REGISTERED COMPANY NUMBER: CE028360 (England and Wales) REGISTERED CHARITY NUMBER: 1197947
REPORT OF THE TRUSTEES AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 2023
FOR
VESMA EDUCATION TRUST
Riley Moss 2018 Limited Citygate Longridge Road Preston Lancashire PR2 5BQ
VESMA EDUCATION TRUST
CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 2023
| Page | |
|---|---|
| Reference and Administrative Details | 1 |
| Report of the Trustees | 2 to 4 |
| Independent Examiner's Report | 5 |
| Statement of Financial Activities | 6 |
| Balance Sheet | 7 |
| Notes to the Financial Statements | 8 to 10 |
VESMA EDUCATION TRUST
REFERENCE AND ADMINISTRATIVE DETAILS FOR THE YEAR ENDED 30 NOVEMBER 2023
| Trustees | Arsad Patel |
|---|---|
| Aatif Patel | |
| Mohamed Aiyub Patel | |
| Registered office | 12 Moore Avenue |
| Blackburn | |
| BB1 8FL | |
| Registered company number | CE028360 (England and Wales) |
| Registered charity number | 1197947 |
| Independent examiner | Riley Moss 2018 Limited |
| Citygate | |
| Longridge Road | |
| Preston | |
| Lancashire | |
| PR2 5BQ |
Page 1
VESMA EDUCATION TRUST
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 NOVEMBER 2023
The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 30 November 2023. The trustees have adopted the provisions of 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).
Objectives and activities Objectives and aims
The objectives/purposes of the charity are:
(1) To increase access and advancement of education for pupils at Maulana Abul Kalam Azad girls' high school and mixed primary school, based in Vesma, Gujarat, India, by providing and assisting in the provision of facilities [not required to be provided by the local education authority] for education at the school.
(2) To advance such charitable purposes (according to the law of England and Wales) as the trustees see fit from time to time.
Main activities
The main activities of the charity in relation to this are to raise awareness of disadvantaged children access to education, fundraise and collect donations from the public including centres and businesses, and to utilise these funds to support and advance children's access to education (where not already being provided or possible).
The trustee's work with the disadvantaged children and their parents/guardians in assessing and enabling this access via the school of concern. Funds are provided to the school of concern upon requests where sufficient funds are not already available to either party in support and are used to help facilitate the access and resource of various aspects such as, teaching support, travel, uniform, workbooks, stationary, textbooks, exams, and equipment.
The trustee's also work with the school of concern on an advisory basis where required as well as able to provide funds on successful application (where followed by the charities policy) to enable strategic or structural improvement whilst maintaining or improving the safety of school and the aim of ensuring and enhancing the facilities and equipment utilised or increasing the capacity of disadvantaged student's intake.
Public benefit
The trustees have had regard to the Charity Commissions guidance on public benefit when planning all events and determining how best to utilise funds raised.
The trustees confirm that they have complied with the requirements of section 17 of the Charities Act 2011 to have due regard to the public benefit guidance published by the Charity Commission for England and Wales.
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VESMA EDUCATION TRUST
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 NOVEMBER 2023
Objectives and activities
Grant policy
The charity can provide grant funding to eligible students and/or schools who are also charitable registered, should grant applications be received and approved in accordance with the charity's grant policy and the charity's objective for the public benefit.
No grant applications had been received prior to the start of this annual year (first year being until 30th November 2022) due to reasons provided in the previous (also first) annual report. Due to this it was advised to the school that should any grant requests be provided, then it would be in best interest to all parties to if the first grant could be of a very little amount. This would ensure that the correct understanding and procedures were in place and followed, as well as ensuring the first international transfer would be of a little amount should any concern or trouble arise.
Applications for funding support (in relation to funding eligible students being of poor and/or orphans with education access and facilities) were received in accordance with the charity's policies and advice, with two being successful for this financial year. The first one reflecting a very low amount and after this being successfully received and utilised by the school, another bigger amount a few months later being in the third term of the school year.
Volunteers
Trustees are all volunteers (who receive no remuneration) as well as other people who help fundraise and collect funds on behalf of the charity in a professional manner. The charity could not function without the time and dedication of the volunteers, and we are extremely grateful for all the time and effort provided in their support.
Achievement and performance
Main achievements:
To date, the charity has been successful in raising funds through the help of the trustee's, the volunteer's and most importantly the donors which came from several people and sources.
Due to the previous year barriers, this period the charity has further managed to finalise strategies and areas of support while ensuring the correct procedures were being prepared and streamlined by eligible schools and students to receive any eligible funding. Templates of applications and the strategy of any policies and support provided was also successfully reviewed at every opportunity, with full feedback and any changes required consistently provided.
In November 2022, the charity also managed to create a new and official charity banking account as previously the charity held a community bank account until registration was complete by the England and Wales Charity Commission in February 2022. This relatively new account with further benefits has been used in this whole year with a year's transition overlap with the old account.
Achievements against objectives:
No formal fundraising targets were set for any period although the charity is humbly grateful and proud with the amount raised once again. Trustees are striving to increase the amounts raised and thus increase the amount of support provided to those eligible from within the charity.
To further carry out these purposes during this financial year, with the support of the public and business donations, the charity was able to partially support (funding, policy and advisory) over 300 eligible students with access to education (where immediately required) by means of providing equipment and facilities including, bus travel to and from the school, teaching, books, stationery, and examinations.
The full objectives of the charity can be confirmed as being successfully achieved in this financial year (second year) with more optimism of further progress being made on this in the following year. With the circumstances (banking and pandemic resolutions) this year, it has allowed the charity's objectives to progress at a steady rate while enabling and refining the procedures to all parties, allowing for a smoother and more affective operation in the year to come.
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VESMA EDUCATION TRUST
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 NOVEMBER 2023
Financial review
The trustees are grateful and very satisfied with the charity's funds raised within its second year of official registration including the financial position at the year end. With the donations received and a new bank account open reflecting the official registration, while running smoothly alongside the old account small charity bank (to allow a year transition before the old account is permanently closed), the trustees look forward to raising funds while now being able also to support those eligible with advice and funding support going forward even further in the future.
Reserve policy:
The charity's activities expose it primarily to the financial risks of changes to costs in funding such as grants and donations as well as changes in foreign currency exchange rates.
The charity aims to hold as unrestricted reserve sufficient funds to provide for at least one year of core supporting operation to those eligible. This will enable that all approved activity can be completed, allow all eligible receivers sufficient notice to plan and prepare for another avenue as well as allow any reports published for public benefit ahead of any required winding up process.
The charity does hold any committed expenses and so any reserve held with have a lower threshold. For this financial year the trustees have determined this figure should be at £12,000 with this to be reviewed on an annual basis.
Funding sources:
Funds are raised with the help of the trustee's and volunteers within the England from the public as well as through the charity's website. Funds were also raised through local mosques and centre's as well as donations being received by local businesses. Funds were donated as one off within or donated on a rolling basis.
Structure, governance and management Governing document and constitution:
Vesma education trust is registered with the charity commission as a CIO (charitable incorporated organisation) and is governed by the charity's constitution.
Trustee selection methods:
The existing trustees are responsible for the recruitment of any further trustees after consultation with decisions setled by a properly convened meeting of the trustees. Currently there has been no change in trustees. A minimum of three trustees is required which is currently held. If the number falls below this minimum, the remaining trustee or trustees may act only to call a meeting of the charity trustees or appoint a new charity trustee.
Induction of new trustees:
The charity trustees will make available to each new charity trustee, on or before his or her first appointment. a copy of the current version of this constitution and a copy of the CIO's latest Trustees' Annual Report and statement of accounts.
Organisational structure:
The charity trustee's hold positions of chair, treasurer, and secretary. These positions are decided annually at the annual general meeting.
Approved by order of the board of trustees on 30 April 2024 and signed on its behalf by:
Aatif Patel - Trustee
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INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF VESMA EDUCATION TRUST
Independent examiner's report to the trustees of Vesma Education Trust ('the Company')
I report to the charity trustees on my examination of the accounts of the Company for the year ended 30 November 2023.
Responsibilities and basis of report
As the charity's trustees of the Company (and also its directors 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 myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity's accounts as carried out under Section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under Section 145(5) (b) of the 2011 Act.
Independent examiner's statement
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:
-
accounting records were not kept in respect of the Company as required by Section 386 of the 2006 Act; or
-
the accounts do not accord with those records; or
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the accounts do not comply with the accounting requirements of Section 396 of the 2006 Act 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 methods and principles of the Statement of Recommended Practice for accounting and reporting by charities (applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)).
I 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.
Farook Patel FCA
Riley Moss 2018 Limited Citygate Longridge Road Preston Lancashire PR2 5BQ
8 May 2024
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VESMA EDUCATION TRUST
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 30 NOVEMBER 2023
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Period
16.2.22
Year Ended to
30.11.23 30.11.22
Unrestricted Total
fund funds
Notes £ £
Income and endowments from
Donations and legacies 6,766 46,971
Expenditure on
Charitable activities
Charitable activities 9,248 1,860
NET INCOME/(EXPENDITURE) (2,482) 45,111
Reconciliation of funds
-
Total funds brought forward 45,111
Total funds carried forward 42,629 45,111
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The notes form part of these financial statements
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VESMA EDUCATION TRUST
BALANCE SHEET 30 NOVEMBER 2023
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2023 2022
Unrestricted Total
fund funds
Notes £ £
Current assets
Cash at bank 43,409 45,891
Creditors
Amounts falling due within one year 4 (780) (780)
Net current assets 42,629 45,111
Total assets less current liabilities 42,629 45,111
NET ASSETS 42,629 45,111
Funds 5
Unrestricted funds 42,629 45,111
Total funds 42,629 45,111
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The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 November 2023.
The members have not required the company to obtain an audit of its financial statements for the year ended 30 November 2023 in accordance with Section 476 of the Companies Act 2006.
The trustees acknowledge their responsibilities for
-
(a) ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and
-
(b) preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company.
These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime.
The financial statements were approved by the Board of Trustees and authorised for issue on 30 April 2024 and were signed on its behalf by:
Aatif Patel - Trustee
The notes form part of these financial statements
Page 7
VESMA EDUCATION TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 2023
1. Accounting policies
Basis of preparing the financial statements
The financial statements of the charitable company, which is a public benefit entity under FRS 102, 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)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.
Income
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.
Expenditure
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
Taxation
The charity is exempt from corporation tax on its charitable activities.
Fund accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
2. Trustees' remuneration and benefits
There were no trustees' remuneration or other benefits for the year ended 30 November 2023 nor for the period ended 30 November 2022.
Trustees' expenses
There were no trustees' expenses paid for the year ended 30 November 2023 nor for the period ended 30 November 2022.
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continued...
VESMA EDUCATION TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 NOVEMBER 2023
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3. Comparatives for the statement of financial activities
Unrestricte
fund
£
Income and endowments from
Donations and legacies 46,971
Expenditure on
Charitable activities
Charitable activities 1,860
NET INCOME 45,111
Total funds carried forward 45,111
4. Creditors: amounts falling due within one year
2023 2022
£ £
Accrued expenses 780 780
5. Movement in funds
Net
At movement At
1.12.22 in funds 30.11.23
£ £ £
Unrestricted funds
General fund 45,111 (2,482) 42,629
TOTAL FUNDS 45,111 (2,482) 42,629
Net movement in funds, included in the above are as follows:
Incoming Resources Movement
resources expended in funds
£ £ £
Unrestricted funds
General fund 6,766 (9,248) (2,482)
TOTAL FUNDS 6,766 (9,248) (2,482)
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VESMA EDUCATION TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 NOVEMBER 2023
5. Movement in funds - continued
Comparatives for movement in funds
| Unrestricted funds General fund |
Net movement in funds £ 45,111 |
At 30.11.22 £ 45,111 |
|---|---|---|
| TOTAL FUNDS | 45,111 | 45,111 |
| Comparative net movement in funds, included in the above are as follows: Incoming resources £ Unrestricted funds General fund 46,971 |
Resources expended £ (1,860) |
Movement in funds £ 45,111 |
| TOTAL FUNDS 46,971 |
(1,860) | 45,111 |
6. Related party disclosures
There were no related party transactions for the year ended 30 November 2023.
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