Company registration number: 03483867 Charity registration number: 1114101
Asian Elders' Resource Centre
(A company limited by guarantee) Trustees' Report and Financial Statements
for the Year Ended 31 March 2024
Asian Elders' Resource Centre
Trustees' Report and Financial Statements for the Year Ended 31 March 2024
Contents
| Contents | |
|---|---|
| Page | |
| Reference and Administrative details | 1 |
| Trustees' report | 2 to 4 |
| Statement of Trustees' Responsibilities | 5 |
| Independent Examiner's Report | 6 |
| Statement of Financial Activities | 7 |
| Balance Sheet | 8 |
| Notes to the Financial Statements | 9 to 13 |
Asian Elders' Resource Centre
Trustees' Report and Financial Statements for the Year Ended 31 March 2024
Company Information
Trustees Chairperson Mr. Chandrakant Parmar Treasurer Mr SHASHIKANT MERCHANT Company Secretary Indira Tailor Centre Manager Shabeen Rehman Registered Office Shanti Pharmacy Bolton BL3 3PH Company Registration Number 03483867 Charity Registration 9 May 2006 Charity Number 1114101 Independent Examiner Zubair A Chaudhary Rain Gaskell Limited Chartered Certified Accountants 1024 Stockport road Manchester M19 3WX Bankers Barclays Bank plc 1-5 Market Street Bolton BL1 1AX
Page 1
Asian Elders' Resource Centre
Trustees' Report
The trustees, who are directors for the purposes of company law, present the annual report together with the financial statements of the charitable company for the year ended 31 March 2024.
Objectives and activities
Objects and aims
The principal activities of the company are to provide or assist in the provision of facilities for the recreation and leisure time occupation in the interests of social welfare for the inhabitants of Bolton and in particular older persons of Asian origin. At Asian Elders' Resource Centre we provide preventative services and facilities for our members to get together for social interaction and also to participate in social, educational, health promotion and craft activities to encourage independence, healthy living and integration of communities.
Activities include trips and excursions, armchair aerobics, computer and sewing classes, swimming sessions, weekly shopping sessions, English language classes and bingo sessions which contribute towards achieving our objectives.
Objectives, strategies and activities
Our members are mainly local older Asian people and membership is open to all Bolton Communities. All our activities are targeted for our users to live an independent, active and healthy life. We have approximately 400 users and 40% of them are living on their own. All our activities are well attended.
The trustees are aware that loss of funding would affect the achievement of the charity's objectives.
Public benefit
Our comprehensive range of activities and services is our number one priority. We have developed our services over the years to meet the changing needs of older people with a focus on providing holistic prevention and exercise classes. We fully support adult learning and have regular ongoing Computer and English classes delivered in-house with trained staff.
We Provide:-
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Esol English Classes
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CT With Basic English
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Art & Craft
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Message & Holistic therapy
-
Yoga
-
Chair based exercise
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Local & abroad trips
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Advocacy work
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Empowerment
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Home visits (additional support)
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Transport facility
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Vegetarian Meal provision
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Interpretation and translation service
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Health checks
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Information sharing sessions with various topics
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Eye test (Optician) arranged through AERC
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Indoor games & Entertainment
The trustees confirm that they have complied with the requirements of section 4 of the Charities Act 2011 to have due regard to the public benefit guidance published by the Charity Commission for England and Wales.
Page 2
Asian Elders' Resource Centre
Trustees' Report
Structure, governance and management
Nature of governing document
The Memorandum and Articles of Association are the governing documents for Asian Elders' Resource Centre, both as a company and as a charity.
Recruitment and appointment of trustees
The directors of the company are also the charity trustees for the purpose of charity law. Under the company's articles of association they are referred to as the "Trustee Board". Trustees are elected for three years at Annual General Meeting. The criteria, eligibility criteria and restrictions for the elections are as per the Articles of Association of the company.
Our trustees are recruited through agreed procedure as stated in our Articles of Association. All relevant information is stated under the clause of "Management Committee".
Asian Elders' Resource Centre is a members organisation and we have no agreed clause to allow any external body to appoint trustees. The procedure to remove or for resignation of trustees, is stated in Article 40 of the Articles of Association.
We have no induction package and Committee Day targeted to explain our policies and procedures for newly appointed trustees. There is no specific training planned for trustees, however they are entitled to identify training to improve their performance.
Organisational structure
Asian Elders' Resource Centre is governed by its trustee board which is responsible for setting the strategic direction of the organisation and the policy of the charity.
The trustees carry the ultimate responsibility for the conduct of Asian Elders' Resource Centre and for ensuring that the charity satisfies its legal and contractual obligations.
The trustees meet several times during the year and delegate the day to day operations to senior management. The trustee board is independent from rnanagement.
Financial review
Policy on reserves
We have agreed a reserve policy to honour redundancies and other unexpected legal costs. Our target is to have six months running cost as a reserve and are working on the necessary resources to enable us to achieve our reserves policy in the future.
Principal funding sources
The trustees extend their gratitude to Bolton Metropolitan Borough Council who continued to support the operating capacity of the charity. Asian Elders' Resource Centre did not have any borrowings from either providers of funding or other sources at 31 March 2017.
Asian Elders' Resource Centreaims to continually improve access to its services.
We have ongoing consultations with our service users through monthly Service Users Forum meetings to seek members' views, opinions and criticism about our services.
Management committee members meet and review services quarterly through committee meetings. Committee is held annually where external consultants are invited to look at the services and management of the project. There are three trustees appointed at present and actively seeking to appoint at least one more trustee.
Page 3
Asian Elders' Resource Centre
Trustees' Report
Relationships with related parties
Major risks and management of those risks
Major Risks
Asian Elders' Resource Centre has worked on a corporate risk management exercise. A risk management strategy and risk register were agreed by the trustee board. The trustees recognise that any major risks to which the charity is exposed need to be reviewed and systems put in place to mitigate those risks. To that end Asian Elders' Resource Centre is continually monitoring and managing its risk, reviewing the corporate risk register and ensuring action plans are in place to mitigate its key risks.
Included in external risks is that of loss of funding. Our funding is normally agreed six months prior to the expiry dates, but this is changing due to budget cuts by the Local Authority. The contract value for the Drop In Centre is £75,000 for 2015/16 (2014/15: £80,000).
The contract value for 2023/2024 was £50,000
The annual report was approved by the trustees of the charity on .................... and signed on its behalf by:
.........................................
Mr. Chandrakant Parmar Chairperson
Page 4
Asian Elders' Resource Centre
Statement of Trustees' Responsibilities
The trustees (who are also the directors of Asian Elders Resource Centre for the purposes of company law) are responsible for preparing the trustees' report and the financial statements in accordance with the United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) and applicable law and regulations.
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 charitable company 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:
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select suitable accounting policies and 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 charitable company will continue in business.
The trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charitable company's transactions and disclose with reasonable accuracy at any time the financial position of the charitable company 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 charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Approved by the trustees of the charity on ....................and signed on its behalf by:
......................................... C PARMAR Mr. Chandrakant Parmar Chairperson
Page 5
Asian Elders' Resource Centre
Independent Examiner's Report to the trustees of Asian Elders' Resource Centre
I report on the accounts of the charity for the year ended 31 March 2024 which are set out on pages 5 to 6 .
Respective responsibilities of trustees and examiner
The trustees (who are also the directors of the company for the purposes of company law) are responsible for the preparation of the accounts. The trustees consider that an audit is not required for this year under section 144(2) of the Charities Act 2011 (the 2011 Act) and that an independent examination is needed.
Having satisfied myself that the charity is not subject to audit under company law and is eligible for independent examination, it is my responsibility to:
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examine the accounts under section 145 of the 2011 Act;
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to follow the procedures laid down in the general Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act; and
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to state whether particular matters have come to my attention.
Basis of independent examiner’s report
My examination was carried out in accordance with the general Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit and consequently no opinion is given as to whether the accounts present a ‘true and fair view’ and the report is limited to those matters set out in the statement below.
Independent examiner's statement
In connection with my examination, no matter has come to my attention:
(1) which gives me reasonable cause to believe that in any material respect the requirements:
-
to keep accounting records in accordance with section 386 of the Companies Act 2006; and
-
to prepare accounts which accord with the accounting records, comply with the accounting requirements of section 396 of the Companies Act 2006 and with the methods and principles of the Statement of Recommended Practice: Accounting and Reporting by Charities
have not been met; or
- (2) to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.
Zubair A Chaudhary Chartered Certified Accountants
1024 Stockport road Manchester M19 3WX
Date:.............................
Page 6
Asian Elders' Resource Centre
Statement of Financial Activities for the Year Ended 31 March 2024 (Including Income and Expenditure Account )
| Note Income Resources from: Generated Funds 3.1 Charitable Activities 3.2 Total Incoming Resources Resources Expended on: Charitable Activities 4 Governance costs 5 Total Resources Expended Net movement in funds Reconciliation of funds Total funds brought forward Total funds carried forward 10 |
Unrestricted funds £ 5,003 154,915 |
Restricted funds £ - 24,620 |
Total 2024 £ 5,003 179,535 |
Total 2023 £ 4,370 154,209 |
|---|---|---|---|---|
| 159,918 | 24,620 | 184,538 | 158,579 | |
| 155,120 1,500 |
17,164 - |
172,284 1,500 |
158,094 1,500 |
|
| 156,620 | 17,164 | 173,784 | 159,594 | |
| 3,298 70,871 |
7,456 62,275 |
10,754 133,146 |
(1,015) 134,159 |
|
| 74,169 | 69,731 | 143,900 | 133,144 |
Page 7
Asian Elders Resource Centre
| Balance Sheet as at 31 March 2024 | Balance Sheet as at 31 March 2024 | ||||
|---|---|---|---|---|---|
| Note | 2024 | 2023 | |||
| £ | £ | ||||
| Fixed assets | |||||
| Tangible assets | 4 | 7,970 | 10,620 | ||
| Current assets | |||||
| Debtors | 5 | - | - | ||
| Cash at bank and in hand | 139,058 | 151,594 | |||
| 139,058 | 151,594 | ||||
| Creditors: Amounts falling due within | |||||
| one year | 6 | 3,128 | 29,070 | ||
| Net current assets | 135,930 | 122,524 | |||
| Net assets | 143,900 | 133,144 | |||
| Funds of the charity: | |||||
| Restricted funds | 69,731 | 62,275 | |||
| Unrestricted income funds | |||||
| Amenity Fund | 39,344 | 39,344 | |||
| General Fund | 34,825 | 31,525 | |||
| 74,169 | 70,869 | ||||
| Total funds | 143,900 | 133,144 |
The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024. The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024.
These financial statements have been prepared in accordance with the special provisions of Part 15 of the companies Act 2006 relating to small companies.
All of the company’s members have consented to the preparation of an Abridged Balance Sheet in accordance with Section 444(2A) of the Companies Act 2006.
The financial statements on pages 5 to 6 were approved by the trustees, and authorised for issue on .................... and signed on their behalf by:
......................................... C PARMAR Mr. Chandrakant Parmar Chairperson
The notes on page 3 to 5 form an integral part of these financial statements Page 8
Asian Elders Resource Centre
Notes to the Financial Statements for the Year Ended 31 March 2024
1 Charity status
The charity is a charity limited by guarantee and consequently does not have share capital. Each of the trustees is liable to contribute an amount not exceeding £Nil towards the assets of the charity in the event of liquidation.
2 Accounting policies
2.1 Accounting Conventions
The financial statements are prepared under historical cost convention.
The company consistently applied all relevant accounting standards and prepares its financial statements in accordance with the requirements of the Companies Act 2006 and The Statement of Recommended Practice (SORP) - " Accounting and Reporting by Charities" issued in March 2005 and revised in May 2008.
The company has taken advantage of the exemption in FRS 1 from the requirements to produce a cashflow statement because it is small.
2.2 Incoming Resources
Incoming Resources represent the total income receivable for the year of both grant income for the year of both grant income from local authority and related grant providers and of receipts for activities provided. Grant monies received in advance are treated as deferred income.
2.3 Direct Charitable Expenditure
Direct charitable expenditure is recorded as the liability is incurred. Expenditure on specific projects is recorded as project expenditure and is expenditure of restricted funds. Expenditure in respect of the general activities of the charity is expenditure of unrestricted funds.
2.4 Governance Costs
All compliance costs in respect of the constitutional and statutory requirements under the Companies Act 2011 are charged under this heading.
2.5 Tangible Fixed Assets and Depreciation
Depreciation is provided at rates calculated to write off the cost less residual value of each asset over its expected useful life as follows:-
- Leasehold properties Straight line over the life of the lease - Fixtures, fittings and equipment 25% - Reducing balance Motor vehicles - 25% - Reducing balance
Page 9
Asian Elders Resource Centre
Notes to the Financial Statements for the Year Ended 31 March 2024
3 Incoming Resources from:
| Note 3.1 Generated Funds; Membership fees received Fundraising events receipts Sundry receipts Interest received 3.2 Charitable Activities; Bolton Metro - Drop in service grant Meal and transport collections Day-care collections Tours and trips collections Other grants received Asian Carers Forum Project 4 Cost of Charitable Activities Note 4.1 Direct Costs Frail and elderly activities Meals and catering Motor expenses Tour costs Hall hire Wages and national insurance Temporary staff and volunteers Asian Carers Forum Project TOTAL CHARITABLE ACTIVITIES 4.2 Support Costs |
Unrestricted funds General £ 3,370 - 1,345 288 |
Restricted funds General £ - - - - |
Total 2024 £ 3,370 - 1,345 288 |
Total 2023 £ 1,954 2,291 100 25 |
|---|---|---|---|---|
| 5,003 | - | 5,003 | 4,370 | |
| 41,616 2,417 7,720 20,398 82,764 - |
- - - - - 24,620 |
41,616 2,417 7,720 20,398 82,764 24,620 |
40,800 3,139 2,716 25,530 64,967 17,057 |
|
| 154,915 | 24,620 | 179,535 | 154,209 | |
| Unrestricted funds General £ 1,125 3,615 10,891 11,574 750 87,578 1,287 - |
Restricted funds General £ - - - - - - - 17,164 |
Total 2024 £ 1,125 3,615 10,891 11,574 750 87,578 1,287 17,164 |
Total 2023 £ 3,304 22 (5,866) 26,860 - 79,105 917 11,158 |
|
| 116,820 | 17,164 | 133,984 | 115,500 | |
| 38,300 | - | 38,300 | 42,594 | |
| 155,120 | 17,164 | 172,284 | 158,094 |
Page 10
Asian Elders Resource Centre
Notes to the Financial Statements for the Year Ended 31 March 2024
4.2 Cost of Charitable Activities
| Note 4.2.1Establishment Costs Rent Insurance Cleaning 4.2.2Administrative Costs Printing, stationery and advertising Telephone and postage Computer maintenance Staff training Refreshments Subscriptions Sundry expenses 4.2.3Professional and Financial Costs Professional fees Translation fees Bank charges 4.2.4Depreciation and Amortisation Fixtures and fittings Motor vehicles Total Support Costs 5 Governance Costs Professional fees |
Unrestricted funds General £ 20,250 936 684 |
Restricted funds General £ - - - |
Total 2024 £ 20,250 936 684 |
Total 2023 £ 26,250 1,629 1,315 |
|---|---|---|---|---|
| 21,870 | - | 21,870 | 29,194 | |
| 4,427 1,957 2,280 - - 144 565 |
- - - - - - - |
4,427 1,957 2,280 - - 144 565 |
2,484 1,846 2,075 167 245 144 320 |
|
| 9,373 | - | 9,373 | 7,281 | |
| 3,810 525 72 |
- - - |
3,810 525 72 |
2,498 8 73 |
|
| 4,407 | - | 4,407 | 2,579 | |
| 900 1,750 |
- - |
900 1,750 |
1,204 2,336 |
|
| 2,650 | - | 2,650 | 3,540 | |
| 38,300 | - | 38,300 | 42,594 | |
| 1,500 | - | 1,500 | 1,500 | |
| 1,500 | - | 1,500 | 1,500 |
Page 11
Asian Elders Resource Centre
Notes to the Financial Statements for the Year Ended 31 March 2024
3 Related Parties
Remuneration paid to trustees during the year 2024 £NIL 2023 £NIL
4 Tangible Fixed Assets
| 4 Tangible Fixed Assets |
||||
|---|---|---|---|---|
| Cost At 1 April 2023 At 31 March 2024 Depreciation At 1 April 2023 Charge for the year At 31 March 2024 Net book value At 31 March 2024 At 31 March 2023 |
Land and buildings £ 103,328 |
Fixtures , fittings and equipment £ 49,977 |
Motor vehicles £ 68,200 |
Total £ 221,505 |
| 103,328 | 49,977 | 68,200 | 221,505 | |
| 103,328 - |
46,367 900 |
61,190 1,750 |
210,885 2,650 |
|
| 103,328 | 47,267 | 62,940 | 213,535 | |
| - | 2,710 | 5,260 | 7,970 | |
| - | 3,610 | 7,010 | 10,620 |
| 6 Creditors: amounts falling due within one year Accruals Social security costs Pension fund |
2024 £ 1,500 578 1,050 |
2023 £ 27,750 515 805 |
|---|---|---|
| 3,128 | 29,070 |
Page 12
Asian Elders Resource Centre
Notes to the Financial Statements for the Year Ended 31 March 2024
10 Funds
| 10 Funds |
|||
|---|---|---|---|
| Unrestricted funds General Amenity Fund General Fund Restricted funds Asian Carers Forum Total funds |
Balance at 1 April 2023 £ 39,344 31,527 |
Incoming resources £ - 3,298 |
Balance at 31 March 2024 £ 39,344 34,825 |
| 70,871 62,275 |
3,298 7,456 |
74,169 69,731 |
|
| 133,146 | 10,754 | 143,900 |
Page 13