**REGISTERED CHARITY NUMBER: 284833**
## **TRUSTEES' REPORT AND**
**UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023**
## **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 2023**
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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
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**SUNRISE EDUCATION TRUST**
**REFERENCE AND ADMINISTRATIVE DETAILS FOR THE YEAR ENDED 31 MARCH 2023**
**TRUSTEES** A E Lovage Ms P Robbins Ms Y Ramasamy **PRINCIPAL ADDRESS** 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 2023**
The trustees present their report with the financial statements of the charity for the year ended 31 March 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 principal objects of the Charity are as follows:**
1. To develop children with full personalities and a broad prejudice free perspective
2. To teach love and respect for all forms of life
3. To build character based on strong moral and social values
4. 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
5. To develop the sensory and motor organs through dance, yoga, sports and games
6. 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 last inspection was on 12 May 2023 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 4 years and nurseries are open during term time and for three weeks of the summer holidays,and employing 15 childcare staff.
The performance of the charity was satisfactory. The charity received £ 8,300 ( 2022 - £ 33,373) in grants and made a deficit of - £ 7,186 ( surplus 2022 - £ 43,042)
The fees receivable amounted to £ 221,844 ( 2022 £ 181,647). The number of students on averages was 39 compared 2022 -31.
There were no fund raising events during the year due to pandemic. 2022 - Nil
The kitchen was used to prepare fresh samosas and sales amounted to £ 945 (2022- £2,488) There were parental volunteers in the kitchen.
The trust has donated Ananda Marga Pracharaka Samgha in Germany Nil (2022 - £ 1,800).
## **FINANCIAL REVIEW**
## **Financial position**
The financial results are given in the financial statement on page 5 and the trustees are satisfied in achieving a small deficit, this was due to increase in wages and salary. The excess expenditure over income for the year ended 31 March 2023 was - £7,186 (surplus 2022- £43,042).
## **Investment policy and objectives**
The Trust deed authorises the trustees to make and hold investments using the general funds of the charity. The investments 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.
Page 2
**SUNRISE EDUCATION TRUST**
## **TRUSTEES' REPORT FOR THE YEAR ENDED 31 MARCH 2023**
## **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 17 January 2024 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 2023.
## **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:
1. 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
3. 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
Siva Yogan & Co Ltd Chartered Accountants 3 Ilex House 94 Holly Road Twickenham TW1 4HF
17 January 2024
Page 4
## **SUNRISE EDUCATION TRUST**
## **STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2023**
|**2023**
**Unrestricted**
**fund**
**Notes**
**£**
**INCOME AND ENDOWMENTS FROM**
Donations and legacies
3
**10,869**
**Charitable activities**
6
Charitable activities
**221,844**
Other trading activities
4
**945**
Investment income
5
**176**
Other income
**3,950**
**Total**
**237,784**
**EXPENDITURE ON**
**Charitable activities**
7
Charitable activities
**244,970**
Other
**-**
**Total**
**244,970**
**NET INCOME/(EXPENDITURE)**
**(7,186)**
**RECONCILIATION OF FUNDS**
Total funds brought forward
**319,924**
**TOTAL FUNDS CARRIED FORWARD**
**312,738**|**2022**
**Total**
**funds**
**£**
36,024
181,647
2,488
5
2,122
222,286
177,444
1,800
179,244
43,042
276,882
319,924|
|---|---|
## **CONTINUING OPERATIONS**
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 2023**
|**2023**
**Unrestricted**
**fund**
**Notes**
**£**
**FIXED ASSETS**
Tangible assets
12
**211,100**
**CURRENT ASSETS**
Debtors
13
**40,789**
Cash at bank and in hand
**93,114**
**133,903**
**CREDITORS**
Amounts falling due within one year
14
**(32,265)**
**NET CURRENT ASSETS**
**101,638**
**TOTAL ASSETS LESS CURRENT**
**LIABILITIES**
**312,738**
**NET ASSETS**
**312,738**
**FUNDS**
15
Unrestricted funds:
General fund
**312,738**
**TOTAL FUNDS**
**312,738**|**2022**
**Total**
**funds**
**£**
219,251
35,556
87,400
122,956
(22,283)
100,673
319,924
319,924
319,924
319,924|
|---|---|
The financial statements were approved by the Board of Trustees and authorised for issue on 17 January 2024 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 2023**
## **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.
Page 7
continued...
**SUNRISE EDUCATION TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2023**
## **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 Plant and machinery - 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.
Page 8
continued...
**SUNRISE EDUCATION TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2023**
## **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**
|Donations
Grant received|**2023**
**2022**
**£**
**£**
**2,569**
2,651
**8,300**
33,373|
|---|---|
||**10,869**
36,024|
|**4.**
**OTHER TRADING ACTIVITIES**
Kitchen income|**2023**
**2022**
**£**
**£**
**945**
2,488|
|**5.**
**INVESTMENT INCOME**
Income from cash investments|**2023**
**2022**
**£**
**£**
**176**
5|
|**6.**
**INCOME FROM CHARITABLE ACTIVITIES**
**Activity**
Fees
Charitable activities|**2023**
**2022**
**£**
**£**
**221,844**
181,647|
Page 9
continued...
**SUNRISE EDUCATION TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2023**
## **7. CHARITABLE ACTIVITIES COSTS**
|Charitable activities
**8.**
**SUPPORT COSTS**
Charitable activities
Support costs, included in the above, are as follows:
Bank charges
Independent examiner's fee
Accountancy
Legal & professional|**Support**
**Direct**
**costs (see**
**Costs**
**note 8)**
**£**
**£**
**242,462**
**2,508**
**Governance**
**Finance**
**costs**
**£**
**£**
**11**
**2,497**
**2023**
**Charitable**
**activities**
**£**
**11**
**600**
**1,575**
**322**
**2,508**|**Totals**
**£**
**244,970**
**Totals**
**£**
**2,508**
**2022**
**Total**
**activities**
**£**
**-**
**600**
**1,400**
**3,056**
**5,056**|
|---|---|---|
## **9. TRUSTEES' REMUNERATION AND BENEFITS**
There were no trustees' remuneration or other benefits for the year ended 31 March 2023 nor for the year ended 31 March 2022.
## **Trustees' expenses**
There were no trustees' expenses paid for the year ended 31 March 2023 nor for the year ended 31 March 2022.
## **10. STAFF COSTS**
|Wages and salaries
Other pension costs
The average monthly number of employees during the year was as follows:
Employees|**2023**
**£**
**188,559**
**2,100**
**190,659**
**2023**
**20**|**2022**
**£**
125,116
1,805
126,921
**2022**
14|
|---|---|---|
No employees received emoluments in excess of £60,000.
Page 10
continued...
**SUNRISE EDUCATION TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2023**
## **11. 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|**Unrestricte**
**fund**
**£**
36,024
181,647
2,488
5
2,122|
|---|---|
|**Total**|222,286|
|**EXPENDITURE ON**
**Charitable activities**
Charitable activities
Other|177,444
1,800|
|**Total**|179,244|
|**NET INCOME**
**RECONCILIATION OF FUNDS**
Total funds brought forward|43,042
276,882|
|**TOTAL FUNDS CARRIED FORWARD**|319,924|
Page 11
continued...
## **SUNRISE EDUCATION TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2023**
## **12. TANGIBLE FIXED ASSETS**
|**Freehold**
**Plant and**
**property**
**machinery**
**£**
**£**
**COST**
At 1 April 2022
**393,455**
**4,208**
Additions
**-**
**-**
At 31 March 2023
**393,455**
**4,208**
**DEPRECIATION**
At 1 April 2022
**175,590**
**3,431**
Charge for year
**7,870**
**222**
At 31 March 2023
**183,460**
**3,653**
**NET BOOK VALUE**
At 31 March 2023
**209,995**
**555**
At 31 March 2022
217,865
777
**13.**
**DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**
Trade debtors
Other debtors
Taxation and social security
Prepayments
**14.**
**CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**
Trade creditors
Taxation and social security
Other creditors|**Fixtures**
**and**
**fittings**
**£**
**12,305**
**100**
**12,405**
**11,696**
**159**
**11,855**
**550**
609
**2023**
**£**
**26,800**
**1,900**
**-**
**12,089**
**40,789**
**2023**
**£**
**14,385**
**645**
**17,235**
**32,265**|**Totals**
**£**
**409,968**
**100**
**410,068**
**190,717**
**8,251**
**198,968**
**211,100**
219,251
**2022**
**£**
16,456
3,338
1,483
14,279
35,556
**2022**
**£**
9,813
-
12,470
22,283|
|---|---|---|
Page 12
continued...
## **SUNRISE EDUCATION TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2023**
## **15. MOVEMENT IN FUNDS**
|**MOVEMENT IN FUNDS**|||
|---|---|---|
|**At 1.4.22**
**£**
**Unrestricted funds**
General fund
**319,924**|**Net**
**movement**
**in funds**
**£**
**(7,186)**|**At**
**31.3.23**
**£**
**312,738**|
|**TOTAL FUNDS**
**319,924**|**(7,186)**|**312,738**|
|Net movement in funds, included in the above are as follows:
**Incoming**
**resources**
**£**
**Unrestricted funds**
General fund
**237,784**|**Resources**
**expended**
**£**
**(244,970)**|**Movement**
**in funds**
**£**
**(7,186)**|
|**TOTAL FUNDS**
**237,784**|**(244,970)**|**(7,186)**|
|**Comparatives for movement in funds**
**At 1.4.21**
**£**
**Unrestricted funds**
General fund
276,882|**Net**
**movement**
**in funds**
**£**
43,042|**At**
**31.3.22**
**£**
319,924|
|**TOTAL FUNDS**
276,882|43,042|319,924|
|Comparative net movement in funds, included in the above are as follows:
**Incoming**
**resources**
**£**
**Unrestricted funds**
General fund
222,286|**Resources**
**expended**
**£**
(179,244)|**Movement**
**in funds**
**£**
43,042|
|**TOTAL FUNDS**
222,286|(179,244)|43,042|
Page 13
continued...
## **SUNRISE EDUCATION TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2023**
## **15. 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 1.4.21**
**in funds**
**£**
**£**
276,882
35,856
276,882
35,856|**At**
**31.3.23**
**£**
312,738
312,738|
|---|---|---|
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**
**£**
**£**
**£**
460,070
(424,214)
35,856
460,070
(424,214)
35,856|
|---|---|
## **16. 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 £2,100 (2022-£1,805)
## **17. OTHER FINANCIAL COMMITMENTS**
Government grants
The amounts recognised in the financial statements for government grants are as follows: 2023 2022 £ £ Recognised in income from donations and legacies: Government grants income £8,300 £33,373
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continued...
**SUNRISE EDUCATION TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2023**
## **18. RELATED PARTY DISCLOSURES**
There were no related party transactions for the year ended 31 March 2023 and 2022
Page 15