Set Educations Foundatlon Trustees. Annual Report Year ended 31 March 2023 STATEMENT OF TRUSTEES RESPONSIBIUTIES The trusiees (who are also the direthors ol Set EducatKJr6 Foundatbn IN the purposes of company lawl arè rssFY)nsiblè lor thè rèparation tha Trusi8es' Rwrt and tha linaneial st8tèmènis in accordance with a•G9b18 law and Vniled Krudom Acwjnting St8nd8rds Iunrtgd Kin&lorn Generally Accepted Ac(¥nI prec}. Company roquires the trustses to prepare linartial sthtoments for each financal year which 9fv0 a twè and lair vièw ol th$ slatè ol alfairs ol Iha tharilae tomparty and of Ihè inccyning rasoureè and application of resource, including the inc0rn8 and expenditure, ol th8 charitab18 company for Iho perKMJ. In preparing Ihose linanoal s¢atements. the uusiees are required 10 select suitsble accounting polioes and then atwy ihen conskstenuy.. observe the Mh¢)dS aThJ pnnopks in the tharrty SORP.. make jttyments and esiimates thai are reascmable and prudeN: prepare Ihe finarfual aments on Ihe LKJing (on(em basis unbss tt Is inapproprSats to prosume that Ihe (knarrtab ccnpany Will CDnbnu6 in business The Iru$tees are re¥x)nsible for keepin9 prcFer oUntIng rrfords ¥thith disclose with reasonable acturacy at any time the finanoal position of Ihe charitabk company aThJ to enable them to ensure that Ihe financial statsments comply wrth the companles Act 2(K6. They are also responsible for saf•guarding thè assèts tsf thè dritable cc¥npany asMI hance iakiThJ rèasonablè slaps for tha prev8ntion and det8CtK)n of traud olher regulalx>n5. 29 Jan 2024 Approvad by ordar of tha t4)ard of trust8SS .............................. And sIgd ts b8h811 by, Sana HUSsair Truste8 Imran Ahm8d Khan- Trust•8 Syed Saqib AbdS- Twst8• It1 Hasnpin Raztr Trusteo Syed8 Raw Fabm8 Riz¥i- Trusiee
CHARITY REGISTRATION NUMBER: 1175825 Set Educations Foundation Unaudited Financial Statements 31 March 2023
Set Educations Foundatlon Financial Statements Year ended 31 March 2023 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 ststements The followlng pages do not form part of the flnanclal 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 2023 Since its inception SET Edu¢aUon Foundation is providing support to The SET School, run by non-profit organizalion Saran Educational Trust (SETI, in Karachi Pakistsn. The school is working for about past 25 years to provide education for the children from low- and middle-income slrala of thè society. The fee charged lo the students is subsidis&d across the board with additional financial assistance available on a need basis. The school has two campuses and currently more than 800 students are gnrolled. In 2018. SET Education foundallon 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. Pakistsn 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 fa¢ilibe5 in the future. We have been raising money through personal donab'ons in the UK. All these funds are collected purely through bank transfers. Donakn'ons are acquired through personal relations and word of mouth lo the wider community. Besides these donations. thgie Is no Dther source of funds. We have not carried out any fundraislng events as yet and have not collected cash contributions to date. although we would like lo expand this in the future. Once sizeable are collected, these are transferred lo SET Pakistan through banking channel. The year end 131 March 20231 has been marked with a surge in inflats'on and recession, all over the worfd. This has aggravated the problems faced by the low4ncome families in the developing countries. As a resutt. the money available lo them lo educate their children has further reduced. We al SEF UK must devise way8 to increase th8 fund collection in UK and provide greater support to the ngedy studènts. STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document The charity is controlled by ils goveming documents, a dead of trust, and constitutes a limited company, limited by guarantee. as defined by the Companies Act 2006. Rof•rèn¢¢ and administratlv¢ detalls Register8d Charlty narne Sel Educations Foundation Charlty reglstration numbor 1175825 Principal officg 159 Christchurch Avenue Harrow The trustees Mrs Sana Hussain Mr Imran Ahmed Khan Mr Syed Saqib Abdi Dr Hasnain Raza Syeda Rabab Fatima Rizvi Independent examiner Digit Accountants Limited 83 Uxbridge Road Stanmorè Middlesex HA7 3NH
Set Educations Foundation Trustees, Annual Report Year ended 31 March 2023 STATEMENT OF TRUSTEES RESPONSIBILITIES The tTUStees (who are also the directors of Sel Educatlons Foundation for the purposes of company lawl are responsible for the reparation the Trusltse$' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Company law requires the trustees to prepare financial slalements for each financial year which give a true and fair view of the stale of affalrs of the ¢haritsble company and of the incoming resource and application of resource, including the income and expenditure. of the charitable company for the period. In preparing those financial statements, the trustees are required lo select suitsble accounting policies and then apply then consistently.. obsetve the methods and principles in the charity SORP.. make judgements and estimates that are reasonable and prudent.. prepare the fin8nci81 stalemBnls on the golng concern basis unless It Is Snappropriate to presume that the chari18ble company will conlinL¢e in business The trustees are responsib for keeping proper accounting records which disclose with reasonable accuracy al any b'me the financial position of the Charitable company and to enable them to enstjre that the financial statements comply with the companies Act 2006. They are also responsible for safeguarding the assets of the charilable company and hence for tsking re8sonablts steps for the prevention and detection of fraud and other regulations. 29 Jan 2024 Approved by order of the board of trustees on .............................. and signed on its behalf by., Sana Hussain- Trustee Imran Ahmed Khan - Trustee Syed Saqib Abdi- Trustee IZ+4 1 a Rabab Fallma Rlzvl- Trustee Hasnain Fiaza- Trustee Sye
Set Educations Foundation Independent Examiner's Report to the Trustees of Set Educations Foundation Year ended 31 March 2023 I report lo the trustees on my examination of the financial statements of Sel Educations Foundation I'lhe club'l for the year ended 31 March 2f)23. Responslbilities and basls of report As the trustees of the club you are responsible for the preparation of the financial ststements in accordance with the requirem$nts of the Charities Act 20111 the Act'l. I report in respect of my examination of the club's financial statements carried out under section 145 of the 2011 Act and in carryng out my examination I have followed all the applicable Directions given by the Charity Commission under section 14515llbl of the Act. Indepondent examlner's statoment I have cornpleted my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause lo believe that in any material respect.. accounting records were not kept in respect of the club as required by section 130 of the Act., or the financlal slalemenls do not accord with thos8 records., or the ftnancial statements do not comply with the applicablg requirements ¢oncerning the form and ¢onlenl of accounts sel out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a 'lrue and faiff view which is not a matter considered as part of an independent examination. I hav6 no concerns and have corne across no other matters in connection with the &xamination lo which attention should be drawn in thls report in order to enable a proper understsndin9 of the accounts lo be reached. Inde dent Examiner Digit AounnIS Limited 83 Uxbridge Road Stanmore Middlesex HA7 3NH
Set Educations Foundation Statement of Financial Activities Year ended 31 March 2023 2023 Unrestricted funds Total funds 2022 Total funds Note In¢om• and ondowments Donations and legacies Total Income 6,527 6,297 6,527 6,297 Expendltur8 Expenditure on charitable activities Costs of other trading activities Total expenditure 7.075 350 4.050 350 7.425 4.400 Net lexpenditur•llln¢ome and net mov•ment in fund$ {8981 1,897 Reconciliatlon of funds Total funds brought forward Total funds carried forward 1,399 1,399 14981 1,399 501 501 The ststement of financial actwities includes all gains and losses recognised in the year. l income and expenditure derive from continuing activities. The notès on p89es 7 lo 11 fomi part of these financlal 8tstements.
Set Educations Foundation Statement of Financial Position 31 March 2023 2023 2022 Not• Current a$sets Cash at bank and in hand 1,802 3,OOQ Creditors: amounts falling due wlthln one year Ngt curr•nt assets 1.301 1,601 501 1,399 Total a$$et$ less current liablllti¢$ 501 1,399 Creditors.. amounts falling due after more than one year Net a$$•ts 501 1.399 Fund$ of the ¢harity Unrestricted funds 501 1,399 Total charlty fundts 10 501 1.399 These financial ststemenls were approved by the board of trustees and authorised for issue on 29 Jan 2024 and are signed on behalf of the board by.. Sana Hussain- Trustee Imran Ahmed Khan- Ttusteg Syed Saqib Abtli- Truste& Hasn8in Raza- Twstee Syeda Rabab Fatim8 Rizvi- Trustee The notes on pages 7 to 11 form part of these financial stat8m*nts.
Set Educations Foundatlon Statement of Cash Flows Year ended 31 March 2023 2023 2022 C4sh flow$ from operating activities Nel lexpenditureyin¢ome (8981 1.897 Adjustments for.. Accrued expenses Other credlLors 13501 19011 646 Cash generated frorn operations Net cash (used inllfrom operating aclivilie8 18981 18981 646 Cash flow$ from financing activities Proceeds l {Paymenisl from Director's loan N81 cash from financing activities 1300} 13001 1.251 1,251 Net Idecreasellln¢reasa In cash and cash equivalents Cash and cash equivalents at b•glnnlng of year Cash and ¢a$h èquivalents at end of year 11.1981 3.000 1,897 1,103 1,802 3.000 The notss on pages 7 to 11 forni part of thèse flnan¢lal $t)ents.
Set Educations Foundation Notes to the Financial Statements Year ended 31 March 2023 General infomiall¢n The charity is a public benefrt enlily and a registered charity in England and Wales and is unincorporated. Thg address of the principal offic8 18 159 Christchurch Avenue, Harrow. HA3 8NS. Statement of compliance These financial slalemenls have been prepared in ¢ompliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Iland., the Statement of Recommended Practice applicable lo charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republi¢ of Ireland IFRS 102) (Charities SORP IFRS 102}l and the Charities Act 2011. A¢¢ounting policlo$ Basis of pr•paratlon The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment propertl95 rneasured al fair value through income or expendf(urg. The financial slalements are prepared in sterfing. which is the functional curren¢y of the entity. Golng concern There are no material uncertainties about thtr charity's ability lo corrtinue. Fund a¢counting Unrestricted funds are available for use at the discretion of the trustees lo further any of the charitls purposes. Designated funds are unrestricted funds eamiarked by the trustees for particular future project or commitment. Restricted funds are subjected to restrictions on their expenditure dedared by the donor or through the lemis of an appeal, and fall into one of two sub-classes.. reslricled income funds or endowment funds.
Set Educations Foundation Notes to the Financial Statements (Conllnued) Year ended 31 March 2023 Ac¢ountlng poli¢S•$ (contrnuédj Incomlng r•sources All incoming resour¢es are included in the slalernenl of financial activities when enliUement has passed lo the charity., il is probable that the economic benefits associated with the Iransa¢lion will flow lo the charity and the amount can be reliably measured. The following S¢ITIC policies are applied to particular Categories of income: income from donation5 or grants is recognlsed when there Is evidence of onlitlemenl lo the gift, receipt is probable and ils amount can be measured reliably. legacy income is recognised when receipt is probable and entitlement is established. income from donated goods is measured al the fair value of the goods unless this is impractical lo measure reliably, in which case the value is derived from the cost lo the donor or the eslirnated resale value. Donated facilities and ServIS are recognised in the a¢¢ounts when received if the value Can be reliably measured. No amounts are included for the contribution of general volunteers. income from contracts for the supply of services is recognised with the delivery of the contracted service. This Is classified as unrestricted funds unless there is a contractual requirement for il lo be spent on a particular purpose and returned rf unspent, in which case il may be iegarded as restricted. Resources expended Expenditure is recognised on an ac¢ru81s basis as 8 liability is incurred. Expendituie includes any VAT which cannot be fully recovered, and is classified under headings of the statement of financial activities to which it relates.. expendlture on raising funds Includes the costs of all fundraising activities, events, non-charitable trading aclivilies, and the sale of donated goods. expentlilure on charitable activf(ies includes 811 costs incurred by a charity in undertaking activities that further ils charitable alms for the benefit of its beneficiaries, including those support Costs and costs relalin9 to the govemance of Ihg ¢harily apportioned to charitable actiwties. other expenditurg incltjdes all expenditure that is nelther related lo ralslng funds for th8 charity nor part of its expenditure on charitable aclNities. All $tS are allocated to expenditurè categories refiecting the use of the resource. Direct costs attributsble lo a single activity are allocated directly to that activity. Shared costs are apportioned beeen the activities Ih&y contribute to on a reasonable, justifiable and consislenl basis. Flnancial instruments A financial asset or 8 financial liability is recognised only when the charity becomes a party to the contractual provisions of the instrument. Baslc flnanclal instruments are initially renISed al the amount receivable or payable including any related transaction costs.
Set Educations Foundation Notes to the Financial Statements i¢ootlnu Year ended 31 March 2023 Accounting poli¢l¥s f¢ontinuedJ Flnanclal instrumonts Icontlnuedj Current assets and current liabilities are subsequently measured al the cash or other consideration expected lo be paid or ¢81Ved and not discounted. Debt instruments are subsequently measured at amorbsed cost. Where investments in shares are publicly traded or their fair value can otherwise be measured reliably, the inv8stm8nl is subsequently measured at fair value with ¢h8nges in fair value recognised in income and expenditure. All other such invgstments are subsequently measured at cost l$ss impalrment. Other financial instrum8nts. including darivalives, are initially recognised al fair value, unless payTnenl for an asset is deferred beyond norrnal business tgmis or financed at a rale of interost that is not a market rate, in which cas& the asset is measured at the present value of the future payments discounted al a market rate of interest for a simllar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in the stslgmenl of ffnancial activlties, wf(h the exception of hedging instruments in a designated hedging rtslalionship. Financial assets that a measured al cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting dale. If there is objective evidence of impaimienl, an impairment loss is recognised under the appropriate heading in the slalemenl of financi81 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 impaimienl. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any rev8rsals of impairment are recognised imrnedialely, to the exlenl that the reversal does not result in 8 carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised. Donatlons and legacies Total Funds Total Funds 2023 2022 Donatlons Donations type 1 6,527 6.297 Exp•ndlturè on charitable actlvltl•s Total Funds Total Funds 2023 2022 Expenditures incurred on charitable activities 7.075 4,050
Set Educations Foundation Notes to the Financlal Statements (contlnued) Year ended 31 March 2023 Costs of other trading activitie$ Total Funds Totsl Funds 2023 2022 Operating trading company- legal and professional fees 350 350 Particulars of employees The total staff costs and employee benefrts for the reporting period are analysed as follows.. 2023 2022 The average head count of employees during the year was Nil12022-. Nill. No employee received employee benefits of more than £60,000 during the year12022'. Nill. Creditors: amounts falling due wlthln on• y•ar 2023 2022 Director's loan Accruals and deferTrd income 951 350 1.251 350 1.301 1,601 Crtdltors: amounts falling due after more than one year 2023 2022 Other creditors 10
Set Educations Foundation Notes to the Financial Statements (¢onllnuedJ Year ended 31 March 2023 10. Analysis of charitable funds Unrestrlcted funds At 1 April 2022 and 31 March 20 23 General funds 501 At 1 April 2021 and 31 March 20 22 General funds 1,399 11. Analysls of changes in not debt At At 1 Apr 2022 Cash flows 31 Mar 2023 Cash at bank and in hand Debt due within and after one year 3,000 11,601} 1,399 11,1981 300 1,802 (1,3011 501 18981 11
Set Educations Foundatlon Management Information Year ended 31 March 2023 The followlng pages do not form part of the financial Statements. 12
Set Educations Foundation Detailed Statement of Financlal Activities Year ended 31 March 2023 2023 2022 Incom• and endowments Don8tions and legacies Donations 6,527 6,297 Total incom8 6,527 6,297 Expendlture Expenditure on charitable activities Expenditures Incurred on charitable acllvilles Bank charges 7.000 75 4,000 100 7.075 7,100 Costs of other tradlng activities Legal and professional fees 350 350 Total expenditure 7,425 4,400 Net {èxp•ndlturellincome {8981 1,897 13
Set Educations Foundation Notes to the Detailed Statement of Financial Activities Year ended 31 March 2023 2023 2022 Expenditure on charltable actlvlties Expenditures incuTred on charitable activities Bank charges 7.000 75 4,000 50 7.075 4,000 Costs of raising donations and1oga¢lgs 7,075 4,050 Costs of other trading adivltl•$ Cost$ of other trading activities - Oper8tlng tradlng company Operating trading company- legal and professional fees 350 350 Costs of other tradlDg a¢tlvltles 350 350 14