SET Education Foundation
Trustees’ Report
For the Year Ended 31 March 2024
SET Education Foundation was registered in 2017 with the Charity Commission of England and Wales. It is a not-for-profit organization with the aim of supporting educational projects in developing countries such as Pakitan. 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 was established in 1998. Currently more than 850 students are enrolled at the school. The school has served hundreds of families whose children have studied at the school. A large number of these students went on to graduate from renowned universities and are now working as professionals in Pakistan and abroad. The school has helped families in their upward movement on the economic and social ladder.
SET Education Foundation signed a memorandum of understating (MOU) in 2018 with SET, Pakistan. The MOU has been subsequently updated twice. According to the terms of the MOU, SEF raises funds from donors in the UK and sends it SET, Pakistan who must spend the money for meeting the educational expenses of students studying at The SET School, Karachi. The funds may also be used for construction and development of facilities at the school. All the funds are transferred through banking channel and transparency is ensured in letter and spirit.
Fundraising by SEF is done by the trustees through personal contacts. No fundraising event has been organized yet. The circle of donors is small, and efforts are needed to disseminate information about the school to a larger number of potential donors. As the trustees have their respective professional preoccupations, they find it difficult to dedicate more time to trust activities. Appointment of more trustees and volunteers may be considered to increase human resources.
Sana Hussain
………………………………… ………………………………… ………………………………… Sana Hussain – Trustee Imran Ahmed Khan – Trustee Syed Saqib Abdi – Trustee Date : 14 Jan 25.... Date : …15 Jan 25….. Date : …15 Jan 25…..
Syeda Rizvi
Hasnain Raza – Trustee Syeda Rabab Fatima Rizvi – Trustee Date : 15[th] January 2025 Date : 14 January 2025
Date : 14 January 2025
CHARITY REGISTRATION NUMBER: 1175825 Set Educations Foundation Unaudited Financial Statements 31 March 2024
Set Educations Foundation Financial Statements Year ended 31 March 2024 Page Trustees, annual report Independent examinerfs 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 financlal statements Detailed statement of financial activities 13 Notes to the detailed statement of financial activities 14
Set Educations Foundation Trust08s' Annual Report Year ended 31 March 2024 SET Education Foundation was registered in 2017 wff(h the Charity Commission of England and Wales. 11 is a nol-for-profil organization with the aim of supporting educatiorTral projects in developing countries such as Pakitsn. Since its inception SET Education Foundation is providing support lo The SET School, run by a non-profit organizab'on Saran Educational Trust ISEf), in Karachi Pakistan. The school was established in 1998. Currently more than 850 students are enrolled al the school. The school has served hundreds of families whose children have studied at the school. A large number of these students went on to graduate from renowned universities and are now working as professionals in Pakistan and abroad. The school has helped families in their upward movement on the economic and social ladder. SET Education Foundation signed a memorandurn of understating {MOU) in 2018 with SET, Pakistan. The MOU has been subsequently updated twice. According lo the lemis of the MOU, SEF raises lunds from donors in the UK and sends il SET, P3kisl8n who must spend the money for meeting the educational expenses of students studying al The SET School, Karachi. The funds may also be used for construction and development of facilities al the school. All the funds are transferred through banking channel and Iransparency is ensured in letter and spiriL Fundraising by SEF is done by the trustees through personal contacts. No fundraising event has been organized yel. The circle of donors is small, and efforts are needed lo disseminate information about the school lo a larger number of potential donors. As the Iruslees have their respective professional preoccupations, they find il difficuf( lo dedicate more lime lo trust activities. Appointment of more trustees and volunteers may be considered to increase human resources. STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document The charty is controlled by ils governing documents, a dead of Irusl, and conslilules a limited company, limited by guarantee, as defined by the Companies Act 2006. Roference and administrative detai Registèred charity name Sel Educations Foundation Charity registration number 1175825 Principal offico 159 Christchurch Avenue Harrow The trustees Mrs Sana Hussain Mr Imran Ahmed Khan Mr Syed Saqib Abdi Dr Hasnain Raza Syeda Rabab Fatima Rvzvi Independent examiner Digit Accountants Limited 83 Uxbridge Road St8ntnore Middlesex HA7 3NH
Set Educations Foundation Trustees. Annual Report Year ended 31 March 2024 STATEMENT OF TRUSTEES RESPONSIBILITIES The Iruslees {who are also the directors of Sel Educations Foundation for the purposes of company law} are responsible for the reparalton the Trustees. Report and the financial statements in accordance wrth applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Praclicel. Company law requires the trustees lo prepare financial slalements for each financial year which give a true and fair VEW of the stste of affairs of the charitable company and of the incoming resour and application of resource, including the income and expenditure, of the charitsble company for the pericQ. In preparing those financial slalements, the trustees are required to select suitable accounting policies and then apply then consislenlty., observe the methods and principle5 in the charity SORP., makejudgemenl8 and estimates that are reasonable and prudent., prepare the financial ststemenls on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business The Injslees are responsible for keeping proper accounting records whh disclose with reasonable accuracy al any time the financial position of the charitable company and to enable them to ensure that the financial slalemenls comply with the companies Act 2006. 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 Iruslees on .............................. and signed on i(s behalf by., Sana Hussain-Truslee Imran Ahmed Khan- Trustee Syed Saqib Abdi-Tru51ee Syeda Rizvi Syeda Rabab Fatima Rizvi- Trustee Hasnain Raz& Trustee
Set Educations Foundation Independent Examinerfs Report to the Trustees of Set Educations Foundation Year ended 31 March 2024 I report to the trustees on my examination of the financial slalements of Set Educations Foundation (Ihe club'l for the year ended 31 March 2024. Responsibilities and basis of report As the tfuslees of the club you are responsible for the preparation of the financial slalements in accordance with the requirements of the Charities Act 2011 (the Acl'l. I report in respect of my examination Df the club's financial st*emenls carried out under section 145 of the 2011 Act and in carrying out my examination I h2ve followed 811 the applicable Directions given by the Charity Commission Ltnder section 145{5llbl of the Act. Independent examiner's statement I have completed my examination. l Confirm that no material matters have Come lo my allenlion in connection with the examination giving me cause lo believe that In any m81erial respect.. accounting COrdS 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 statements do not comply with the applicable requirements Concerning the fomi and conlenl of accounts sel out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a true 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 wi(h the examination to which attention should be drawn in this report in order lo enable a proper understanding of the accounts to be reached. Independent Examiner Digit Accountants Limited 83 Uxbridge Road Stanmore Middlesex HA7 3NH
Set Educations Foundation ststement of Financlal Activities Year ended 31 March 2024 2024 Unrestricted funds Total funds Total funds 2023 Not Income and endowments Donations and legacies Total income 6,301 6,527 6.301 6,527 Expendlture Expenditure on charitable aclNities Costs of other trading 8Ctivities Totsl oxpenditure 7.075 350 425 425 7,425 Net lexpenditurevlncome and net movement in funds 5,876 {898) Reconcillation of funds Total funds brought forward Total fund$ carried forward 501 501 1,399 6.377 6,377 501 The statement of financial activities includes all gains and losses reccgnised in the year. All income and expenditure derive from continuing aclivi(ies. The notes on pages 7 to 11 fomi part of these financial $tatemgnts.
Set Educations Foundation Statement of Financial Position 31 March 2024 2024 2023 Current assets Cash al bank and in hand 7,628 1,802 Creditors: amounts falling due within one year Net current assets 1.251 1.301 6,377 501 Total assets less current liabilities 6,377 501 Credltors.. amounts falling due after more than one year Net assets 6,377 501 Funds of the charity Unrestricted funds 6,377 501 Total charlty funds 10 6,377 501 These financial slalemenls were approved by the board of trustees and authorised for issue on .27 Jan 2025........, and are signed on behalf of the board by.. Sana Hussain- Trustee Imran Ahmed Khan- Trustee Syed Saqib Abdi- Trustee Syeda Rizvi Syed8 Rabab Fatima Rizvi- Trustee Hasnain Raza- Trustee The notes on pag•$ 7 to 11 fonn part of thèse financial statemon¢s.
Set Educations Foundation Statement of Cash Flows Year ended 31 March 2024 2024 2023 Cash flows from operatlng actlvltles Net lexpenditurellincome 5,876 (898} Adjustments for. Accrued expenses Other creditors {50) Cash generated from operations Nel cash (used inllfrom operating activities 5,826 5,826 18981 {8981 Cash flows from financing activities Proceeds l {P8ymentsl from Director's loan Nel cash from financing aclivrties {300) 13001 Net Idecreasevincrease in cash and cash equlvalents Cash and cash equivalents at beglnning of year Cash and cash equivalents at end of year 5,826 1,802 11,1981 3.000 7,628 1.802 The notes on page$ 7 to 11 form part of these flnan¢lal $tatements.
Set Educations Foundation Notes to the Financial Statements Year ended 31 March 2024 General infomiation The charity is a public benefit entity and a registered charty in England and Wales and is unincorporaleil. The address of the principal office is 159 Christchurch Avenue, Harrow, HA3 8NS. ststement of compliance These financial slalements have been prepared in wmpliance wi(h FRS 102. The Financial Reporting Standard applicable in the UK and the Republic of Ireland,, the Statement of Recommended Piactice appIlble lo charities preparing their accounts in accordance wf(h the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 (Charities SORP IFRS 102)) and the Charities Act 2011. Accounting pollcles Basis of preparation The financial slalements have been prepad on the hpstorical cost basis, as modified by the revaluation of certain financial assets and liabililtes and investment properties measured at fair value through income or expenditure. The financial 8tsterreTrls are prepared in sterling, which is the functional currency of the enlty. Going concem There are no m8lerial uncertainties about the charity's ability lo continue. Fund accounting Unrestricted funds are available for use al the discretion of the trustees lo fvrther any of the harily's purposes. Designated funds are unrestricted funds eamiarked by the trustees for particular future project or commitment. Restricted funds 2re subjected lo reslriclions on their expenditure declared by the donor or through the terms of an appeal, and fall into one of two sub<lasses.' restrided income funds or endowment funds.
Set Educations Foundation Notes to the Financial Statements (¢pntinuwlJ Year ended 31 March 2024 Accounting pollcles (conUnuedJ Incoming resources All incoming resources are included in the statement of financial actwtties when enlillement has passed lo the charity., il is probabfe that the economic benefits associated with the transaction will flow lo the charty and the amount can be reliably measuied. The following specrfic policies are applied lo particular categories of income.. income from don81ions or grants is recognised when there is evidence of enlillement lo the gift, receipt is probable and its amount can be measured lIablY. legacy income is recognised when receipt is probable and entitlement is estsblished. income from donated goods is measured al 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 estimated resale value. Donated facilities and services are recognised in the 8c¢ounts when received rf 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 delwery of the conlracled service. This is Classified as unrestricted funds unless there is 8 contractual requirement for it to be spent ori a particular purpose and returned if unspent, in which case tt may be regarded as restricted. Resources expended Expenditure is recognised on an accruals basis as a liabilty is nCUrred. Expenditure includes any VAT which ¢annol be fully recovered. and is classified under headings of the statement of financial activi(ies lo which il relates.. expenditure on raising funds includes the costs of 811 fundraising activities, events, non<haritable trading activities, and the sale of donated goods. expenditure on charrtable activities includes all costs incurred by a charity in undertaking activities that further its charitable aims for the benefit of ils beneficiaries, Including those support COStS and costs relating lo the governance of the charity apportioned lo charitable aclivi(ies. other expenditure includes all expenditure that is neither related lo raising funds for the charty nor part of f(s expendf(ure on charitable activities. All costs are allocated lo expenditu categories refiecling the use of the resource. Direct costs attributable lo a single activity are allocated direclty lo that activity. Shared costs are apportioned between the activities they conlribule to on a reasonable, justifiable and consistent basis. Flnancial instruments A financial asset or a financi81 liabilty is recognised only when the charity becomes a party lo the contractual provisions of the instrument. Bas financial instruments are initially recognised at the 8mounl receivable or payable including any related transaction costs.
Set Educations Foundation Notes to the Financial Statements Icontlnu6dJ Year ended 31 March 2024 Accounting pollcles (contlnuedj Flnanclal instruments (conllnued) Current assets and current liabilities are subsequently rrwsured al the cash or other consideratk)n expected to be paid or reiVed and not discounted. Debt instruments are subsequenlty measured al amDrtised cost. Where investments in shares are publicly traded or their fair value can otherwise be measured reliably. the investment is subsequenlty measured al fair value with changes in fair value recognised in income and expenditure. All other such investments are subsequently measured al cost less impairment. Other financial inslrumenls, including derivatives. are initially recognised al fair value, unless payment for an asset is deferred beyond norm81 business terms or fInand at a rate of interest that is not a market rate, in which case the asset is measured al the present value of the future payments discounted 81 a market rate of interest for a similar debt inslrumenl. Other financial instruments a subsequently measured 81 fair value, with any changes recognised in the statement of financial aclivilies, with the eXption of hedging instruments in a designated hedging relationship. Financk81 assets that are 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 impairment, an impairment loss is recognised under the appropriate heading in the statement of financial aclivrties in which the initial gain was recognised. For all equrty instruments regardless of significance, and other finaneial asse15 that are individually significant. these are assessed individually for impaitmenl. Other financial 2ssets are efther assessed individually or grouped on the basis of similar Cdi1 risk ch8iaclerislics. Any reversals of impaim)enl are recognised immediately, lo the extent that the reversal does not res in a carying amount of the financial asset that exceeds what the carrying amount would have been had the impaimienl not previously been rec(yJnised. Donations and legacies Total Funds Total Funds 2024 2023 Donallons Donations type 1 6,301 6,527 Expenditure on charitable adivilies Total Funds Total Funds 2024 2023 Expenditures incurred on charitable activities 7,075
Set Educations Foundation Notes to the Financial Statements fcontinuod) Year ended 31 March 2024 Costs of other tradlng actlvltles Totsl Funds Total Funds 2024 2023 Operating trading company- legal and professional fees 425 350 Particulars of employees The total staff costs and employee benefits for the reporting period are analysed as foll¢)ws'. The average head count of employees during the year was Nil12023'. Nil}. No empknyee receNed employee benefits of more than £60,000 during the year12023.' Nill. Credltors: amounts falling due within one year 2024 2023 Directorfs loan Accruals and deferred income 951 300 951 350 1,251 1,301 Creditors: amounts falllng due after more than one year 2024 2023 Other creditors 10
Set Educations Foundation Notes to the Financial Statements {COntsnuedJ Year ended 31 March 2024 10. Anatysis of charitsble funds Unrestrl¢ted funds At 1 April 2023 and 31 March 20 24 General funds 6,377 Al 1 April 2022 and 31 March 20 23 General funds 501 11. Analysls of changes in not debt At At 1 Apr 2023 Cash flows 31 Mar 2024 Cash al bank and in hand Debt due within and after one year 1.802 11,301) 501 5.826 50 7,628 11,251) 6,377 5.876 11
Set Educations Foundation Management Infomiation Year ended 31 March 2024 The followlng pages do not form part of the flnanclal statements. 12
Set Educations Foundation Detailed Statement of Financial Activities Year ended 31 March 2024 2024 2023 Income and endowments Donations and legacles Donations 6.301 6.527 Total Income 6,301 6,527 Expenditure Expendlture on charrtable activities Expenditures incurred on charitable activities Bank charges 7.000 75 7,075 Costs of other trading activltles Legal and professional fees 425 350 Total expenditure 425 7,425 Net {axpendltureylncome 5,876 18981 13
Set Educations Foundation Notes to the Detsiled Statement of Financial Activities Year ended 31 March 2024 2024 2023 Expenditure on charEtsble activities Expenditures incurred on charitsble activities Bank charges 7.000 75 7,075 Costs of raising donatlons and legacies 7,075 Costs of other trading activities Co$ts of other trading activities - Operating trading company Operating trading company - leg81 and professional fees 425 350 Costs of other trading activities 425 350 14