REGISTERED CHARITY NUMBER: 1133629
REGISTERED COMPANY NUMBER: 05802582
AMITY EDUCATIONAL FOUNDATION
(A private limited company by guarantee without share capital use of ‘limited exemption)
TRUSTEES’ REPORT AND FINANCIAL STATEMENTS
FOR THE PERIOD FROM 1 June 2022
TO
31 May 2023
AMITY EDUCATIONAL FOUNDATION
| 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 |
1
AMITY EDUCATIONAL FOUNDATION
Legal and administrative information
Trustees
Davud Aktas
Aydin Aktas Ercument Ozcan
Company Number: 05802582
Charity Number: 1133629
Registered Office address
244 Chase Road, London, N14 6HH
Accountants
AA Accountancy Services
244 Chase Road London N14 6HH
2
AMITY EDUCATIONAL FOUNDATION
INDEPENDENT EXAMINER'S REPORT TO TRUSTEES OF AMITY EDUCATIONAL FOUNDATION
I report on the accounts of the charity for the period ended 31 May 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: 22/02/2024
3
AMITY EDUCATIONAL FOUNDATION STATEMENT OF FINANCIAL ACTIVITIES
(Incorporating income and expenditure account) FOR THE YEAR ENDED 31 MAY 2023
| Unristricted Notes Funds INCOME AND EXPENDITURES £ INCOMING RESOURCES Incoming resources from generated funds: Voluntary income 2 308760 Activities for generating funds 3 0 Investment income 4 65385 Incoming resources from charitable activities 5 8760 Other incoming resources 6 304 TOTAL INCOMING RESOURCES 383209 RESOURCES EXPENDED charitable Activities 7 390707 Governance Costs 8 28697 Other resources expended 9 0 TOTAL RESOURCES EXPENDED 11 419404 NET INCOMING/(OUTGOING) RESOURCES before transfers 21 -36195 Transfersbetween funds - NET MOVEMENT IN FUNDS FOR THE YEAR -36195 Total Funds at 1 June 2022 0 Prior Year Adjustment (Note 20) 0 Total Funds at 31 MAY 2023 -36195 ===== |
Restricted Funds £ 36779 0 0 0 - 36779 0 0 0 0 36779 - 36779 0 0 36779 ===== |
2023 Total £ 345,539 0 65385 8760 304 419988 390707 28697 0 419404 584 - 584 0 0 584 ===== |
2022 Total £ 260,395 0 56600 9153 18178 |
|---|---|---|---|
| 344326 | |||
| 297398 22175 0 |
|||
| 319573 | |||
| 24753 - |
|||
| 24753 0 0 24753 ===== |
The notes on pages 12 to 22 form part of these accounts.
4
AMITY EDUCATIONAL FOUNDATION
BALANCE SHEET AS AT 31 MAY 2023
| Notes 2023 ₤ 15 18407 Programme related investments 16 0 18407 Debtors 17 2500 Investments 0 86415 88915 18 (1573) 19 (13170) 92579 ===== 21 36779 21 -36195 584 ===== FIXED ASSETS Tangible assets CURRENT ASSETS Cash at bank and in hand Restricted funds CHARITY FUNDS 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 |
2022 ₤ 609 0 |
|---|---|
| 609 37500 0 72733 |
|
| 110233 (1100) |
|
| (17747) | |
| 91995 ===== 0 24753 |
|
| 24753 ===== |
The notes on pages 16 to 24 from part of these accounts. Approved by the Board of Trustees on 22 February 2024 and signed on its behalf by Davud Aktas, Trustee.
Davud Aktas Trustee
5
AMITY EDUCATIONAL FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 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.
6
AMITY EDUCATIONAL FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 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 £ 298350 10410 308760 Unristricted Funds £ 0 |
Restricted Funds £ 0 36779 36779 Restricted Funds £ - 0 |
2023 Total £ 298350 47189 345539 2023 Total £ 0 0 |
2022 Total £ 243555 16840 |
|---|---|---|---|---|
| 260395 | ||||
| 2022 Total £ 0 |
||||
| 0 |
7
AMITY EDUCATIONAL FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2023
| 4. INVESTMENT INCOME Unristricted Funds £ Rental Income 65385 5. INCOMING RESOURCES FROM CHARITABLE Unristricted Funds £ Educational Activities 8760 6. OTHER INCOMING RESOURCES Unristricted Funds £ Other incoming resources 304 7. EXPENDITURE BY CHARITABLE ACTIVITY SUMMARY BY FUND TYPE Unristricted Funds £ Charitable Activities 390707 Governance Cost 28697 419404 SUMMARY BY EXPENDITURE TYPE Staff Costs £ Charitable Activities 34348 Governance Cost 34348 |
Restricted 2023 Funds Total £ £ 0 65385 ACTIVITIES Restricted 2023 Funds Total £ £ 0 8760 Restricted 2023 Funds Total £ £ 0 304 Restricted 2023 Funds Total £ £ 0 390707 28697 0 419404 Other 2023 Costs Total £ £ 390707 425055 0 390707 425055 |
2022 Total £ 56600 |
|---|---|---|
| 2022 Total £ 9153 |
||
| 2022 Total £ |
||
| 18178 | ||
| 2022 Total £ 297398 22175 |
||
| 319573 | ||
| 2022 Total £ 0 |
||
| 0 |
8
AMITY EDUCATIONAL FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2023
| 8. GOVERNANCE COSTS Unrestricted Funds £ Governance- Accountants fees 750 Governance - Other expenses 0 Governance - Premises costs for head office 21673 Governance - telephone 0 Governance expense - computer expenses 154 Governance expense - wages and salaries 3816 Governance expense - NI 304 Governance - depreciation - tangible fixed assets 2000 28697 ==== 9. OTHER RESOURCES EXPENDED Unrestricted Funds £ Loss((profit) on disposal of fixed asset 0 ==== 10. DIRECT COSTS Basis of Unrestricted Allocation Funds £ Conference and meeting expenses Direct 0 Donations Direct 0 Staff training and welfare Direct 1450 Premises Direct 195056 Insurance Direct 730 Consultancy fees Direct 21000 Professional fees Direct 19050 Printing, Postage and Stationary Direct 1590 Equipment Expensed Direct 0 Bursary and grants Direct 115569 Telephone Direct 0 Travel and substance Direct 0 Repairs and Renewals Direct 0 Bank Charges Direct 79 Subcontractor cost Direct 0 Subscriptions Direct 0 Miscellaneous Direct 15 Advertising Direct 420 Interest Direct 0 Computer costs Direct 1386 Wages and salaries Direct 34348 Pension Direct 14 Purchases Direct 0 390707 ==== |
Unrestricted Funds £ 750 0 21673 0 154 3816 304 2000 |
Restricted Funds £ 0 0 0 0 0 0 0 0 0 ==== Restricted Funds £ 0 ==== Restricted Funds £ 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 ==== |
2023 Total £ 750 0 21673 0 154 3816 304 2000 |
2022 Total £ 600 0 16448 0 300 3570 1107 150 |
|---|---|---|---|---|
| 28697 ==== Unrestricted Funds £ |
28697 ==== 2023 Total £ |
22175 ==== 2022 Total £ |
||
| 0 ==== 2023 Total £ 0 0 1450 195056 730 21000 19050 1590 0 115569 0 0 0 79 0 0 15 420 - 1386 34348 14 0 |
0 ==== 2022 Total £ 1200 0 3500 148031 1382 11125 19750 0 2200 38302 0 6300 5862 15 12500 0 21 0 455 2700 32135 280 11640 |
|||
| 390707 ==== |
390707 ==== |
297398 ==== |
9
AMITY EDUCATIONAL FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2023
11. ANALYSIS OF RESOURCES EXPENDED BY EXPENDITURE TYPE
| Staff Costs Depreciation Other Costs 2023 £ £ £ £ Investment Income 0 0 390707 390707 Meeting Expenses 0 0 0 0 Charitable activities 0 0 390707 390707 Governance 4120 2000 22577 28697 Loss on disposal of fixed assets 0 0 0 0 4120 2000 413284 419404 12. ANALYSIS OF RESOURCES EXPENDED BY ACTIVITIES Activities undertaken Total Directly Support Costs 2023 £ £ £ Investment Income 390707 0 390707 Educational Activities 0 28697 28697 Total 390707 28697 419404 13. NET INCOMING RESOURCES |
2023 £ 390707 0 |
2022 £ 297398 0 |
|---|---|---|
| 390707 | 297398 | |
| 28697 0 |
17348 0 |
|
| 419404 | 314746 | |
| Total 2022 £ 297398 17348 |
||
| 419404 | 314746 | |
This is stated after charging:
| 13. NET INCOMING RESOURCES This is stated after charging: |
||
|---|---|---|
| 2023 | 2022 | |
| £ | £ | |
| Depreciation of tangible fixed assets: owned by charity | 2000 | 150 |
| Auditor's remuneration | 0 | 0 |
| Governance Accountant fees | 750 | 600 |
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 £ 38164 304 38468 2023 No. |
2022 £ 35705 1107 |
|---|---|---|
| 36812 | ||
| 2022 No. |
No employee received remuneration amounting to more than £60,000 in either year.
10
AMITY EDUCATIONAL FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2023
15. TANGIBLE FIXED ASSETS
| 15. TANGIBLE FIXED ASSETS | |
|---|---|
| Cost At 01.06.2022 Additions At 31.05.2023 Depreciation At 01.06.22 charge for period At 31.05.23 Net book values At 01.06.22 At 31.05.23 |
TOTAL £ 5085 19798 |
| 24883 | |
| 4476 2000 |
|
| 6476 | |
| 609 | |
| 18407 |
16. PROGRAMME RELATED INVESTMENT
| Market Value At 1 June 2022 and 31 May 2023 At 31 May 2022 |
£ | £ | £ | £ | Total £ |
|---|---|---|---|---|---|
Programme related investments enable other charities to further their charitable objectives as well as ours in advance of furthering the education of students throughout the UK.
Total bank loans at the year end of …........ are owed in relation to the
Programme Related Investments held.
11
AMITY EDUCATIONAL FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2023
17. DEBTORS
| EBTORS | ||
|---|---|---|
| 2023 | 2022 | |
| £ | £ | |
| Due after more than one year | ||
| Other Debtors | 0 | |
| Due within one year | ||
| Trade debtors | 2500 | 0 |
| Other debtors | 0 | 37500 |
| 2500 | 37500 |
18. CREDITORS: Amount falling due within one year
| 2023 £ Bank loans and Overdraft Trade creditors Other taxation and social security 124 Other creditors 1449 Accruals and deferred income 1573 |
2022 £ 381 719 |
|---|---|
| 1100 |
19. CREDITORS: Amount falling due after one year
| 2023 | 2022 | |
|---|---|---|
| £ | £ | |
| Bank loans | 13170 | 17747 |
| Other creditors | ||
| 13170 | 17747 | |
| Creditors include amounts not wholly repayable within 5 years as follow | ||
| 2023 | 2022 | |
| £ | £ |
Creditors include amounts not wholly repayable within 5 years as follows:
Repayable by instalments
Bank loans are secured by way of a charge over the freehold buildings of the charity.
12
AMITY EDUCATIONAL FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2023
20. PRIOR YEAR ADJUSTMENT
There is no prior year adjsutment this year
21. 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 £ 0 0 0 0 Restated Brought Forward £ 0 0 0 |
Incoming Resources £ 383209 383209 36779 419988 Incoming Resources £ 383209 36779 419988 |
Resources Expended £ (419404) (419404) (419404) Resources Expended £ (419404) -419404 |
Transfers In/Out £ 0 |
Carried Forward £ -36195 |
|---|---|---|---|---|---|
| 0 | -36195 | ||||
| 0 | 36779 | ||||
| 0 | 584 | ||||
| Transfers In/Out £ 0 0 |
Carried Forward £ -36195 36779 |
||||
| 0 | 584 |
13
AMITY EDUCATIONAL FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2023
22. ANALYSIS OF NET ASSETS BETWEEN FUNDS
| Tangible fixed assets Programme related investments 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 2023 2022 £ £ £ £ 18407 0 18407 609 0 0 0 0 0 0 0 88915 0 88915 110233 (1573) 0 (1573) (1100) (13170) 0 (13170) (17747) |
|---|---|
| 92579 0 92579 91995 |
23. RELATED PARTY TRANSACTIONS
There was not any related party transaction with any of the trustees this year and last year.
14