Charity registration number 1085433 (England and Wales)
THE SIGMA CHARITABLE TRUST
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 5 APRIL 2025
THE SIGMA CHARITABLE TRUST
LEGAL AND ADMINISTRATIVE INFORMATION
| Trustees | Dr B Shah CBE | |
|---|---|---|
| Mr M Shah | ||
| Mr K Shah | ||
| Miss M K Tanna | ||
| Mr Z Noorbhai | ||
| Mrs A Dhanani | ||
| Mrs S Shah | ||
| Mr S Shah | ||
| Charity registration | England and Wales | 1085433 |
| Principal address | HD House | |
| Imperial Way | ||
| North Watford | ||
| HERTFORDSHIRE | ||
| WD24 4BB | ||
| Accountants | King & King | |
| 5th Floor | ||
| Watson House | ||
| 54-60 Baker Street | ||
| London | ||
| W1U 7BU | ||
| Bankers | Natwest | |
| 250 Bishopsgate | ||
| London | ||
| EC2M 4AA |
THE SIGMA CHARITABLE TRUST
CONTENTS
| Page | |
|---|---|
| Trustees report | 1 - 2 |
| Accountants' report | 3 |
| Statement of financial activities | 4 |
| Balance sheet | 5 |
| Notes to the financial statements | 6 - 9 |
THE SIGMA CHARITABLE TRUST
TRUSTEES REPORT FOR THE YEAR ENDED 5 APRIL 2025
The trustees present their annual report and financial statements for the year ended 5 April 2025.
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.
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THE SIGMA CHARITABLE TRUST
TRUSTEES REPORT (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2025
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 Miss M K Tanna Mr Z Noorbhai Mrs A Dhanani Mrs S Shah Mr S Shah
The trustees report was approved by the Board of Trustees.
Mr M Shah Trustee
Dated: 3 March 2026
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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 2025
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 2025, 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
3 March 2026
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THE SIGMA CHARITABLE TRUST
STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 5 APRIL 2025
| Unrestricted | Unrestricted | ||
|---|---|---|---|
| funds | funds | ||
| 2025 | 2024 | ||
| Notes | £ | £ | |
| Income from: | |||
| Donations | 3 | 94,739 | 7,213 |
| Expenditure on: | |||
| Charitable activities | 4 | 81,831 | 41,571 |
| Net income/(expenditure) for the year/ | |||
| Net movement in funds | 12,908 | (34,358) | |
| Fund balances at 6 April 2024 | 11,609 | 45,967 | |
| Fund balances at 5 April 2025 | 24,517 | 11,609 |
The statement of financial activities includes all gains and losses recognised in the year.
The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
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THE SIGMA CHARITABLE TRUST
BALANCE SHEET
AS AT 5 APRIL 2025
| Notes Current assets Cash at bank and in hand Creditors: amounts falling due within one year 9 Net current assets Income funds Unrestricted funds |
2025 £ 24,877 (360) |
£ 24,517 24,517 24,517 |
2024 £ 12,329 (720) |
£ 11,609 |
|---|---|---|---|---|
| 11,609 | ||||
| 11,609 |
The financial statements were approved by the Trustees on 3 March 2026
Dr B Shah CBE Trustee
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THE SIGMA CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2025
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" 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)". 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 amounts 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 or grantors 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.
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.
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THE SIGMA CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2025
1 Accounting policies
(Continued)
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 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 ’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.
3 Donations and legacies
| All Funds | All funds | |
|---|---|---|
| 2025 | 2024 | |
| £ | £ | |
| Donations | 94,739 | 7,213 |
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THE SIGMA CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2025
| 3 Donations and legacies Donations Other |
(Continued) 94,739 7,213 94,739 7,213 |
(Continued) 94,739 7,213 94,739 7,213 |
|---|---|---|
| 7,213 |
4 Charitable activities
| Charitable Expenditure Charitable expenditure 2 2025 2025 £ £ Charitable expenditure 40,391 720 Charitable expenditure heading 13 1,050 - 81,111 720 Share of support costs (see note 5) - - 81,111 720 5 Support costs Support costs Governance costs £ £ Bank charges - - Legal and professional 720 - 720 - Analysed between Charitable activities 720 - |
Total 2025 Charitable Expenditure Charitable expenditure 2 2024 2024 £ £ £ 80,781 40,391 360 1,050 751 - 81,831 41,142 360 - 69 - 81,831 41,211 360 2025Support costs Governance costs £ £ £ - 69 - 720 360 - 720 429 - 720 406 - |
Total 2024 £ 40,751 751 |
|
|---|---|---|---|
| 41,502 69 |
|||
| 41,571 | |||
| 2024 £ 69 360 |
|||
| 429 | |||
| 406 |
6 Trustees
None of the trustees (or any persons connected with them) received any remuneration or benefits from the during the year.
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THE SIGMA CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2025
7 Employees
The average monthly number of employees during the year was:
| 2025 | 2024 | |
|---|---|---|
| Number | Number | |
| Trustees | 8 | 8 |
8 Taxation
The charity is exempt from taxation on its activities because all its income is applied for charitable purposes.
9 Creditors: amounts falling due within one year
| Creditors: amounts falling due within one year | ||
|---|---|---|
| 2025 | 2024 | |
| £ | £ | |
| Accruals and deferred income | 360 | 720 |
10 Related party transactions
There were no disclosable related party transactions during the year (2024 - none).
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