## **SET Education Foundation** ## **Trustees’ Report** ## **For the Year Ended 31 March 2021** SET Education Foundation supports the efforts of Saran Educational Trust, a non-government and notfor-profit organization working in Pakistan in the education sector. The trust in Pakistan runs The SET School in Karachi. SET Education foundation has signed an MOU with SET, Pakistan to provide financial support in order to enable them to keep providing subsidized education to the students from low- and middle-income group families. Further support in the form of educational resources, equipment, training and facilities may also be extended. The SET School, Karachi has been working tirelessly for the last 20 years to educate the less privileged members of society. Their aim is to provide good quality education at an affordable cost to parents. The SET School has two branches, one in Federal B Area and a purpose-built one in Gwalior Society, Karachi. Our role in the UK has been to raise money, purely through bank transfers as it stands. Since we are in our preliminary stages, we have no other source of funds. Donations are acquired through personal relations and word of mouth to the wider community. We have not carried out any fundraising events as yet and have no cash contributions to date, although we would like to expand this in the future. As per the conditions set in the MOU with SET, Pakistan, once substantial funds are collected, these are transferred to them in Pakistan. The year end (31 March 2021) has been marked with lockdowns due to the Covid-19, all over the world. The coming months are likely to bring additional problems with regards to education, particularly in the under-developed countries. We have to shore up our resources to assist SET, Pakistan as much as practicably possible for us. ………………………………… ………………………………… ………………………………… Mrs Hussain **– Trustee** Trustee **Date : ……………………..** Mr Khan **– Trustee** Trustee 25/01/22 **Date : ……………………..** Mr Abdi **– Trustee** Trustee **Date : ……………………..** 25 Jan 2022 CHARITY REGISTRATION NUMBER: 1175825 Set Educations Foundation Unaudited Financial Statements 31 March 2021 Set Educations Foundation Financial Statements Year ended 31 March 2021 Page Trustees, annual report Independent examinerfs report to Ihe trustees Statement of financial activities Statement of financial position Statement of cash flows Notes to the financial statements The following pages do not form part of the financial statements Detailed statement of financial activities 13 Notes to the delailed statement of financial activities 14 Set Educations Foundation Trustees, Annual Report Year ended 31 March 2021 SET Education Foundation supports the efforts of Saran Educational Trust, a non-governmenl and nol-for-prof(( organizalion working in Pakistan in the education sector. The trust in Pakistan runs The SET School in Karachi. SET Education foundation has signed an MOU with SET. Pakistan lo prowde financial support in order to enable them lo keep promding subsidized education lo the students from bw- and middle-income group families. Further support in the form of educational resources, equipment, training and facilities may also be extended. The SET School, Karachi has been working tirelessly for the last 20 years lo educate the less privileged members of society. Their aim is lo provide good quali(y education * an affordable cost to parents. The SET School has two branches, one in Federal B Area and a purpose-built one in Gwalior Society, Karachi. Our role in the UK has been lo raise money. purely through bank transfers as il stands. Since we are in our preliminary stages, we have no other source of funds. Donations are acquired through personal relations and word of mouth lo the wider community. We have not carried out any fundraising events as yet and have no cash contributions lo dale, atthough we WOU￿ like to expand thi5 in the future. As per the Condit￿nS sel in the MOU with SET, Pakistan, once substantial funds are collected. these are transferred to them in Pakistan. The year end131 March 20211 has been marked wrth lockdowns due lo the Cowd-19, all over the wortd. The coming months are likely to bring additional problem5 with regards lo education, particularly in the under4eveloped countries. We ha￿ lo shore up our resources to assist SET, Pakistan as much as practicably possible for US. STRUCTURE, GOVERNANCE AND MANAGEMEMr Governing document The charity 15 controlled by its governing documents, a dead of trust, and constilules a limited company, limited by guarantee, as defined by the Companies Act 2006. Reference and administrative detail$ Registered charity name Sel Educations Foundation Charity registration number 1175825 Princlpal office 159 Christchurch Avenue Ha￿oW The trustees Mrs Hussain Mr Khan MrAbdi Independent examiner Digrt Accounlanls Limtied 83 Uxbridge Road Stanmora M￿dIes8x HA7 3NH Set Educations Foundatlon Trustees, Annual Report Year ended 31 March 2021 STATEMENT OF TRUSTEES RESPOMSIBILITIES The trustees (who are also the directors of Sot Educations Foundation for the purposes of company lawl are responsible for the reparation the Trustees. Report and the financial statements in a￿ordanCe with applicable law and United Kingdom Accounting Stand8rds (United Kingdom Generally Accepted Accounting Praclicel. Company law requires the truste8S to prepare financial statements for each financial year which gwe true and fair view of the stal& of affairs of the charitable company and of the incoming resource and applicalKJn of resoLtrce, including the income and expenditure, of the charitablf* company for the period. In preparing those financial slalemenls, th8 trustees are required lo select suitable accounting policies and then apply then consistenlty., observe the methods and principles in the charity SORP., makejudgements and eslimates that are reasonable and PTudent', prepare the financial statements on the going eoncern basi5 unless it Is inappropriate to presume that the charitable company will continue in business The tnjstees are responsible for keeping proper accounting wor(Is which disclose with ￿8$Onable accuracy al any time the financial position of the charitsble company and to enable them lo ensure that the financial stslemenls comply wrth the ￿mpanIeS Act 20(E. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other regulations. Approved by order of the board of trustees on . 25 jan 2022 . and signed on its behalf by.. Mrs Hussain Trustee Mr Khan Trustee Mr Abdi Trustee Set Educations Foundation Independent Examiner's Report to the Trustees of Set Educations Foundation Year ended 31 March 2021 I report lo the trustees on my examination of the financial statements of Set Educations Foundation I'the club'l for the year ended 31 March 2021. Rgsponslbllltles and basis of report As the Iruslees of the club you are responsible for the preparation of the financial statements in accordance with the reqU1￿MentS of the Charities Act 2011 I'the Act'l. I report in respect of my examination of the club's financial slalemenls carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charrty Commission under section 145{5llbl of the Act. Independent examiner's $tatamgnt I h8ve completed my examination. I confirm that no material matters have come lo my attention in Connection with the examination giving me cause lo believe that in any material respect.. accounting records were not kept in respect of the club as required by section 130 of the Act., or the financial slalemenls do not accord with those records,. or the financial statements do not comply with the applicable requirements concerning the fomi and content of accounts sel out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement th* the accounts give a 'lrue and fair, view which is not a matter considered as part of an independent examination. I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order lo enable a proper understanding of the accounts lo be reached. Independent Examiner Digrt Accountants Limited 83 Uxbridge Road Stanmore Middlesèx HA7 3NH Set Educations Foundation ststement of Financial Activities Year ended 31 March 2021 2021 Unrestricted funds Total funds 2020 Total funds Note Income and endowments Donations and legacies Total income 5,960 6,383 6,383 5,960 Expenditure Expendi(ure on charitable aclwities Costs of other trading activities Total expenditure 7,100 350 7.075 300 7,450 7,375 Net lexpondilurellincome and net movement In funds {1,4901 {9921 Reconciliation of funds Total funds brought fowdrd Totsl funds Carried forward 992 992 1,984 992 992 1,984 The slalement of financial activities includes all gains and losses recognised in the year. All income and expendrture derive from continuing activities. The notes on pagts 7 to 11 forni part of these flnaneial statements. Set Educations Foundatlon Statement of Financial Position 31 March 2021 2021 2020 Current assets Cash al bank and In hand 1,103 2,242 Credltors: amounts falling due withln one year Net Current assets 700 350 403 1,892 Total assets les5 current Ilabllltles 403 1,892 Credltors: amounts falllng due after more than one year Net assets 10 901 900 {4981 992 Funds of the charity Unrestrrcted funds 992 1.984 Totsl charlty funds 11 992 1,984 These financial slalements were approved by the board of trustees and authorised tor issue on 25 Jan 2022 . and are signed on behaw of the board by.. Hussain Trustee Mr Khan Trustee MrAbdi Trustee The note$ on pages 7 to 11 form part of these fin•nclal 8tat•ments. Set Educations Foundation ststement of Cash Flows Year ended 31 March 2021 2021 2020 Cash flows from operating activltles Net lexpendilurellincome (1,4901 19921 Adjustments for Accrued expenses Cash generated from operations Nel cash Iu5ed inllfrom operating activities 350 1501 11,042) 11,0421 11,1401 11,140} Cash flows trom financing activities Proceeds frorn borrowings Nel cash from financing aclNrties Net Idecreaseyincrease In cash and cash equivalents Cash and cash equivalents at beginning of year Cash and cash equivalents at end of year (1,1391 2.242 {1,0421 3,284 1,103 2,242 The not•s on pages 7 to 11 fom part of these financial ststements. Set Educations Foundation Notes to the Financial Statements Year ended 31 Mar¢h 2021 General Infomiation The charity is a public benefit enlily and a registered charity in EngLqnd and Wales and is unincorporated. The address of the principal office is 159 Christchurch Avenue, Harrow, HA3 8NS. Statement of compliance Thes2 financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Stsndard applicable in the UK and the Republic of Ireland., the Slalemenl of Recommended Practice applicable to Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 102} (Charrties SORP IFRS 10211 and the Charrf(ies Act 2011. Accounting policies Basis of prepardtlon The financial slalements have been prepared on the historical cost basis. as Modifi￿ by the revaluation of certain financial assets and liabilities and investment properties measured al fair value through income or expendi(ure. The financial statements are prepared in slerfing, which is the functional currency of the entity. Going concern There are no material uncertainties about the charity's abilty to continue. Fund accounting Unrestricted funds are av8iL4ble for use al the discretion of the trustees lo further any of the charity's purposes. Designated funds are unreslricled funds earmarked by the trustees for p8rticular future project or ¢ommitmenl. Restricted funds are subjected to restrictions on their expenditure deCla￿d by the donor or through the terms of an appeal, and fall into one of two sub-cla55es.' reslricled income funds or endowment funds. Set Educations Foundation Notes to the Financial Statements fcontsnued) Year ended 31 March 2021 Accountlng policies (¢onlinuedJ Incoming resources All incoming resources are included in the slalemenl of financial activities when enlf(lement has Passed to the charity.. il is probable that the economic benefits associated with the transaction will flow to the charity and the amount can be reliably measured. The following specific policies are applied lo particular categories of income.. income from donations or grants is rewgnised when there is evidence of enlillemenl lo the gift, receipt is probable and its amount can be measured reliably. legacy income is recognised when receipt is probable and entillemenl is estsblished. income from donated goods is measured at the fair value of the goods unless this impractical to measure reliably, in which case the value Is derived from the cost to the donor or the eslimaled resale value. Donated facilities and seNices are recognised in the accounts when received rf the value can be relFably measured. No afflounls are included for the contribution of general volunteers. income from contracts for the supply of services Is recognised with the delivery of the contracted seryice. This is classified as unrestricted funds unless there is a contractual requirement for rt lo be spent on a particular purpose and relumed if unspent, in which case il may be regarded as restricted. Resources expended Expenditure is recognised on an accruals basis as a liabilrty is incurred. Expenditure includes any VAT which cannot be fully recovered, and is classified under headings of the statement of financial activities lo which it reLgte8". expenditure on raising funds includes the costs of all fundraising activities, events, non-charilable trading aclivilies, and the sale of donated goods. expenditLJre on charitable activities includes 811 eosls incurred by a charity in undertaking activities that further ils charitable aims for the benefit of its beneficiaries, including those support costs and costs relating lo the governance of the charity apportioned to charitable activities. other expenditure includes all expenditure that is neither rel*ed lo raising funds for the charity nor part of ts expenditure on charitable a¢livities. All costs are allocated to expenditure categories reflecting the use of the resource. Direct costs attributable lo a single activty are all(￿ated direclty to that aclivily. Shared costs are apporb.oned between the activities they contribute lo on a reasonable. juslrfiable and consistent b8SIS. Flnancial instrumonts A financial asset or a financial liabilty is recognised only when the charrty becomes a party lo the contractual provisions of the instrument. Basic financial instruments are initially recognised at the amount receivable or payable including any related transaction costs. Set Educations Foundation Notes to the Financial Statements (¢antsnued) Year ended 31 March 2021 Accounting policie5 (tontinu Financial instruments {conbntsedJ Current assets and current liabilities are subsequently measured al the cash or other consideration expected to be paid or received and not discounted. Debt instruments are subsequently measured al aM0￿.sed cost. Where investments in shares are publicly traded or their fair value can otherwise be measured relHbly, the investment Is subsequently measured al fair value wi(h changes in fair value recognised in income and expenditure. All other such investments are subsequently measured al cost less impaimient. Other financial instruments, including derN8tives, are initially recognised at fair value, un￿sS payment for an asset is deferred beyond nom)al business terms or financed at a rale of interest that is not a marf(el fate, in which case the asset Is measured al the present value of the future payments discounted al a market rate of interest for a similar debt Instrument. Other financial instruments are subsequently measured at fair value. wrth any changes recognised in the slalemenl of financial activities. with the exception of hedging instruments in designated hedging relationship. Financial assets that are measured al cost or amortised cost are reviewed for objective evidence of impairment al the end of each reporting dale. If there is objective evidence of impairment, an impaimient loss is recognised under the appropriate heading in the statement of financial activities in which the initial gain was recognised. For all equty instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for imp8imenl. Other financial assets are erther assessed individually or grouped on the basis of Similar credf( risk characteristics. Any reversals of impaimenl are recognised immediately, to the extent that the revers81 does not result in a carrying amount of the financial asset that exceeds what the carying amount would have been had the impairment not previously been recognised. Donatlons and legacigs Total Funds Total Funds 2021 2020 Donatlons Donations type 1 5,960 6,383 Expenditure on charitable activities Total Funds Total Funds 2021 2020 Expendf(ures incurred on charitable activities 7,100 7,075 Set Educations Foundation Notes to the Financial Statements (continuedj Year ended 31 March 2021 Costs of other trading actlvities Total Funds Total Funds 2021 2020 Operating trading company- legal and professional fees 350 300 Particulars of employees The total staff costs and empbyee benefrts for the reporting period are analysed as follows.. 2021 2020 The average head count of employees during the year was Nil12020.. Nill. No employee received employee benefits of more than £60,000 during Ihe year12020'. Nill. Creditors.. amounts falling due withln one year 2021 2020 Accruals and deferred income 700 350 10. Credltors: amounts falling due after more than one year 2021 2020 Other c￿ditorS 901 900 10 Set Educations Foundation Notes to the Financial Statements f¢onlinuedJ Year ended 31 March 2021 11. Analy$is of charitable fund$ Unre$trictgd funds At 1 April 2020 and 31 March 20 21 General funds 992 At 1 April 2019 and 31 March 20 20 General fund5 1.984 12. Analysis of Changes in net debt At At 1 Apr 2020 Cash fk￿$ 31 Mar 2021 Cash at bank and in hand Debt due after one year 2,242 19001 1,342 11,1391 1,103 19011 202 {1,1401 11 Set Educations Foundation Management Infomiation Year ended 31 March 2021 The following pages do not form part of the financial ststements. 12 Set Educations Foundation Detailed Statement of Financial Activities Year ended 31 March 2021 2021 2020 Income and endowments Donations and legacies Donations 5,960 6.383 Total income 5,960 6,383 Expenditure Expenditure on charrtable activities Expenditures incurred on charitable activities Bank charges 7,000 100 7.000 75 7,100 7,075 Costs of other trading actlvltles Legal and professDnal fees 350 300 Total expendlture 7,450 7,375 Net lexpenditurevincome 11.490} {9921 13 Set Educations Foundation Notes to the Detailed Statement of Financial Activities Year ended 31 March 2021 2021 2020 Expenditure on charitable activities Expenditures incurred on charitable activities B8nk charges 7,000 100 7,000 75 7,100 7,075 Costs of raising donatlons and legacies 7,100 7,075 Costs of other trading activities Costs of other trading activFti¢s - Operating trading company Operating trading company- legal and professional fees 350 300 Costs of other trading activities 350 300 14