Registered number: 11597070 **CECOS FOUNDATION TRUSTEES’ REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2020 CHARITY NO: 1186889** Accountax Consultants UK Ltd Chartered Certified Accountants & Registered Auditors The Basement, Goodmayes House 45-49 Goodmayes Road Ilford London IG3 9UF ## **Cecos Foundation Trustees' Report and Unaudited Financial Statements For The Year Ended 31 October 2020** ## **Contents** |**Contents**|| |---|---| ||**Page**| |Trustees Report|1-2| |Independent Examiner Report to trustees|3| |Statement of financial activities|4| |Balance Sheet|5| |Notes to the Financial Statements|6-7| **Cecos Foundation Company No. 11597070 Trustees' Report For The Year Ended 31 October 2020** The trustees present their report and the financial statements for the year ended 31 October 2020. ## **STRUCTURE, GOVERNANCE & MANAGEMENT** ## **Governing Document** The Charity is a Charitable Incorporated Organisation, governed by memorandum and articles incorporated 28 Sep 2018 as amended by special resolution registered at companies’ house on 27 Nov 2019. ## **Organisational Structure** The Trust is a registered charity in England, number 1186889 and is constituted under a trust deed dated 28 September 2018. The trustees are responsible for the general control and management of the charity. The trustees give their time freely and receive no remuneration or other financial benefits to fulfil this role. The trustees meet on a regular basis and are responsible for all decisions taken in relation to the overall control and strategic management of the charity ## **Recruitment, Appointment and Training of Trustees** The existing trustees are responsible for the appointment of new trustees. New trustees are brought into the organisation, when required, on the basis of eligibility, competence, specialist knowledge and skills. It is the policy of Cecos Foundation that, upon induction, each trustee is given a copy of the trust deed, the latest accounts (if available), recent meeting minutes and guidance regarding the policies and procedures adopted by the charity ## **CHARITY OBJECTIVES** The objective of the charity is mainly to make grants to relieve poverty, advance education and to preserve and protect good health. ## **Public Benefit** In carrying out this review the trustees of Cecos Foundation have taken regard of and comply with the Charity Commission's general guidance on public benefit and in particular its supplementary public guidance on the advancement of education for the public benefit and the prevention or relief of poverty for the public benefits in making donations to the eligible recipients. ## **Future Plans** Charity is committed to provide continuous support to the people in need and also strive for creating a better society by contributing in the areas of education, healthcare and poverty elevation. ## **FINANCIAL REVIEW** Grants during the year were donated by Cecos Computing International Ltd. In line with charity’s objectives, these monies were donated to various organisations and individuals. Major donations were made to Cecos University Pakistan and Nasreen Abbasi, which are related party as disclosed and explained in note 8 of the financial statements. Apart from these donations, there were no specific activities, projects or services which were provided by the charity. The charity does not have any policy of holding reserves as this is considered unnecessary due to its nil running costs or any commitments to fulfil, hence no such amounts are held for reserves. ## **Achievements and performance** As explained in financial review, the charity has fulfilled its objectives by making charitable donations to the eligible recipients in accordance with charity’s objectives. There were no fundraising activities or material expenditure incurred to raise future income. All the payments related to the eligible recipients of the donation. ## **STATEMENT OF TRUSTEES’ RESPONSIBILITIES** The trustees are responsible for preparing the trustees Report and the financial statements in accordance with applicable law and regulations. Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with Statement of Recommended Practice and Financial Page 1 Cecos FouDdAtIoD Cornp*ny N•. 1159711711 Truste¢s' Report For The Ye*r Ended 31 October 2020 (ContIn￿ed) Reporting Standard FRS 102. Under company law ihe dircciors musl not approve Ihc financial siatemenis unle$5 they are satisfied thai they give a tnje and foir view ofthr stale of alTgirs of th¢ company and of the profil or loss ofthe cornpany for that perjod. In pwaring the financial SlBt¢mcnts ihc dirrctors aT¢ TequiTed to: Seleci suitable accouniing poliiies 4nd then apply thern consisl¢nily Ob5erv¢ the rn¢thods and PrillLÉples in thr opplicablr Ch'arilivs SORP: Make judgemrnts and eslimale$ that are re•50n8blr and prudent: Sthte whether applicable Hccounling swndards have been followed. subjeci ￿ any material d¢partur¢$ thai must b¢ disclosed and explained in the finan¢i81 siaiement$ Prepa￿ thc financial 518t¢mcnts on the going con¢¢rn basis unless il is inappropriatc to presumc that th¢ charity will ¢ontinu¢ in business. The trust¢e5 are rc5pon5ible for keeping properac¢ouniing records thai diklosewith reag)nabl¢ a¢¢ura¢y at any tim¢ the financial position of the chanty and lo enable them to ensur¢ thai th¢ financial sts*mcnts comply with Ihe Chariiies Act 2011. Ihc applicable Charities (Accounts and Reports) Re8ulaiions, and th¢ provisions of ihe Trust dccd. Thcy are also responsible for safcuuardin8 rhe assets of the chariry and tskin8 reasonable steps for thc preventton and d¢teclion of ffaud and other Irregularities. The tNstees are responsible for the maintenance and inic8rity of the ¢h¥riiy and financial inforn)atson included on the charity's websiie in accordance with legisldtion in ihc Uniied Kingdom gov¢min8 Ihc preparaiiort and disscrnlllation of fi￿¢1￿1 5ts1ements. Ref¢rente •Dd Admlnhtrattv¢ Infom•tlo Charfty Name Ctws Foundation Trustees Dr Mud8ssir T8nveer Jawad TanveeT Aakif Tanveer Comp*Dy Numb¢r 11597070 Charfty Number 1186889 Reglstered Offlct 151 Floor 23 South Mall. St. Geor8es Chambers Edmonton Gre¢n London United Kingdom NY VI-S 1ndepenrte￿t Ex#mln¢T Accountax Consulthnts UK Lid Chart¢red Cenified A¢counthnts & Registe￿d Auditors Suite 2 The Ba5¢meni. Goodrnayes House 4549 Goodmay¢s Road Ilford London IG3 9UF Approv 31-]￿2020 1rn5tee$ annual repon by the trustees on 31° July 2021 and si8ne41 on their bchalf by: Dr MLtda5sir Tanveer Dale= 3110712021 Pagc 2 **Cecos Foundation Independent Examiner Report For The Year Ended 31 October 2020** **To The Trustees of Cecos Foundation:** We report to the charity trustees on our examination of the accounts of the Company for the year ended 31[st] October 2020. ## **Trustees & Examiner Responsibilities** As the charity’s trustees of the Company (who are also the directors of the company for the purposes of company law), you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 (“the 2006 Act”). Having satisfied our self that, the accounts of the Company are not required to be audited for this year under Part 16 of the 2006 Act and are eligible for independent examination, it is our responsibility to: - To examine the financial statements under section 145 of the Charities Act 2011 (“the 2011 Act”). - To follow the Directions given by the Charity Commission (under section 145(5)(b) of the 2011 Act). ## **Independent Examiner Statement:** We confirm that no material matters have come to our attention which gives us cause to believe that: - accounting records were not kept in accordance with section 386 of the Companies Act 2006; or - the accounts do not accord with such records; or - the accounts do not comply with relevant accounting requirements under section 396 of the Companies Act 2006 other than any requirement that the accounts give a ‘true and fair’ view which is not a matter considered as part of an independent examination; or the accounts have not been prepared in accordance with the Charities SORP (FRS102). We have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. ## **Date: 31/07/2021** Accountax Consultants UK Ltd Chartered Certified Accountants & Registered Auditors The Basement Goodmayes House, 45-49 Goodmayes Road Ilford IG3 9UF Page 3 ## **Cecos Foundation Statement Of Financial Activities For The Year Ended 31 October 2020** |**Notes**
**Income and endowments**
**from:**
Donations and legacies
**2**
**Total**
**Expenditure on:**
Charitable activities
**3**
**Total**
**Net income**
**Net movement in funds**
**6**
**Reconciliation of funds:**
Total funds brought forward
**Total funds carried forward**
**6**|**Unrestricted**
**funds**
£
**2020**
100,052
**100,052**
(55,948)
**(55,948)**
**44,104**
**44,104 **
1,016
**45,120**|**Restricted**
**funds**
£
**2020**
-
**-**
-
**-**
**-**
**-**
-
**-**|**Endowment**
**funds**
£
**2020**
-
**-**
-
**-**
**-**
**-**
-
**-**|**Total**
**funds**
£
**2020**
100,052
**100,052**
(55,948)
**(55,948)**
**44,104 **
**44,104 **
1,016
**45,120**|**Prior**
**year**
**funds**
£
**2019**
66,052| |---|---|---|---|---|---| ||||||**66,052**| ||||||(65,036)| ||||||**(65,036)**| ||||||| ||||||**1,016**| ||||||| ||||||**1,016**| ||||||-| ||||||**1,016**| Page 4 Cecm Found•do# B#lin¢e Sheet As It 31 Odober 21120 2Q20 21119 CURRENT ASSETS Cth ai bank. and in hand 46.120 1,016 4&12Q l.Q16 Creditors: F#lllng Due Wlthth One Yt*r NET CURRENT ASSETS {LIABILITIES) TOTAL ASSETS LESS CURRENT LIABILMES (1,000) 1.016 45,120 45,120 1,•16 45,120 1.016 NET ASSETS Income artd ExpendiDJre A¢count 45,120 1,016 1.016 MEMBERS. FUNDS For the yew ended 31 October 2020 the Company was etttided to exerDPtion from a￿111 under s¢ciion 477 of the Compatiie5 Aci 2006 r¢lating to small cotnpanies. Dlrectors. reSpo￿lb]lities. The members have not requiTed the company to obtsin an audit in accon12￿? with sedion 476 of the Componies Act 2006. The dircctors aeknowledge their resp)nsibilitses for complying with the rwuitements of the Aa with rcsF¢Ct io acEouThiin r¢coTds 8od th¢ preparniion of ac¢ounis. The￿ accouttts have been prqwed in acwtdallce with the provisiots appli￿le io compallies subjcd to the small ¢ompatii¢5' regim¢. 45,120 On bebalf of the board Dr Mudassir Tanveer Date- 3110712021 **Cecos Foundation Notes to the Financial Statements For The Year Ended 31 October 2020** ## **1. Accounting Policies** ## **1.1. Basis of Preparation of Financial Statements** The accounts (financial statements) have been prepared under the historical cost convention with items recognised at cost or transaction value. The financial statements 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 2015) – (Charities SORP (FRS 102), and with the Charities Act 2011. The Charity meets the definition of a public entity under FRS 102. ## **1.2. Going Concern Disclosure** The trustees consider that there are no material uncertainties about the Trust’s ability to continue as a going concern. ## **1.3. Income** All incoming resources are included in the Statement of Financial Activities (SOFA) when the charity is legally entitled to the income and the amount can be quantified with reasonable accuracy and there is certainty of receipt. Donations and legacies: This comprise of all incoming resources from donations collected during the year. ## **1.4. Expenditure** Expenditure is recognised once there is a legal or constructive obligation to make payment to a third party, it is probable that settlement will be required and the amount of obligation can be measured reliably. ## **2. Donations and legacies** |Donations from companies
Donations from Individuals
**. Expenditure on charitable activities**
Charitable Donations
Bank Charges
Independent Examiner Fee|**Unrestricted**
**Funds**
**2020**
**£**
99,352
700
**100,052**
**Unrestricted**
**Funds**
**2020**
**£**
54,881
67
1,000
**55,948**|**Restricted**
**Funds**
**2020**
**£**
-
-
**-**
**Restricted**
**Funds**
**2020**
**£**
-
-
-
**-**|**Total**
**Funds**
**2020**
**£**
99,352
700
**100,052**
**Total**
**Funds**
**2020**
**£**
54,881
67
1,000
**55,948**|**Total**
**Funds**
**2019**
**£**
66,052
-| |---|---|---|---|---| |||||**66,052**| |||||**Total**
**Funds**
**2019**
**£**
64,909
127
-| |||||**65,036**| ## **3. Expenditure on charitable activities** Page 6 **Cecos Foundation Notes to the Financial Statements (continued) For The Year Ended 31 October 2020** ## **4. Cash at bank and in hand** |Cash at Bank & in hand
**. Creditors**
Accruals and deferred income
**. Statement of funds**
**Unrestricted Funds**
General funds
**Total Unrestricted Funds**|**At 1st Nov**
**2019**
**£**
1,016
**1,016**|**Income**
**£**
100,052
**100,052**|**2020**
**£**
45,120
**45,120**
**2020**
**£**
1,000
**45,120**
**Expenditure**
**£**
(55,948)
**(55,948)**||**2019**
**£**
1,016
**1,016**
**2019**
**£**
-
**1,016**
**At 31st Oct**
**2020**
**£**
45,120| |---|---|---|---|---|---| ||||||**45,120**| ## **5. Creditors** ## **6. Statement of funds** ## **7. Independent Examiner Remuneration** The Independent Examiner Remuneration represents examiner’s fee of £1,000. ## **8. Related Party Transactions** Following are the identified related parties; ## **Donations Paid** - **Cecos University Pakistan:** During the year £9,800 (2019: £30,000) were donated to Cecos University, which is an organisation based in Pakistan, providing advance education. ## • **Nasreen Abbasi:** During the year £12,000 (2019: £5,500) were transferred to Nasreen Abbasi also based in Pakistan, who carried out further charitable work on behalf of Cecos Foundation, providing people with healthcare and financial support. ## **Donations Received** - **Cecos Computing International Ltd:** The directors of Cecos Computing International Ltd are also the trustees in the charity. During the year the Cecos Computing International Limited donated £98,352 (2019: £66,052) to the charity. Page 7 ## **Cecos Foundation Detailed Income and Expenditure Account For The Year Ended 31 October 2020** |**TURNOVER**
Donations and legacies
**COST OF SALES**
Charitable activities
**GROSS SURPLUS**
**Administrative Expenses**
Bank charges
Independent Examiner Fee
**OPERATING SURPLUS AND SURPLUS FOR THE**
**FINANCIAL YEAR**|**2020**
**£**
**£**
100,052
54,881
**(54,881)**
**45,171**
67
1,000
**(1,067)**
**44,104**|**2020**
**£**
**£**
100,052
54,881
**(54,881)**
**45,171**
67
1,000
**(1,067)**
**44,104**|**2019**
**£**
**£**
66,052
64,909
**(64,909)**
**1,143**
127
-
**(127)**
**1,016**|**2019**
**£**
**£**
66,052
64,909
**(64,909)**
**1,143**
127
-
**(127)**
**1,016**| |---|---|---|---|---| ||67
1,000||127
-|| |||**45,171**


**(1,067)**||**1,143**


**(127)**| |||||| |||**44,104**||**1,016**| Page 8