2022-05-31-accounts - Amity Educational Foundation

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Registered number 05802582

AMITY EDUCATIONAL FOUNDATION (A Company Limited by Guarantee) Report and Accounts

31 May 2022

AMITY EDUCATIONAL FOUNDATION Report and accounts Contents

	Page
Company information	1
Directors' report	2
Accountants' report	3
Profit and loss account	4
Balance sheet	5
Statement of changes in equity	6
Notes to the accounts	7

AMITY EDUCATIONAL FOUNDATION Company Information

Directors

Aydin AKTAS Davut AKTAS Koraltay ALTUNOLUK Ercument OZCAN

Accountants

AA Accountancy Services 244 Chase Road London N14 6HH

Registered office 244 Chase Road London N14 6HH

Registered number 05802582

AMITY EDUCATIONAL FOUNDATION Registered number: 05802582 Directors' Report

The directors present their report and accounts for the year ended 31 May 2022.

Principal activities

The company's principal activity during the year continued to be educational charity and promoting educational activities.

Directors

The following persons served as directors during the year:

Aydin AKTAS Davut AKTAS Koraltay ALTUNOLUK Ercument OZCAN

Small company provisions

This report has been prepared in accordance with the provisions in Part 15 of the Companies Act 2006 applicable to companies subject to the small companies regime.

This report was approved by the board on 23 February 2023 and signed on its behalf.

DAVUT AKTAS Director

AMITY EDUCATIONAL FOUNDATION Accountants' Report

Accountants' report to the directors of AMITY EDUCATIONAL FOUNDATION

You consider that the company is exempt from an audit for the year ended 31 May 2022. You have acknowledged, on the balance sheet, your responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts. These responsibilities include preparing accounts that give a true and fair view of the state of affairs of the company at the end of the financial year and of its profit or loss for the financial year.

In accordance with your instructions, we have prepared the accounts which comprise the Profit and Loss Account, the Balance Sheet, the Statement of Changes in Equity and the related notes from the accounting records of the company and on the basis of information and explanations you have given to us.

We have not carried out an audit or any other review, and consequently we do not express any opinion on these accounts.

MR A AYDEMIR,FCCA AA Accountancy Services Chartered Certified Accountants

244 Chase Road London N14 6HH

23 February 2023

AMITY EDUCATIONAL FOUNDATION SOFA: Statement Of Financial Activities for the year ended 31 May 2022

Income Direct Charitable Expenditure Gross Income Management & Administrative expenses Other operating income Net Incoming / (Outgoing) Resources Interest payable Net Incoming / (Outgoing) Resources before taxation Tax on profit Net Incoming / (Outgoing) Resources for the financial year	2022 £ 326,148 (63,642) 262,506 (255,476) 18,178 25,208 (455) 24,753 - 24,753	2021 £ 193,550 (38,875) 154,675 (157,710) 17,347 14,312 - 14,312 - 14,312

AMITY EDUCATIONAL FOUNDATION Registered number: 05802582 Balance Sheet as at 31 May 2022

Notes Fixed assets Tangible assets 3 Current assets Debtors 4 Cash at bank and in hand Creditors: amounts falling due within one year 5 Net current assets Total assets less current liabilities Creditors: amounts falling due after more than one year 6 Net assets Capital and reserves Profit and loss account Shareholder's funds	2022 £ 609 37,500 72,733 110,233 (1,100) 109,133 109,742 (17,747) 91,995 91,995 91,995	2021 £ 759 2,500 92,951 95,451 (6,249) 89,202 89,961 (22,719) 67,242 67,242 67,242

The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.

The member has not required the company to obtain an audit in accordance with section 476 of the Act.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.

The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.

DAVUT AKTAS Director

Approved by the board on 23 February 2023

AMITY EDUCATIONAL FOUNDATION Statement of Changes in Equity for the year ended 31 May 2022

At 1 June 2020 Profit for the financial year At 31 May 2021 At 1 June 2021 Profit for the financial year At 31 May 2022	Share capital £ - - - -	Share premium £ - - - -	Re- valuation reserve £ - - - -	Profit and loss account £ 52,930 14,312 67,242 67,242 24,753 91,995	Total £ 52,930 14,312 67,242 67,242 24,753 91,995

AMITY EDUCATIONAL FOUNDATION Notes to the Accounts for the year ended 31 May 2022

1 Accounting policies

Basis of preparation

The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).

Turnover

Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.

Intangible fixed assets

Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.

Tangible fixed assets

Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:

Freehold buildings	over 50 years
Leasehold land and buildings	over the lease term
Plant and machinery	over 5 years
Fixtures, fittings, tools and equipment	over 5 years

Investments

Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.

Debtors

Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.

AMITY EDUCATIONAL FOUNDATION Notes to the Accounts for the year ended 31 May 2022

Creditors

Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.

Taxation

A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.

Provisions

Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.

Foreign currency translation

Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.

Leased assets

A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.

Pensions

Contributions to defined contribution plans are expensed in the period to which they relate.

2022 2021 Number Number

2 Employees

AMITY EDUCATIONAL FOUNDATION Notes to the Accounts for the year ended 31 May 2022

Average number of persons employed by the company

3 Tangible fixed assets Cost At 1 June 2021 At 31 May 2022 Depreciation At 1 June 2021 Charge for the year At 31 May 2022 Net book value At 31 May 2022 At 31 May 2021 4 Debtors Trade debtors 5 Creditors: amounts falling due within one year Taxation and social security costs Other creditors 6 Creditors: amounts falling due after one year Bank loans	Land and buildings £ 273 273 - - - 273 273	Plant and machinery etc £ 4,812 4,812 4,326 150 4,476 336 486 2022 £ 37,500 2022 £ 381 719 1,100 2022 £ 17,747	Total £ 5,085 5,085 4,326 150 4,476 609 759 2021 £ 2,500 2021 £ 3,446 2,803 6,249 2021 £ 22,719

7 Other information

AMITY EDUCATIONAL FOUNDATION is a private company limited by shares and incorporated in England. Its registered office is: 244 Chase Road

London N14 6HH

AMITY EDUCATIONAL FOUNDATION Detailed SOFA: Statement Of Financial Activities for the year ended 31 May 2022

This schedule does not form part of the statutory accounts

Income Direct Charitable Expenditure Gross Income Management & Administrative expenses Other operating income Operating profit Interest payable Net Incoming / (Outgoing) Resources	2022 £ 326,148 (63,642) 262,506 (255,476) 18,178 25,208 (455) 24,753	2021 £ 193,550 (38,875) 154,675 (157,710) 17,347 14,312 - 14,312

AMITY EDUCATIONAL FOUNDATION Detailed SOFA: Statement Of Financial Activities for the year ended 31 May 2022

This schedule does not form part of the statutory accounts

Income Donation Other Income Direct Charitable Expenditure Purchases Conference and meeting expenses Subcontractor costs Bursary and grants Management & Administrative expenses Employee costs: Wages and salaries Directors' salaries Pensions Employer's NI Staff training and welfare Travel and subsistence Premises costs: Rent Light and heat General administrative expenses: Stationery and printing Bank charges Insurance Equipment expensed Software Repairs and maintenance Depreciation Sundry expenses Legal and professional costs: Accountancy fees Consultancy fees Other legal and professional Other operating income Other operating income	2022 £ 242,355 83,793 326,148 11,640 1,200 12,500 38,302 63,642 35,705 - 280 1,107 3,500 6,300 46,892 158,390 6,089 164,479 - 15 1,382 2,200 3,000 5,862 150 21 12,630 600 11,125 19,750 31,475 255,476 18,178	2021 £ 130,134 63,416 193,550 - 2,920 4,200 31,755 38,875 29,185 10,922 293 849 - - 41,249 86,748 2,424 89,172 19 527 691 - 2,520 156 150 15 4,078 600 14,231 8,380 23,211 157,710 17,347