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2024-03-31-accounts

Charity registration number 1069837

Company registration number 03398532 (England and Wales)

BRENT INDIAN ASSOCIATION

ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

BRENT INDIAN ASSOCIATION

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees Rajnikant Patel
Anita Ruparelia
Sumantrai Desai
Harshadbhai Patel
Prafulbhai Patel
Kalavati Patel
Hemendra Sheth
Vilasben Desai
Sunjit Mehta
Bindu Parekh
Neetinkumar Mehta
Kishorchandra Vora
Chetan Harpal (Appointed 1 October 2023)
Chinten Pandya (Appointed 1 October 2023)
Vinod Wadher (Appointed 1 October 2023)
Hitendrakumar Doshi (Appointed 1 October 2023)
Secretary Anita Ruparelia
Charity number 1069837
Company number 03398532
Principal address Community Resource Centre
116 Ealing Road
Wembley
Middlesex
HA0 4TH
Registered office Community Resource Centre
116 Ealing Road
Wembley
Middlesex
HA0 4TH
Auditor KLSA LLP
Kalamu House
11 Coldbath Square
London
EC1R 5HL

BRENT INDIAN ASSOCIATION

CONTENTS

Page
Trustees' report 1 - 3
Statement of trustees' responsibilities 4
Independent auditor's report 5 - 6
Statement of financial activities 7
Balance sheet 8 - 9
Statement of cash flows 10
Notes to the financial statements 11 - 22

BRENT INDIAN ASSOCIATION

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 31 MARCH 2024

The trustees present their annual report and financial statements for the year ended 31 March 2024.

The financial statements comply with the Charities Act 2011, the Companies Act 2006, the Memorandum and Articles of Association, and “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)”. The charity is a Public Benefit Entity as defined by FRS 102.

Objectives and activities

The aim of the Charity is to promote any charitable purposes for the benefit of the community by advancing Education, protecting health, relieving poverty, distress and sickness and to promote cultural activities and generally undertake any charitable activities. The trustees confirm that they have referred to the Charity Commission’s guidance on public benefit when reviewing the Trust’s aims and objectives, in planning future activities.

Advice Centre

The Advice Centre is one of the core activities of Brent Indian Association (BIA). It provides advice at a nominal cost, support and information on a wide range of issues such as:

Welfare Benefits - Universal Credit, Personal Independence Payment (PIP), Attendance Allowance, Disability Benefits, State Pensions, Pension Credit etc.

Housing - Housing Benefits and Council Tax Benefits, Council House Application etc.

Immigration - British Citizenship, Naturalisation/Settlement, Indefinite Leave to Remain (ILR), Student Visa, Entry Clearance/Leave to Remain, EU Residence Permit etc.

OCI application, Indian Visa, Indian Passport Renewal, Schengen Visa and major Countries Visa application.

Surgeries

The following surgeries are also held at our premises.

Legal Advice Surgery - every Friday evening.

Yoga Classes

One of BIA's objectives is to increase awareness and improve the quality of life through 'Healthy Living'. Mixed Yoga classes is a new venture and now available.

Senior Citizens

A very successful activity at BIA is the Senior Citizens Group for women & men which provide social, educational, recreational and religious activities for the elderly Asians.

Achievements and performance

Maintenance, Health & Safety:

With its limited resources, BIA has always managed to maintain the upkeep of its main asset - its building. Health & safety regulations and procedures are maintained and recorded regularly.

Donations

The Charity is supported by subscriptions from members, grants, hall rental, donations from well-wishers and sponsors.

Hall Rental

Income generated through hall rental helps us to pay towards the running cost and repayment of our building loan.

Membership

The current membership of BIA stands at 935 out of which 676 are life members and 67 are Affiliated Organisations and 192 are annual Members.

BRENT INDIAN ASSOCIATION

TRUSTEES' REPORT (CONTINUED)(INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 31 MARCH 2024

Financial review

The trustees regularly monitor the funds of the company. At the year end, the balance of unrestricted funds amounted to £234,921 (2023 - £260,286).

It is the policy of the charity that unrestricted funds which have not been designated for a specific use should be maintained at a level equivalent to between three and six month’s expenditure. The trustees consider that reserves at this level will ensure that, in the event of a significant drop in funding, they will be able to continue the charity’s current activities while consideration is given to ways in which additional funds may be raised. This level of reserves has been maintained throughout the year.

Risk management

It is the policy of the Executive Committee to review and access the risk confronted by BIA and take appropriate action to mitigate or reduce such by way of taking out Insurance Cover, including Professional Indemnity and Public Liability Insurance. All these are reviewed annually and are updated as per the needs of the charity.

The Trustees have continued to support the policy of current and savings accounts for the funds of the charity and have not exposed the charity by investing in the extreme volatility of the stock market or other investment vehicles.

Structure, governance and management

Brent Indian Association ('BIA') is a registered charity setup in June 1998. It is governed by a memorandum and articles of association. It is run by the members of Executive Committee, which is elected every two years by members of BIA at the Annual General Meeting.

In accordance with the constitution, the Executive Committee has the responsibility for ensuring that the objects of the Charity are pursued and the policies are implemented.

The trustees, who are also the directors for the purpose of company law, and who served during the year were listed in legal and administrative information.

Policies adopted for the induction of new members of Executive Committee

An information pack containing all relevant information of the Charity, all policies including Financial, Health & Safety, is given as part of induction. A briefing is given by the Chairperson on all aspects of the Charity. Physical aspects like tour of the building, Fire Drill techniques are performed.

Organisational structure and decision making

The Charity makes all decisions through the Executive Committee, which meets regularly. BIA is a Community Resource Centre and provides Advice Service to all individuals without any distinction of race, nationality, gender, colour, creed or religion.

Going Concern

The Trustees have reviewed the charity’s financial position and assessed the ability of the Charity to continue its operations and meet is liabilities as they fall due over the next twelve months. In doing so, the trustees consider events throughout the period of their assessment, including the headroom of the existing banking facilities.

The Trustees believe that the Charity will be able to manage operational and financial risks successfully. Accordingly, the Trustees have a reasonable expectation that the charity will have adequate resources, considering current bank balances, to continue in operational existence for the foreseeable future. Thus the Trustees continues to adopt the going concern basis of accounting in preparing the annual accounts.

BRENT INDIAN ASSOCIATION TRUSTEES. REPORT {CONTINUED)(INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 31 MARCH 2024 Statement of trustees, responslbilities The trustees, who are also the directors of Brent Indian Association for the purpose 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 slate of affairs of the chariiy and of Ihe incoming resources and application of resources. including the income and expenditure, of the charitable company for that year. In preparing these financial statements, the trustees are required to.. Select suitable accounling policies and then apply them consistently-, ObseNe the methods and principles in the Charities SORP. Make judgements and estimates that are reasonable and prudent- Slate whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in th6 financial slatements,. and Prepara the financial statements on the going concern basis unless it Is inappropriate lo presume that tha charity will continue in operalion. The truslees are responsible for keeping adequate a¢¢oLrnting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply wlth the Companies Act 2006. They are also responsible for safeguardlng the assets of the charity 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 - The trustees have taken all steps that they ought lo have taken to make themselves aware of any relevant audit information and to establish that the auditors are aware of Ihat information Audltor In accordance with the company's articles, a resolution proposing that KLSA LLP be reappointed as auditor of the company will be put at a General Meeting. The trustees, report was approved by the Board of Trustees. Sunjit Mehta Chairman Dated.. 20 December 2024

BRENT INDIAN ASSOCIATION

STATEMENT OF TRUSTEES' RESPONSIBILITIES

FOR THE YEAR ENDED 31 MARCH 2024

The trustees, who are also the directors of Brent Indian Association for the purpose 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 charity and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that year.

In preparing these financial statements, the trustees are required to:

The trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

In so far as the trustees are aware:

BRENT INDIAN ASSOCIATION

INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF BRENT INDIAN ASSOCIATION

Opinion

We have audited the financial statements of Brent Indian Association (the ‘charity’) for the year ended 31 March 2024 which comprise the statement of financial activities, the balance sheet, the statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the charity 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 charity’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 other information comprises the information included in the annual report other than the financial statements and our auditor's 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 other information and we do not express any form of assurance conclusion thereon. 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 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 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 in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion:

BRENT INDIAN ASSOCIATION

INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF BRENT INDIAN ASSOCIATION

Responsibilities of trustees

As explained more fully in the statement of trustees' responsibilities, the trustees, who are also the directors of the charity for the purpose 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 charity’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.

Auditor's responsibilities for the audit of the financial statements

We have been appointed as auditor 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 an auditor's report 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.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https:// www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

This report is made solely to the company’s members, as a body, in accordance with section 391 of the Companies Act 2014. Our audit work has been undertaken so that we might state to the 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 or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Harsheel Dodhia (Senior Statutory Auditor)

for and on behalf of KLSA LLP 20 December 2024 Chartered Accountants Statutory Auditor Kalamu House 11 Coldbath Square London EC1R 5HL

KLSA LLP is eligible for appointment as auditor of the charity by virtue of its eligibility for appointment as auditor of a company under section 1212 of the Companies Act 2006.

BRENT INDIAN ASSOCIATION

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 31 MARCH 2024

Unrestricted
Restricted
funds
funds
2024
2024
Notes
£
£
Income and endowments from:
Donations and legacies
3
18,130
-
Charitable activities
4
4,782
1,675
Other trading activities
5
121,569
-
Investments
6
722
-
Other income
7
2,448
-
Total income
147,651
1,675
Expenditure on:
Charitable activities
8
160,674
-
Other expenditure
12
12,342
-
Total expenditure
173,016
-
Net income/(expenditure) and
movement in funds
(25,365)
1,675
Reconciliation of funds:
Fund balances at 1 April 2023
260,286
337,922
Fund balances at 31 March
2024
234,921
339,597		 Total
Unrestricted
Restricted
funds
funds
2024
2023
2023
£
£
£
18,130
12,789
-
6,457
11,015
1,075
121,569
128,384
-
722
116
-
2,448
674
-
149,326
152,978
1,075
160,674
148,465
-
12,342
7,767
-
173,016
156,232
-
(23,690)
(3,254)
1,075
598,208
263,540
336,847
574,518
260,286
337,922		 Total
2023
£
12,789
12,090
128,384
116
674
154,053
148,465
7,767
156,232
(2,179)
600,387
598,208

The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.

BRENT INDIAN ASSOCIATION

BALANCE SHEET

AS AT 31 MARCH 2024

Notes
Fixed assets
Tangible assets
15
Current assets
Debtors
16
Cash at bank and in hand
Creditors: amounts falling due within
one year
18
Net current assets
Total assets less current liabilities
Creditors: amounts falling due after
more than one year
19
Net assets
Income funds
Restricted funds
22
Unrestricted funds - general		 2024
£
£
632,519
6,779
115,998
122,777
(27,882)
94,895
727,414
(152,896)
574,518
339,597
234,921
574,518		 2023
£
£
651,536
3,649
193,225
196,874
(33,753)
163,121
814,657
(216,449)
598,208
337,922
260,286
598,208

BRENT INDIAN ASSOCIATION BALANCE SHEET (CONTINUED) ASAT31 MARCH 2024 The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 31 March 2024, allhough an audit has been carried out under section 144 of the Charities Act 2011. The directors acknowledge their responsibilities for complying wilh the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements. The members have nol required the company to obtain an aLfdil of ils financial statements under the requirements of the Companies Act 2006, for the year in question in accordance with section 476. The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006. for the year ended 31 March 2024, although an audit has been carried out under section 144 of the Charities Act 2011. No member of the company has deposited a notice. pursuant to section 476. requiring an audit of these accounts under the requirements of the Companies Act 2006. The financial statements were approved by the Trustees on 20 December 2024 Sunlit Mehta Chairman Company registration number 03398532

BRENT INDIAN ASSOCIATION

STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2024

Notes
Cash flows from operating activities
Cash (absorbed by)/generated from
operations
27
Investing activities
Purchase of tangible fixed assets
Investment income received
Net cash used in investing activities
Financing activities
Repayment of bank loans
Net cash used in financing activities
Net (decrease)/increase in cash and cash
equivalents
Cash and cash equivalents at beginning of year
Cash and cash equivalents at end of year		 2024
£
(3,224)
723
(70,808)		 £
(3,918)
(2,501)
(70,808)
(77,227)
193,225
115,998		 2023
£
(640)
116
(20,508)		 £
27,588
(524)
(20,508)
6,556
186,668
193,225

BRENT INDIAN ASSOCIATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

1 Accounting policies

Charity information

Brent Indian Association is a registered charity incorporated in England and Wales. The registered office is Community Resource Centre, 116 Ealing Road, Wembley, Middlesex, HA0 4TH.

1.1 Accounting convention

The accounts have been prepared in accordance with the Companies Act 2006 and “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)” (as amended for accounting periods commencing from 1 January 2016). The charity is a Public Benefit Entity as defined by FRS 102.

The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.

The accounts have been prepared on the historical cost convention, modified to include the revaluation of freehold properties and to include certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2 Going concern

The Trustees have reviewed the charity’s financial position and assessed the ability of the Charity to continue its operations and meet is liabilities as they fall due over the next twelve months. In doing so, the trustees consider events throughout the period of their assessment, including the headroom of the existing banking facilities.

The Trustees believe that the Charity will be able to manage operational and financial risks successfully. Accordingly, the Trustees have a reasonable expectation that the charity will have adequate resources, considering current bank balances, to continue in operational existence for the foreseeable future. Thus the Trustees continues to adopt the going concern basis of accounting in preparing the annual accounts.

1.3 Charitable funds

Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.

General funds are unrestricted and available for use in accordance with the charitable objects at the discretion of the trustees.

Restricted funds are subject to restrictions imposed by the donor or arise when funds are raised for particular restricted purposes. These funds can only be used for particular purpose within the object of the Charity.

1.4 Income

Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.

Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

Income from fees, room hires, rent and sundry other income is included in the period in which the relevant activity takes place.

BRENT INDIAN ASSOCIATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

1 Accounting policies

(Continued)

1.5 Expenditure

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, 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 classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges are allocated on the portion of the asset’s use.

Costs are allocated, where appropriate, to Charitable expenditure and to cost of generating funds. These expenses are accounted for on a paid basis.

1.6 Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Land and buildings 2% straight line on cost of buildings over 50 year Fixtures, fittings & equipment 33.33% on reducing balances

1.7 Impairment of fixed assets

At each reporting end date, the charity reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

1.8 Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.9 Financial instruments

The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

BRENT INDIAN ASSOCIATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

1 Accounting policies

(Continued)

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Impairment of financial assets

Financial assets, other than those held at fair value through income and expenditure, are assessed for indicators of impairment at each reporting date. Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected.

If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in net income/(expenditure) for the year.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in net income/(expenditure) for the year.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the charity transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled.

1.10 Employee benefits

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.11 Retirement benefits

BRENT INDIAN ASSOCIATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

2 Critical accounting estimates and judgements

In the application of the charity’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3 Donations and legacies

Unrestricted Unrestricted
funds funds
general general
2024 2023
£ £
Donations and gifts 10,095 12,789
Grants received 8,035 -
18,130 12,789

4 Income from charitable activities

Unrestricted Restricted Total Unrestricted Restricted Total
funds funds funds funds
2024 2024 2024 2023 2023 2023
£ £ £ £ £ £
Analysis by fund
Sale of goods 4,782 1,675 6,457 11,015 1,075 12,090

5 Income from other trading activities

Unrestricted Unrestricted
funds funds
2024 2023
£ £
Fundraising events 11,942 2,156
Letting and licensing arrangements 109,627 126,228
Other trading activities 121,569 128,384

BRENT INDIAN ASSOCIATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2024

6 Income from investments

Unrestricted Unrestricted
funds funds
2024 2023
£ £
Interest receivable 722 116

7 Other income

Unrestricted Unrestricted
funds funds
2024 2023
£ £
Sundry Income 2,448 674

Sundry income includes an amount of £Nil (2023: £Nil) received under Coronavirus Job Retention Scheme (also known as CJRS).

8 Expenditure on charitable activities

Advisory
Charitable
expenditure
2024
2024
£
£
Direct costs
Photocopy, coach trip and
other expenses
3,688
-
Share of support and governance costs (see note 9)
Support
151,125
-
Governance
-
5,861
154,813
5,861
Analysis by fund
Unrestricted funds
154,813
5,861		 Total
Advisory
Charitable
expenditure
2024
2023
2023
£
£
£
3,688
1,678
-
151,125
140,173
-
5,861
-
6,614
160,674
141,851
6,614
160,674
141,851
6,614		 Total
2023
£
1,678
140,173
6,614
148,465
148,465

BRENT INDIAN ASSOCIATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

9 Support costs

Staff costs
Depreciation
Staff training, travelling
and other expenses
Rates
Insurance
Light and heat
Cleaning
Repair and maintenance
Printing, photocopy and
postage
Telephone and internet
Subscription
Sundry expense
Audit fees
Payroll Fees
Legal and professional
Analysed between
Charitable activities		 Support
costs
Governance
costs
£
£
59,161
-
22,240
-
2,840
-
1,708
-
2,373
-
13,157
-
2,110
-
35,519
-
853
-
3,537
-
3,980
-
3,647
-
-
2,544
-
762
-
2,555
151,125
5,861
151,125
5,861		 2024
£
59,161
22,240
2,840
1,708
2,373
13,157
2,110
35,519
853
3,537
3,980
3,647
2,544
762
2,555
156,986
156,986		 Support
costs
Governance
costs
£
£
73,698
-
22,168
-
2,107
-
1,443
-
2,773
-
13,217
-
3,763
-
11,077
-
474
-
2,157
-
5,108
-
2,188
-
-
3,156
-
762
-
2,696
140,173
6,614
140,173
6,614		 2023
£
73,698
22,168
2,107
1,443
2,773
13,217
3,763
11,077
474
2,157
5,108
2,188
3,156
762
2,696
146,787
146,787

10 Trustees

None of the trustees (or any persons connected with them) received any remuneration during the year.

11 Employees

The average monthly number of employees during the year was:

Administration
Others
Total		 2024
Number
4
1
5		 2023
Number
5
1
6

BRENT INDIAN ASSOCIATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

11
Employees
Employment costs
Wages and salaries
Social security costs
Other pension costs		 (Continued)
2024
2023
£
£
50,831
63,964
6,096
7,071
2,234
2,663
59,161
73,698		 (Continued)
2024
2023
£
£
50,831
63,964
6,096
7,071
2,234
2,663
59,161
73,698
73,698

There were no employees whose annual remuneration was more than £60,000.

12 Other

2024 2023
£ £
Financing costs 12,342 7,767

13 Taxation

The charity is exempt from tax on income and gains falling within section 505 of the Taxes Act 1988, or Section 252 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects.

14 Taxation

The charity is exempt from taxation on its activities because all its income is applied for charitable purposes.

BRENT INDIAN ASSOCIATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2024

15
Tangible fixed assets
Cost
At 1 April 2023
Additions
At 31 March 2024
Depreciation and impairment
At 1 April 2023
Depreciation charged in the year
At 31 March 2024
Carrying amount
At 31 March 2024
At 31 March 2023
16
Debtors
Amounts falling due within one year:
Trade debtors
Prepayments and accrued income
17
Loans and overdrafts
Bank loans
Payable within one year
Payable after one year		 Land and
buildings
£
978,625
-
978,625
333,191
19,163
352,354
626,271
645,434		 Fixtures,
fittings &
equipment
£
64,572
3,224
67,796
58,470
3,078
61,548
6,248
6,102
2024
£
1,925
4,854
6,779
2024
£
173,702
20,806
152,896		 Total
£
1,043,197
3,224
1,046,421
391,661
22,241
413,902
632,519
651,536
2023
£
180
3,469
3,649
2023
£
244,510
28,061
216,449

The bank loan is secured by a first legal mortgage on the land and buildings and repayable in quarterly instalments over 25 years. The last instalment falls due in February 2032. The loan is subject to commercial rate of interest.

Big Lottery Fund has a second charge on the freehold land and buildings.

BRENT INDIAN ASSOCIATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

18
Creditors: amounts falling due within one year
Notes
Bank loans
17
Deferred income
20
Trade creditors
Other creditors
Accruals
19
Creditors: amounts falling due after more than one year
Notes
Bank loans
17
20
Deferred income
Other deferred income
Deferred income is included in the financial statements as follows:
Deferred income is included within:
Current liabilities
Movements in the year:
Deferred income at 1 April 2023
Resources deferred in the year
Deferred income at 31 March 2024
21
Retirement benefit schemes
Defined contribution schemes
Charge to profit or loss in respect of defined contribution schemes		 2024
£
20,806
2,270
1,500
-
3,306
27,882
2024
£
152,896
2024
£
2,270
2024
£
2,270
-
2,270
2,270
2024
£
2,234		 2023
£
28,061
-
930
1,210
3,552
33,753
2023
£
216,449
2023
£
-
2023
£
-
-
-
-
2023
£
2,663

BRENT INDIAN ASSOCIATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

22 Restricted funds

The restricted funds of the charity comprise the unexpended balances of donations and grants held on trust subject to specific conditions by donors as to how they may be used.

At 1 April Incoming At 31 March
2023 resources 2024
£ £ £
336,847 1,675 338,522
Life membership fund 1,075 - 1,075
337,922 1,675 339,597
Previous year: At 1 April Incoming At 31 March
2022 resources 2023
£ £ £
Building maintenance reserve fund 95,757 - 95,757
Life membership fund 52,549 1,075 53,624
Big lottery fund 188,541 - 188,541
336,847 1,075 337,922

Building maintenance reserve fund deals with redecoration and general ongoing maintenance of the Association's property.

The Life Members Fund supports numerous programs in various areas of interest that enhance the activities of Life members.

Big lottery fund is secured by a legal mortgage on the freehold land & building.

23 Unrestricted funds

The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes.

At 1 April Incoming Resources At 31 March
2023 resources expended 2024
£ £ £ £
General funds 260,286 147,651 (173,016) 234,921
Previous year: At 1 April Incoming Resources At 31 March
2022 resources expended 2023
£ £ £ £
General funds 263,540 152,978 (156,232) 260,286

BRENT INDIAN ASSOCIATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

24 Analysis of net assets between funds

Unrestricted Restricted Total
funds funds
2024 2024 2024
£ £ £
At 31 March 2024:
Tangible assets 632,519 - 632,519
Current assets/(liabilities) (244,702) 339,597 94,895
Long term liabilities (152,896) - (152,896)
234,921 339,597 574,518
Unrestricted Restricted Total
funds funds
2023 2023 2023
£ £ £
At 31 March 2023:
Tangible assets 651,536 - 651,536
Current assets/(liabilities) (174,801) 337,922 163,121
Long term liabilities (216,449) - (216,449)
260,286 337,922 598,208

25 Limited by guarantee

The company is limited by guarantee and does not have a share capital. Each member gives a guarantee to contribute a sum, not exceeding £1, to the company should it be wound up. At 31 March 2024 there were 17 members.

26 Related party transactions

No trustee received any remuneration during the year. Other than the trustees, the charity does not consider itself to have any other key management personnel. No trustee or other person related to the charity had any interest in any contract entered into by the charity during the year or the preceding year.

During the year, the charity received donation of £390 (2023: £Nil) from Mr Rajnikant Patel and £25 (2023: £Nil) from Mr Hitendrakumar Vaidya who are the Trustees of the charity.

BRENT INDIAN ASSOCIATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2024

27 Cash generated from operations 2024 2023
£ £
Deficit for the year (23,690) (2,179)
Adjustments for:
Investment income recognised in statement of financial activities (722) (116)
Depreciation and impairment of tangible fixed assets 22,240 22,168
Movements in working capital:
(Increase)/decrease in debtors (3,130) 6,574
(Decrease)/increase in creditors (886) 1,141
Increase in deferred income 2,270 -
Cash (absorbed by)/generated from operations (3,918) 27,588
28 Analysis of changes in net (debt)/funds
At 1 April 2023 Cash flowsAt 31 March 2024
£ £ £
Cash at bank and in hand 193,225 (77,227) 115,998
Loans falling due within one year (28,061) 7,255 (20,806)
Loans falling due after more than one year (216,449) 63,553 (152,896)
(51,285) (6,419) (57,704)