CHARrrY NO: 1061589 Z & K Z SHAH FOUNDATION TRUSTEES. ANNUAL REPORT AND ACCOUNTS loi Ihe YEAR ENDED 31ST DECEMBER 2022
Z & K Z SHAH FOUNDATION PAGE 1 TRUSTEES. ANNUAL REPORT FOR THE YEAR ENDED 31ST DECEMBER 2022 REFERENCE AND ADMINISTRATIVE INFORMATION GOVERNING DOCUMEP Deed of Trusl CHARITY NUMBER 1[1589 TRUSTEES Mr Mukesh Shah MBE (Chairman) Mr Kiran Shah Mr Anup Shah PRINCIPAL OFFICE TORWIX)D 8 Beech Hill Avenue Hadley Wood Bamel Herts EN4 OLW INDEPENDENT EXAMINER Rajan Shah Raj Shah & Co Chartered Accountants 46 Heddon Court Avenue Cockloslers 8arnel Herts EN4 9NG BANKERS Barclays Bank plc $16 High Street Hilchin Herts SGS 18J Santandar UK p 8ootle Metseysida L30 4G8
Z & K Z SHAH FOUNDATION PAGE 2 TRUSTEES. ANNUAL REPORT FOR THE YEAR ENDED 31ST DECEMBER 2022 The trustees present their annual report and financial statements for the year ended 31st December 2022. The financial statements have been prepared in accordance with the a¢counting poIleS set out in note 1 to the accounts and comply with the Charrtls Trust Deed, the Charities A¢t 2011 and Awounting and Reporting by Charities.. Slaternenl of Recommended Pradi¢e ap1¢able to charity'es preparing their accounts the Financial Fleporting Stsndard applicable in the UK and RepU1C ol Ireland published on 16th July 2014. STRUCTURE, GOVERNANCE & MANAGEME M Z & K Z Shah Foundation is constrtuted by Deed of Trust and is a registered charity number 1061589. The Deed of Trust was amended by a Deed of variation dated 10th March 1997 and 16th May 2016. New trustees are appointed by a resolution of the trustees passed al a special meetiry of the Iruslees. The trustees can serve for an indefinite period as loro as a minimum of Ihree trustees remain in office at any time. The administration of lh8 Charity is carried out from the home of Mr Mukesh Shah, one of the trustees, at no charge. The Iruslees annually review the major risks lo which Ihe Foundation is exposed. in particular Ihose related lo the DratIonS and linances ol Ihe Foundalion especially in connection wlh maintaining fr8e reserves. The trustees are satisfied thal adequat8 procedures are in place to miligale any risks in the 8v8nt ol any adverse conditions. OBJECTrVES AND ACTIVITIES FOR TrIE PU8UC BENEFIT The Foundation has live principal obj'ecls. narnety.. 1. The provision ol r81161 to the poor. the handieaFped. th8 disthed. th6 sick and the aged.. 2. The advancem8nt ol 6dueation', 3. The advaneemant ol the Jaln Religlon; 4. Th8 provislon ol land and buildings IlUding 8ducalw)nal and racrealv)nal ladlltlas lor publlc us•. S. To provide r6li61 lor vktims ol disastar. The arsas ol banelit ar• any part ol thè t)rkI. Thè Irusi dead givès Iha trusteas thè powèr to appty Iha funds in such a mannar as thay think fit to or for thè benefit of any of Iht charitablè objacts listed abova. Tha trustèès currèntly havè a px)licy of supporting activitiès targeiad iowards tha provision ol raliel to tha FX)or, thè haThJicawad. Ihe d15abl8d. tha sick and the aged as 11 as tha advancamant ol education and rNJr8 r8cèntly to thè provision of raliaf to victims of disastèr. ACHIEVEMEfft AND PERFORMAcE The level of donations drOWd this year and th8 total coll*11 including Gifi aid income lax r81i8f wa5 £105,365. Charitable contribution5 tolalled in 8xc8ss 01 £121k. Donations Were rnad8 towards Ihe following causes.. A contribution of £12,798 to Ih8 HighlarKJ Prirnary School refurt)i5hrn8nt project in the town of Kericho, Kenya. b A donation of £20k to th8 Ratna NKlhi Charitable TrusL India lowards th8 f(XKI relief progratnrn8.
Z & K Z SHAH FOUNDATION PAGE 3 TRUSTEES. ANNUAL REPORT FOR THE YEAR ENDED 31ST DECEMBER 2022 ACHIEVEMENTS AND PERFORMANCE . Continued c Payments totalling £26,280 to the Ararrt)ha Foundation, Nepal for belter heth and quality education and Modular Montessori Projects. d A donation of £1 Ok to the Chandani Parivar Charitable Trust in sw)tKJrt of the Olives Rehabilitation Centre which helps children at risk in the slurns of Bornbolulu, Mon4)as& Contribution tolalling £10.394 towards bor8hole drilling projects for the provision of clean drinking water in the remoter regions ol Kenya Donation of £16.878 to a Kenyan based chaiity ITeam Pank4' Foundation) towards the sponsorship ol 1,000 relief food harnpers in the Sarnbuw region ol Kenya. A furlher donabon of £9.678 was also given towards food and edurAtional relief prograrnn in Kenya. A donation of £2.400 was rnade to a UK based charity (Help Change ves> towards a Kenyan Secondary School Fees AppeJ. h A contribution of £2,170 to Hands ol H¢Jpe. a local Ugandan charty towards the Skills 4 Lif8 Project. I Payment of £5k to a UK charily. Sae Intemalional. wotl(ing in Uganda to help gitls living on the slre8ts to leave the streets to a Drop in Centre and relurn them to educalion. l A donation ol fJk to a UK eharity lowafds th6 Ukrain8 crlS AFp6al. k Various srnall donations tolalling £953 in suppKJrt ol loo UK syoiects invofving medical care and support and relief ol poverty. The Foundation has contlnuad As Invo•MnI in a mapr FWOi8Ct involving the ColltIOn ol unused and unwanted gdueational books and their eventual transportaiion 10 India lor disiribulion to schools in the remolar and poorar regions. A sum of £1.700 was speni on lieighl chge$ during the year. PLANS FOR THE FUTURE The Truslaes aro committed to Iho supporf ol all ol Iha proj8cis notad abovè and othar worthwhilg causas wlth halp of their family and supportars in Kanya, India aThJ othèr parts of Ihe worfd. Th• Trustees elforts since its incepiion havo beèn directe(I morè towards Ihe f•11 ol victims ol disaster, thè provision of oducaiion facilitias lor thè needy and poor as wèll as providing for thè old. sick and disabled. Tho trustaas considtr Ihai thèir own raligious èthos ènabks thèm prov¥Ja an èssanbal and valuèd public b&nafit to pèopla in nèad ragardlèss of Iheir rèligion or bal1. As prèviously mèntion8d, tharè arè sèv8ral Insiitulions in UK. who 1th th8ir affiliations ara morè suited Io enhancing Ihe prornotion ol Jajnisrn. The Trustees have carefully con5id8r8d this asp8Ct of its obj8Cts clause and feel Ihat their focus toward5 helping Ihe )r, arKI sick deriv8s greater public benefit. The Foundation Irusl8e5 11 write lo the Charity Cotntnis5ion to have ihis obJ8cts clause rernoved.
Z & K Z SHAH FOUNDATION PAGE 4 TRUSTEES. ANNUAL REPORT FOR THE YEAR ENDED 31ST DECEMBER 2022 FINANCIAL REVIEW & RESERVES POLICY Unspent income reserves at the balance sheet date arnOUnt to £251.363131sl December 2021.. £254,614). The trustees are well aware of the need to mwntain reserves al a reasonatAe level and feel that this will be achieved from the surplus arising frorn the renlal inwme being generated from the charivs investment asset and from sizeable donations whth wll be made by Iwo of Ihe Iruslees whenever required lo enable the Charity to meet rts staled objectives. The trustees are confident that the Chanty W11 conbnue lo receive adequate lunding albeit from the surplus inveslrnenl incorne arising from its investment asset as well as the continueLI funding from Ihe trustees to enable il to carry on with its stated objectives for the loreseeable future. Signed on behalf ol the Board ol Trustees Mukesh Shah Ichairrnanl Dale.. 19th September 20¥3
Z & K Z SHAH FOUNDATION PAGE 5 INDEPENDENT EXAMINERE REPORT TO THE TRUSTEESOF M Z & K Z SHAH FOUNDAMON I rerx)rt on the financial $ternIS of M Z & K Z Shah Four%Yation for the year erYed 31st December 2022 which comprise the Statement of Financial Activities. the Bance Stret and relat&Y notes This report is made solely to the charrtls trustees, as a ty, in accordance th section 145 of the Charrtrfs Act 2011. My work has been undertaken so that I might stale to the charitrfs trustees those matters that l am required lo slate to them in this report and for no other purpose. To the lullesl extent pemiitted by law, I do not accept or assurne respongbilily to anyone other than th8 charty and the charity, for rny work, for this report or for the opinions I have formed. Responsibillties and basls of report As the trustees of the charity you are responsible lor the preparation of financi statements in aixordance with the requirements of the Charities Act 2011 1'The Act") I r8POrt in pect of my examination of the tharity's arla1 statements carTied out under secbon 145 of th8 Act and in carrying out rny examination. I have lollowed 1 th8 applicabl8 th'rections given by the Charity Commission under section 14515llbl ol the Act. An independent exarninalion does ft invofve galhertr%J all the evidence Ihal would be required in an audit and consequently does not cover all the matters Ihal an awlitor considers in giving their opinion on the financial slaternenls. The planning and conduct of an alit goes beyond the limited assurance thal an independent examination can provide. Consequenlty l express no opinion as to whether the financial stalemonts present 'true and lair, vbw and my report is Ilnwted to thos8 specrfic matters set out in the ind8pend8nt examinorfs slaternenl. Indepondent examln•r's stat•ment Where the gross incorne ol the charity 6xceeds £250.000. your 6xaminer must be a mombor ol a body listed in seelion 145 ol the 2011 Act. I conlirn) Ihat l am walilied to uThJ6rtake Ihe 6xamination because l am a member ol the ICAEW. which Is on8 ol thè listéd bodies. I have complel8¢J my examination. I confirm thal no material matters have coma to my attention in connacllon with th8 examination givin9 m• eause lo 08li6vè that in any Materi rns[.. al accounting racords w8r• not k8pI in rèswet ol thè charity as raquir8d by s8elon 130 01 tha Ael., or bl tha financial stai6mants do not accorfl with tlSe r6cords,' c el tha financial staiamants do not comply wlh tha appl1& raquirèmants concèrning Ihè form and contant of aecounts sat out in tha Charitias (Accounis and Raportsl Ragulations 2008 othar than any raquirèmènt that the accounts give a'tru8 and lair view which is not a rTwller consvJ8red a5 part of an independent èxamination. I have no concerns and have corne auoss no other matters in (x)nnection wlh th8 exatnination to which att8ntion should be drawn in this r8lM)rt in ord8r to 8nab18 a wop8r understanding ol th? financial statern8nt5 to be reached. Raj Shah & Co, Barnet. Herts EN4 9NG Date.. 19th S8Pt8fflb8r 2023 Rajan Shah Chartered Accountant
Z & K Z SHAH FOUNDATION PAGE 6 STATEMENT OF FINANCIAL ACTrVITIES {in¢ludingl INCOME AND EXPENDfwRE ACCOUI Yeor ended 31st D 2021 Year ended 3181 t)ecember 2022 Notes ExpEnd*lB lthres¢rlr¢ed Endowmenl Funds Funds Tot•1 Funds Totol Funds INCOMING RESOURCES 1c Voluntary Income Donations including those on gilt aid Incorne lax recovered on gift aKI donations 80.350 25,015 80,350 25,015 349,993 45,399 Investment Income Rental income - excluding VAT Interest 13,714 13,714 289 15,000 289 TOTAL INCOMING RESOURCES 13.714 105.654 119.368 410.412 RESOURCES expeNDED 1d Charltablo expendlture 121.251 121.251 368,410 Govornance costs 10&6 1.$00 65 1.565 294 TOTAL RESOURCES EXPENDED NET INCOMING RESOURCES OTHER RECOGNISED GAINS AND LOSSES Gain on invesimeni unrealised NET MOVEMENT IN FUNDS 12,214 115.6621 13,4481 43,708 RECONCILIATION OF FUNDS TOTAL FUNDS BROUGHT FORWARD Transfers boiween funds 413.864 12.712 413,864 370,156 112.7121 TOTAL FUNDS CARRIED FORWARD
Z & K Z SHAH FOUNDATION PAGE 7 BALANCE SHE AS AT 31ST DECEMBER 2022 Notes 2021 2021 FIXED ASSETS Investrnent property 1f&3 160,000 160,000 CURREMfs ASSETS Cash al bank 251,363 254,614 251,363 254,614 CREDITORS- Amounts lalllng due withln one yajr Accruals 194n 17501 947 750 NET CURRENT ASSETS 250.416 253.864 TOTAL ASSETS Less CURRENT LIABILITIES 410.416 413.864 NET ASSETS 41 Represented by.. FUNDS OFTHE CHARITY Expendable endowment funds Unrestricted incorne lunds 1b&4a 1b&4a 159,053 251,363 159,250 254.614 TOTAL FUNDS Approved by tha Boar¢J ol trust•as on 19th S6pt6ntsi 2023 aThJ signad on its bahall by.. Mukash Shah ICh8imi8nl
Z & K Z SHAH FOUNDATION PAGE 8 NOTES TO THE Accoup¥rs FOR THE YEAR ENDED 31ST DECEMBER 2022 ACCOUNTING POUCIES The principJ accounting polKies a(bpled, IeMentS and key sources of estimation uncertwnty in the preparation of financial slatements are as lollow5'. a Basis of preparo¢ion The financial statements have been prepared in accordance wth the historical cost convention wth th8 exception ol investment property which is included al market valuab'on. The financial statements have been prepared in accordance with Statement of Recommended Practice - Accounling and Reporting by Charities preparing their accounts in accordance vAlh the Financial Reportirrtj Slandard applicable in the UK and Republic of Ireland IFRS 1021 (issued in October 20191- Charities SORP IFRS 1021. the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland IFRS 1021 and the Charities Ac12011. The Trust conslitules a public tenelil enlity as d8fined by FAS 102. Assets and liabililies are initially recognised at hislorical (xjst or transaction valu8 unless olhetwise staled in the relevant aceounting policy nolelsl. Golng Concern The trustees consider Ihal there are no malwial uncertainties about the eharilable Trusfs ability to continue as a going eoncern. b Fund accountlng Unrgstrlctad funds ar6 aVailae lo spand on actNilies that lurth8r any ol tha a1vItIeS of tha charitable Trusl The expendable oThJowmenl was create(I when iha trust acquired tha investment propèrty. All ol the exeess ol tho walis8d incom8 ov•r 84)aThJilur6 on Iha •ndovm)ent is always translarr8d to unr•strictgd funds. e Ineom• Donations art r6cognis6d whera thafe is antillemènt, cartainty ol racaipi and tha amount can ba maasurèd with raasonabla cartainty. Tax racovèrad on 9ift aid donations is r*eognis8d )8n a claim is madè and racaiv8d. Invèstmant ineoma and intèrèst arè gsnarally racognis8(I whèn rac8wad. d Expandltum and irroe¢)yorab VAT Exp8nditur8 15 rQglSd once there is 818gal or (x)nstructiv8 otAigation to mak8 a payrnent to a third party it is probable that 58tt18rn8nt wll b8 rewired arKI Ih8 atnount of lh8 obligatK)n can be rn88sured reliably. Irrecoverable VAT is charg1 against the 8XP8fKliture h8ading for which tt wa5 Incurr1. All 8xp8nditure is a(xounted lor on an alrUS basis.
Z & K Z SHAH FOUNDATION PAGE 9 NOTES TO THE Accoup¥rs FOR THE YEAR ENDED 31ST DECEMBER 2022 e Governan ws¢s Governance costs ¢omwi5e all costs irwoln9 the publr accountability of Ihe ¢harty and compliance with regulation and go¢)d practice. These include costs related lo iThYependent examination and legal fees together with an apportionment of ovethead support costs. Investment property Investment property is accounteLI for as follows- Investment property is initially recognised at cost which includes purchase cost and any directly attributed expenditu. Investment property whose fair value can te rneasured reliably are nasured at fair value. All gains and bsses are laken to the Stalement of Financial Activih8s as they arise. Realised gains and losses on the inveslmenl are culaled as Ihe dirfere6 bets¥een sales proceeds and its opening carrwng value or rts purchas6 price il acquired subsequenl to lh8 hrst day ol the financial p8riod. 2 TRUSTEES AND EMPLOYEES 2022 Number 2021 Number These comprisa.. Trustees The three Iruslees ar8 all invofved in Iha manag8menl and administration ol the charitabla company. No salaries or expansas wer6 paid during the year12019'. £Nil) 3 INVESTMENT PROPERTY 2022 2021 Markei value broughl forward Net Surplus on revaluation 160,000 160,000 Marktl vdua carriad forward Historical cost at bdanca sheei datè 104,084 104,084 In the opinKJn ol tha trusta&S Mark valua of invèstmant proparty at thè balanca Sh data rèrn8ins at £160k.
Z & K Z SHAH FOUNDATION PAGE10 NOTES TO THE Accoup¥rs FOR THE YEAR ENDED 31ST DECEMBER 2022 4 ANALYSIS OF AssErs 2022 2022 2021 2021 a) The net assets cornprise the folloIng funds.. EXPENDABLE iINRESTrIrn EXPENDABLE FiINDS ENDOWMEKr UNREsTRTED FUtrIDS Fixed asset investment Accruals Cash al bank 160,000 19471 160,000 17501 251,363 254,614 bl Unrealised gains included in net assets amount lo £55,91612021.. £55,9161. These late lo the fixed asset investment property only (see note 4c below). cl Reconclllallon ol movemenls In unreallsed galns on Ilxod asset Investments 2022 2021 Unrealised gains as at 1st January 2022 Net gain on revaluation at the year 8ThJ 55,916 55,916 Unrealised gains as at 31 st December 2022 S TRANSACTIONS WITh TRUSTEES AND RELATED PERSONS The inveslrnenl property is161 at a markel rent 01 £18.950 Ipr6viously £15kl par annum lo Motor Parts Direct Limile(J, a trading eompany in which t%KJ Truslees (Messrs Mukesh and Kiran Shah) were diroctors and also had shareholdings lor part ol the y&ar12021." wholè yearl. 6 EXPENDITURE 2022 2021 Gov8rnanc6 costs comp&.. Bank eharg6s Legal fees on lèase ranewal 65 1,500 294