Company No. 08586329 Charity No. 1153976 Azbuka Foundation Report and Accounts For the year ended 31 August 2024 Studland Hall Studland Street Hammersmith London VV6 OJS
Azbuka Foundation Directors. Report For the ar ended 31 August 2024 The directors present their report and accounts of the charity for the year ended 31 August 2024. This report also represents the trustees, report required under the Charities Act 2011. The directors have had due regard to guidanGe published by the Charity Commission. LEGAL AND ADMINISTRATIVE INFORMATION Charity name: A2buka Foundation Charity registration number.. 1153976 Company registralion number 08586329 Registered office and operations address Studland Hall, Sludland Street. Hammersmilh, London W6 OJS Dirèctors {Trustees) The directors who were in office during the year and up lo the date of this report are: Maria Gavrilova Andrew Jack Charmian Kenner SveUan8 Malinina Jason Manning Irina Khabibulina Vasiliki Lytra STRUCTURE. GOVERNANCE AND MANAGEMENT Governing document The organisalion is a charitable company limited by guarantee. incorporated on 26 June 2013. The company was established under a Memorandum of Association. The Articles of Association explain the objects and powers of the charitable company and how il should be governed. In the evenl of the company being wound up members are required to contribute an amount not exceeding £1. Dir•clors The directors of the company are also chanly Injstees for the purposes of charity law. New trustees are appointed by the members of the charity. Trustee meetings are held 4 to 5 times a year. OBJECTS OF THE CHARITY The objects of the charity are.. The advancemenl of education for the public benefit in particular by: the provision and conduct of a school or schools in England and Wales with bilingual Russian-English curriculum., the promotion of bilingual education., the provision of education materials or services, including promotion of Russian language, literature and Culture,. and such other means as the Trustees shall determine
Azbuka Foundation Directors. Report For the year ended 31 August 2024 ACTIVITIES and ACHIEVEMENTS In plannin9 the activities for the year. the tnjstees have had due regard to Charity Commission guidance on publi¢ benefit. The activities carried out in the year include the following.. Further negotiations and planning for school premises expansion and funding Developing further the bilingual curriculum and revising bilingual education planning system Preparing academic enri¢hment programme for Year 4-6 children Enhancing crealive and musical side of the programme. Developing wellbeing and PSHE policies in the curriculum New sport club for children • New training monitoring system for safeguarding and health and safety for staff • Preparing for the next ISI Inspection Reviewing and planning for alternative business model in preparation for the VAT on independent schools Planning for premises redevelopment for SEND inclusion. Secured funds for new SEND inilialives • New financial planning re to upcoming introduction of VAT and business rates for independent providers Taking active part in BEA VAT campaign Cooperation with other schools. BEA events and cooperation Developing HR policies and improved practices for more effective, safe recruilmenl and employment Implementing new marketing strategies with the new marketing contractor. in¢ developing social netsvorks and different partnership projects New press articles about A2bLJka • Continue developing Education information center for the wider audience • Cooperation with parents and other agencies on new joint fundraising initiatives Outreach activities to other education providers and organisalions FINANCIAL REVIEW AND RESERVES POLICY The charity generated a net surplus for the year of £58,170 compared to a deficit of £11,351 in the previous year. There is a deficiency of UnstrICted funds carried forward al the year end amounting lo £49,562 compared to a deficiency of £107,732 al the previous year end. Please refer to Note 1 of the accounts for more information regarding the going concern status of the charity. To address the deficit Ihe trustees decided to increase sludenl fees in 2 stages for the current students. The first increase was implemented in the previous 12022-231 academic year. The second increase from September 2023 (this academic year). This strategy has proved to be successful in 2023-24 but there is still a some way to go in reducing the overall deficiency of unrestricted funds and providing a reasonable level of free reseryes. This report has been prepared in accordance with the provisions in Part 15 of the Companies Act 2006 applicable to ¢ompanies subject lo the small companies regime. Approved by the Board on . and signed on its behalf by.. Maria Gavrilova Director
Independent Examiner's report to the trustees of Azbuka Foundation I reporl on the accounts of the company for the year ended 31 August 2024 set out on pages 4 to 9. Respective responsibilities of trustees and examiner The trustees (who are also the directors of the company for the purposes of company law) are responsible for the prepafation of the accounts. The trustees consider that an audit is not required for this year under section 144(2) of the Charities Act 2011 {the 2011 Act) and thal an independent examination is needed. Having satisfied myself that the charity is not subject to audit under company law and is eligible for independent examination, it is my responsibility to.. examine the accounts under section 145 of the 2011 Act., to follow the procedures laid down in the general Directions given by the Charity Commission under section 145(5)(bl of the 2011 Act., and to state whether particular matters have come to my attention. Basis of independent examinerfs 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 Ihe 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 explanalions 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 statement below. Independent examiner's statement In connection with my examination, no matter has come to my attention.. {1) which gives me reasonable cause to believe Ihat in any material respect the requirements- to keep accounting records in accordance wilh seGlion 386 of the Companies Act 2006,. and to prepare accounts which accord with the a¢counling records, comply with the accounting requirements of section 396 of the Companies Act 2006 and with the methods and principles of the Ststement of Recommended Practice.. Accounting and Reporting by Charities have not been met. Material uncertalnty The financial statements show a surplus of £72.870 compared to a surplus of £11,351 and this is a welcome increase. However there remains a deficiency of funds of £34,562 at the year end so there continues to be uncertainty as lo whether the charity will be able to operate as a going mncern for the foreseeable future. Paragraph Iwo Note 1 of Ihe accounts explains how the charity will remedy this situation. The accounts have been prepared on a going concern basis which is appropriate having regard to the circumstances of the charity. HARRY NICOLAOU FCA Of Harry NicolaoLS &Co Limiled Chartered Accountants 21 Brendon Way Enfield EN12LF
Azbuka Foundation Statement of Flnancial Activities {In¢luding Income and Expenditure Account) Forthe Yèar Ended 31 Au ust 2024 Total funds Unre¥trfet•d 2024 Tolal funds Unr6StriGted Note 2023 INCOME from: Donations 63,063 63,063 30,779 30.779 Charitable actlvlti•$: School fees Nursery fees Grant ILB H&FI Contributions from parents for activities and school meals Other income - Hall and space hire. bank interest etc 358,557 238,241 60,652 14,305 26,539 698,294 328,360 208,522 93.186 25,128 22.427 677,623 Total income 761,357 708,402 EXPENDITURE on: Charitable activities Bursanes and Scholarships Funded activity.. Eady Education Staff costs Printing Rent and rates Electricity School resources and expenses Repairs and maintenance Telephone and intemel IT expenses Insurance Bank charges Equipment hire Cleaning and other expenses Bookkeeping Travelling and subsistence expenses Clothing Costs Website expenses Marketing costs Leg81 and consultancy fees Depreciation Govemance cost.. independent examination 12.667 53,307 469.028 1,490 103,188 2,000 12,654 2,793 1,238 11,794 1,712 145 295 9,172 2,675 879 1,647 305 1,932 9,637 1,927 2,700 28, 728 67,608 436,807 1,015 104,751 79.826 2.898 1,722 4,988 1,219 96 7, 760 2, 765 2,881 1,271 1.062 7.184 2,570 2,500 Total expenditure 703.187 69T,051 Net income and net movement in funds. 58,170 7 1,351 RECONCILIA TION OF FUNDS Total funds brought forward 1107,7321 {119,083J Total funds carrled forward - deficiency 149.5621 (107.732) Net expenditure is also nel expenditure for Companies Act purposes.
Azbuka Foundation Company No. 1 $09049 Balance Sheet Asat31Au ust 2024 2024 2023 Flxed assets Tangible assets 5,782 7, 709 5.782 7, 709 Current assets Debtors Cash at bank and in hand 37,598 121,413 35,045 55,394 Tolal currènt assets 159,011 90,439 Credltors falllng due within one year 1112.600) (119, 125) Net current a$setsl{liabllitles) 46,411 (28,686) Total assets less currgnt liabilities 52.193 (20,977) Credltors falllng due after more than one year 1101.755) (86,755) Nèt liabillties 149,5621 (107,732) Funds Unrestricted gen8ral funds 149,562} (107,732) Total funds - deficiency 149,5621 (107,732) The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Compani8s Act 2006. The members have not required the company to obtain an audlt in accordance with section 476 of the A¢t. The directors acknowledge Iheir responsibilities for complying with the requirements of the Companies Ad 2006 wilh respect lo accounting record5 and the preparation of accounts. The accounts have been prepared in accordance with the speclal provisions applicable lo companies subje¢l lo the small companies regime. Approved by the directors on signed on their behalf by.. Maria Gavrilova Director
Likewise Community Statement of Cash Flows Asat31Au ust 2024 2024 2023 Cash flow from operating activities Net in¢omel(defiGitl for the year Depreciation of tangible fixed assets Decreaselllncrease) in debtors Increaselldecrease) in creditors 58,170 1,927 (2,553) (6,525) 11,351 2,570 {359) 36.854 Net cash flow from operating activitles 51.019 50,416 Cash flow from Investlng actlvltles Payments to acquire tangible fixed assets (2,252) Net cash flow from investing activities (2,252) Net Increasel(decrease) in cash and Cash equlvalents 51,019 48,164 Cash and cash equivalents at 1 September 2023 Cash and cash equivalents at 31 August 2024 55,394 106,413 7, 230 55, 394
Azbuka Foundation Notes lo the Accounts For the Year Ended 31 Au ust 2024 Accounting pollcies 8asls of a¢¢ounling The financial slalements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable lo charities preparing their financial slalements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 (effective 1 January 20151 (Charitses SORP {FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 102) and the Companies Act 2006. In the context of the current difficult e¢onomiG environment, including the Covid-19 pandemi¢, the Ukraine crisis and hi9h inflation, the trustees recognise significant pressures on student numbers. costs and fund-raising. They have taken long-term measures lo reduce the deficit reported this year and for 2020121, including by raising fees MO in line with other similar schools. The accounts have been prepared on a going concem basis. The charity constitutes a public benefit entity a$ defined by FRS 102. In¢om• recognition All income is recognised once the charity has enlitlemenl to the income, there is sufficient certainly of receipt and so il is probable that the income will be received, and the amount of income receivable can be measured reliably. Expendituro rocognition Expenditure is recognised once there is a legal or constructive obligation lo make a payment to a third party, it is probable thal a settlement will be required and the amount of the obligation can be measured liablY. Fund a¢countsng Re5tricled funds are incoming resources, which are lo be used for specific purposes as laid down by the donor. Expenditure which meets these criteria is charged lo the fund. Unrestricted funds are grants. donations and other incoming resources receivable for the objects of the charity without fvrther specified purpose and are available as general funds. Tanglble fixed assets Depreciation is provided al rates calculated lo write off the cost of each asset less its eslimaled residual value, over the useful economic life of that asset as follows.. Office fumiture and equipment 25 10 reducing balance Debtors Trade and other debtors are recognised at Ihe settlement amount due after any trade discounts offered. Prepayments are valued at the amount prepaid after taking account of any trade discounts due. Credltors Creditors and provisions are re¢ognised where the charity has a present obligation resulting from a past event that will probably resLtII in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due. Financial instruments The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are init1811y recognised at transaction value and subsequently measured al their settlement value with the ex¢eptson of bank loans which are subsequently measured al amorbsed cost using the effective interest method. Commitments Rentals payable under operating leases are charged lo the Statement of Financial Activities as incurd over the term of the lease. Pensions The costs of the workplace defin8d contribution arrangements are charged lo the SOFA as incurred.
Azbuka Foundation Notes to the Accounts For the Y1 Ended 31 Au ust 2024 Staff costs 2024 2023 Salaries and wages Social security costs Pension costs Payroll proc8ssing costs Recwilmenl costs Other staffing costs Training costs 366,176 28,832 7,494 1,832 2,975 60.475 1.244 334,491 26,991 7.337 1,448 3.103 61,853 1,584 Totsl staff costs 469.028 436.807 Net income for the y•ar 2024 2023 This is stated after charging.. Independent Examiners fee Depreciation 2,700 1.927 2,500 2.570 Trustees No remuneration was paid to the Iruslees during Ihe year in their capacity as Iruslees. Expenses of £696 were reimbursed lo one Iruslee {2023 £3091 during the yeaT. Taxation The charitable company is exempl from corporation lax on its charitable activities. Tangiblg fixed assets FUMI & offic• •quipm•nt Fixtut•s *nd Total Cost Al 1 September 2023 Additions 7.146 10,934 18,080 At 31 August 2024 7.146 10.934 18,080 Depr•¢latSon Al 1 September 2023 Charge for the year 3.464 920 6,907 1.007 10.371 1,927 At 31 August 2024 4,384 7.914 12,298 Net book value At 31 August 2024 2,762 3.020 5,782 Af I September 2023 3,682 4.027 7. 709 Debtors 2024 2023 Trade debtors Other debtors 5.644 31,954 3,091 31,954 37,598 35,045 Other debtors of £23,187 fall due after more than one year
Azbuka Foundation Notes to the Accounts For the Year Ended 31 Au ust 2024 Cr•dltors falllng due wlthln one year 2024 2023 Trade creditors Taxation and social security Other creditors and accruals 5,984 13,331 93,285 14,348 T,491 97,286 112,600 119, 125 Credltors falling due after more than ong yoar 2024 2023 Loan (see note 101 101.755 86, 755 10. Related party transactions The loan referred lo in Note 8 of £101.755 is due to Maria Gavrilova, a InJstee and founder of the charity. During thè year Maria Gavrilova received remuneration as Principal of the school al well below market rates. During the yeai Svellana Malinina. a Iruslee has provided dance lessons to pupils of the charity at rates well below market rates. Operating l¢a$e Commitments The total of fijlure minimum lease payments under a nOnncelIable operating lease al 31 August 2024 is as follows.. 2024 2023 Not later than one year Later than one year and not later than five years Later than five years 100.884 403,536 403,536 100,884 403,536 504,420 907.956 1,008,840