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2020-11-30-accounts

REGISTERED COMPANY NUMBER: 03246746 (England and Wales) REGISTERED CHARITY NUMBER: 1058320

TRUSTEES' REPORT AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 NOVEMBER 2020

FOR

THE ASHA FOUNDATION (A COMPANY LIMITED BY GUARANTEE)

THE ASHA FOUNDATION

CONTENTS OF THE FINANCIAL STATEMENTS for the Year Ended 30 November 2020

Page
Trustees' Report 1 to 3
Statement of Trustees' Responsibilities 4
Report of the Independent Auditors 5 to 6
Statement of Financial Activities 7
Balance Sheet 8
Cash Flow Statement 9
Notes to the Cash Flow Statement 10
Notes to the Financial Statements 11 to 17
Detailed Statement of Financial Activities 18

THE ASHA FOUNDATION

TRUSTEES' REPORT for the Year Ended 30 November 2020

The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 30 November 2020. 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 Asha Foundation ('Asha') is a registered charity, number 1058320, founded in 1996 which brings people and communities together, whatever their background and belief, to celebrate and honour our shared heritage. The Trust Deed is the Memorandum and Articles of Association as last revised and amended on 31 January 2002. Asha's objectives are:

The beneficiaries are people of diverse ethnic and national origin, and Asha's aims include the provision of buildings, facilities and open space, as well as the provision of opportunities for training, interaction and volunteering. We consider these objectives and the activities, both by definition and in practice to be of benefit to the public as demonstrated by the support from national and international authorities with whom Asha has engaged.

Public benefit

In setting objectives and planning activities the Trustees have had regard to the guidance issued by the Charity Commission on public benefit in the running of the charity.

STRATEGIC REPORT

Achievement and performance

The year has fallen into two phases, being impacted by the Covid Lockdown and the prohibition on hospitality after the first quarter of the year. During this quarter, Erasmus+ courses continued as well as the hosting of local and educational groups and volunteers. Then the lockdown interrupted the arrival of overseas groups and some staff and volunteers returned home. Later during the short interval when the restrictions were lifted two courses became possible.

Whilst the Erasmus+ programme will survive Brexit until the end of 2023, the Foundation's policy of diversification has been pursued by the acquisition of other premises in order to expand the scope of its educational facilities.

The Foundation's objects continue to be entirely charitable in the field of education and training, involving areas such as diversity, sustainability, tolerance, human rights and artistic expression.

Financial review

Investment policy and objectives

Under the Memorandum and Articles of Association, the Charity has the power to make any investment which the Trustees see fit. In view of current market uncertainties, Trustees have invested in fixed term deposits where returns are reasonable and the investment is low risk.

Trustees endeavour to hold sufficient liquid funds to pay for ongoing activities; any surplus being held for income generation. The principal source of funds during the year was interest on deposits and fixed term deposits; the returns were disappointing due to the low rates of interest.

Reserves policy

The charity maintains sufficient balances in its current account to meet its immediate expenses, the balance being held in term deposit accounts to provide interest income. It has substantial liquid reserves arising from the sale of its property in London some years ago, which are being retained to provide income. Going forward the Trustees intend to operate the charity on a no surplus/no deficit basis.

Page 1

THE ASHA FOUNDATION

TRUSTEES' REPORT

for the Year Ended 30 November 2020

STRATEGIC REPORT

Post year-end events

Prior to the Covid emergency, Asha had pursued its diversification strategy by acquiring the farmland and buildings at Church Farm, Abenhall, Gloucestershire. Planning permission was obtained for a visitor centre which will enable more groups and more varied courses to be offered.

During the pandemic, volunteer staff were returned to countries of origin while core staff who reside on the premises remained. Some voluntary activities continued while courses were postponed. Asha awaits the sufficient lifting of restrictions to enable authorised and funded courses to be resumed.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing document

The charity is controlled by its governing document, its memorandum and articles of association in lieu of a deed of trust, and is constituted as a limited company, limited by guarantee, as defined by the Companies Act 2006.

Recruitment and appointment of new trustees

A new Trustee may be appointed by an Ordinary Resolution to act as a Trustee of the Charity. As set out in the Articles of Association, one third of the Trustees are subject to retirement annually by rotation, depending on the longest in office since their appointment or reappointment at the Annual General Meeting.

Organisational structure

Asha is governed by the Trustees, who meet as often as necessary. Day to day operations are delegated to the Chief Executive, Zerbanoo Gifford, who liaises directly and frequently with one or more of the trustees.

Risk management

The Trustees have a duty to identify and review the risks to which the charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error. All significant activities are subject to risk review as part of the initial project assessment and implementation. The Trustees review the major risks that the Foundation faces on a regular basis and controls are established as appropriate.

The key controls used by the Foundation include:

Through the controls established for running of the Foundation, the Trustees are satisfied that the major risks identified are adequately mitigated, where necessary. It is recognised that controls established can only provide reasonable, but not absolute, assurance that major risks have been adequately managed.

REFERENCE AND ADMINISTRATIVE DETAILS Registered Company number

03246746 (England and Wales)

Registered Charity number

1058320

Registered office

The Asha Centre Gunn Mill House Lower Spout Lane Nr Mitcheldean Gloucestershire GL17 0EA

Page 2

THE ASHA FOUNDATION

TRUSTEES' REPORT

for the Year Ended 30 November 2020

Trustees

T T L Chan R D Gifford M C Traynor A Donnell A J Scott

Company Secretary

T T L Chan

Auditors

Kingscott Dix (Cheltenham) Limited Chartered Accountants Registered Auditors Malvern View Business Park Stella Way Bishops Cleeve Cheltenham Gloucestershire GL52 7DQ

Solicitors

Bates Wells & Braithwaite LLP 2 - 6 Cannon Street London EC4 6YH

Bankers

National Westminster Bank Plc CAF Bank Limited

Chief Executive Officer

Z Gifford

AUDITORS

The auditors, Kingscott Dix (Cheltenham) Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

Trustees' report, incorporating a strategic report, approved by order of the board of trustees, as the company directors, on 4 April 2021 and signed on the board's behalf by:

R D Gifford - Trustee

Page 3

THE ASHA FOUNDATION

STATEMENT OF TRUSTEES' RESPONSIBILITIES for the Year Ended 30 November 2020

The trustees (who are also the directors of The Asha Foundation for the purposes of company law) are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing those 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 charitable company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

In so far as the trustees are aware:

Page 4

REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF THE ASHA FOUNDATION

Opinion

We have audited the financial statements of The Asha Foundation (the 'charitable company') for the year ended 30 November 2020 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to you where:

Other information

The trustees are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Report of the Independent Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters where the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion:

Page 5

REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF THE ASHA FOUNDATION

Responsibilities of trustees

As explained more fully in the Statement of Trustees' Responsibilities, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the charitable company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

Our responsibilities for the audit of the financial statements

We have been appointed as auditors under Section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Independent Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Independent Auditors.

Use of our report

This report is made solely to the charitable company's trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charitable company's trustees those matters we are required to state to them in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's trustees as a body, for our audit work, for this report, or for the opinions we have formed.

Kingscott Dix (Cheltenham) Limited Chartered Accountants Registered Auditors Eligible to act as an auditor in terms of Section 1212 of the Companies Act 2006 Malvern View Business Park Stella Way Bishops Cleeve Cheltenham Gloucestershire GL52 7DQ

5 April 2021

Page 6

THE ASHA FOUNDATION

STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING AN INCOME AND EXPENDITURE ACCOUNT) for the Year Ended 30 November 2020

Notes
INCOME AND ENDOWMENTS FROM
Donations
3
Charitable activities
6
Youth training and development
Other trading activities
4
Investment income
5
Total
EXPENDITURE ON
Charitable activities
7
Youth training and development
NET INCOME/(EXPENDITURE)
Transfers between funds
16
Net movement in funds
RECONCILIATION OF FUNDS
Total funds brought forward
TOTAL FUNDS CARRIED FORWARD		 Unrestricted
fund
£
34,559
-
156,041
2,737
193,337
278,273
(84,936)
(8,676)
(93,612)
3,987,058
3,893,446		 Restricted
fund
£
-
374,839
-
-
374,839
383,515
(8,676)
8,676
-
-
-		 2020
Total
funds
£
34,559
374,839
156,041
2,737
568,176
661,788
(93,612)
-
(93,612)
3,987,058
3,893,446		 2019
Total
funds
£
17,756
355,200
114,457
9,457
496,870
731,910
(235,040)
-
(235,040)
4,222,098
3,987,058

The notes form part of these financial statements

Page 7

THE ASHA FOUNDATION (REGISTERED NUMBER: 03246746)

BALANCE SHEET

30 November 2020

Notes
FIXED ASSETS
Tangible assets
12
CURRENT ASSETS
Debtors
13
Investments
14
Cash at bank
CREDITORS
Amounts falling due within one year
15
NET CURRENT ASSETS
TOTAL ASSETS LESS CURRENT
LIABILITIES
NET ASSETS
FUNDS
16
Unrestricted funds
TOTAL FUNDS		 Unrestricted
fund
£
3,360,993
22,868
202,737
325,057
550,662
(18,209)
532,453
3,893,446
3,893,446		 Restricted
fund
£
-
-
-
-
-
-
-
-
-		 2020
Total
funds
£
3,360,993
22,868
202,737
325,057
550,662
(18,209)
532,453
3,893,446
3,893,446
3,893,446
3,893,446		 2019
Total
funds
£
2,725,644
26,066
700,000
553,692
1,279,758
(18,344)
1,261,414
3,987,058
3,987,058
3,987,058
3,987,058

The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 November 2020.

The members have not deposited notice, pursuant to Section 476 of the Companies Act 2006 requiring an audit of these financial statements.

The trustees acknowledge their responsibilities for

These financial statements have been audited under the requirements of Section 145 of the Charities Act 2011.

The financial statements were approved by the Board of Trustees and authorised for issue on 4 April 2021 and were signed on its behalf by:

R D Gifford - Trustee

The notes form part of these financial statements

Page 8

THE ASHA FOUNDATION

CASH FLOW STATEMENT for the Year Ended 30 November 2020

Notes
Cash flows from operating activities
Cash generated from operations
1
Net cash used in operating activities
Cash flows from investing activities
Purchase of tangible fixed assets
Place funds on fixed term deposit
Return of funds on fixed term deposit
Interest received
Net cash (used in)/provided by investing activities
Change in cash and cash equivalents in
the reporting period
Cash and cash equivalents at the
beginning of the reporting period
Cash and cash equivalents at the end of
the reporting period		 2020
£
(4,713)
(4,713)
(723,922)
(202,737)
700,000
2,737
(223,922)
(228,635)
553,692
325,057		 2019
£
(124,043)
(124,043)
(3,072)
(700,000)
1,000,000
9,457
306,385
182,342
371,350
553,692

The notes form part of these financial statements

Page 9

THE ASHA FOUNDATION

NOTES TO THE CASH FLOW STATEMENT for the Year Ended 30 November 2020

1. RECONCILIATION OF NET EXPENDITURE TO NET CASH FLOW FROM OPERATING ACTIVITIES

RECONCILIATION OF NET EXPENDITURE TO NET CASH FLOW FROM
ACTIVITIES		 OPERATING
Net expenditure for the reporting period (as per the Statement of
Financial Activities)
Adjustments for:
Depreciation charges
Interest received
Decrease in debtors
(Decrease)/increase in creditors
Net cash used in operations		 2020
£
(93,612)
88,573
(2,737)
3,198
(135)
(4,713)		 2019
£
(235,040)
74,448
(9,457)
41,386
4,620
(124,043)

2.

ANALYSIS OF CHANGES IN NET FUNDS

Net cash
Cash at bank
Liquid resources
Deposits included in cash
Current asset investments
Total		 At 1.12.19
£
553,692
553,692
-
700,000
700,000
1,253,692		 Cash flow
£
(228,635)
(228,635)
-
(497,263)
(497,263)
(725,898)		 At 30.11.20
£
325,057
325,057
-
202,737
202,737
527,794

The notes form part of these financial statements

Page 10

THE ASHA FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS for the Year Ended 30 November 2020

1. GENERAL INFORMATION

The Asha Foundation is a registered charity, incorporated in the United Kingdom as a company limited by guarantee. General information about the charity can be found within the Trustees' Report. The functional and presentational currency of the charity is British Sterling (£). The charity is a public benefit entity.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements of the charitable company, 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 Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Judgements and estimation uncertainty

The financial statements have been prepared using the following judgements and estimations: the useful economic life of tangible fixed assets has been estimated and tangible fixed assets are subject to corresponding depreciation rates; debtors are assessed for recoverability with doubtful debts provided for.

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.

Freehold property - Straight line over 50 years Plant & machinery - 33% on reducing balance

Taxation

The charity is exempt from corporation 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.

Investments

Investments are comprised of funds put on fixed term deposit with a maturity of more than 3 months but less than 1 year from the balance sheet date.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

continued...

Page 11

THE ASHA FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS - continued for the Year Ended 30 November 2020

2. ACCOUNTING POLICIES - continued

Pension costs

The charitable company operates a defined contribution pension scheme. Contributions payable to the charitable company's pension scheme are charged to the Statement of Financial Activities in the period to which they relate.

Employees of the charity are entitled to join a money purchase defined contribution pension scheme. Any employees joining the money purchase pension scheme, contract directly with the insurance company. The group makes contributions to the individual schemes of employees and acts as agent in collecting and paying over employee pension contributions. The contributions made for the accounting period are treated as an expense.

Grants receivable

Revenue grants receivable are recognised in the period when received. Capital grants are recognised over the estimated useful life of the related asset.

Debtors and creditors

Debtors are recognised at the settlement amount due after any trade discount offered, less any provision for unrecoverable amounts.

Creditors are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors are recognised at the settlement amount due after any trade discounts.

3. DONATIONS

Donations
4.
OTHER TRADING ACTIVITIES
Event income
Other income
Job retention scheme grants
5.
INVESTMENT INCOME
Deposit interest		 2020
£
34,559
2020
£
33,160
3,300
119,581
156,041
2020
£
2,737		 2019
£
17,756
2019
£
100,406
14,051
-		 2019
£
17,756
114,457
2019
£
9,457

continued...

Page 12

THE ASHA FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS - continued for the Year Ended 30 November 2020

6. INCOME FROM CHARITABLE ACTIVITIES

2020 2019
Activity £ £
Erasmus+ grants Youth training and development 374,839 355,200

7. CHARITABLE ACTIVITIES COSTS

Charitable activities costs are comprised of:

Direct costs £144,271 (2019 - £139,223)
Staff costs £232,635 (2019 - £305,327)
Support costs £285,269 (2019 - £287,360)

8. NET INCOME/(EXPENDITURE)

Net income/(expenditure) is stated after charging/(crediting):

2020 2019
£ £
Depreciation - owned assets 88,573 74,448
Auditor remuneration - external audit 3,995 3,995
Auditor remuneration - other services 1,305 1,305

9. TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the year ended 30 November 2020 nor for the year ended 30 November 2019.

Trustees' expenses

There were no trustees' expenses paid for the year ended 30 November 2020 nor for the year ended 30 November 2019.

10. STAFF COSTS

Wages and salaries
Social security costs
Other pension costs
The average monthly number of employees during the year was as follows:
Employees		 2020
£
217,766
8,959
5,910
232,635
2020
18		 2019
£
291,728
9,337
4,262
305,327
2019
18

No employees received emoluments in excess of £60,000.

continued...

Page 13

THE ASHA FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS - continued for the Year Ended 30 November 2020

11.
COMPARATIVES FOR THE STATEMENT OF FINANCIAL
INCOME AND ENDOWMENTS FROM
Donations
Charitable activities
Youth training and development
Other trading activities
Investment income
Total
EXPENDITURE ON
Charitable activities
Youth training and development
NET INCOME/(EXPENDITURE)
Transfers between funds
Net movement in funds
RECONCILIATION OF FUNDS
Total funds brought forward
TOTAL FUNDS CARRIED FORWARD
12.
TANGIBLE FIXED ASSETS
COST
At 1 December 2019
Additions
At 30 November 2020
DEPRECIATION
At 1 December 2019
Charge for year
At 30 November 2020
NET BOOK VALUE
At 30 November 2020
At 30 November 2019		 11.
COMPARATIVES FOR THE STATEMENT OF FINANCIAL
INCOME AND ENDOWMENTS FROM
Donations
Charitable activities
Youth training and development
Other trading activities
Investment income
Total
EXPENDITURE ON
Charitable activities
Youth training and development
NET INCOME/(EXPENDITURE)
Transfers between funds
Net movement in funds
RECONCILIATION OF FUNDS
Total funds brought forward
TOTAL FUNDS CARRIED FORWARD
12.
TANGIBLE FIXED ASSETS
COST
At 1 December 2019
Additions
At 30 November 2020
DEPRECIATION
At 1 December 2019
Charge for year
At 30 November 2020
NET BOOK VALUE
At 30 November 2020
At 30 November 2019		 ACTIVITIES
Unrestricted
fund
£
17,756
-
114,457
9,457
141,670
248,182
(106,512)
(128,528)
(235,040)
4,222,098
3,987,058
Freehold
property
£
3,365,052
718,882
4,083,934
652,205
81,670
733,875
3,350,059
2,712,847		 Restricted
fund
£
-
355,200
-
-
355,200
483,728
(128,528)
128,528
-
-
-
Plant &
machinery
£
185,815
5,040
190,855
173,018
6,903
179,921
10,934
12,797		 Total
funds
£
17,756
355,200
114,457
9,457
496,870
731,910
(235,040)
-
(235,040)
4,222,098
3,987,058
Totals
£
3,550,867
723,922
4,274,789
825,223
88,573
913,796
3,360,993
2,725,644

continued...

Page 14

THE ASHA FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS - continued for the Year Ended 30 November 2020

13. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

13.
DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Other debtors
14.
CURRENT ASSET INVESTMENTS
Other investments
15.
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Trade creditors
Social security and other taxes
Other creditors
16.
MOVEMENT IN FUNDS
Net
At
movement
1.12.19
in funds
£
£
Unrestricted funds
General fund
3,987,058
(84,936)
Restricted funds
Erasmus+
-
(8,676)
TOTAL FUNDS
3,987,058
(93,612)
Net movement in funds, included in the above are as follows:
Incoming
resources
£
Unrestricted funds
General fund
193,337
Restricted funds
Erasmus+
374,839
TOTAL FUNDS
568,176		 2020
£
22,868
2020
£
202,737
2020
£
6,672
4,439
7,098
18,209
Transfers
between
funds
£
(8,676)
8,676
-
Resources
expended
£
(278,273)
(383,515)
(661,788)		 2019
£
26,066
2019
£
700,000
2019
£
7,955
4,089
6,300
18,344
At
30.11.20
£
3,893,446
-
3,893,446
Movement
in funds
£
(84,936)
(8,676)
(93,612)

Page 15

continued...

THE ASHA FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS - continued for the Year Ended 30 November 2020

16. MOVEMENT IN FUNDS - continued

Comparatives for movement in funds

Net
At
movement
1.12.18
in funds
£
£
Unrestricted funds
General fund
4,222,098
(106,512)
Restricted funds
Erasmus+
-
(128,528)
TOTAL FUNDS
4,222,098
(235,040)
Comparative net movement in funds, included in the above are as follows:
Incoming
resources
£
Unrestricted funds
General fund
141,670
Restricted funds
Erasmus+
355,200
TOTAL FUNDS
496,870
A current year 12 months and prior year 12 months combined position is as follows:
Net
At
movement
1.12.18
in funds
£
£
Unrestricted funds
General fund
4,222,098
(191,448)
Restricted funds
Erasmus+
-
(137,204)
TOTAL FUNDS
4,222,098
(328,652)		 Transfers
between
funds
£
(128,528)
128,528
-
Resources
expended
£
(248,182)
(483,728)
(731,910)
Transfers
between
funds
£
(137,204)
137,204
-		 At
30.11.19
£
3,987,058
-
3,987,058
Movement
in funds
£
(106,512)
(128,528)
(235,040)
At
30.11.20
£
3,893,446
-
3,893,446

Page 16

continued...

THE ASHA FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS - continued for the Year Ended 30 November 2020

16. MOVEMENT IN FUNDS - continued

A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:

Incoming Resources Movement
resources expended in funds
£ £ £
Unrestricted funds
General fund 335,007 (526,455) (191,448)
Restricted funds
Erasmus+ 730,039 (867,243) (137,204)
TOTAL FUNDS 1,065,046 (1,393,698 ) (328,652)

17. RELATED PARTY DISCLOSURES

Employees: During the current and previous year the charity employed 2 individuals who are related to a trustee. These individuals are not employed under any special terms and are remunerated in the normal course of business.

Key management: During the year remuneration paid to key management personnel was £52,000 (2019 - £60,000).

18. RESTRICTED FUNDS

The charity receives grants from the EU's Erasmus+ program as well as other sources. These grants are treated as restricted funds.

Erasmus+ is the programme the European Union has set up for young people. It aims to inspire a sense of active European citizenship, solidarity and tolerance among young Europeans to involve them in shaping the Union's future. More details of the programme are available at http://eacea.ec.europa.eu/youth/.

Page 17

THE ASHA FOUNDATION

DETAILED STATEMENT OF FINANCIAL ACTIVITIES for the Year Ended 30 November 2020

INCOME AND ENDOWMENTS
Donations
Donations
Other trading activities
Event income
Other income
Job retention scheme grants
Investment income
Deposit interest
Charitable activities
Erasmus+ grants
Total incoming resources
EXPENDITURE
Charitable activities
Wages
Social security
Pensions
Rent and rates
Insurance
Heat and light
Travel and subsistence costs for participants
Motor expenses
Sundries
Office and advertising
Telephone
Contractors and consultancy
Repairs & property maintenance
Bank charges
Exchange rate variances
Training
Auditor remuneration
Input VAT irrecoverable
Depreciation of tangible fixed assets
Total resources expended
Net expenditure		 2020
£
34,559
33,160
3,300
119,581
156,041
2,737
374,839
568,176
217,766
8,959
5,910
3,108
5,399
22,258
104,556
14,109
9,135
3,259
2,349
44,806
76,533
960
(20,863)
36,973
3,995
34,003
88,573
661,788
661,788
(93,612)		 2019
£
17,756
100,406
14,051
-
114,457
9,457
355,200
496,870
291,728
9,337
4,262
2,530
1,846
13,455
135,625
26,317
1,492
4,694
1,899
35,060
72,776
1,751
2,079
48,616
3,995
-
74,448
731,910
731,910
(235,040)

This page does not form part of the statutory financial statements

Page 18