OpenCharities

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator.

2021-04-05-accounts

Charity Registration No. 1085433

THE SIGMA CHARITABLE TRUST

ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 5 APRIL 2021

THE SIGMA CHARITABLE TRUST

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees Dr B Shah CBE Mr M Shah Mr K Shah Mrs S Shah (Appointed 11 December 2020) Mrs M Shah (Appointed 11 December 2020) Mrs M Thucker (Appointed 11 December 2020) Miss M K Tanna (Appointed 11 December 2020) Mr Z Mohamedali Charity number 1085433 Principal address HD House Imperial Way North Watford HERTFORDSHIRE WD24 4LQ Accountants King & King 5th Floor Watson House 54-60 Baker Street London United Kingdom W1U 7BU Bankers Natwest 250 Bishopsgate London EC2M 4AA

THE SIGMA CHARITABLE TRUST

CONTENTS

Page
Trustees report 1 - 2
Accountants' report 4
Statement of financial activities 5
Balance sheet 6
Notes to the financial statements 7 - 11

THE SIGMA CHARITABLE TRUST

TRUSTEES REPORT

FOR THE YEAR ENDED 5 APRIL 2021

The trustees present their annual report and financial statements for the year ended 5 April 2021.

The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the 's governing document, the Charities Act 2011 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) (effective 1 January 2019)".

Objectives and activities

The Trustees shall hold the Trust Fund and its income upon trust in accordance with clause 2.1 to apply them for the objects (“the objects”).

2.1 The Trustees shall hold the capital and income of the Trust Fund upon trust to apply the income and all or such part or parts of the capital for or towards such charitable purposes and to make donations to such charitable institution or institutions at such time or times and in such manner as the Trustees may in their absolute discretion think fit including but not limited to clauses 2.2, 2.3, 2.4 and 2.5 hereunder provided that the Trustees may at their absolute discretion for the period of 21 years from the date of this deed instead of applying the income of the Charity in any year accumulate all or any part of such income at compound interest by investing the same and the resulting income in any of the authorised investments and hold the same as an accretion to and as part of the capital of the Charity without prejudice to their right to apply the whole or any part of such accumulated income in any subsequent year as if the same were income of the Charity arising in the then current year; and

2.2 the making of contributions to named registered charities whose objective include the investigation into the causes of and a cure for cancer, and other specific illnesses; and

2.3 the making of contributions to Hindu temples in the UK which are registered charities for the purchase of equipment and facilities which the Trustees may specify; and

2.4 the making of contributions to schools in the UK which are registered charities for the purchase of equipment and facilities which the Trustees may specify; and

2.5the making of contributions to registered charities concerned with relief from natural disasters.

The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the should undertake.

Achievements and performance

Financial review

It is the policy of the 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 ’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.

The trustees have assessed the major risks to which the is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks.

THE SIGMA CHARITABLE TRUST

TRUSTEES REPORT (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2021

Structure, governance and management

The organisation is a Charitable Trust set up under a Declaration dated 1 February 2001.

The trustees who served during the year and up to the date of signature of the financial statements were: Dr B Shah CBE

Mr M Shah Mr K Shah Mrs S Shah (Appointed 11 December 2020) Mrs M Shah (Appointed 11 December 2020) Mrs M Thucker (Appointed 11 December 2020) Miss M K Tanna (Appointed 11 December 2020) Mr Z Mohamedali

The trustees r eport was approved by the Board of Trustees.

Mr M Shah Trustee

Dated: 8 February 2022

THE SIGMA CHARITABLE TRUST

TRUSTEES DECLARATION ON UN-AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2021

In relation to the financial statements which comprise the statement of financial activities, the balance sheet and the related notes:

On behalf of the board

Mr M Shah Director

8 February 2022

THE SIGMA CHARITABLE TRUST

CHARTERED ACCOUNTANTS' REPORT TO THE TRUSTEES ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF THE SIGMA CHARITABLE TRUST FOR THE YEAR ENDED 5 APRIL 2021

In order to assist you to fulfil your duties under the Charities Act 2011, we have prepared for your approval the financial statements of The Sigma Charitable Trust for the year ended 5 April 2021, which comprise the statement of financial activities and the related notes from the charity’s accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales, we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com/regulation

This report is made to the charity's trustees, as a body, in accordance with the terms of our engagement letter dated 1 February 2001. Our work has been undertaken solely to prepare for your approval the financial statements of The Sigma Charitable Trust and state those matters that we have agreed to state to the charity's trustees, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than The Sigma Charitable Trust and the charity's trustees as a body, for our work or for this report.

It is your duty to ensure that The Sigma Charitable Trust has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and surplus of The Sigma Charitable Trust. You consider that The Sigma Charitable Trust is exempt from the statutory audit requirement for the year , and is not required to obtain an independent examiner's report.}

We have not been instructed to carry out an audit or a review of the financial statements of The Sigma Charitable Trust. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

King & King Chartered Accountants

5th Floor Watson House 54-60 Baker Street London W1U 7BU

8 February 2022

THE SIGMA CHARITABLE TRUST

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 5 APRIL 2021

Unrestricted Unrestricted
funds funds
2021 2020
Notes
£		 £
Income from:
Donations 3 45,458 22,189
Expenditure on:
Charitable activities 4 39,292 52,316
Net income/(expenditure) for the year/
Net movement in funds 6,166 (30,127)
Fund balances at 6 April 2020 2,905 33,032
Fund balances at 5 April 2021 9,071 2,905

The statement of financial activities includes all gains and losses recognised in the year.

All income and expenditure derive from continuing activities.

THE SIGMA CHARITABLE TRUST

BALANCE SHEET

AS AT 5 APRIL 2021

Notes
Current assets
Cash at bank and in hand
Net current assets
Income funds
Unrestricted funds		 2021
£
9,071		 £
9,071
9,071
9,071		 2020
£
2,905		 £
2,905
2,905
2,905

The financial statements were approved by the Trustees on 8 February 2022

Dr B Shah CBE Trustee

THE SIGMA CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2021

1 Accounting policies

Charity information

The Sigma Charitable Trust is a charitable organisation as set up under a Declaration dated 1 February 2001.

1.1 Accounting convention

The financial statements have been prepared in accordance with the 's [governing document], the Charities Act 2011, FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the Charities SORP "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)" (effective 1 January 2019). The is a Public Benefit Entity as defined by FRS 102.

The has taken advantage of the provisions in the SORP for charities not to prepare a Statement of Cash Flows.

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

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2 Going concern

At the time of approving the financial statements, the trustees have a reasonable expectation that the has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3 Charitable funds

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

Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.

Endowment funds are subject to specific conditions by donors that the capital must be maintained by the .

1.4 Income

Income is recognised when the 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 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.

THE SIGMA CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2021

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.

1.6 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.

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.

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 p aymen ts 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 ’s contractual obligations expire or are discharged or cancelled.

2 Critical accounting estimates and judgements

In the application of the ’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.

THE SIGMA CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2021

3 Donations and legacies

All
Donations
Donations
Other		 Funds
All funds
2021
2020
£
£
45,458
22,189
45,458
22,189
45,458
22,189

4 Charitable activities

Charitable
Expenditure
Charitable
Expenditure
Heading 2
2021
2021
£
£
Charitable expenditure
-
2,000
Charitable expenditure
37,287
-
37,287
2,000
Share of support costs (see note 5)
5
-
37,292
2,000		 Total
2021
Charitable
Expenditure
2020
£
£
1,999
-
37,288
52,196
39,287
52,196
5
120
39,292
52,316

THE SIGMA CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2021

5 Support costs

Support
costs
Governance
costs
£
£
Bank charges
5
-
Legal and professional
2,000
-
2,005
-
Analysed between
Charitable activities
2,005
-		 2021
Support
costs
Governance
costs
£
£
£
5
120
-
2,000
-
-
2,005
120
-
2,005
120
-		 2020
£
120
-
120
120

6 Trustees

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

7 Employees

The average monthly number of employees during the year was:

2021 2020
Number Number
Trustees 8 8

8 Designated funds

The income funds of the charity include the following designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes:

Movement in funds Movement in funds Movement in funds
Incoming Resources Balance at Incoming Resources Balance at
resources expended 6 April 2020 resources expended 5 April 2021
£ £ £ £ £ £
Educational 21,689 (21,689) - 9,822 (9,822) -
21,689 (21,689) - 9,822 (9,822) -

THE SIGMA CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2021

9 Related party transactions

There were no disclosable related party transactions during the year (2020 - none) .