## **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. 

………………………………… 

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 Co1￿Cted, 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 p￿paring 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 Con￿rning 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
a￿ountS 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 eX￿ndIture
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 th￿8 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 Un￿strICted funds earmarked by the trustees for part￿ular 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 (¢ontinu*d)
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 rel*ably 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