Registered number: 05225251 Charity number: 1107793 THE SHANTA FOUNDATION UNAUDITED TRUSTEES, REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
THE SHANTA FOUNDATION CONTENTS Page Reference and Administrative Details of the Charity, its Trustees and Advisers Trustees. Report Independent Examiner's Report Statement of Financial Activities Balan Sheet 9-10 Notes to the Financial Ststements
THE SHANTA FOUNDATION REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 MARCH 2024 Trustees B C Patel V C Patel Company registered number 05225251 Charity registered number ll07793 Registered office Monarch House Miles Gray Road Essex SS14 3RW Company secretary Vistra Company Secretaries Limited Accountants Evelyn Partners LLP Stonecross Trumpington High Street Cambridge CB2 gsu Independent examiner Keir Singleton CLA Evelyn Partners Limited Stonecross Trumpington High Street Cambridge CB2 9SU Page I
THE SHANTA FOUNDATION TRUSTEES. REPORT FOR THE YEAR ENDED 31 MARCH 2024 The Trustees present their annual report together with the financial statements of the Charity for the year I April 2023 to 31 March 2024. The Annual Report serves the purposes of both a Trustees, report and a directors, report under company Law. The Trustees confirm that the Annual Report and financial statements of the charitabLe company comply with the current statutory requirements, the requirements of the charitable company's governing document and the provisions of the Statement of Recommended Practice ISORPI applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS1021 leffective l January 20191. Since the Charity qualifies as smalL under section 382 of the Companies Act 2006, the Strategic Report required of medium and Large companies under the Companies Act 2006 (Strategic Report and Directors, Report) Regulations 2013 has been omitted. Objectives and activlties a. p0cleS and objectives The objectives of the charity are to further such charitable purposes as the trustess 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. In setting objectives and planning for activities. the Trustees have given due consideration to general guidance published by the Charity Commission relating to public benefit, including the guidance 'PubLic benefit.. running a charity IPB2)'. Achievements and performance a Main achievements of the Charity The main achievements in the period was receiving donations totalling £253,732. During the year the Shanta Foundation has donated £75,000 to the TribaL Integrated Development and Education Trust. £52,146 to the British Heart Foundation, £IO.000 to the University ColLege London. £3.500 to the Lions Club of Enfield and £2.500 to Bobby's Big Heart and committed to donation a further £102,467 to the British Heart foundation untiL JULY 2025. Flnancial review a. Princlpal source of funding The principal funding source, being Waymade Capital Limited - the company in which the trustees of The Shanta Foundation have controlling interests. has donated generously in previous periods to enable the charity to commence its charitable activities. b, Going concern After making appropriate enquiries. the Trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. For this reason. they continue to adopt the going concern basis in preparing the financiaL statements. Page 2
THE SHANTA FOUNDATION TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 c. Reserves policy The charity has decided to adopt a zero Level reserves policy, therefore charity will spend alL their income receive in each year on their charitable activities. The trustees have considered the risks of having a zero level reserve policy and have determined they have adaquete controls to mitigate the risk. At the end of the year the Company had positive reserves of £1,959 12023 £5061. All funds were unrestricted. d. 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 Monarch House. Miles Gray Road, Essex, SS14 3RW. b. Constitution The principal activity of the company was that of a charity. The organisation is a charitsble company limited by guarantee, incorporated on 8 September 2004. company registration number 05225251 IEngland and WaLesl and registered as a charity on 25 January 2005. charity registration number 1107793 (England and WaLesl. The company was established under a Memorandum of Association which established the objectives 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, recquired to contribute an amount not exceeding £10. c. Trustees The Trustees, who are also the directors for the purpose of company law. and who served during the year were.. B C PateL V C Patel N B PateL (resigned 29 August 20231 d. Trustee inductiopn 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 pian 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. Page 3
THE SHANTA FOUNDATION TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 structure. governance and management (continued) e. Risk management The Trustees have a risk management strategy which comprises.. An annual review of the risks the charity may face., The estabLishment of systems and procedures to mitigate those risks identified in the plan.. and The implementation of procedures designed to minimise and 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 risks is the setting of a reserves policy and its regular review by trustees. statement of Trustees, resp0nslb1t(eS The Trustees (who are also the directors of the Charity for the purposes of company lawl 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. Under company Law, the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Charity and of its incoming resources and application of resources, incLuding its income and expenditure, for that period. In preparing these financial statements. the Trustees are required to.. select suitable accounting policies and then apply them consistently.. observe the methods and principles of the Charities SORP IFRS 1021., make judgments and accounting estimates that are reasonable and prudent., state whether applicable UK Accounting Standards IFRS 1021 have been folLowed, subject to any material departures disclosed and explained in the financial statements., prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Charity wilL continue in business. The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Charity's transactions and 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. Page 4
THE SHANTA FOUNDATION TRUSTEES. REPORT {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Approved by order of the members of the board of Trustees and signed on their behalf by.. te Date,, 18 Page 5
THE SHANTA FOUNDATION INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 MARCH 2024 Independent Examlner's Report to the Trustees of The Shants Foundation I'the Charity,) I report to the charity Trustees on my examination of the accounts of the Charity for the year ended 31 March 2024, ResponsibltieS and Basis of Report As the Trustees of the Charity land its directors for the purposes of company lawl you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 20061'the 2006 Act'l. Having satisfied myself that the accounts 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 accounts carried out under section 145 of the Charities Act 2011 I'the 2011 Act'l. In carrying out my examination I have foLlowed the Directions given by the Charity Commission under section 1451511bl of the 2011 Act. Independent Examiner's Ststement 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 l am qualified to undertake the examination because l am a member oflenter body herè), which is one ofthe 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.. accounting records were not kept in respect of the Charity as required by section 386 of the 2006 Act., or 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 lapplicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 10211. 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. Page 6
THE SHANTA FOUNDATION INDEPENDENT EXAMINER'S REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 This report is made soLeLy to the Charity's Trustees. as a body, in accordance with Part 4 of the Charities IAccounts and Reports) Regulations 2008. My work has been undertaken so that I might state to the Charity's Trustees those matters l am required to state to them in an Independent Examiner's Report and for no other purpose. To the fullest extent permitted by law. I do not accept or assume responsibility to anyone other than the Charity and the Charity's Trustees as a body, for my work or for this report. Signed.. Keir SingLeton Dated.. 1911212024 CLA Evelyn Partners Limited stonecross Trumpington High Street Cambridge CB2 9SU Page 7
THE SHANTA FOUNDATION STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 MARCH 2024 Unrestricted funds 2024 TotaL funds 2024 Total funds 2023 Note Income from: Donations and legacies 253.732 253.732 137,500 Total Income 253,732 253.732 137,500 Expenditure on: Charitable activities 252.279 252.279 191,417 Total expenditure 252,279 252.279 191417 Net movement in funds 1,453 1.453 f53,91 Reconciliation of funds: TotaL funds brought fOard Net movement in funds 506 1.453 506 54,423 (53,917) 1.453 Total funds carried forward 1,959 1.959 506 The Statement of FinanciaL Activities includes all gains and losses recognised in the year. The notes on pages ll to 16 form part of these financiaL statements. Page 8
THE SHANTA FOUNDATION REGISTERED NUMBER: 05225251 BALANCE SHEET AS AT 31 MARCH 2024 2024 2023 Note Current assets Debtors Cash at bank and in hand 104.292 3.254 506 107,546 506 Creditors.. amounts falling due within one year io 155.2661 Net current assets 52.280 506 Total assets less current abltIeS 52,280 506 Creditors.. amounts falling due after more than one year 150,32 Net liabilities / assets 1.959 506 Total net assets 1.959 506 Charity funds Restricted funds Unrestricted funds 1,959 506 Totsl funds 1.959 506 The Charity was entitled to exemption from audit under section 477 of the Companies Act 2006. The members have not required the company to obtain an audit for the year in question in accordance with section 476 of Companies Act 2006. The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements. The financiaL statements have been prepared in accordance with the provisions applicable to entities subject to the small companies regime. Page 9
THE SHANTA FOUNDATION REGISTERED NUMBER: 05225251 BALANCE SHEET (CONTINUED) AS AT 31 MARCH 2024 The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by B C Patel Date.. Ig )1 Date.. 18 KL The notes on pages 11 to 16 form part of these financiaL statements. Page 10
THE SHANTA FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 General information The Shanta Foundation is a charitable company limited by guarantee and incorporated in England and Wales, company number 05225251, charity number 1107793. The registered office is Monarch Hou*. Miles Gray Road, Basildon, Essex, SS14 3RW. Accounting policies 2.1 Basis of preparatlon of financial statements The financial statements have been prepared in accordance with the Charities SORP IFRS 1021- 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 IFRS 1021 (effective l January 20191, the Financial Rèporting Standard applicable in the UK and Republic of Ireland IFRS 1021 and the Companies Act 2006. The Shanta Foundation meets the definition of a public benefit entity under FRS 102. Assets and LiabiLities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy. 2.2 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. 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. 2.3 Expenditure 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: 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. 2.4 Debtors Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due. Page 11
THE SHANTA FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Accounting policies Icontlnuedl 2,5 Liabilities and provisions Liabilities are recognised when there is an obligation at the Balance Sheet date as a result of a past event, it Is probable that a transfer of economic benefit will be required in settlement. and the amount of the settLement can be estimated reliabLy. Liabilities are recognised at the amount that the Charity anticipates it WILL pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide. Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material. the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liabiLity. The unwinding of the discount is recognised in the Statement of Financial Activities as a finance cost. 2.6 FinanciaL instruments The Charity onLy has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequentLy measured at amortised cost using the effective interest method. 2.7 Fund accounting 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. Critical accounting estimates and areas of judgment Accounting estimates and areas of judgment have been used in the preparation of these accounts. Firstly n relation to the judgment that the charity is a going concern. This judgment was made based on the charity's assets and current cash flow. Secondly in relations to the discounting of a grant. The discount rate used has been 3.5Y. Page 12
THE SHANTA FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Income from donations and Legacies Unrestricted funds 2024 Total funds 2024 Donations 253,732 253.732 Unrestricted runds 2023 Total funds 2023 Donations 137.500 137,500 Analysis of grants Grants to Institutions 2024 TotaL funds 2024 Grants 245,613 245.613 Grants to Institutions 2023 Total funds 2023 Grants 189,950 189,950 Analysis of expenditure by actlvities Grant funding of activities 2024 Support Totsl funds 2024 2024 Direct costs 245,613 6,666 252.279 Page 13
THE SHANTA FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Analysis of expenditure by activities (continued) Grant Support costs 2023 Total runds 2023 activities 2023 Direct costs 189,g50 1.467 191.417 AnaLysis of support costs Totsl funds 2024 Activities 2024 Bank charges Accountancy fees Professional fees 5,904 744 5.904 744 6,666 6.666 Total funds 2023 Activitie5 2023 Bank charges Accountancy fees Professional fees 884 884 582 582 1,467 1,467 Independent examinerfs remuneration The independent examiner's remuneration amounts to an independent examiner fee of £3.12012023 - £8841. Page 14
THE SHANTA FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Trustees, remuneration and expenses During the year. no Trustees received any remuneration or other benefits (2023- £NILJ. During the year ended 31 March 2024, no Trustee expenses have been inCued (2023 - £NIL). Debtors 2024 2023 Due wlthln one year other debtors 104,292 104.292 10. Creditors.. Amounts faLLing due within one year 2024 2023 Accruals and deferred income Grants accrued - institutional 3.120 52,146 55,266 IL Creditors: Amounts failing due after more than one year 2024 2023 Accrued grants payable to institutions 50.321 Summary of funds Summary of funds - current year Ba[an at 31 March 2024 Balance at I ApriL 2023 Income Expenditure General funds 506 253.732 1252.2791 1.959 Page 15
THE SHANTA FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Summary of funds Icontinued) Summary of funds - prior year Bolance at 31 March 2023 Balance ot l April 2022 Income Expenditure General funds 54.423 137,500 1191.417) 506 Related party transactions The trustees. who are also the directors of the charity, have a controLLing interest in Waymade Capital Limited. During the year. the charity recevied donations from Waymade Capital Limited of £253.732 12023.. 137,5001 and donations of £3.44012023, Niu from the trustees.. Page 16