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2023-03-31-accounts

Charity registration number 1039128

MAHER COMMUNITY ASSOCIATION (LEICESTER) UK ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

MAHER COMMUNITY ASSOCIATION (LEICESTER) UK

LEGAL AND ADMINISTRATIVE INFORMATION

Holding Trustees

Mr Arjan H Keshwala Mr Arjun Odedra Mr Devshi A Odedra Dr Lakhman P Modhvadiya Mr Nagarjun R Odedra

(Elected 1 October 2023) (Elected 1 October 2023) (Elected 1 October 2023) (Elected 1 October 2023) (Elected 1 October 2023)

Managing Council Office bearers/Trustees

President Vice president Treasurer Vice treasurer Secretary Vice secretary

Mr Sanjay M Karavadra Mr Parbat Sanga Mrs Chetna Ranavaya Mr Harish Keshwala Mr Bharat A Keshwala Mr Devan K Modhwadhia

(Appointed 2 October 2023) (Appointed 2 October 2023) (Appointed 2 October 2023) (Appointed 2 October 2023) (Appointed 2 October 2023) (Appointed 2 October 2023)

Managing Council Members/Trustees

Mr Bharat A Keshwala Mrs Chetna Ranavaya Mr Devan K Modhwadhia Mr Harish Keshwala Mr Lakhanbhai R Karavadra Mr Lakhansi K Khunti Mr Niraj Modhwadia Mr Rambhai Rajshi Modhwadia Mr Parbat Sanga

(Elected 1 October 2023) (Elected 1 October 2023) (Elected 1 October 2023) (Elected 1 October 2023) (Elected 1 October 2023) (Elected 1 October 2023) (Elected 1 October 2023) (Elected 1 October 2023) (Elected 1 October 2023)

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
Holding Trustees' report 1 - 3
Independent examiner's report 4
Statement of financial activities 5
Balance sheet 6
Notes to the financial statements 7 - 16

MAHER COMMUNITY ASSOCIATION (LEICESTER) UK

HOLDING TRUSTEES' REPORT

FOR THE YEAR ENDED 31 MARCH 2023

The holding trustees present their annual report and financial statements for the year ended 31 March 2023.

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 holding 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 has successfully recovered from the Covid-19 impact and has been able to increase the activity level significantly. As a result of this, the revenue generation in particular from venue hire as well as the operational costs have gone up.

Since the end of the pandemic 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.

MAHER COMMUNITY ASSOCIATION (LEICESTER) UK

HOLDING TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

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 holding 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 holding 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 trustees who served during the year and up to the date of signature of the financial statements were: The trustees who served during the year and up to the date of signature of the financial statements were:
Mr Lakhansibhai N Modhvadia (Resigned 1 October 2023)
Mr Laxmanbhai V Odedra (Resigned 1 October 2023)
Mr Pratapbhai Odedra (Resigned 2 July 2022)
Mr Nagajanbhai Bapodara (Appointed 7 May 2022 and resigned 2 July 2022)
Mr Rajeshbhai Odedra (Appointed 7 May 2022 and resigned 2 July 2022)
Mr Jamailbhai V Odedra (Appointed 2 July 2023 and resigned 1 October 2023)
Mr Nileshbhai L Modhvadia (Appointed 2 July 2023 and resigned 1 October 2023)
Mr Sanjaybhai M Karavadra (Appointed 1 October 2023)
Mr Parbat Sanga (Appointed 1 October 2023)
Mr Bharat A Keshwala (Appointed 1 October 2023)
Mr Devan K Modhwadia (Appointed 1 October 2023)
Mrs Chetna Ranavaya (Appointed 1 October 2023)
Mr Harish Keshwala (Appointed 1 October 2023)
Mr Arjan H Keshwala (Appointed 1 October 2023)
Mr Arjun Odedra (Appointed 1 October 2023)
Mr Devshi A Odedra (Appointed 1 October 2023)
Dr Lakhman P Modhvadiya (Appointed 1 October 2023)
Mr Nagarjun R Odedra (Appointed 1 October 2023)
Mr Lakhanbhai R Karavadra (Appointed 1 October 2023)
Mr L K Khunti (Appointed 1 October 2023)
Mr Niraj Modhvadiya (Appointed 1 October 2023)
Mr Rambhai R Modhwadia (Appointed 1 October 2023)

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 holding trustees has any beneficial interest in the charity.

MAHER COMMUNITY ASSOCIATION (LEICESTER) UK

HOLDING TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

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.

Suspension of managing council

The suspension of the 2019 managing council members of LMCA was revoked by the Trustees in 2023.

Elections

In October 2023, the interim trustees were able to organise the election for the Holding Trustees and the Managing Council (as defined in the constitution). From 1 October 2023, the interim trustees have resigned and 5 Holding Trustees and 20 Managing Council members have been elected of which 5 Holding Trustees and 10 Managing Council members have been appointed. The remaining elected members' appointments to be confirmed upon DBS clearance.

The election was an historic event for the Association as a lot of community members have taken an active interest to contest for the election with over 900 members having turned up for the voting of both Holding Trustees and Managing Council Members.

The holding trustees' report was approved by the Board of Holding Trustees.

Mr Sanjaybhai M Karavadra President Dated: 12 April 2024

Mr Bharat A Keshwala Secretary Dated:12 April 2024

MAHER COMMUNITY ASSOCIATION (LEICESTER) UK

INDEPENDENT EXAMINER'S REPORT

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

I report to the holding trustees on my examination of the financial statements of Maher Community Association (Leicester) UK (the charity) for the year ended 31 March 2023.

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 holding 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: 12 April 2024

MAHER COMMUNITY ASSOCIATION (LEICESTER) UK

STATEMENT OF FINANCIAL ACTIVITIES

FOR THE YEAR ENDED 31 MARCH 2023

Unrestricted
Restricted
funds
funds
2023
2023
Notes
£
£
Income from:
Donations and legacies
3
8,710
-
Charitable activities
4
462,104
-
Investments
5
1,819
-
Total income
472,633
-
Expenditure on:
Raising funds
6
465
-
Charitable activities
7
493,110
-
Governance costs
15,623
-
Total resources expended
509,198
-
Net (expenditure)/income for the year/
Net movement in funds
(36,565)
-
Fund balances at 1 April 2022
981,773
376,303
Fund balances at 31 March 2023
945,208
376,303		 Total
2023
£
8,710
462,104
1,819
472,633
465
493,110
15,623
509,198
(36,565)
1,358,076
1,321,511		 Total
2022
£
37,389
316,126
1,523
355,038
550
276,656
7,033
284,239
70,799
1,287,277
1,358,076

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 2023

Notes
Fixed assets
Tangible assets
12
Investments
13
Current assets
Debtors
14
Cash at bank and in hand
Creditors: amounts falling due within
one year
15
Net current assets
Total assets less current liabilities
Provisions for liabilities
16
Net assets
Income funds
Restricted funds
17
Unrestricted funds		 2023
£
£
74,975
443,750
518,725
488,060
539,209
1,027,269
(84,483)
942,786
1,461,511
(140,000)
1,321,511
376,303
945,208
1,321,511		 2022
£
£
61,488
443,750
505,238
378,539
558,179
936,718
(83,880)
852,838
1,358,076
-
1,358,076
376,303
981,773
1,358,076		 2022
£
£
61,488
443,750
505,238
378,539
558,179
936,718
(83,880)
852,838
1,358,076
-
1,358,076
376,303
981,773
1,358,076
505,238
852,838
1,358,076
-
1,358,076
376,303
981,773
1,358,076

The financial statements were approved by the Holding Trustees on 12 April 2024

Mr Sanjaybhai M Karavadra President

Mr Bharat A Keshwala Secretary

MAHER COMMUNITY ASSOCIATION (LEICESTER) UK

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

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 holding trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the holding 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 holding 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 2023

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 2023

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 Provisions

Provisions are recognised when the charity has a legal or constructive present obligation as a result of a past event, it is probable that the charity will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision is measured at present value, the unwinding of the discount is recognised as a finance cost in net income/(expenditure) in the period in which it arises.

1.11 Employee benefits

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

1.12 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 holding 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
2023 2022
£ £
Donations and gifts 8,710 1,116
Government grant receivable - 36,273
8,710 37,389

MAHER COMMUNITY ASSOCIATION (LEICESTER) UK

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

3
4
5
6		 Donations and legacies
(Continued)
Donations and gifts
Navratri
4,709
1,116
Other
4,001
-
8,710
1,116
Grants receivable for core activities
Government grant receivable
-
30,273
Omicron hospitality grant
-
6,000
-
36,273
Charitable activities
Activities for
generating
funds
Activities for
generating
funds
2023
2022
£
£
Hall & utensils hire charges
409,737
251,203
Car park income
52,367
64,923
462,104
316,126
Investments
Unrestricted
Unrestricted
funds
funds
2023
2022
£
£
Interest receivable
1,819
1,523
Raising funds
Unrestricted
Unrestricted
funds
funds
2023
2022
£
£
Fundraising and publicity
Advertising
465
550
465
550

MAHER COMMUNITY ASSOCIATION (LEICESTER) UK

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

7 Charitable activities

Hall &
utensils hire
Car park
2023
2023
£
£
Staff costs
45,046
4,360
Depreciation and impairment
10,962
-
Donations
5,521
-
Social, religious and sports events
34,716
-
Share of support costs (see note 8)
333,630
58,875
429,875
63,235		 Total
2023
£
49,406
10,962
5,521
34,716
392,505
493,110		 Total
2022
£
44,160
7,141
4,999
18,995
201,361
276,656

8 Support costs

Hall &
utensil hire
Car park
£
£
Rent, rates and water
170,240
45,311
Insurance
5,099
1,700
Light and heat
21,301
2,367
Set-up, car park, cleaning and waste disposal
82,968
9,219
Repairs and renewals
45,643
-
Bank charges
2,501
278
Postage, stationery & telephone
5,878
-
333,630
58,875		 2023
£
215,551
6,799
23,668
92,187
45,643
2,779
5,878
392,505		 2022
£
75,130
6,663
15,341
54,900
45,550
1,660
2,117
201,361

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

Rent, rates and water costs include a provision of £140,000 relating to an historic shortfall of rent payable to Maher Samaj (UK) Limted which has now been agreed as payable (See Note 16).

Governance costs includes payments to the independent examiner of £3,240 (2022- £3,000) for professional fees.

9 Holding Trustees

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

MAHER COMMUNITY ASSOCIATION (LEICESTER) UK

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

10 Employees

The average monthly number of employees during the year was:

Employment costs
Wages and salaries
Other pension costs		 2023
Number
3
2023
£
48,504
902
49,406		 2022
Number
3
2022
£
43,226
934
44,160

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

11 Taxation

The charity is exempt from tax on income and gains falling within section 505 of the Taxes Act 1988 or section 252 of the Taxationof Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects.

12 Tangible fixed assets

Plant and
equipment
Fixtures and
fittings
£
£
Cost
At 1 April 2022
5,868
165,876
Additions
14,394
10,055
At 31 March 2023
20,262
175,931
Depreciation and impairment
At 1 April 2022
4,475
105,781
Depreciation charged in the year
3,947
7,015
At 31 March 2023
8,422
112,796
Carrying amount
At 31 March 2023
11,840
63,135
At 31 March 2022
1,393
60,095		 Total
£
171,744
24,449
196,193
110,256
10,962
121,218
74,975
61,488

MAHER COMMUNITY ASSOCIATION (LEICESTER) UK

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2023

13 Fixed asset investments

Other
investments
Cost or valuation
At 1 April 2022 & 31 March 2023 443,750
Carrying amount
At 31 March 2023 443,750
At 31 March 2022 443,750
2023 2022
Other investments comprise: Notes £ £
Investments in subsidiaries 21 443,750 443,750

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

14 Debtors

Amounts falling due within one year:
Trade debtors
Amounts owed by subsidiary undertakings
Other debtors
Prepayments and accrued income		 2023
£
8,922
476,601
2,000
537
488,060		 2022
£
4,408
371,601
2,000
530
378,539

15 Creditors: amounts falling due within one year

Other taxation and social security
Trade creditors
Other creditors
Accruals and deferred income		 2023
£
2,475
3,548
71,863
6,597
84,483		 2022
£
4,037
1,854
74,989
3,000
83,880

MAHER COMMUNITY ASSOCIATION (LEICESTER) UK

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

16
Provisions for liabilities
Rent shortfall
Movements on provisions:
Additional provisions in the year		 2023
2022
£
£
140,000
-
Rent shortfall
£
140,000		 2022
£
-

The increase in provisions in the year of £140,000 relates to an historic shortfall of rent payable to Maher Samaj (UK) Limited which has now been agreed as payable (see Note 8).

17 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 2022 resources 31 March 2023
£ £ £
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.

18 Analysis of net assets between funds

Unrestricted
Restricted
2023
2023
£
£
Fund balances at 31 March 2023 are
represented by:
Tangible assets
74,975
-
Investments
443,750
-
Current assets/(liabilities)
942,786
-
Provisions
(140,000)
-
1,321,511
-		 Total
2023
£
74,975
443,750
942,786
(140,000)
1,321,511		 Total
2022
£
61,488
443,750
852,838
-
1,358,076

19 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:

MAHER COMMUNITY ASSOCIATION (LEICESTER) UK

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2023

19 Operating lease commitments

Operating lease commitments
Within one year
Between two and five years
In over five years		 (Continued)
2023
2022
£
£
84,000
70,000
322,000
280,000
434,000
420,000
840,000
770,000		 (Continued)
2023
2022
£
£
84,000
70,000
322,000
280,000
434,000
420,000
840,000
770,000
770,000

The operating lease represent the lease for the Ravensbridge Drive premises lease of £84,000 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.

20 Related party transactions

Transactions with related parties

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

Maher Samaj (UK) Limited Rent payable
2023
£
210,000
210,000		 2022
£
70,000
70,000

The following amounts were outstanding at the reporting end date:

Amounts owed by related Amounts owed by related
parties parties
2023 2022
Balance Net Balance Net
£ £ £ £
Maher Samaj (UK) Limited 336,601 336,601 371,601 371,601
336,601 336,601 371,601 371,601

MAHER COMMUNITY ASSOCIATION (LEICESTER) UK

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

21 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 2023 are as follows:

Name of undertaking Registered Nature of business Class of % 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 45,107 1,086,964

The investments in subsidiaries are all stated at cost.