THE ASHA FOUNDATION (Limited by guarantee) TRUSTEE'S REPORT AND CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 2024 CHARITY NUMBER: 1058320 COMPANY NUMBER: 03246746
The Asha Foundation Consolidated financial statements for the year ended 30 November 2024 CONTENT5 CHARITY INFORMATION TRUSTEES, ANNUAL REPORT STATEMENT OF TRUSTEES, RESPONSIBILITIES INDEPENDENT AUDITOR'S REPORT CONSOLIDATED STATEMENT OF FINANCIAL AcfiviTIES li CONSOLIDATED BALANCE SHEET 12 CHARITY BALANCE SHEET 13 CONSOLIDATED CASH FLOW STATEMENT 14 NOTES TO THE FINANCIAL sTATEmEs 15 CHARITY INCOME AND EXPENDITURE ACCOUNT 23
The Asha Foundatlon Consolidated financlal statements for the year ended 30 November 2024 CHARITY INFORMATION Company Registration Number 03246746 (England and Wales) Charity Registration Number 1058320 Trustees and Directors R D Gifford A M Locher AJScott M CTraynor Chief Executive Officer Z Gifford Registered Office and Princlpal Addres5 The Asha Centre Gunn Mill House Lower Spout Lane Nr Mitcheldean Gloucestershire GL17 OEA Auditors Kingscott Dix Icheltenhaml Ltd 7 Rockfield Business Park Old Station Drive Leckhampton Cheltenham GL53 OAN
The Asha Foundatlon Consolidated financial statements for the year ended 30 November 2024 TRUSTEES, ANNUAL REPORT (Incorporatlng the Directors, Report) 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 2024. 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 IFRS 102} (effective l January 20191. OBJECTIVES AND A1VITIEs Objectives and aims The Asha Foundation I'Asha') is a reglstered charityi 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: Developrnent 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 ethnlc and national origin, and Asha's aim5 include the provision of buildings, facilities and open space, as well as the provision of opportunities for trainin& interartion 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 supportfrom national and international authorities with whom Asha has engaged. Public benefit In setting objectives and planning activities theTrustees have had regard tothe guidan i55ued by the Charity Commission on public benefit in the running of the charity. STRATEGIC REPORT Achievement and perfonnance The challenges of adapting to change have continued following Brexit and the pandemic, followed by the inflationary pressures affecting all SME'S such as our charity. Our strategy of diversifying our user base while slimming down running costs and developing partnering links has continued during the year. The Asha Centre has been well supported by holi5ticand wellness groups, while hosting parties of marginalized and diversity groups some of whom have also contributed as volunteers to the organic horticulture long- practised in the grounds of the Asha Centre. It has become a focus for annual conferences from domestic and overseas associations such as the Biodynamic association and the North American Zoroastrian Association, and hosting parties from Oxford University and the Interfaith steering group. A feature of the year has been the hosting and development of links with Plum Village with whom plans are in contemplation for closer ties and possible sharing of facllities.
The Asha Foundation Consolidated financial statements for the year ended 30 November 2024 Asha's Open Days have hosted local Gardening groups and the public from the Forest of Dean. Financial review The group has generated a deficit of £67k for the year. The charitls Income included £67k of grants received, a decrease from the previous year of £300k. The previous year included £166k of one-off grants to part-fund the new Forest Arts and Wellness Centre. Grant Income continues to decrease, a consequence of Brexit and reduced access to the EU grants available. During the year the charity has Incurred costs of £355k on its charitable activities, a decrease on the prevlous year of £161k. Unrestricted ndS of £3.39m and restricted funds of £166k are carrled forward, of which £76k are held as cash. Investment policy and objectives Underthe Memorandum and Articles of Association, the Charity has the powerto make any investmentwhich the Trustees See fit. Trustees endeavour to hold sufflcient liquid funds to pay for ongoing activities; any surplus being held for income generation. Reserves policy The charity maintains sufficient balances in its current accountto meet its immediate expenses. Goingforward the Trustees intend to operate the charity on a no surpluslno deficit basi5. Post year-end events During 2025, the group has sold its freehold property at Church Farm, Gloucestershire. STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document The charity is controlled by its governing document, its memorandum and article5 of association in lieu of a deed of trust, and is constituted as a limited companyi Ilmited by guarantee, as defined by the Companies Att 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 subjett 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 theTrustees, 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.
The Asha Foundation Consolldated financlal statements for the year ended 30 November 2024 Rlsk management The Trustees have a to Identify and revlew the tlsks to which the charity Is exposed and to ensure approprlate controls are in place to provide reasonable assurante against fraud and error. All slgnifi¢ant activities are subject to rlsk review as part of the Initial project as5e55ment and implementatlon. The Trustees review the major risk5 that the Foundation fate5 on a regularbasis and controls are established a5 appropriote. The key controls used by the Foundatlon Include,. - Regular management meetings to 355ess forthcomlng actlvitles .Agend3s and minutes Detailed budgetary presentation for each activlty for approval by the fru5te¢s Established organisational structure and Ilne5 of reportlng Clear authori5ation and approval levels - Engagement of external professlonal advisors as and when necessary. Through the controls established for the running of the FotAnd3tion, the Trustees are satisfied that the major rlsks identified are adequately rnitlgated, where necessary. It Is recognised that controls establlshed can only provlde reasonable, but not absolute, a55urance that ma}or risks have been adequately managed. AUOITORS The auditors, Kingscott Dix (Cheltenhaml Llrnited, will be proposed for re-appolntment at the forthcoming Annua General Meeting. Trustees, report, Ineorporatlng a 5trateElc report, approved by order of the board of trustees, as the company director5, on. and signed on the board's behalf by. R D GIffOrd-TrStee Date $_ty442e2
The Asha Foundation Consolidated flnancial statement5 for the year ended 30 November 2024 STATEMENT OF TRUSTEES, RESPONSIBILITIES The trustees, (who are also directors for the purp05e5 of company lawl are responsible for preparing a trustees, annual report and financial statements in accordance with applicable law and regulations and United Kingdom Accounting Standards {United Kingdom Generally Accepted Accounting practi). 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 requlred to select suitable accounting policies and then apply them consistently; observe the methods and princlples in the Charities SORP,. make sound judgements and estimates that are reasonable and prudent; state whether applicable UK accounting standard have been followed, subject to any material departures disclosed 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 complywith the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable companyand hence fortaking reasonable stepsforthe prevention and detection of fraud and other irregularities. In so far asthe 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.
The Asha Foundation Consolidated financial statements for the year ended 30 November 2024 INDEPENDENT AUDITOR'S REPORT To the members of The Asha Foundation Opinion We have audited the financial statements of The Asha Foundation for the year ended 30 November 2024 which are comprised of the Consolidated Statement of Financial Activities, Consolidated and Parent Charitable Company Balance Sheets, Consolidated Cash Flow Statement and related notes, including a summary of signif icant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reportlng Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion the financlal statements: give a true and fair view of the state of the group's and the parent charitable compantys affairs as at 30 November 2024 and of it5 incoming resources and application of resources forthe yearthen 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 2006and thecharities Act 2011. Basis for opinion We conducted our audit in accordance with International Standards on Auditing (UK) IISAS IUKII 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 obtalned 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 informatlon The other information comprises the information included in the annual report, inclLtding the trustees, report, other than the financial statements and our auditor'5 report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover
The Asha Foundation Consolidated flnancial statements for the year ended 30 November 2024 the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility IS to read the other Informatlon and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of 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 fatt. We have nothlng to report in this regard. Opinions on other matter prescribed by the Companies Act 2006 In our opinion, based on the work undertaken in the course of the audit: the information given in the trustees, report, which includes the directors, report prepared for the purposes of company law, for the financial year for which the financial statements are prepared is consistent with the financial statements; and the directors, report included within the trustees, report has been prepared in accordance with applicable legal requirements. Matters on which we are required to report by exception In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustees, Annual Report. We have nothingtoreport in respect of the following matter5 wherethe Companies Act 2006 and the Charities Act 2011 requires us to report to you if, in our opinion: the parent charitable company has not kept adequate and sufficient accounting records, or returns adequate for our audit have not been received from branches not visited by us; or the parent charitable companyfinancial statements are not in agreement with the accounting records and return5. or certain disclosures of trustees, remuneration Specified by law are not made; or we have not received all the information and explanations we required for our audtt," or the trustee5 were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies exemption from the requirement to prepare a Strategic Report or in preparing the Trustees, Annual Report. Responsibilities of trustees As explained more fully in the Statement of Trustees, Responsibilities Statement, the trustees {who are also the directors of the charitable companyforthe purposes of company lawl are responsible forthe preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
The Asha Foundation Consolidated financlal statements for the year ended 30 November 2024 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. Auditorfs responsibilitles for the audit of the financial statements Our objectives are to obtain reasonable assurance about whetherthe financial statements a5 a whole are free from material misstatement, whether due to fraud or error, and to issue a Auditorfs Report that includes our opinion. Reasonable assu rance 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 statement5 from: our charity and sector experience; our accountancy and tax knowledge; inspection of the charitable company'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 effett of the law and regulatlons on the financial statements varies considerably. Firstly, the charitable company's is subject to laws and regulations that directly affect the financial statements includlng financial reportlng legislation, distributable profits 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 charitable company's is subject to other laws and regulations where the consequences of non- compliance could have a material effect on amounts disclosed inthefinancial statements, for instancethrough the imposition of f ines or litigation. We identified the following areas as those most likely to have such an effect: health and safety, planning permissions, building regulations, and employment laws and regulations, recognising the nature of the charitable company'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 audtt, 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 ou r 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 Auditorfs Report.
The Asha Foundation Consolldated financial statements for the year ended 30 November 2024 Use of our report This report is made solely to the charitable company's trustees, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept orassume responsibilityto anyone other than the charitable company and the charitable companvs members as a body, for our audit work, for this report, orfor the opinions we have formed. 2?.cJS-Z Date Robert Harris FCA (Senior Statutory Auditor) For and on behalf of Kingscott Dix Icheltenham) Limited 7 Rockfield Business Park, Old Station Drive, Leckhampton, Cheltenham, GL53 OAN -io-
The Asha Foundation Consolldated flnanclal statements for the year ended 30 November 2024 CONSOLIDATED STATEMENT OF FINANCIAL AcfiviTIES (Incorporating an Income and Expenditure Account) 2024 Group Unrestricted Funds 2024 Group Restrirted Funds 2024 Group Total Funds 2023 Group Total Funds Note INCOME Voluntary income 3,657 3,657 15,614 Income from charitable activities 66,540 66,540 367,371 Other trading activities 216,867 216,867 138,296 Investment income TOTAL INCOME 220.524 66,540 287,064 521,281 EXPENDITURE Expenditure on charitable activities 220,125 134,428 354,553 516,300 TOTAL EXPENDITURE 220,125 134,428 354,553 516.300 NET INCOME I (EXPENDITURE) 399 167,888 167,489) 4,981 Transfers between funds {67,8881 67,888 NMOvEmENT IN FUNDS io (67,489) (67,489) 4,981 TOTAL FUNDS BROUGHT FORWARD 16 3,459,882 165,750 3,625,632 3,620,651 TOTAL FUNDS CARRIED FORWARD 16 3,392,393 165,750 3,558,143 3,625,632 The statement of financial attivities includes all comprehensive income recognised in the year. All income and expenditure derive from continuing activities. li-
The Asha Foundation Consolidated flnancial statements for the year ended 30 November 2024 CONSOLIDATED BALANCE SHEET (Company number: 03128079) 2024 GTOUP 2023 Group Note FIXED ASSErs Tanglble assets Investments 12 13 4,646,769 4,832,459 4,646,769 4,832,459 CURRENT ASS5 Debtors Cash at bankand in hand 14 4,215 103,273 107,488 76,033 76,033 CURRENT LIABILITIES Crodltors due withln one year Is 150,1541 (50,154) (149,8101 1149,810J Net current assets I Illabllltiesl 25,879 142,3221 Total assets lets current liabilitles 4.722,648 4,790,137 NON-CURRENT LIABILITIES Creditors due after one year 15 (1.164,5051 IL,164,5051 (1.164,5051 11,164,5051 NET A55ETS 3,558,143 3,625,632 FUNDS Unrestricted funds Restricted funds TOTAL FUNDS 3,392,393 165,750 3.558,143 3,459,882 165.750 3,625,632 The trustees have prepared group accounts in accordance with sectlon 398 of the Companies Att 2006 and sectlon 138 of the Chartties Act 2011. These account5 are prepared in accordan with the spedal provisions of Part 15 of the Companies Act relating EO Small companles and constitute the annual accounts required by the Companies Act 21x16 and are for clrculatlon to members of the company. Approved by the Board of Trustees on ... nd signed on its behalf bv: R O Glfford 12-
The Asha Foundatlon Consolidated financlal statements for the year ended 30 November 2024 CIIARITY BAiANCE SHEET {Company number: 03128079) 2024 Charlty 2023 Charity Note FIXED ASss Tangible assets Inve$lment5 12 13 3,125,075 3,210,637 3.125.07S 3.210.637 CURRENT ASSETS Oebtors Cash at bank and in hand 14 1,573,428 66.161 1,639,589 1.527,552 90,929 1,6L8,481 CURRENT LIABILITIE5 Creditor5 due wlthln one year 15 (42,016) 142,0161 (38.9811 138,981} Net current assets 1.597,573 1,579,500 Toial assets less turrent liabilities 4.722,648 4,790,137 NON4URRENT LIA8iullES CrÈdltors due after onè year 15 11.164,5051 11.164,5051 11,164,505) 11,164,505> Nrf ASSETS 3.558.143 3.625,632 FUNDS Unrestricted funds Restilcted fund5 TOTAL FUNDS 3,392,393 165,750 3,558,143 3,459,882 165,750 3,625.6aZ 16 The trustees have prepared group account5 In accordance with section 398 of the Companies Act 2006 and section 138 of the Charitle5 Act 2011. These accounts are prepared In accordonce wlth the Special provlsions of Part 15 of the Companies Act relatlnB to small companies and ¢on5titute the annual accounts required by the Companies Act 2006 and are for circulation to member5 of the cofflpany. Approved bythe Board of Trustees on . R O Glfford -13-
The Asha Foundation Consolidated financial statements for the year ended 30 November 2024 CONSOLIDATED CASH FLOW STATEMENT 2024 Group 2023 Group Note CASH FLOWS FROM OPERATING AcfiviTE5 Net movement in funds Depreciation charge Gain / loss on asset disposals Interest income 167,4891 85,562 50,128 4,981 86,375 12 68,201 91,356 {Increase) / decrease in stock {Increase) / decrease in debtors Increase / (decrease) in creditors 14 15 4,215 199,6561 80,724 593,991 Net cash provided by operating artivities 127,240) 766,071 CASH FLOWS FROM INVESTING AcfiviTES Interest income Purchase of tangible fixed assets Proceeds from sale of tangible fixed assets Net cash used in investing activities 12 (923,5721 1923.5721 Change in cash and equivalents for the year (27,2401 (157,501) Cash and equivalents at the beginning of the year 103,273 260,774 CASH AND EQUIVALE AT THE END OF THE YEAR 76,033 103,273 14-
The Asha Foundation Consolidated financial statements for the year ended 30 November 2024 NOTES TO THE FINANCIAL STATEMENTS General Informatlon The Asha Foundation is a registered charity, Incorporated in the United Klngdom as a company limited by guarantee. General information about the charity can be found on the Charity information page. The functional and presentational currency of both the Group and the Charity is British Sterling (£1. The Charity is a public benefit entity. Accounting policies Basis of preparation The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recomrnended Practice (Charities SORP- FRS 102), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FR5 1021 and the Compan ies Act 2006. A55ets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated below. Golng concern The group has cash resources and has no requirement for external funding. The trustees have a reasonable expettation that the group has adequate resources to continue in operational existence for the foreseeable future and consider it appropriate to adopt the golng concern basis in the preparation of the financial statements. Consolidated group accounts The consolidated statement of financial activities {SOFA} and consolidated balance sheet consolidate the financial statements of the charity and its wholly owned subsidiaryi The Asha Centre Limited, company registration number 13917898, on a line-by-line basis. No separate SOFA, nor income and expenditure account, is presented for the charity itself as the charity has taken advantage of the exemptions afforded by section 408A of the Companies Act 2006. Judgements and estimation uncertainty The trustees are of the opinion that the financial statements 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 reliably. Expenditure Liabilities are recognised as expendlture as soon as there is a legal or constructive obligation commltting the charity to that expenditure, it is probable that a transfer of economic benef its 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 direttly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources. 15-
The Asha Foundation Consolidated financial statements for the year ended 30 November 2024 Tanglble fixed assets Tangible fixed assets are capitallsed at cost and are depreciated over thelr useful economic Ilves as follows: Freehold propertv Straight line over 50 years Plant and machinery 33% on reducing balance basis 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. Restriction5 arise when specified by the donor or when funds are raised for particular restricted purposes. Debtors Trade and other debtors are recognised at the settlement amount due after any trade discount offered, less any provision for unrecoverable amounts. Prepayments 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 investments 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 third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due. Pensions 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 contribution5. The contributions made for the accounting period are treated as an expense. Financial instruments The group only has financial assets and financial liabilities of a kind that qualify as basic financial Instruments. Basic financial instwments are initially recognised at transattion value and su bsequently measured at their settlement value. 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. 16-
The Asha Foundation Consolidated financial statements for the year ended 30 November 2024 Financial performance of the charity The consolidated statement of financial activities includes the results of the charit(s subsidiary, The Asha Centre Limited, a company limited by guarantee. As permitted by section 408 of the Companies Act 2016, the charity's statement of financial activities has not been included in these financial statements. The chartty's deficit forthe year was £29,40312023- £4,981 surplus) which was comprlsed of a £29,004 unrestricted fund surplus, and a £58,407 restricted fund deficit. Taxation The Asha Foundatlon Limlted is a registered charity, and all income falls within the exemptions afforded to charities by the Income and Corporation Taxes Act 2000. Voluntary Income 2024 Group 2023 Group Donations Gift aid 15,614 3,657 3,657 15,614 Income from charitable artivities 2024 Group 2023 Group Erasmus+ grants Other grants 66,540 201,621 165,750 367,371 66,540 Income from other trading activities 2024 Group 2023 Group Event income Accommodation income Other income Rent received 15,000 148,471 5,396 48,000 216,867 17,922 67,862 6,112 46,400 138,296 17-
The Asha Foundation Consolidated financial statements for the year ended 30 November 2024 Totsl expenditure 2024 Group Total 2023 Group Total Direct Costs Staff Costs Support Costs Charitsble activities Property maintenance Property running costs Staff employment costs Participant travel costs Participant subsistence Administrative costs Donatlons made Depreciation Total 2024 70,879 29,835 70,879 29,835 73,037 24,526 3,404 38,310 29,000 85,562 354,553 86,623 35,929 149,714 84,379 26,196 47,084 73,037 24,526 3,404 25,492 29,000 85,562 167,984 12,818 86,375 516,300 113,532 73,037 Total 2023 127,195 149,714 239,391 516,300 10 Staff costs 2024 Group 2023 Group 2024 a)arfty 2023 Charity Wages and salaries Social security costs Pension contributions 66,717 5,004 1,316 73,037 141,406 5,095 3,213 149,714 41,846 3,264 105,246 2,673 2,673 110,592 45,954 There wa5 no trustees, remuneration or other benefits forthe year ended 30 November 2024 norfor the year ended 30 November 2023. The average number of employees during the year was 612023- 6). No employees were paid in excess of £60,000 during the current or previous year. 11 Movement In funds This is stated after charging: 2024 Group 2023 Group Depreciation Auditor remuneration: group audit services Auditor remuneration: other services 85,562 3,995 1,305 86,375 3,995 1,305 -18-
The Asha Foundation Consolidated financial statements for the year ended 30 November 2024 12 Tangible fixed assets GROUP Freehold Property Plant & Machinery Total Cost At l December 2023 Additions Disposals At 30 November 2024 5,808,266 195,685 6,003,951 (50,1281 5,758,138 150,128) 5,953,823 195,685 Depreciation At l December 2023 Charge for year Eliminated on disposals At 30 November 2024 980,709 83,928 190,783 1,634 1,171,492 85,562 1,064,637 192,417 1,257,054 Net book value At l December 2023 4,827,557 4,902 4,832,459 At 30 November 2024 4,693,501 3,268 4,696,769 During the year, the group received grant income with the restrictlon that the grant be used to undertake a capital build project. CHARITY Freehold Property Plant & Machinery Total Cost At l December 2023 Addition5 Disposals At 30 November 2024 4,186,444 195,685 4,382,129 4,186,444 195,685 4,382,129 Depreciation At l December 2023 Charge for year Eliminated on disposals At 30 November 2024 980,709 83,928 190,783 1,634 1,171,492 85,562 1,064,634 192,417 1,257,054 Net book value At l December 2023 3,205,735 4,902 3,210,637 At 30 November 2024 3,121,807 3,268 3,125,075 19-
The Asha Foundation Consolidated financial statements for the year ended 30 November 2024 13 Investments The charity controls its subsidiary, The Asha Centre Limited. Any profits earned by the subsidiary are distributed to the charity by way of gift aid. The results of The Asha Centre Limited were: 2024 2023 Turnover Cost of sales Gross prof it Administrative expenses Profit before taxation Taxation Profit after taxation Gift aid distribution Retained profit for the year 148,471 15,9681 142,503 {41,7811 100,722 67,116 67,116 {54,6241 12,492 100,722 1100,7221 12,492 112,492} The Asha Centre Limited had the following assets and liabilities: 2024 2023 Fixed assets Current assets Current liabiltties Non-current liabillties Net assets 1,571,694 1,621,822 9,872 12,344 {8,2951 {110,8291 11,573,271) (1,523,337) Reserves Shareholders, funds 14 Debtors 2024 Group 2023 Group 2024 Charlty 2023 Charlty Other debtors Amounts due from group companies 4,215 157 1,573,271 1,573,428 4,215 1,523,337 1,527,552 4,215 -20-
The Asha Foundation Consolidated financial statements for the year ended 30 November 2024 15 Creditors 2024 Group 2023 Group 2024 Charity 2023 Charity Due within one year: Trade creditors Other creditors Other taxes and social security 11,379 28,943 9,832 50,154 109,226 28,933 11,651 149,810 11,379 28,943 1,694 42,016 9,205 29,176 38,981 Due after one year: Other creditors 1,164,505 1,164,505 1,164,505 1,164,505 1,164,505 1,164,505 1,164,505 1,164,505 16 Group funds Current year: l Dec 2023 Income Expenditure Transfers 30 Nov 2024 Unrestricted funds General Total unrestricted funds 3,459,882 3,459,882 220,524 220,524 1220, 1251 1220, 1251 (67,8881 {67,8881 3,392,393 3,392,393 Restricted funds Erasmus+ Wellness & Arts Centre Total restricted funds 66,540 1134,4281 67,888 165,750 165,750 165,750 165,750 66,540 {134,4281 67,888 Total funds 3,625,632 287,064 1354,5531 3,558,143 Previous year: l Dec 2022 Income Expenditure Transfers 30 Nov 2023 Unrestricted funds General Total UnstrICted funds 3,620,651 3,620,651 153,910 153,910 1224,0611 (224,061} 190,618) (90,618) 3,459,882 3,459,882 Restricted funds Erasmus+ Wellness & Arts Centre Total restricted funds 201,621 165,750 367,371 {292,2391 90,618 165,750 165,750 1292,2391 90,618 Total funds 3,620,651 521,281 1516,3001 3,625,632 -21-
The Asha Foundation Consolidated financial statements for the year ended 30 November 2024 General funds: The group has general unrestricted funds that are free reserves for use in achieving the charit¢s aim5 and objettives. Restricted f unds: The charity receive5 grants from the Eu's Erasmus+ program as well as othersources. These grants are treated as restritted 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. The charity has received grant funding specifically to support the creation of a Wellness & Arts Centre. The Centre is currently under construction. Upon completion there will be no restrictions on usage, and so the fund balance will be transferred to unrestricted fu nds at that polnt. 17 Analysis of group net assets between funds Current year: Unrestrlcted Funds Restricted Funds Total Funds Tangible fixed assets Current assets Current liabilitie5 Non-current liabilities 4,481,019 104,405 150,1541 (1,104,791) 3,392,393 165,750 4,646,769 76,033 {50,1541 11,164,505) 3,558,143 165,750 Prevlous year: Unrestrlcted Funds Restricted Funds Total Funds Tangible fixed assets Current assets Current liabilities Non-current liabilities 4,666,709 107,488 (149,810} 11,164,505} 3,459,882 165,750 4,832,459 107,488 {149,810) 11,164,505) 3,625,632 165,750 18 Related party transactlons Group companies: The group has taken advantage of the exemption from disclosing transactions between group companies. Employees: During the current and previous year the charity employed 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 £4,120 (2023- £14,000). -22-
The Asha Foundation Consolidated financial statements for the year ended 30 November 2024 CHARttY INCOME AND EXPENDITURE ACCOUNT 2024 2024 2024 2024 Charity Totsl Funds 2023 Charity Total Charity Unrestrlcted Charity Restricted Charity Restricted Fund Fund Asset Fund Funds INCOME Voluntary: General donations Gift aid reclaimed from HMRC Gift aid from subsidlary 3,657 3.657 15,614 100,722 100.722 12,492 Trading activities: Event income Other income 15,000 5,396 15.000 5,396 17,922 6,858 Investment.. Bank interest Charitsble activities: Erasmus+ grants Other capital grants 66.540 66,540 201,621 165,750 Other: Rental income 48,000 48,000 46,400 172.775 66.540 239,315 466.657 EXPENDITURE Charitable activities., Wages Social 5ecurlty Pensions Rent and rates Insurance Heat and light Travel costs for participants Subsistence costs for participants Motor expenses 41,846 3,264 844 41,846 3.264 844 105,246 2,673 2,673 5,489 4,643 24,153 84.379 26.196 6.673 477 11,817 26,076 477 11,817 26,076 24,526 3,404 2,224 24,526 3,404 2,224 -23-
The Asha Foundation Consolidated financial statements for the year ended 30 November 2024 Continued... 2024 2024 2024 2024 2023 Charity Unrestrlcted Fund Charity Charity Restricted Restrlcted Fund Asset Fund Charlty Total Funds Charlty Totsl Funds Sundries Office and advertising Telephone Contractors and consultancy Repairs & property maintenance Subcontractors Bank charges Exchange rate varlances Trainin8 Auditor rernuneration 2,205 2.350 2,180 5.038 2,205 2,350 2.180 4,758 33,530 27,014 296 2,213 14,302 2,881 6,788 34,238 44,834 752 12.5991 33,530 27,014 296 1,000 3,995 Donation Input VAT irrecoverable Depredation of fixed assets 29,000 4.151 85,562 29,000 4,151 85,562 5,772 86,375 172,376 134,428 306,804 461,676 TOTAL SURPWS I (DEFICIT) 399 (67,888) {67.4891 4.981 Being.. Restricted fund- provision of Erasmus+ courses and pro8ramme. Restricted a55et f und - grants received specifically to support the creation of a Wellness & Arts Centre. Unrestricted funds- all other income and expenditure. -24-