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 2024
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
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 2024 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: 31 December 2024
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SUMMIT EDUCATION SOCIETY LTD STATEMENT OF FINANCIAL ACTIVITIES
(Incorporating income and expenditure account) FOR THE YEAR ENDED 31 MARCH 2024
| Unristricted Notes Funds INCOME AND EXPENDITURES £ INCOMING RESOURCES Incoming resources from generated funds: Charitable income 2 265390 Activities for generating funds 3 173159 Investment income 4 0 Incoming resources from charitable activities 5 0 Other incoming resources 6 22114 TOTAL INCOMING RESOURCES 460663 RESOURCES EXPENDED charitable Activities 7 414276 Governance Costs 8 46230 Other resources expended 9 0 TOTAL RESOURCES EXPENDED 11 460506 NET INCOMING/(OUTGOING) RESOURCES before transfers 21 157 Transfersbetween funds - NET MOVEMENT IN FUNDS FOR THE YEAR 157 Total Funds at 1 April 2023 131014 Prior Year Adjustment (Note 19) 0 Total Funds at 31 MARCH 2024 131171 ===== |
Restricted Funds £ 0 0 0 0 - 0 0 0 0 0 0 - 0 0 0 ===== |
2024 Total £ 265,390 173159 0 0 22114 460663 414276 46230 0 460506 157 - 157 0 131171 ===== |
2023 Total £ 224,559 170768 0 0 6597 |
|---|---|---|---|
| 401924 | |||
| 352941 48753 0 |
|||
| 401694 | |||
| 230 - |
|||
| 230 131014 0 |
|||
| 131014 ===== |
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 2024
| Notes 2024 ₤ 15 156999 156999 Debtors 16 44500 40728 85228 17 (65800) 19428 18 -45256 131171 ===== 20 0 20 131171 131171 ===== 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 |
2023 ₤ 157499 |
|---|---|
| 157499 13337 45146 |
|
| 58483 (27508) |
|
| 30975 -57460 |
|
| 131014 ===== 0 131014 |
|
| 131014 ===== |
The notes on pages 16 to 24 from part of these accounts. Approved by the Board of Trustees on 28 December 2024 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 2024
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 2024
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 £ 82216 183174 265390 Unristricted Funds £ 173159 173159 |
Restricted Funds £ 0 Restricted Funds £ - 0 |
2024 Total £ 82216 183174 265390 2024 Total £ 173159 173159 |
2023 Total £ 13869 210690 |
|---|---|---|---|---|
| 224559 | ||||
| 2023 Total £ 170768 |
||||
| 170768 |
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SUMMIT EDUCATION SOCIETY LTD
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
| 4. INVESTMENT INCOME Unristricted Funds £ Rental Income 0 5. INCOMING RESOURCES FROM CHARITABLE Unristricted Funds £ Charitable Activities 0 6. OTHER INCOMING RESOURCES Unristricted Funds £ Other incoming resources 22114 7. EXPENDITURE BY CHARITABLE ACTIVITY SUMMARY BY FUND TYPE Unristricted Funds £ Investment Income 0 Charitable Activities 414276 414276 SUMMARY BY EXPENDITURE TYPE Staff Costs £ Investment Income Charitable Activities 203812 203812 |
Restricted 2024 Funds Total £ £ 0 0 ACTIVITIES Restricted 2024 Funds Total £ £ 0 0 Restricted 2024 Funds Total £ £ 0 22114 Restricted 2024 Funds Total £ £ 0 0 0 414276 0 414276 Other 2024 Costs Total £ £ 0 210464 414276 210464 414276 |
2023 Total £ 0 |
|---|---|---|
| 2023 Total £ 0 |
||
| 2023 Total £ |
||
| 6597 | ||
| 2023 Total £ 0 352941 |
||
| 352941 | ||
| 2023 Total £ 0 352941 |
||
| 352941 |
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SUMMIT EDUCATION SOCIETY LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
| 8. GOVERNANCE COSTS Unrestricted Funds £ Governance- Accountants fees 2000 Governance - Premises costs for head office 7398 Governance - telephone 73 Governance expense - computer expenses 229 Governance expense - wages and salaries 22646 Governance expense - NI 13384 Governance - depreciation - tangible fixed assets 500 46230 ==== 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 5377 Staff training and welfare Direct Premises Direct 66584 Insurance Direct 1646 Subcontractor cost Direct 19910 Professional fees Direct 510 Printing, Postage and Stationary Direct 45 Equipment expensed Direct 2428 Commission payable Direct Telephone and internet Direct 657 Travel and substance Direct 306 Repairs and Renewals Direct 46604 Bank Charges Direct 967 Inretest Direct 13 Subscriptions Direct 570 Miscellaneous Direct 485 Advertising and PR Direct 4139 Director salaries Direct 18828 Software Direct 2065 Wages and salaries Direct 203812 Pension Direct 3050 Purchases Direct 36280 414276 ==== |
Unrestricted Funds £ 2000 7398 73 229 22646 13384 500 |
Restricted Funds £ 0 ==== Restricted Funds £ 0 ==== Restricted Funds £ 0 ==== |
2024 Total £ 2000 7398 73 229 22646 13384 500 |
2023 Total £ 2000 5680 67 165 24870 15471 500 |
|---|---|---|---|---|
| 46230 ==== Unrestricted Funds £ |
46230 ==== 2024 Total £ |
48753 ==== 2023 Total £ |
||
| 0 ==== 2024 Total £ 0 5377 0 66584 1646 19910 510 45 2428 0 657 306 46604 967 13 570 485 4139 18,828.00 2065 203812 3050 36280 |
0 ==== 2023 Total £ 0 3201 977 51121 2116 4475 735 334 2434 4141 600 1425 3778 552 6 724 2108 2236 11979 1483 223832 3731 30953 |
|||
| 414276 ==== |
414276 ==== |
352941 ==== |
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SUMMIT EDUCATION SOCIETY LTD
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
11. ANALYSIS OF RESOURCES EXPENDED BY EXPENDITURE TYPE
| Staff Costs Depreciation Other Costs 2024 £ £ £ £ Investment Income 0 0 0 0 Charitable Activities 203812 0 210464 414276 Charitable activities 203812 0 210464 414276 Governance 36030 500 9700 46230 Loss on disposal of fixed assets 0 0 0 0 239842 500 220164 460506 12. ANALYSIS OF RESOURCES EXPENDED BY ACTIVITIES Activities undertaken Total Directly Support Costs 2024 £ £ £ Investment Income 0 0 0 Charitable Activities 0 46230 46230 Total 0 46230 46230 13. NET INCOMING RESOURCES |
2024 £ 0 414276 |
2023 £ 0 352941 |
|---|---|---|
| 414276 | 352941 | |
| 46230 0 |
40341 0 |
|
| 460506 | 393282 | |
| Total 2023 £ 0 40341 |
||
| 46230 | 40341 | |
This is stated after charging:
| 13. NET INCOMING RESOURCES This is stated after charging: |
||
|---|---|---|
| 2024 | 2023 | |
| £ | £ | |
| 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: |
2024 £ 226458 49664 276122 2024 No. |
2023 £ 248702 46424 |
|---|---|---|
| 295126 | ||
| 2023 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 2024
15. TANGIBLE FIXED ASSETS
| 15. TANGIBLE FIXED ASSETS | |
|---|---|
| Cost At 1.04.23 Additions At 31.03.24 Depreciation At 01.04.23 charge for period At 31.13.24 Net book values At 31.03.24 At 31.03.23 |
TOTAL £ 198531 |
| 198531 | |
| 41032 500 |
|
| 41532 | |
| 156999 | |
| 157499 |
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SUMMIT EDUCATION SOCIETY LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
16. DEBTORS
| EBTORS | ||
|---|---|---|
| 2024 | 2023 | |
| £ | £ | |
| Due after more than one year | ||
| Other Debtors | 0 | 0 |
| Due within one year | ||
| Trade debtors | 44500 | 0 |
| Other debtors | 0 | 13337 |
| 44500 | 13337 |
17. CREDITORS: Amount falling due within one year
| 2024 £ Bank loans and Overdraft 0 Trade creditors 0 Other taxation and social security 39589 Other creditors 26211 Accruals and deferred income 0 65800 |
2023 £ 5645 0 11796 10067 |
|---|---|
| 27508 |
18. CREDITORS: Amount falling due after one year
| Bank loans Other creditors |
2024 £ 45256 0 45256 |
2023 £ 57460 0 |
|---|---|---|
| 57460 |
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SUMMIT EDUCATION SOCIETY LTD
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
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 £ 460663 460663 0 460663 Incoming Resources £ 460663 0 460663 |
Resources Expended £ (460506) (460506) (460506) Resources Expended £ (460506) (460506) |
Transfers In/Out £ 0 |
Carried Forward £ 131171 |
|---|---|---|---|---|---|
| 0 | 131171 | ||||
| 0 | 0 | ||||
| 0 | 131171 | ||||
| Transfers In/Out £ 0 0 |
Carried Forward £ 131171 0 |
||||
| 0 | 131171 |
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SUMMIT EDUCATION SOCIETY LTD
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
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 2024 2023 £ £ £ £ 156999 0 156999 157499 0 0 0 0 85228 0 85228 58483 (65800) 0 (65800) (27508) -45256 0 -45256 -57460 |
|---|---|
| 0 131171 131014 |
23. RELATED PARTY TRANSACTIONS
There was not any related party transaction with any of the trustees this year and last year.
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