## **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