Registered number: 05225251 Charlty number: 1107793 THE SHANTA FOUNDATION UNAUDITED TRUSTEES, REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
THE SHANTA FOUNDATION CONTENTS Page Reference and Administrative Details of the Charity. its Trust*s and Advlsers Trustees, Report Independent Examinerfs Report statement of Financial Activities Balance Sheet 9-10 Notes to the Financial Statements 11- 16
THE SHANTA FOUNDATION REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 MARCH 2025 Trustees B C Patel V C Patel Company registered number 05225251 Charity registered number 1107793 Registered offi Monarch House Miles Gray Road Essex SS14 3RW Company secretary Vistra Company Secretaries Limited Accountants S&W Partners LLP Accountants Old Library Chambers 21 Chipper Lane Salisbury SPI IBG Independent examiner Keir Singleton FCA S&W Partners Audit Limited Stonecross Trumpington High Street Cambridge CB2 9SU Page I
THE SHANTA FOUNDATION TRUSTEES. REPORT FOR THE YEAR ENDED 31 MARCH 2025 The Trustees present their annual report together with the financial statements of the Charity for the l April 2024 to 31 March 2025. 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 activities a. p0cleS and objectives 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 rolief 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 IPB21'. Achievements and performan a. Main achievements of the Charity The main achievements in the period was receiving donations totaLling £736.425. During the year the Shanta Foundation has donated £735,188. The largest donations paid included £400,000 to Waymade Nursing College. £250,000 to Anoopam Mission mIted. £45,000 On5 Club of EnfieLd and £25.000 to Home Leone Limited. Financial review a. Principal 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 as in previous periods to enable the charity to continue 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. ALthough the Charity currently has negative reseNes, the Trustees are confident that ongoing funding arrangements will support the Charity's continued operations. For this reason, they continue to adopt the going concem basis in preparing the financial statements. Page 2
THE SHANTA FOUNDATION TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 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 charitsbLe activities. The trustees have considered the risks of having a zero leveL reserve policy and have determined they have adequate controls to mitigate the risk. At the end of the year the Company had ne9ative reserves of £1,46912024 - positive reserves of £1,959). ALI funds were unrestrtcted. d. Plans for future periods It is the intentions of the trustees to continue to make donations in the future, where they see fiL Structure, govemance and management a. 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 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 IEngLand and Wales). 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. required to contribute an amount not exceeding £10. c. Methods of appointment or eLection of Trustees The management of the Charity is the responsibiLity of the Trustees who are elected and co-opted under the terms of the Trust deed. d. 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 Page 3
THE SHANTA FOUNDATION TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 structure. governance and management (continued) e. 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. f. 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, responsibltieS 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 Ksngdom GeneralLy Accepted Accounting Practice). Company law requires the Trustees to prepare financial statements for each financial. Under company law, the Trustees must not approve the financial ststements 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, obsetve 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 statement5'. prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Charity WILI 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 irreguiaritios. Page 4
THE SHANTA FOUNDATION TRUSTEES. REPORT (CONTINUED} FOR THE YEAR ENDED 31 MARCH 2025 Approved by order of the members of the board of Trustees and signed their behalf by.. el VCPat Date.. Iz Ls Page 5
THE SHANTA FOUNDATION INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 MARCH 202S Independent Examlner's Report to the Trustees of The Shanta 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 2025. Responsibilities 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'i. 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 of ICAEW, 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.. 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 2025 This report is made solely to the Charity's Trustees, as a body, in accordance with Part 4 of the Charities (Accounts 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 fuLiest extent permitted by law. I do not accept or assume responsibility to anyone other than the Charity and the Charitys Trustees as a body, for my work or for this report. Signed: Keir Singleton Fellow of the Institute of Chartered Accountants in England and Wales S&W Partners Audit Limited Accountants Old Library Chambers 21 Chipper Lane Salisbury SPI IBG Dated.. Page 7
THE SHANTA FOUNDATION STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 MARCH 2025 Unrestricted funds 2025 Totsl funds 2025 Total funds 2024 Note Income from: Donations and legacies 736,425 736.425 253,732 Totsl income 736.425 736.425 253,732 Expenditure on.. CharitabLe activities 739.853 739,853 252.279 Totsl expenditure 739,853 739.853 252,279 Net movement in funds (3.4281 13,4281 1,453 Reconciliation of funds: Total funds brought fOard Net movement in funds 1.959 (3.4281 1.959 13.4281 506 1.453 TotaL funds Carried forward 11.4691 11,469) 1,959 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 2025 2025 2024 Note Current assets Debtors Cash at bank and in hand 52.701 1,252 104,292 3,254 53.953 107,546 Creditors.. amounts falling due within one year io 155.4221 (55,266) Net current tiabiiities / assets 11.469) 52,280 TotaL assets Less current Liabilities 11,469) 52,280 Creditors.. amounts falling due after more than one year Net liabilities / assets excluding pension asset (50.321) 11.4691 1,959 Total net assets 11,4691 1,959 Charity funds Unrestricted funds 11,4691 1,959 Totsl funds 11.4691 1,959 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 proVisonS applicable to entities subject to the small companies regime. Page 9
THE SHANTA FOUNDATION REGISTERED NUMBER: 05225251 BALANCE SHEET (CONTINUED) AS AT 31 MARCH 2025 The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by.. B C Patel V C Patel Date. i7 The notes on pages ll to 16 fonm part of these financial statements. Page 10
THE SHANTA FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 GeneraL infomiation 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 House, MiLes Gray Road. Basildon. Essex. SS14 3RW. Accounting policies 2.1 Basis of preparation of financiaL ststements The financial ststements 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 Reporting 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 otheNiise stated in the relevant accounting policy. 2.2 Going ncern After making reasonable enquiries, the Trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. Although the Charity currently has negative reserves, the Trustees are confident that ongoing funding arrangements WLI support the Charity's continued operations. For this reason they continue to adopt the going concern basis in preparing the financial statements. 2.3 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 otheiSe 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. 2.4 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 charitsbLe 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. Page ll
THE SHANTA FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Accounting policies Icontlnuedl 2.5 Debtors Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at thè amount prepaid net of any trade discounts due. 2.6 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. 2.7 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. 2.8 Fund accounting Unrestricted fund5 are avaitable for use at the discretion of the Trustees in furtherance of their charitabLe objectives. All funds heLd are unrestricted. Crltlcal accounting estimates and areas of judgment Accounting estimates and areas of judgement have been used in the preparation of these accounts. Firstly in relation to the judgement that the charity is a going concern. This judgement was made based on the charity's assets and current cash flow. Secondly in relation to the discounting of a granL The discount rate used has been 3.5°A. Page 12
THE SHANTA FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Income from donations and legacies Unrestricted funds 2025 TotaL funds 2025 Donations 736.425 736,425 Unrestricted funds 2024 Total funds 2024 Donations 253,732 253,732 AnaLysis of grants Grants to Institutions 2025 Total funds 2025 Grants 735,188 735.188 Grants to Institutions 2024 Total funds 2024 Grants 245.613 245.613 A List of recipients can be obtained by writing to the trustees at Monarch House, Miles Gray Road, Essex, SS14 3RW. Page 13
THE SHANTA FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Analysls of expenditure by activities Grant funding 2025 Support costs 2025 Total funds 2025 Direct costs 735,188 4,665 739,853 Grant funding 2024 Support costs 2024 Total funds 2024 Direct Costs 245.613 6,666 252,279 AnaLysis of support costs TotaL funds 2025 Activlties 2025 Bank charges Accountancy fees Professional fees loo 3,386 1.179 loo 3.386 1.179 4.665 4.665 Total runds 2024 Activities 2024 Bank charges Accountancy fees Profe55ionaL fees 18 18 5,904 5.904 744 6.666 6,666 Page 14
THE SHANTA FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Independent examiner's remuneration The independent examiner's remuneration amounts to an independent examiner fee of £3,38612024 - £3,120). Trustees, remuneratlon and expenses During the year, no TNstees received any remuneration or other benefits (2024 - £NIU. During the year ended 31 March 2025, no Trustee expenses have been incurred 12024- £NIL). Debtors 2025 2024 Duewithin one year Other debtors Prepayments and accrued income 52,146 555 104,292 52.701 104,292 io. Credltors: Amounts falling due within one year 2025 2024 Accruals and deferred income Grants accrued - institutional 3.276 52,146 3,120 52,146 55,422 55,266 Creditors: Amounts falllng due after more than one year 2025 2024 Accrued grants payable to institutions 50,321 Page 15
THE SHANTA FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Summary of funds Summary of funds - current year Balance at 31 March 2025 Balance at i April 2024 Income Expendlture General funds 1.959 736.425 1739.8531 11.46g) Summary of funds - prior year Balance at 31 March 2024 Balance ot l April 2023 Income Expenditure General funds 506 253.732 (252,279) 1,959 13. 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 received donations from Waymade Capital Limited of £726,854 12024.. £253.7321 and donations of £nil12024'. £3,440) from the trustees.. Page 16