Charity registration number 1107793
Company registration number 05225251 (England and Wales)
THE SHANTA FOUNDATION
ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022
PAGES FOR FILING WITH REGISTRAR
THE SHANTA FOUNDATION
LEGAL AND ADMINISTRATIVE INFORMATION
| Directors | B C Patel |
|---|---|
| V C Patel | |
| N B Patel | |
| Trustees | B C Patel |
| V C Patel | |
| Secretary | Vistra Company Secretaries Limited |
| Charity number | 1107793 |
| Company number | 05225251 |
| Registered office | Monarch House |
| Miles Gray Road | |
| Basildon | |
| Essex | |
| SS14 3RW | |
| Independent Examiner | Leigh Carr |
| 12 Helmet Row | |
| London | |
| EC1V 3QJ |
THE SHANTA FOUNDATION
CONTENTS
| Page | |
|---|---|
| Trustees' report | 1 - 2 |
| Statement of Trustees' responsibilities | 3 |
| Independent examiner's report | 4 |
| Statement of financial activities | 5 |
| Balance sheet | 6 |
| Statement of cash flows | 7 |
| Notes to the financial statements | 8 - 12 |
THE SHANTA FOUNDATION
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 31 MARCH 2022
The Trustees present their report and financial statements for the period ended 31 March 2022.
The financial statements have been prepared in accordance with the accounting policies set out in notes to the financial statements and comply with the Charity's governing document, 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, (Charities SORP (FRS 102))” (effective 1 January 2019).
Since the charitable company qualifies as small under section 382, the strategic report required of medium and large companies under The Companies Act 2006 (Strategic Report and Director's Report) Regulation is not required.
Objectives and activities
The objectives of the charity are to further such charitable purposes as the trustees in their absolute discretion may from time to time decide, to help in the advancement of education, the relief of poverty, sickness and distress and the preservation and protection of health primarily but not exclusively through the provision of grants.
Achievements and performance
The main achievements in the period was receiving donations totalling £864,371. During the year, The Shanta Foundation has donated £500,000 to British Asian Trust, £250,000 to Bristol University, £42,000 Havens Hospice,£10,000 to RIBA, £9,725 to Race Against Hunger, £1,865 to ML Foundation, £1,000 to Rotary Club Ingatestone, £549.19 to Sathya Sa and £500 to Food4All.
Financial review
Principal source of funding
The principal funding source, being Waymade Plc - the company in which the directors of The Shanta Foundation have controlling interests, had donated generously in previous periods to enable the charity to commence its charitable activities. The surplus from the previous period has enabled further donations to enable the charity continue its efforts.
Policy on reserves
The charity is in its infancy and continues to develop its policies. It is anticipated that there will be sufficient funds available in future not only to continue funding its charitable activities but also to have reserves of cash or assets to enable the charity to continue its pursuit of its objectives.
Plans for future periods
It is the intentions of the trustees to continue to make donations in the future, where they see fit.
Structure, governance and management
Reference and administrative details
The registered charity name is The Shanta Foundation. The charity registration number is 1107793. The principal office is Sovereign House, Miles Gray Road, Basildon, Essex, SS14 3FR.
Constitution
The principal activity of the company was that of a charity. The organisation is a charitable company limited by guarantee, incorporated on 8 September 2004, company registration number 05225251 (England and Wales) and registered as a charity on 25 January 2005, charity registration number 1107793 (England and Wales). The company was established under a Memorandum of Association which established the objects and powers of the charitable company and is governed under its Articles of Association.
In the event of the company being wound up, the liability in respect of the guarantee is limited with the members, being the two trustees and directors of the company, required to contribute an amount not exceeding £10.
Trustees
The Trustees, who are also the directors for the purpose of company law, and who served during the year were:
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THE SHANTA FOUNDATION
TRUSTEES' REPORT (CONTINUED)(INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 31 MARCH 2022
B C Patel V C Patel
Trustee induction and training
New trustees undergo an orientation day to brief them on their legal obligations under charity and company law, the content of the Memorandum and Articles of Association, the committee and decision making processes, the business plan and recent financial performance of the charity. During the induction day they meet key employees and other trustees. Trustees are encouraged to attend appropriate external training events where these will facilitate the undertaking of their role.
Risk management
The trustees have a risk management strategy which comprises:
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an annual review of the risks the charity may face;
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the establishment of systems and procedures to mitigate those risks identified in the plan; and
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the implementation of procedures designed to minimise any potential impact on the charity should those risks materialise.
This work has identified only a few minor new risks but it has resulted in better emergency procedures and contingency plans and has given the impetus for better planning. Particular attention has focused on non financial risks arising from fire, health and safety. A key element in the management of financial risk is the setting of a reserves policy and its regular review by trustees.
The Trustees' report was approved by the Board of Trustees and signed on their behalf by
B C Patel
Trustee Dated: 20 December 2022
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THE SHANTA FOUNDATION
STATEMENT OF TRUSTEES' RESPONSIBILITIES
FOR THE YEAR ENDED 31 MARCH 2022
The Trustees, who are also the directors of The Shanta Foundation 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 is required to:
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the Charities SORP;
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make judgements and estimates that are reasonable and prudent;
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state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Charity will continue in operation.
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 it to ensure that the financial statements comply with the Companies Act 2006. It is 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.
Approved by the Board of Trustees and signed on their behalf by
B C Patel
Trustee Dated: 28 November 2022
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THE SHANTA FOUNDATION
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE SHANTA FOUNDATION
I report to the Trustees on my examination of the financial statements of The Shanta Foundation (the Charity) for the year ended 31 March 2022.
Responsibilities and basis of report
As the Trustees of the Charity (and also its directors for the purposes of company law) you are responsible for the preparation of the financial statements in accordance with the requirements of the Companies Act 2006 (the 2006 Act).
Having satisfied myself that the financial statements of the Charity 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 the Charity’s financial statements carried out under section 145 of the Charities Act 2011 (the 2011 Act). In carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
Independent examiner's statement
Since the Charity’s gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a member of Association of Chartered Certified Accountants, which is one of the listed bodies.
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 that in any material respect:
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1 accounting records were not kept in respect of the Charity as required by section 386 of the 2006 Act; or
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2 the financial statements do not accord with those records; or
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3 the financial statements 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
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4 the financial statements 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 financial statements to be reached.
N JIN (FCCA)
28 November 2022
Leigh Carr Chartered Accountants
12 Helmet Row London EC1V 3QJ
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THE SHANTA FOUNDATION
STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2022
| Unrestricted Unrestricted funds funds general designated 2022 2022 Notes £ £ Income from: Donations and legacies 3 310,328 554,043 Expenditure on: Raising funds 4 3,017 1,988 Charitable activities Donations 5 305,915 509,725 Total charitable expenditure 305,915 509,725 Total expenditure 308,932 511,713 Net incoming resources before transfers 1,396 42,330 Gross transfers between funds 25 (25) Net income for the year/ Net movement in funds 1,421 42,305 Fund balances at 1 April 2021 987 9,710 Fund balances at 31 March 2022 2,408 52,015 |
Total Unrestricted Unrestricted funds funds general designated 2022 2021 2021 £ £ £ 864,371 441,916 9,710 5,005 1,164 - 815,640 442,678 1,750 815,640 442,678 1,750 820,645 443,842 1,750 43,726 (1,926) 7,960 - (1,250) 1,250 43,726 (3,176) 9,210 10,697 4,163 500 54,423 987 9,710 |
Total 2021 £ 451,626 |
|---|---|---|
| 1,164 | ||
| 444,428 | ||
| 444,428 | ||
| 445,592 | ||
| 6,034 - |
||
| 6,034 4,663 |
||
| 10,697 |
The statement of financial activities includes all gains and losses recognised in the year.
All income and expenditure derive from continuing activities.
The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006.
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THE SHANTA FOUNDATION
BALANCE SHEET
AS AT 31 MARCH 2022
| Notes Current assets Debtors 9 Cash at bank and in hand Creditors: amounts falling due within one year 10 Net current assets Income funds Unrestricted funds - designated Unrestricted funds - general |
2022 £ - 56,323 56,323 (1,900) |
£ 54,423 52,015 2,408 54,423 |
2021 £ 594 11,603 12,197 (1,500) |
£ 10,697 |
|---|---|---|---|---|
| 9,710 987 |
||||
| 10,697 |
For the financial period ended 31 March 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Trustees' responsibilities:
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The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
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The members acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements under the requirements of the Companies Act 2006, for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the Trustees on 20 December 2022
B C Patel V C Patel Trustee Trustee
Company registration number 05225251
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THE SHANTA FOUNDATION
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2022
| 2022 Notes £ Cash flows from operating activities Cash generated from operations 16 Net cash used in investing activities Net cash used in financing activities Net increase in cash and cash equivalents Cash and cash equivalents at beginning of year Cash and cash equivalents at end of year |
2021 £ £ 44,720 - - 44,720 11,603 56,323 |
£ 4,538 - - |
|---|---|---|
| 4,538 7,065 |
||
| 11,603 |
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THE SHANTA FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022
1 Accounting policies
Charity information
The Shanta Foundation is a private company limited by guarantee incorporated in England and Wales. The registered office is Monarch House, Miles Gray Road, Basildon, Essex, SS14 3RW.
1.1 Accounting convention
The financial statements have been prepared in accordance with the Charity's governing document, 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) (effective 1 January 2019)". 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 financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.
1.2 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 Charity.
1.3 Incoming resources
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.
Legacies are recognised on receipt or otherwise if the Charity has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.
1.4 Resources expended
Expenditure is recognised on an accrual basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is classified under the headings of the statement of financial activities to which it relates:
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expenditure on charitable activities includes all costs incurred by a charity in undertaking activities that further its charitable aims for the benefit of its beneficiaries, including those support costs and costs relating to the governance of the charity apportioned to charitable activities.
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THE SHANTA FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022
1 Accounting policies
(Continued)
1.5 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.
1.6 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.
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 Charity’s contractual obligations expire or are discharged or cancelled.
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.
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THE SHANTA FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022
3 Donations and legacies
| **Unrestricted ** | Unrestricted | Total | Unrestricted | Unrestricted | Total | |
|---|---|---|---|---|---|---|
| funds | funds | funds | funds | |||
| general | designated | general | designated | |||
| 2022 | 2022 | 2022 | 2021 | 2021 | 2021 | |
| £ | £ | £ | £ | £ | £ | |
| For the period ended 31 March 2022 | ||||||
| Donations and gifts | 310,328 | 554,043 | 864,371 | 441,916 | 9,710 | 451,626 |
4 Raising funds
| Unrestricted Unrestricted funds funds general designated 2022 2022 £ £ Trading costs Support costs 3,017 1,988 3,017 1,988 |
Total Unrestricted funds general 2022 2021 £ £ 5,005 1,164 5,005 1,164 |
Total Unrestricted funds general 2022 2021 £ £ 5,005 1,164 5,005 1,164 |
|---|---|---|
| 1,164 |
5 Charitable activities
| Donations | Donations | |
|---|---|---|
| 2022 | 2021 | |
| £ | £ | |
| Donations | 815,640 | 444,428 |
| Analysis by fund | ||
| Unrestricted funds - general | 305,915 | 442,678 |
| Unrestricted funds - designated | 509,725 | 1,750 |
| 815,640 | 444,428 |
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THE SHANTA FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022
6 Support costs
| Unrestricted Unrestricted funds funds designated general Governance costs Governance costs £ £ Accountancy fees - 2,320 Legal & professional fees - 594 Bank charges 1,988 103 1,988 3,017 Analysed between Trading - 2,914 Charitable activities 1,988 103 1,988 3,017 |
2022 £ 2,320 594 7 5,005 2,914 2,091 5,005 |
2021 £ 1,000 157 7 |
|---|---|---|
| 1,164 | ||
| 1,157 7 |
||
| 1,164 |
7 Trustees
None of the Trustees (or any persons connected with them) received any remuneration or benefits from the Charity during the year.
8 Employees
There were no employees during the year (2021: NIL)
9 Debtors
| Amounts falling due within one year: Prepayments and accrued income 10 Creditors: amounts falling due within one year Accruals and deferred income |
2022 £ - 2022 £ 1,900 |
2021 £ 594 |
|---|---|---|
| 2021 £ 1,500 |
11 Limited by guarantee
The Shanta Foundation is a company limited by guarantee and accordingly does not have a share capital.
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THE SHANTA FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2022
12 Analysis of net assets between funds
| Analysis of net assets between funds | ||
|---|---|---|
| Unrestricted Unrestricted funds funds general designated 2022 2022 £ £ Fund balances at 31 March 2022 are represented by: Current assets/(liabilities) 44,738 9,685 44,738 9,685 |
2022 £ 54,423 54,423 |
2021 £ 10,697 |
| 10,697 |
13 Audit report information
The auditor's report was unqualified.
Chartered Accountants Statutory Auditor 14 Controlling party
The operations of the charitable company are controlled by the Trustees.
15 Related party transactions
The trustees, who are also the directors of the charity, The Shanta Foundation, have a controlling interest in Waymade Plc. During the year, the charity received donation funds towards charitable activities from Waymade Plc £546,500 (2021:£440,000), from the trustees V.C.Patel £8,000 (2021:£250) and B.C.Patel Nil (2021:£Nil).
| 16 Cash generated from operations Surplus for the year Movements in working capital: Decrease/(increase) in debtors Increase/(decrease) in creditors Cash generated from operations 17 Analysis of changes in net funds The Charity had no debt during the year. |
2022 £ 43,726 594 400 44,720 |
2021 £ 6,034 (96) (1,400) |
|---|---|---|
| 4,538 | ||
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