**REGISTERED COMPANY NUMBER: 08322153 (England and Wales) REGISTERED CHARITY NUMBER: 1151955**
## _**REPORT OF THE TRUSTEES AND**_
_**FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021**_
_**FOR**_
_**PRIME EDUCATION FOUNDATION**_
SKZ Chartered Certified Accountants Unit 1, Kataria Point, 1 Riches Road, Ilford, IG1 1JH
PRIME EDUCATION FOUNDATION
## **CONTENTS OF THE FINANCIAL STATEMENTS**
**FOR THE YEAR ENDED 31 MARCH 2021**
||Page|
|---|---|
|Report of the Trustees|1|
|Independent Examiner's Report|3|
|Statement of Trustees Responsibilities|4|
|Statement of Financial Activities|5|
|Balance Sheet|6|
|Notes to the Financial Statements|8 to 9|
|Detailed Statement of Financial Activities|10|
PRIME EDUCATION FOUNDATION
## **REPORT OF THE TRUSTEES (INCLUDING DIRECTOR’S REPORT) FOR THE YEAR ENDED 31 MARCH 2021**
The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 March 2021. The trustees have adopted the provisions of the Statement of Recommended Practice (SORP) 'Accounting and Reporting by Charities' issued in March 2005.
## **REFERENCE AND ADMINISTRATIVE DETAILS Registered Company number**
08322153 (England and Wales)
## **Registered Charity number**
1151955
## **Registered office**
10-16 Acre House 1[st] & 2[nd] Floor Acre lane Brixton SW2 5SG
## **Trustees**
Mr Zahoor Ahmed Mrs Shagufta Ahmed Mr Muhammad Usman Javed
## **Independent Examiner**
Syed Kashif Zafar FCCA SKZ Chartered Certified Accountants Unit 1, Kataria Point, 1 Riches Road, Ilford IG1 1JH
## **Objectives and Activities**
In setting objectives and planning for activities, the trustees have given due consideration to general guidance published by the charity commission relating to public benefit.
The principal objective of the company is to advance education by the provision of courses and tuition to adults and children and the encouragement of pupils to raise aspirations in addition to academic support.
## **Financial review**
Prime Education Foundation’s Incoming Resources during the year amounted to £381,701 (2020: £442,561) of which £Nil (2020 £Nil) was restricted. Outgoing expenditure on charitable activities during the year were £345,406 (2020: £432,487). Governance costs amounted to £1,678 (2020: £1,212). This resulted in a net incoming / (outgoing) resources of £11,486 (2020 £8,862 ).
## **Future Plan**
Prime Education Foundation will continue to provide lessons to the parents to improve their language & literacy skills. Prime Education Foundation will continue to provide educational support including free books to the students who are unable to get places in main stream schools.
## **STRUCTURE, GOVERNANCE AND MANAGEMENT**
## **Governing document**
The charity is controlled by its governing document, a memorandum and article of association, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006.
Page 1
PRIME EDUCATION FOUNDATION
## **Method of appointment or election of trustees**
The power to appoint new trustees is vested in the board. Recruitment of new trustees takes into account the board's strengths and any potential skill gape. Any trustee may resign in writing and may be removed by unanimous resolution of the other trustees. The current trustees are responsible for the induction of any new trustees which involves awareness of trustee's responsibilities, the governing document, administration procedures and the history of the charity.
## **Organizational structure and decision making**
The trustees meet periodically during the year on a formal basis and whenever is required on an ad hoc basis. Day to day management of the charity is undertaken by the trustees.
## **Risk management**
The trustees have a duty to identify and review the risks to which the charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error. The trustees have assessed the risk that charity faces and are satisfied that systems are in place to manage the risks that have been identified. In particular, insurance cover is in place and finances of the charity are kept under review. Appropriate DBS checks are made for all those who work with children or vulnerable adults.
## **ON BEHALF OF THE BOARD** :
Mr Zahoor Ahmed - Trustee
July 14, 2021
Page 2
PRIME EDUCATION FOUNDATION
## **INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF PRIME EDUCATION FOUNDATION**
I report on the accounts for the year ended 31 March 2021 set out on pages five to nine.
## **Respective responsibilities of trustees and examiner**
The charity's trustees are responsible for the preparation of the accounts. The charity’s trustees consider that an audit is not required for this year under section 144 of the Charities Act 2011 (“the Charities Act”) and that an independent examination is needed. The charity’s gross income exceeded £25,000 and I am qualified to undertake the examination by being a qualified member of Association of Chartered Certified Accountants.
It is my responsibility to:
- examine the accounts under section 145 of the Charities Act,
- to follow the procedures laid down in the general Directions given by the Charity Commission (under section 145(5)(b) of the Charities Act, and
- to state whether particular matters have come to my attention.
## **Basis of the independent examiner's report**
My examination was carried out in accordance with the General Directions given by the Charity Commission. 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 seeking explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently no opinion is given as to whether the accounts present a 'true and fair view ' and the report is limited to those matters set out in the statements below.
## **Independent examiner's statement**
In connection with my examination, no matter has come to my attention to indicate that:
- accounting records have not been kept in accordance with section 386 of the Companies Act 2006;
- the accounts do not accord with such records:
- where accounts are prepared on an accruals basis, whether they fail to comply with relevant accounting requirements under section 396 of the Companies Act 2006, or are not consistent with the Charities SORP (FRS102)
- any matter which the examiner believes should be drawn to the attention of the reader to gain a proper understanding of the accounts.
Syed Kashif Zafar FCCA SKZ Chartered Certified Accountants Unit 1, Kataria Point, 1 Riches Road, Ilford IG1 1JH
July 14, 2021
Page 3
PRIME EDUCATION FOUNDATION
## **STATEMENTS OF TRUSTEES’ RESPONSIBILITIES AS AT 31 MARCH 2020**
The charity trustees are responsible for preparing an annual report and financial statements in accordance with applicable law and United Kingdom Generally Accepted Accounting Practice.
The law applicable to charities in England and Wales requires the charity trustees to prepare financial statements for each year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that period. I preparing the financial statements, the trustees are required to:
Select suitable accounting policies and then apply them consistently; Observe the method and principles in the Charities SORP;
Make judgements and estimates that are reasonable and prudent;
State whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;
Prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.
The trustee are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with the Charity Act 1993, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are responsible for safeguarding the assets of the charity and hence taking reasonable steps for the prevention and detection of fraud and other irregularities.
The financial statements were approved by the Board of Trustees and were signed on its behalf by:
Mr Zahoor Ahmed - Trustee
July 14, 2021
Page 4
## **PRIME EDUCATION FOUNDATION**
## **STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2021**
|**INCOMING RESOURCES**
**Incoming resources from generated funds**
**Voluntary income**
Tuition fee
Grant received
Donations
Rental Income
**Total incoming resources**
**RESOURCES EXPENDED**
**Costs of generating funds**
Cost of generating voluntary income
**Governance costs**
**Total resources expended**
**NET INCOMING RESOURCES**
**RECONCILIATION OF FUNDS**
**Total funds brought forward**
**TOTAL FUNDS CARRIED FORWARD**|**31.03.21**
**Unrestricted**
**fund**
**£**
67,444
32,757
-
281,500
381,701
345,406
1,678
347,084
11,486
198,548
210,034|**31.03.20**
**Unrestricted**
**fund**
**£**
94,561
-
348,000
442,561
432,487
1,212
433,699
8,862
189,686
198,548|
|---|---|---|
The notes form part of these financial statements
Page 5
## **PRIME EDUCATION FOUNDATION**
## **BALANCE SHEET AS AT 31 MARCH 2021**
|Notes
**FIXED ASSETS**
3
**Furniture and Fixtures**
**Plant & Equipments**
**CURRENT ASSETS**
**Other tax and social security**
Prepayments
Trade Debtors
Loan to Employees
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
**NET ASSETS**
**FUNDS**
Unrestricted funds
6
**TOTAL FUNDS**|**31.03.21**
**£**
-
3,282
3,282
287
29,167
155,500
1,200
7,999
149,363
343,516
86,764
256,752
260,034
50,000
210,034
210,034
210,034|**31.03.20**
**£**
-
5,158
5,158
29,167
-
-
7,999
198,187
235,353
41,963
193,390
198,548
198,548
198,548
198,548|
|---|---|---|
The notes form part of these financial statements
Page 6
PRIME EDUCATION FOUNDATION
## **BALANCE SHEET CONTINUED AS AT 31 MARCH 2020**
The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2021.
The members have not required the charitable company to obtain an audit of its financial statements for the year ended 31 March 2021 in accordance with Section 476 of the Companies Act 2006.
The trustees acknowledge their responsibilities for
- (a) ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the
- (b) Companies Act 2006 and
- (c) preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company.
- (d) These financial statements have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006.
The financial statements were approved by the Board of Trustees on July 14, 2021 and were signed on its behalf by:
Mr Z Ahmed - Trustee
Page 7
PRIME EDUCATION FOUNDATION
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2020**
## **1 ACCOUNTING POLICIES**
## **Accounting convention**
The accounts have been prepared under the historical cost convention.
The accounts have been prepared in accordance with applicable accounting standards, the Statement of Recommended Practice, "Accounting and Reporting by Charities", issued in March 2005 and the Charities Act 1993 and Companies Act 2006.
## **Incoming resources**
All incoming resources are included on the Statement of Financial Activities when the charity is legally entitled to the income and the amount can be quantified with reasonable accuracy.
## **Resources expended**
Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
## **Tangible fixed assets and depreciation**
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:
Fixtures & fittings 25% Straight Line basis Plant & equipment 20% Straight Line basis
## **Taxation**
The charity is exempt from corporation tax on its charitable activities.
## **Fund accounting**
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
## **2 TRUSTEES' REMUNERATION AND BENEFITS**
There were no trustees' remuneration or other benefits for the year ended 31 March 2021.
## **Trustees' expenses**
There were no trustees' expenses paid for the year ended 31 March 2021.
The notes form part of these financial statements
Page 8
## **PRIME EDUCATION FOUNDATION**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021**
|**Plant &**
**Equipments**
**3 TANGIBLE FIXED ASSETS**
**£**
**Costs**
As at 1 April 2020
9,379
Additions
As at 31 March 2021
9,379
**Accumulated Depreciation**
As at 1 April 2020
4,221
Charge for the year
1,876
As at 31 March 2021
6,097
**Net Book Value**
At 31 March 2021
3,282
At 31 March 2020
5,158
**4 DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**
Rent Deposit
Debtors
Trade Debtors
Loan to employees
Other taxes and social security
**5 CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**
Other taxes and social security
Net wages
Other creditors
Accruals & deferred income
**Creditors: Amounts Falling Due After More Than One Year**
**Bank Loan**
**6 MOVEMENT IN FUNDS**
**At March 31**
**Incoming**
**Unrestricted funds**
**2020**
**Resources**
**£**
**£**
General fund
198,548
381,701
**TOTAL FUNDS**
198,548
381,701|**Furniture &**
**Fixtures**
**£**
2,957
2,957
2,957
-
2,957
-
-
**31.03.21**
**£**
29167
7,999
155,500
1,200
287
194,153
**31.03.21**
**£**
-
7,825
10,801
68,138
86,764
**31.03.21**
50,000
**Resources**
**Expended**
**£**
( 370,215)
( 370,215)|**Total**
**£**
12,336
-
12,336
7,178
1,876
9,054
3,282
5,158
**31.03.20**
**£**
29167
7,999
-
-
37,166
**31.03.20**
**£**
3,662
-
10,801
27,500
41,963
**31.03.20**
-
**At March 31**
**2021**
**£**
210,034
210,034|
|---|---|---|
Page 9
## **PRIME EDUCATION FOUNDATION**
## **DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2021**
|**INCOMING RESOURCES**
**Voluntary income**
Tuition fee
Grant Received
Donations
Rental Income
**Total incoming resources**
**Cost of Sales**
Subcontractor
Books & study materials (Cost of sales)
**RESOURCES EXPENDED**
**Charitable activities**
Educational Grants
Fund Raising Events
**Support costs**
Rent Paid
Staff Costs and general office Expenses
Staff Training
Repair & maintenance
Employer NI
Printing postage & stationery
Advertising and marketing costs
Light and Heat
Telecommunications
Insurance
Depreciation
Consultancy fee
Employer pension - Defiuned contribution scheme
Security cost
Travel expenses
Donations
Bank Charges
**Governance costs**
Legal & Professional
**Total resources expended**
**Net income**|**Year**
**Ended**
**31.03.21**
**£**
67,444
32,757
281,500
381,701
22,150
981
358,570
-
-
-
235,167
75,059
40
8,769
1,469
5,099
1,381
10,335
368
222
1,876
4,509
151
-
-
-
961
345,406
1,678
1,678
347,084
11,486|**Year**
**Ended**
**31.03.20**
**£**
94,561
348,000
442,561
3,333
439,228
-
-
-
263,171
135,232
144
1,545
-
2,966
3,971
11,757
2,364
4,464
-
-
600
2,000
940
429,154
1,212
1,212
430,366
8,862|
|---|---|---|
This page does not form part of the statutory financial statements