REGISTERED COMPANY NUMBER: 05854972 (England and Wales) REGISTERED CHARITY NUMBER: 1122165
TRUSTEES' REPORT AND
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021
FOR
GHANSHYAM EDUCATION TRUST
GHANSHYAM EDUCATION TRUST
CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021
| Page | |||
|---|---|---|---|
| Trustees' Report | 1 | to | 3 |
| Independent Examiner's Report | 4 | ||
| Statement of Financial Activities | 5 | ||
| Balance Sheet | 6 | ||
| Notes to the Financial Statements | 7 | to | 12 |
GHANSHYAM EDUCATION TRUST (REGISTERED NUMBER: 05854972)
TRUSTEES' REPORT FOR THE YEAR ENDED 31 DECEMBER 2021
The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 December 2021. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).
The Trustees (who are also directors of the charity for the purposes of the Companies Act) present their annual report together with the financial statements of Ghanshyam Education Trust (the charity) for the year ended 31 December 2020. The Trustees confirm that the Annual report and financial statements of the charity comply with the current statutory requirements, the requirements of the charity's governing document and the provisions of the Statement of Recommended Practice (SORP) "Accounting and Reporting by Charities" issued in March 2005.
OBJECTIVES AND ACTIVITIES
Objectives and aims
1) To advance the education of the congregation of Shree Kutch Satsang Swaminarayan Temple (Mandir) London, Kenton Harrow Middlesex by the provision of education and learning to children and young persons which shall be administered in accordance with the tenets and doctrines of the Hindu faith and in particular in accordance with the teachings and principles of Lord Shree Swaminarayan.
2) To enhance the development and education of children under statutory school age by encouraging parents to understand and provide for the needs of their children through community groups.
Significant activities
Factors relevant to the achievement of the charity's objectives
The Charity continues to undertake activities that contribute to the achievement of the stated objectives which are summaries below as well as achieving the Charity Commission's guidance on public benefit, including the guidance on public benefit and fee charging.
The Charity continues to provide and organise various educational activities for all age groups. The charity relies on grants and income from fees and charges to cover its operating costs. All such activities are supported by a team of volunteers who give support in the functions of maintenance, security, cleaning and special events.
Public benefit
The charity has achieved the public benefit objectives by running the educational activities listed below on behalf of the members of the Shree Kutch Satsang Swaminarayan Temple and their congregation. The activities provide education and learning to children and young persons which are administered in accordance with the tenets and doctrines of the Hindu faith and in particular in accordance with the teachings and principles of Lord Shree Swaminarayan.
The activities provided enhance the development and education of children under statutory school age which also encourages parents to understand and provide for the needs of their children through community groups.
Social investments
Charity's funds are being used in the short term for the running of the Educational activities and subsidies together with improvement of the facilities, hence assisting in the furtherance of the charity and supporting its key objectives.
Volunteers
The charity is grateful for the unstinting efforts of its volunteers who are involved in service provision. We thank all volunteers for the hard work during the year to facilitate the various educational activities, maintenance,security cleaning and organized special events.
The charity continues to ensure that best value is derived from the sterling efforts of our volunteers.
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GHANSHYAM EDUCATION TRUST (REGISTERED NUMBER: 05854972)
TRUSTEES' REPORT FOR THE YEAR ENDED 31 DECEMBER 2021
ACHIEVEMENT AND PERFORMANCE
Charitable activities
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The Gujarati School, continues to run successfully every Saturday with over 200 students. During 2021 the GCSE entrants achieved a high standard.
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The Temple contributes immensely to the Ghanshyam Nursery which provides valuable support to the community through Grants and other support.
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The Ghanshyam Nursery School received a 'Good' rating from OFSTED in its most recent inspection.
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The existing facilities maintained by the charity are also provided to facilitate other youth oriented educational and cultural classes, adult English classes and to community groups to undertake IT classes.
FINANCIAL REVIEW
Principal funding sources
The principal funding sources for the charity are currently by way of Educational activities in the Gujarati School, Ghanshyam Nursery and grants.
Reserves policy
The Trustees have established a policy whereby the unrestricted funds not committed or invested in tangible fixed assets (free reserves) held by the charity are adequate at all times.
To reduce the risk of over expenditure, proper procedures for authorization of all transactions and projects exist. To further mitigate the risks, the Trustees will carry out periodic review of the progress of objectives stated.
FUTURE PLANS
In 2021 the trustees carried out a review of the charity`s activities and produced a medium and long term plan as detailed below to enable it to meet its objectives.
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To identify and invest in facilities geared towards expanding educational, cultural and life
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skills for our members and the local community.
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Integrate other educational activities currently running in the building into the Trust.
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Maintain and improve existing Educational facilities and to fulfil our statutory obligation of
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hygiene and safety as well as providing a comfortable and congenial environment for activity participants.
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Continue to maintain high standards of the education building.
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Establish relationships with local schools for religious education.
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Organise various courses such as First Aid, Health & Safety etc.
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Participate in other charity work such as fundraising.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The charity is controlled by its governing document, a deed of trust, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006.
The charity is registered as a charitable company limited by guarantee and was set up by a Memorandum of Association on 22/06/2006 .
Charity constitution
The charity is constituted under a Memorandum of Association dated 22/06/2006 and is a registered charity number 1122165.
Recruitment and appointment of new trustees
The management of the charity is the responsibility of the Trustees who are elected under the terms of the Articles of Association.
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GHANSHYAM EDUCATION TRUST (REGISTERED NUMBER: 05854972)
TRUSTEES' REPORT FOR THE YEAR ENDED 31 DECEMBER 2021
STRUCTURE, GOVERNANCE AND MANAGEMENT Organizational structure
The Charity was registered on the 3 January 2008 and is governed by its constitution.
The Trustees are elected annually by the members and comprises of nine (2020: nine) advisors. The constitution allows the Shree Kutch Satsang Swaminarayan Temple's (SKSST) managing committee members, who are also the members of the company, to appoint further Trustees.
Induction and training of new trustees
As part of their induction program new Trustees are made aware of their responsibilities. This includes an introduction to the objectives, scope and policies of the charity, Charity Commission information on Trustees' responsibilities and a copy of the constitution. Additional training is available to keep up to date with all new regulations concerning the charity’s activities.
Related parties
GET is a charity and a company limited by guarantee, in which the managing members of Shree Kutch Satsang Swaminarayan Temple are the Guarantors. In the event of the charity being wound up, the liability in respect of the guarantee is limited.
GET runs the activities with the support and guidance from the Temple volunteers and the management committee.
REFERENCE AND ADMINISTRATIVE DETAILS
Registered Company number
05854972 (England and Wales)
Registered Charity number
1122165
Registered office
Westfield Lane Kenton Harrow Middlesex HA3 9EA
Trustees
A Bhanderi H Jesani Commercial Manager (resigned 31/3/2022) D V Patel Businessman (resigned 31/3/2022) A Halai Teacher D K Patel Pharmacist (resigned 1/4/2022)
Company Secretary
MEMBERS' LIABILITY
The Members of the charity guarantee to contribute an amount not exceeding £10 to the assets of the charity in the event of winding up.
Approved by order of the board of trustees on 28 October 2022 and signed on its behalf by:
A Bhanderi - Trustee
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INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF GHANSHYAM EDUCATION TRUST (REGISTERED NUMBER: 05854972)
Independent examiner's report to the trustees of Ghanshyam Education Trust ('the Company')
I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 December 2021.
Responsibilities and basis of report
As the charity's trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act').
Having satisfied myself that the accounts of the Company 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 your charity's accounts as carried out under section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5) (b) of the 2011 Act.
Independent examiner's statement
Since your charity's gross income exceeded £250,000 your examiner must be a member of a listed body. I can confirm that I am qualified to undertake the examination because I am a registered member of Institute of Chartered Accountants in England and Wales 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:
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accounting records were not kept in respect of the Company as required by section 386 of the 2006 Act; or 2. the accounts do not accord with those records; or
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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
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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 (applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)).
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
Hitesh Gadhia
Institute of Chartered Accountants in England and Wales
28 October 2022
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GHANSHYAM EDUCATION TRUST
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2021
| 31/12/21 | 31/12/20 | ||
|---|---|---|---|
| Unrestricted | Total | ||
| fund | funds | ||
| Notes | £ | £ | |
| INCOME AND ENDOWMENTS FROM | |||
| Donations and legacies | 443 | 240 | |
| Charitable activities | |||
| Gujrati School | 18,110 | 26,964 | |
| Nursery School | 517,587 | 470,111 | |
| Total | 536,140 | 497,315 | |
| EXPENDITURE ON | |||
| Raising funds | - | (3) | |
| Charitable activities | 2 | ||
| Gujrati School | 18,907 | 12,391 | |
| Nursery School | 544,579 | 477,735 | |
| Total | 563,486 | 490,123 | |
| NET INCOME/(EXPENDITURE) | (27,346) | 7,192 | |
| RECONCILIATION OF FUNDS | |||
| Total funds brought forward | 41,032 | 33,840 | |
| TOTAL FUNDS CARRIED FORWARD | 13,686 | 41,032 |
The notes form part of these financial statements
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GHANSHYAM EDUCATION TRUST (REGISTERED NUMBER: 05854972)
BALANCE SHEET 31 DECEMBER 2021
| 31/12/21 Unrestricted fund Notes £ FIXED ASSETS Tangible assets 8 48,434 CURRENT ASSETS Debtors 9 16,558 Cash at bank 8,823 25,381 CREDITORS Amounts falling due within one year 10 (60,129) NET CURRENT ASSETS (34,748) TOTAL ASSETS LESS CURRENT LIABILITIES 13,686 NET ASSETS 13,686 FUNDS 11 Unrestricted funds 13,686 TOTAL FUNDS 13,686 |
31/12/20 Total funds £ 79,297 20,321 18,493 38,814 (77,079) (38,265) 41,032 41,032 41,032 41,032 |
|---|---|
The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2021.
The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2021 in accordance with Section 476 of the Companies Act 2006.
The trustees acknowledge their responsibilities for
(a) ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and
(b) preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company.
These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime.
The financial statements were approved by the Board of Trustees and authorised for issue on 28 October 2022 and were signed on its behalf by:
A Bhanderi - Trustee
The notes form part of these financial statements
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GHANSHYAM EDUCATION TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021
1. ACCOUNTING POLICIES
Basis of preparing the financial statements
The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.
Income
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.
Expenditure
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that 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 accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Improvements to property - 10% on cost Fixtures and fittings - 25% on reducing balance
Taxation
The charity is exempt from corporation tax on its charitable activities.
Fund accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
Hire purchase and leasing commitments
Rentals paid under operating leases are charged to the Statement of Financial Activities on a straight line basis over the period of the lease.
Pension costs and other post-retirement benefits
The charitable company operates a defined contribution pension scheme. Contributions payable to the charitable company's pension scheme are charged to the Statement of Financial Activities in the period to which they relate.
continued...
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GHANSHYAM EDUCATION TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2021
2. CHARITABLE ACTIVITIES COSTS
| Gujrati School Nursery School 3. SUPPORT COSTS Management £ Gujrati School 29 Nursery School 90,681 90,710 Support costs, included in the above, are as follows: Gujrati School £ Rates and water - Insurance - Light and heat - Telephone 29 Postage and stationery - Repairs & maintenance - Books & Journals - Depreciation of tangible and heritage assets - Bank charges - IT & Computer costs - Security costs - Accountancy fees - 29 4. NET INCOME/(EXPENDITURE) Net income/(expenditure) is stated after charging/(crediting): Depreciation - owned assets Other operating leases |
Support Direct costs (see Costs note 3) £ £ 18,878 29 452,059 92,520 470,937 92,549 Governance Finance costs £ £ - - 399 1,440 399 1,440 31/12/21 Nursery Total School activities £ £ 12,719 12,719 5,577 5,577 13,854 13,854 - 29 - - 27,668 27,668 - - 30,863 30,863 399 399 - - - - 1,440 1,440 92,520 92,549 31/12/21 £ 30,863 95,000 |
Totals £ 18,907 544,579 |
Totals £ 18,907 544,579 |
|---|---|---|---|
| 563,486 | |||
| Totals £ 29 92,520 92,549 31/12/20 Total activities £ 7,688 4,492 13,045 442 692 2,623 35 32,325 125 1,740 3,333 1,200 67,740 31/12/20 £ 32,325 95,000 |
Totals £ 29 92,520 |
||
| 92,549 |
continued...
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GHANSHYAM EDUCATION TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2021
5. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31 December 2021 nor for the year ended 31 December 2020.
Trustees' expenses
There were no trustees' expenses paid for the year ended 31 December 2021 nor for the year ended 31 December 2020.
6. STAFF COSTS
The average monthly number of employees during the year was as follows:
| 31/12/21 | 31/12/20 | |
|---|---|---|
| Administrative team | 4 | 4 |
| Teachers & facilitators | 21 | 37 |
| 25 | 41 |
No employees received emoluments in excess of £60,000.
7.
COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
| Unrestricted | |
|---|---|
| fund | |
| £ | |
| INCOME AND ENDOWMENTS FROM | |
| Donations and legacies | 240 |
| Charitable activities | |
| Gujrati School | 26,964 |
| Nursery School | 470,111 |
| Total | 497,315 |
| EXPENDITURE ON | |
| Raising funds | (3) |
| Charitable activities | |
| Gujrati School | 12,391 |
| Nursery School | 477,735 |
| Total | 490,123 |
| NET INCOME | 7,192 |
| RECONCILIATION OF FUNDS | |
| Total funds brought forward | 33,840 |
| TOTAL FUNDS CARRIED FORWARD | 41,032 |
continued...
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GHANSHYAM EDUCATION TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2021
8. TANGIBLE FIXED ASSETS
| Improvements to property £ COST At 1 January 2021 and 31 December 2021 286,707 DEPRECIATION At 1 January 2021 222,029 Charge for year 28,670 At 31 December 2021 250,699 NET BOOK VALUE At 31 December 2021 36,008 At 31 December 2020 64,678 9. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Trade debtors Other debtors 10. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Social security and other taxes Other creditors SKSST Creditor Net wages Accruals and deferred income Accrued expenses Deposits held Nest pension creditor 11. MOVEMENT IN FUNDS At 1/1/21 £ Unrestricted funds General fund 41,032 TOTAL FUNDS 41,032 |
Fixtures and fittings £ 85,252 70,633 2,193 72,826 12,426 14,619 31/12/21 £ 15,883 675 16,558 31/12/21 £ 8,565 25,037 (20,404) 1,084 12,073 7,541 25,458 775 60,129 Net movement in funds £ (27,346) (27,346) |
Totals £ 371,959 292,662 30,863 323,525 48,434 79,297 31/12/20 £ 20,064 257 20,321 31/12/20 £ 3,934 21,037 (3,655) 1,451 18,951 6,100 28,459 802 77,079 At 31/12/21 £ 13,686 13,686 |
|---|---|---|
continued...
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GHANSHYAM EDUCATION TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2021
11. MOVEMENT IN FUNDS - continued
Net movement in funds, included in the above are as follows:
| Incoming resources £ Unrestricted funds General fund 536,140 TOTAL FUNDS 536,140 Comparatives for movement in funds At 1/1/20 £ Unrestricted funds General fund 33,840 TOTAL FUNDS 33,840 Comparative net movement in funds, included in the above are as follows: Incoming resources £ Unrestricted funds General fund 497,315 TOTAL FUNDS 497,315 A current year 12 months and prior year 12 months combined position is as follows: At 1/1/20 £ Unrestricted funds General fund 33,840 TOTAL FUNDS 33,840 |
Resources Movement expended in funds £ £ (563,486) (27,346) (563,486) (27,346) Net movement At in funds 31/12/20 £ £ 7,192 41,032 7,192 41,032 Resources Movement expended in funds £ £ (490,123) 7,192 (490,123) 7,192 Net movement At in funds 31/12/21 £ £ (20,154) 13,686 (20,154) 13,686 |
|---|---|
continued...
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GHANSHYAM EDUCATION TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2021
11. MOVEMENT IN FUNDS - continued
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:
| Incoming | Resources | Movement | |
|---|---|---|---|
| resources | expended | in funds | |
| £ | £ | £ | |
| Unrestricted funds | |||
| General fund | 1,033,455 | (1,053,609 ) | (20,154) |
| TOTAL FUNDS | 1,033,455 | (1,053,609 ) | (20,154) |
12. RELATED PARTY DISCLOSURES
The charity contributed £95,000 (2020: £95,000) towards licences and other costs to the the Shree Kutch Satsang Swaminarayan Temple (Mandir) London (SKSST), during the year. The Charity was owed £20,404 by SKSST, (2020: £3,655 Creditor).
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