Company registration number: 6258078 Charity registration number: 1123000
## Asamai Cultural Trust
(A company limited by share capital) Annual Report and Financial Statements for the Year Ended 31 May 2021
NRS Accountants & Taxation Services Limited 264 High Road Harrow Weald Middlesex HA3 7BB
## **Asamai Cultural Trust**
## **Contents**
|Reference and Administrative Details|1|
|---|---|
|Strategic Report|2|
|Statement of Trustees' Responsibilities|3 to 4|
|Statement of Financial Activities|5|
|Balance Sheet|6 to 7|
|Notes to the Financial Statements|8 to 12|
## **Asamai Cultural Trust**
## **Reference and Administrative Details**
**Trustees** Mr Baharat Chitkara Mr Sumik Vohra Mr Chander Kakkar Mr Paranath Kapoor Mr Chooni Lal Soobraj **Secretary** Mr Ashok Kukran **Other Officers** Mr Manoj Kakkar Mr Warjesh Kumar Puri Mr Nat Pissa **Principal Office** Principal office **Company Registration Number** 6258078 **Charity Registration Number** 1123000 **Independent Examiner** NRS Accountants & Taxation Services Limited 264 High Road Harrow Weald Middlesex HA3 7BB
Page 1
## **Asamai Cultural Trust**
## **Strategic Report for the Year Ended 31 May 2021**
The trustees, who are directors for the purposes of company law, present their strategic report for the year ended 31 May 2021, in compliance with s414C of the Companies Act 2006.
The strategic report was approved by the trustees of the charity on 22 December 2021 and signed on its behalf by:
......................................... Mr Ashok Kukran Company Secretary
......................................... Mr Baharat Chitkara Trustee
......................................... Mr Sumik Vohra Trustee
......................................... Mr Chander Kakkar Trustee
......................................... Mr Paranath Kapoor Trustee
......................................... Mr Chooni Lal Soobraj Trustee
Page 2
## **Asamai Cultural Trust**
## **Statement of Trustees' Responsibilities**
The trustees (who are also the directors of Asamai Cultural Trust for the purposes of company law) are responsible for preparing 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:
- select suitable accounting policies and apply them consistently;
- observe the methods and principles in the Charities SORP;
- make judgements and estimates that are reasonable and prudent;
- state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
- 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 22 December 2021 and signed on its behalf by:
......................................... Mr Ashok Kukran Company Secretary
......................................... Mr Baharat Chitkara Trustee
......................................... Mr Sumik Vohra Trustee
......................................... Mr Chander Kakkar Trustee
Page 3
## **Asamai Cultural Trust**
## **Statement of Trustees' Responsibilities**
......................................... Mr Paranath Kapoor Trustee
......................................... Mr Chooni Lal Soobraj Trustee
Page 4
## **Asamai Cultural Trust**
## **Statement of Financial Activities for the Year Ended 31 May 2021 (Including Income and Expenditure Account and Statement of Total Recognised Gains and Losses)**
|**Note**
**Income and Endowments from:**
Donations and legacies
3
Investment income
Other income
Total income
**Expenditure on:**
Charitable activities
5
Total expenditure
Net income
Net movement in funds
**Reconciliation of funds**
Total funds brought forward
Total funds carried forward
11
**Note**
**Income and Endowments from:**
Donations and legacies
3
Other trading activities
4
Investment income
Other income
Total income
**Expenditure on:**
Charitable activities
5
Total expenditure
Net income
Net movement in funds
**Reconciliation of funds**
Total funds brought forward
Total funds carried forward
11|**Unrestricted**
**funds**
**£**
44,182
500
15,506
60,188
(25,231)
(25,231)
34,957
34,957
1,921,263
1,956,220
**Unrestricted**
**funds**
**£**
49,672
(3,062)
1,546
22,940
71,096
(15,677)
(15,677)
55,419
55,419
1,866,444
1,921,863|**Unrestricted**
**funds**
**£**
44,182
500
15,506||**Total**
**2021**
**£**
44,182
500
15,506|
|---|---|---|---|---|
|||60,188||60,188|
|||(25,231)||(25,231)|
|||(25,231)||(25,231)|
|||34,957||34,957|
|||34,957
1,921,263||34,957
1,921,263|
|||1,956,220||1,956,220|
|||||**Total**
**2020**
**£**
49,672
(3,062)
1,546
22,940|
|||||71,096|
|||||(15,677)|
|||||(15,677)|
|||||55,419|
|||||55,419
1,866,444|
|||||1,921,863|
All of the charity's activities derive from continuing operations during the above two periods. The funds breakdown for 2020 is shown in note 11.
Page 5
## **Asamai Cultural Trust**
## **(Registration number: 6258078) Balance Sheet as at 31 May 2021**
|**Note**
**Fixed assets**
Tangible assets
8
**Current assets**
Cash at bank and in hand
9
**Creditors: Amounts falling due within one year**
10
**Net current assets**
**Net assets**
**Funds of the charity:**
**Unrestricted income funds**
Unrestricted funds
**Total funds**
11|**2021**
**£**
1,334,259
622,562
(601)
621,961
1,956,220
1,956,220
1,956,220|**2020**
**£**
1,334,259
587,604
-|
|---|---|---|
|||587,604|
|||1,921,863|
|||1,921,863|
|||1,921,863|
For the financial year ending 31 May 2021 the charity was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the charity to obtain an audit of its accounts for the year in question in accordance with section 476; and
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
Page 6
## **Asamai Cultural Trust**
## **(Registration number: 6258078) Balance Sheet as at 31 May 2021**
The financial statements on pages 5 to 12 were approved by the trustees, and authorised for issue on 22 December 2021 and signed on their behalf by:
......................................... Mr Ashok Kukran Company Secretary
......................................... Mr Baharat Chitkara Trustee
......................................... Mr Sumik Vohra Trustee
......................................... Mr Chander Kakkar Trustee
......................................... Mr Paranath Kapoor Trustee
......................................... Mr Chooni Lal Soobraj Trustee
Page 7
## **Asamai Cultural Trust**
## **Notes to the Financial Statements for the Year Ended 31 May 2021**
## **1 Charity status**
The charity is limited by share capital, incorporated in .
The address of its registered office is: 15 Taywood Road Northolt Middlesex
UB5 6GB
These financial statements were authorised for issue by the trustees on 22 December 2021.
## **2 Accounting policies**
## **Summary of significant accounting policies and key accounting estimates**
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
## **Statement of compliance**
The financial statements have been prepared in accordance with 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 2015) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102). They also comply with the Companies Act 2006 and Charities Act 2011.
## **Basis of preparation**
Asamai Cultural Trust meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy notes.
## **Going concern**
The trustees consider that there are no material uncertainties about the charity's ability to continue as a going concern nor any significant areas of uncertainty that affect the carrying value of assets held by the charity.
## **Exemption from preparing a cash flow statement**
The charity opted to early adopt Bulletin 1 published on 2 February 2016 and have therefore not included a cash flow statement in these financial statements.
## **Income and endowments**
All income is recognised once the charity has entitlement to the income, it is probable that the income will be received and the amount of the income receivable can be measured reliably.
## _**Donated services and facilities**_
Where services or facilities are provided to the charity as a donation that would normally be purchased from our suppliers, this benefit is included in the financial statements at it's fair value unless it's fair value cannot be reliably measured, then at the cost to the donor or the resale value of goods that are to be sold.
Page 8
## **Asamai Cultural Trust**
## **Notes to the Financial Statements for the Year Ended 31 May 2021**
## _**Investment income**_
Dividends are recognised once the dividend has been declared and notification has been received of the dividend due.
## **Expenditure**
All expenditure is recognised once there is a legal or constructive obligation to that expenditure, it is probable settlement is required and the amount can be measured reliably. All costs are allocated to the applicable expenditure heading that aggregate similar costs to that category. Where costs cannot be directly attributed to particular headings they have been allocated on a basis consistent with the use of resources, with central staff costs allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use. Other support costs are allocated based on the spread of staff costs.
## **Governance costs**
These include the costs attributable to the charity’s compliance with constitutional and statutory requirements, including audit, strategic management and trustees’s meetings and reimbursed expenses.
## **Taxation**
The charity is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the charity is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes.
## **Tangible fixed assets**
Individual fixed assets costing £0.00 or more are initially recorded at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
## **Depreciation and amortisation**
Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:
## **Cash and cash equivalents**
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
## **Fund structure**
Unrestricted income funds are general funds that are available for use at the trustees's discretion in furtherance of the objectives of the charity.
Page 9
## **Asamai Cultural Trust**
## **Notes to the Financial Statements for the Year Ended 31 May 2021**
## **3 Income from donations and legacies**
|Regular giving and capital donations
Donated services and facilities|**Unrestricted**
**funds**
**General**
**£**
44,182
-
44,182|**Total**
**2021**
**£**
44,182
-
44,182|**Total**
**2020**
**£**
49,522
150|
|---|---|---|---|
||||49,672|
## **4 Income from other trading activities**
|Lotteries and competitions income
**5**
**Expenditure on charitable activities**
**Note**
Governance costs
6|**Unrestricted**
**funds**
**General**
**£**
25,231|**Total**
**2021**
**£**
-
-
**Total**
**2021**
**£**
25,231|**Total**
**2020**
**£**
(3,062)|
|---|---|---|---|
||||(3,062)|
||||**Total**
**2020**
**£**
15,677|
## **6 Analysis of governance and support costs**
## **Governance costs**
|Audit fees
Other fees paid to auditors
Legal fees
Other governance costs|**Unrestricted**
**funds**
**General**
**£**
300
-
24,931
25,231|**Total**
**2021**
**£**
300
-
24,931
25,231|**Total**
**2020**
**£**
300
1,706
13,671|
|---|---|---|---|
||||15,677|
Page 10
## **Asamai Cultural Trust**
## **Notes to the Financial Statements for the Year Ended 31 May 2021**
## **7 Taxation**
The charity is a registered charity and is therefore exempt from taxation.
## **8 Tangible fixed assets**
|**Cost**
At 1 June 2020
At 31 May 2021
**Depreciation**
At 1 June 2020
At 31 May 2021
**Net book value**
At 31 May 2021
At 31 May 2020
**9**
**Cash and cash equivalents**
Cash at bank
Short-term deposits
**10 Creditors: amounts falling due within one year**
Other creditors
Accruals|**Land and**
**buildings**
**£**
1,334,258||**Furniture and**
**equipment**
**£**
11,851
11,851
11,850
11,850
1
1
**2021**
**£**
562
622,000
622,562|**Furniture and**
**equipment**
**£**
11,851
11,851
11,850
11,850
1
1
**2021**
**£**
562
622,000
622,562|**Total**
**£**
1,346,109
1,346,109
11,850
11,850
1,334,259
1,334,259
**2020**
**£**
2,604
585,000|
|---|---|---|---|---|---|
||1,334,258||11,851|||
||-||11,850|||
||-||11,850|||
||1,334,258||1|||
||1,334,258||1|||
||||**2021**
**£**
562
622,000
622,562|||
||||||587,604|
||||||**2021**
**£**
1
600|
||||||601|
## **11 Funds**
|**Unrestricted funds**
General|**Balance at 1**
**June 2020**
**£**
1,921,263|**Incoming**
**resources**
**£**
60,188|**Resources**
**expended**
**£**
(25,231)|**Balance at 31**
**May 2021**
**£**
1,956,220|
|---|---|---|---|---|
Page 11
## **Asamai Cultural Trust**
## **Notes to the Financial Statements for the Year Ended 31 May 2021**
|**Unrestricted funds**
General|**Balance at 1**
**June 2019**
**£**
1,866,444|**Incoming**
**resources**
**£**
71,096|**Resources**
**expended**
**£**
(15,677)|**Balance at 31**
**May 2020**
**£**
1,921,863|
|---|---|---|---|---|
## **12 Analysis of net assets between funds**
|Tangible fixed assets
Current assets
Current liabilities
Total net assets
Tangible fixed assets
Current assets
Total net assets
**13 Analysis of net funds**
Cash at bank and in hand
Net debt
Cash at bank and in hand
Net debt|**At 1 June**
**2020**
**£**
587,604
587,604
**At 1 June**
**2019**
**£**
532,785
532,785||**Unrestricted**
**funds**
**General**
**£**
1,334,259
622,562
(601)
1,956,220
**Unrestricted**
**funds**
**General**
**£**
1,334,259
587,604
1,921,863
**Financing**
**cash flows**
**£**
(587,604)
(587,604)
**Financing**
**cash flows**
**£**
(532,785)
(532,785)|**Total funds**
**£**
1,334,259
622,562
(601)|
|---|---|---|---|---|
|||||1,956,220|
|||||**Total funds**
**£**
1,334,259
587,604|
|||||1,921,863|
|||||**At 31 May**
**2021**
**£**
-|
|||||-|
|||||**At 31 May**
**2020**
**£**
-|
|||||-|
Page 12
## **Asamai Cultural Trust**
## **Statement of Financial Activities by fund for the Year Ended 31 May 2021**
## **Unrestricted funds**
**Income and Endowments from:**
**Expenditure on:** Net income/(expenditure) **Reconciliation of funds**
Total funds carried forward
Page 13
## **Asamai Cultural Trust**
## **Detailed Statement of Financial Activities for the Year Ended 31 May 2021**
|**Income and Endowments from:**
Donations and legacies (analysed below)
Other trading activities (analysed below)
Investment income (analysed below)
Other income (analysed below)
Total income
**Expenditure on:**
Charitable activities (analysed below)
Total expenditure
Net income
Net movement in funds
**Reconciliation of funds**
Total funds brought forward
Total funds carried forward|**2021**
**Unrestricted**
**funds**
**General**
**£**
44,182
-
500
15,506
60,188
(25,231)
(25,231)
34,957
34,957
1,921,263
1,956,220|**2021**
**Total**
**£**
44,182
-
500
15,506
60,188
(25,231)
(25,231)
34,957
34,957
1,921,263
1,956,220|**Total**
**2020**
**£**
49,672
(3,062)
1,546
22,940|
|---|---|---|---|
||||71,096|
||||(15,677)|
||||(15,677)|
||||55,419|
||||55,419
1,866,444|
||||1,921,863|
Page 14
## **Asamai Cultural Trust**
## **Detailed Statement of Financial Activities for the Year Ended 31 May 2021**
|**_Donations and legacies_**
Committed giving
Building funds
**_Other trading activities_**
Catering
**_Investment income_**
Interest on cash deposits
**_Other income_**
Other income|**2021**
**Unrestricted**
**funds**
**General**
**£**
44,182
-
44,182
**2021**
**Unrestricted**
**funds**
**General**
**£**
500
500
**2021**
**Unrestricted**
**funds**
**General**
**£**
15,506
15,506|**2021**
**Total**
**£**
44,182
-
44,182
**2021**
**Total**
**£**
-
-
**2021**
**Total**
**£**
500
500
**2021**
**Total**
**£**
15,506
15,506|**Total**
**2020**
**£**
49,522
150|
|---|---|---|---|
||||49,672|
||||**Total**
**2020**
**£**
(3,062)|
||||(3,062)|
||||**Total**
**2020**
**£**
1,546|
||||1,546|
||||**Total**
**2020**
**£**
22,940|
||||22,940|
Page 15
## **Asamai Cultural Trust**
## **Detailed Statement of Financial Activities for the Year Ended 31 May 2021**
|**_Charitable activities_**
Rates
Water rates
Light, heat and power
Insurance
Repairs and maintenance
Telephone and fax
Charitable donations
Sundry expenses
Cleaning
Accountancy fees
Legal and professional fees|**2021**
**Unrestricted**
**funds**
**General**
**£**
(559)
(596)
(3,471)
(2,004)
(10,000)
(312)
(3,164)
(4,825)
-
(300)
-
(25,231)|**2021**
**Total**
**£**
(559)
(596)
(3,471)
(2,004)
(10,000)
(312)
(3,164)
(4,825)
-
(300)
-
(25,231)|**Total**
**2020**
**£**
(4,089)
-
(6,989)
(1,866)
-
(416)
-
(99)
(212)
(300)
(1,706)|
|---|---|---|---|
||||(15,677)|
Page 16