## **SET Education Foundation** **Trustees’ Report** **For the Year Ended 31 March 2025** ## **1. Reference and Administrative Details** **Name of Charity: SET Education Foundation Charity Registration: Registered with the Charity Commission for England and Wales (2017) Reporting Period: Year ended 31 March 2025** ## **2. Structure, Governance and Management** SET Education Foundation (“the Foundation”) is a not-for-profit charitable organisation governed by its Trustees. The Trustees are responsible for the overall governance, strategic direction, and financial oversight of the charity and meet as required to discharge these responsibilities. The charity operates through the voluntary involvement of its Trustees. At present, fundraising and oversight activities are carried out directly by the Trustees without paid staff or external fundraising agents. ## **3. Objectives and Public Benefit** The charitable objective of SET Education Foundation is to support educational initiatives in developing countries, with a particular focus on Pakistan. The Trustees confirm that, in setting objectives and planning activities for the year, they have had due regard to the Charity Commission’s guidance on public benefit. The Foundation advances education by enabling access to quality schooling for children from underprivileged backgrounds, thereby contributing to long-term social and economic development. ## **4. Principal Activities** Since its inception, SET Education Foundation has been providing financial support to The SET School, Karachi, which is operated by Saran Educational Trust (SET), Pakistan, a registered non-profit organisation. The SET School was established in 1998 and currently educates over 750 students. Over the years, hundreds of students have graduated from the school, many of whom have gone on to study at reputable universities and are now working as professionals in Pakistan and abroad. The school has played a significant role in improving the social and economic prospects of the families it serves. ## **5. Relationship with Partner Organisation** In 2018, SET Education Foundation entered into a Memorandum of Understanding (MOU) with Saran Educational Trust, Pakistan. This MOU has since been updated twice to reflect evolving operational needs. Under the terms of the MOU: - The Foundation raises funds from donors in the United Kingdom. - Funds are transferred to SET, Pakistan exclusively through formal banking channels. - The funds are used to meet educational expenses of students at The SET School and, where required, for construction and development of school facilities. - Transparency and accountability in the use of funds are ensured in both letter and spirit. ## **6. Fundraising** Fundraising activities during the year were carried out by the Trustees through personal contacts. No formal fundraising events were organised during the reporting period. A Paypal account was set up which to receive donations from other countries easily. This resulted in a significant increase in donations this year. Still the donor base remains relatively small, and the Trustees recognise the need to broaden outreach and raise greater awareness about the work of The SET School. Due to professional commitments, Trustees have limited capacity to dedicate additional time, and the appointment of further Trustees or volunteers may be considered to strengthen fundraising and operational capacity. ## **7. Financial Review** All funds raised during the year were transferred to SET, Pakistan through regulated banking channels and applied in accordance with the objectives of the charity and the terms of the MOU. The Trustees remain committed to prudent financial management and ensuring that funds are used efficiently to maximise educational impact. ## **8. Plans for Future Periods** The Trustees intend to: - Expand the donor base in the UK. - Improve dissemination of information about the Foundation and The SET School. - Explore the appointment of additional Trustees and volunteers to enhance governance and fundraising capacity. ## **9. Statement of Trustees’ Responsibilities** The Trustees are responsible for preparing the Trustees’ Report and financial statements in accordance with applicable law and United Kingdom accounting standards, and for ensuring that the charity’s assets are applied solely towards its charitable purposes. ## **10. Trustees** ## **The Trustees who served during the year were:** - **Sana Hussain – Trustee** - **Imran Ahmed Khan – Trustee** - **Syed Saqib Abdi – Trustee** - **Hasnain Raza – Trustee** - **Syeda Rabab Fatima Rizvi – Trustee** Sana Hussain ………………………………… ………………………………… ………………………………… Sana Hussain **– Trustee** Imran Ahmed Khan **– Trustee** Syed Saqib Abdi **– Trustee** 27/01/2026 27 Jan 26 **Date : ………...... Date : ………......** 27 Jan 26 **Date : ………......** Syeda Rizvi ………………………………… ………………………………… Hasnain Raza **– Trustee** Syeda Rabab Fatima Rizvi **– Trustee** 27/01/26 27/01/26 **Date : ………...... Date : ………......** CHARITY REGISTPATION NUMBER: 1175825 Set Educations Foundation Unaudited Financial Statements 31 March 2025 Set Educations Foundation Financial Statements Year ended 31 March 2025 Page Trustees, annual report Independent examinels 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 14 Notes to the detailed statement of financial activities 15 Set Educations Foundation Trustees, Annual Report Year ended 31 March 2025 SET Education Foundation was registered in 2017 with the Charity Commission of England and Wa￿s. 1118 a not-for-profil organizalion with the aim of supporting educational projects in developing countries such as Pakistan. is a not-for-profti charitable organisation governed by ils Trustees. The Trustees are responsible for the overall governsnce, strategic direction, and fin8ncial oversight of the charity and meet as required to discharge these responsibilities. The charity operates through the voluntary involvement of ils Trustees. Al present, fundraising and oversight activ(ties are carried out directly by the Trustees without paid staff or external fundraising agents. The charitable objective of SET Education Foundation is to support educational inilk81ives in developing countries, with a particular focus on Pakistsn The Trustees confimi that, in setting objectives and planning activities for the year, they have had due regard lo the Charity Commission's guidance on public benefrt. The Foundation advances education by enabling access to quality schooling for children from underprivileged backgrounds, thereby conlribuling lo long-lerm social and economic development. Since its inception. SET Education Foundation has been providing finaneial support lo The SET School, Karachi, which is operated by Saran Educational Trust (SET), Pakistan. a registered non-pror organisation. The SET School was established in 1998 and currently educates over 750 students. Over the years, hundreds of students have graduated from the school, many of whom have gone on to study al reputable universities and are now working as professionals in Pakisl8n and abroad. The school has played a svJnificanl role in improving the social and ewnomic piospects of the families it serves. In 2018, SET Education Foundation entered into a Memorandum of Understanding IMOUI with Saran Educational Trust, Pakistan. This MOU has since been updated th￿l¢e lo reflect evolving operational needs. Underthe terms of the MOU= The Foundation raises funds from donors in the unit￿ Kingdom. Funds are transferred lo SET, Pakistan exclusively through formal banking channels. The funds are used lo meet educational expenses of students at The SET School and, where required, for construction and development of school facilitses. Transparency and accountability in the use of funds are ensured in both ktter and spirit. Fundraising aetivilies during the year were carried out by the Trustees through personal contacts. No formal fundraising events were organised during the reporting period. A Paypal account was sel up which to receive donations from other countries easily. This resulted in a signrficant increase in donations this year. Still the donor base rèmains relalwely small, and the TTUStees recognise the need to broaden outreach and raise grester awareness about the work of The SET School. Due lo professional Commilmenls, Trustees have limited capacty to dedicate additional lime, and the appointment of further Trustees or volunteers rnay be considered lo strengthen fundr8ising and operational capacity. All funds raised during the year were transferred to SET, Pakistan IhTough regulated banking channels and applied in accordance with the objectives of the charty and the terms of the MOU. The Trustees remain commilled lo prudent financial management and ensuiin9 that fU￿S are used efficionlly lo maximise educational impact. The Trustees intend to.. Expand the donor base in the UK. Improve di8semination of information about the Foundation and The SET School. Explore the appointment of addrtional Trustees and volunteers to enhance governance and fundraising capacity. Set Educations Foundation Trustees. Annual Report Year ended 31 March 2025 STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document The charity is controlled by ils governing documents, a dead of trust, and constilules a lim(ted company, limited by guarantee, as defined by the Companies Act 2006. Reforence and admlnlstratSve dgtaits Reglstered charity name Sel Education Foundation Charity reglstration number 1175825 Prlncipal office 159 Christchurch Avenue Harrow The tru$teg$ Mrs Sana Hussain Mr Imran Ahmed Khan Mr Syed Saqib Abdi Dr Hasnain Raza Syeda Rabab Fatima Rizvi Independent examiner Digf( Accountan15 Limited 83 Uxbridgg Road Stanmore Middle5ex HA7 3NH STATEMENT OF TRUSTEES RESPONSIBILITIES The trustees {who 8re also Ihe directors of Set Educations Foundation for Ihe purposes of company 18w} are responsible for the reparation the Trustees Report and the financial statements in accordance with applicable law and United Kingdom Accounb'ng Stan(Sards Iunited Kingdom Generally Accepted Accounting Practice). Company law requires the Iruslees to prepare financial 5ts1emenls for each financial year which give a true and fair view of the slate of affairs of the charitable Company and of the incoming resource and applicalton of resource, including the income and expenditure, of the Charitab￿ company for the period. In preparing those financial slalemenls. the trustees are required to select suitable accounting policies and then appty then eonsi8tently' observe the methods and principles in the charity SORP., makejudgements and estimates that are reasonable and prudent., prepare the financial statements on the going concern basis unless r( is inappropriate lo presume that the ch8rilable company will continue in business The tnjslees are responsible for keeping proper accounting records which disclose wf(h reasonable accuracy al any lime the financial position of the charitable company and lo enable them to ensure that the financial slalements cornply with the companies Act 2006. They are also reS￿nSIble for safeguarding the assets of the charitable company and hence for tsking reasonable steps for the prevention and detection of fraud and other regulations. Set Educations Foundation Trustees, Annual Report Year ended 31 March 2025 27101126 Approved by order of the board of Iruslees on and signed on its beha￿ by., Sana Hussain Sana Hussain- Trustee Imran Ahmed Khan- Trustee Syed Saqib Abdi-Trustee Syeda Rizvi Hasnain Raza- Trustee Syeda Rabat) Fatima Rvzvi- Trustee Set Educations Foundation Independent Examiner's Report to the Trustees of Set Educations Foundation Year ended 31 March 2025 I report to the trustees on my examination of the financial statements of Set Educations Foundation {Ihe club'l for the year ended 31 March 2025. Responsibilities and basls of report As the Iruslees of the club you are responsible for the preparation of the financial statements in accordance wf(h the requirements of the Charrties Act 2011 I'lhe Act'i. I report in respect of my examination of the club's financial slalements 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 examiner's statement I have completed my examination. I confimi 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 financial statements do not accord with those records., or the financial statements do not comply with the applicable requ1￿MentS ¢onceming the fom and conlenl of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accoLJnls give a true and fairf view which is not a matter considered as part of an independent examinat￿n. I have no concerns and have come acros5 no other matters in connection with the examination lo which allen*iDn should be drawn in this report in order to enable a proper understanding of the accounts to be reached. Indep ent Examiner Digit Accountants Limrted 83 UxbrKlge Road Stsftmore MiddI8S8X HA7 3NH Set Educations Foundation ststement of Financial Activities Year ended 31 March 2025 2025 2024 Unreslricled fijnds Total funds Total funds Notè Incorne and endowments Donations and legacies Total income 15,651 15.651 6301 6.527 Expendlture Expenditure on charitable activities Costs of other trading activities Total expendlture 21,000 375 425 21.375 425 Net {expenditureVincome and net movement in funds 15,7241 5,876 Reconcillatlon of funds Total funds brought forward Total fund$ carrled foThvard 6,377 653 6,377 501 653 6,377 The statemert of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing aclivilies. Tho notès on pag•s 8 to 12 form part of these financial ststements. Set Educations Foundation Statement of Financial Position 31 March 2025 2025 2024 Note Current assets Cash at bank and in hand 1,904 7,628 Creditors.. amounts falling due withln one year Net current assets 1,251 1,251 653 6,377 Total assets less current liabilitles 653 6,377 Creditots.. amounts falllng due after more than ong year Net assets 653 6,377 Funds ofthecharKy Unreslrictsd funds 653 6.377 Total charity funds 10 653 6,377 These financial statements were approved by the board of trustees and authorised for issue on ..2710.11.26......., and are signed on behalf of the board by.. Sana Hussain Sana HUsSain￿ Trustee Imran Ahmed Khan- Trustee Syed Saqib Abd￿ Trustee Syeda Rizvi Hasnain Raza- TrL¢Stee Syeda Rabab Fatima R1zV￿ Trustee Th• not•s on pages 8 to 12 forni part of these finan¢lal 8tat•mtnts. Set Educations Foundation Statement of Cash Flows Year ended 31 March 2025 2025 2024 Cash flows from operatlng actlvFtles Net {expenditure)lincome {5,7241 5.876 Adjustments for. Aecrued expenses Other creditors {501 {501 Cash generated from operations Nel cash (used inllfrom operating activities 15,7741 15,7741 5,826 5.826 Cash flows from financlng actlvltles Proceeds I IPaymentsl from Directorfs loan Net cash from financing activities Net Idecrease}fincrease in cash and cash equivalents Cash and cash equlvalents at beginning of year Cash and cash equivalents at end of year 15,7741 7,628 5,826 1.802 7.628 The notes on pages 8 to 12 forni part of thes• financial statgments. Set Educations Foundation Notes to the Financial Statements Year ended 31 March 2025 General Infomatlon The charity is a public benefit entity and a registered charty in England and Wales and is unincorporated. The address of the principal office is 159 Chrislchufch Avenue, Harrow, HA3 8NS. Statement of compllan¢e These financial slalemenls have been prepared in compliance wlh FRS 102, The Financial Reporting Standard applicable in the UK and the Republic of Ireland., the Statement of Recommended Praclre applicable lo charf(ies preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 1021 Icharilies SORP IFRS 1021} and the Charit￿5 Act 2011. Accountlng pollcles Basis of preparation The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial asse15 and liabilities and investment properties measured al fair value through income or expenditure. The financial stslemenls are prepared ir> sterling, which is the functional currency of the entty. Going concern There are no maleTial uncertainties about the charity's ability to continue. Fund accounting Unrestricted funds are available for use al the discretion of the trustees to further any of the charity's purposes. Designated funds are unreslricled fijnds eamiarked by the trustees for particular future project or commitrnent. Reslflcted funds are subjected to restrictions on their expendtiure declared by the donor or through the terms of an appeal, and fall into one of two 5ub-classes.' reslricled income funds or endowment ftjnds. Set Educations Foundation Notes to the Financial Statements (contlnu8d) Year ended 31 March 2025 Accourrting policies {¢ontinued) Incoming resources All incoming resources are included in the statement of financial aclNities when entillemenl has passed lo the charity", il is probable that the economic benefits associated with the transaction will flow lo the charity and the amount can be reliably measured. The following specific policies are applied lo particular cate9ories of income: income from donations or grants is recognised when there is eviden￿ of entitlement to the gfft. receipt is probable and its amount can be measured relisbly. legacy income is recognised when ￿ceipt is probable and entitlement is established. income from donated goods is measured al the fair value of the goods unless this is impradical to measure reliably, in which case the value is derived from the wst lo the donor or the estimated resale value. Donated facilities and services are recognised in the accounts 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 seTvices is recognised with the delivery of the conlra¢led service. This is classified as unrestricted funds unless there is 8 contractual requirement for il to be spent on a particular purpose and retumed rf unspent. in which case it may be regarded as restricted. Resources expended Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully iecovered. and is classified under headings of the stslemenl of financial activities lo which il relates.. expenditure on raising funds includes the costs of all fundraising aclivilies, events, non-charitable trading aclivilies, and the sale of donated goods. expenditure on charitable activities includes all costs incurred by a charity in unéertaking activities that further r(s charitable aims for the benefit of its beneficiaries, including those support costs and costs relating to the governance of the chafty apportioned to charilab aclivilEs. other expenditure includes all expenditure that is neither related to caising funds for the charity nor part of ils expenditure on charitable activities. All costs are albcaled to expenditure categories reflecting the use of the resource. Direct costs attributable lo a single activty are allocated directly lo that activty. Shared costs are apportioned be￿een the aclwities they contribute to on a reasonable, justifiable and consistent basis. Financial instruments A financial asset or a financial liability is recognised only when the charity becomes a paty to the conlraclual provisions of the instrument. Basic financial instruments are inf(ially recognised al the amount re￿Nable or payable including any related transaction costs. Set Educations Foundation Notes to the Financial Statements (condnued) Year ended 31 March 2025 Accounting policies (Collllnue Flnan¢ial instruments (¢on•nudQ Current assets and current liabilities are Subsequent￿ measured al the cash or other consideratK)n expected to be paid or receThied and not discounted. Debt instruments are subsequently measured al amortised cost. Where investments in shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value wi(h changes in fair value recognised in income and expenditure. All other such investmtsnls a￿ subsequently measured 8t cost less impaimenl. other financial instruments, including derwatives. are initially recognised at fair value, unless payment for an asset is deferred beyond normal business tems or financed at a rale of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted al a market rale of interest for a similar debt instrument. Other financial instruments are subsequentty measured at fair value, wf(h any changes recogni8ed in the $181emenl of financial aclivilies, with the eXcept￿n of hedging instruments in a designatèd hedging relationship. Financial 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 eviden￿ of impaimenl, an impaimient loss is recognised under the appropriate heading in the statement of financial activities in which the initial gain was recognised. For all equty instruments ￿gardleSS of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are ei(her assessed indThiidually or grouped on the basis of similar credit risk characteristics. Any reversals of impaiTmenl are recognised immediately, lo the extent that the reversal does not resuh in a carrying amount of the financial assd that exceeds what the carrying amount would have been had the impairment not previous￿ been reccgnised. Donatlons and 1oga¢ies Total Funds Total Funds 2025 2024 Donations Donations type 1 15.651 6,301 Expenditure on charitsble actlvltles Total Funds Total Funds 2025 2024 Expendi(ures incurred on charitable activrties 21,000 10 Set Educations Foundation Notes to the Financlal Statements (continued) Year ended 31 March 2025 Costs of other trading activf£igs Total Funds Total Funds 2025 2024 Operating trading company - legal and professDnal fees 375 425 Partlcularg of employees The total staff costs and employee benefits for the reporting period are analysed as follows.. The average head count of employees during the year was Nil {2023'. Nill. No employee recewed employee benefits of more than £60,000 during the year12023'. Nil). Creditors: amounts falling due within one year 2025 2024 Directorfs loan Accruals and deferred income 951 300 951 300 1,251 1,251 Credltors.. amounts falling due after more than one yoar 2025 2024 Other creditors 11 Set Educations Foundation Notes to the Financial Statements fcgntlnuerf) Year ended 31 March 2025 10. Analys15 of charitable funds Unrestricted funds At 1 April 2024 and 31 March 20 25 General funds 653 Al 1 April 2023 and 31 March 20 24 General funds 6.377 11. Analysis of changes in net debt At At 1 Apr 2024 Cash flows 31 Mar 2025 Cash at bank and in hand Debt due wfchin and after one year 7,628 11,2511 6,377 15,7741 50 1,854 11,2011 653 15,7241 12 Set Educations Foundation Management Infonnation Year ended 31 March 2025 The following pago$ do not form part of the financial statements. 13 Set Educations Foundation Detailed Statement of Financial Activities Year ended 31 Ma￿h 2025 2025 2024 Income and endowmonts Donations and lega¢ie$ Donations 15.651 6,301 Total income 15.561 6,301 Expenditure Expenditure on charltable activities Expenditures incurred on charitable activities Bank charges 21,000 21,000 Costs of othertradlng activities Legal and professional fees 375 425 Total expendlture 21.375 425 Net lexpendiiureyincome {5,7241 5,876 14 Set Educations Foundation Notes to the Detailed Statement of Financial Activities Year ended 31 March 2025 2025 2024 Expenditure on charitable activities Expenditures incurred on charitable acliv¢(ies Bank charges 21.000 Costs of ralslng donations and legacie5 21,000 Costs of other trading activities Costs of other trading activities - Operating trading company Operating trading company - legal and professional fees 375 425 Costs of other trading activitie$ 375 425 15