reasonable and prudent;
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State whether applicable standards statements of recommended practice have been followed, subject to any departures disclosed and explained in the financial statements; and
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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:
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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;
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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:
Sachiko Hamamoto (Chair)
Management Trustees Member
Date: 25 / 01 / 2023
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Tulip London CRN:1092840 Report & Financial Statements 2021/2022
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 2022, 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
The charity’s gross income exceeded £250,000 and I am qualified to undertake the examination by being a qualified member of the Association of Charity Independent Examiners (ACIE).
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
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the accounts did not accord with the accounting records; or
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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: 27 / 01 / 2023
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Tulip London CRN:1092840 Report & Financial Statements 2021/2022
Statement of Financial Activities
For the period ended 5 April 2022
| For the period ended 5 April 2022 | |
|---|---|
| 2021 | 2022 |
| Incoming resources | Unrestricted funds Restricted funds Total funds |
| £ Income and endowment from: |
£ £ £ |
| 856 Donation and legacies 2 |
1,252 0 1,252 |
| 222,201 Charitable activities 3 |
273,542 0 273,542 |
| 0 Investment income |
0 0 0 |
| 20,925 Other incoming resources 4 |
408 0 408 |
| 243,983 Total incoming resources |
275,202 275,202 |
| Resources expended | |
| Expenditure on: | |
| 0 Raising funds 5 |
529 0 529 |
| 264,312 Cost of generating voluntary income 6 |
282,679 0 282,679 |
| 750 Legal and accounting fees 7 |
4,454 0 4,454 |
| 378 Other resources expended 8 |
99 0 99 |
| 265,440 Total resources expended |
287,761 287,761 |
| (21,458) Net income (expenditure) |
(12,559) 0 (12,559) |
| 35,127 Total funds carried forward |
13,669 0 13,669 |
| 13,669 | 1,110 0 1,110 |
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 pages 10 to 16 form part of these financial statements.
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Tulip London CRN:1092840 Report & Financial Statements 2021/2022
Balance Sheet as of 5 April 2022
| 2021 £ Fixed assets 0 Tangible assets £ Current assets 25,996 Debtors 9 65,612 Cash at bank and in hand 10 91,608 Total current assets £ Current liabilities Creditors: 77,939 amounts falling due within one year 11 77,939 Total current liabilities 13,669 Net current assets 13,669 Total net asset Funds of the charity 13,669 Unrestricted income funds 0 Restricted income funds 13,669 Total funds |
2022 £ 0 £ 3,163 55,222 58,385 £ 57,275 57,275 1,110 1,110 1,110 0 1,110 |
2022 £ 0 £ 3,163 55,222 58,385 £ 57,275 57,275 1,110 1,110 1,110 0 1,110 |
|---|---|---|
| 1,110 | ||
| 1,110 0 |
||
| 1,110 |
The notes on pages 10 to 16 form part of these financial statements. This was approved by the board of trustees and signed on its behalf by:
Sachiko Hamamoto (Chair)
Management Trustees Member
Date: 25 / 01 / 2023
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Tulip London CRN:1092840 Report & Financial Statements 2021/2022
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). 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 2021/2022
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
| 2021 £ 856 Donations 856 |
2022 Unrestricted funds Restricted funds Total funds £ £ £ 1,252 0 1,252 |
|---|---|
| 1,252 0 1,252 |
3. Incoming resources from charitable activities
| 2021 £ 179,531 Fees 201 Fundraising 41,532 Nursery Education Grant 937 Special Educational Needs Inclusion Fund 222,201 |
2022 Unrestricted funds Restricted funds Total funds £ £ £ 241,007 0 241,007 2,196 0 2,196 30,027 0 30,027 312 0 312 |
|---|---|
| 273,542 0 273,542 |
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Tulip London CRN:1092840 Report & Financial Statements 2021/2022
4. Other incoming resources
| 2021 £ 0 Bank loyalty rewards 0 Statutory Sick Pay 20,925 Coronavirus Job Retention Scheme 20,925 |
2022 Unrestricted funds Restricted funds Total funds £ £ £ 0 0 0 408 0 408 0 0 0 |
|---|---|
| 408 0 408 |
5. Expenditure on raising funds
2021
| £ | |
|---|---|
| 0 | Staging fundraising events |
| 0 |
| 2022 | ||
|---|---|---|
| Unrestricted | Restricted | |
| funds | funds | Total funds |
| £ | £ | £ |
| 529 | 0 | 529 |
| 529 | 0 | 529 |
6. Cost of generating voluntary income
| 2021 £ 182,609 Salaries 5,970 Employers NI contributions 1,400 Pension payments 40,372 Supply teachers (Contractors) 2,658 Administration charges 3,700 Educational expenses 24,741 Rent of premises 752 Equipment expenses 2,110 Sundries 264,312 |
2022 Unrestricted funds Restricted funds Total funds £ £ £ 187,074 0 187,074 6,564 0 6,564 2,042 0 2,042 42,316 0 42,316 1,754 0 1,754 3,345 0 3,345 35,645 0 35,645 399 0 399 3,540 0 3,540 |
|---|---|
| 282,679 0 282,679 |
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Tulip London CRN:1092840 Report & Financial Statements 2021/2022
7. Legal and accounting fees
2021
£
| £ | |
|---|---|
| 0 | Legal and professional fees |
| 750 | Independent examiner's fees |
| 750 |
| 2022 | ||
|---|---|---|
| Unrestricted | Restricted | |
| funds | funds | Total funds |
| £ | £ | £ |
| 3,704 | 0 | 3,704 |
| 750 | 0 | 750 |
| 4,454 | 0 | 4,454 |
8. Other resources expended
2021
| £ | |
|---|---|
| 300 | Donation |
| 78 | Sundry charges |
| 378 |
| 2022 | ||
|---|---|---|
| Unrestricted | Restricted | |
| funds | funds | Total funds |
| £ | £ | £ |
| 0 | 0 | 0 |
| 99 | 0 | 99 |
| 99 | 0 | 99 |
9. Debtors
2021
| £ | |
|---|---|
| 25,410 | Trade debtors |
| 510 | Prepayments |
| 76 | Accrued incomes |
| 25,996 |
| 2022 | ||
|---|---|---|
| Unrestricted | Restricted | |
| funds | funds | Total funds |
| £ | £ | £ |
| 1 | 0 | 1 |
| 2,943 | 0 | 2,943 |
| 219 | 0 | 219 |
| 3,163 | 0 | 3,163 |
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Tulip London CRN:1092840 Report & Financial Statements 2021/2022
10. Cash at bank and in hand
| 2021 | 2022 | |||
|---|---|---|---|---|
| Unrestricted | Restricted | |||
| funds | funds | Total funds | ||
| £ | £ | £ | £ | |
| 65,543 | Main bank account | 55,066 | 0 | 55,066 |
| 69 | Cash in hand | 156 | 0 | 156 |
| 65,612 | 55,222 | 0 | 55,222 | |
| 11. Creditors: amounts falling due within one year | ||||
| 2021 | 2022 | |||
| Unrestricted | Restricted | |||
| funds | funds | Total funds | ||
| £ | £ | £ | £ | |
| 7,350 | Trade creditors | 0 | 0 | 0 |
| 64,612 | Accruals and deferred income | 52,075 | 0 | 52,075 |
| 3,880 | Taxation and social security | 2,175 | 0 | 2,175 |
| 2,096 | Other creditors | 3,025 | 0 | 3,025 |
| 77,939 | 57,275 | 0 | 57,275 |
12. Analysis of net assets between funds
| 2021 Funds balances at 5 April £ 0 Tangible fixed assets 91,608 Current assets (77,939) Current liabilities 13,669 Net asset |
2022 Unrestricted funds Restricted funds Total funds £ £ £ 0 0 0 58,385 0 58,385 (57,275) 0 (57,275) |
|---|---|
| 1,110 0 1,110 |
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Tulip London CRN:1092840 Report & Financial Statements 2021/2022
13. Statement of funds
| 2021 £ 35,127 Funds balances on 6th April 243,983 Incoming resources 279,109 (265,440) Resources expended 13,669 5 April |
2022 Unrestricted funds Restricted funds Total funds £ £ £ 13,669 0 13,669 275,202 0 275,202 |
|---|---|
| 288,871 0 288,871 |
|
| (287,761) 0 (287,761) |
|
| 1,110 0 1,110 |
14. Fair value of assets and liabilities
The trust believes that there is no concern in terms of meeting our short-term liability. 90% of the trust's debt (£51,325 out of £57,274) is qualified as deferred income for the summer term of 2022/23, which will be released at the beginning of the following financial year.
15. Salaries & wages
| 2021 £ 182,609 Salaries and wages 5,970 Social security costs 1,400 Pensions 189,979 |
2022 Unrestricted funds Restricted funds Total funds £ £ £ 187,074 0 187,074 6,564 0 6,564 2,042 0 2,042 |
|---|---|
| 195,680 0 195,680 |
Expenditure on staff working for the charity whose contracts are with and are paid by a related party was £Nil (2021: £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 (2021: Nil).
In the year, the average headcount of permanent employees that worked for charitable activities was 19 (2021: 25).
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Tulip London CRN:1092840 Report & Financial Statements 2021/2022
16. Defined contribution pension scheme or defined benefit scheme
The amount of the contributions recognised in the SOFA as an expense was £2,042 (2021: £1,400).
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 £1,110 (2021: £13,669).
18. Previous year comparison
This year’s financial activities resulted in a net loss of £12,559 (net loss £21,458 in 2021). The net profit margin was slightly improved (-4.56% in 2022 compared to -8.79% in 2021).
The total income earned from charitable activities increased by £51,341 (£273,542 in 2022, £222,201 in 2021). Unlike the previous year, there was no grant received under the Coronavirus Job Retention Scheme (£20,925 in 2021).
The cost of generating voluntary income also increased by £18,366 (£282,678 in 2022 compared to £264,312 in 2021). This is mostly attributable to an increase in the rent of premises (£35,645 in 2022, £24,741 in 2021) which was partially waived in the previous year due to the lockdown.
19. Transactions with trustees and related parties
In the period, the charity paid Ms Hisako Onuki £18,900 (2021: £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 (2021: £750) and accountancy services was £Nil (2021: £Nil).
21. Controlling party
The charity is under the control of the charity’s management trustees.
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