SOUTH PARK EDUCATIONAL TRUST
ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
Charity no: 1197275
SOUTH PARK EDUCATIONAL TRUST
Annual Report of the Trustees for the year ended 31 December 2023
| CONTENTS | PAGE |
|---|---|
| Annual report of the trustees | 1 |
| Independent Examiner's Report | 3 |
| Receipts and Payments statement | 4 |
| Statement of Assets and Liabilities | 5 |
| Notes to the Financial Statements | 6 |
SOUTH PARK EDUCATIONAL TRUST Report of the Trustees for the year ended 31 December 2023
The trustees present their annual report and financial statements for the year ended 31 December 2023.
Report of the Trustees
Reference and Administrative Information
Charity Name SOUTH PARK EDUCATIONAL TRUST Charity Registration Number 1186594 Registered address 203 South Park Drive Seven Kings Essex IG3 9A Board of Trustees Abdul Rauf Patel (Chair) Javid Patel Abdul Khalik Independent examiner Sabiha Zabwala (FCCA) MSP Associates (London) Ltd Chartered Certified Accountants 10 Cameron Road Ground Floor Front Seven Kings IG3 8LA
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
South Park Educational Trust is a Charitable Incorporated Organisation (CIO) registered with the Charity Commission on the 26 November 2019 under charity number 1186594. It is governed by deed of trust.
Organisational structure
The charity trustees are responsible for the overall management and control of the Charity. The trustees give their time freely and receive no remuneration or other financial benefits. The Trustees meet together regularly and are responsible for all decisions taken in relation to running the activities provided by the charity.
Risk management
The trustees have a duty to identify and review the risks to which the Charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error.
OBJECTIVES AND ACTIVITIES
Objectives and aims
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To advance in life and relieve needs of young people through:
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a. the provision of recreational and leisure time activities provided in the interest of social welfare, designed to improve their conditions of life.
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b. providing support and activities which develop their skills, capacities and capabilities to enable them to participate in society as mature and responsible individuals.
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The public benefit of preschool and primary school age children within the south western area of Seven Kings: - to preserve protect their physical and mental health through the provisions support and practical guidance and advice; and to enhance the development and education of children under statutory school age by encouraging parents to understand and provide for the needs of their children through community groups offering appropriate play, education and care facilities.
Property Purchase
The Charity is to be able to conduct its activities from its own premises.
The Charity has successfully raised funds for the community centre to enable the charity to conduct its operations and activities from the centre and provide it with a recognisable identity. The funds raised are non-interest bearing, payable on notice.
Other activities
a) Providing information to members through group discussions and presentations about life in the United Kingdom and to educate them about the culture, rules and regulations in this country.
On behalf of the board:
Abdul Rauf Patel Trustee (Chair)
Independent examiner’s report to the trustees of SOUTH PARK EDUCATIONAL TRUST
I report to the trustees on my examination of the accounts of the SOUTH PARK EDUCATIONAL TRUST for the year ended 31 December 2023.
Respective responsibilities of trustees and examiner
The charity's trustees are responsible for the preparation of the accounts. The charity's trustees consider that an audit is not required for this year (under Section 144(2) of the Charities Act 2011 (the 2011 Act)) and that an independent examination is required.
It is my responsibility to:
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examine the accounts under Section 145 of the 2011 Act
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to follow the procedures laid down in the General Directions given by the Charity Commission (under Section 145(5)(b) of the 2011 Act); and
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to state whether particular matters have come to my attention.
Basis of the independent examiner's report
My examination was carried out in accordance with the General Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently no opinion is given as to whether the accounts present a 'true and fair view ' and the report is limited to those matters set out in the statements below.
Independent examiner's statement
In connection with my examination, no matter has come to my attention:
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(1) which gives me reasonable cause to believe that, in any material respect, the requirements
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to keep accounting records in accordance with Section 130 of the 2011 Act; and
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to prepare accounts which accord with the accounting records and to comply with the accounting requirements of the 2011 Act
have not been met; or
- (2) to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.
Sabiha Zabwala (FCCA) MSP Associates (London) Ltd Chartered Certified Accountants 10 Cameron Road Ground Floor Front Seven Kings IG3 8LA Date : 30/10/2024
SOUTH PARK EDUCATIONAL TRUST RECEIPTS AND PAYMENTS STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2023
| Unrestricted | Restricted | Total | Last year | ||
|---|---|---|---|---|---|
| Funds | Funds | Funds | |||
| 2023 | 2023 | 2023 | 2022 | ||
| Notes | £ | £ | £ | £ | |
| Receipt | |||||
| Donations | 12,895 | - | 12,895 | 3,545.00 | |
| Total Receipt | 12,895 | - | 12,895 | 3,545.00 | |
| Payments | |||||
| Water Rates | 380.00 | - | 380.00 | 335.00 | |
| Council Tax | 2,631.00 | - | 2,631.00 | 2,278.00 | |
| Light and Heat | 3,708.00 | - | 3,708.00 | 945.00 | |
| Legal Fees | - | - | - | 326 | |
| Insurance | 1,000.00 | - | 1,000.00 | - | |
| Total Payments | 7,719.00 | - | 7,719 | 3,884.00 | |
| Net of receipt/(payments) | 5,176.00 | - | 5,176.00 | (339.00) | |
| Cash funds last year end | 117.00 | - | 117.00 | 456.00 | |
| Cash funds this year end | 5,293.00 | - | 5,293.00 | 117.00 |
SOUTH PARK EDUCATIONAL TRUST STATEMENT OF ASSETS AND LIABILITIES AS AT 31 DECEMBER 2023
| Unrestricted | Restricted | Total | Last year | ||
|---|---|---|---|---|---|
| Funds | Funds | Funds | |||
| 2023 | 2023 | 2023 | 2022 | ||
| Notes | £ | £ | £ | £ | |
| Fixed Assets | |||||
| Land and Building | 601,225.00 | 601,225.00 | 601,225.00 | ||
| Current Assets | |||||
| Cash at bank and in hand | 15,056.00 | - | 15,056.00 | 9,325.00 | |
| Total assets less current | liabilities | 616,281.00 | 610,550.00 | ||
| Creditors: amount falling due after | more than one year | 610,988.00 | 610,433.00 | ||
| Net Assets | 5,293.00 | 117.00 |
The financial statements were approved by the Board of Trustees on 30 October 2024 and were signed on its behalf by
Abdul Rauf Patel Trustee (Chair)
NOTES TO THE ACCOUNTS
1.1 Accounting Policies
The principal accounting policies adopted by the Charity, which is a public benefit entity, in the preparation of the accounts are as follows.
1.2 Basis of preparation
These accounts have been prepared under the historical cost convention, as modified by the inclusion of charitable properties and fixed asset investments and investment properties at valuation.
These accounts have been prepared in accordance with “Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)” (effective 1 January 2019) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.
These accounts are presented in pounds sterling and rounded to the nearest pound.
1.3 Going concern
The Trustees have prepared financial projections, taking into consideration the current economic conditions and have, at the time of approving these accounts, a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis of accounting in preparing the accounts.
1.4 Change of accounting policy
These accounts have been prepared to give a ‘true and fair’ view
1.5 Income from donations or grants
Income from donations and grants is recognised when the charity is entitled to the funds, the receipt is probable and the amount can be measured reliably. For donations, this is usually on receipt. For grants, this is usually when a formal offer is made in writing. If a donation or grant contains terms and conditions outside of the charity’s control which must be met before the charity is entitled to the funds, or if the donor specifies that the funds must be used in future time periods, then the income is deferred.
1.6 Legacies
Legacies are included in the SOFA when receipt is probable, that is, when there has been grant of probate, the executors have established that there are sufficient assets in the estate and any conditions attached to the legacy are either within the control of the charity or have been met.
1.7 Expenditure
Expenditure is recognised when a present legal or constructive obligation exists at the balance sheet date as a result of a past event, it is probable that a transfer of economic benefits will be required to settle the obligation, and the amount can be estimated reliably. It is inclusive of VAT which cannot be recovered. Direct costs are those costs which directly attribute to its activities. Wages and salaries are allocated to direct costs based on an estimate of time spent on charitable activities by staff members. Support costs include staff costs and are those which do not produce a direct output. Staff costs relate to specific activities and this is reflected in the allocation of payroll costs based on the percentage of time spent.
All costs, including governance costs, are allocated between the expenditure categories of the charity on a basis designed to reflect the use of the resource. Costs relating to a particular activity are charged directly; others are apportioned on an appropriate basis.
Support costs and overheads have been calculated by allocating staff time to the level of involvement in the various activities of the Charity.
1.8 Financial instruments
Charities preparing accounts normally measure a basic financial asset or basic financial liability on its initial recognition at the amount receivable or payable adjusted for any related transaction costs. However, if initially measured at fair value, transaction costs are not included in the measurement of financial assets or liabilities; instead, the transaction costs are treated as an expense. If extended credit is offered, the accounting treatment depends on those extended credit terms.
The subsequent measurement of financial assets and financial liabilities depends on their nature and settlement dates. The carrying amount must be calculated without any deduction for transaction costs that may be incurred on sale or disposal.
1.9 Fund accounting
Unrestricted funds are those funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the charity and which have not been designated for other purposes. Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the charity for particular purposes.