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2021-04-30-accounts

Charity Registration No. 1124912

RATANBEN ZAVERCHAND KARA FOUNDATION

ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2021

RATANBEN ZAVERCHAND KARA FOUNDATION

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees Mr Mansukhlal Shah Mrs Vanita Shah Mr Arvindkumar Shah Mrs Tara Shah Mr Suresh Shah Mrs Anjana Shah Mr Sailesh Shah Mrs Karuna Shah Charity number 1124912 Principal address Unit 6, ZK Park 23 Commerce Way Croydon Surrey CR0 4ZS Independent examiner FLS Accounting Solutions Limited T/A SP Vinshaw 36 The Metro Centre Dwight Road Watford WD18 9SB

RATANBEN ZAVERCHAND KARA FOUNDATION

CONTENTS

Page
Trustees' report 1 - 2
Statement of Trustees' responsibilities 3
Independent examiner's report 4
Statement of financial activities 5
Balance sheet 6
Notes to the financial statements 7 - 14

RATANBEN ZAVERCHAND KARA FOUNDATION

TRUSTEES' REPORT FOR THE YEAR ENDED 30 APRIL 2021

The Trustees present their report and financial statements for the year ended 30 April 2021.

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 Trust's [governing document], the Charities Act 2011 and "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)".

Objectives and activities

The Trust's objects are :

The Trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the Trust should undertake. The trustees confirm that they have referred to the Charity Commission's general guidance on public benefit when reviewing the Trust's aims and objectives and in planning future activities. In particular, the trustees consider how planned activities will contribute to the aims and objectives they have set .

Achievements and performance

The Trust received income arising from rentals of its freehold and long leasehold properties. The Trust provided charitable grants to various charity organisations and individuals as per its objectives.

Financial review

The detailed results are shown on page 4.

It is the policy of the Trust that unrestricted funds which have not been designated for a specific use should be maintained at a level to support current activities and continuation of the provision of the Trust's objectives while consideration is given to ways in which additional funds may be raised. This level of reserves has been maintained throughout the year.

The Trustees actively review the major risks, which the Trust faces, on a regular basis and believe that the controls over the key financial system will provide sufficient resources in the event of adverse conditions. The Trustees have also examined other operational and business risks faced by the Trust and confirm that they have established systems to mitigate the significant risks.

Structure, governance and management

Ratanben Zaverchand Kara Foundation is a Trust governed by a trust deed dated April 2008 when the Trust was formed. It is registered as a charity in England and Wales with registration number 1124912.

The principal address is Unit 6, ZK Park, 23 Commerce Way, Corydon, Surrey CR0 4ZS.

The Trust is also known as RZK Foundation.

RATANBEN ZAVERCHAND KARA FOUNDATION

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 30 APRIL 2021

The Trustees who served during the year and up to the date of signature of the financial statements were: Mr Mansukhlal Shah

Mrs Vanita Shah Mr Arvindkumar Shah Mrs Tara Shah Mr Suresh Shah Mrs Anjana Shah Mr Sailesh Shah Mrs Karuna Shah

Trustees are recruited from people who have an interest in the welfare of young people and wish to advance the interests of this group of people.

Funds held as custodian trustee

There are no funds held as custodian trustee on behalf of others.

The Trustees' r eport was approved by the Board of Trustees.

Mr Sailesh Shah

Trustee Dated: 17 January 2022

RATANBEN ZAVERCHAND KARA FOUNDATION

STATEMENT OF TRUSTEES' RESPONSIBILITIES

FOR THE YEAR ENDED 30 APRIL 2021

The Trustees are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

The law applicable to charities in England and Wales requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the Trust and of the incoming resources and application of resources of the Trust for that year.

In preparing these financial statements, the Trustees are required to:

The Trustees are responsible for keeping sufficient accounting records that disclose with reasonable accuracy at any time the financial position of the Trust and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the Trust and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

RATANBEN ZAVERCHAND KARA FOUNDATION

INDEPENDENT EXAMINER'S REPORT

TO THE TRUSTEES OF RATANBEN ZAVERCHAND KARA FOUNDATION

I report to the Trustees on my examination of the financial statements of Ratanben Zaverchand Kara Foundation (the Trust) for the year ended 30 April 2021.

Responsibilities and basis of report

As the Trustees of the Trust you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 (the 2011 Act).

I report in respect of my examination of the Trust’s financial statements carried out under section 145 of 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 examiner's statement

Your attention is drawn to the fact that the charity has prepared financial statements in accordance with Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has now been withdrawn.

I understand that this has been done in order for financial statements to provide a true and fair view in accordance with Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015.

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 that in any material respect:

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 financial statements to be reached.

Sadikali Gulamabas Premji FCCA FLS Accounting Solutions Limited T/A SP Vinshaw

36 The Metro Centre Dwight Road Watford WD18 9SB

Dated: 17 January 2022

RATANBEN ZAVERCHAND KARA FOUNDATION

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 30 APRIL 2021

Unrestricted Unrestricted
funds funds
2021 2020
Notes
£
£
Income from:
Donations and legacies 3 - 10,000
Investments 4 73,782 76,049
Total income 73,782 86,049
Expenditure on:
Charitable activities 5 108,766 70,509
Net (expenditure)/income for the year/
Net movement in funds (34,984)
15,540
Fund balances at 1 May 2020 2,427,643 2,412,103
Fund balances at 30 April 2021 2,392,659 2,427,643

The statement of financial activities includes all gains and losses recognised in the year.

All income and expenditure derive from continuing activities.

RATANBEN ZAVERCHAND KARA FOUNDATION

BALANCE SHEET

AS AT 30 APRIL 2021

Notes
Fixed assets
Tangible assets
10
Current assets
Debtors
11
Cash at bank and in hand
Creditors: amounts falling due within
one year
12
Net current assets
Total assets less current liabilities
Income funds
Unrestricted funds
General unrestricted funds
Revaluation reserve
2021
£
£
1,910,000
1,835
481,574
483,409
(750)
482,659
2,392,659
2,337,659
55,000
2,392,659
2,392,659
2020
£
£
1,910,000
2,560
515,983
518,543
(900)
517,643
2,427,643
2,372,643
55,000
2,427,643
2,427,643

The financial statements were approved by the Trustees on 17 January 2022

Mr Sailesh Shah

Trustee

RATANBEN ZAVERCHAND KARA FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2021

1 Accounting policies

Charity information

Ratanben Zaverchand Kara Foundation is a Trust governed by a trust deed dated April 2008 when the Trust was formed. It is registered as a charity in England and Wales with registration number 1124912.

1.1 Accounting convention

The financial statements have been prepared in accordance with the Trust's [governing document], the Charities Act 2011 and "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 Trust is a Public Benefit Entity as defined by FRS 102.

The Trust has taken advantage of the provisions in the SORP for charities applying FRS 102 Update Bulletin 1 not to prepare a Statement of Cash Flows.

The financial statements have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a true and fair view. This departure has involved following the Statement of Recommended Practice for charities applying FRS 102 rather than the version of the Statement of Recommended Practice which is referred to in the Regulations but which has since been withdrawn.

The financial statements are prepared in sterling , which is the functional currency of the Trust. Monetary a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2 Going concern

The trustees have a reasonable expectation that the Trust has adequate resources to continue in operational existence for the foreseeable future. The trustees regard the foreseeable future as no less than twelve months following the publication of the Trust ’s annual financial statements. The trustees have considered the Trust ’s balance sheet position and reserves as at the year end, the future plans for the Trust and the impact of the current Covid-19 crisis, taking account of reasonably possible changes in the income of the Trust and are satisfied that the Trust has sufficient resources to remain in operational existence. Accordingly, they have adopted going concern basis in preparing these financial statements.

The principal accounting policies, which have been applied consistently, are set out below :

1.3 Charitable funds

Unrestricted funds are available for use at the discretion of the Trustees in furtherance of their charitable objectives.

Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.

Endowment funds are subject to specific conditions by donors that the capital must be maintained by the Trust.

1.4 Income

Income is recognised when the Trust is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.

RATANBEN ZAVERCHAND KARA FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 APRIL 2021

1 Accounting policies

(Continued)

Cash donations are recognised on receipt. Other donations are recognised once the Trust has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

Legacies are recognised on receipt or otherwise if the Trust has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.

1.5 Expenditure

Expenses are recognised on an accruals basis.

Direct charitable expenditure includes all expenditure incurred in relation to the fund s receivable and the provision of services in pursuance of the Trust ’s objectives.

Other costs incurred in support of these activities are separately analysed and shown as management and administration costs

1.6 Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Freehold land and buildings Not depreciated Leasehold land and buildings Not depreciated

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in net income/(expenditure) for the year.

1.7 Impairment of fixed assets

At each reporting end date, the Trust reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any ) .

1.8 Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.9 Financial instruments

The Trust has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Trust's balance sheet when the Trust becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

RATANBEN ZAVERCHAND KARA FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 APRIL 2021

1 Accounting policies

(Continued)

Basic financial assets

Basic 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 rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future p aymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest 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 recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Trust’s contractual obligations expire or are discharged or cancelled.

2 Critical accounting estimates and judgements

In the application of the Trust’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 other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate 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.

3 Donations and legacies

Total Unrestricted
funds
2021 2020
£ £
Donations and gifts - 10,000

RATANBEN ZAVERCHAND KARA FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 APRIL 2021

4 Investments

Unrestricted Unrestricted
funds funds
2021 2020
£ £
Rental income 73,440 73,050
Interest receivable 342 2,999
73,782 76,049

5 Charitable activities

Charitable
Charitable
Expenditure
Expenditure
2021
2020
£
£
Grant funding of activities (see note 6) 106,365
66,801
Share of support costs (see note 7) 2,251
3,258
Share of governance costs (see note 7) 150
450
108,766
70,509
Grants payable
Charitable
Charitable
Expenditure
Expenditure
2021
2020
£
£
Grants to institutions:
Other charities 106,365
64,801
Grants to individuals -
2,000
106,365
66,801

6 Grants payable

RATANBEN ZAVERCHAND KARA FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 APRIL 2021

7 Support costs

Property maintenance
Bank charges
Independent
examination fees
Analysed between
Charitable activities
Support
costs
Governance
costs
£
£
2,250
-
1
-
-
150
2,251
150
2,251
150
2021
£
2,250
1
150
2,401
2,401
Support
costs
Governance
costs
£
£
3,203
-
55
-
-
450
3,258
450
3,258
450
2020
£
3,203
55
450
3,708
3,708

Governance costs include payments to the independent examiners of £1 50 (2020- £ 450 ) for independent examination.

8 Trustees

None of the Trustees (or any persons connected with them) received any remuneration or benefits from the Trust during the year.

9 Employees

The average monthly number of employees during the year was:

Total
Tangible fixed assets
Freehold land
and buildings
£
Cost
At 1 May 2020
960,000
At 30 April 2021
960,000
Carrying amount
At 30 April 2021
960,000
At 30 April 2020
960,000
2021
Number
-
Leasehold
land and
buildings
£
950,000
950,000
950,000
950,000
2020
Number
-
Total
£
1,910,000
1,910,000
1,910,000
1,910,000

10 Tangible fixed assets

RATANBEN ZAVERCHAND KARA FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 APRIL 2021

10
Tangible fixed assets
The carrying value of land included in land and buildings comprises:
Freehold
Long leasehold
11
Debtors
Amounts falling due within one year:
Trade debtors
12
Creditors: amounts falling due within one year
Accruals and deferred income
(Continued)
2021
2020
£
£
950,000
950,000
960,000
960,000
1,910,000
1,910,000
2021
2020
£
£
1,835
2,560
2021
2020
£
£
750
900

RATANBEN ZAVERCHAND KARA FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 30 APRIL 2021

13 Unrestricted Funds - Reconciliation

These are unrestricted funds which are material to the Trust's activities made up as follows:

Unrestricted Funds Balance at
1 May 2019
£
2,412,103
-
Movement in funds
Incoming
resources
Resources
expended
Transfers
£
£
£
86,049
(70,509)
-
86,049
(70,509)
-
Balance at
1 May 2020
£
2,427,643
-
Movement in funds
Incoming
resources
Resources
expended
Balance at
30 April 2021
£
£
£
73,782
(108,766)
2,392,659
73,782
(108,766)
-

RATANBEN ZAVERCHAND KARA FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 APRIL 2021

14 Events after the reporting date

The Covid-19 pandemic hit during the Trust's year end and continues. The trustees have reviewed the Trust’s position and reserves as at the year end having considered the future plans for the Trust, and are of the opinion that the Trust is in a position to continue in operational existence for the foreseeable future and that the impact of Covid-19 will not have a substantial effect on the Trust.

15 Related party transactions

There were no disclosable related party transactions during the year (2020 - none).

RATANBEN ZAVERCHAND KARA FOUNDATION

_____ _____________

FLS Accounting Solutions Limited T/A SP Vinshaw Chartered Certified Accountants 36 The Metro Centre Dwight Road Watford WD18 9SB

Date: 17[th] January 2022

Dear Sirs,

FINANCIAL STATEMENTS FOR THE YEAR ENDED 30[th] APRIL 2021

We hereby confirm to the best of our knowledge and belief and having made appropriate enquires of other trustees and officials of the charity, the following representations given to you in connection with your independent examination of the financial statements for the year ended 30[th] April 2021.

  1. We acknowledge as trustees our responsibility for making accurate representations to you and for the financial statements which you have prepared on our behalf for the charity.

  2. We confirm that all accounting records have been made available to you for the purpose of your independent examination and that all the transactions undertaken by the Trust have been properly reflected and recorded in the accounting records. All other records and related information, including minutes of all trustees, management and members’ meetings, have been made available to you.

  3. We confirm that, at the balance sheet date, the Trust had no liabilities or provisions other than those recognised and no contingent liabilities other than those disclosed in the financial statements.

  4. We confirm that there have been no events since the balance sheet date, which require disclosure or which would materially affect the amounts in the financial statements, other than those already disclosed or included in the financial statements.

  5. We confirm that the Trust has not contracted for any capital expenditure other that as disclosed in the financial statements

  6. We have advised you of any and all laws and regulations considered central to the operation of the Trust or which provide a legal framework within which the Trust conducts its operations and confirm that there has been no possible or actual instance of non-compliance with those laws and regulations, except as explained to you and as disclosed in the financial statements

  7. We confirm that, in our opinion, the Trust’s financial statements should be prepared on the grounds that current and future sources of funding or support will be more than adequate for the Trust’s needs. We believe that no further disclosures in respect of the charity’s ability to continue as a going concern need to be made in the financial statements.

  8. We confirm that you were not aware of any transactions with related parties requiring disclosure in the financial statements other than as already disclosed.

  9. We confirm that all grants, donations and other income, including those subject to special terms or conditions or received for restricted purposes, have been notified to you. There have been no breaches of terms or conditions during the period regarding the application of such income.

  10. We acknowledge our responsibility for the design and implementation of internal controls to prevent and detect fraud. We confirm that we have disclosed to you the results of our own assessment of the risk of fraud in the charity.

  11. We confirm that there have been no actual or suspected instances of fraud involving trustees, management or employees who have a significant role in internal control or that could have a material effect on the financial statements. We also confirm that we are not aware of any allegations of fraud by former trustees, employees, regulators or others.

1 of 2

  1. We confirm that we are not aware of any matters of material significance that should be reported to the Charity Commission.

  2. In the opinion of the Trustees, the market values of the freehold and leasehold properties on 30[th] April 2021 were £950,000 and £960,000 respectively.

As minuted by the Board of Trustees at its’ meeting on 17[th] January 2022.

Yours faithfully,

___ Mr Sailesh Shah Trustee

Registered Office: Unit 6, ZK Park, 23 Commerce Way, Croydon, Surrey CR0 4ZS

Registered in England: Charity No. 1124912

2 of 2

Audit Trail

Document Details

Title Final Pack 2021
File Name RZK Foundation-Final accounts 2021.pdf, RZK-LoR 2021.pdf
Document ID 3809bfd6ee4a439caf232facc9c2e19
Fingerprint d256f93e4db386c549f9f29ac36e851c
Status Completed

Document History

Document Created Document Created by Jackie Rawlings (jrawlings@spvinshaw.co.uk)
Fingerprint: d256f93e4db386c549f9f29ac36e851c
Jan 17 2022
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