0 false false false false false false true false false false false false true No description of principal activity 2022-06-01 Sage Accounts Production Advanced 2023 - FRS102_2023_Charity xbrli:pure xbrli:shares iso4217:GBP 13400495 2022-06-01 2023-05-31 13400495 2023-05-31 13400495 2022-05-31 13400495 2021-05-16 2022-05-31 13400495 2022-05-31 13400495 2021-05-15 13400495 bus:LeadAgentIfApplicable 2022-06-01 2023-05-31 13400495 char:Trustee1 2022-06-01 2023-05-31 13400495 char:Trustee2 2022-06-01 2023-05-31 13400495 char:Trustee3 2022-06-01 2023-05-31 13400495 char:Trustee4 2022-06-01 2023-05-31 13400495 char:Trustee5 2022-06-01 2023-05-31 13400495 char:TotalUnrestrictedFunds 2022-05-31 13400495 char:TotalUnrestrictedFunds 2023-05-31 13400495 char:TotalUnrestrictedFunds 2022-05-31 13400495 char:TotalUnrestrictedFunds 2022-06-01 2023-05-31 13400495 char:TotalUnrestrictedFunds 2021-05-16 2022-05-31 13400495 core:WithinOneYear 2023-05-31 13400495 core:WithinOneYear 2022-05-31 13400495 bus:SmallEntities 2022-06-01 2023-05-31 13400495 bus:AuditExemptWithAccountantsReport 2022-06-01 2023-05-31 13400495 bus:SmallCompaniesRegimeForAccounts 2022-06-01 2023-05-31 13400495 bus:PrivateLimitedCompanyLtd 2022-06-01 2023-05-31 13400495 bus:FullAccounts 2022-06-01 2023-05-31 13400495 bus:CompanySecretary1 2022-06-01 2023-05-31
COMPANY REGISTRATION NUMBER: 13400495
CHARITY REGISTRATION NUMBER: XXXXXXX
Olive Educational Trust
Company Limited by Guarantee
Unaudited Financial Statements
31 May 2023
Olive Educational Trust
Company Limited by Guarantee
Financial Statements
Year ended 31 May 2023
Page
Trustees' annual report (incorporating the director's report)
1
Independent examiner's report to the trustees
4
Statement of financial activities (including income and expenditure account)
5
Statement of financial position
6
Notes to the financial statements
7
Olive Educational Trust
Company Limited by Guarantee
Trustees' Annual Report (Incorporating the Director's Report)
Year ended 31 May 2023
The trustees, who are also the directors for the purposes of company law, present their report and the unaudited financial statements of the charity for the year ended 31 May 2023 .
Reference and administrative details
Registered charity name
Olive Educational Trust
Charity registration number
XXXXXXX
Company registration number
13400495
Principal office and registered
Unity House
office
Fletcher Street
Bolton
England
BL3 6NE
The trustees
Mr E K Bassa
Mr H R Y Patel
Mr S I Patel
Mr S U M Patel
Mr D Vali
Independent examiner
Mark Illingsworth
The Old Mill,
9 Soar Lane
Leicester
LE3 5DE
Structure, governance and management
Olive Educational Trust is a Charitable company limited by guarantee registered in England and Wales company number (no. 13400495).
Olive Educational Trust has the following charitable objective:
To advance the public education and provide leisure facilities to improve the living conditions of the inhabitants of UK and India by providing funds to the educational institutions and remove poverty by paying the school fees of the needy students without distinction of race, gender, sexual orientation, religion, political opinion or by any other association.
Ultimately, we are governed by a board of trustees, who oversee all the Olive Educational Trust s's activities and are responsible for ensuring that we comply with all relevant legal and constructive requirements. The Trustees give their time and expertise on a voluntary basis and are entirely unwaged.
Olive has its own board of directors. To offer their skills and expertise on a voluntary basis.
Objectives and activities
The objectives of the Trust are:
1. To promote and support education.
2. Ensuring clarity of vision, ethos and strategic direction for the Trust and its associated educational activities.
3. Holding the executive leadership of the educational and vocational programmes supported by the Trust.
4. Overseeing the financial performance of the Trust and ensuring that its money is well spent and directed towards achieving its key educational objectives.
5. Ensuring compliance with the trust's charitable objectives and with company and charity law.
Operation of the Trust
1. Supporting educational and school's programmes in the United Kingdom and overseas.
2. In particular, focus on and promote educational programmes to ensure equality of opportunity for all.
3. To develop the intellectual and good moral qualities through divine guidance in a secure environment enriched with the values of discipline, mutual care, and respect, which extends beyond the campus into the wider community.
4. To provide accessible, affordable and the nest educational programmes through a unique blend of curricular and experiential learning structure.
5. To enhance the commitment of staff members in creating and sustaining a supportive and focused environment throughout the campus.
6. To promote holistic development of the students to face the emerging and futuristic challenges arising from complexities of the rapidly changing national and international scenario.
7. To encourage long-term, future based, solution oriented innovative thinking in students.
Achievements and performance
We have helped and supported:
1. VCT Schools in India.
2. Arts and Commerce College.
3. Nursery Education.
4. Secondary Schools.
5. Supported Higher Secondary School -Science & General Stream.
6. Girls Higher Secondary School -Science Stream.
7. Girls Primary Schools.
The Trust operates in some of most disadvantaged areas and supports the development of education to alleviate poverty. The Trust enables the transition from poverty through education to get gainful employment.
Financial review
The net income resources for the year amounted to £90,167 (2022: net expenditure £26,512). Total gross income during the year amounted to £131,505 (2022: £92,235).
The total assets exceeded the total liabilities, giving a total funds carried forward of £63,655.
Small company provisions
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
The trustees' annual report was approved on 15 February 2024 and signed on behalf of the board of trustees by:
Mr E K Bassa
Trustee
Charity Secretary
Olive Educational Trust
Company Limited by Guarantee
Independent Examiner's Report to the Trustees of Olive Educational Trust
Year ended 31 May 2023
I report to the trustees on my examination of the financial statements of Olive Educational Trust ('the charity') for the year ended 31 May 2023.
Responsibilities and basis of report
As the trustees of the company (and also its directors for the purposes of company law) you are responsible for the preparation of the financial statements 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 the 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:
1. accounting records were not kept in respect of the charity as required by section 386 of the 2006 Act; or
2. the financial statements do not accord with those records; or
3. the financial statements 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
4. the financial statements 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.
Mark Illingsworth Independent Examiner
The Old Mill, 9 Soar Lane Leicester LE3 5DE
Olive Educational Trust
Company Limited by Guarantee
Statement of Financial Activities
(including income and expenditure account)
Year ended 31 May 2023
Year to 31 May 23
Period from 16 May 21 to 31 May 22
Unrestricted funds
Total funds
Total funds
Note
£
£
£
Income and endowments
Donations and legacies
5
131,505
131,505
92,325
---------
---------
--------
Total income
131,505
131,505
92,325
---------
---------
--------
Expenditure
Expenditure on charitable activities
6,7
41,338
41,338
118,837
---------
---------
---------
Total expenditure
41,338
41,338
118,837
---------
---------
---------
---------
---------
---------
Net income/(expenditure) and net movement in funds
90,167
90,167
( 26,512)
---------
---------
---------
Reconciliation of funds
Total funds brought forward
( 26,512)
( 26,512)
---------
---------
---------
Total funds carried forward
63,655
63,655
( 26,512)
---------
---------
---------
The statement of financial activities includes all gains and losses recognised in the year.
All income and expenditure derive from continuing activities.
Olive Educational Trust
Company Limited by Guarantee
Statement of Financial Position
31 May 2023
2023
2022
Note
£
£
£
Current assets
Cash at bank and in hand
65,155
4,728
Creditors: amounts falling due within one year
11
1,500
31,240
--------
--------
Net current assets
63,655
( 26,512)
--------
--------
Total assets less current liabilities
63,655
( 26,512)
--------
--------
Net assets
63,655
( 26,512)
--------
--------
Funds of the charity
Unrestricted funds
63,655
( 26,512)
--------
--------
Total charity funds
12
63,655
( 26,512)
--------
--------
For the year ending 31 May 2023 the charity was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.
These financial statements were approved by the board of trustees and authorised for issue on 15 Feb 24 , and are signed on behalf of the board by:
Mr E K Bassa
Trustee
Olive Educational Trust
Company Limited by Guarantee
Notes to the Financial Statements
Year ended 31 May 2023
1. General information
The charity is a public benefit entity and a private company limited by guarantee, registered in England and Wales and a registered charity in England and Wales. The address of the registered office is Unity House, Fletcher Street, Bolton, England, BL3 6NE.
2. Statement of compliance
These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', the 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) (Charities SORP (FRS 102)) and the Companies Act 2006.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through income or expenditure.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
There are no material uncertainties about the charity's ability to continue.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Fund accounting
Unrestricted funds are available for use at the discretion of the trustees to further any of the charity's purposes.
Incoming resources
All income is 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.
Resources expended
Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure is classified under headings of the statement of financial activities to which it relates:
- expenditure on charitable activities includes all costs incurred by a charity in undertaking activities that further its charitable aims for the benefit of its beneficiaries, including those support costs and costs relating to the governance of the charity apportioned to charitable activities.
- 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 apprortioned between the activities they contribute to on a reasonable, justifiable and consistent basis.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the amount receivable or payable including any related transaction costs, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
4. Limited by guarantee
The company is limited by guarantee.
5. Donations and legacies
Unrestricted Funds
Total Funds 2023
Unrestricted Funds
Total Funds 2022
£
£
£
£
Donations
Donations
131,505
131,505
92,325
92,325
---------
---------
--------
--------
6. Expenditure on charitable activities by fund type
Unrestricted Funds
Total Funds 2023
Unrestricted Funds
Total Funds 2022
£
£
£
£
Charitable activity expenses
38,605
38,605
117,551
117,551
Support costs
2,733
2,733
1,286
1,286
--------
--------
---------
---------
41,338
41,338
118,837
118,837
--------
--------
---------
---------
7. Expenditure on charitable activities by activity type
Activities undertaken directly
Support costs
Total funds 2023
Total fund 2022
£
£
£
£
Charitable activity expenses
38,605
2,733
41,338
118,791
Governance costs
46
--------
-------
--------
---------
38,605
2,733
41,338
118,837
--------
-------
--------
---------
8. Analysis of support costs
Analysis of support costs
Total 2023
Total 2022
£
£
£
Support costs
2,733
2,733
1,286
-------
-------
-------
9. Independent examination fees
Period from
Year to
16 May 21 to
31 May 23
31 May 22
£
£
Fees payable to the independent examiner for:
Independent examination of the financial statements
1,340
1,000
-------
-------
10. Trustee remuneration and expenses
During the year no trustees received remuneration or were reimbursed for expenses.
11. Creditors: amounts falling due within one year
2023
2022
£
£
Accruals and deferred income
1,500
1,000
Other creditors
30,240
-------
--------
1,500
31,240
-------
--------
12. Analysis of charitable funds
Unrestricted funds
At 1 June 2022
Income
Expenditure
At 31 May 2023
£
£
£
£
General funds
(26,512)
131,505
(41,338)
63,655
--------
---------
--------
--------
At 16 May 2021
Income
Expenditure
At 31 May 2022
£
£
£
£
General funds
92,325
(118,837)
(26,512)
----
--------
---------
--------
13. Analysis of net assets between funds
Unrestricted Funds
Total Funds 2023
£
£
Current assets
65,155
65,155
Creditors less than 1 year
(1,500)
(1,500)
--------
--------
Net assets
63,655
63,655
--------
--------
Unrestricted Funds
Total Funds 2022
£
£
Current assets
4,728
4,728
Creditors less than 1 year
(31,240)
(31,240)
--------
--------
Net assets
(26,512)
(26,512)
--------
--------
14. Related parties
During the year the charity received donations from Munshi Trust UK of £30,000. The trustees of the charity Mr Dilaver Valli, Mr Haroon Rashid Yakub Patel, Mr Ebrahim Bassa and Mr Salim Ibrahim Patel were also trustees in the Munshi Trust UK. During the previous year the charity received an interest free loan from Munshi Trust UK amounting to £30,240. The unpaid loan (£30,000) was donated during the year and the balance outstanding at 31 May 2023 was £nil (2023: £30,240). During the year the charity made donations to Valli Charitable Trust in India of £38,605. The trustees of the charity Mr Dilaver Valli and Mr Haroon Rashid Yakub Patel were also trustees in the Valli Charitable Trust.