Charlty Reglstratlon No. 1112496 Company Reglstratlon No. 06116738 (England and Wales) KAJANS WOMEN'S ENTERPRISE LIMITED ANNUAL REPORT AND INDEPENDENTLY EXAMINED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
KAJANS WOMEN'S ENTERPRISE LIMITED LEGAL AND ADMINISTRATIVE INFORMATION Trustees Ms C Richards Mr L Richards Miss R Burrell Mr K Bascombe Ms M Coke AdvSsor8 Mr D Anderson CBE Mr K George Mr C Morrison Independent Consultant CEO Govemance Forum Consultanl Organisational Development Charity number 1112495 Company number 05116738 Reglstered office The Albert Hall Witton Road Aston Binningham West Midlands B6 5NU Independent examiner Ormerod Rutter Limited The Oakley Kidderminster Road Dro1ICh Worcestershire WR9 9AY
KAJANS WOMEN'S ENTERPRISE LIMITED CONTENTS Page Trustees, report Independenl examiner's report Statement of financial activities Balance sheet Notes lo the aOuntS 10-19
KAJANS WOMEN'S ENTERPRISE LIMITED TRUSTEES. REPORT (INCLUDING DIRECTORS, REPORT) FOR THE YEAR ENDED 31 MARCH 2024 The trustees present their report and financial statements for the year ended 31 March 2024. All Kajans charitable activities focus on community based projects offering clear purpose. a focus on actions lo achieve longer tem sustainability and access for the widest public benefit. 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 chaiilable company's governing document. the Companies Act 2006 and "Accounting and Reporting by Charities.. Stslement of Recommended Practice applicable to charities preparing iheir accounts in accordanGe with the Financial Reporting Standard applicable in the UK and Republi of Ireland {FRS 102) (effective 1 January 20191 Objectlves and actlvltles Kajans, mission is to enhance the lives of the residents of the West Midlands, with a primary focus on North Birmingham and neighbouring ¢ommunilies I'lhe area of benefit"), The charity is dedicaled lo serning all residents, regardless cf gender, political affiliation, religious beliefs. or other p8rspectives, by fostering partnerships between local aulhorilies, voluntary organlzations. and community members. Kajans is committed to promoting long-term Gommunity sustainability through assel-based development and collaborative working. Ils objective is to empower communities to take ownershlp of their nelghbourhoods, thereby investing in their future. The charity's core areas of service include.. Educatlon and Tralning.. Providing educational opportunities and skills development. Resource Centrg Facllltles.. Offering a community hub for diverse, multi-ethnic communities. Arts and Support for Artlsts- Encouraging emerging artists, particularly those from 8la¢k African and Caribbean backgrounds. Affordable Communlty.Led Houslng.. Developlng eco.friendly. sustainable housing to address local housing need8 across the West Midlands. Search for Inveslment Kajans has made significanl progress in its investment efforts. An initial phase involved support from community investors, raising approxirnalely £270.000 to facilitate the acquisition of the former WELD Community Education and Training Centre. Following this acquisition of a 250-year lease, Kejans was able to secure a loan and grant funding from Charity Bank and the Department for Levelling Up, Housing and Communities. These funds are earmarked for the transformation of the WELD Centre into a Community Creative Hub. Allhough the fvnding was delayed due to the election-lated purdah period, it is anlicipaled that the renovation will commence promplly in the new financial year. as all pre-construclion planning requirements are fulfilled. Further investment is anticipated through the launch of a Community Share Offer, which will allow members of the general public to participate through patient capllal investments. Publlc beneftt In determining its actiwties, the Trustees have carefully considered guidance from the Charity Commission to ensure the Charity's activities provide clear putrfic benefrts.
KAJANS WOMEN'S ENTERPRISE LIMITED TRUSTEES. REPORT (INCLUDING DIRECTORS, REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Achlevements and performanc8 Kajans has shown exceptional resilience in navigating the ongoing challenges stemming frorn the COVID- 19 pandemic, although recovery remains gradual. One persistent challenge has been the reduction in local voltsnleer engagernenl. accompanied by an increased demand for basic cost-of-living support. Despile these hurdles, the organisation has adapted creatively to Sustain ils mission, building on the dedication of committed volunteers. The 2023-24 period was largely one Of consolidation and planning, focusing on feaslbility studies and consultations lo refine the charity's strategic objectives and explore innovative ideas for community impact. These efforts have provided c18rity on Kajans, long-tèrm suslainabilily goals and infamed decision5 around future inilialives. Notabl8 progress has been made in developing a vision for transforming 35 Wilson Road (the former WELD Building} into a Community Creative Hub. This project. backed by a grant from the Department for Levelling Up. Housing and Communiti&s, will repurpose the sile as an inclusive centre with a focus on young people on the autism spectrum, along with facilities for community groups, educational activities, and cultural events. Construction is scheduled to be compleled in the spring of 2025. Upon Completion. this project will offer numerous environmental benefits, including the removal of derelict structure5, installation of energy-efficient lighting, and 24-hour surveillance to prevent fly-tipping. This Tedevelopmenl aligns with Kajans, commitment to sustainable land usè. incorporating renewable energy solutions and energy-efficient design to reduce the overall carbon footprint and enhance local air quality- The project underscores Kaians, dedication to fostering cleaner. greener, and more sustainable neighbourhoods. Muhammad All Slte {MAS) Development Resource ¢onstraints have slowed the charity's progress on the Muhammad All site development. However, Kajans remains focused on fulfilling planning requ1MentS and refining the strategy for this development, which will serve as a key component of the ¢harity's future investment Initiatives. Kajans continues lo benefit from collaboration with Ihe Cooperative Society, which overs8es community share initiatives, and a broad network of community partners including Octavius, EU2 UK. Birmingham Independent College, wmuch, Nehemiah Housing Association, and Wesl Midlands Faith in Action. This alliance has proven invaluable in advancing Kajans, mission and wll continue to yield b8nefils for local communities. Strategic Partnershlps: Locality.. This partnership remains rofjjst, wilh Locality providing essential support in accessing funding opportunili@s and information resources. Birmingham City Council {8CC)-. Kajans has developed a mutti-faceted relationship with BCC. exploring various collaboration opportunities, some of which are yet to be formalized. Birmingham Independent College IBIC).. A ¢ollaboralive effort with BIC aims to support young people with autism and learning disabilities in transitioning to employment. This partnership is expected lo play crucial role in Kajans. future housing and education initiative5. OPAL, Aurora, Meals for Elders: The need for elder care. particulady addressing challenges like vascular dementia in Caribbean heritage communities. is expected to grow. While current capacity has limited actions in this area, Kajans remains committed lo developing support initiatives in the futu. Future Doveloprnent of Wllson Road Kajans has received planning permIsOn to transfom half of the Imlson Road 8ite into a shared accommodation for young women transitioning into adulthood. Research highlights a heightened need for this setvice, as young women in the area face disproportionate challenges in employrnent and housing stsbilily. Further consultations confirmed the importance of this facility. which aligns with Kajans. strategic Commitment to 8ddressing community-spe¢ific needs. Kajans continues to demonstrate resilience, forward-thinking approach, and dedication to community-driven development and sustainability, in an attempt to set a solid foundation for impactful growth in the coming years.
KAJANS WOMEN'S ENTERPRISE LIMITED TRUSTEES. REPORT (INCLUDING DIRECTORS, REPORT) ICONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Flnanclal revlew In the year Kajans has much of its available capacity on r8search, development. consultation and collaboration in an attempt to identify new opportunities lo d8velop communily-led afft)rdable housing in response to targeted needs and demands in the locality. Much of the last 12 months has been filled with commissioning information in the quèst to obtain planning approval for the development of a multr-use space on the Muhammad Ali site in Hockley. The net outgoing resources for the yearwas £94.181 {2023- net incorning resources of£140,120). Nel assets as at the year end was £383,42212023 - £477,603). The charity plans lo continue for the forthcoming years subject lo increased incom8 generation and satisfactory funding agreements. Reserves polS¢y It is the policy of the charity that unrestricted funds which have not been designated for a speclfic use should be maintained al a level equivalent to beeen three and six month'5 expenditure. The charity considers that reserves at this level will ensure that, in the event of a significant drop in fundlng, they will b8 able lo continue the charity's current activities while consideration is given to ways in which additional funds may be raised. The Trustees have assessed the major risks to which the Charity is exposed, and are satisfied that systems are in place to mitigate 8xposure to them. Prlnclpal fundlng source The principal funding source for the year includes donations and granl income. The charity is in the process of seeking new funding sour¢es in which lo fund future projects. Inv8$tment pollcy The Trustees have the power to invest In such assets as they see fit. Rlsk management pollcy The Trustees have assessed the major risks to which the charitable company is exposed, and are satisfied that systems are in place to mitigate exposure to the Major risks.
KAJANS WOMEN'S ENTERPRISE LIMITED TRUSTEES. REPORT IINCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Future Plans Kajans main focus will be to increase its asset base as one part of its strategy to improve self-reliance. Capacity will be tumed toward the development of the Muhammad Ali site obtained from Birmingham City Council under an open tender prtxess. The Charity will prioritise the development of all plans to provide eco-friendly, sustainable and Affordable Housing in deprived areas across the city, over the n8* 3-5 years. Kajans will continue to seek out opportunities to provide high-quality cultural experiences on the 'door step. that will be the bridge to city-wide provision, though this will not distract from the main objective of seeking long-term sustainability- We have long held the view that the centr81 cultural providers al the heart of the city do not extend their resource51creativity to neighbourhoods in any way that is impactful. ere possible we intend to create effective partnership with mainstream providers that will become the catalyst for locally developed arts, enterprise and cultural programmes. As we approach 2025, confident in being assessed and approved as investmenl-ready. we plan to deliver renovation and development plans for all assets over a 5-year period. The Community Creative HUB'S planned renovation5 in 2024125 will mark the beginning of this Iraje¢tory. Additionally, working with our partners commitment lo addressing the soci81 welfare needs of elders of the Imndrush generation remains unwavering. Appreclatlon Our supporters, collaborators. funders and ¢hampions have been invaluable, and we wish to extend our deepest gratitude to all those who have played an instrumental role in sus18ining our endeavours, by expressing our appreciation of the profound impact of the commitment to our journeys thus far. Your unwavering support, be it financial ¢ontributions, shared resources, or collaborative efforts. has been the comerslone of our resilience. Finally, the Trustees extend their appreciation to our team of contractors, volunteers, and advisors for the paid, pro bono and free assistance provided, Your belief in our vision and unwavering dedication has propelled us to new heights. Together we will navigate the next 12 months Charting a future where our shared impact reverberates in the communities we serve.
KAJANS WOMEN'S ENTERPRISE LIMITED TRUSTEES. REPORT (INCLUDING DIRECTORS, REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Structure, governance and management The charitable company is controlled by its governing document, being ils Memorandurn and Article5 of Association, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006. The trustees. who are also the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements were.. Ms C Richards Mr L Richards Miss R Burrell Mr K Bascombe {Secretary) Ms M Coke None of the trustees has any beneficial interest in the company. All of the trustees are members of thè company and guarantee lo contribute £1 in the event of a winding up. The Board of Trustees are responsible for making all final and in principal decisions relating to the operation and management of the company although they will cften seek specialist advice. Kajans believe that effective management is by rigorous and continuous moniloring antj assessment of policies and practices allowing lor constant awareness of issues as they arise. Trustees, meetings are held befvleen 8 and 12 times a year to ensure that there is adequate review of the financlal, operational and strategic performances of the charity's activities. All new trustees receive induction and training from the Board. This covers the charilable objects an'd responsibilities of Irustses, together with syslems of intemal control and regulatory framework. The trustees have conducted th8ir own review of the major risks to which Ihe charity is exposed and systems that have been established lo mitigate those risks. Significant external risks to funding have led to a development of a strategi¢ plan that will allow for Ihe diversification of funding and activities. Intemal risks are minimised by the implementation of procedures for authorisation of all transactions and projects and lo ensure consistent quality of delivery for all operational aspects of the charitable organisation. Th8se procedures are periodically reviewed to ensure that they still meet the needs of the charity.
KAJANS WOMEN'S ENTERPRISE LIMITED TRUSTEES, REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Statement of Trustees, responslbllltles The trustees. who are also the directors of Kajans Women's Enterprise Limited for the purpose of company law, are responsible for preparing ihe Trustees, Report and the financial 5t8tements in accordance with applicable law and United Kingdom Accountlng Standards (United Kingdom Generally Accepted Accounting Praclicel. Company Law requires the trustee5 to prepare financial statements for each financlal year which give a true and fair view of the state of affairs of the charitable company and of the incoming SOurceS and application of resources. including the income and expenditure. of the charitabl& company for that year. In preparing these financial slatemenls, the trustees are required to.. select suitable accounting poli¢ie5 and then apply them consistently.. observe the methods and principles in the Charllie5 SORP., make judgements and estimates that a reasonable and prudent., stale whether applicable UK Accounting Standards have been followed, subject to any matertal departures disclosed and explained in the financial statemenls; and prepare the fin8ncial slalements on the going concem basis unless il is inappropriate to presume that the charitable company will continue in operation. The twslees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company and enable them lo ensure thal the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of Ihe charitable company and hence for taklng reasonable steps for the preventlon and detection of fraud and other irre9ularilie5. The Trustees, report was approved by the Board of Trustees. Mr K Bascomb8 ISecTetaryl Trustee Dated.. 16 December 2024
KAJANS WOMEN'S ENTERPRISE LIMITED INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF KAJANS WOMEN'S ENTERPRISE LIMITED I report to the trustees on my examination of the financial statements of Kajans Women's Enterprise Limited (the charitable company} for the year ended 31 March 2024. Responslbllltles and bas15 of report As the trustees of the charitable company land also its directors for the purpose5 of company lawl you are responsible for the preparation of the financial statements in accordanGe with the requirements of the Companies Act 2006 {the 2006Acti. Having satisfied myseff that the financial statemenls of the charitable company are not required lo be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of the charitable Company's financial statements canied 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 examlner'$ statement I have completed my examination. I confim that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect.. accounting records were not kept in respecl of the charitable company as required by section 386 of the 2006 Act.. or the financial statements do not accord with those records., or Ihe financial slalemenls do not comply with the accounting requirements of section 396 of the 2006 Act other Ihan any requirement that the accounts grve a true and fair view which 55 not a matter considered a5 part of an independent examination., or the financial statements have not been prep8red in accordance with the methods and principles of the Slatement 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 ol Ireland (FRS 102). I have no concerns and have Come across no other matters in connection with the examination lo whi¢h attention should.be drawn in this POrt in ord8r to enabl& a proper understanding of the financial ststements to be reached. Colm McGrory FCA Ormerod Rutter Limited The Oakley Kidderminster Road Droitwich Worcestershlre VVR9 9AY Dated. ..1.8.1.1212Q.2.t
KAJANS WOMEN'S ENTERPRISE LIMITED STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2024 Unrestrlcted Re8trlGted funds funds Total 2024 Total 2023 Notes Income and endovmients from.. Donations and legacies Investments Other income 48.226 111 14,222 71,650 119,878 111 14,222 8,753 20 Total Income 62,559 71,650 134,209 8,773 endl ure Raising funds 2,100 Ch General running costs Fixed asset depreciation Muhammad Ali Centre project 51.332 41,129 798 52.130 41.129 135,131 44.812 41,131 60,850 135.131 Totsl charltable exppndltLtre 92.481 135,929 228,390 146,793 Total resources expended 92,461 135,929 228,390 148,893 Net outgolng resourcès before transfer8 (29,9021 184,279) (94,1811 {140,120) Gross transfers between funds (28,703) 28,703 Net expondlture for the y8arl Net movgment In fund3 (58,605) {35,576) (94,181) {140.120) Fund balances at 1 April 2023 422,377 55,226 477,603 617,723 Fund balances at 31 Mah 2024 363.772 19,650 383.422 477.603 The statement of financial activities includes all gains and losses recognised in the year. The statement of finanrial activities indudes all gains and losses recognised in the year. All income and expenditure derive from contlnuing actlvities. The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006.
KAJANS WOMEN'S ENTERPRISE LIMITED BALANCE SHEET AS AT31 MARCH 2024 2024 2023 Notes Flxed assets Tangible assets 12 892,227 933,356 Current a888ts Debtors Cash al bank and in hand 13 1,800 62,495 1,200 92,981 84,295 94,181 Credltors: amounts falllng due wlthln one year 14 (227,0201 (203,854) Net Current liabilities 1162,725) {109,673} Total assets les8 curr9nt Ilabllltlès 729,502 823,683 Credltors.. amounts falllng due aftor more than one year 15 (346,080) 1346,080) Net assets 383.422 477,603 Income funds Restricted funds Unrestficled funds 16 19,650 363,772 55,228 422,377 383.422 477,603 The company is entitled to the exemption from the audit requirement Contained In section 477 of the Companies Act 2006, for the year ended 31 March 2024. The directors acknowledge their responsibilities for wrnplying with the requirements of the Companles 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 it5 financial statements for Ihe year in question in accordance with sectlon 476. These financial statements have been prepared in accordance with the provisions applicable lo companies subject to the small companies regime. The financial statements were approved by the Trustees on 16 December 2024 Mr K Bascombe (Secretary) Trustee Company Reglstratlon No. 05116738
KAJANS WOMEN'S ENTERPRISE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Accountlng pollcles Charlty Infomiatlon Kajans Women's Enterprise Limited is a private Company limited by guarantee incorporated in England and Wales. The registered office is TheAlbert Hall, Wtton Road, Aston, Bimiingham. We51 Midlands, B6 5NU. 1.1 Accountlng ¢onventlon The financial statements have been prepared in accordance with the charitable company's governing document, the Companies Act 20Cf and "Accounting and Reporting by Charities.. Statement of Recommended Practice applicable lo charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republi¢ of Ireland (FRS 102) (effects've 1 January 20191" The harilable company is a Public Benefit Entity as defined by FRS 102. The Charitable company has taken advantage of the provisions in the SORP for charities applying FRS 102 Update Bulletin 1 not to prepare a Slalement of Cash Flows. The financial statements are prepared in 51erling, which is the functional currency of the charitable company. Monetary amounts in Ihese financial slalements are rounded to the nearest £. The financial slalements have been prepared under the historical cost convention. The principal accounting policies adopted are sel out below. 1.2 Golng concern The trustees consider there to be sufficient reserves and Committed volunleers to sustain the charity until new sources of income can be secured to fund flrtU projects. 1.3 Charltable funds Unrestricted funds are available for use al the discretion of the twslees in furtherance of their charitable objectives. Restricted funds are subje¢l lo 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 ststements. 1.4 Income Income is recognised when the charitable company is legally entitled to it after any perfomiance conditions have been mel, the amounts can be measured reliably, and il is probable that income wjll be received. Grants related to performan and specific deliverables are accounted for as the charity earns the right to consideration by its performan¢e. Where income is received in advance of its recognition it is defeed and included in creditors. lthere entitlement occurs before income being received the income is accrued. Capital grants are accounted for as income as soon as they are receivable. Legacies are recognised on relpt or olherwise if Ihe charitable company has been nolffied of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as 8 ccntingent asset. Donated facilities and services received for the charivs own use which it would otherwise have purchased are recognised in income during the period in which such services are received. provided the value of the gift ¢xn be measured reliably. The ¢harity benefils from the contribution of unpaid general volunteers in carying out their activities. However. iys impractieal for their contrrbution to be measured reliably for accounting purposes. 10-
KAJANS WOMEN'S ENTERPRISE LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 A¢countlng pollclos ICont5nued) 1.6 Expendlture Liabilities are recognised as expenditure as soon as there is a lègal or constructive obligation committing the charity to thal 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 aGcounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Expenditure is stale inclusive of irrecoverable VAT. ere Costs cannot be directly attributed lo particular headings they have been allocated to activities on a basis Gonsistent with the use of resources. Costs of charitable activities comprise all costs identified as wholly or mainly altribulable lo achieving the charitab18 objects of the charity, includlng the costs of disseminating Information in support of charitable activities. These costs include staff costs, wholly or mainly attributable support costs and an apportionmenl of general overheads. 1.6 Tanglble fixed assets Tangible fixed assets are ini11811y measured al cost and subsequently measured at cost. nel of depreciation and any impaiment losses. Depreciation 18 recognised so as lo write off the cost of assets less their residual values cver their useful lives on the following bases-. Leasehold land and buildings Leasehold improvements Equipment Fixtures and fittings Computers not depreciated (see note belowy over 50 years (or lease term if shorter) - 250k on Cost 25OA on cost 250h on cost The gain or108s arising on the disposal of an asset is ¢Jetemilned as the difference beeen the sale proceeds and the carrying value of the asset, and is recognised in th8 statement of financial activities. The 999 year long lease agreement governing the ownership of the long leasehold propety requires that the charitable company has to carry out a regular programme of maintenance to ensure its premises continue to meet the required high standards throughout its estimated usefvl life. As such, the Irusle&s are of the opinion Ihat the residual value at the end of the estimated useful life of the long leasehold property is not likely to be materially lower ihan its cosl. Therefore, any element of depreciation is considered to be immaterial and no provlsion has b8en made. Tangible fixed asset addltions under £100 a not capitalised but are instead treated as repalrs. 1.7 Impalnnent of flxed assets At each reporting end dale, the charitable company reviews the carrying amour of its tangible assets to detemiine whether there is any indicalion that those assets have suffered an impaimient loss. If any such indication exists. the recoverable amount of the asset is estimated in order to determine the extent of the impairment Ioss lif any). 1.8 Cash and cash •qulval8nts Cash and cash equivalents include cash in hand, deposits held at call wth banks. other short-term liquld investments with original maturities of three months or less. and bank overdrafts. Bank overdrafts are 5hovm within borrowing8 in Current liabilities. 11
KAJANS WOMEN'S ENTERPRISE LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 A¢countlng pollcles Icontlnued) 1.9 Flnanclal Instruments The charitable Gompany has elected lo apply the provisions of Section 11 'Basic Financial Instruments, and Seclion 12 '0ther Financlal Instruments Issues, of FRS 102 to all of its financAal instruments. Financial instruments are recognised in the charitable company's balance sheet when the charitable company becomes paty to the contractual provisions of the instrument. Financi81 assets and liabilities are offset. with the net amounts presented in the financlal statements, when there is a legally enforceable right to sel off the recognised amounts and there is an intention to settle on a net basis or to realis8 the asset and settle the liability simultaneously. Baslc flnanclal assets 8asic 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 rale of Interest. Financial assets classified as receivable within one year are not amortised. Baslc Ilnanclal Ilabllltles Basic financial liabilities. including creditors and bank loans are initially recognised at transaction price unless the arrangement constilules a financing transaction, where thè debt instrument is measured al 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 r2rried at amortised cost, using the effective inter&st 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 rècognised initially at transaction price and subsequently measured at amortlsed cost using the effective interest method. Concessionary loans are Ihose loans received by a charity lo further its purposes and any interest charged is either nil or below the prevalling market rates and are not made solely to achieve a financial return. Concessionary loans are initially recognised and measured at the amount received, with the carying amount adjusted in subsequent years lo reflect repayments and any a¢crued interest. Derecognltlon of Ilnanclal liabllitles Financial liabilities are derecognisèd when the charitable company's contractual obligations expire or are discharged or cancelled. 1.10 Employee bonefits The cost of any unused holiday enlitlement is recognised in the period in which the employee's setvices are received. Termination benefits are recognis8d immediatèly a5 an expense when the charitable company is demonstrably Gommitted to terminate the employment of an employee or to provide temiination benefits. 12-
KAJANS WOMEN'S ENTERPRISE LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Crltlcal accountlng esllmates and Judgements In the application of the charitable company'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 olher sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. AclLsal result5 may differ from these estimates. The estimates and underfying assumptions are reviewed on an ongoing basis. Revisions to accounting eslimales are recognised in the period in which the estr'mate 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. Crltlcal Judgements Depreclatlon pollcy The carrying value of tangible fixed a58els is dependent on both Ihe annual depreciation charge. The annual depreciation charge for tangible fixed assets is sensitive lo changes in useful economic lives. The arxounting Wlicies for depreciation of tangible fixed assets can be found in note 1 and the carrying value of tangible fixed assets can be found in note 12. Donatlons and legacl8s Unrestrl¢t8d RestrfGted fund$ funds Totsl 2024 Total 2023 Donations and gifts Grant incom8 48,226 48,226 71,650 4.680 4,073 71,650 48.226 71.650 119,876 8,753 For the year ended 31 March 2023 4.880 4,073 8,753 Grants recolvable for core a¢tlvltles Elkington Lodge Co-operatives West Midlands Urban Reach Fund Birmingham Cty Council 1,693 2,380 2,000 19.650 50,000 2.000 19,650 50,000 71.650 71.650 4,073 13-
KAJANS WOMEN'S ENTERPRISE LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Investments 2024 2023 Interest receivable 111 20 Other Income Unrg8trlcted Unrestrlcted funds funds 2024 2023 Birmingham Independent College 14,222 Expendlturè on ralslng funds Restrlcted funds 2024 Restrlcted funds 2023 Fundralslng and publlclty Advertislng 2.100 Expendlture on charltable actlvltSe$ General Muhammad runnlng Flxed asset AIS Centre costs depreclatlon ProJ8Ct 2024 2023 Management expenses Professional fees Subs¢riptions Propety repairs and malntenance Rates Ulilities 25,417 25.417 135.131 8.860 60,850 300 725 5,112 3,420 135,131 988 2,385 174 988 2,385 174 28,984 135,131 164.095 79.267 Support costs (see note 8) 23,166 41.129 64,295 67,526 52,130 41,129 135,131 228.390 146,793 14-
KAJANS WOMEN'S ENTERPRISE LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Support Gts 2024 2023 Depreciation Rent Independent examination fees Loan interest payable 41,129 24,000 1834) 41,131 24,000 2,280 115 64,295 67,526 Tru8tee8 None of the trustee5 {or any persons connected with them} received any remuneration or benefits from the charitablè company during the year. 10 Employèes The average monthly number of employees during the year was.. 2024 Number 2023 Number Total There were no employees whose annual remuneration was more than £60,000. Remuneratlon of key management personnel During the year no amounts were paid lo key management personnel for their seryices. 11 Taxatlon The charity is ex8mpt from taxation on its actlvilies because all its income is applied for Ghar*table purposes. 15-
KAJANS WOMEN'S ENTERPRISE LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 12 Tanglble flxed assets Lgasehold Leas8hold land and Improv8mgnt• bulldlng• Equlpment Flxtures and flttlngs Compuier¥ Total Cost At 1 April 2023 427.720 1,015.341 36,248 13,228 18,158 1,510,695 At 31 March 2024 427.720 1,015.341 36,248 13,228 18,158 1,510,695 Depreclatlon and Impalment Al 1 April 2023 Depreciation in year 510,220 40,614 36.248 13,228 17,843 515 577,339 41,129 At 31 March 2024 550,834 36,248 13,228 18,158 618,468 Carrylng amount At 31 March 2024 427,720 464,507 892,227 Al 31 March 2023 427.720 505.121 515 933,358 13 Debtors 2024 2023 Amounts falllng due wlthln one year: Other debtors 1.800 1,200 14 Credltors: amounts falllng due wlthln one year 2024 2023 Accrua15 227,020 203,854 16 Credltors: amount8 falllng due after more than one year 2024 2023 Community Investment Scheme Other credÉtors 292.709 53,371 292,709 53,371 348.080 346,080 The Community Investment Scheme is a loan investment progrnme provided by the Binningham Development Group Limited at no interest and not repayable until 3 years after the completion of the Muhammad Ali Centre redevelopment project. 16-
KAJANS WOMEN'S ENTERPRISE LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 16 Restrlctsd funds The restricted funds of the charity compllse the unexpended balance5 of donaticns and grants held on trust subject to specific conditions by donors as lo how they may be used. Movement In funds Balance at 1 Incomlng Resources Aprll 2023 resource8 expended Transfers Balance at 31 fromllto) MarGh 2024 unrestrlcted funds Building Project Muhammad Ali Centre project Reach Fund 5,465 49,781 {5,465) 34,188 52,000 19,650 {135.929) 19,650 55.228 71.850 1135,929) 28,703 19,650 Bulldlng Project These funds relates to grants received to perfomi specific propety repair work. Muhammad All Centre project The Muhammad Ali Centre project includes the Soho Market P18ce and Young Urban with a voice projects both of which run within the larger project and have similar aims and objedives. The Project is a large prole¢t which will span 8 number of years and the initial cosls incurred to dale have largely been around surveys and planning and have therefore b8en expensed. Reach Fund Funds received from The Reach Project in order to support the charity in their endeavour to become more appealing to investors. 17 Unre8trlctod funds The unrestricted fijnds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been sel aside out of unrestricted fijnds by the trustees for specific purposes. At 1 Aprll 2023 Incomlng resources Resources expended Transfers At 31 March 2024 General funds 422,377 62.559 (92.461) (28,703) 363,772 Prevlou8 year: At 1 Aprll 2022 Incomlng resources Resources expèndgd Transfers Al 31 March 2023 General funds 500.059 4,700 (82,382) 422,377 17-
KAJANS WOMEN'S ENTERPRISE LIMITED NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 18 Analysls of net a88ets between funds Unrestrlcted Re8trfcted funds funds 2024 2024 Total Unrestricted Restricted funds fvnds 2023 2023 Total 2024 2023 Fund balances at 31 March 2024 are represented by.. Tangible assets Current assetsllliabilities) Long term liabilities 892.227 1182,375) {346,0801 892,227 933,358 1162,7251 (164,8991 1346.0801 (346.080) 933.356 1109,673) 1346,0801 19,650 55,226 363,772 19.650 383.422 422,377 55,226 477,603 18-
KAJANS WOMEN'S ENTERPRISE LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 19 Related party transactlons Tran8actlon8 wlth related partles During the year ttte charitable company entered into the following transactions with lated parties- KaJans Educatlonal And Cultural Trust Lauriston Richards, a trustee of Kajans, Vvomen's Enterprise Limited, is also a director of Kajans Educational And Cultural Trust. The amount oWj by Kajans Educational And Cultural Trust to Kajans, Wornen's Enterprise Limited at the year end is £1.80012023.' £1.2001 Communlty Investment & Loans As explained in the Trustees, Report, the charity has begun the work lo bring together a Community Investment & Loans strategy to enable members of the local community lo invest in th8 vision and activities of the organisalion. The charity has received a variety of loans from the community and ils members IhroughoLrt this year and also In the previous years in anlicipalion of this scheme being finalised. Some of the loans were made by paying suppliers directly on behalf of the charity whilst others were paid lo the charity. Some have been repaid in the ye8r whilst many remain liabilities of the charity. These loans incluije amounts received from trustees. 19-