OpenCharities

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator.

2021-03-31-accounts

SOUTH ASIAN CONCERN CHARITABLE TRUST

Charity Number: 1002270

ANNUAL REPORT & FINANCIAL STATEMENTS

FOR THE YEAR ENDED

31ST MARCH 2021

South Asian Concern Charitable Trust Legal and Administration

Current Trustees:

Principal Address:

Independent Examiner:

Bankers:

Investment Manager:

Ram Gidoomal Sunita Gidoomal Suneel Shivdasani

7 Mulgrave Chambers 26 Mulgrave Road Sutton Surrey SM2 6LE

M P Fiscal Solutions 71-75 Shelton Street Covent Garden London WC2H 9JQ United Kingdom

HSBC 75-77 High Street Sutton Surrey SM1 1DU

CAF Bank 25 Kings Hill Avenue Kings Hill West Malling ME19 4JQ CCLA Investment Management Limited Senator House 85 Queen Victoria Street London EC4V 4ET

Chair

Page:2

South Asian Concern Charitable Trust Trustees Report For the year ended 31st March 2021

The trustees present their report and financial statements of the charity for the year ended 31 March 2021. 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). The board of trustees are satisfied with the performance of the charity during the year and the position at 31st March 2021 and consider that the charity is in a strong position to continue its activities during the coming year, and that the charity's assets are adequate to fulfil its obligations.

TRUSTEES

The trustees named on page 1 have continued throughout the year.

Appointment of Trustees is governed by the Trust Deed of the charity. The Board of Trustees is authorised to appoint new Trustees to fill vacancies arising through resignation or death of an existing Trustee, following good practice in accordance with Charity Commission guidelines. New Trustees are invited to attend a short induction session to familiarise themselves with the charity and also their responsibilities under the Charities Act.

The Missions Co-ordinator to whom day to day administration of the charity was delegated by the Trustees is Celia Avinash, working under supervision of the Trustees.

INVESTMENT POWERS

The Trust Deed authorises the Trustees to make and hold investments using the general funds of the charity.

CONSTITUTION, OBJECTS AND POLICIES

The charity is constituted by a Trust Deed dated 31 May 1990 and its objects are to apply funds for charitable purposes in England or elsewhere.

PRINCIPAL ACTIVITIES

South Asian Concern's aim is to encourage, enable and equip followers of Jesus Christ to bring about holistic transformation of individuals and communities across South Asia and the South Asian Diaspora. In particular our focus in South Asia is on Kachhwa Transformational Ministries in Uttar Pradesh and the School of Biblical Teaching in India and Nepal. Highlights from the past year include:

●Co-ordinating and undertaking research in the Diaspora, particularly Spain and the Canary Islands, in order to support cross cultural training, encourage prayer and connect people for effective outreach to South Asians.

●Discussions with the School of Biblical Teaching in India regarding curriculum and training activities, including visits to training programmes.

The Trustees are satisfied with the results and activities during the year in terms of the objectives of the charity, particularly in the areas of keeping supporters updated regarding the projects in India and encouraging prayer and financial support. The Trustees continue to regularly monitor the financial position in view of the underlying deficit caused by the gap between core expenditure and regular income and donations. The major proportion of the charity’s income consists of restricted donations for partner projects in South Asia. However, we continue to work on strengthening the financial basis of the charity, and in particular to cover the core costs involved in providing our charitable services.

Page:3

South Asian Concern Charitable Trust Trustees Report For the year ended 31st March 2021

PLANS FOR THE COMING YEAR

In accordance with our aim, our priorities are to support churches, organisations and individuals engaged in holistic transformation of individuals and communities in South Asia (particularly north India) and the Diaspora. In particular our focus in South Asia is on Kachhwa Transformational Ministries in Uttar Pradesh and the School of Biblical Teaching in India and Nepal. Planned activities include:

RESERVES POLICY

The Trustees have developed a policy which aims to distribute income in the form of support to programmes of work. It is anticipated that any surplus income, at the close of the year, would be distributed during the following year while retaining sufficient funds to meet the charity’s stated or planned commitments.

We have two categories of reserves:

The Restricted Funds represent amounts subject to specific conditions imposed by donors.

The Unrestricted General fund represents amounts that we aim to maintain as reserves to cover a contingency fund of six month’s costs to cover the Trust’s expenditure for the next financial period. This policy is reviewed annually.

THE CHARITY AND OTHER RELATED PARTIES

The charity is related to the Winning Communications Partnership Limited by deed of covenant. There are no other related parties.

FREEHOLD PROPERTY

Freehold property is situated at 50 Grove Road, Sutton, Surrey SM1 4BT and has an estimated current market value on 31 March 2011 of between £180,000 and £220,000.

PUBLIC BENEFIT

We have referred to the Charity Commission’s general guidance on public benefit when reviewing our aims and objectives and planning our future activities. In particular the Trustees consider how planned activities will contribute to the aims and objectives of the charity and are confident that our activities during the past year have been for the public benefit.

Page:4

South Asian Concern Charitable Trust Trustees Report For the year ended 31st March 2021

STATEMENT OF TRUSTEES’ RESPONSIBILITIES

Law applicable to charities in England and Wales requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the charity’s financial activities during the year and of its financial position at the end of the year.

In preparing these financial statements the Trustees are required to

The Trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 1993. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

KEY CONTROLS USED BY THE CHARITY

The charity follows good practice guidelines appropriate to charities of its size. These include

Governance

Finance

Trustees are responsible to

Compliance with the law and regulations.

The trustees ensure up-to-date knowledge of charity requirements, employment laws and taxation requirements.

INDEPENDENT EXAMINER

MP Fiscal Solutions were appointed as the charity’s examiners during the year.

This report has been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities (issued in March 2005) and in accordance with the Charities Act 2016.

Ram Gidoomal

RAM GIDOOMAL

Chairman 7 Mulgrave Chambers 26 Mulgrave Road Sutton Surrey SM2 6LE Date:

Page:5

Independent Examiner's Report to the trustees of South Asian Concern Charitable Trust

I report on the accounts of South Asian Concern Charitable Trust for the year ended 31 March 2021 which comprise the Statement of Financial Activities, the Balance Sheet and the related notes.

Respective responsibilities of Trustees and Examiner

The charity's trustees are responsible for the preparation of the accounts. The charity's trustees consider that an audit is not required for this year under section 144(2) of the Charities Act 2011 (the 2011 Act) and that an independent examination is needed.

Having satisfied myself that the charity is not subject to audit under charity law and is eligible for independent examination, it is my responsibility to:

Basis of independent examiner's report

My examination was carried out in accordance with the general Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit and consequently no opinion is given as to whether the accounts present a 'true and fair view' and the report is limited to those matters set out in the statement below.

Independent Examiner’s Statement

In connection with my examination, no matter has come to my attention:-

have not been met; or

Manish Panjabi

Manish Panjabi

M P Fiscal Solutions 71-75 Shelton Street Covent Garden London WC2H 9JQ United Kingdom

Page:6

South Asian Concern Charitable Trust Statement of Financial Activities

(including Income and Expenditure Account) For the year ended 31st March 2021

Notes
Income and endowments from:
Donations and legacies
Donations and collections at service
Other trading income
5
Investment income
6
Total income and endowments
Expenditure on:
Raising funds
Charitable activities
Donations, activities, staff salaries
and volunteer expenses
Total expenditure
Net Income/ (Expenditure) before
gains and losses on investments
Net gains/(losses) on investments
9
Net Income/ (Expenditure) for the year
Net gains/(losses) on the revaluation
of fixed assests
Net movement in funds
Reconciliation of Funds
Fund balances brought forward at
1st April 2020
Fund balances carried forward at
31st March 2021		 Unrestricted
Funds
£
28,939
231
32,084
61,254
147
33,135
33,282		 Restricted
Funds
£
84,704
84,704
61,245
61,245
23,459
23,459
23,459
130,650
154,109		 Total
2021
£
113,642
231
32,084
145,957
147
94,380
94,527
51,431
972
52,402
-
52,402
311,134
363,536		 Total
2020
£
141,315
171
32,252
173,738
905
89,072
89,977
27,972
972
28,943
-
28,943
180,484
209,427		 83,761
2,094
85,855
-
85,855
225,279
311,134

All transactions are derived from continuing activities.

All recognised gains and losses are included in the Statement of Financial Activities.

Page:7

South Asian Concern Charitable Trust Statement of Financial Activities

(including Income and Expenditure Account) For the year ended 31st March 2020

Notes
Income and endowments from:
Donations and legacies
Donations and collections at service
Other trading income
5
Investment income
6
Total income and endowments
Expenditure on:
Raising funds
Charitable activities
Donations, activities, staff salaries
and volunteer expenses
Total expenditure
Net Income/ (Expenditure) before
gains and losses on investments
Net gains/(losses) on investments
9
Net Income/ (Expenditure) for the year
Net gains/(losses) on the revaluation
of fixed assests
Net movement in funds
Reconciliation of Funds
Fund balances brought forward at
1st April 2019
Fund balances carried forward at
31st March 2020		 Unrestricted
Funds
£
51,525
171
32,252
83,948
905
46,703
47,608		 Restricted
Funds
£
89,790
89,790
42,369
42,369
47,421
47,421
47,421
83,229
130,650		 Total
2020
£
141,315
171
32,252
173,738
905
89,072
89,977
36,339
2,094
38,434
-
38,434
142,050
180,484		 83,761
2,094
85,855
-
85,855
225,279
311,134

All transactions are derived from continuing activities.

All recognised gains and losses are included in the Statement of Financial Activities.

Page:8

South Asian Concern Charitable Trust Balance Sheet at 31st March 2021

Notes
Fixed Assets
Tangible assets
7
Investments
Investments
8
Programme related investments
9
Current Assets
Debtors and prepayments
10
Cash at bank and in hand
Creditors: Amounts falling due
within one year
11
Net Current Assets
Net Assets
Funds
13
Restricted funds
Unrestricted Funds
Revaluation reserve		 2021
£
15,538
59,763
11,784
195,458
207,242
(1,507)		 2021
2020
£
£
82,500
15,520
75,301
58,791
11,515
142,208
153,722
(900)
205,735
363,536
154,109
208,456
972
363,536		 2020
£
84,000
74,311
152,822
311,134
130,650
178,389
2,094
311,134

13/12/21 Approved by the trustees on __ and signed on their behalf by:-

Ram Gidoomal

Suneel Shivdasani

___ _____ Chair Trustee

Page:9

South Asian Concern Charitable Trust Statement of Cash Flow for the year ended 31st March 2021

Cash flows from operating activities
Net income per Statement of Financial Activities
Adjustments for:
Depreciation of property, plant and equipment
Dividends, interest and rents from investments
Other gains/losses
Decrease in trade and other receivables
Increase in trade and other payables
Net cash used in operating activities
Cash flows from investing activities
Dividends, interest and rents from investments
Net cash from investing activities
Net cash from financing activities
Net increase in cash and cash equivalents
Cash and cash equivalents at the beginning of the year
Cash and cash equivalents at the end of the year
Components of cash and cash equivalents
Cash and bank balances		 2021
£
52,402
1,500
(32,084)
(990)
(270)
607
21,166
32,084
53,250
-
53,250
142,208
195,458
195,458
195,458		 2020
£
85,855
1,500
(32,252)
2,094
(5,162)
(1,638)
50,397
32,252
82,649
-
82,649
59,558
142,208
142,208
142,208

Page:10

South Asian Concern Charitable Trust Notes to the Financial Statements For the year ended 31st March 2021

1 Accounting Policies

Basis of preparation of financial statements

The financial statements have been prepared in accordance with 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 if Ireland (FRS 102) - Charities SORP (FRS 102) (effective 1 January 2015) - the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.

Change in basis of accounting or to previous accounts

There has been no change to the accounting policies (valuation rules and method of accounting) since last year and no changes have been made to accounts for previous years.

Going Concern

The charitable activities are entirely dependent on continuing grant aid and voluntary donations as well as trading revenues. As a consequence, the going concern basis is dependent on the future flow of these uncertain funding streams. Accordingly, the Trustees have obtained forecasts and, after reviewing the financial forecasts for future periods to 31 March 2022, the Trustees are satisfied that, at the time of approving the financial statements, it is appropriate to adopt the going concern basis in preparing the financial statements. Other than these matters, the Trustees are not aware of any material uncertainites about the charity's ability to continue as a going concern.

Fund accounting

Unrestricted funds comprise accumulated surpluses and deficits on general funds. They are available for use at the discretion of the Trustees in furtherance of the general charitable objectives.

Designated funds are amounts which the Executive Committee have decided at their discretion to set aside for use for a specific purpose.

Revaluation funds are unrestricted funds which include a revaluation reserve representing the restatement of investment assets at their market values

Restricted funds are funds that are to be used in accordance with specific restrictions imposed by the donors or which have been raised by the charity for specific purpose. The cost of raising and administering such funds is charged against the specific fund.

Incoming recognition

Income represents the total income receivable during the year comprising grants, donations and gifts, merchandise and publications, and investment income. Income, whether from exchange or non exchange transactions, is recognised in the statement of financial activities (SOFA) on a receivable basis, when a transaction or other event results in an increase in the charity’s assets or a reduction in its liabilities and only when the charity has legal entitlement, the income is probable and can be measured reliably.

Income subject to terms and conditions which must be met before the charity is entitled to the resources is not recognised until the conditions have been met.

Donations, grants and gifts are recognised when receivable. In the event that a donation is subject to fulfilling performance conditions before the charity is entitled to the funds, the income is deferred and not recognised until it is probable that those conditions will be fulfilled in the reporting period.

Page:11

South Asian Concern Charitable Trust Notes to the Financial Statements For the year ended 31st March 2021 (Continued)

Donated goods that are not fixed assets are accounted for at a fair value, unless it is impractical to reliably measure the value of the donated items.

In the absence of any direct evidence of fair value of donated goods, then a value is derived from the cost of the item to the donor or, in the case of goods that are expected to be sold, the estimated resale value after deducting any anticipated costs of sales.

If it is impracticable to measure the fair value of goods donated for resale, or the costs of valuation outweigh the benefits, the donated goods are recognised as income when sold, with an equivalent amount being recognised as an expense. The costs of goods donated for distribution to beneficiaries is deemed to be the fair value of those goods upon receipt. When the goods are distributed freely or for a nominal consideration, then the carrying amount is adjusted at the time of sale, to the value at the point of distribution and the adjustment is shown as a cost of donations made.

The carrying amount of any stock held for distribution is assessed for impairment at the reporting date. All donated goods are recognised as donation income, and debited to trading stock.When trading stock is subsequently sold, or appropriated to meet an expense, then the carrying value of the stock is recognised as an expense. In accordance with the SORP, goods donated for distribution to beneficiaries, or for consumption by the charity are included in 'legacies and donations'. Goods donated for resale are included in 'Income from other trading activities'.

The cost of any stock of goods donated for distribution to beneficiaries is deemed to be the fair value of those gifts at the time of their receipt. If the goods held are to be distributed freely or for a nominal consideration, then the carrying amount is subsequently adjusted to reflect the lower of deemed cost adjusted for any loss of service potential and replacement cost. Replacement cost is the economic cost incurred if the charity was to replace the service potential of the donated goods at its own expense in the most economic manner.

Donated services and facilities (including seconded staff and use of property) are included in the accounts on the basis of the value of the gift to the charity.

All donated services and facilities are recognised as donation income when received,(provided the value of the gift can be measured reliably) and recognised as an expense with an equivalent value.The value of any volunteer help received is not included in the accounts.

Expenditure

Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probably that a settlement is required and the amount of the obligation can be measured reliably. All expenditure is accounted for on an accruals basis. Expenditure includes VAT which cannot be fully recovered, and is reported as part of the expenditure to which it relates.

Costs of raising funds comprise the fundraising costs and publicity activities incurred seeking donations and grants for the charity and their associated support costs.

Charitable expenditure comprises those costs incurred by the charity in the delivery of its activity. It includes donations made to organisations and costs incurred in the operation of projects and programmes together with their associated support costs.

All grant expenditure is accounted for on an actual paid basis plus an accrual for grants that have been approved by the trustees at the end of the year but not yet paid.

Support costs comprise those costs which are incurred directly in support of expenditure on the objects of the charity and include governance, premises, marketing and general office costs. Governance costs are those costs associated with meeting the constitutional and statutory requirements of the charity and include the audit fees and costs linked to the strategic management of the charity.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Page:12

South Asian Concern Charitable Trust Notes to the Financial Statements For the year ended 31st March 2021 (Continued)

1 Accounting Policies (continued)

Pension Costs

The charity makes payments to personal pension plans of certain employees. The costs are charged to the Statement of Financial Activities for the period to which they relate.

Tangible fixed assets and depreciation

Depreciation is calculated to write off the cost of fixed assets over their estimated useful lives

Freehold property 1% on cost Office equipment & fittings 25% per annum on reducing balance

Leases

Rentals under operating leases are charged to the Statement of Financial Activities as they fall due.

Financial Instruments

Investments

Fixed Asset Investments

Fixed asset investments in quoted shares, traded bonds, investment properties and similar investments are shown initially at cost upon acquisition and at their market value at the balance sheet date at the end of the financial period. Investment properties are not depreciated.

Fixed asset investments in unlisted equities are shown at the balance sheet date at the best estimate of their market value, where practicable. Where valuation techniques are considered unreliable or where, in the opinion of the trustees, the costs outweigh the benefits to the users of the accounts, the investment is included at cost, and a review is undertaken at each year end as to whether the asset should be written down.

Social Investments

Any realised gains or losses on any programe related investment assets are included in the Statement of Financial Activities (The SOFA). All gains on other social investments, whether realised or unrealised, are included in the Statement of Financial Activities

Cash and cash equivalents

Cash and cash equivalents include cash at bank and in hand and short term deposits with a maturity date of three months or less.

Debtors and creditors

Debtors and creditors receivable or payable within one year of the reporting date are carried at their transaction price. Debtors and creditors that are receivable or payable in more than one year and not subject to a market rate of interest are measured at the represent value of the expected future receipts or payment discounted as a market rate of interest.

Critical accounting estimates and areas of judgement

In preparing financial statements it is necessary to make certain judgements, estimates and assumptions that affect the amounts recognised in the financial statements.

In the view of the trustees in applying the accounting policies adopted, no judgements were required that have a significant effect on the amounts recognised in the financial statements nor do any estimates or assumptions made carry a significant risk of material adjustment in the next financial year.

2 Net Movement in Funds

Net Movement in Funds
The net movement in funds is stated after charging:
Depreciation
Independent Examiner's fees		 2021
£
0
900		 2020
£
1,500
900

Page:13

South Asian Concern Charitable Trust Notes to the Financial Statements For the year ended 31st March 2021 (Continued)

3 Employees and Staff Costs

Employees and Staff Costs
In aggregate the number of full and part time persons
employed during the year was:
Staff members
Staff costs were as follows:
Salaries and wages
National insurance
Pension scheme		 2021
Number
1
£
11,500
-
460
11,960		 2020
Number
3
£
21,478
-
1,282
42,529

No employee received in excess of £60,000 during the year (2020-£nil).

No members of the Executive Committee received remuneration for their services during the year (2020 - £nil). No member of the Executive Committee received expenses during the year (2020 - £2,130).

5 Other trading income

Other trading income
Sale of books, cassettes and compact discs
Investment income
Rents received
Bank Interest received
Tangible Assets
Cost
At 1st April 2020
Additions
Disposals
At 31st March 2021
Depreciation
At 1st April 2020
Charge for the year
At 31st March 2021
Net Book Value
At 31st March 2021
At 31st March 2020		 Freehold
Building
£
150,000
150,000
66,000
1,500
67,500
82,500
84,000		 2021
£
231
231
2021
£
32,000
84
32,084
Office
Equipment
and Fittings
£
3,798
3,798
3,798
3,798
-
-		 2020
£
171
171
2020
£
32,000
252
32,252
Total
£
153,798
-
-
153,798
68,298
1,500
69,798
82,500
84,000

6 Investment income

Page:14

South Asian Concern Charitable Trust Notes to the Financial Statements For the year ended 31st March 2021 (Continued)

8
Investments
Cash deposits
There were no investment assets outside the UK.
Investments (neither listed nor unlisted) were as follows:
9
Programme related investments
Market value
At 1 April 2020
Revaluations
At 31 March 2021
Net book value
At 31 March 2020
At 31 March 2021
10
Debtors
Sundry debtors
Prepayments
11
Creditors: Amounts falling due
within one year
Sundry creditors
Accruals and deferred income
12
Analysis of Net Assets between Funds
Tangible assets
Investments
Net Current assets
Total net assets		 Unrestricted
Funds
£
82,500
-
126,927
209,427		 2021
£
15,538
15,538
Equity
£
58,791
972
59,763
58,791
59,763
2021
£
10,587
1,197
11,784
2021
£
607
900
1,507
Restricted
Funds
£
75,301
78,808
154,109		 2020
£
15,520
15,520
Totals
£
58,791
972
59,763
58,791
59,763
2020
£
10,847
667
11,515
2020
£
0
900
900
Total
Funds
£
82,500
75,301
205,735
363,536

Page:15

South Asian Concern Charitable Trust Notes to the Financial Statements For the year ended 31st March 2021 (Continued)

13 Analysis of Funds

Restricted Funds
Conferences Fund
Bible Teaching & Training programmes
Education Programmes for slum children
Special Appeals - COVID-19
Small restricted projects
Unrestricted Funds
General Funds
Fixed assets
Unrestricted Funds
Holistic Outreach programmes inc
healthcare & education		 Balance at
01st Apr.
2020
£
15,517
32,806
60,971
10,699
10,657
130,650
Balance at
01st Apr.
2020
£
96,484
84,000
180,484		 Incoming
Resources
£
-
11,295
34,834
6,516
15,561
16,498
84,704
(Deficit)/
Surplus
for the year
£
30,443
30,443		 Expenditure
£
-
-
(25,771)
(7,045)
(15,556)
(12,873)
(61,245)
-
Transfers
£
-		 Transfers
£
-
Utilised/
Realised
£
(1,500)
(1,500)		 Balance at
31st Mar.
2021
£
15,517
44,101
70,034
10,170
5
14,282
154,109
Balance at
31st Mar.
2021
£
126,927
82,500
209,427

The fixed asset fund represents the net book value of the fixed assets.

Page:16