Company Registration No. 08322153 (England and Wales) PRIME EDUCATION FOUNDATION ANNUAL REPORT AND UN-AUDITED ACCOUNTS FOR THE YEAR ENDED MARCH 31, 2024 Nlll •AOUfA8M8* 2310112025 COMPANIES HOUSE A9
101
Charity Reglstration No. 1151955
PRIME EDUCATION FOUNDATION INDEPENDENT EXAMINATION'S REPORT TO THE TRUSTEES OF PRIME EDUCATION FOUNDATION I report to the trustees on my examlnatlon of the financlal ststements of Prime Education Foundation (the tharityl lor the year ended 31 Marth 2023. Responsibilities and basls ol report As the trustees ol the charity land a150 Its dirertors for the purposes of company lawl you are responsible for the preparatlon of the financlal statements in accordance with the reoulrements of the Companles Art 2006 Ithe 2CK6 Art). Havlng satlsfSed myself that the financial statements ol the charity art not required to be audited under Part 16 of the 2006 Att and are eli8ible for Independent examinatlon, I repon In respecr of my examlnatlon of the charlty's financial staternent5 C3rried out under seLtion 145 of the Charities Act 2011 (the 2011 Aetl. In orryinB out my examinatlon I have followed all the appllcable Dlrertlon5 given by the Charlty Commlsslon under section 1451511bl ol the 2011 Art. Independent examiner's statement Slnce the charlty's 8r055 Income exceeded £250,OIX) your examlner must be a rnernber of a body Ilsted lft sectlon 145 of the 2011 Act. I conflrm that l IM qu3111ied to undertake the examination because l arn a member of ACCA. which15 one of the Ilsted bodie5. I have completed my exaMition. I confirm that no matters have tomt to my attentlon In connectlon wlth the examlnatlon 8lvln8 me cause to believe that In any materlal respect.. l accoun¢ln8 re¢tsrd5 were not kept in $pert of the charlty as regulred by sectlon 386 of the 2CQ6 Act,. or the nnanclal statements do not accord wlth those records., or 2 the Ilnan¢lal staternents do not comply with the accountin8 requlrements of sectlon 396 of the 2CK16 Att Other than any reqvlrement thal the accounts glve a true and 14lr ¥lew whlch Is not a matter considered as part ol an Independent examlnatlon.. or 3 the flnanclal statements have not been prepared In accordance wlth the Methods and prlnclples ol the Statement ol Recornrnended Practlct lor ccountln8 and ieportln8 by charS1ies appllcable to charltles preparln8 thelr accounts In attordan¢e wlth the Finan¢l•l Reportlng Stand•id a¢Dllcable In the UK and Reoubli£ of Ireland IFRS 1021. I have no concerns and hève tome ècross no other matters In connectlon wlth the examlnatlon to whlch attentlon should be drawn In thls report In order to enable a proper understanding ol the Ilnanclal statements to be reached, 5AEED ULLAH KHAN REGISTRATION NO. 1431169 MEMBER ACCA
PRIME EDUCATION FOUNDATION TRUSTEES, REPORT (INCLUDING DIREcfoRS' REPORn FOR THE YEAR ENDED MARCH 31, 2024 The trustees present their annual report and tinan¢ial ststement$ for the year ended 31 Maich 2023. The financlal statements have been prepared in accordance with the accountlng pollcles set in note I to the Ilnancial staternents and comply wlth the charity's 18overnlng documentl, the Companles Art 2)6 and 'Accountin8 and Reportln8 by Charlties.. Statement of Recommended Prattice ppllcable to charltles preparlng thelr accounts In accordance wlth the Financial Reportln8 Standard appli¢able In the UK and Republic of Ireland IFRS 1021" leffectlve l Januarv 20191. Oblethlves and activltles The principal objectlve ol the charity is io advance education by the provlsion of courses and tultion to adults and children and the encouragement of pupils to raise aspiratlons In addition to academSc sups)ort. The trustees have paid duè re8ard to Buldance issued by the Charlty Commls51on In d•cldlnB what actlvltSes the charlty should undertèke. rformance Fin•n¢ial re¥lew Ir is rhe pollcy of the charlty that unresriitted funds whlch have not been desl8nared lor a speciflc use should be malntalned at a level equlvalent to between three and six rnonth's expendlture. The trustees consider that reseThes at thls level wlll ensure that, In the event ol a slgnilicant drop Irs lundln& they wlll be able to conrtnue the charity's cuffent attlvitles whlle consideration 1$ 8lven to ways whlch addltlonal funds may be raI5ed. Th15 level of reserves has been maintalned throuRhout the vear. Strurtyre, gov¢rn•nce and mana8emer•t The charlty Is a company Ilmited by 8uarantee. The trustees, who are al the dlrectors for the purpose of company law, and who 5eryed durln8 the year and up to ihe date o1518nature ol the fln•nclal staternents were.. The company's current poll¢y concernin8 the payment of trade Credltors Is to follow the CBI'S Prompt Payers C¢xle Icoples are avallable from the C81. Centre Polnt. 103 New Oxford Street, London WCIA IOVI. The company's current pollLy concernls)8 the payment of trade credltors Is to.. settle the terms of payment wlth suppllers when ae1Th8 the terms ol each transaction; ensure that suppliers arè made aware ol the terrn5 01 payment by Incluslon of the relevant terrns In contracts,. and pay In accordance wlth the ¢ornp3ny's ¢ontra¢tual and other legal obll8aty'ons. Trbde credltor5 of the cornpany at the year end were eqvlvalent to XX day's purchases, based on the average dblly amount.Involced by suppller5 durln8 the year. The trustees, report was approved by the Board ol Trustees MUHAMMAD USMAN JAVED Trustee Company Re8isrratlon 08322153 IETh8land and Wales)
PRIME EDUCATION FOUNDATION COMPANY INFORMATION FOR THE YEAR ENDED MARCH 31, 2024 Directors I ZAHOOR AHMED 2 SHAGUFTA AHMED 3 MUHAMMAD USMAN JAVED Secretary ZAHOOR AHMED Company Number 08322153 (England and Wales) Charlty Number 1151955 Registered Office 10-16 ACRE HOUSE ACRE LANE LONDON, UNITED KINGDOM SW2 5SG
PRIME EDUCATION FOUNDATION STATEMENT OF FINANCIAL POSITION AS AT MARCH 31, 2024 Notes 2024 2023 Flxed Assets Tangible Assets 4,165 4,396 Current Assets Dèbtor5 Cash at 8ank & In Hand 360,811 29,195 394,171 250,721 103,013 358,130 Creditors . Amount falling due within one year 188,318 201,148 Net Current Assets 205,853 156,982 Income Funds Un.Restricted Funds 205,853 156,982 Shareholders, Fund 205.853 156,982 the compony w05 entitled to exemption from oudit under section 477 of the Componles Act 2006 relating to smoll componies. The members hove not required the company to obtoin on oudit in occordonce with section 476 of the The directors ocknowledge their re5pon5ibilitie5 for complying with the requirements of the Act with respect to occounting records ond the preporation of occounts. These occounts hove been prepored in occordonce with the provisions applicoble to componies subject to the smoll componies, regime The members hove not required the company to obtoin on oudit of its Financiolstotementfor the yeor in question in accordonce with Section 476 Theflnonciol stotements were approved by the Trustees ond outhorisedfor issue on 31-12-2024 ond were signed on it5 beholf by MUHA Trustee MAD USMAN JAVED
PRIME EDUCATION FOUNDATION INCOME STATEMENT FOR THE YEAR ENDED MARCH 31, 2024 Notes 2024 2023 Income from Contract Receipt 467,091 471,963 Expendlture On RalsSn8 Funds 418.220 466,531 Net Income for year/Net Movement in funds 48,871 5,432 Fund balance as at Aprll 01, 2023 156,982 151,550 Fund balance as at March 31, 2024 205,853 156,982 the Statement of Financial Activities includes all the gains and losses reco8nized during the year All income and Expenditure derives from contlnuing activities. The Statement of Flnanclal Activltles also complies with the requirements for an Income and Expenditure Accounts under the Company Art, 2006 MUHAMMAD USMAN JAVED Trustee
PRIME EDUCATION FOUNDATION NOTES TO THE ACCOUNTS FOR THE YEAR ENDED MARCH 31, 2024 ststutory Information Prime Education Foundation is Private company, Limited by Gurantee, Registered in England and Wales. Registration No. 08322153 The re9lStered office of the company is situated al 10-16 Acre House Acre Lane, London, United Kingdom. SW2 5SG Compliance with Accounting Standards The financial statements have been prepared in accordance with the charity's Igoverning documentl, the Companie5 Act 2006, FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" ("FRS 102") and the Charities SORP "Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 1021" {effeclive 1 January 20191. The charity is 8 Public Benefit Entity as deh'ned by FRS 102. Accounting Policies The principle accounting policies adopted in the preparation of the finanoal ststements are sel out below , and also have been applled conslstenlly wilhln the same accounts 3.1 Basis of Preparation The financial stalemenls have been prepared under the historical cost coDvenb'on. Imodified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair valuel, The principal accounting policies adopted are set out below. 3,2 Presentatlon Currencv the accounts are presented In £ Sterllng 3.3 Going Concern At the lime of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continu8 in operatson81 exi81ence for the foreseeable future. Thus the IIu5tees continue to adopt the going concern basls of accounllng In preparing the financlal statements. 3.4 Charltable f unds Unreslricled fLtnds are available for use at the discretion of the Iruslees in furtherance of th8lr charitable objectives. Restricted funds are subject lo specific conditions by donors as lo how they may be used. The purposes and uses ol the reslricled funds are sel out in the notes lo the financial slatemenls. Endowment fvnds are subject to specific conditions by donors that the capital must be maintained by the charity. 3.5 Income Income is recognlsed when the charlty Is legally entitled to it after any pertormance conditions have been mel. the amounts can be measured reliably, and il is probable that income will be received. Cash donatsons are recognised on receipl. Other donations are recognised once Ihe charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation. Legacies are recognised on receipt or otherwise if the charity has been notified of an impending distribution. the amount is known, and receipt is expected. If the amount is not known. the legacy is treated as a contingent asset.
PRIME EDUCATION FOUNDATION NOTES TO THE ACCOUNTS FOR THE YEAR ENDED MARCH 31, 2024 3.6 Expenditure Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third Paty, it is probable that a transfer of economic benefits will be required in settlement. and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attnbutable to a single activity are allocated directly lo that activity. Shared costs which contribute to more than one activity and support costs which are nol attributable to a single activity are apportioned beeen those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges a allocated on the portion of the assevs use. 3.7 Tangible fixed assets Tangible fixed assets ere initially measured at cost and subsequenlly measured at cost or valuation, net of depreciation and any impairment Ioss8S. Depfecialion is recognised so as lo write off the Cost or valuation of assets less their residual values over their useful lives on the followng bas8S'. Plant and equipment Fixtures and fittings Fixtures and fittings 20% Straight Line basis 25% Straight Line basis The gain or loss arising on the disposal of an asset is determined as the difference betreen the s81e proceeds and the carrying value of the 8ssel, and 15 iecognised in the slalemenl of financial activities. 3.8 Impaimi¢nt of flxèd a8Set8 At each reporting end date, the charity reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairmenl loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss lif any). 3.9 Cash and cash equivalents Cash and cash equivalents include cash in hand, deposits held al call with banks, other short-term liquid investments with original maturllies of three months or less, and bank overdrafts. 8ank oveidiafts are shown within borrowings in current liabilities. 3.10 Flnanclal Instruments The charity has elected to apply the provisions of Section 11 'Basic Financial Instruments. and Section 12 '01her Financial Instruments Issues, ol FRS 102 to all of ils financial instruments. Financial instruments are recognised in the charivs balance sheet when the charity becomes paty to the contractual provisions of the instrument. Financial assets and liabililles are offset, with the nel amounts Pfesenled in the financial stalemenls, when there Is a legally enfoiceable right to set off the reco9nised amounts and there is an intention lo settle on a net basis or lo realise the asset and settle the liability simultaneously. 3.11 Basic financial assets Basic financial assets, which include debtors and cash and bank balances. are inits'ally measured al transaction price including transaction costs and are subsequently carried at amortised cost using Ihe effeclive interest method unless the arrangement conslilutes a financing transaction, where the transaction is measured al the present value of the ftjture receipts discounted at a market rate of interest. Financial assets classified as receivable wilhin one year are not amort15ed.
PRIME EDUCATION FOUNDATION NOTES TO THE ACCOUNTS FOR THE YEAR ENDED MARCH 31, 2024 3.12 Basic financial liabilities Basic financial liabilities, including creditors and bank loans are initially recognised al transaction price unless the arrangement conslilutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rale of intefest. Financial liabilities classified as payable within one year are not amortised. Debt instruments are subsequently carried at amortised cost, using the effective inlerest rate method. Trade creditors are obli9alions to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effeclive interest method. 3.13 Derecognitlon of financlal Ilabllltles Financial Ilabllllles are derecognised when the charity's contractual obligations expire or are discharged or cancelled. 3.14 Taxation The charity is exempt from ¢orporation tax on its charitable activities. 3.15 Employee banèfits The cost of any unused holiday enlillement is recognised in the period In whl¢h the employ88's services are received. Termination benefits are recognised immediately as an expense when the charity is demonstrably committed to terminate the employment of an employee or to provide termination benefi'ts. 3.16 Retlrement beneflts Payments lo defined contribution retirement benefit schemes are charged as an expense as they lall due. 3.17 Critical accountlng estlmates and judgements In the application of the charity's accounting policies, the trustees are required lo make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other Soufces, The estimates and associated a5sumplion5 are based on historical experience and other faclors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to a¢¢ounling eslimales are recognised in the period in which the estimate is vISed where the revision affects only that pefiod, or in the period of the revision and future perlods where Ihe revision affects both current and future peiiods. 3.18 Trustees None of the trustees (or any persons connected with them) received any remuneration or benefits from the harity during the year.
PRIME EDUCATION FOUNDATION NOTES TO THE ACCOUNTS FOR THE YEAR ENDED MARCH 31, 2024 Tangible Fixed Assets Furniture and Fixture Plant & Machinery io% 20% Furniture and Flxture Plant & Machlnery Total 2023 Cost As at April 01, 2023 Additions Disposals Exchange &Other Movement As at March 31, 2024 10,982 232 2,957 13.939 232 11,214 2,957 14,171 Accumulated Depreclatlon As at April 01, 2023 Disposals Depreciation Revaluation As at Marth 31, 2024 Net 8ook Value{20241 Net Book Value12023) 6,585 2,957 9,542 463 463 7,048 4,165 4.396 2,957 10,005 4,165 4.396 2024 2023 Debtors Amount falllng due within one year Trade Debtors Others Debtors 155,500 205,311 360,811 155,500 95,221 250,721 Creditors: amounts falling due withtn one year Other Taxation and social Security Other Creditors Accural and Deferred Income 1,851 101,449 85.018 735 101,449 100.434 188,318 201,148 Employment Cost Wages and Salaries Socaial Security Cost Other Pension Cost 85,482 1,065 481 87,028 107,405 4,824 269 112,498