SET Education Foundation
Trustees’ Report
For the Year Ended 31 March 2022
Since its inception SET Education Foundation is providing support to The SET School, run by a non-profit organization Saran Educational Trust (SET), in Karachi Pakistan. The school is working for about past 25 years to provide education for the children from low- and middle-income strata of the society. The fee charged to the students is subsidised across the board with additional financial assistance available on a need basis. The school has two campuses and currently more than 800 students are enrolled.
In 2018, SET Education foundation signed an MOU with SET, Pakistan which was later renewed in 2022. In accordance with this MOU, SET Education Foundation is providing financial support to SET, Pakistan to facilitate them in offering financial support to their students. SET Education Foundation also aims to enhance their support to SET Pakistan in the form of educational resources, equipment, training and facilities in the future.
We have been raising money through personal donations in the UK. All these funds are collected purely through bank transfers. Donations are acquired through personal relations and word of mouth to the wider community. Besides these donations, there is no other source of funds. We have not carried out any fundraising events as yet and have not collected cash contributions to date, although we would like to expand this in the future. Once sizeable are collected, these are transferred to SET Pakistan through banking channel.
The year end (31 March 2022) has been marked with a surge in international commodity prices, inflation and recession, all over the world. This has aggravated the problems faced by the low-income families in the developing countries. As a result, the money available to them to educate their children has further reduced. We at SEF UK must devise ways to increase the fund collection in UK and provide greater support to the needy students.
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Mrs Hussain – Trustee Trustee Date : ……………………..
………………………………… ………………………………… Mr Khan – Trustee Mr Abdi – Trustee Trustee Trustee Date : …………………….. 30 Jan 2023 Date : …………………….. 30 Jan 2023
CHARITY REGISTRATION NUMBER.. 1175825 Set Educations Foundation Unaudited Financial Statements 31 March 2022
Set Educations Foundation Financial Statements Year ended 31 March 2022 Page Trustees, annual report Independent examiner's report to the trustees Statement of financial activities Statement of financial position Statement of cash flows Notes to the financial statements The following pages do not fonn part of the financial statements Detailed statement of financial activities 13 Notes to the detailed statement of financial activities 14
Set Educations Foundation Trustees, Annual Report Year ended 31 March 2022 Since ils inception SET Education Foundation is promding support lo The SET School, run by a non-profit organEalion Saran EdLJcalional Trust (SETI, in Karachi Pakistan. The school is working for about past 25 years lo provide education for the children from low- and middle-income strata of the society. The fee charged to the students is SLJbsidi5ed across the board with additional financial assistance available on a need basis The school has two C2mpuses and Current more thall 800 students are enrolled. In 2018, SET Education foundation signed an MOU with SET, Pakistan which was later renewed in 2022. In accordance with this MOU, SET Education Foundation is provKling financial support to SET, Pakistan to facililale them in offering financial support to their students. SET Education Foundation also aims lo enhance their support lo SET Pakistan in the fom of educational resourees, equipment, training and facilities in the future. We have been raising money through personal donations in the UK. All these funds are collected purely through bank transfers. Donations are acquired through personal relations and word of mouth to the wider Community. Besides these donations, there is no other source of funds. We have not carried out any fundraising events as yel and have not colleclod cash Gonlribulions lo dale, although we would like lo expand this in the future. Once sizeable Co1Cted, these are transferred lo SET Pakistan through banking channel. The year end131 March 20221 has been marked with a surge in inlemalional commodty prices, inflation and recession, all over the world. This has aggravated the problems faced by the low-income families in the developing countries. As a result, the money available to them to educate their children has further reduced. We al SEF UK musl devise ways to increase the fund collection in UK and provide greater support lo the needy students. STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document The charity h% controlled by its governing documents, 8 dead of trust, and conslitules a limited company, limrted by guarantee, as defined by the Companies Act 2006. Reference and administrattve details Rggi$tered charity nam¥ Set Educations Foundation Charity registration number 1175825 Principal offlce 159 Christchurch Avenue Harrow Tho trust&e$ Mrs Hussain Mr Khan Mr Abdi Independent examiner Digit Accounlanls Limited 83 Uxbridge Road st8nmore Middlesex HA7 3NH
Set Educatlons Foundation Trustees, Annual Report Year ended 31 March 2022 STATEMENT OF TRUSTEES RESPOMSIBILITIES The trustees (who are also the directors of Set Educations Foundation for the purposes of company law) are responsible for the reparation the Trustees Report and the financial statements in accordance wth applicable law and United Kingdom Accounting Standards IUnf(ed Kingdom Generally Accepted Accounting Practice). Company law requires the trustees to prepare financial stslemenls for each financial year which gNe a true and fair wew of the stale of affairs of the charitable company and of the incoming resource and application of resource, including th8 income and expènditure, of the charitable company for the period. In pparing those financial stalemenls, the trustees are required to select suitable accounting policies and then apply then consistently.. observe the methods and principles in the charity SORP., make judgements and estimates that are reasonable and prudent., prepare the financial statements on the going concem basis unless rt is inappropriate lo presume that the charitable company will continue in business The trustees are responsible foT keeping proper accounting records which di5Glose with asOnable accuTacy at any lime the financial position of the charitable company and lo enable them tD ensure that the financial statements Gomply with the companies Act 2006. They are also responsible for safeguarding the assets of the charf(able company and hence for taking reasonable steps for the prevention and detection of fraud and other regulations. 30 lan 2023 Approved by order of the board of trustee5 on .. and signed on ((s behaw by., Mrs Hu5sain Trustee Mr Khan Trustee Mr Abdi Trustee
Set Educations Foundation Independent Examiner's Report to the Trustses of Set Educations Foundation Year ended 31 March 2022 I report to the trustees on my examination of the financial statements of Sel Educations Foundation I'lhe club'l for the year ended 31 March 2022. Responslbllitles and basls of report As the Iruslees of the club you are responsible for the preparation of the financial stslements in accordance with the requirements of the Charities Act 20111'lhe A¢l'l. I report in respect of my examination of the club's financial statements 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 Charity Commission under section 14515llbl of the Act. Independent examlner's statement I have completed my examination. I confirm that no material matters have come lo my attention in connection w(Ih the examination gniing me cause to 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 statements do not accord with those records.. or the financial slalements do not comply with the applicable requirements Conrning the form snd content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a 'lrue and fairf 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 allenlion should be drawn in this report in order lo enable a proper understanding of the aountS to be reached. ml Independent Examiner Digit Accountants Limited 83 Uxbridge Road Stanmore Midd185ex HA7 3NH
Set Educations Foundation statement of Financial Activities Year ended 31 March 2022 2022 Unrestricted funds Total funds 2021 Total funds Note Income and endowmgnts Donations and legacies Total income 6,297 5,960 6,297 5,960 Expenditure Expendi(ure on Charitab activities Costs of other trading activities Total eXndIture 4,050 350 7,100 350 4.400 7.450 Net l?xpenditureVincomg and net movement In funds 1.897 (1,4901 Reconciliation of funds Total funds brought forward Total funds carried forward 14981 1,399 1498) 1,399 992 14981 The statement of financial aclwilies includes all gains and k)sses recognised in the year. All income and expendrture derive from continuing aclimlies. Th• notes on pages 7 to 11 form part of th8 finaneial statsm•nts.
Set Educations Foundation ststement of Financlal Position 31 March 2022 2022 2021 Current assets Cash al bank and in hand 3,000 1,103 Creditors: amounts falling due wlthin onè year Net current assets 1,601 700 1,399 1.399 403 Total assets les5 current Ilabllities 403 Cr8dltors'. amounts falllng due after more than one year Net assots 901 1.399 1498} Funds of the charlty Unrestricted fund5 1.399 {4981 14981 Total charity funds 10 1,399 These financial statements were approved by the board of trustees and authorised for issue on 30lan 2023 , and arE signed on behalf of the board by.. Mrs Hussain Trustee Mr Khan Trustee Mr Abdi Trustee The notes on page$ 7 to 11 fomi part of th•s• flnan¢lal statements.
Set Educations Foundation Statement of Cash Flows Year ended 31 March 2022 2022 2021 Cash f]ows from operating activities Nel lexpenditurellincome 1,897 {1,4901 Adjustments lor. Accrued expenses Other creditors 13501 19011 646 350 Cash generated from operations Net cash (used in)ffrom operating activities 11,1401 11,14DI 646 Cash flows from financing actlvltigs Proceeds from Directorfs ban Proceeds from borrowings Nel cash from financing activities 1,251 1,251 Net Idecreasèvincrease in cash and Cash equivalents Cash and cash equivalgnts at beginning of year Cash and cash equivalents at end of year 1,897 1,103 11,1391 2,242 3,000 1,103 The notès on pages 7 to 11 form part of these financial Statements.
Set Educations Foundation Notes to the Financial Statements Year ended 31 March 2022 General Infomiation The charity is a public benefit enlily and a registered charity in EngLgnd and Wales and is unincorporated. The address of the principal office is 159 Christchurch Avenue, Harrow, HA3 8NS. Statement of compliance These financial statements hav& been prepared in CtJnplian with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland,, the Statement of Recommended Practice applicable to chari(ies preparing their accounts in acwrdance w((h the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 Icharilies SORP IFRS 102)) and the Chartiies Act 2011. Accounting policles Basis of preparation The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilrties and investment properties measured at fair value through income or expenditure. The financial statements are prepared in slerfing, which is the functional currency of the entity. Golng concern There are no material uncertainties about the charity's ability lo wnlinue. Fund accounting Unreslricled funds are available for use al the discretion of the trustees to further any of the charills purposes. Designated funds are UnstrICted funds earmarked by the trustees for partular future projed or commitment. Restricted funds are subjected lo restrictions on their expenditure declared by the donor or through the terms of an appeal, and fall into one of two sub-classes." reslricled income funds or endowment fund5.
Set Educations Foundation Notes to the Financial Statements (¢ontinud) Year ended 31 March 2022 Accounting pollc58$ (¢onlinued) Incomlng resources All incoming resources are included in the slalement of financial activities when enlrtlement has pass&d lo the charity., il is probable that the e¢onomi¢ benefits assocr&ted 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 recognised when there is evidence of entillemenl to the grfi, receipt is probable and its amount can be measured reliably. legacy income is recognised when receipt is probable and entitlement estsblished. income from donated go(S is measured at the fair value of the goods unless this is impractical to measure reliably, in which case the value is derived from the cost lo the donor or the e51imaled resale value. Donated facilities and seNice5 a recognised in the accounts when received if the value can be relably measured. No amounts are included for the ¢ontiibution of general volunteers. income from contracts for the supply of services is recognised with the delivery of the contracted seNce. This is classified as unrestricted funds unless there is a contractual requirement for il to be spent on a particukqr purpose and relumed rf unspent, in which case It may be regarded as reslrided. 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 il relates.. expendi(ure on raising funds includes the costs of all ftjndfaising activities, events, non-chari(able trading activitiès, and the sale of donated goods. expendf(ure on chari(able 8Ctivities includes all costs incurred by a charity in undertaking aclwilies that further its charitable aims for the benefit of ils beneficiaries, including those support costs and costs relating lo the governance of the charrty apportioned to charitable aclivilies. other expendilLJre includes all expenditure that is neither related lo raising funds for the charity nor part of its expenditure on charitable activities. All costs are albcated lo expendfture categories relecling the use of the resource. Direct costs attributable lo a single activty are allocated directly to that activity. Shared costs are apportioned between the activities they contribute lo on a reasonable, justifiable and consislenl basis. Flnancial instruments A financial asset or a financial liability is recognised only when the charity becomes a party to the conlraclual 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 (coiitinued) Year ended 31 March 2022 Accountlng policies (tontinue Financial Instruments (conlinuedj Current assets and current liabilities are subsequentty measured al the cash or other considerat expected to be paid or received and not discounted. Debt instruments are subsequently measured at amortised cost. Where investments in shares are publicly traded or their fair value can othenNise be measured reliably, the investment is subsequently measured al fair value with changes in fair value recognised in income and expenditure. All other such investments are subsequently measured al osl less impaimient. Other financial inslrumenls, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business lems or financed al a rate of interest that is not a market rate, in which case the asset Is measured at the present value of the future payments dpscounled al a market r*e of interest for a similar debt instrument. Other financial instruments are subsequently measured al fair value, with any changes recognised in the statement of financial activities, with the exception of hedging instruments in a designated hedging relationship. Financial assets that are measured al cost or amortised cost are reviewed for objective evidence of impaiment al the end of each reporting dale. If the is objective evidence of impaimenl, an impairment loss is rewgnised under the appropriate heading in the statement of financial activrties in which the initial gain was recognised. For all equity instruments regardless of srgnificance, and other financkgr assets that are individually significant, these are assessed individually for impaimient. other financial assets are eilhor assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised irnmedialely, lo the extent that the reversal does not result in a Carrying amount of the financial asset that exceeds what the carrwn9 amount would have begn had the impaimient not previously been recognised. Donations and legacies Total Funds Total Funds 2022 2021 Donatlons Donations type 1 6.297 5,960 Expendlture on ¢haritablg actlvitie$ Totsl Funds Total Funds 2022 2021 Expenditures incurred on charitable activth'es 4,050 7,100
Set Educations Foundation Notes to the Financial Statements (continuedj Year ended 31 March 2022 Costs of othgr trading activltles Total Funds Total Funds 2022 2021 Operating trading company - legal and professional fees 350 350 Partlculars of employees The total staff costs and empbyee beneff(s for the reporting peri)d are analysecl as follows.. 2022 2021 The average head count of employees during the year was Nil12021'. Nill. No employee received employee benefrts of more than £60,000 during the year12021.' Nill. Creditors- amounts falling due within one year 2022 2021 DirectoWs108n Ac¢rua15 and deferred income 1,251 350 700 1,601 700 Creditors: amounts falling due after more than one year 2022 2021 Other creditors 901 10
Set Educations Foundation Notes to the Financial Statements (contlnuett) Year ended 31 March 2022 10. Analysis of charitable funds Unrestricted funds At 1 April 2021 and 31 March 20 22 General funds 1,399 At 1 April 2020 and 31 March 20 21 General funds {4981 11. Analyslg of changes in net debt At At 1 Apr 2021 Cash flows 31 Mar 2022 Cash al bank and in hancl Debt due within and after after one year 1,103 11,6011 {4981 1,897 3,000 (1,6011 1,399 1,897 11
Set Educations Foundation Management Information Year ended 31 March 2022 The followlng pages do not fom7 part of the financlal statements. 12
Set Educations Foundation Detailed Statement of Financial Activities Year ended 31 March 2022 2022 2021 Income and endowments Donations and legacies Donations 6,297 5,960 Total income 6297 5.960 Expenditure Expenditure on charitable activities Expenditures incurred on charitable activf(ies Bank charges 4,000 50 7,000 100 4,050 7,100 Costs of other tradrng activitles Legal and professional fees 350 350 Total expendlture 4,4DO 7.450 Net {expenditurgVlncom8 1,897 11,490) 13
Set Educations Foundation Notes to the Detsiled Ststement of Financial Activities Year ended 31 March 2022 2022 2021 Expgnditure on charitablg activltles Expenditures incurred on charitable activities Bank charges 4,000 50 7.000 100 4,050 7,100 Costs of raising donations and legacies 4.050 7,100 Costs of other trading activitie5 Costs of other trading activitie5 - Opgrating trading company Operating trading company- legal and professional fees 350 350 Costs of other trading actlvlties 350 350 14