REGISTERED CHARITY NUMBER: 284833
TRUSTEES' REPORT AND
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022
FOR
SUNRISE EDUCATION TRUST
Siva Yogan & Co Ltd Chartered Accountants 3 Ilex House 94 Holly Road Twickenham TW1 4HF
SUNRISE EDUCATION TRUST
CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022
| Page | |||
|---|---|---|---|
| Reference and Administrative Details | 1 | ||
| Trustees' Report | 2 | to | 3 |
| Independent Examiner's Report | 4 | ||
| Statement of Financial Activities | 5 | ||
| Statement of Financial Position | 6 | ||
| Notes to the Financial Statements | 7 | to | 15 |
| Detailed Statement of Financial Activities | 16 | to | 17 |
SUNRISE EDUCATION TRUST
REFERENCE AND ADMINISTRATIVE DETAILS FOR THE YEAR ENDED 31 MARCH 2022
TRUSTEES
PRINCIPAL ADDRESS
A E Lovage Ms P Robbins Ms Y Ramasamy 1 Cazenove Road London N16 6PA
REGISTERED CHARITY NUMBER 284833
INDEPENDENT EXAMINER
Siva Yogan & Co Ltd Chartered Accountants 3 Ilex House 94 Holly Road Twickenham TW1 4HF
Page 1
SUNRISE EDUCATION TRUST
TRUSTEES' REPORT FOR THE YEAR ENDED 31 MARCH 2022
The trustees present their report with the financial statements of the charity for the year ended 31 March 2022. 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 principal objects of the Charity are as follows:
-
To develop children with full personalities and a broad prejudice free perspective
-
To teach love and respect for all forms of life
-
To build character based on strong moral and social values
-
To teach children academically by working with them individually at their own speed and through the media of stories and drama which come naturally to children
-
To develop the sensory and motor organs through dance, yoga, sports and games
-
To serve vegetarian food
The policy of the trust continues to be the seeking of finance to promote their objects
The trustees do comply with the public benefits rules published by the charity commission in running the charity
ACHIEVEMENT AND PERFORMANCE Charitable activities
Development, activities and achievements
The Charity runs a Nursery in Stoke Newington from 1992 and commenced a Preschool in Tottenham which was registered with Ofsted in May 2021 and the first inspection was on 29 March 2022 which resulted in an overall GOOD judgement. The report further judged GOOD on quality of education, behaviour and attitudes, personal development and leadership and management.
We accommodate children aged between 1 and 5 years and the nurseries are open for 46 weeks of the year.
Open Monday to Friday all year round from 8 am until 6 pm providing early education and employing three childcare staff.
The performance of the charity was satisfactory in spite of the pandemic. The charity received £ 33,373 ( 2021 - £ 57,565) in job retention scheme grants and made a surplus of £ 43,390 ( 2021 - £ 14,807)
The fees receivable amounted to £ 181,829 ( 2021 £ 110,524). The number of students on averages was 31 compared 2021 -20.
There were no fund raising events during the year due to pandemic. 2021 - Nil
The kitchen was used to prepare fresh samosas and sales amounted to £ 2,488 (2021- £2,218) There were parental volunteers in the kitchen.
The trust has donated Ananda Marga Pracharaka Samgha in Germany £ 1800 (2021 - £ 900).
FINANCIAL REVIEW
Financial position
The financial results are given in the financial statement on page 5 and the trustees are satisfied in achieving a surplus. The excess income over expenditure for the year ended 31 March 2022 was £43,390 (2021- £14,807).
Page 2
SUNRISE EDUCATION TRUST
TRUSTEES' REPORT FOR THE YEAR ENDED 31 MARCH 2022
FINANCIAL REVIEW
Investment policy and objectives
The Trust deed authorises the trustees to make and hold investments using the general funds of the charity. The investments viz. 1,Cazenove Road, London N16 and 55 Coniston Road, London N17 which are occupied by the charity for carrying out its objects and are held by the trustees.
FUTURE PLANS
The trustees intend to
.increase training in phonics for Early Years staff
.attract new staff as childcare practitioners and improve managerial capacity to fulfil ongoing administrative tasks and provide ongoing financial information to the Management Committee
.address the challenges of providing additional support for children with Special Educational Needs as this seems a result of the pandemic
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The charity is controlled by its governing document dated 26 April 1982, a deed of trust and constitutes an unincorporated charity.
Management
The trustees named on page 3 have served throughout the year. Appointment of trustees is governed by the Trust Deed of the charity.
Approved by order of the board of trustees on 25 January 2023 and signed on its behalf by:
A E Lovage - Trustee
Page 3
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF SUNRISE EDUCATION TRUST
Independent examiner's report to the trustees of Sunrise Education Trust
I report to the charity trustees on my examination of the accounts of Sunrise Education Trust (the Trust) for the year ended 31 March 2022.
Responsibilities and basis of report
As the charity trustees of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the Act').
I report in respect of my examination of the Trust's accounts carried out under Section 145 of the Act and in carrying out my examination I have followed all applicable Directions given by the Charity Commission under Section 145(5)(b) of the Act.
Independent examiner's statement
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
-
accounting records were not kept in respect of the Trust as required by Section 130 of the Act; or 2. the accounts do not accord with those records; or
-
the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 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.
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.
M. Sri Ragavan FCA Independent Examiner Siva Yogan & Co Ltd Chartered Accountants 3 Ilex House 94 Holly Road Twickenham TW1 4HF
25 January 2023
Page 4
SUNRISE EDUCATION TRUST
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2022
| 2022 Unrestricted fund Notes £ INCOME AND ENDOWMENTS FROM Donations and legacies 3 36,024 Charitable activities 6 Charitable activities 181,647 Other trading activities 4 2,488 Investment income 5 5 Other income 2,122 Total 222,286 EXPENDITURE ON Raising funds 7 - Charitable activities 8 Charitable activities 177,444 Support cost - Other 1,800 Total 179,244 NET INCOME 43,042 RECONCILIATION OF FUNDS Total funds brought forward 276,882 TOTAL FUNDS CARRIED FORWARD 319,924 CONTINUING OPERATIONS |
2021 Total funds £ 66,738 110,524 2,218 11 4,695 |
|---|---|
| 184,186 | |
| 600 163,893 3,986 900 |
|
| 169,379 | |
| 14,807 262,075 |
|
| 276,882 | |
All income and expenditure has arisen from continuing activities.
The notes form part of these financial statements
Page 5
SUNRISE EDUCATION TRUST
STATEMENT OF FINANCIAL POSITION 31 MARCH 2022
| 2022 Unrestricted fund Notes £ FIXED ASSETS Tangible assets 13 219,251 CURRENT ASSETS Debtors 14 35,556 Cash at bank and in hand 87,400 122,956 CREDITORS Amounts falling due within one year 15 (22,283) NET CURRENT ASSETS 100,673 TOTAL ASSETS LESS CURRENT LIABILITIES 319,924 NET ASSETS 319,924 FUNDS 16 Unrestricted funds: General fund 319,924 TOTAL FUNDS 319,924 |
2021 Total funds £ 225,736 25,649 79,529 105,178 (54,032) 51,146 276,882 276,882 276,882 276,882 |
|---|---|
The financial statements were approved by the Board of Trustees and authorised for issue on 25 January 2023 and were signed on its behalf by:
A E Lovage - Trustee
The notes form part of these financial statements
Page 6
SUNRISE EDUCATION TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022
1. GENERAL INFORMATION
The charity is a public benefit entity and a registered charity in England and Wales and is unincorporated. The address of the principal office is 1 Cazenove Road, London, N16 6PA.
2. ACCOUNTING POLICIES
Basis of preparing the financial statements
The financial statements of the charity, 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 Charities Act 2011. The financial statements have been prepared under the historical cost convention.
Judgements and key sources of estimation uncertainty
The schools are subject to OFSTED scrutiny. Their continuity is based on successfully complying with the OFSTED requirements. The trustees are confident that they will meet the requirement to continue its operation
Going concern
There are no material uncertainties about the charity's ability to continue.
Income
All incoming resources are included in the statement of financial activities when entitlement has passed to the charity. It is probable that the economic benefits associated with the transaction will flow to the charity and the amount can be reliably measured. The following specific policies are applied to particular categories of income:
. income from donations or grants is recognised when there is evidence of entitlement to the gift, receipt is probable and its amount can be measured reliably.
. legacy income is recognised when receipt is probable and entitlement is established.
. income from donated good is measured at the fair value of the goods unless this is impractical to measure reliably, in which case the value is derived from the cost to 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 services is recognised with the delivery of the contracted service. This is classified as unrestricted funds unless there is a contractual requirement for it to be spent on a particular purpose and returned if 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 recovered, and is classified under headings of the statement of financial activities to which it relates:
. expenditure on raising funds includes the costs of all fundraising activities, events, non-charitable trading activities, and the sale of donated goods.
. expenditure on charitable activities includes all costs incurred by a charity in undertaking activities that further its charitable aims for the benefits of its beneficiaries, including those support costs and costs relating to the governance of the charity apportioned to charitable activities.
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SUNRISE EDUCATION TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2022
2. ACCOUNTING POLICIES - continued
Resources expended
. other expenditure includes all expenditure that is neither related to raising funds for the charity nor part of its expenditure on charitable activities.
All costs are allocated to expenditure categories reflecting the use of the resource. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs are apportioned between the activities they contribute to on a reasonable, justifiable and consistent basis.
Tangible assets
Tangible assets are initially recorded at cost and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
An increase in the carrying amount of an asset as a result of a revaluation is recognised in other recognised gains and losses, unless it reverses a charge for impairment that has previously been recognised as expenditure within the statement of financial activities. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other recognised gains and losses, except to which it offsets any previous revaluation gain, in which case the loss is shown within other recognised gains and losses on the statement of financial activities.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value , over the useful economic life of that assets as follows:
Freehold property - 2% straight line Fixtures and fittings- 25% straight line Motor vehicles- 25%straight line Equipment-25% straight line
Taxation
The charity is exempt from tax on its charitable activities.
Fund accounting
Unrestricted funds are available for use at the discretion of the trustees to further any of the charity's purposes.
Designated funds are unrestricted funds earmarked by the trustees for particular future project or commitment.
Restricted funds are subjected to restrictions on their expenditure declared by the donor or through the terms of an appeal and fall into one of two sub-classes: restricted income funds or endowment funds.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the relate service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as an expense in the period in which it arises.
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SUNRISE EDUCATION TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2022
2. ACCOUNTING POLICIES - continued
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until these is reasonable assurance that the charity will comply with the conditions attaching to them and the grants will be received.
Where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
3. DONATIONS AND LEGACIES
| 2022 | 2021 | |||
|---|---|---|---|---|
| £ | £ | |||
| Donations | 2,651 | 9,173 | ||
| HMRC JRS Grant | 33,373 | 57,565 | ||
| 36,024 | 66,738 | |||
| 4. | OTHER TRADING ACTIVITIES | |||
| 2022 | 2021 | |||
| £ | £ | |||
| Kitchen income | 2,488 | 2,218 | ||
| 5. | INVESTMENT INCOME | |||
| 2022 | 2021 | |||
| £ | £ | |||
| Income from cash investments | 5 | 11 | ||
| 6. | INCOME FROM CHARITABLE ACTIVITIES | |||
| 2022 | 2021 | |||
| Activity | £ | £ | ||
| Fees | Charitable activities | 181,647 | 110,524 |
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SUNRISE EDUCATION TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2022
7. RAISING FUNDS
| Raising donations and legacies Kitchen cost 8. CHARITABLE ACTIVITIES COSTS Charitable activities 9. SUPPORT COSTS Charitable activities Support costs, included in the above, are as follows: Bank charges Independent examiner's fee Accountancy Legal & professional |
Direct Costs £ 172,388 |
2022 2021 £ £ - 600 Support costs (see note 9) Totals £ £ 5,056 177,444 Governance costs £ 5,056 2022 2021 Charitable Total activities activities £ £ - 5 600 300 1,400 1,825 3,056 1,856 5,056 3,986 |
|---|---|---|
10. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31 March 2022 nor for the year ended 31 March 2021.
Trustees' expenses
There were no trustees' expenses paid for the year ended 31 March 2022 nor for the year ended 31 March 2021.
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SUNRISE EDUCATION TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2022
| 11. STAFF COSTS Wages and salaries Other pension costs The average monthly number of employees during the year was as follows: Employees No employees received emoluments in excess of £60,000. 12. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES INCOME AND ENDOWMENTS FROM Donations and legacies Charitable activities Charitable activities Other trading activities Investment income Other income Total EXPENDITURE ON Raising funds Charitable activities Charitable activities Support cost Other Total NET INCOME RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD |
2022 2021 £ £ 125,116 125,219 1,805 1,513 126,921 126,732 2022 2021 14 14 Unrestricted fund £ 66,738 110,524 2,218 11 4,695 184,186 600 163,893 3,986 900 169,379 14,807 262,075 276,882 |
|
|---|---|---|
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SUNRISE EDUCATION TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2022
13. TANGIBLE FIXED ASSETS
| 13. TANGIBLE FIXED ASSETS |
||||
|---|---|---|---|---|
| Freehold Plant and property machinery £ £ COST At 1 April 2021 393,455 3,320 Additions - 888 Disposals - - At 31 March 2022 393,455 4,208 DEPRECIATION At 1 April 2021 167,721 3,320 Charge for year 7,869 111 Eliminated on disposal - - At 31 March 2022 175,590 3,431 NET BOOK VALUE At 31 March 2022 217,865 777 At 31 March 2021 225,734 - 14. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Trade debtors Other debtors Taxation and social security Prepayments 15. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Trade creditors Taxation and social security Other creditors |
Fixtures and fittings £ 11,671 634 - 12,305 11,670 26 - 11,696 609 1 |
Motor vehicles £ 13,913 - (13,913) - 13,912 - (13,912) - - 1 2022 £ 16,456 3,338 1,483 14,279 35,556 2022 £ 9,813 - 12,470 22,283 |
Totals £ 422,359 1,522 (13,913) |
|
| 409,968 | ||||
| 196,623 8,006 (13,912) |
||||
| 190,717 | ||||
| 219,251 | ||||
| 225,736 | ||||
| 2021 £ 2,361 2,400 - 20,888 |
||||
| 25,649 | ||||
| 2021 £ 8,921 53 45,058 |
||||
| 54,032 |
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SUNRISE EDUCATION TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2022
16. MOVEMENT IN FUNDS
| Unrestricted funds General fund TOTAL FUNDS Net movement in funds, included in the above are as follows: Unrestricted funds General fund TOTAL FUNDS Comparatives for movement in funds Unrestricted funds General fund TOTAL FUNDS Comparative net movement in funds, included in the above are as Unrestricted funds General fund TOTAL FUNDS |
Net movement At At 1.4.21 in funds 31.3.22 £ £ £ 276,882 43,042 319,924 276,882 43,042 319,924 Incoming Resources Movement resources expended in funds £ £ £ 222,286 (179,244) 43,042 222,286 (179,244) 43,042 Net movement At At 1.4.20 in funds 31.3.21 £ £ £ 262,075 14,807 276,882 262,075 14,807 276,882 follows: Incoming Resources Movement resources expended in funds £ £ £ 184,186 (169,379) 14,807 184,186 (169,379) 14,807 |
|---|---|
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SUNRISE EDUCATION TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2022
16. MOVEMENT IN FUNDS - continued
A current year 12 months and prior year 12 months combined position is as follows:
| Unrestricted funds General fund TOTAL FUNDS |
Net movement At 1.4.20 in funds £ £ 262,075 57,849 262,075 57,849 |
At 31.3.22 £ 319,924 |
|---|---|---|
| 319,924 |
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:
| Unrestricted funds General fund TOTAL FUNDS |
Incoming Resources Movement resources expended in funds £ £ £ 406,472 (348,623) 57,849 406,472 (348,623) 57,849 |
|---|---|
17. EMPLOYEE BENEFIT OBLIGATIONS
Pension and other post retirement benefits
Defined contributions plans
The amount recognised in income or expenditure as an expense in relation to defined contribution plans was £1,805 (2021-£1,513)
18. OTHER FINANCIAL COMMITMENTS
Government grants
The amounts recognised in the financial statements for government grants are as follows:
2022 2021 £ £ Recognised in income from donations and legacies: Government grants income- Covid- 19 Job Retention Scheme £33,373 £57,565
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SUNRISE EDUCATION TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2022
19. RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 31 March 2022 and 2021
Page 15
SUNRISE EDUCATION TRUST
DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2022
| INCOME AND ENDOWMENTS Donations and legacies Donations HMRC JRS Grant Other trading activities Kitchen income Investment income Income from cash investments Charitable activities Fees Other income Gain on sale of tangible fixed assets Other operating income Rent Total incoming resources EXPENDITURE Raising donations and legacies Kitchen cost Charitable activities Wages and salaries Employer contributions to plan Rates and water Insurance Light and heat Telephone Postage and stationery Advertising Repair &maintenance Training Motor vehicle expenses Travel costs Food and household Educational materials Carried forward |
2022 £ 2,651 33,373 36,024 2,488 5 181,647 274 58 1,790 2,122 222,286 - 125,116 1,805 4,146 6,884 2,588 1,190 466 6 10,402 494 174 1,896 6,857 1,530 163,554 |
2021 £ 9,173 57,565 |
|---|---|---|
| 66,738 2,218 11 110,524 - 4,000 695 |
||
| 4,695 | ||
| 184,186 600 125,219 1,513 4,326 4,938 2,845 1,143 669 - 5,611 1,547 1,816 1,472 3,928 470 155,497 |
This page does not form part of the statutory financial statements
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SUNRISE EDUCATION TRUST
DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2022
| Charitable activities Brought forward Subscription and membership Sundry Depreciation-Freehold property Depreciation-Plant & machinery Depreciation-fixtures Other Donation Support costs Finance Bank charges Governance costs Independent examiner's fee Accountancy Legal & professional Total resources expended Net income |
2022 £ 163,554 753 75 7,869 111 26 172,388 1,800 - 600 1,400 3,056 5,056 179,244 43,042 |
2021 £ 155,497 527 - 7,869 - - |
|---|---|---|
| 163,893 900 5 300 1,825 1,856 |
||
| 3,981 | ||
| 169,379 | ||
| 14,807 |
This page does not form part of the statutory financial statements
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