**REGISTERED COMPANY NUMBER: 5494709 (England and Wales) REGISTERED CHARITY NUMBER: 1112736** **Report of the Trustees and Unaudited Financial Statements For the year ended 31[st] March 2021 For Summit Education Society Ltd** ## **Summit Education Society Ltd** ## **Contents of the Financial Statements For the year ended 31[st] March 2021** ||**Page**| |---|---| |Report of the Trustees|1 to 2| |Report of the Independent Examiner|2A| |Statement of Financial Activities|3| |Balance Sheet|4 to 5| |Notes to the Financial Statements|6 to 8| |Detailed Statement of Financial Activities|9| ## **Summit Education Society Ltd** ## **Report of the Trustees For the year ended 31[st] March 2021** The Trustees, who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31[st] March 2021. The Trustees have adopted the provisions of the Statement of Recommended Practice (SORP) “Accounting and Reporting by Charities” issued in March 2005. ## **REFERENCE AND ADMINISTRATIVE DETAILS Registered Company Number** 5494709 (England and Wales) ## **Registered Charity Number** 1112736 ## **Registered Office** 116 Hyde Road Manchester England M12 5AR ## **Trustees** Savas Konur ## **Company Secretary** Mustafa Bahar ## **STRUCTURE, GOVERNANCE AND MANAGEMENT** ## **Governing document** The charity is controlled by its governing document, a deed, of trust, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006. ## **Risk Management** The Trustees have a duty to identify and review the risks to which the charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error. ## **ACHEIVEMENT AND PREFORMANCE** ## **Charitable Activities** The charitable company’s income has decreased by 18.2% since the previous year. However, expenditure has also decreased by 4.8%. The company received £75,344 from government grants making an overall excess of £30,792. ## **FINANCIAL REVIEW Reserves Policy** The charitable company aims to keep sufficient reserves to meet its on-going obligations. Page 1 ## **Summit Education Society Ltd** ## **Report of the Trustees** **For the year ended 31[st] March 2021** ## **STATEMENT OF TRUSTEES RESPONSIBILITIES** The Trustees (who are also the directors of Summit Education Society Ltd for the purpose of Company Law) are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accountancy Standards (United Kingdom Generally Accepted Accountancy Practice). Company 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 charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing those financial statements, the Trustees are required to:- - Select suitable accounting policies and then apply them consistently; - Observe the methods and principles in the Charity SORP; - Make judgement and estimates that are reasonable and prudent; - Prepare the financial statements on the going concern basis unless it is appropriate to presume that the charitable company will continue in business. The Trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. This report has been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies. ## **ON BEHALF OF THE BOARD:** ## Savas Konur Trustee Date Page 2 ## **Summit Education Society Ltd** ## **Independent Examiner's Report To Trustees Of The Charity Above** I report on the accounts of the trust for the year ended 31 March 2021, which are set out on pages 3 to 9. ## **Respective responsibilities of trustees and examiner** The charity's trustees consider that an audit is not required for this year (under section 43(2) of the Charities Act 1993 (the Act)) and that an independent examination is needed. It is my responsibility to: - examine the accounts (under section 43 of the Act), - to follow the procedures laid down in the General Directions given by the Charity - Commission (under section 43(7)(b) of the Act), and - to state whether particular matters have come to my attention. ## **Basis of independent examiner’s report** My examination was carried out in accordance with General Directions given by the Charity Commissioners. 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 seeking 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 accounts. ## **Independent examiner's statement** In the course of my examination, no matter has come to my attention (1) which gives me reasonable cause to believe that in, any material respect, the trustees have not met the requirements to ensure that: - . proper accounting records are kept (in accordance with section 41 of the Act); and - . accounts are prepared which agree with the accounting records and comply with the accounting requirements of the Act; 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 SERICES** Chartered Certified Accountants 25/03/2022 244 Chase Road London N14 6HH Page 2A ## **Summit Education Society Ltd** ## **Statement of Financial Activities For the year ended 31[st] March 2021** ||**2021**|**2020**| |---|---|---| ||**Unrestricted**|**Unrestricted**| ||**Funds**|**Funds**| ||**£**|**£**| |**INCOMING RESOURCES**||| |**Incoming resources from generated funds**||| |Voluntary income|282,983|346,123| |JRS payments|75,344|| ||_______|| ||358,327|| |**RESOURCES EXPENDED**|_______|_______| |**Costs of generating funds**||| |Costs of generating voluntary income|-|-| |**Charitable activities**||| |General activity|327,535|343,995| |**Governance costs**||| ||_______|_______| |**Total resources expended**|327,535|343,995| ||_______|_______| |**NET INCOMING RESOURCES**|30,792|2,128| |**RECONCILIATION OF FUNDS**||| |**Total funds brought forward**|99,900|97,772| ||_______|_______| |**TOTAL FUNDS CARRIED FORWARD**|£130,692|£99,900| ||_______|_______| Page 3 ## **Summit Education Society Ltd** ## **Balance Sheet At 31[st] March 2021** |||**2021**|**2020**| |---|---|---|---| |||**Unrestricted**|**Unrestricted**| |||**Funds**|**Funds**| ||**Note**|**£**|**£**| |**FIXED ASSETS**|||| |Tangible assets|4|149,331|153,065| |||_______|_______| |**CURRENT ASSETS**|||| |Other Debtors||4,036|7,727| |Cash in hand||84,605|25,060| |||_______|_______| |||88,641|32,787| |**CREDITORS**|||| |Amounts falling due within one year|5|(31,770)|(24,317)| |||_______|_______| |**NET CURRENT ASSETS**||56,871|8,470| |||_______|_______| |**TOTAL ASSETS LESS CURRENT**|||| |**LIABILITIES**||206,202|161,535| |**CREDITORS**|||| |Amounts falling due after more than one year|6|(75,510)|(61,635)| |||_______|_______| |**NET ASSETS**||£130,692|£99,900| |||_______|_______| |**FUNDS**|||| |Unrestricted funds|7|130,692|99,900| |||_______|_______| |**TOTAL FUNDS**||£130,692|£99,900| |||_______|_______| The notes form part of these financial statements Page 4 ## **Summit Education Society Ltd** ## **Balance Sheet At 31[st] March 2021 (continued)** The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31[st] March 2021. The members have not required the charitable company to obtain an audit of its financial statements for the year ended 31[st] March 2021 in accordance with Section 476 of the Companies Act 2006. The Trustees acknowledge their responsibilities for:- - (a) Ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and - (b) Preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 305 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company. These financial statements have been prepared in accordance with the Special Provisions of Part 15 of the Companies Act 2006 relating to small charitable companies and with the Financial Reporting Standard for Small Entities (effective April 2008). The financial statements were approved by the Board of Trustees on and were signed on its behalf by:- Savas Konur Trustee The notes form part of these financial statements Page 5 **Summit Education Society Ltd** **Notes to the Financial Statements For the year ended 31[st] March 2021** ## **1. ACCOUNTING POLICIES** ## **Accounting convention** The financial statements have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008), the Companies Act 2006 and the requirements of the Statement of Recommended Practice, Accounting and Reporting by Charities. ## **Incoming resources** All incoming resources are included on the Statement of Financial Activities when the charity is legally entitled to the income and the amount can be quantified with reasonable accuracy. ## **Resources expended** 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. ## **Tangible fixed assets** Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life. Freehold property 2% on cost ## **Taxation** The charity is exempt from corporation tax on its charitable activities. ## **Fund accounting** Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the Trustees. Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes. Further explanation of the nature and purpose of each fund is included in the notes to the financial statements. ## **2. NET INCOMING/(OUTGOING) RESOURCES** Net resources are stated after charging/(crediting):- |Depreciation – owned assets|**2021**
**£**
3,734
_____|**2020**
**£**
3,734
_____| |---|---|---| ## **3. TRUSTEES REMUNERATION AND BENEFITS** There were no Trustees remuneration or other benefits for the year ended 31[st] March 2021 nor for the year ended 31[st] March 2020. ## **Trustees expenses** There were no trustees’ expenses paid for the year ended 31[st] March 2021 or for the year ended 31[st] March 2020. Page 6 ## **Summit Education Society Ltd** ## **Notes to the Financial Statements For the year ended 31[st] March 2021** **(continued)** |**4.**
**TANGIBLE FIXED ASSETS**
**COST**
At 1stApril 2020 and 31stMarch 2021
**Total Tangible Fixed Assets**
**DEPRECIATION**
At 1stApril 2020
Charge for the year 2021
**At 31st March 2021**
**NET BOOK VALUE**
At 31stMarch 2021
At 31stMarch 2020
**5.**
**CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**
**2021**
**£**
Bank loans and overdrafts
5,645
Other creditors
26,125
_______
31,770
_______
**6.**
**CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR**
**2021**
**£**
Bank loans
75,510
_______|**Freehold**
**Property**
**£**
186,703
186,703
_______
33,638
3,734
37,372
_______
149,331
_______
153,065
_______
**2020**
**£**
5,165
19,152
_______
24,317
_______

**2020**
**£**
61,635
_______| |---|---| Page 7 ## **Summit Education Society Ltd** ## **Notes to the Financial Statements For the year ended 31[st] March 2021** **(continued)** |**7.**|**MOVEMENT IN FUNDS**||| |---|---|---|---| |||**Net**|| |||**movement in**|| ||**At 1.4.20**|**funds**|**At 31.3.21**| ||**£**|**£**|**£**| ||**Unrestricted funds**||| ||General fund
99,900|30,792|130,692| ||_______|_______|_______| ||99,900|30,792|130,692| ||_______|_______|_______| ||Net movement in funds, included in the above, are as|follows:-|| ||**Incoming**|**Resources**|**Movement in**| ||**resources**|
**expended**|**funds**| ||**£**|**£**|**£**| ||**Unrestricted funds**||| ||General fund
358,327|(327,535)|30,792| ||_______|_______|_______| ||**TOTAL FUNDS**
358,327|(327,535)|30,792| ||_______|_______|_______| Page 8 ## **Summit Education Society Ltd** ## **Detailed Statement of Financial Activities For the year ended 31[st] March 2021** |**INCOMING RESOURCES**
**Voluntary income**
Donations
JRS payments
**Total incoming resources**
**RESOURCES EXPENDED**
**Costs of generating voluntary income**
Direct costs
**Charitable activities**
Rates and water
Insurance
Light and heat
Telephone
Postage and stationery and advertising
Subscriptions
Decorating and repairs
Rent & Room hire
Cleaning & Waste removal
Staff training and welfare
Freehold property depreciation
Bank Charges and interest
Wages and salaries
**Governance costs**
Other legal and professional cost
Accountancy
Consultancy Fees
Solicitors fees

**Total resources expended**
**NET INCOME**|**2021**
**£**
282,983
75,344
_______
358,327
12,015
4,665
3,245
17,624
2,129
3,261
2,630
3,804
37,900
3,287
2,504
3,734
2,531
221,229
_______
320,558
1,960
2,792
2,225
-

_______
327,535
_______
30,792
_______|**2020**
**£**
346,123
-
_______
346,123
8,648
8,031
3,237
17,049
543
6,094
2,008
5,295
39,112
4,139
1,566
3,734
3,828
226,085
_______
329,369
2,851
2,655
9,120
-
_______
343,995
_______
2,128
_______| |---|---|---| This page does not form part of the statutory financial statements Page 9