**REGISTERED COMPANY NUMBER: 03246746 (England and Wales) REGISTERED CHARITY NUMBER: 1058320**
## **TRUSTEES' REPORT AND**
## **FINANCIAL STATEMENTS**
## **FOR THE YEAR ENDED 30 NOVEMBER 2021**
## **FOR**
## **THE ASHA FOUNDATION**
**(A COMPANY LIMITED BY GUARANTEE)**
**THE ASHA FOUNDATION**
## **CONTENTS OF THE FINANCIAL STATEMENTS for the Year Ended 30 November 2021**
|||**Page**||
|---|---|---|---|
|**Trustees' Report**|1|to|4|
|**Statement of Trustees' Responsibilities**||5||
|**Report of the Independent Auditors**|6|to|8|
|**Statement of Financial Activities**||9||
|**Balance Sheet**|10|to|11|
|**Cash Flow Statement**||12||
|**Notes to the Cash Flow Statement**||13||
|**Notes to the Financial Statements**|14|to|21|
|**Detailed Statement of Financial Activities**|22|to|23|
**THE ASHA FOUNDATION**
## **TRUSTEES' REPORT for the Year Ended 30 November 2021**
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 2021. 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:
- Development of human resources
- Education and training of young people
- Interfaith understanding, multi-faith activities, Art and Culture
- Community development and volunteering
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 dominant feature of the year was the interruption by the pandemic to courses for European and overseas students enrolled to attend courses at the Asha Centre. Whilst grant income reduced substantially, some relief was had from the furlough programme. Staff losses occurred through departures and sickness. Many volunteers had returned to countries of origin by the start of the period, while others were prevented by local restrictions on travel. Fresh volunteers were welcomed in October.
Courses resumed towards the end of the year, and two were successfully completed (but Covid returned in the following period and led to abandonment of that course).
During these interruptions, much forward planning took place to enable the already approved courses to be held before the end of the Euro Runoff period in 2023.
At the same time the Foundation has put plans in place to deal with the adjustments foreseen by the consequences of Brexit. A renovation programme to buildings at Church Farm and the Asha Centre will enable other accommodation to be released and superior accommodation built with the prospect of an arts Centre on the same site. At the same time a collaboration with the Trustees of the Purie Harwell trust has been developed for the construction of the Forest Arts and Wellness Centre at Church farm which has also attracted the support of the Rural Development Programme for England who have approved an application for some funding for this project.
Whilst the future will be a challenging one the Trustees are confident that these developments will provide the most likely way to ensure the future of the Foundation.
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.
Page 1
**THE ASHA FOUNDATION**
## **TRUSTEES' REPORT for the Year Ended 30 November 2021**
## **STRATEGIC REPORT 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.
## **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. Construction work on the new Centre was commenced after a long pause caused principally by the pandemic, and was started in February 2022 with an intended completion at the end of the year.
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. Following the lifting of restrictions the remaining courses have now recommenced.
## **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.
Page 2
**THE ASHA FOUNDATION**
## **TRUSTEES' REPORT**
## **for the Year Ended 30 November 2021**
## **STRUCTURE, GOVERNANCE AND MANAGEMENT**
## **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:
- Regular management meetings to assess forthcoming activities
- Agendas and minutes
- Detailed budgetary presentation for each activity for approval by the Trustees
- Established organisational structure and lines of reporting
- Clear authorisation and approval levels
- Engagement of external professional advisors as and when necessary.
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
## **Trustees**
T T L Chan (resigned 7.5.21) R D Gifford M C Traynor A Donnell A J Scott
## **Company Secretary**
A J Scott
## **Auditors**
Kingscott Dix (Cheltenham) Limited Chartered Accountants Registered Auditors Malvern View Business Park Stella Way Bishops Cleeve Cheltenham Gloucestershire GL52 7DQ
Page 3
**THE ASHA FOUNDATION**
## **TRUSTEES' REPORT**
## **for the Year Ended 30 November 2021**
## **REFERENCE AND ADMINISTRATIVE DETAILS**
## **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 31 May 2022 and signed on the board's behalf by:
R D Gifford - Trustee
Page 4
**THE ASHA FOUNDATION**
## **STATEMENT OF TRUSTEES' RESPONSIBILITIES for the Year Ended 30 November 2021**
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
- select suitable accounting policies and then apply them consistently;
- observe the methods and principles in the Charity SORP;
- make judgements and estimates that are reasonable and prudent;
- state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business.
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:
- there is no relevant audit information of which the charitable company's auditors are unaware; and
- the trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditors are aware of that information.
Page 5
**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 2021 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:
- give a true and fair view of the state of the charitable company's affairs as at 30 November 2021 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended;
- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
- have been prepared in accordance with the requirements of the Companies Act 2006.
## **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**
In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.
## **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 this gives rise to a material misstatement in the financial statements themselves. 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:
- the information given in the trustees Report is inconsistent in any material respect with the financial statements; or
- the charitable company has not kept adequate accounting records; or
- the financial statements are not in agreement with the accounting records and returns; or
- we have not received all the information and explanations we require for our audit.
Page 6
**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.
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
We identified areas of law and regulations that could reasonably be expected to have a material effect on the financial statements from: our charity and sector experience; our accountancy and tax knowledge; inspection of the Charity's relevant correspondence; a review of Companies House and Charity Commission filings; and discussions with management and the Trustees. We discussed laws and regulations throughout our team and remained alert to any indication of non-compliance throughout the audit. The potential effect of the law and regulations on the financial statements varies considerably.
Firstly, the Charity is subject to laws and regulations that directly affect the financial statements including financial reporting legislation and tax legislation. We assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items.
Secondly, the Charity is subject to other laws and regulations where the consequences of non-compliance could have a material effect on amounts disclosed in the financial statements, for instance through the imposition of fines or litigation. We identified the following areas as those most likely to have such an effect: health and safety, and employment laws and regulations, recognising the nature of the Charity's activities. Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiries of management, and inspection of regulatory and legal correspondence, if any. These limited procedures did not identify actual or suspected non-compliance.
Due to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. As with any audit, there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.
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.
Page 7
**REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF THE ASHA FOUNDATION**
## **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
31 May 2022
Page 8
**THE ASHA FOUNDATION**
## **STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING AN INCOME AND EXPENDITURE ACCOUNT) for the Year Ended 30 November 2021**
|Notes
**INCOME AND ENDOWMENTS FROM**
Donations
3
**Charitable activities**
Youth training and development
Other trading activities
4
Investment income
5
Other income
7
**Total**
**EXPENDITURE ON**
**Charitable activities**
8
Youth training and development
**NET INCOME/(EXPENDITURE)**
**Transfers between funds**
17
**Net movement in funds**
**RECONCILIATION OF FUNDS**
**Total funds brought forward**
**TOTAL FUNDS CARRIED FORWARD**|Unrestricted
fund
£
**49,126**
**-**
**161,221**
**1,399**
**92,500**
**304,246**
**251,691**
**52,555**
**(29,904)**
**22,651**
**3,893,446**
**3,916,097**|Restricted
fund
£
**-**
**242,604**
**-**
**-**
**-**
**242,604**
**272,508**
**(29,904)**
**29,904**
**-**
**-**
**-**|**2021**
**Total**
**funds**
**£**
**49,126**
**242,604**
**161,221**
**1,399**
**92,500**
**546,850**
**524,199**
**22,651**
**-**
**22,651**
**3,893,446**
**3,916,097**|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|
|---|---|---|---|---|
The notes form part of these financial statements
Page 9
## **THE ASHA FOUNDATION (REGISTERED NUMBER: 03246746)**
## **BALANCE SHEET 30 November 2021**
|Notes
**FIXED ASSETS**
Tangible assets
13
**CURRENT ASSETS**
Debtors
14
Investments
15
Cash at bank
**CREDITORS**
Amounts falling due within one year
16
**NET CURRENT ASSETS**
**TOTAL ASSETS LESS CURRENT**
**LIABILITIES**
**NET ASSETS**
**FUNDS**
17
Unrestricted funds
**TOTAL FUNDS**|Unrestricted
fund
£
**3,335,363**
**9,379**
**-**
**592,300**
**601,679**
**(20,945)**
**580,734**
**3,916,097**
**3,916,097**|Restricted
fund
£
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**|**2021**
**Total**
**funds**
**£**
**3,335,363**
**9,379**
**-**
**592,300**
**601,679**
**(20,945)**
**580,734**
**3,916,097**
**3,916,097**
**3,916,097**
**3,916,097**|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|
|---|---|---|---|---|
The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 November 2021.
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
- (a) ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and
- (b) preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company.
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 31 May 2022 and were signed on its behalf by:
The notes form part of these financial statements
continued...
Page 10
**THE ASHA FOUNDATION (REGISTERED NUMBER: 03246746)**
## **BALANCE SHEET - continued**
## **30 November 2021**
R D Gifford - Trustee
The notes form part of these financial statements
Page 11
## **THE ASHA FOUNDATION**
## **CASH FLOW STATEMENT for the Year Ended 30 November 2021**
|Notes
**Cash flows from operating activities**
Cash generated from operations
1
Net cash provided by/(used in) operating activities
**Cash flows from investing activities**
Purchase of tangible fixed assets
Place funds on fixed term deposit
Sale of tangible fixed assets
Return of funds on fixed term deposit
Interest received
Net cash provided by/(used in) 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**|**2021**
**£**
**32,156**
**32,156**
**(69,368)**
**-**
**100,319**
**202,737**
**1,399**
**235,087**
**267,243**
**325,057**
**592,300**|2020
£
(4,713)
(4,713)
(723,922)
(202,737)
-
700,000
2,737
(223,922)
(228,635)
553,692
325,057|
|---|---|---|
The notes form part of these financial statements
Page 12
**THE ASHA FOUNDATION**
## **NOTES TO THE CASH FLOW STATEMENT**
## **for the Year Ended 30 November 2021**
## **1. RECONCILIATION OF NET INCOME/(EXPENDITURE) TO NET CASH FLOW FROM OPERATING ACTIVITIES**
|**OPERATING ACTIVITIES**||||
|---|---|---|---|
|||**2021**|2020|
|||**£**|£|
|**Net income/(expenditure) for the reporting period (as per the**||||
|**Statement of Financial Activities)**||**22,651**|(93,612)|
|**Adjustments for:**||||
|Depreciation charges||**87,403**|88,573|
|Profit on disposal of fixed assets||**(92,724)**|-|
|Interest received||**(1,399)**|(2,737)|
|Decrease in debtors||**13,489**|3,198|
|Increase/(decrease) in creditors||**2,736**|(135)|
|**Net cash provided by/(used in) operations**||**32,156**|(4,713)|
|**ANALYSIS OF CHANGES IN NET FUNDS**||||
||At 1.12.20|Cash flow|**At 30.11.21**|
||£|£|**£**|
|**Net cash**||||
|Cash at bank|**325,057**|**267,243**|**592,300**|
||**325,057**|**267,243**|**592,300**|
|**Liquid resources**||||
|Deposits included in cash|**-**|**-**|**-**|
|Current asset investments|**202,737**|**(202,737)**|**-**|
||**202,737**|**(202,737)**|**-**|
|**Total**|**527,794**|**64,506**|**592,300**|
## 2. **ANALYSIS OF CHANGES IN NET FUNDS**
The notes form part of these financial statements
Page 13
**THE ASHA FOUNDATION**
## **NOTES TO THE FINANCIAL STATEMENTS for the Year Ended 30 November 2021**
## **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 14
**THE ASHA FOUNDATION**
## **NOTES TO THE FINANCIAL STATEMENTS - continued for the Year Ended 30 November 2021**
## **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||
|---|---|
Page 15
continued...
**THE ASHA FOUNDATION**
## **NOTES TO THE FINANCIAL STATEMENTS - continued for the Year Ended 30 November 2021**
## **6. INCOME FROM CHARITABLE ACTIVITIES**
|Activity
Erasmus+ grants
Youth training and development
**OTHER INCOME**
Gain on sale of tangible fixed assets|**2021**
**£**
**242,604**
**2021**
**£**
**92,500**|2020
£
374,839|
|---|---|---|
|||2020
£
-|
## **7. OTHER INCOME**
## **8. CHARITABLE ACTIVITIES COSTS**
Charitable activities costs are comprised of:
|Direct costs|**£123,539**|(2020 - £144,271)|
|---|---|---|
|Staff costs|**£164,097**|(2020 - £232,635)|
|Support costs|**£144,063**|(2020 - £285,269)|
## **9. NET INCOME/(EXPENDITURE)**
Net income/(expenditure) is stated after charging/(crediting):
||**2021**|2020|
|---|---|---|
||**£**|£|
|Depreciation - owned assets|**87,403**|88,573|
|Surplus on disposal of fixed assets|**(92,724)**|-|
|Auditor remuneration - external audit|**3,995**|3,995|
|Auditor remuneration - other services|**1,305**|1,305|
## **10. TRUSTEES' REMUNERATION AND BENEFITS**
There were no trustees' remuneration or other benefits for the year ended 30 November 2021 nor for the year ended 30 November 2020.
## **Trustees' expenses**
There were no trustees' expenses paid for the year ended 30 November 2021 nor for the year ended 30 November 2020.
## **11. STAFF COSTS**
|Wages and salaries
Social security costs
Other pension costs|**2021**
**£**
**156,016**
**4,133**
**3,948**
**164,097**|2020
£
217,766
8,959
5,910|
|---|---|---|
|||232,635|
The average monthly number of employees during the year was as follows:
||**2021**|2020|
|---|---|---|
|Employees|**11**|18|
Page 16
continued...
**THE ASHA FOUNDATION**
## **NOTES TO THE FINANCIAL STATEMENTS - continued for the Year Ended 30 November 2021**
## **11. STAFF COSTS - continued**
No employees received emoluments in excess of £60,000.
## **12.**
## **COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES**
|**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**|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
-
-
-|Total
funds
£
34,559
374,839
156,041
2,737
568,176
661,788
(93,612)
-
(93,612)
3,987,058
3,893,446|
|---|---|---|---|
continued...
Page 17
**THE ASHA FOUNDATION**
## **NOTES TO THE FINANCIAL STATEMENTS - continued for the Year Ended 30 November 2021**
## **13. TANGIBLE FIXED ASSETS**
|Freehold
property
£
**COST**
At 1 December 2020
**4,083,934**
Additions
**62,510**
Disposals
**(10,000)**
At 30 November 2021
**4,136,444**
**DEPRECIATION**
At 1 December 2020
**733,875**
Charge for year
**81,478**
Eliminated on disposal
**(2,500)**
At 30 November 2021
**812,853**
**NET BOOK VALUE**
At 30 November 2021
**3,323,591**
At 30 November 2020
3,350,059
**14.**
**DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**
Other debtors
**15.**
**CURRENT ASSET INVESTMENTS**
Other investments
**16.**
**CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**
Trade creditors
Social security and other taxes
Other creditors||Plant &
machinery
£
**190,855**
**6,858**
**(2,445)**
**195,268**
**179,921**
**5,925**
**(2,350)**
**183,496**
**11,772**
10,934
**2021**
**£**
**9,379**
**2021**
**£**
**-**
**2021**
**£**
**10,224**
**3,707**
**7,014**
**20,945**||Totals
£
**4,274,789**
**69,368**
**(12,445)**
**4,331,712**
**913,796**
**87,403**
**(4,850)**
**996,349**
**3,335,363**
3,360,993
2020
£
22,868
2020
£
202,737
2020
£
6,672
4,439
7,098
18,209|
|---|---|---|---|---|
||||||
||||||
||||||
||||||
continued...
Page 18
**THE ASHA FOUNDATION**
## **NOTES TO THE FINANCIAL STATEMENTS - continued for the Year Ended 30 November 2021**
## **17. MOVEMENT IN FUNDS**
|**Unrestricted funds**
General fund
**Restricted funds**
Erasmus+
**TOTAL FUNDS**
Net movement in funds, included in the above are
**Unrestricted funds**
General fund
**Restricted funds**
Erasmus+
**TOTAL FUNDS**
**Comparatives for movement in funds**
**Unrestricted funds**
General fund
**Restricted funds**
Erasmus+
**TOTAL FUNDS**|At
1.12.20
£
**3,893,446**
**-**
**3,893,446**
as follows:
At
1.12.19
£
3,987,058
-
3,987,058||Net
movement
in funds
£
**52,555**
**(29,904)**
**22,651**
Incoming
resources
£
**304,246**
**242,604**
**546,850**
Net
movement
in funds
£
(84,936)
(8,676)
(93,612)||Transfers
between
funds
£
**(29,904)**
**29,904**
**-**
Resources
expended
£
**(251,691)**
**(272,508)**
**(524,199)**
Transfers
between
funds
£
(8,676)
8,676
-|At
30.11.21
£
**3,916,097**
**-**
**3,916,097**
Movement
in funds
£
**52,555**
**(29,904)**
**22,651**
At
30.11.20
£
3,893,446
-
3,893,446|
|---|---|---|---|---|---|---|
||||||||
||||||||
||||||||
continued...
Page 19
**THE ASHA FOUNDATION**
## **NOTES TO THE FINANCIAL STATEMENTS - continued for the Year Ended 30 November 2021**
## **17. MOVEMENT IN FUNDS - continued**
Comparative 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
A current year 12 months and prior year 12 months combined position is as follows:
Net
At
movement
1.12.19
in funds
£
£
**Unrestricted funds**
General fund
3,987,058
(32,381)
**Restricted funds**
Erasmus+
-
(38,580)
**TOTAL FUNDS**
3,987,058
(70,961)|Incoming
resources
£
**Unrestricted funds**
General fund
193,337
**Restricted funds**
Erasmus+
374,839
**TOTAL FUNDS**
568,176
A current year 12 months and prior year 12 months combined position is as follows:
Net
At
movement
1.12.19
in funds
£
£
**Unrestricted funds**
General fund
3,987,058
(32,381)
**Restricted funds**
Erasmus+
-
(38,580)
**TOTAL FUNDS**
3,987,058
(70,961)|Resources
expended
£
(278,273)
(383,515)
(661,788)
Transfers
between
funds
£
(38,580)
38,580
-|Movement
in funds
£
(84,936)
(8,676)
(93,612)
At
30.11.21
£
3,916,097
-
3,916,097|
|---|---|---|---|
|||||
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|497,583|(529,964)|(32,381)|
|**Restricted funds**||||
|Erasmus+|617,443|(656,023)|(38,580)|
|**TOTAL FUNDS**|1,115,026|(1,185,987 )|(70,961)|
continued...
Page 20
**THE ASHA FOUNDATION**
## **NOTES TO THE FINANCIAL STATEMENTS - continued**
## **for the Year Ended 30 November 2021**
## **18. 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 £48,750 (2020 - £52,000).
## **19. 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 21
**THE ASHA FOUNDATION**
## **DETAILED STATEMENT OF FINANCIAL ACTIVITIES for the Year Ended 30 November 2021**
|**INCOME AND ENDOWMENTS**
**Donations**
Donations
**Other trading activities**
Event income
Other income
Job retention scheme grants
**Investment income**
Deposit interest
**Charitable activities**
Erasmus+ grants
**Other income**
Gain on sale of tangible fixed assets
**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
Materials
Bank charges
Exchange rate variances
Training
Auditor remuneration
Input VAT irrecoverable
Depreciation of tangible fixed assets
Surplus on sale of assets|2021
£
**49,126**
**48,699**
**14,663**
**97,859**
**161,221**
**1,399**
**242,604**
**92,500**
**546,850**
**156,016**
**4,133**
**3,948**
**2,490**
**5,346**
**21,233**
**48,082**
**10,838**
**14,870**
**11,393**
**2,209**
**38,009**
**83,649**
**9,786**
**800**
**4,047**
**1,035**
**3,995**
**15,141**
**87,403**
**(224)**
**524,199**|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|
|---|---|---|
This page does not form part of the statutory financial statements
Page 22
**THE ASHA FOUNDATION**
## **DETAILED STATEMENT OF FINANCIAL ACTIVITIES**
## **for the Year Ended 30 November 2021**
|Total resources expended
**Net income/(expenditure)**|2021
£
**524,199**
**22,651**|2020
£
661,788
(93,612)|
|---|---|---|
This page does not form part of the statutory financial statements
Page 23