Charity number: 1191140
THE ECHO EDU FOUNDATION
(A charitable incorporated organisation)
UNAUDITED
TRUSTEES' REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022
THE ECHO EDU FOUNDATION
(A charitable incorporated organisation)
CONTENTS
| Page | |
|---|---|
| Reference and administrative details of the charity, its Trustees and advisers | 1 |
| Trustees' report | 2 - 4 |
| Statement of financial activities | 5 |
| Balance sheet | 6 |
| Notes to the financial statements | 7 - 10 |
THE ECHO EDU FOUNDATION
(A charitable incorporated organisation)
REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 AUGUST 2022
| Trustees | C Yu, Chair |
|---|---|
| Y Lai, Trustee | |
| R N K Sankar, Trustee (appointed 19/01/2023) | |
| Charity registered number 1191140 Registered office 16 Great Queen Street Covent Garden London WC2B 5AH Accountants Blick Rothenberg Limited Chartered Accountants 16 Great Queen Street Covent Garden London WC2B 5AH |
Page 1
THE ECHO EDU FOUNDATION
TRUSTEES' REPORT FOR THE YEAR ENDED 31 AUGUST 2022
(A charitable incorporated organisation)
The Trustees present their annual report together with the financial statements of the charity for the year 1 September 2021 to 31 August 2022. The Trustees confirm that the Annual report and financial statements of the charitable incorporated organisation comply with the current statutory requirements, the requirements of the charitable incorporated organisation's governing document and the provisions of the Statement of Recommended Practice (SORP) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (effective 1 January 2019).
Objectives and activities
a. Policies and objectives
The Echo Edu Foundation was set up on 3 September 2020 as a Charitable Incorporated Organisation. It's objectives are to engage in charitable activities that are focussed on
-
the relief of children who are poor or in need of care and attention;
-
the education and training of children; and
-
the promotion of the health and welfare of children.
In setting objectives and planning for activities, the Trustees have given due consideration to general guidance published by the Charity Commission relating to public benefit, including the guidance 'Public benefit: running a charity (PB2)'.
b. Strategies for achieving objectives
The charity will aid projects that further The Echo Edu Foundation's objectives through grant funding.
c. Activities undertaken to achieve objectives
The trustees will undertake the management of the Foundation including the administration of approved grants and the careful consideration of written applications and due diligence, before any decision is taken. The monitoring of grants is achieved both by the submission of detailed reports outlining how the funds are spent and the impact those funds have had on the direct beneficiaries and the wider community.
In addition, there will be visits from the trustees and meetings with consultants on their behalf. In this way, trustees will satisfy themselves that all grants awarded meet with the public benefit requirements of the charities SORP.
Page 2
THE ECHO EDU FOUNDATION
(A charitable incorporated organisation) TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2022
Objectives and activities (continued)
Achievements and performance
a. Main achievements of the charity
The charity remains dornant having not traded in this year or in the prior year. The trustees of the charity have been succesful in opening a UK bank account and in establishing grant making policies and other appropriate governance arrangements. With all this in place, the trustees hope to commence charitable activities in the coming financial year.
Financial review
a. Going concern
After making appropriate enquiries, the Trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the accounting policies.
b. Reserves policy
The total of reserves held by the charity at the year end date of 31 August 2022 was £5,000 (2021: £5,000).
The trustees are aware of the requirement to adopt a reserves policy. They are aware that some reserves are needed to be retained to cover the charity’s expenditure, and potential shortfalls in income. No formal assessment of a suitable amount to be set aside as free reserves has been agreed at present but the trustees are aware that the charity has no ongoing commitments or fixed overheads.
A formal reserves policy will be finalised once a pattern of operational activity has been established.
Structure, governance and management
a. Methods of appointment or election of Trustees
The management of the charity is the responsibility of the Trustees who are elected and co-opted under the terms of the Charitable Incorporated Organisation's Constitution. The constitution states that there must be at least two trustees at any one time.
Page 3
THE ECHO EDU FOUNOATION IA charftable incorporated oroantsatlon) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2022 The Tnjslees Iwh) are also the directors of the charity for the purposes of company lawl are responsible for preparing the TTuslees' report and the finanual ststements in accordance with applicable Lqw and Un¢ted Kingdom AcuntiThJ Stsndards (Uniled Kingdom Generally Accepted Accoun"ng Practice). Company law requres the Trustees to prepare finanoal statements for each financial year. Under company law. the Trustees musl not approve the finan&al stalements unless they are satisfied Ihat they gNe a true and fair view of the stale of affairs of Ihe charity and of its incoming resources and applIon of resources. induding its income and expendrture. for that peric#J. In preparing Ihese finanual slalemenls, ihe Tnjslees are required to- SeCt sutiable accntij and then appty them consistenty. observe the methcxjs and princip of the Charities SORP IFRS 102}'. make judgements and accountir*J estimate5 that are reasonable and prudent.. state whether applicatAe UK Accounting Standards IFRS 1021 have been fOlk)Ed. Subject to any material departures disdosed and explained in the finanaal statements". prepare the financial stalemenls on the go c(xw basis unless it i8 inappropriate to presume that the charity wll continue in buSIss. The Trustees are responSie for keeng adequale xcounting records Ihat are sufficient to show and explain the charivs transactions and disclose wilh reasonabte accuwy al any lime the finanual posib'on of the charity and enable them to ensure that the financial Statements mmply vthh the C(ynpanie5 Act 2006. They are also resFK)nsible for safeguarding the assets of the charity and hen for taking reasrffiae steps for the prevention and detection of fraud and other irregularilbes. Approved by order of the members of the t#)ard of Trustees and sNJ)ed on thr behalf ty. Cyu {Chair of Trusleesl Date..
THE ECHO EDU FOUNDATION
(A charitable incorporated organisation)
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 AUGUST 2022
| Note Income from: Donations and legacies 3 Total income Net movement in funds Reconciliation of funds: Total funds brought forward Net movement in funds Total funds carried forward |
Unrestricted funds 2022 £ - - - 5,000 - 5,000 |
Total funds 2022 £ - - - 5,000 - 5,000 |
Total funds 2021 £ 5,000 |
|---|---|---|---|
| 5,000 | |||
| 5,000 | |||
| - 5,000 |
|||
| 5,000 |
The Statement of financial activities includes all gains and losses recognised in the year.
Page 5
REGISTERED NUMBER: THE ECHO EDU FOUNDATION (A charltable Incorporated organlsatlon) BALANCE SHEET FOR THE YEAR ENDED 31 AUGUST 2022 2022 2021 Note Current assets Debtors 5,000 5,000 Net current assets 5,000 5,000 Total net assets 5,000 Charity funds Restricted funds Unrestricted funds 5,000 5,000 Total funds 5,000 5,000 The financial ststements were approved and authorised for issue by the Trustees and signed on their behatf by: Yu (Chair of Trustees) Date: The notes on pages 7 to 10 form part of these financial statements. Page 6
THE ECHO EDU FOUNDATION (A charitable incorporated organisation)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022
1. General information
The Echo Edu Foundation is a charitable incorporated organisation. The address of its registered office is 16 Great Queen Street, Covent Garden, London, WC2B 5AH.
The financial statements are presented in sterling (£), which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
2. Accounting policies
2.1 Basis of preparation of financial statements
The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - 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), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.
The Echo Edu Foundation meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.
2.2 Going concern
The trustees, having considered a period of twelve months from the date of the approval of these financial statements consider that there are no material uncertainties concerning the charity's ability to continue as a going concern. Accordingly, the trustees have contimued to adopt the going concern basis in the preparation of the financial statements.
2.3 Income
All income is recognised once the charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.
Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.
2.4 Expenditure
All expenditure is inclusive of irrecoverable VAT.
2.5 Debtors
Trade and other debtors are recognised at the settlement amount after any trade discount offered.
2.6 Financial instruments
The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.
Page 7
THE ECHO EDU FOUNDATION
(A charitable incorporated organisation)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022
2. Accounting policies (continued)
2.7 Fund accounting
General funds are unrestricted 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.
3. Income from donations and legacies
| Unrestricted funds 2022 £ Donations - Unrestricted funds 2021 £ Donations 5,000 |
Total funds 2022 £ - |
|---|---|
| Total funds 2021 £ 5,000 |
4. Trustees' remuneration and expenses
During the year, no Trustees received any remuneration or other benefits (2021 - £NIL).
During the year ended 31 August 2022, no Trustee expenses have been incurred (2021 - £NIL).
5. Debtors
| Due within one year Other debtors |
2022 £ 5,000 5,000 |
2021 £ 5,000 |
|---|---|---|
| 5,000 |
Page 8
THE ECHO EDU FOUNDATION (A charitable incorporated organisation)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022
| 6. Statement of funds Statement of funds - current year Unrestricted funds General Funds - all funds Statement of funds - prior year Unrestricted funds General Funds - all funds 7. Summary of funds Summary of funds - current year General funds Summary of funds - prior year General funds |
Balance at 1 September 2021 £ 5,000 Balance at 1 September 2020 £ - |
Income £ - Income £ 5,000 Balance at 1 September 2021 £ 5,000 Income £ 5,000 |
Balance at 31 August 2022 £ 5,000 |
|---|---|---|---|
| Balance at 31 August 2021 £ 5,000 |
|||
| Balance at 31 August 2022 £ 5,000 |
|||
| Balance at 31 August 2021 £ 5,000 |
Page 9
THE ECHO EDU FOUNDATION (A charitable incorporated organisation)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022
8. Analysis of net assets between funds
Analysis of net assets between funds - current year
| Unrestricted funds 2022 £ Current assets 5,000 Total 5,000 Analysis of net assets between funds - prior year Unrestricted funds 2021 £ Current assets 5,000 Total 5,000 |
Total funds 2022 £ 5,000 |
|---|---|
| 5,000 | |
| Total funds 2021 £ 5,000 |
|
| 5,000 |
9. Related party transactions
Included in other debtors is £5,000 (2021: £5,000) which a trustee has pledged to the charity. This is expected to be recovered within the next twelve months.
Page 10