THE ASHA FOUNDATION (Limited by guarantee) TRUSTEE'S REPORT AND CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 2023 CHARITY NUMBER: 1058320 COMPANY NUhqBER: 03246746 The Asha Foundation Consolidated financial statements lor the year ended JO November 2023 CONTENTS CHARITY INFORMATION TRUSTEES. ANNUAL REPORT STATEMENT OF TRUSTEES, RESPONSIBILITIES INDEPENDENT AUDITOR'5 REPORT CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIE¢- li CONSOLIDATED BALANCE SHEET 12 CHARrrY BALANCE SHEET 13 CONSOLIDATED CASH FLOW STATEMENT 14 NOTES TO THE FINANCIAL STATEMENTS 15 CHARITY INCOME AND EXPENDITURE ACCOUNT 24 The Asha Foundation Con501idated financial statements for the year ended 30 November 2023 CHARITY INFORMATION Company Re8istration Number 03246746 IEngland and Wales) Charity Registration Number 1058320 Trustees and Directors A Donnell R D Gifford A M Li)cher A I Sc(itt M C Ti-aynor Chief Executive Officer Z Giff()rd Registered Office and Principal Addre55 The A.,.,ha ce.ntre Gunn Mill House Lower Spout Lane Nr Mil'cheldean GIouciJStershire GL17 1)EA Auditors Kingscott DIK Icheltenhaml Ltd 7 Rocl..field Business Park Old Station Drive Leckh,3mpton chelte.nham GL53 1)AN The Asha Foundation Consolidated financial statement5 for the year ended 10 November 2023 TRUSTEES, ANNUAL REPORT Ilncorporating the Dirertors. Report) The trvstee5 who are also directors of the chari ty for tlie purposes of the Companies Act 2006, present their report with the financial statements of the cha."ity for I he year ended 30 November 2023. The trustees have adopted the provisions of Accounting and Re.porting by Charitie5'. Statement of Recommended Practice applicable to charities preparingtheir accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 leffective I january 20191. OBJECTIVES AND ACTIVITIES Objectives and aims The Asha Foundation I'Asha'l is a registered charity, nLimber 1058320, founded in 1996 which brings people and communities together, whatever their b8cKgrouid and belief, to celebrate and honour our shared heritage. The Trust Deed is the Memorandum and Arti=le5 of As50Clation as last revised and amended on 31 january 2002. Asha's okijectives 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 Iipd national origin, and Asha's aim5 include the provision of buildings, facilities and open space, as well as the pr)vision of opportunities for training, interaction and volunteering. We consider these objectives and Ihe actiiiities, both by definition and in practice to be of benefit to the public as demonstrated by the support froni natiiinal and international authorities with whom Asha has engaged. Public benefit In setting objectives and planning activities the Trustee: have had regard to the guidance issued by the Charity Commission on public benefit in the running of the cha-ity. STRATEGIC REPORT Achievement and performance This year ha5 been an eventual one as Asha ha5 coped with some profound changes. After a decade as the leading provider in the UK to the Erasmus Plus programme of the EU. and the effects of the Pandemic upon the hospitality industry, huge challenge5 have been thrown vp. The final Erasmu5 Plus courses were held during the year, as the programmes approved before the Pandemic were able to take p13ce, and as the EU funding stream finally came to an end. Our work duriig this decade ha5 affected the lives of thousands of young people across the world and given us Lau5f. to bi., proud of this achievement. Part of the Strategy for dealing with these challenges ha5 been to partner with other charities to provide facilities and instruttion that complements Asha'5 achifjvements and utilises our resources and a55et5. At Hill House, where our volunteers have stayed for many yeiirs, we have partnered with a Children's home charity whose approval by Ofsted enables them to deal with the problems of children in care, by providing education in the best method5 of care and accommodatioii for thi)se in care. The Asha Foundation Consolidated financial statements for the year ended 30 November 2023 At Church Farm we have partnered with the Purie-Harwell Trust who have provided a large proportiori of the costs of constructing a new facility for accommodating groups and reception facilities for courses, community engagement and Church groups. In keeping with our reduced income streams, we havij slimwed down our staffing at both senior and junior level, whilst expanding the accommodation of a diver5L3 range of retreat, yoga and other groups, and focusing on their educational and cultural requirements. Guests a¢ diverse as pre-school, gardeners, Alcoholics Anonymous, Forest Schools, Biodynamics, Queer Spirit, Artists, funeraries, W.1., Forest Bathing. and walking Groups have all enjoyed the facilities of Asha Centre or Churcl. Farm. A major event took place in lune when we h05ted cnd organized a Young Zoroastrians Youth Leadership Forum, partnering with the World Zoroastrian Org",Inisation and FEZANA, the North American cultural organisation for this important ethnic group. Repres￿ntatIvI￿ from N. America, Australia, India and Persia joined those in the UK to work out a leadership strategy for 7oroastrians worldwide. Having suNived 2023 without trading 105ses, we Fool,. forward to the future with some confidence. whilst awaiting to know how the change of government may impact on our fortunes. Financial review The charity has generated a surplus of £5k for the year, which will be invested in the new Forest Arts and Wellness Centre. The charity's income includes £166k of grants received to part-fund the new Forest Art5 and Wellness Centre. Grant income continues to decrease, a consequence o- Brexit and reduced access to the EU grants available. During the year the charity has incurred costs of £516￿ on its -h8ritable activities, a decrease on the previous year of £30k. Unrestricted funds of £3.46m and restricted funds of E166k are carried forward, of which £103k are held as cash. Investment policy and objectives Under the Memorandum and Articles of Association, tF e Charity has the power to make any investment which the Trustees see fit. Trustees endeavour to hold sufficiE nt liquid funds to pay for ongoing activities,. any surplus bein8 held for income generation. ReseThes policy The charity maintains sufficient balances in its current < CCO¢JI)t to meet its immediate expenses. Going forward the Trustees intend to operate the charity on a no suriilu5/no deficit basis. Post year-end events Our long-serving Trustee Prof. Alison Donnell retired -t the 2,)24 AGM and will take vp an important post at Bristol University. We thank her for her excellent sei'vice oiper a varied term of office and wish her every success in her new role. The Asha Foundation Consolidated financial statements for the year ended 30 November 2023 STRucfuRE. GOVERNANCE AND MANAGEMENT Governin8 document The charity is controlled by it5 governing docunie.nt, it.") 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 Article5 of Association. one third of the Tru5tee% are sul)ject to retirement annually by rotation, depending on the longest in office since their appointment or -eappo.'ntment 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 d,'rectly and frequently with one or more of the trustees. Risk management The Trustees have a duty to identify and rpviLXW the risks to which the charity is exposed and to ensure appropriate contro15 are in place to provide riJcisonal)le assurance against fraud and error. All significant activities are subject to risk review as part of the. initial Jroject assessment and implementation. The Trustee5 review the major risksthat the Fotjndation faces on a regular b3515 and controls are established as appropriate. The key controls used by the Foundation include.. Regular management meetings to assess torthcoining activities Agendas and minutes Detailed budgetary presentation for each activity for approval by the Trustees Established organisational structure and line5 of r'eporting Cle3r authorisation and approval levels Engagement of external professional advisor5 as and when necessary. Through the controls established for the runnind of thE Foundation, the Trustees are satisfied that the major risks identified are adequately mitigated. where nece55ary. It 15 recognised that controls established can only provide reasonable, but not absolute, assurance that rrajor risks have been adequately managed. AUDITORS The auditors. Kingscott Dix Icheltenhaml Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting. Trustees, report inJo directors, on porating a strategic report, apprcved by order of the board of trustees, as the company and signed on the bo¢ rd's behalf by.. R D Gifford - Trust Date The Ashè Foundation Consolidated financial statements for the year ended 30 November 2023 STATEMENT OF TRUSTEES. RESPONSIBILITIES The tru5tees' Iwho are also directors for the purposes of (=ompany lawl are responsible for preparing a trustees, annual report and financial statements in acc()rdan¢e with applicable law and regulations and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Company law require5 the trustees to prepare financi315tateinents for each financial year which give a true and fair view of the state of affairs of the charitable c()mpany and of the incoming re50urce5 and application of resour￿5, including the income and expenditure, cf the cliaritable 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 Charitie$ 50RP,. make sound judgements and estimates that are reasonable and prudent,. state whether applicable UK accounting standard Iiave been followed, subject to any material departures disclosed in the financial statements,. prepare the financial statements on the going roncern basis unless it is inappropriate to presume that the charitable company will continue in businE $5. The trustees are responsible for keeping proper accounting rpcords which disclose with reasonable accuracy at any time the financial position of the charitable coripan¥' February 2022. Consequently, the comparative results shown in the group accounts incorporate 9.5 months of 2Ctivit41 for the subsidiary company and 12 months of activitv for the parent charity. The current year results show li months of activity for both entitie5. Judgements and estimation uncertainty The trustee5 are of the opinion that the financi31 statLments do not contain any significant judgements or estimations. 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 reliablv. The Asha FoundatTron Con501idated financlal statements for the year ended 30 November 2023 Expenditure Liabilities are recognised as expenditure as soon a5 thore is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transler of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accrua15 basi5 and has been classified under headings that aggregate all Cobt related to the category. Where costs cannot be directly attributed to particular headings they have beG?n allocated to activitie5 on a basis consistent with the use of resources. Tangible fixed assets Tangible fixed assets are capitalised at cost and are deJreciatLd over their useful economic lives as follows.. Freehold property Straight line over 50 ypars Plant and machinery 33% on reducing balaiice basis Fund a¢¢ountin8 Unrestricted funds can be used in accordance with the charitiible objectives at the discretion of the trustees. Restricted funds can only be used for particular restrictLsd purposes within the object5 of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purpose5. Debtors Trade and other debtors are recognised at the settle￿lent arriount due after any trade discount offered, less any provision for unrecoverable amount5. prepaymer.ts are valued at the amount prepaid net of any trade discounts due. Cash and equivalents Cash at bank and cash in hand includes cash and Short term highly liquid inve5tmeTrts with a short maturity of three months. Creditors Creditors and provisions 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 tiird pai-ty and the amount due to settle the obligation can be measured or estimated reliably. Creditors and orovi5ions are normally recognised at their settlement amount after allowing for any trade discount5 due. Pensions Employees of the charity are entitled to join a monev purchase defined contribution pension scheme. Any employees joining the money purchase pension 5cherie, contract directly with the insurance company. The group makes contributions to the individual schemes (if empli)yees and acts as agent in collecting arid paying over employee pension contributlOn5. The contributir)n5 maile for the accounting period are treated as an expense. Financlal Instrument5 The group only has financial assets and financial liabilities of a kind that qualify a5 basic financial illstruments. Basic financial instruments are initially re¢ogni5ed at LransGCtion value and subsequently measured at their settlement value. 16- The Asha Foundatlon Consolidated financial statements for the year ended 10 No¥ember 2023 Legal status of the charity In the event of the charity being wound up, the liability in respect of the guarantee is limited to £1 per member of the charity. Financial performance of the charity The con501idated Statement of financial activitie5 inclijdes the reSu￿S of the charity's subsidiary, The Asha Centre Limited, a company limited by guarantee. As pei'mitted by section 408 of the Companies Act 2016, the charity's statement of firsancial activitie5 has ni)t beer. included in these financial statements. The charity's surplu5 for the year was £4,98112022 - £295,446 de-,icitl which was comprised of è £70,151 unrestrirted deficit, a £90,618 restricted income fund deficiti ¢ind 3 :-165.750 restricted asset fund surplus. Voluntary income 2023 2022 Group Group Donations Giftaid 15,614 7,139 2,115 9,254 15.614 Income from charitable artivities 2023 Group 2022 Group Erèsmus+ Erants Other grants 201,621 165,750 367,371 149,771 149,771 Income from other trading artivities 2023 Group 2022 Group Event income Accommodation income Other income Rent received 17,922 67,862 6,112 46,400 138,296 68,320 8,554 4,605 10,400 91,879 17- The Asha Foundatlon Consolidated financial statements for the year ended 30 November 2023 Totsl expenditure 2023 Group Total 2022 Group Total Direct Costs Staff Costs Support Costs Charitable activities Property maintenance Property running costs Staff employment costs Participant travel costs Participant subslstence Administrative costs Depreciation Total 2023 86,623 35,929 86,623 35,929 149,714 84,379 26.196 47.084 86,375 516,300 66,418 35,654 203,839 60,903 26,200 64.568 88,768 546,350 149,714 84,379 26,196 42,441 86.375 239,391 4,643 127.195 149,714 Total 2022 108,061 2C3,839 234,450 546,350 Staff costs 2023 liroup 2022 Group 2023 Charity 2022 Charlty Wages and salaries Social security Costs Pension contribution5 14 1,406 5.095 3,213 149.714 190,570 9,455 3,814 203.839 105,246 2.673 2,673 110,592 190,570 9,455 3,814 203,839 There was no trustees, remuneration or other benefit5 for the year ended 30 November 2023 nor for the year ended 30 November 2022. The average number of employees during the year wa:- 612022- 91. No employee5 were paid in excess of £60,(M)O during tlie current or previous year. 18- The Asha Foundation Consolidated financial statements for the year ended 30 November 2023 io Movement in funds This is stated after charging.. 2023 Group 2022 Group Depreciation Auditor remuneration: group audit services Auditor remuneration.. other services 86,375 3,995 1,305 88,768 3,995 1,305 li Taxation The Asha Foundation Limited is a registered chai"ity, a id all income fa115 Wlthin the exemptions afforded to charities by the Income and Corporation Taxes Act 20011. 12 Tangible fixed assets GROUP Freehold Property Plant & Machinery Total Cost At l December 2022 Additions Disposa15 At 30 November 2023 4,884.694 923,572 195,685 5,080,379 871,972 5,808,266 195.685 5,952,351 Depreciation At l December 2022 Charge for year Eliminated on disposals At 30 November 2023 896,781 83,928 188,336 2,447 1,085,117 86,375 980,709 190,783 1,171,492 Net book value At l December 2022 3,987,913 7,349 3,995,262 At 30 November 2023 4,827,557 4,902 4,832,459 During the year. the group received grant income with the restriction that the grant be used to undertake a capit31 build project. The Asha Foundation Consolidated financial statements for the year ended 30 November 2023 CHARITY Freehold Property Plant & Machinery Total Cost At l December 2022 Additions Disposals At 30 November 2023 4,186,444 195,685 4,382,129 4,186,444 195,685 4,382,129 Depreciation At l December 2022 Charge for year Eliminated on disposals At 30 November 2023 896,781 83,928 188,336 2,447 1.085,117 86,375 980.709 190.783 1,171,492 Net book value At l December 2022 3,289,663 7,349 3,297,012 At 30 November 2023 3,205,735 4,902 3,210,637 13 Investments The charity controls its subsidiary, The Asha Centr(: Limitpd. Any profits earned by the subsidiary are distributed to the charity by way of gift aid. The results of The Asha Centre Limited were: 2023 2022 Turnover Administrative expenses Profit before taxation Taxation Profit after tayation Gift aid distribution Retained profit for the year 67,116 154,6241 12,492 8,554 18,4441 iio 12,492 112,4921 iio Iiioi 20- The Asha Foundatlon Consolidated financial statements for the year ended 30 November 2023 The Asha Centre Limited had the following assel.'5 and liabilities.. 2023 2022 Fixed assets Current assets Current liabilities Non-current liabilities Net assets 1,621,822 698,250 12,344 106,154 1110,8291 176.8901 11,523,337) 1727,5141 Reserves Shareholder5, fijnds 14 Debtors 2023 2022 2023 Charity 2022 Charity Group Other debtors Amounts due from group companie5 .1,215 84,939 4,215 1,523,337 1,527,552 15,446 727,514 742,960 ,1,215 84,939 15 Credltors 2023 2022 2023 Charity 2022 Charity Group Due within one year: Trade creditors Other creditors other taxes and social security IOlJ,226 2',3,933 l L,651 141J,810 79,754 10,037 9,205 29,176 600 2,864 10,037 4,365 17,266 89,791 38,981 Due after one year: Other creditors 1,16.1,505 1,16.1,505 630,533 630,533 1,164,505 1,164,505 630,533 630,533 The Asha Foundation Consolidated flnancial statements for the year ended 30 November 2023 16 Group funds Current year: l Dec 2022 Incom Expenditure Transfers 30 Nov 2023 Unrestricted funds General Total unrestricted funds 3.620,651 3.620,651 l53,910 153,910 1224,0611 1224,0611 190.6181 190,6181 3,459,882 3,459,882 Restrlrted funds Erasmus+ Wellness & Arts Centre Total restricted funds ?01.6?1 165,750 367,371 1292.2391 90,618 165,750 165,750 1292,2391 90.618 Total funds 3,620,651 1516,3001 3.625,632 Previou5 year: l Dec 2021 IncomLJ Expenditure Transfers 30 Nov 2022 Unrestritted funds General Total unrestricted fund5 3,916,097 3,916,097 101,13) 101.133 1220,2411 1220.2411 1176.3381 1176,3381 3.620,651 3,620,651 Restrlrted funds Erasmus+ Wellness & Arts Centre Total restricted funds l49.771 1326,1091 176,338 L49,771 1326,1091 176,338 Total funds 3,916,097 ?50,904 1546,3501 3,620,651 General fund5'. The group has general unrestricted funds that are free reserve objectives. for use in achieving the charity's aims and Restricted funds.. The charity receives grants from the Eu's Erasmu5+ program as well as other sources. These grants are treated as restricted funds. Erasmus+ is the programme the Ejropean 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. The charity has received grant funding specifically to iupporL th.e creation of a Wellness & Arts Centre. The Centre is currently under construction. Upon completion thEire will be no restrictions on usage. and so the fund balance will be transferred to unrestricted funds.3t that goint. 22- The Asha Foundation Consolidated financial ststements for the year ended 30 November 2023 17 Analysis of group net assets between funds Current year: Unrestrirted Funds Restricted Funds Total Funds Tangible fixed assets Current asset5 Current liabilities Non-current liabilities 4,666,709 107,488 1149,8101 11,164.5051 3,459,882 165,750 4,832,459 107,488 1149,8101 11,164,505) 3,625,632 165,750 Previous year.. Unrestricted Funds Restrirted Funds Total Funds Tangible fixed assets Current assets Current liabilities Non-current liabilities 3,995,262 345,713 189,7911 1630,5331 3.620.651 3,995.262 345,713 189,7911 1630,5331 3,620,651 18 Related party transartions Group companies.. The group has taken advanlaLTe of the exemption from disclosing transaction5 between group companies. Employee5: During the current and previou5 '1ear thii charity employed individuals who are related to a trustee. These individuals are not employed b ider ariy special terms and are remunerated in the normal course of business. Key management.. During the year remuneration paid t? key management personnel was £14,00012022 - £52,000). The Asha Foundation Consolidated financial statements for the year ended 30 November 2023 CHARITY INCOME AND EXPENDITURE ACCOUNT 2023 2023 Z023 2023 2022 Charltv Total Funds Charlty Unrestrlrted Fund Charity RestTiCted Charity Restrirted Asset Fund Charity Total Fund5 Fund 114COME Voluntary.. General donation5 15.614 15,614 7,139 2,115 iio Gift aid rec13irned from HMRC Gift aid from subsidiary 12.492 12,492 Trading activities.. Event income 17,922 6,858 17.922 6,858 68,320 4.605 Other income Investment.. Bank interest Charitable artivitie5-. Erasmus+ grant5 Other capital grant5 201,621 201,621 165,750 149.771 165,750 Other.. Rental income 46,400 46,400 10,4LX) 99,286 201.621 165,750 466.6S7 242.460 EXPENDITURE Charitable activities.. Wages Social securitv Pension5 8,0(K) 97,246 2,673 2,673 105,246 2,673 2,673 5,489 4,643 24,153 84,379 26,196 6,673 190.570 9.455 3,814 3,750 4,024 27,247 60,903 26,200 8,570 Rent and rates 5,489 4,643 24,153 Insurance Heat 3nd light Travel costs for participants Sub5i5tence costs for participants Motor expenses 84,37, 26,19v 6,673 -24- The Asha Foundation Consolidated financial statements for the year ended 10 November 2023 Continued... 202:.1 2023 Charity Rf'stricted Fund 2023 Charity Restricted 2023 2022 Chailtv Total Charilv Unre5trirted Fund Charltv Total Funds A55et Fund Funds Sundries Office and 3dvertising Telephone Contractors ènd consultancy Repairs & property maintenance Subcontr3Ctor5 2.213 14,302 2.881 6,788 34.238 44.834 752 4,678 10,488 2,132 19,132 9.130 53,980 919 14.302 2,881 6,788 34,238 44,834 Bank charges Exchange rate variances Training Auditor remuneration Input VAT irrecoverable Depreciation of fixed asset5 752 12,5991 12,5991 1,864 1,965 3,995 6.322 88.768 3.995 5.772 86,375 86,375 169,437 292,239 461,676 537,906 TOTAL SURPLUS I IDEFICITI 170,1511 ',￿.618} 165.750 4.981 1295,4461 8eing'. Restricted fund- provision of Erasmus+ courses anil pro8ramme. Restricted asset fund- Erants received specifically t) support the creation of a Wellnes5 & Art5 Centre. Unrestricted funds- all other income and eypenditlire.