Charlty Registration No. 1046057 OXFORD ASIAN CULTURAL ASSOCIATION TRUSTEES, REPORT AND INDEPENDENTLY EXAMINED ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2024 OXFORD ASIAN CULTURAL ASSOCIATION TRUSTEES, REPORT FOR THE YEAR ENDED 31 MARCH 2024 The trustees, present their report and accounts for the year ended 31 March 2024. The accounts have been prepared in accordance with the accounting policies set out in note I to the accounts and comply with the charitls constitution, the Charities Act 2011 and the Statement of Recommended Practice (FRS 1021. Structure. governance and management The charity was established by a charitable trust deed on 21 August 1994 as amended on 15 December 2002. The trustees, who served during the year were: Mr M Jawaid Malik- Chalrman Mr M Arif Khan - Vice Chairman Mrs Anjum Ahmed - Secretary Mr Zaheer Qureshl- Treasurer Mr Masood Ahmed Mr Manavar Anwar Mrs Farzana Aziz Mr Mirza Maqbool Hussaln Imam Monawar Hussain DL MBE Mr Mohammed Mumtaz Khan Mr Khalid Sharif Dr Mrs Fozia Tenvir Mr Nawaz Khan Mr Shamiel Hasan Ms Mariam Ahmed Mr M Altaf-Khan Under clauses 6 and 7 of the Association's constitution, four officers are elected at alternate AGMS while some trustees, are appointed by their respective community organisations who are affiliated to the Association. Others are co-opted from various walks of life having special skills and interests. The trustees, are responsible for developing the strategic direction of the charity and monitorin8 performance against the strategies developed. The charity's employees are responsible for delivering those strategies. The trustees, have assessed the Major risks to which the entlty is exposed and confirm that systems have been established to enable regular reports to be produced in order that the necessary steps can be taken to mitigate such risks. OXFORD ASIAN CULTURAL ASSOCIATION TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Objectlves and activitles The charity's objects are to promote the benefits of the inhabitants of the City of Oxford, particularly the Asian community, by associating the local authorities, voluntary or8anisations and inhabitants in common effort to advance education and promote cultural and social understanding. to provide facilities in the interests of social welfare for recreation and leisure time occupation with the object of improving the conditions of the said inhabitants. to establish the Asian Cultural Centre and to maintain and mana8e, or to co-operate with any local statutory authority in the maintenance and management of the centre, for activities promoted by the association and Its constituent bodies in furtherance of the above objectives. The charity's major actlvity and source of unrestricted revenue is the hire of the centre. The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activates the charity should undertake. Achlevements and performance During the year, the Centre has continued progressing towards normalcy as envisaged in the previous yearfs report. This hiring income has steadily gone up as well as the activities. Thls could have been a lot better but several previous hirers, and many new ones, preferred to run classes online rather than in a physical space. This has only been countered by substantial increase in one- off hirings. The recently introduced LTNS {Low Traffic Neighbourhoodl Scheme has also had a detrimental effect on users due to increased travelling time resulting in cessation of some regular activities/classes. Increased utility costs have remained a hindrance to further developments. Despite this, the Centre has met all the health and safety requirements and undertook all necessary tests and checks. Flnanclal revlew The results for the year are shown on the Statement of Financial Activities. The members of the association have established a policy whereby: The unrestricted funds not committed or invested in tangible fixed assets, the free reserves shall be applied to further the objects of the association and for no other purpose, and the management committee shall use its best endeavours to ensure that sufficient funds are available to the association before sanctioning transactions involving expenditure. On behalf of the board of trustees Mr Zaheer Qureshl- Treasurer Date." 20 August 2024 OXFORD ASIAN CULTURAL ASSOCIATION INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF OXFORD ASIAN CULTURAL ASSOCIATION I report on the accounts of the charity for the year ended 31 March 2024, which are set out on pages 4t07. Respectlve responslbllltles of trustees and examlner The charity's trustees are responsible for the preparation of the accounts. The charitls trustees consider that an audit is not required for this year under section 144{2} of the Charities Act 2011 {"the Charities Act") and that an independent examination is needed. It Is my responsibility to: examine the accounts under section 145 of the Charities Act, to follow the procedures laid down in the general Directions given by the Charity Commission (under section 14515){b) of the Charities Act, and to state whether particular matters have come to my attention. Basls of Independent examlnerfs report My examination was carried out in accordance with general directions given by the Charity Commission. An examination includes a review of the accountin8 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 the trustees concernin8 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 fairf view and the report is limited to those matters set out in the statement below. Independent examlnerfs statement In connection with my examination, no matter has come to my attention: (a) which gives me reasonable cause to believe that in, any material respect, the requirements: to keep accountlng records in accordance with section 130 of the Charities Act 2011; and to prepare accounts which accord with the accounting records and comply with the accounting requirements of the Charities Act 2011; have not been met; or to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached. {bl Mr Hamdan Niaz Abbasi FCCA HNA Accountants Ltd Sandford Gate East Point Business Park Oxford OX4 6LB Date: 20 August 2024 Restrlcted Unrestrlcted Notes funds funds Total 2024 Total 2023 Incomlng resources Donations, subscriptions and fundraisin8 Investment income Grants received Hire of Asian Cultural Centre Project Income 80 1,103 80 1,103 386 24,624 322 24,624 322 20,442 1,752 Total Incomln8 resources 26,129 26,129 22,580 Costs of 8eneratSn8 funds Fundraisin8 activitles Charitable activities Governance costs 21 27,540 450 21 27,540 450 33 26,552 400 Resources expended 28,010 28,010 26,985 Transfers between funds Nèt Incomln81 {outgoln8) resources 11,8811 11,8811 14,4051 Funds brought forward 92,544 92,544 96,949 Movement between funds Funds carrled forward 90,663 90,663 92,544 OXFORD ASIAN CULTURAL ASSOCIATION BALANCE SHEEr FOR THE YEAR ENDED 31 MARCH 2024 2024 2023 Notes Flxed assets Tangible assets 3,702 4,244 Current assets Cash at bank and in hand 86,961 88,300 Net current assets 86,961 88,300 Total assets less current Ilabllltles 90,663 92,544 Income funds Restricted funds Unrestricted funds 90,663 92,544 90,663 92,544 The accounts were approved by the Trustees on 20 August 2024 Mr M Jawaid Malik Chairman Mr Zaheer Qureshi Treasurer OXFORD ASIAN CULTURAL ASSOCIATION NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2024 Basls of preparatlon The accounts have been prepared under the payments and receipts method The accounts have been prepared in accordance with the Statement of Recommended Practice,. Accounting and Reporting by Charitles preparlng their accounts in accordance with the Financlal Reportin8 Standard applicable in the UK and Republlc of Ireland IFRS 1021 issued July 2014 and the Charities Att 2011. Incomln8 resources 1.2.1 Income Is Included In the Statement of Flnantial Artlvities ISOFAI when it Is recelved. Resources expended Governance costs Include the preparation and examlnatlon of statutory accounts, the costs of trustees meetings and any legal advlce to trustees on 8overnance or constltutlonal matters. Tan8lble flxed assets and depreclatlon Tangible flxed assets are stated at cost less depreciatlon. Depreclation Is provlded at rates calculated to wrlte off the cost less estlmated resldual value of each asset over its expected useful economlc life, as follows.. Equlpment Flxtures & fittings 25% reducin8 balance 20% reducSng balance Unrestrlcted funds These are fund5 whlch can be used In accordance with the charltable objects at the dlscretlon of trustees. 1.6 Restrlrted funds These are funds that can only be used for particular purposes wlthln the objects of the charlty, Restrictions arise when specified by the donor or when funds are raised for partlcular restricted purposes. Taxatlon The Oxford Asian Cultural Associatlon is a charitable Instrtutlon wlth exemptlon from UK taxatlon. Trustees None of the trustees lor any persons connected wlth theml received any remuneration durlng the year. Investment Income 2024 2023 Interest Recelvable 1,103 386 4 Fundraislng Activltles Printing, Postage and Stationary Restricted Unrestrlcted Total 21 21 21 21 2023 33 33 5 Charltable Activltles Staff costs Insurance Repairs and renewals Telephone Heat & light Water rates General rates Depreciation Projects costs Restrlrted Unrestrirted Total 2023 10,145 10,145 9,019 661 661 661 1,635 1,635 1,966 687 687 483 10,466 10,466 9,302 1,759 1,759 1,279 208 208 394 1,079 1,079 1,048 900 900 2,400 27,540 27,540 26,552 6 Governance Cost Legal and professional costs Restrlcted Unrestrlrted Total 450 450 450 450 2023 400 400 7 Tanglble Flxed Assets Equlpment Flxtures & flttlngs Total Cost At l April 2023 Additions Disposals At 31 March 2024 35,488 537 22,178 57,666 537 36,025 22,178 58,203 Depreclatlon At l April 2023 Eliminated on disposals Charge for the year At 31 March 2024 31,644 21,778 53,422 999 32,643 80 1,079 21,858 54,501 Net book value At 31 March 2024 At 31 March 2023 3,382 3,844 320 3,702 4,244 400