REGISTERED CHARITY NUMBER: 1112736 REGISTERED COMPANY NUMBER: 05494709
SUMMIT EDUCATION SOCIETY LTD (Private company limited by guarantee without share capital)
TRUSTEES’ REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
SUMMIT EDUCATION SOCIETY LTD
| Contents | Page |
|---|---|
| Legal and administrative information | 2 |
| Accountant’s Report | 3 |
| Statement of Financial Activities | 4 |
| Balance Sheet | 5 |
| Notes to the Financial Statements | 6 - 14 |
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SUMMIT EDUCATION SOCIETY LTD
Legal and administrative information
Trustees
Unal Onder
Hakan Akarli
Yucel Yesilyurt Mustafa Bahar
Savas Konur
Company Number: 05494709
Charity Number: 1112736
Registered Office address
116 Hyde Road, Manchester, M12 5AR
Accountants
AA ACCOUNTANCY SERVICES 244 Chase Road London N14 6HH
2
SUMMIT EDUCATION SOCIETY LTD
INDEPENDENT EXAMINER'S REPORT TO TRUSTEES OF SUMMIT EDUCATION SOCIETY LTD
I report on the accounts of the charity for the period ended 31 March 2023 which are set out on pages 10 to 20
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 Act 2005 and the Charities Accounts 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 8 of 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: 29 November 2023
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SUMMIT EDUCATION SOCIETY LTD STATEMENT OF FINANCIAL ACTIVITIES
(Incorporating income and expenditure account) FOR THE YEAR ENDED 31 MARCH 2023
| Unristricted Notes Funds INCOME AND EXPENDITURES £ INCOMING RESOURCES Incoming resources from generated funds: Charitable income 2 224559 Activities for generating funds 3 170768 Investment income 4 0 Incoming resources from charitable activities 5 0 Other incoming resources 6 6597 TOTAL INCOMING RESOURCES 401924 RESOURCES EXPENDED charitable Activities 7 352941 Governance Costs 8 48753 Other resources expended 9 0 TOTAL RESOURCES EXPENDED 11 401694 NET INCOMING/(OUTGOING) RESOURCES before transfers 21 230 Transfersbetween funds - NET MOVEMENT IN FUNDS FOR THE YEAR 230 Total Funds at 1 April 2022 131014 Prior Year Adjustment (Note 19) 0 Total Funds at 31 MARCH 2023 131014 ===== |
Restricted Funds £ 0 0 0 0 - 0 0 0 0 0 0 - 0 0 0 ===== |
2023 Total £ 224,559 170768 0 0 6597 401924 352941 48753 0 401694 230 - 230 0 131014 ===== |
2022 Total £ 24,810 158817 0 0 195189 |
|---|---|---|---|
| 378816 | |||
| 327746 50978 0 |
|||
| 378724 | |||
| 92 - |
|||
| 92 130784 0 |
|||
| 130784 ===== |
The notes on pages 12 to 22 form part of these accounts.
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SUMMIT EDUCATION SOCIETY LTD
BALANCE SHEET AS AT 31 31 MARCH 2023
| Notes 2023 ₤ 15 157499 157499 Debtors 16 13337 45146 58483 17 (27508) 30975 18 -57460 131014 ===== 20 0 20 131014 131014 ===== Unrestricted funds CREDITORS:Amounts falling due within one year Total assets less current liabilities Net current assets / (liabilities) CREDITORS:Amounts falling due more than one year FIXED ASSETS Tangible assets CURRENT ASSETS Cash at bank and in hand Restricted funds CHARITY FUNDS |
2022 ₤ 154926 |
|---|---|
| 154926 23123 56776 |
|
| 79899 (34276) |
|
| 45623 -69765 |
|
| 130784 ===== 0 131014 |
|
| 131014 ===== |
The notes on pages 16 to 24 from part of these accounts. Approved by the Board of Trustees on 29 November 2023.and signed on its behalf by Ali Hamza Cakar, Director
Ali Hamza Cakar Director
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SUMMIT EDUCATION SOCIETY LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023
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.
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SUMMIT EDUCATION SOCIETY LTD
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023
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 £ 13869 210690 224559 Unristricted Funds £ 170768 170768 |
Restricted Funds £ 0 Restricted Funds £ - 0 |
2023 Total £ 13869 210690 224559 2023 Total £ 170768 170768 |
2022 Total £ 24810 |
|---|---|---|---|---|
| 24810 | ||||
| 2022 Total £ 158817 |
||||
| 158817 |
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SUMMIT EDUCATION SOCIETY LTD
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023
| 4. INVESTMENTINCOME Unristricted Funds £ Rental Income 0 5. INCOMING RESOURCES FROM CHARITABLE Unristricted Funds £ Charitable Activities 0 6. OTHER INCOMING RESOURCES Unristricted Funds £ Other incoming resources 6597 7. EXPENDITURE BY CHARITABLE ACTIVITY SUMMARY BY FUND TYPE Unristricted Funds £ Investment Income 0 Charitable Activities 352941 352941 SUMMARY BY EXPENDITURE TYPE Staff Costs £ Investment Income Charitable Activities 223832 223832 |
Restricted 2023 Funds Total £ £ 0 0 ACTIVITIES Restricted 2023 Funds Total £ £ 0 0 Restricted 2023 Funds Total £ £ 0 6597 Restricted 2023 Funds Total £ £ 0 0 0 352941 0 352941 Other 2023 Costs Total £ £ 0 129109 352941 129109 352941 |
2022 Total £ 0 |
|---|---|---|
| 2022 Total £ 0 |
||
| 2022 Total £ |
||
| 195189 | ||
| 2022 Total £ 0 327746 |
||
| 327746 | ||
| 2022 Total £ 0 327746 |
||
| 327746 |
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SUMMIT EDUCATION SOCIETY LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023
| 8. GOVERNANCE COSTS Unrestricted Funds £ Governance- Accountants fees 2000 Governance - Premises costs for head office 5680 Governance - telephone 67 Governance expense - computer expenses 165 Governance expense - wages and salaries 24870 Governance expense - NI 15471 Governance - depreciation - tangible fixed assets 500 48753 ==== 9. OTHER RESOURCES EXPENDED Unrestricted Funds £ Loss((profit) on disposal of fixed asset 0 ==== 10. DIRECT COSTS Basis of Unrestricted All Charitable activities Allocation Funds £ Charitable Contributions Direct Cleaning Direct 3201 Staff training and welfare Direct 977 Premises Direct 51121 Insurance Direct 2116 Subcontractor cost Direct 4475 Professional fees Direct 735 Printing, Postage and Stationary Direct 334 Equipment expensed Direct 2434 Commission payable Direct 4141 Telephone and internet Direct 600 Travel and substance Direct 1425 Repairs and Renewals Direct 3778 Bank Charges Direct 552 Inretest Direct 6 Subscriptions Direct 724 Miscellaneous Direct 2108 Advertising Direct 2236 Director salaries Direct 11979 Software Direct 1483 Wages and salaries Direct 223832 Pension Direct 3731 Purchases Direct 30953 352941 ==== |
Unrestricted Funds £ 2000 5680 67 165 24870 15471 500 |
Restricted Funds £ 0 ==== Restricted Funds £ 0 ==== Restricted Funds £ 0 ==== |
2023 Total £ 2000 5680 67 165 24870 15471 500 |
2022 Total £ 3698 5369 61 206 25206 13278 3160 |
|---|---|---|---|---|
| 48753 ==== Unrestricted Funds £ |
48753 ==== 2023 Total £ |
50978 ==== 2022 Total £ |
||
| 0 ==== 2023 Total £ 0 3201 977 51121 2116 4475 735 334 2434 4141 600 1425 3778 552 6 724 2108 2236 11,979.00 1483 223832 3731 30953 |
0 ==== 2022 Total £ 1840 632 48318 1731 1080 1158 3247 0 0 552 2868 695 601 2180 84 177 2995 11558 1851 226856 6476 12847 |
|||
| 352941 ==== |
352941 ==== |
327746 ==== |
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SUMMIT EDUCATION SOCIETY LTD
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023
11. ANALYSIS OF RESOURCES EXPENDED BY EXPENDITURE TYPE
| Staff Costs Depreciation Other Costs 2023 £ £ £ £ Investment Income 0 0 0 0 Charitable Activities 223832 0 129109 352941 Charitable activities 223832 0 129109 352941 Governance 40341 500 7912 48753 Loss on disposal of fixed assets 0 0 0 0 264173 500 137021 401694 12. ANALYSIS OF RESOURCES EXPENDED BY ACTIVITIES Activities undertaken Total Directly Support Costs 2023 £ £ £ Investment Income 0 0 0 Charitable Activities 0 48753 48753 Total 0 48753 48753 13. NET INCOMING RESOURCES |
2023 £ 0 352941 |
2022 £ 0 327746 |
|---|---|---|
| 352941 | 327746 | |
| 48753 0 |
38484 0 |
|
| 401694 | 366230 | |
| Total 2022 £ 0 38484 |
||
| 48753 | 38484 | |
This is stated after charging:
| 13. NET INCOMING RESOURCES This is stated after charging: |
||
|---|---|---|
| 2023 | 2022 | |
| £ | £ | |
| Depreciation of tangible fixed assets: owned by charity | 500 | 3160 |
| Auditor's remuneration | 0 | 0 |
| Governance Accountant fees | 2000 | 3698 |
During the year, no Trustees received any remuneration (2020 -£NIL). During the year, no Trustees received any benefits in kind (2020 -£NIL).
During the year, no Trustees received any reimbursement of expenses (2020 -£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: |
2023 £ 248702 46424 295126 2023 No. |
2022 £ 252062 26125 |
|---|---|---|
| 278187 | ||
| 2022 No. 10 |
No employee received remuneration amounting to more than £60,000 in either year.
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SUMMIT EDUCATION SOCIETY LTD
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023
15. TANGIBLE FIXED ASSETS
| 15. TANGIBLE FIXED ASSETS | |
|---|---|
| Cost At 31.04.22 Additions At 31.03.23 Depreciation At 01.04.22 charge for period At 31.13.23 Net book values At 31.03.23 At 31.03.22 |
TOTAL £ 195458 3073 |
| 198531 | |
| 40532 500 |
|
| 41032 | |
| 157499 | |
| 154926 |
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SUMMIT EDUCATION SOCIETY LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023
16. DEBTORS
| EBTORS | ||
|---|---|---|
| 2023 | 2022 | |
| £ | £ | |
| Due after more than one year | ||
| Other Debtors | 0 | 3500 |
| Due within one year | ||
| Trade debtors | 0 | 0 |
| Other debtors | 13337 | 23123 |
| 13337 | 23123 |
17. CREDITORS: Amount falling due within one year
| 2023 £ Bank loans and Overdraft 5645 Trade creditors 0 Other taxation and social security 11796 Other creditors 10067 Accruals and deferred income 0 27508 |
2022 £ 5645 0 8728 19903 |
|---|---|
| 34276 |
18. CREDITORS: Amount falling due after one year
| Bank loans Other creditors |
2023 £ 57460 0 57460 |
2022 £ 69765 0 |
|---|---|---|
| 69765 |
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SUMMIT EDUCATION SOCIETY LTD
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023
19. PRIOR YEAR ADJUSTMENT
There is no prior year adjsutment this year
20. 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 £ 131014 131014 0 131014 Restated Brought Forward £ 131014 0 131014 |
Incoming Resources £ 401924 401924 0 401924 Incoming Resources £ 401924 0 401924 |
Resources Expended £ (401694) (401694) (401694) Resources Expended £ (401694) (401694) |
Transfers In/Out £ 0 |
Carried Forward £ 131244 |
|---|---|---|---|---|---|
| 0 | 131244 | ||||
| 0 | 0 | ||||
| 0 | 131244 | ||||
| Transfers In/Out £ 0 0 |
Carried Forward £ 131244 0 |
||||
| 0 | 131244 |
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SUMMIT EDUCATION SOCIETY LTD
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023
22. ANALYSIS OF NET ASSETS BETWEEN FUNDS
| Tangible fixed assets 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 2022 2021 £ £ £ £ 157499 0 157499 154926 0 0 0 0 58483 0 58483 79899 (27508) 0 (27508) (34276) -57460 0 -57460 -69765 |
|---|---|
| 0 131014 130784 |
23. RELATED PARTY TRANSACTIONS
There was not any related party transaction with any of the trustees this year and last year.
14