REGISTERED COMPANY NUMBER: 04269631 (England and Wales) REGISTERED CHARITY NUMBER: 1089688
Report of the Trustees and
Financial Statements
for the Year Ended 31 March 2022
for
The Dewan Foundation Limited
Parker Cavendish Chartered Accountants 28 Church Road Stanmore Middlesex HA7 4XR
The Dewan Foundation Limited
Contents of the Financial Statements for the Year Ended 31 March 2022
| Page | |||
|---|---|---|---|
| Report of the Trustees | 1 | to | 2 |
| Independent Examiner's Report | 3 | ||
| Statement of Financial Activities | 4 | ||
| Balance Sheet | 5 | ||
| Notes to the Financial Statements | 6 | to | 10 |
| Detailed Statement of Financial Activities | 11 |
The Dewan Foundation Limited
Report of the Trustees for the Year Ended 31 March 2022
The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 March 2022. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).
OBJECTIVES AND ACTIVITIES
Objectives and aims
The charity is constituted as a company limited by guarantee, and is therefore governed by a Memorandum and Article of Association.
The charity's objective and principal activity continues to be that of funding social work.
Significant activities
The trustees continued the charity's objective and principal activity of funding social work by way of grants and donations to various organisations.
Public benefit
The charity is a public benefit entity. The trustees have complied with the duty in section 4 of the 2011 Charities Act to have due regard to guidance published by the Charity Commission, including public benefit guidance. The charity has achieved its primary public benefit objectives by making donations to various charities and funding of social work.
ACHIEVEMENT AND PERFORMANCE
Charitable activities
The trustees consider that the performance of the charity this year has been satisfactory. Donations to charitable organisations in the year amounted to £1,009,983.
Investment performance
The trustees are currently satisfied with the investment performance of the assets.
Internal and external factors
The trustees have made a full assessment of the internal and external factors that may affect these financial statements and do not deem any factors material enough to have an impact.
FINANCIAL REVIEW
Principal funding sources
The principal funding sources were all from either the trustees or from companies related by common control.
FUTURE PLANS
It continues to be the board's intention to preserve company's resources to ensure that donations can be maintained at acceptable levels in future years. The trustees believe that this policy will ensure that the company will have sufficient funds in the future to fulfil any obligation to which it is committed.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The charity is controlled by its governing document, a deed of trust, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006.
Recruitment and appointment of new trustees
All directors of the company are also trustees of the charity, and there are no other trustees. All of the trustees named above served throughout the year. The board has the power to appoint additional trustees as it considers fit to do so.
Organisational structure
The charity is organised so that the trustees consult each other regularly to help manage charity's affairs.
Wider network
At present company does not consider itself part of a wider network.
Risk management
The trustees identify the major risks to which the Charity is exposed to each financial year when preparing and updating a strategic plan, in particular, those areas related to the operations and finances of the Charity. The Trustees then review any major risks which have been identified and establish systems to mitigate those risks. The Trustees continue to put in place appropriate internal controls and monitoring procedures to minimise financial risks.
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The Dewan Foundation Limited
Report of the Trustees for the Year Ended 31 March 2022
REFERENCE AND ADMINISTRATIVE DETAILS Registered Company number
04269631 (England and Wales)
Registered Charity number 1089688
Registered office
28 Church Road Stanmore Middlesex HA7 4XR
Trustees
Mr R Dewan Ms S Dewan Mrs Z. Dewan Mr N Dewan
Company Secretary Mrs Z. Dewan
Independent Examiner
Parker Cavendish Chartered Accountants 28 Church Road Stanmore Middlesex HA7 4XR
Solicitors
Penningtons Manches LLP 125 Wood Street London EC2V 7AW
Bankers
Lloyds TSB Bank Plc Tower Bridge Road Bermondsey Branch 67 Tower Bridge Road London SE1 4TN
This report has been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.
Approved by order of the board of trustees on 13 December 2022 and signed on its behalf by:
Mr R Dewan - Trustee
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Independent Examiner's Report to the Trustees of The Dewan Foundation Limited
Independent examiner's report to the trustees of The Dewan Foundation Limited ('the Company')
I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 March 2022.
Responsibilities and basis of report
As the charity's trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act').
Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity's accounts as carried out under section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5) (b) of the 2011 Act.
Independent examiner's statement
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:
-
accounting records were not kept in respect of the Company as required by section 386 of the 2006 Act; or 2. the accounts do not accord with those records; or
-
the accounts do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination; or
-
the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities (applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)).
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
Marco Gazza FCCA Parker Cavendish Chartered Accountants 28 Church Road Stanmore Middlesex HA7 4XR
13 December 2022
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The Dewan Foundation Limited
Statement of Financial Activities for the Year Ended 31 March 2022
| Notes INCOME AND ENDOWMENTS FROM Donations and legacies Investment income 2 Total EXPENDITURE ON Charitable activities Governance costs Donations Total Net gains/(losses) on investments NET INCOME/(EXPENDITURE) RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD |
2022 Unrestricted fund £ 187,200 49,408 236,608 2,969 1,009,983 1,012,952 - (776,344) 8,341,264 7,564,920 |
2021 Total funds £ 9,200 155,894 165,094 2,678 727,366 730,044 (189,186) (754,136) 9,095,400 8,341,264 |
|---|---|---|
The notes form part of these financial statements
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The Dewan Foundation Limited
Balance Sheet 31 March 2022
| Notes FIXED ASSETS Investments Investments 5 Investment property 6 CURRENT ASSETS Debtors 7 Cash at bank CREDITORS Amounts falling due within one year 8 NET CURRENT ASSETS TOTAL ASSETS LESS CURRENT LIABILITIES NET ASSETS FUNDS 9 Unrestricted funds TOTAL FUNDS |
2022 2021 Unrestricted Total fund funds £ £ 5,850 5,850 4,841,123 4,693,774 4,846,973 4,699,624 2,723,586 765,526 95,368 3,726,592 2,818,954 4,492,118 (101,007) (850,478) 2,717,947 3,641,640 7,564,920 8,341,264 7,564,920 8,341,264 7,564,920 8,341,264 7,564,920 8,341,264 |
|---|---|
The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2022.
The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2022 in accordance with Section 476 of the Companies Act 2006.
The trustees acknowledge their responsibilities for
-
(a) ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and
-
(b) preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company.
These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime.
The financial statements were approved by the Board of Trustees and authorised for issue on 13 December 2022 and were signed on its behalf by:
R Dewan - Trustee
The notes form part of these financial statements
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The Dewan Foundation Limited
Notes to the Financial Statements for the Year Ended 31 March 2022
1. ACCOUNTING POLICIES
Basis of preparing the financial statements
The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) '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)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value.
The Charity constitutes a public benefit entity as defined by FRS 102.
The trustees consider that there are no material uncertainties about the Charity's ability to continue as a going concern.
Income
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.
Expenditure
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, 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 accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in the Statement of Financial Activities.
Taxation
The charity is exempt from corporation tax on its charitable activities.
Fund accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
Current assets and creditors
Debtors are recognised when the Charity is legally entitled to the income after any performance conditions have been met, the amount can be reliably measured and it is probable that the income will be received.
Cash at bank and in hand includes cash and short term deposits.
Creditors are recognised when the Charity has a present legal or constructive obligation arising from a past event to make payment to a third party, it is probable that settlement will be required and the amount due to settle the obligation can be measured or estimated reliably.
continued...
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The Dewan Foundation Limited
Notes to the Financial Statements - continued for the Year Ended 31 March 2022
2. INVESTMENT INCOME
| Rents and property income Deposit account interest |
2022 £ 48,804 604 49,408 |
2021 £ 155,390 504 155,894 |
|---|---|---|
3. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31 March 2022 nor for the year ended 31 March 2021.
Trustees' expenses
There were no trustees' expenses paid for the year ended 31 March 2022 nor for the year ended 31 March 2021.
4. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
| INCOME AND ENDOWMENTS FROM Donations and legacies Investment income Total EXPENDITURE ON Charitable activities Governance costs Donations Total Net gains/(losses) on investments NET INCOME/(EXPENDITURE) RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD |
Unrestricted fund £ 9,200 155,894 165,094 2,678 727,366 730,044 (189,186) (754,136) 9,095,400 8,341,264 |
|---|---|
continued...
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The Dewan Foundation Limited
Notes to the Financial Statements - continued for the Year Ended 31 March 2022
5. FIXED ASSET INVESTMENTS
6.
| Listed Unlisted investments investments £ £ MARKET VALUE At 1 April 2021 and 31 March 2022 5,750 100 NET BOOK VALUE At 31 March 2022 5,750 100 At 31 March 2021 5,750 100 There were no investment assets outside the UK. INVESTMENT PROPERTY FAIR VALUE At 1 April 2021 Additions At 31 March 2022 NET BOOK VALUE At 31 March 2022 At 31 March 2021 |
Totals £ 5,850 5,850 5,850 £ 4,693,774 147,349 |
|---|---|
| 4,841,123 | |
| 4,841,123 | |
| 4,693,774 |
The investment properties have been valued by the trustees and the trustees consider the market value of above properties remain the same as the original cost.
7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
| 7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
||||
|---|---|---|---|---|
| Other debtors VAT 8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR VAT Accrued expenses 9. MOVEMENT IN FUNDS Unrestricted funds General fund TOTAL FUNDS |
At 1.4.21 £ 8,341,264 8,341,264 |
2022 £ 2,704,242 19,344 2,723,586 2022 £ - 101,007 101,007 Net movement in funds £ (776,344) (776,344) |
2021 £ 765,526 - |
|
| 765,526 | ||||
| 2021 £ 849,365 1,113 850,478 At 31.3.22 £ 7,564,920 |
2021 £ 849,365 1,113 |
|||
| 850,478 | ||||
| 7,564,920 |
continued...
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The Dewan Foundation Limited
Notes to the Financial Statements - continued for the Year Ended 31 March 2022
9. MOVEMENT IN FUNDS - continued
Net movement in funds, included in the above are as follows:
| Unrestricted funds General fund TOTAL FUNDS |
Incoming resources £ 236,608 236,608 |
Resources expended £ (1,012,952) (1,012,952) |
Movement in funds £ (776,344) |
|---|---|---|---|
| (776,344) |
Comparatives for movement in funds
| Unrestricted funds General fund TOTAL FUNDS |
At 1.4.20 £ 9,095,400 9,095,400 |
Net movement in funds £ (754,136) (754,136) |
At 31.3.21 £ 8,341,264 |
|---|---|---|---|
| 8,341,264 |
Comparative net movement in funds, included in the above are as follows:
| Unrestricted funds General fund TOTAL FUNDS |
Incoming resources £ 165,094 165,094 |
Resources expended £ (730,044) (730,044) |
Gains and Movement losses in funds £ £ (189,186) (754,136) (189,186) (754,136) |
Gains and Movement losses in funds £ £ (189,186) (754,136) (189,186) (754,136) |
|---|---|---|---|---|
| (754,136) |
A current year 12 months and prior year 12 months combined position is as follows:
| Unrestricted funds General fund TOTAL FUNDS |
At 1.4.20 £ 9,095,400 9,095,400 |
Net movement in funds £ (1,530,480) (1,530,480) |
At 31.3.22 £ 7,564,920 |
|---|---|---|---|
| 7,564,920 |
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:
| Unrestricted funds General fund TOTAL FUNDS |
Incoming resources £ 401,702 401,702 |
Resources expended £ (1,742,996) (1,742,996) |
Gains and losses £ (189,186) (189,186) |
Movement in funds £ (1,530,480) |
|---|---|---|---|---|
| (1,530,480) |
continued...
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The Dewan Foundation Limited
Notes to the Financial Statements - continued for the Year Ended 31 March 2022
10. RELATED PARTY DISCLOSURES
Until 2013 The Dewan Foundation Limited received all its donations from either the trustees or from companies related by common control. From April 2013 The Dewan Foundation Limited started to accept donations from the public.To date £105,665 has been received from public donations of which £7,200 was received in year to 31 March 2022. During the year, the charity received a donation of £180,000 from the companies controlled by the trustees.
11. OTHER RESOURCES EXPENDED-DONATIONS
The main donations are paid to the following charities:
Alzheimer's Society Unique NSPCC Cancer Research Center of Self Managed Learning Brighter Future International Trust DM Thomas Foundation for Young People St Luke Hospice Macmillan Cancer M S Society Harrow Food Bank Mind Donation Lennox Children's Cancer Fund Santhivardhana Ministries Imperial College Harrow Food Bank Pragti, Koraput Near Reel Printers
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The Dewan Foundation Limited
Detailed Statement of Financial Activities for the Year Ended 31 March 2022
| INCOME AND ENDOWMENTS Donations and legacies Donations Investment income Rents and property income Deposit account interest Total incoming resources EXPENDITURE Charitable activities Donations Support costs Governance costs Sundries Accountancy and legal fees Bank charges Total resources expended Net expenditure before gains and losses Realised recognised gains and losses Realised gains/(losses) on investment property Net expenditure |
2022 £ 187,200 48,804 604 49,408 236,608 1,009,983 582 1,800 587 2,969 1,012,952 (776,344) - (776,344) |
2021 £ 9,200 155,390 504 155,894 165,094 727,366 542 1,800 336 2,678 730,044 (564,950) (189,186) (754,136) |
|---|---|---|
This page does not form part of the statutory financial statements
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