## **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 wh￿h 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 appIl￿ble 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 prepa￿d 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