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2022-03-31-accounts

Charity registration number 1039128

MAHER COMMUNITY ASSOCIATION (LEICESTER) UK ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

MAHER COMMUNITY ASSOCIATION (LEICESTER) UK

LEGAL AND ADMINISTRATIVE INFORMATION

Honorary Trustees
Mr Lakhansibhai N Modhvadia
Mr Laxmanbhai V Odedra
Mr Pratapbhai Odedra
Mr Nagajanbhai Bapodara (Appointed 7 May 2022)
Mr Rajeshbhai Odedra (Appointed 7 May 2022)
Managing Council: Office bearers
President
To be appointed
Vice president
To be appointed
Secretary
To be appointed
Vice secretary
To be appointed
Treasurer
To be appointed
Vice treasurer
To be appointed
Culture head
To be appointed
Vice culture head
To be appointed
Managing Council: Members
To be appointed
To be appointed
To be appointed
To be appointed
To be appointed
To be appointed
To be appointed
To be appointed
Charity number
1039128
Principal address
15 Ravensbridge Drive
Leicester
LE4 0BZ
Independent examiner
Mr Rishi Chandarana FCA
BPC Chandarana+Co Limited
Chartered Accountants
Prebend House
72 London Road
Leicester
LE2 0QR
Bankers
Barclays Bank PLC
Town Hall Square
Leicester
LE87 2BB
Bank of Baroda
59A Belgrave Road
Leicester
LE4 6AS

MAHER COMMUNITY ASSOCIATION (LEICESTER) UK

CONTENTS

Page
Honorary Trustees' report 1 - 3
Independent examiner's report 4
Statement of financial activities 5
Balance sheet 6
Notes to the financial statements 7 - 15

MAHER COMMUNITY ASSOCIATION (LEICESTER) UK

HONORARY TRUSTEES' REPORT

FOR THE YEAR ENDED 31 MARCH 2022

The honorary trustees present their annual report and financial statements for the year ended 31 March 2022.

The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's constitution, the Charities Act 2011 and “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)” (as amended for accounting periods commencing from 1 January 2016).

Objectives and activities

The charity's objects are to promote any charitable purposes for the benefit of the Maher Community in the United Kingdom or in any part of the world and in particular but without prejudice to the generality of the foregoing:

(i) To relieve poverty

(ii) To advance religion (iii) To advance education

(iv) To provide facilities for recreation and other leisure-time occupation.

The restricted funds relate to monies raised in 2010 and 2011 specifically for the construction of the premises at Ravensbridge Drive, Leicester.

The policies adopted in furtherance of these objects are:

(i) To provide centres for meetings and for giving advice, information and education;

(ii) To provide religious, social, cultural, intellectual, artistic and/or musical events;

(iii) To establish and develop contacts between members of the Maher community residing in various parts of the United Kingdom;

(iv) To promote and develop the general welfare and prosperity of the members of the community;

(v) To encourage and assist in the creation of harmonious relationships with other communities;

(vi) To associate with the Maher community's local organisation in the United Kingdom;

(vii) To collect and disseminate information on all matters affecting the objects of the Association and exchange such information with other bodies having similar objects;

(ix) To promote and carry out or to assist in the promoting and carrying out of research surveys and investigations; (x) To procure and to cause to be written and printed, published, issued and circulated gratuitously which further the objects of the Association;

(xi) To issue appeals, accept donations, legacies and gifts, collect subscriptions, borrow or raise money for the objects of the Association;

(xii) To purchase, take on, lease, exchange, hire or otherwise acquire any real or personal property and rights of privileges and to construct and maintain any buildings erections necessary for the promotion of its objects; (xiii) To do all such lawful things necessary to further the above objects.

There has been no change to these objects during the year.

The honorary trustees have paid due regard to guidance issued by the Charity Commission on public benefit in deciding what activities the charity should undertake.

Achievements and performance

The Association was not able to achieve the full potential in terms of revenue due to the impact of COVID-19.

The Association has carried on its tradition of organising social, religious and sports events for the community examples include, Beej, Holi, Janmasthami, Navratri, Dandia Ras Classes, Diwali and a Christmas Party for children all subject to COVID-19 restrictions.

Due to COVID-19 restrictions the Association has not been able to fulfil its objectives as it would have liked.

MAHER COMMUNITY ASSOCIATION (LEICESTER) UK

HONORARY TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022

Financial review

It is the policy of the charity that unrestricted funds which have not been designated for a specific use should be maintained at a level equivalent to between three and six month’s expenditure. The honorary trustees consider that reserves at this level will ensure that, in the event of a significant drop in funding, they will be able to continue the charity’s current activities while consideration is given to ways in which additional funds may be raised. This level of reserves has been maintained throughout the year.

The charity's investment policy currently is to hold any reserves at the bank on deposit. In addition, the investment in Maher Samaj (UK) Limited was maintained together with the related party premises construction loan.

The honorary trustees have assessed the major risks to which the charity is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks.

Structure, governance and management

The charity was established by a charitable trust deed on 11 November 1990, as amended 8 May 1994 and 29 September 2013.

The honorary trustees who served during the year and up to the date of signature of the financial statements were: Mr Lakhansibhai N Modhvadia Mr Laxmanbhai V Odedra Mr Pratapbhai Odedra Mr Nagajanbhai Bapodara (Appointed 7 May 2022) Mr Rajeshbhai Odedra (Appointed 7 May 2022)

Trustees will be elected at Annual General Meetings and admitted to the Managing Council in accordance with procedures prescribed in the constitution.

None of the honorary trustees has any beneficial interest in the charity.

The company's current policy concerning the payment of trade creditors is to follow the CBI's Prompt Payers Code (copies are available from the CBI, Centre Point, 103 New Oxford Street, London WC1A 1DU).

The company's current policy concerning the payment of trade creditors is to:

The general control and management of the administration of the Association shall be the responsibility of the Managing Council. The Managing Council comprises between 8 and 20 members and shall meet at least three times a year. The Managing Council shall consist of a President, Vice-President, Honorary Secretary, Assistant Secretary, Honorary Treasurer, Assistant Treasurer and council members who shall serve for 3 years and retire at the third Annual General Meeting following election. A retiring member shall be eligible for re-election provided that no member may serve on the Managing Council for more than 6 successive years in the same post.

New trustees and managing committee members are inducted and trained in the first management committee following the AGM by more experienced existing trustees including the President, Treasurer and Secretary. During this meeting the new trustees are made aware of the history of the Association, what is required of them and the current issues being addressed by the committee. The new trustees or committee members are given an opportunity to select areas they will be able to contribute given their qualifications, education areas of interest and subsequent tasks are allocated accordingly.

MAHER COMMUNITY ASSOCIATION (LEICESTER) UK

HONORARY TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022

Suspension of managing council

The managing council were suspended from office on 23 January 2020 due to breaches of the election process to elect a permanent managing council. As and when COVID-19 restrictions allow the trustees will oversee and organise an election by independent organisation to appoint a new managing council.

The honorary trustees' report was approved by the Board of Honorary Trustees.

Mr Laxmanbhai V Odedra Mr Pratapbhai Odedra Honorary Trustee Honorary Trustee Dated: 2 December 2022 Dated:2 December 2022

MAHER COMMUNITY ASSOCIATION (LEICESTER) UK

INDEPENDENT EXAMINER'S REPORT

TO THE HONORARY TRUSTEES OF MAHER COMMUNITY ASSOCIATION (LEICESTER) UK

I report to the honorary trustees on my examination of the financial statements of Maher Community Association (Leicester) UK (the charity) for the year ended 31 March 2022.

This report is made solely to the charity's trustees, as a body, in accordance with Section 154 of the Charities Act 2011. My work has been undertaken so that I might state to the charity's trustees those matters I am required to state to them in an independent examiner's report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the charity and its trustees as a body, for my work, for this report, or for the opinions I have formed.

Responsibilities and basis of report

As the honorary trustees of the charity you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 (the 2011 Act).

I report in respect of my examination of the charity’s financial statements carried out under section 145 of the 2011 Act. In carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.

Independent examiner's statement

Since the charity’s gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a member of ICAEW, which is one of the listed bodies.

Your attention is drawn to the fact that the charity has prepared financial statements in accordance with Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has now been withdrawn.

I understand that this has been done in order for financial statements to provide a true and fair view in accordance with Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015.

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 that in any material respect:

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 financial statements to be reached.

Mr Rishi Chandarana FCA

BPC Chandarana+Co Limited Chartered Accountants Prebend House 72 London Road Leicester LE2 0QR

Dated: 2 December 2022

MAHER COMMUNITY ASSOCIATION (LEICESTER) UK

STATEMENT OF FINANCIAL ACTIVITIES

FOR THE YEAR ENDED 31 MARCH 2022

Unrestricted
Restricted
funds
funds
2022
2022
Notes
£
£		 Unrestricted
Restricted
funds
funds
2022
2022
Notes
£
£		 Unrestricted
Restricted
funds
funds
2022
2022
Notes
£
£		 Total Total
funds funds
2022 2022 2022 2021
£ £ £ £
Income from:
Donations and legacies
3		 37,389 - 37,389 88,159
Charitable activities
4		 316,126 - 316,126 100,903
Investments
5		 1,523 - 1,523 8,001
Total income 355,038 - 355,038 197,063
Expenditure on:
Raising funds
6		 550 - 550 1,101
Charitable activities
7		 276,656 - 276,656 186,730
Governance costs
Total resources expended
Net income for the year/
7,033 - 7,033 3,000
284,239 - 284,239 190,831
Net movement in funds 70,799 - 70,799 6,232
Fund balances at 1 April 2021
Fund balances at 31 March 2022
910,974 376,303 1,287,277 1,281,045
981,773 376,303 1,358,076 1,287,277

The statement of financial activities includes all gains and losses recognised in the year.

All income and expenditure derive from continuing activities.

MAHER COMMUNITY ASSOCIATION (LEICESTER) UK

BALANCE SHEET

AS AT 31 MARCH 2022

Notes 2022 2022 2021 2021
£ £ £ £
Fixed assets
Tangible assets
11
Investments
12
Current assets		 378,539
558,179
936,718
(83,880)		 61,488
443,750
505,238
852,838
1,358,076
376,303
981,773
1,358,076		 456,984
460,419
917,403
(142,505)		 68,629
443,750
512,379
Debtors
13
Cash at bank and in hand
Creditors: amounts falling due within
one year
14
Net current assets 774,898
Total assets less current liabilities
1,287,277
Income funds
Restricted funds
15		 376,303
Unrestricted funds 910,974
1,287,277

The financial statements were approved by the Honorary Trustees on 2 December 2022

Mr Laxmanbhai V Odedra Honorary Trustee

Mr Pratapbhai Odedra Honorary Trustee

MAHER COMMUNITY ASSOCIATION (LEICESTER) UK

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

1 Accounting policies

Charity information

Maher Community Association (Leicester) UK is an unincorporated charity established by a charitable trust deed. The principal address is 15 Ravensbridge Drive, Leicester, LE4 0BZ.

1.1 Accounting convention

The financial statements have been prepared in accordance with the charity's constitution, the Charities Act 2011 and “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)” (as amended for accounting periods commencing from 1 January 2016). The charity is a Public Benefit Entity as defined by FRS 102.

The charity has taken advantage of the provisions in the SORP for charities applying FRS 102 Update Bulletin 1 not to prepare a Statement of Cash Flows.

The financial statements have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a true and fair view. This departure has involved following the Statement of Recommended Practice for charities applying FRS 102 rather than the version of the Statement of Recommended Practice which is referred to in the Regulations but which has since been withdrawn.

The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

The financial statements present information about the charity as an individual entity and not about its group.

1.2 Going concern

At the time of approving the financial statements, the honorary trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the honorary trustees continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3 Charitable funds

Unrestricted funds are available for use at the discretion of the honorary trustees in furtherance of their charitable objectives.

Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.

1.4 Incoming resources

Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.

Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

Legacies are recognised on receipt or otherwise if the charity has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.

MAHER COMMUNITY ASSOCIATION (LEICESTER) UK

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022

1 Accounting policies

(Continued)

Income is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods and services provided in the normal course of business.

1.5 Resources expended

Resources expended are recognised in the period in which they are incurred. Resources expended include attributable VAT which cannot be recovered.

Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.

Governance costs represent costs associated with meeting the constitutional and statutory requirements of the charity and include the independent examination and costs linked to the strategic management of the charity.

1.6 Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Plant and equipment 25% reducing balance basis. Fixtures and fittings 10% reducing balance basis.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities.

1.7 Fixed asset investments

Fixed asset investments represents investment in the subsidiary undertaking and are shown at cost less impairment.

A subsidiary is an entity controlled by the charity. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

1.8 Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less.

1.9 Financial instruments

The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

MAHER COMMUNITY ASSOCIATION (LEICESTER) UK

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2022

1 Accounting policies

(Continued)

BASIC FINANCIAL ASSETS AND LIABILITIES

Basic financial assets and liabilities, which include debtors and creditors with no stated interest rate and receivables or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

1.10 Employee benefits

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

1.11 Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

2 Critical accounting estimates and judgements

In the application of the charity’s accounting policies, the honorary trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3 Donations and legacies

Unrestricted
Unrestricted
funds
funds
2022
2021
£
£		 Unrestricted
Unrestricted
funds
funds
2022
2021
£
£		 Unrestricted
Unrestricted
funds
funds
2022
2021
£
£
funds funds
2022 2021
£ £
Donations and gifts 1,116 852
Government grant receivable 36,273 87,307
Donations and gifts
37,389 88,159
Navratri 1,116 852
Grants receivable for core activities
1,116 852
Government grant receivable 30,273 87,307
Omicron hospitality grant 6,000 -
36,273 87,307

MAHER COMMUNITY ASSOCIATION (LEICESTER) UK

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022

4 Charitable activities

Activities for
generating
funds
Activities for
generating
funds
2022
2021
£
£
Hall & utensils hire charges
251,203
17,950
Car park income
64,923
82,953
316,126
100,903
Investments
Unrestricted
Unrestricted
funds
funds
2022
2021
£
£
Interest receivable
1,523
8,001
Raising funds
Unrestricted
Unrestricted
funds
funds
2022
2021
£
£
Fundraising and publicity
Advertising
550
1,101
550
1,101
Charitable activities
Hall &
utensils hire
Car park
Total
2022
Total
2021
2022
2022
£
£
£
£
Staff costs
40,840
3,320
44,160
47,844
Depreciation and impairment
7,141
-
7,141
8,038
Donations
4,999
-
4,999
4,901
Social, religious and sports events
18,995
-
18,995
1,327
Share of support costs (see note 8)
173,225
28,136
201,361
124,620
245,200
31,456
276,656
186,730		 Activities for
generating
funds
Activities for
generating
funds
2022
2021
£
£
Hall & utensils hire charges
251,203
17,950
Car park income
64,923
82,953
316,126
100,903
Investments
Unrestricted
Unrestricted
funds
funds
2022
2021
£
£
Interest receivable
1,523
8,001
Raising funds
Unrestricted
Unrestricted
funds
funds
2022
2021
£
£
Fundraising and publicity
Advertising
550
1,101
550
1,101
Charitable activities
Hall &
utensils hire
Car park
Total
2022
Total
2021
2022
2022
£
£
£
£
Staff costs
40,840
3,320
44,160
47,844
Depreciation and impairment
7,141
-
7,141
8,038
Donations
4,999
-
4,999
4,901
Social, religious and sports events
18,995
-
18,995
1,327
Share of support costs (see note 8)
173,225
28,136
201,361
124,620
245,200
31,456
276,656
186,730		 Activities for
generating
funds
Activities for
generating
funds
2022
2021
£
£
Hall & utensils hire charges
251,203
17,950
Car park income
64,923
82,953
316,126
100,903
Investments
Unrestricted
Unrestricted
funds
funds
2022
2021
£
£
Interest receivable
1,523
8,001
Raising funds
Unrestricted
Unrestricted
funds
funds
2022
2021
£
£
Fundraising and publicity
Advertising
550
1,101
550
1,101
Charitable activities
Hall &
utensils hire
Car park
Total
2022
Total
2021
2022
2022
£
£
£
£
Staff costs
40,840
3,320
44,160
47,844
Depreciation and impairment
7,141
-
7,141
8,038
Donations
4,999
-
4,999
4,901
Social, religious and sports events
18,995
-
18,995
1,327
Share of support costs (see note 8)
173,225
28,136
201,361
124,620
245,200
31,456
276,656
186,730		 Activities for
generating
funds
Activities for
generating
funds
2022
2021
£
£
Hall & utensils hire charges
251,203
17,950
Car park income
64,923
82,953
316,126
100,903
Investments
Unrestricted
Unrestricted
funds
funds
2022
2021
£
£
Interest receivable
1,523
8,001
Raising funds
Unrestricted
Unrestricted
funds
funds
2022
2021
£
£
Fundraising and publicity
Advertising
550
1,101
550
1,101
Charitable activities
Hall &
utensils hire
Car park
Total
2022
Total
2021
2022
2022
£
£
£
£
Staff costs
40,840
3,320
44,160
47,844
Depreciation and impairment
7,141
-
7,141
8,038
Donations
4,999
-
4,999
4,901
Social, religious and sports events
18,995
-
18,995
1,327
Share of support costs (see note 8)
173,225
28,136
201,361
124,620
245,200
31,456
276,656
186,730
funds
2022
£
Advertising 550
550
Charitable activities
Hall &
utensils hire
Car park
2022
2022
£
£
Total
2022
2022 2022
£ £ £
Staff costs 40,840 3,320 44,160
Depreciation and impairment 7,141 - 7,141
Donations 4,999 - 4,999
Social, religious and sports events 18,995 - 18,995
Share of support costs (see note 8) 173,225 28,136 201,361
245,200 31,456 276,656

5 Investments

6 Raising funds

7 Charitable activities

MAHER COMMUNITY ASSOCIATION (LEICESTER) UK

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022

8 Support costs

Support costs Support costs Support costs
Hall &
utensil hire
Car park
£
£		 2022 2021
£ £ £ £
Rent, rates and water 55,847 19,283 75,130 79,547
Insurance 4,998 1,665 6,663 6,620
Light and heat 13,808 1,533 15,341 7,712
Set-up, car park, cleaning and waste disposal 49,410 5,490 54,900 7,352
Repairs and renewals 45,550 - 45,550 19,285
Bank charges 1,495 165 1,660 943
Postage, stationery & telephone 2,117 - 2,117 3,161
173,225 28,136 201,361 124,620

Support costs have been allocated to activity cost categories on a basis consistent with the use of resources.

Governance costs includes payments to the independent examiner of £3,000 (2021- £3,000) for professional fees.

9 Honorary Trustees

None of the honorary trustees (or any persons connected with them) received any remuneration, benefits or reimbursements from the charity during the year.

10 Employees

The average monthly number of employees during the year was:

The average monthly number of employees during the year was:
2022 2021
Number Number
3 3
Employment costs 2022 2021
£ £
Wages and salaries 43,226 46,972
Other pension costs 934 872
44,160 47,844

There were no employees whose annual remuneration was more than £60,000.

MAHER COMMUNITY ASSOCIATION (LEICESTER) UK

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022

11
Tangible fixed assets		 11
Tangible fixed assets		 11
Tangible fixed assets
Plant and
equipment
Fixtures and
fittings
£
£
Cost
At 1 April 2021
5,868
165,876
At 31 March 2022
5,868
165,876
Depreciation and impairment
At 1 April 2021
4,011
99,104
Depreciation charged in the year
464
6,677
At 31 March 2022
4,475
105,781
Carrying amount
At 31 March 2022
1,393
60,095
At 31 March 2021
1,857
66,772
£ £
5,868 165,876
5,868 165,876
4,011 99,104
464 6,677
4,475 105,781
1,393 60,095
1,857 66,772
12
Fixed asset investments
Cost or valuation
At 1 April 2021 & 31 March 2022
Carrying amount
At 31 March 2022
At 31 March 2021
Other investments comprise:
Notes
Investments in subsidiaries
19
2022
£
443,750

The cost of investment represents 17,750 ordinary shares of £25 each held in the subsidiary undertaking.

MAHER COMMUNITY ASSOCIATION (LEICESTER) UK

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022

13
Debtors
Amounts falling due within one year:
Trade debtors
Amounts owed by subsidiary undertakings
Other debtors
Prepayments and accrued income
14
Creditors: amounts falling due within one year
2022 2021
£ £
4,408 46,140
371,601 407,586
2,000 2,708
530 550
378,539 456,984
Other taxation and social security
Trade creditors
Other creditors
Accruals and deferred income		 2022 2021
£ £
4,037 1,480
1,854 5,420
74,989 47,741
3,000 87,864
83,880 142,505

15 Restricted funds

The income funds of the charity include restricted funds comprising the following unexpended balances of donations and grants held on trust for specific purposes:

Movement
in funds
Balance at Incoming Balance at
1 April 2021 resources 31 March 2022
£ £ £
Ravensbridge Drive Property Construction Fund 376,303 - 376,303

Ravensbridge Drive Property Construction Fund

This funding related to the construction of the Ravensbridge Drive, Leicester Premises. The funds were used to acquire ordinary shares in Maher Samaj (UK) Limited an entity which owns the land and subsequently that entity instigated the construction of the premises through this investment and related party loans.

MAHER COMMUNITY ASSOCIATION (LEICESTER) UK

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022

16
Analysis of net assets between funds		 16
Analysis of net assets between funds		 16
Analysis of net assets between funds
Unrestricted
Restricted
2022
2022
£
£
Fund balances at 31 March 2022 are
represented by:
Tangible assets
61,488
-
Investments
443,750
-
Current assets/(liabilities)
852,838
-
1,358,076
-		 Total Total
2022 2022 2022 2021
£ £ £ £
61,488 - 61,488 68,629
443,750 - 443,750 443,750
852,838 - 852,838 774,898
1,358,076 - 1,358,076 1,287,277

17 Operating lease commitments

At the reporting end date the charity had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

Within one year
Between two and five years
In over five years		 2022 2021
£ £
70,000 70,000
280,000 280,000
420,000 490,000
770,000 840,000

The operating lease represent the lease for the Ravensbridge Drive premises lease of £70,000 per annum to Maher Samaj (UK) Limited. The lease has been agreed until 31 March 2033 and rentals are reviewed to market rates every five years. The next such review will be in 2023.

18 Related party transactions

Transactions with related parties

During the year the charity entered into the following transactions with related parties:

Rent payable Rent payable
2022 2021
£ £
Maher Samaj (UK) Limited 70,000 70,000
70,000 70,000

MAHER COMMUNITY ASSOCIATION (LEICESTER) UK

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022

18 Related party transactions

(Continued)

The following amounts were outstanding at the reporting end date:

Amounts owed by related
parties
Amounts owed by related
parties
2022
2021
Balance
Net
Balance
Net
£
£
£
£		 Amounts owed by related
parties
Amounts owed by related
parties
2022
2021
Balance
Net
Balance
Net
£
£
£
£		 Amounts owed by related
parties
Amounts owed by related
parties
2022
2021
Balance
Net
Balance
Net
£
£
£
£		 Amounts owed by related
parties
Amounts owed by related
parties
2022
2021
Balance
Net
Balance
Net
£
£
£
£		 Amounts owed by related
parties
Amounts owed by related
parties
2022
2021
Balance
Net
Balance
Net
£
£
£
£
2022 2021
Balance Net Balance Net
£ £ £ £
Maher Samaj (UK) Limited 371,601 371,601 407,586 407,586
371,601 371,601 407,586 407,586

19 Subsidiaries

These financial statements are separate financial statements.

Separate company financial statements are required to be prepared by law.

Details of the charity's subsidiaries at 31 March 2022 are as follows:

Name of undertaking Registered Nature of business Class of % Held % Held
office shares held Direct Indirect
Maher Samaj (UK) Limited England Investment property company Ordinary 53.80

The draft aggregate capital and reserves and the draft result for the year of subsidiaries excluded from consolidation was as follows:

Name of undertaking Profit/(Loss) Capital and
Reserves
£ £
Maher Samaj (UK) Limited 41,368 1,041,857

The investments in subsidiaries are all stated at cost.