OpenCharities

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator.

← Amity Educational Foundation

2024-05-31-accounts

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 2023

TO

31 May 2024

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 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: 19/02/2025

3

AMITY EDUCATIONAL FOUNDATION STATEMENT OF FINANCIAL ACTIVITIES

(Incorporating income and expenditure account) FOR THE YEAR ENDED 31 MAY 2024

Unristricted
Notes
Funds
INCOME AND EXPENDITURES
£
INCOMING RESOURCES
Incoming resources from generated funds:
Voluntary income
2
277630
Activities for generating funds
3
0
Investment income
4
55400
Incoming resources from charitable activities
5
52987
Other incoming resources
6
1851
TOTAL INCOMING RESOURCES
387868
RESOURCES EXPENDED
charitable Activities
7
353979
Governance Costs
8
29485
Other resources expended
9
0
TOTAL RESOURCES EXPENDED
11
383464
NET INCOMING/(OUTGOING) RESOURCES
before transfers
21
4404
Transfersbetween funds
-
NET MOVEMENT IN FUNDS FOR THE YEAR
4404
Total Funds at 1 June 2023
135516
Prior Year Adjustment (Note 20)
0
Total Funds at 31 MAY 2024
139920
=====		 Restricted
Funds
£
39687
0
3250
0
-
42937
0
0
0
0
42937
-
42937
-42937
0
0
=====		 2024
Total
£
317,317
0
58650
52987
1851
430805
353979
29485
0
383464
47341
-
47341
92579
0
139920
=====		 2023
Total
£
345,539
0
65385
8760
304
419988
390707
28697
0
419404
584
-
584
91995
0
92579
=====

The notes on pages 12 to 22 form part of these accounts.

4

AMITY EDUCATIONAL FOUNDATION

BALANCE SHEET AS AT 31 MAY 2024

Notes
2024
₤
15
30307
Programme related investments
16
0
30307
Debtors
17
78880
Stocks
20500
21713
121093
18
(2199)
19
(9281)
139920
=====
21
0
21
139920
139920
=====
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		 2023
₤
18407
0
18407
2500
0
86415
88915
(1573)
(13170)
92579
=====
0
92579
92579
=====

The notes on pages 16 to 24 from part of these accounts. Approved by the Board of Trustees on 19 February 2025 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 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.

6

AMITY EDUCATIONAL FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 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
£
274632
2998
277630
Unristricted
Funds
£
0		 Restricted
Funds
£
39687
39687
Restricted
Funds
£
-
0		 2024
Total
£
314319
2998
317317
2024
Total
£
0
0		 2023
Total
£
298350
47189
345539
2023
Total
£
0
0

7

AMITY EDUCATIONAL FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2024

4. INVESTMENT INCOME
Unristricted
Funds
£
Rental Income
55400
5. INCOMING RESOURCES FROM CHARITABLE
Unristricted
Funds
£
Educational Activities
52987
6. OTHER INCOMING RESOURCES
Unristricted
Funds
£
Other incoming resources
1851
7. EXPENDITURE BY CHARITABLE ACTIVITY
SUMMARY BY FUND TYPE
Unristricted
Funds
£
Charitable Activities
353979
Governance Cost
29485
383464
SUMMARY BY EXPENDITURE TYPE
Staff
Costs
£
Charitable Activities
54544
Governance Cost
54544		 Restricted
2024
Funds
Total
£
£
3250
58650
ACTIVITIES
Restricted
2024
Funds
Total
£
£
0
52987
Restricted
2024
Funds
Total
£
£
0
1851
Restricted
2024
Funds
Total
£
£
0
353979
29485
0
383464
Other
2024
Costs
Total
£
£
353979
408523
0
353979
408523		 2023
Total
£
65385
2023
Total
£
8760
2023
Total
£
304
2023
Total
£
390707
28697
419404
2023
Total
£
0
0

8

AMITY EDUCATIONAL FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2024

8. GOVERNANCE COSTS
Unrestricted
Funds
£
Governance- Accountants fees
750
Governance - Other expenses
0
Governance - Premises costs for head office
18939
Governance - telephone
0
Governance expense - computer expenses
0
Governance expense - wages and salaries
6061
Governance expense - NI
1735
Governance - depreciation - tangible fixed assets
2000
29485
====
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
0
Premises
Direct
170452
Insurance
Direct
1540
Consultancy fees
Direct
10970
Professional fees
Direct
2500
Printing, Postage and Stationary
Direct
1400
Equipment Expensed
Direct
0
Bursary and grants
Direct
63695
Telephone
Direct
0
Travel and substance
Direct
0
Repairs and Renewals
Direct
0
Bank Charges
Direct
70
Subcontractor cost
Direct
0
Subscriptions
Direct
0
Miscellaneous
Direct
15
Advertising
Direct
300
Interest
Direct
688
Computer costs
Direct
0
Wages and salaries
Direct
54544
Pension
Direct
0
Purchases
Direct
47805
353979
====		 Unrestricted
Funds
£
750
0
18939
0
0
6061
1735
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
====		 2024
Total
£
750
0
18939
0
0
6061
1735
2000		 2023
Total
£
750
0
21673
0
154
3816
304
2000
29485
====
Unrestricted
Funds
£		 29485
====
2024
Total
£		 28697
====
2023
Total
£
0
====
2024
Total
£
0
0
0
170452
1540
10970
2500
1400
0
63695
0
0
0
70
0
0
15
300
688.00
0
54544
0
47805		 0
====
2023
Total
£
0
1450
195055
731
21000
19050
1590
115569
0
0
0
79
0
0
15
420
0
1386
34348
14
0
353979
====		 353979
====		 390707
====

9

AMITY EDUCATIONAL FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2024

11. ANALYSIS OF RESOURCES EXPENDED BY EXPENDITURE TYPE

Staff Costs
Depreciation
Other Costs
2024
£
£
£
£
Investment Income
0
0
353979
353979
Meeting Expenses
0
0
0
0
Charitable activities
0
0
353979
353979
Governance
7796
2000
19689
29485
Loss on disposal of fixed assets
0
0
0
0
7796
2000
373668
383464
12. ANALYSIS OF RESOURCES EXPENDED BY ACTIVITIES
Activities undertaken
Total
Directly
Support Costs
2024
£
£
£
Investment Income
353979
0
353979
Educational Activities
0
29485
29485
Total
353979
29485
383464		 2024
£
353979
0		 2023
£
390707
0
353979 390707
29485
0		 17348
0
383464 408055
Total
2023
£
390707
17348
383464 408055

13. NET INCOMING RESOURCES

This is stated after charging:

13. NET INCOMING RESOURCES
This is stated after charging:
2024 2023
£ £
Depreciation of tangible fixed assets: owned by charity 2000 2000
Auditor's remuneration 0 0
Governance Accountant fees 750 750

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
£
60605
49540
110145
2024
No.		 2023
£
38164
304
38468
2023
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 2024

15. TANGIBLE FIXED ASSETS

15. TANGIBLE FIXED ASSETS
Cost
At 01.06.2023
Additions
At 31.05.2024
Depreciation
At 01.06.23
charge for period
At 31.05.24
Net book values
At 01.05.24
At 31.05.23		 TOTAL
£
24883
13900
38783
6476
2000
8476
30307
18407

16. PROGRAMME RELATED INVESTMENT

Market Value
At 1 June 2023
and 31 May 2024
At 31 May 2023		 £ £ £ £ 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 2024

17. DEBTORS

EBTORS
2024 2023
£ £
Due after more than one year 9281 13170
Other Debtors 0
Due within one year
Trade debtors 24700
Other debtors 54180 2500
78880 2500

18. CREDITORS: Amount falling due within one year

2024
£
Bank loans and Overdraft
Trade creditors
Other taxation and social security
555
Other creditors
1644
Accruals and deferred income
2199		 2023
£
124
1449
1573

19. CREDITORS: Amount falling due after one year

2024 2023
£ £
Bank loans 9281 13170
Other creditors
9281 13170
Creditors include amounts not wholly repayable within 5 years as follow
2024 2023
£ £

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 2024

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
£
135516
135516
-42937
92579
Restated
Brought
Forward
£
92579
0
92579		 Incoming
Resources
£
387868
387868
42937
430805
Incoming
Resources
£
387868
42937
430805		 Resources
Expended
£
(383464)
(383464)
(383464)
Resources
Expended
£
(383464)
-383464		 Transfers
In/Out
£
0		 Carried
Forward
£
139920
0 139920
0 0
0 139920
Transfers
In/Out
£
0
0		 Carried
Forward
£
96983
42937
0 139920

13

AMITY EDUCATIONAL FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2024

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
2024
2023
£
£
£
£
30307
0
30307
18407
0
0
0
0
0
0
0
121093
0
121093
88915
(2199)
0
(2199)
(1573)
(9281)
0
(9281)
(13170)
139920
0
139920
92579

23. RELATED PARTY TRANSACTIONS

There was not any related party transaction with any of the trustees this year and last year.

14