REGISTERED CHARITY NUMBER: 1032809
REPORT OF THE TRUSTEES AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023
FOR
INDIAN COMMUNITY CENTRE ASSOCIATION
Shah & Co (Accountants) Ltd Chartered Certified Accountants Cash's Business Centre 1st Floor 228 Widdrington Road Coventry West Midlands CV1 4PB
INDIAN COMMUNITY CENTRE ASSOCIATION
REPORT OF THE TRUSTEES 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 objective of the Centre, as set out in the constitution, is to serve the community.
STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document
The charity is controlled by its governing document, a deed of trust and constitutes an unincorporated charity.
REFERENCE AND ADMINISTRATIVE DETAILS
Registered Charity number
1032809
Principal address
Indian Community Centre 243 Cross Road Foleshill Coventry West Midlands CV6 5GP
Trustees
K Dhesi S S Sanghera T S Vraitch B Singh M S Bal A S Sanghera (appointed 22/7/2022) S Singh (appointed 22/7/2022) S J Singh (appointed 22/7/2022) R Singh (appointed 22/7/2022)
Independent Examiner
Shah & Co (Accountants) Ltd Chartered Certified Accountants Cash's Business Centre 1st Floor 228 Widdrington Road Coventry West Midlands CV1 4PB
Approved by order of the board of trustees on 12 February 2024 and signed on its behalf by:
S Singh - Trustee
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INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF INDIAN COMMUNITY CENTRE ASSOCIATION
Independent examiner's report to the trustees of Indian Community Centre Association
I report to the charity trustees on my examination of the accounts of Indian Community Centre Association (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:
-
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.
Shah and Co accountants ltd
Shah & Co (Accountants) Ltd Chartered Certified Accountants Cash's Business Centre 1st Floor 228 Widdrington Road Coventry West Midlands CV1 4PB
12 February 2024
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INDIAN COMMUNITY CENTRE ASSOCIATION
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2023
| Notes INCOME AND ENDOWMENTS FROM Donations and legacies Investment income 2 Total EXPENDITURE ON Raising funds Charitable activities Other trading activities Other Total NET INCOME RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD |
31.3.23 Unrestricted fund £ 138,528 31,980 170,508 36,752 94,343 21 131,116 39,392 1,484,015 1,523,407 |
31.3.22 Total funds £ 217,125 13,258 230,383 27,395 77,990 150 105,535 124,848 1,359,167 1,484,015 |
|---|---|---|
The notes form part of these financial statements
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INDIAN COMMUNITY CENTRE ASSOCIATION
BALANCE SHEET
31 MARCH 2023
| Notes FIXED ASSETS Tangible assets 5 CURRENT ASSETS Cash at bank and in hand CREDITORS Amounts falling due within one year 6 NET CURRENT ASSETS TOTAL ASSETS LESS CURRENT LIABILITIES NET ASSETS FUNDS 7 Unrestricted funds TOTAL FUNDS |
31.3.23 Unrestricted fund £ 1,145,181 382,186 (3,960) 378,226 1,523,407 1,523,407 1,523,407 1,523,407 |
31.3.22 Total funds £ 1,149,342 339,257 (4,584) 334,673 1,484,015 1,484,015 1,484,015 1,484,015 |
|---|---|---|
The financial statements were approved by the Board of Trustees and authorised for issue on 12 February 2024 and were signed on its behalf by:
S Singh - Trustee
S J Singh - Trustee
The notes form part of these financial statements
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INDIAN COMMUNITY CENTRE ASSOCIATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023
1. 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.
Income
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.
Expenditure
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Taxation
The charity is exempt from tax on its charitable activities.
Fund accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
2. INVESTMENT INCOME
| INVESTMENT INCOME | ||
|---|---|---|
| 31.3.23 | 31.3.22 | |
| £ | £ | |
| Rents received | 31,980 | 12,845 |
| Deposit account interest | - | 413 |
| 31,980 | 13,258 | |
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INDIAN COMMUNITY CENTRE ASSOCIATION
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2023
3. 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.
4. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
| INCOME AND ENDOWMENTS FROM Donations and legacies Investment income Total EXPENDITURE ON Raising funds Charitable activities Other trading activities Other Total NET INCOME RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD |
Unrestricted fund £ 217,125 13,258 230,383 27,395 77,990 150 105,535 124,848 1,359,167 1,484,015 |
|---|---|
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INDIAN COMMUNITY CENTRE ASSOCIATION
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2023
5. TANGIBLE FIXED ASSETS
| Freehold property £ COST At 1 April 2022 1,076,124 Additions - At 31 March 2023 1,076,124 DEPRECIATION At 1 April 2022 - Charge for year - At 31 March 2023 - NET BOOK VALUE At 31 March 2023 1,076,124 At 31 March 2022 1,076,124 6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Taxation and social security Other creditors 7. MOVEMENT IN FUNDS At 1/4/22 £ Unrestricted funds General fund 1,484,015 TOTAL FUNDS 1,484,015 Net movement in funds, included in the above are as follows: Incoming resources £ Unrestricted funds General fund 170,508 TOTAL FUNDS 170,508 |
Fixtures and fittings £ 343,371 3,402 346,773 270,153 7,563 277,716 69,057 73,218 31.3.23 £ 1,195 2,765 3,960 Net movement in funds £ 39,392 39,392 Resources expended £ (131,116) (131,116) |
Totals £ 1,419,495 3,402 1,422,897 270,153 7,563 277,716 1,145,181 1,149,342 31.3.22 £ 1,884 2,700 4,584 At 31/3/23 £ 1,523,407 1,523,407 Movement in funds £ 39,392 39,392 |
|
|---|---|---|---|
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INDIAN COMMUNITY CENTRE ASSOCIATION
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2023
7. MOVEMENT IN FUNDS - continued
Comparatives for movement in funds
| At 1/4/21 £ Unrestricted funds General fund 1,359,167 TOTAL FUNDS 1,359,167 Comparative net movement in funds, included in the above are as follows: Incoming resources £ Unrestricted funds General fund 230,383 TOTAL FUNDS 230,383 A current year 12 months and prior year 12 months combined position is as follows: At 1/4/21 £ Unrestricted funds General fund 1,359,167 TOTAL FUNDS 1,359,167 |
Net movement in funds £ 124,848 124,848 Resources expended £ (105,535) (105,535) Net movement in funds £ 164,240 164,240 |
At 31/3/22 £ 1,484,015 1,484,015 Movement in funds £ 124,848 124,848 At 31/3/23 £ 1,523,407 1,523,407 |
|---|---|---|
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 £ 400,891 400,891 |
Resources Movement expended in funds £ £ (236,651) 164,240 (236,651) 164,240 |
|---|---|---|
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INDIAN COMMUNITY CENTRE ASSOCIATION
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2023
8. RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 31 March 2023.
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INDIAN COMMUNITY CENTRE ASSOCIATION
DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2023
| 31.3.23 | 31.3.22 | |
|---|---|---|
| £ | £ | |
| INCOME AND ENDOWMENTS | ||
| Donations and legacies | ||
| Gifts | - | (2) |
| Grants | 1,590 | 19,250 |
| Hall hire | 136,938 | 197,877 |
| Investment income | 138,528 | 217,125 |
| Rents received | 31,980 | 12,845 |
| Deposit account interest | - | 413 |
| 31,980 | 13,258 | |
| Total incoming resources | 170,508 | 230,383 |
| EXPENDITURE | ||
| Charitable activities | ||
| Wages | 29,362 | 26,411 |
| Rates and water | 6,316 | 2,116 |
| Insurance | 3,169 | 3,055 |
| Light and heat | 26,428 | 23,439 |
| Telephone | 1,306 | 1,076 |
| Postage and stationery | 368 | 487 |
| Sundries | 25,120 | 8,211 |
| Computer costs | 1,115 | 605 |
| Canteen | 1,159 | 839 |
| Motor running expenses | - | 1,130 |
| Other | 94,343 | 67,369 |
| Charitable donations- other | 21 | 150 |
| Support costs | ||
| Finance | ||
| Bank charges | 266 | 80 |
| Information technology | ||
| Repairs and renewals | 25,569 | 27,315 |
| Governance costs | ||
| Accountancy fees | 1,740 | 1,740 |
| No description | 1,353 | 746 |
| Fixtures and fittings | 7,563 | 8,135 |
| PAYE interest | 261 | - |
| 10,917 | 10,621 |
This page does not form part of the statutory financial statements
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INDIAN COMMUNITY CENTRE ASSOCIATION
DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2023
| 31.3.23 | 31.3.22 | |
|---|---|---|
| £ | £ | |
| Total resources expended | 131,116 | 105,535 |
| Net income | 39,392 | 124,848 |
This page does not form part of the statutory financial statements
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INDIAN COMMUNITY CENTRE ASSOCIATION
CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023
| Page | |||
|---|---|---|---|
| Report of the Trustees | 1 | ||
| Independent Examiner's Report | 2 | ||
| Statement of Financial Activities | 3 | ||
| Balance Sheet | 4 | ||
| Notes to the Financial Statements | 5 | to | 9 |
| Detailed Statement of Financial Activities | 10 | to | 11 |