REGISTERED CHARITY NUMBER: 284833
TRUSTEES' REPORT AND
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
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 2024
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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 14
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SUNRISE EDUCATION TRUST
REFERENCE AND ADMINISTRATIVE DETAILS FOR THE YEAR ENDED 31 MARCH 2024
TRUSTEES
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
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SUNRISE EDUCATION TRUST
TRUSTEES' REPORT FOR THE YEAR ENDED 31 MARCH 2024
The trustees present their report with the financial statements of the charity for the year ended 31 March 2024. 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:
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To develop children with full personalities and a broad prejudice free perspective
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To teach love and respect for all forms of life
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To build character based on strong moral and social values
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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
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To develop the sensory and motor organs through dance, yoga, sports and games
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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 £ 4,622 ( 2023 - £ 8,300) in grants and made surplus of £ 13,361 (deficit 2023 - £ 7,186)
The fees receivable amounted to £ 317,474 ( 2023 £ 221,844). The number of students on averages was 48 compared 2023 -39.
There were no fund raising events during the year. 2023 - Nil
The kitchen was used to prepare fresh samosas and sales amounted to £ 1,304 (2023- £945) There were parental volunteers in the kitchen.
The trust has donated £1,500 during the year (2023- £ Nil).
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 for the year ended 31 March 2024 was £13,36 (deficit 2023- £7,186).
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.
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SUNRISE EDUCATION TRUST
TRUSTEES' REPORT FOR THE YEAR ENDED 31 MARCH 2024
FUTURE PLANS The Trustees intend to:
Expand staff numbers through two apprenticeships for Level 3 in Childcare in order to open up the baby room in Tottenham.
To take Stoke Newington Manager out of the frontline childcare by providing adequate qualified staff.
Provide contingency staff to provide cover for staff sickness or unexpected absence.
To carry out extensive repairs to Tottenham premises including roof repair and buggy shelter for front yard.
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 3 December 2024 and signed on its behalf by:
A E Lovage - Trustee
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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 2024.
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
Since your charity's gross income exceeded £250,000 your examiner must be a member of a listed body. I can confirm that I am qualified to undertake the examination because I am a member of the Institute of Chartered Accountants in England and Wales, which is one of the listed bodies.
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:
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accounting records were not kept in respect of the Trust as required by Section 130 of the Act; or
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the accounts do not accord with those records; or
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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
3 December 2024
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SUNRISE EDUCATION TRUST
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2024
| 2024 Unrestricted fund Notes £ INCOME AND ENDOWMENTS FROM Donations and legacies 3 11,630 Charitable activities 6 Charitable activities 317,474 Other trading activities 4 1,304 Investment income 5 540 Other income 1,629 Total 332,577 EXPENDITURE ON Charitable activities 7 Charitable activities 317,716 Other 1,500 Total 319,216 NET INCOME/(EXPENDITURE) 13,361 RECONCILIATION OF FUNDS Total funds brought forward 312,738 TOTAL FUNDS CARRIED FORWARD 326,099 |
2023 Total funds £ 10,870 221,844 945 176 3,950 237,785 244,971 - 244,971 (7,186) 319,924 312,738 |
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CONTINUING OPERATIONS
All income and expenditure has arisen from continuing activities.
The notes form part of these financial statements
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SUNRISE EDUCATION TRUST
STATEMENT OF FINANCIAL POSITION 31 MARCH 2024
| 2024 Unrestricted fund Notes £ FIXED ASSETS Tangible assets 12 202,826 CURRENT ASSETS Debtors 13 34,400 Cash at bank and in hand 123,407 157,807 CREDITORS Amounts falling due within one year 14 (34,534) NET CURRENT ASSETS 123,273 TOTAL ASSETS LESS CURRENT LIABILITIES 326,099 NET ASSETS 326,099 FUNDS 15 Unrestricted funds: General fund 326,099 TOTAL FUNDS 326,099 |
2023 Total funds £ 211,100 40,789 93,114 133,903 (32,265) 101,638 312,738 312,738 312,738 312,738 |
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The financial statements were approved by the Board of Trustees and authorised for issue on 3 December 2024 and were signed on its behalf by:
A E Lovage - Trustee
The notes form part of these financial statements
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SUNRISE EDUCATION TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
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 2024
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 pension plans
Pension 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 2024
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
| 3. DONATIONS AND LEGACIES |
|
|---|---|
| Donations Grant received |
2024 2023 £ £ 7,008 2,570 4,622 8,300 |
| 11,630 10,870 |
|
| 4. OTHER TRADING ACTIVITIES Kitchen income |
2024 2023 £ £ 1,304 945 |
| 5. INVESTMENT INCOME Income from cash investments |
2024 2023 £ £ 540 176 |
| 6. INCOME FROM CHARITABLE ACTIVITIES Activity Fees Charitable activities |
2024 2023 £ £ 317,474 221,844 |
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SUNRISE EDUCATION TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024
7. CHARITABLE ACTIVITIES COSTS
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|---|---|---|---|
|Support|
|Direct|costs (see|
|Costs|note 8)|Totals|
|£|£|£|
|Charitable activities|315,616|2,100|317,716|
|SUPPORT COSTS|
|Governance|
|costs|
|£|
|Charitable activities|2,100|
|Support costs, included in the above, are as follows:|
|2024|2023|
|Charitable|Total|
|activities|activities|
|£|£|
|Bank charges|-|11|
|Independent examiner's fee|600|600|
|Accountancy|1,500|1,575|
|Legal & professional|-|322|
|2,100|2,508|
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8. SUPPORT COSTS
9. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31 March 2024 nor for the year ended 31 March 2023.
Trustees' expenses
There were no trustees' expenses paid for the year ended 31 March 2024 nor for the year ended 31 March 2023.
10. STAFF COSTS
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|2024|2023|
|£|£|
|Wages and salaries|246,079|188,559|
|Other pension costs|3,886|2,100|
|249,965|190,659|
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The average monthly number of employees during the year was as follows:
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|---|---|---|
|2024|2023|
|Employees|18|20|
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No employees received emoluments in excess of £60,000.
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SUNRISE EDUCATION TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024
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 Total EXPENDITURE ON Charitable activities Charitable activities NET INCOME/(EXPENDITURE) RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD TANGIBLE FIXED ASSETS COST At 1 April 2023 and 31 March 2024 DEPRECIATION At 1 April 2023 Charge for year At 31 March 2024 NET BOOK VALUE At 31 March 2024 At 31 March 2023 |
Freehold Plant and property machinery £ £ 393,455 4,208 183,460 3,653 7,869 222 191,329 3,875 202,126 333 209,995 555 |
Unrestricted fund £ 10,870 221,844 945 176 3,950 237,785 244,971 (7,186) 319,924 312,738 Fixtures and fittings Totals £ £ 12,405 410,068 11,855 198,968 183 8,274 12,038 207,242 367 202,826 550 211,100 |
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12. TANGIBLE FIXED ASSETS
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SUNRISE EDUCATION TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024
13. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
| Trade debtors Other debtors Prepayments 14. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Trade creditors Taxation and social security Other creditors 15. 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 |
2024 2023 £ £ 21,653 26,800 1,725 1,900 11,022 12,089 34,400 40,789 2024 2023 £ £ 6,984 14,385 5,397 645 22,153 17,235 34,534 32,265 Net movement At At 1.4.23 in funds 31.3.24 £ £ £ 312,738 13,361 326,099 312,738 13,361 326,099 Incoming Resources Movement resources expended in funds £ £ £ 332,577 (319,216) 13,361 332,577 (319,216) 13,361 |
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SUNRISE EDUCATION TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024
15. MOVEMENT IN FUNDS - continued
Comparatives for 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 |
| Comparative net movement in funds, included in the above are as follows: Incoming resources £ Unrestricted funds General fund 237,785 |
Resources expended £ (244,971) |
Movement in funds £ (7,186) |
| TOTAL FUNDS 237,785 |
(244,971) | (7,186) |
A current year 12 months and prior year 12 months combined position is as follows:
| Unrestricted funds General fund TOTAL FUNDS |
Net movement At 1.4.22 in funds £ £ 319,924 6,175 319,924 6,175 |
At 31.3.24 £ 326,099 326,099 |
|---|---|---|
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 £ £ £ 570,362 (564,187) 6,175 570,362 (564,187) 6,175 |
|---|---|
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SUNRISE EDUCATION TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024
16. EMPLOYEE BENEFIT OBLIGATIONS
Pension and other post retirement benefits
Defined contributions pension plans
The amount recognised in income or expenditure as an expense in relation to defined contribution plans was £3,886 (2023-£2,100)
17. OTHER FINANCIAL COMMITMENTS
Government grants
The amounts recognised in the financial statements for government grants are as follows: 2024 2023
£ £ Recognised in income from donations and legacies: Government grants income £4,622 £8,300
18. RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 31 March 2024 and 2023
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