Hampshire Accountants Limited 1 Canada Square London E14 5AA Pembroke House 8 St Christopher’s Place hampshire.accountants Farnborough GU14 ONH hello@hampshire.accountants +44 (0) 1252 279 882 +44 (0) 20 7097 5150
Mrs Sita Pun Magar Association UK 70 Cove Road Farnborough Hampshire GU14 0EN
04 January 2024
Dear Sita,
Accounts for Period ended 31/03/2023
Please find attached final accounts for Magar Association UK for the period ended 31/03/2023 [including filleted/abbreviated accounts if appropriate].
Please review the attached carefully and if you are happy that the accounts can be approved please print out a set of each of the attached documents, obtain appropriate signatures at the foot of each Balance Sheet [and Directors Report, if relevant] and return the signed documents to this office.
Please do not hesitate to contact us if you have any queries.
Yours sincerely,
Hampshire Accountants
hampshire.accountants | hello@hampshire.accountants Hampshire Accountants Limited - Company number 12835304
Doc ID: 8bf6dfa4f78b7761133af95928ea81eb715acc3b
Magar Association UK
Charity No. 1126656
Trustees' Report and Unaudited Accounts
31 March 2023
Doc ID: 8bf6dfa4f78b7761133af95928ea81eb715acc3b
Magar Association UK Contents
| Pages | |
|---|---|
| Trustees' Annual Report | 3 |
| Independent Examiner's Report | 4 |
| Statement of Financial Activities | 5 |
| Balance Sheet | 6 |
| Notes to the Accounts | 7 to 13 |
| Detailed Statement of Financial Activities | 14 to 15 |
Page 1
Doc ID: 8bf6dfa4f78b7761133af95928ea81eb715acc3b
Magar Association UK Trustees Annual Report
The trustees present their report with the unaudited financial statements of the charity for the year ended 31 March 2023.
REFERENCE AND ADMINISTRATIVE DETAILS
Charity No. 1126656
Principal Office
70 Cove Road Farnborough Hampshire GU14 0EN
Trustees
The following trustees served during the year:
T.B. Dhega J. Pun R.B. Pun S. Pun D. Ramjali H. Rana S. Rana (Resigned 9 April 2022) G.S. Thapa J. Thapa M. Thapa
Accountants
Hampshire Accountants Limited Pembroke House 8 St Christopher's Place Farnborough Hampshire GU14 0NH
OBJECTIVES AND ACTIVITIES
The Magar Assocaition UK is constituted under a trust deed dated 23 January 2008 and is a registered charity no. 1126656.
The principal objective of the charity is directed towards the benefit of the Magar Tribe. The charity aims to promote education and training, to help individuals integrate into the community, to relief poverty, sickness and distress.
Statement of trustees' responsibilities in relation to the financial statements
The charity trustees are responsible for preparing a trustees' annual report and financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
Page 2
Doc ID: 8bf6dfa4f78b7761133af95928ea81eb715acc3b
Magar Association UK Trustees Annual Report
The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with the Charities Act 2011, the applicable Charities (Accounts and Reports) Regulations, and the provisions of the Trust deed. The Trustees are also responsible for safeguarding the assets of the charity and hence taking reasonable steps for the prevention and detection of fraud and other irregularities.
Signed on behalf of the charity's trustees
S. Pun Trustee 29 December 2023
Page 3
Doc ID: 8bf6dfa4f78b7761133af95928ea81eb715acc3b
Magar Association UK Independent Examiners Report
Independent Examiner's Report to the trustees of Magar Association UK
I report to the trustees on my examination of the financial statements of Magar Association UK for the year ended 31 March 2023.
Responsibilities and basis of report
As the charity's trustees you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 ('the Act').
I report in respect of my examination of the charity's financial statements carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.
Independent examiner's statement
I have completed my examination. I can confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
-
the accounting records were not kept in respect of the charity as required by section 130 of the Act; or
-
the financial statements do not accord with those records; or
-
the financial statements do not comply with the applicable requirements concerning the form and content of financial statements set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the financial statements give a 'true and fair' view which is not a matter considered as part of an independent examination.
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.
Hampshire Accountants Limited Pembroke House 8 St Christopher's Place Farnborough Hampshire GU14 0NH 29 December 2023
Page 4
Doc ID: 8bf6dfa4f78b7761133af95928ea81eb715acc3b
Magar Association UK Statement of Financial Activities
for the year ended 31 March 2023
| Notes Income and endowments from: Donations and legacies 3 Charitable activities 4 Investments 5 Other 6 Total Expenditure on: Raising funds 7 Other 8 Total Net gains on investments Net income 9 Transfers between funds Net income before other gains/(losses) Other gains and losses Net movement in funds Reconciliation of funds: Total funds brought forward Total funds carried forward |
Unrestricted funds |
Total funds | Total funds |
|---|---|---|---|
| 2023 | 2023 | 2022 | |
| £ | £ | £ | |
| 8,509 | 8,509 | 5,399 | |
| (4,337) | (4,337) | ‐ | |
| 15,417 | 15,417 | 18,825 | |
| 46,774 | 46,774 | 2,767 | |
| 66,363 | 66,363 | 26,991 | |
| 33,738 | 33,738 | 10,256 | |
| 23,719 | 23,719 | 6,020 | |
| 57,457 | 57,457 | 16,276 | |
| ‐ | ‐ | ‐ | |
| 8,906 | 8,906 | 10,715 | |
| ‐ | ‐ | ‐ | |
| 8,906 | 8,906 | 10,715 | |
| 8,906 | 8,906 | 10,715 | |
| 276,089 | 276,089 | 283,046 | |
| 284,995 | 284,995 | 293,761 | |
Page 5
Doc ID: 8bf6dfa4f78b7761133af95928ea81eb715acc3b
Magar Association UK Balance Sheet
at 31 March 2023
| Charity No. 1126656 Fixed assets Tangible assets 11 Current assets Debtors 12 Cash at bank and in hand Creditors:Amount falling due within one year 13 Net current assets Total assets less current liabilities Net assets excluding pension asset or liability Total net assets The funds of the charity Restricted funds 14 Unrestricted funds 14 General funds Reserves 14 Total funds |
2023 £ 219,800 219,800 5,672 61,858 67,530 (2,335) 65,195 284,995 284,995 284,995 284,995 284,995 284,995 |
2022 £ 224,600 |
|---|---|---|
| 224,600 5,672 60,257 |
||
| 65,929 (1,660) |
||
| 64,269 288,869 |
||
| 288,869 | ||
| 288,869 | ||
| 276,089 | ||
| 276,089 | ||
| 276,089 |
Approved by the trustees on 29 December 2023
And signed on their behalf by:
S. Pun Trustee 29 December 2023
Page 6
Doc ID: 8bf6dfa4f78b7761133af95928ea81eb715acc3b
Magar Association UK Notes to the Accounts
for the year ended 31 March 2023
- 1 Accounting policies
Basis of preparation
The financial statements have been prepared in accordance with Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic if Ireland (FRS 102) issued on 16 July 2014 and the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and the Charities Act 2011.
Change in basis of accounting or to previous accounts
There has been no change to the accounting policies (valuation rules and method of accounting) since last year and no changes have been made to accounts for previous years.
Fund accounting
-
Unrestricted funds These are available for use at the discretion of the trustees in furtherance of the general objects of the charity.
-
Designated funds These are unrestricted funds earmarked by the trustees for particular purposes. Revaluation funds These are unrestricted funds which include a revaluation reserve representing the restatement of investment assets at their market values.
-
Restricted funds These are available for use subject to restrictions imposed by the donor or through terms of an appeal.
Income
-
Recognition of Income is included in the Statement of Financial Activities (SoFA) when the charity income becomes entitled to, and virtually certain to receive, the income and the amount of the income can be measured with sufficient reliability.
-
Income with related Where income has related expenditure the income and related expenditure is expenditure reported gross in the SoFA.
Donations and Voluntary income received by way of grants, donations and gifts is included in the legacies the SoFA when receivable and only when the Charity has unconditional entitlement to the income. Tax reclaims on Income from tax reclaims is included in the SoFA at the same time as the donations and gifts gift/donation to which it relates. Donated services These are only included in income (with an equivalent amount in expenditure) and facilities where the benefit to the Charity is reasonably quantifiable, measurable and material. Volunteer help The value of any volunteer help received is not included in the accounts. Investment income This is included in the accounts when receivable. Gains/(losses) on This includes any gain or loss resulting from revaluing investments to market value revaluation of fixed at the end of the year. assets Gains/(losses) on This includes any gain or loss on the sale of investments. investment assets
Page 7
Doc ID: 8bf6dfa4f78b7761133af95928ea81eb715acc3b
Magar Association UK Notes to the Accounts
Expenditure
-
Recognition of Expenditure is recognised on an accruals basis. Expenditure includes any VAT which expenditure cannot be fully recovered, and is reported as part of the expenditure to which it relates.
-
Expenditure on These comprise the costs associated with attracting voluntary income, fundraising raising funds trading costs and investment management costs. Expenditure on These comprise the costs incurred by the Charity in the delivery of its activities and charitable activities services in the furtherance of its objects, including the making of grants and governance costs.
-
Grants payable All grant expenditure is accounted for on an actual paid basis plus an accrual for grants that have been approved by the trustees at the end of the year but not yet paid.
-
Governance costs These include those costs associated with meeting the constitutional and statutory requirements of the Charity, including any audit/independent examination fees, costs linked to the strategic management of the Charity, together with a share of other administration costs.
-
Other expenditure These are support costs not allocated to a particular activity.
Taxation
The charity is exempt from tax on its charitable activities.
Freehold investment property
Investment properties are measured initially at cost and subsequently at fair value at each balance sheet date and are not depreciated. All gains or losses are taken to the Statement of Financial Activities as they arise.
Stocks
Stock is included at the lower of cost or net realisable value. Donated items of stock are recognised at fair value which is the amount the charity would have been willing to pay for the items on the open market.
Trade and other debtors
Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.
Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and on hand, demand deposits with banks and other short‐term highly liquid investments with original maturities of three months or less and bank overdrafts. In the statement of financial position, bank overdrafts are shown within borrowings or current liabilities. In the Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the company's cash management.
Trade and other creditors
Short term creditors are measured at the transaction price. Other creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.
Page 8
Doc ID: 8bf6dfa4f78b7761133af95928ea81eb715acc3b
Magar Association UK Notes to the Accounts
Research and development
Expenditure on research and development is written off in the year in which it is incurred.
Foreign currencies
Monetary assets and liabilities denominated in currencies other than the functional currency of the charity are translated at the rates of exchange prevailing at the end of the reporting period.
Transactions in currencies other than the functional currency of the charity are recorded at the rate of exchange on the date that the transaction occurred.
All exchange differences are are taken into account in arriving at net income/expenditure.
Leased assets
Where the charity enters into a lease which entails taking substantially all the risks and rewards of ownership of an asset, the lease is treated as a finance lease.
Leases which do not transfer substantially all the risks and rewards of ownership to charity are classified as operating leases.
Assets held under finance leases are initially recognised as assets of the charity at their fair value at the inception of the lease or, if lower, at the present value of the minimum lease payments. The corresponding liability to the lessor is included in the balance sheet date as a finance lease obligation. Lease payments are apportioned between finance expenses and reduction of the lease obligation so as to achieve a constant rate of interest on the remaining balance of the liability. Finance expenses are recognised immediately, unless they are directly attributable to qualifying assets, in which case they are capitalised in accordance with the charity's policy on borrowing costs.
Assets held under finance leases are depreciated in the same way as owned assets.
Operating lease payments are recognised as an expense on a straight‐line basis over the lease term. In the event that lease incentives are received to enter into operating leases, such incentives are recognised as a liability. The aggregate benefit of incentives is recognised as a reduction of rental expense on a straight‐line basis.
Pension costs
The charity operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the charity pays fixed contributions into a separate entity. Once the contributions have been paid the charity has no further payments obligations. The contributions are recognised as expenses when they fall due. Amounts not paid are shown in accruals in the balance sheet. The assets of the plan are held separately from the charity in independently administered funds.
Receipt of donated goods, facilities and services
All donated goods, facilities and services received are recognised within incoming resources and expenditure at an estimate of the value to the charity.
Page 9
Doc ID: 8bf6dfa4f78b7761133af95928ea81eb715acc3b
Magar Association UK
Notes to the Accounts
2 Statement of Financial Activities ‐ prior year
| 2 Statement of Financial Activities ‐ prior year |
|||
|---|---|---|---|
| Income and endowments from: Donations and legacies Investments Other Total Expenditure on: Raising funds Other Total Net income Net income before other gains/(losses) Other gains and losses: Net movement in funds Reconciliation of funds: Total funds brought forward Total funds carried forward 3 Income from donations and legacies 4 Income from charitable activities 5 Income from investments |
Unrestricted £ 8,509 8,509 Unrestricted £ (4,337) (4,337) Unrestricted £ 15,417 15,417 |
Unrestricted funds 2022 £ 5,400 18,825 2,767 26,992 10,256 10,913 21,169 5,823 5,823 5,823 283,046 288,869 Total 2023 £ 8,509 8,509 Total 2023 £ (4,337) (4,337) Total 2023 £ 15,417 15,417 |
Total funds 2022 £ 5,400 18,825 2,767 |
| 26,992 10,256 10,913 |
|||
| 21,169 | |||
| 5,823 | |||
| 5,823 | |||
| 5,823 283,046 |
|||
| 288,869 | |||
| Total 2022 £ 5,399 |
|||
| 5,399 | |||
| Total 2022 £ ‐ |
|||
| ‐ | |||
| Total 2022 £ 18,825 |
|||
| 18,825 |
Page 10
Doc ID: 8bf6dfa4f78b7761133af95928ea81eb715acc3b
Magar Association UK Notes to the Accounts
6 Other income
| 7 Expenditure on raising funds Fundraising trading costs 8 Other expenditure Employee costs Premises costs Amortisation, depreciation, impairment, profit/loss on disposal of fixed assets General administrative costs Legal and professional costs 9 Net income before transfers This is stated after charging: Depreciation of owned fixed assets 10 Staff costs No employee received emoluments in excess of £60,000. |
Unrestricted £ 46,774 46,774 |
Total 2023 £ 46,774 46,774 |
Total 2022 £ 2,767 |
|---|---|---|---|
| 2,767 | |||
| Unrestricted £ 27,426 6,312 33,738 Unrestricted £ 5,230 3,332 3,036 4,492 6,292 1,337 23,719 2023 £ 4,492 |
Total 2023 £ 27,426 6,312 33,738 Total 2023 £ 5,230 3,332 3,036 4,492 6,292 1,337 23,719 |
Total 2022 £ 10,256 ‐ |
|
| 10,256 | |||
| Total 2022 £ ‐ ‐ 1,286 4,085 169 480 |
|||
| 6,020 | |||
| 2022 £ 4,085 |
Page 11
Doc ID: 8bf6dfa4f78b7761133af95928ea81eb715acc3b
Magar Association UK Notes to the Accounts
11 Tangible fixed assets
| Cost or revaluation At 1 April 2022 At 31 March 2023 Depreciation and impairment At 1 April 2022 At 31 March 2023 Net book values At 31 March 2023 At 31 March 2022 12 Debtors Other debtors 13 Creditors: amounts falling due within one year Trade creditors Accruals 14 Movement in funds Restricted funds: Unrestricted funds: General funds Total funds 15 Analysis of net assets between funds Fixed assets Net current assets |
£ 347,011 347,011 127,211 127,211 219,800 219,800 2023 £ 5,672 5,672 2023 £ 700 |
£ 5,533 5,533 5,533 5,533 ‐ ‐ |
£ 352,544 |
|
|---|---|---|---|---|
| 352,544 | ||||
| 132,744 | ||||
| 132,744 | ||||
| 219,800 | ||||
| 219,800 | ||||
| 2022 £ 5,672 |
||||
| 5,672 | ||||
| 2022 £ 700 |
||||
| 1,635 | 960 | |||
| At 1 April 2022 276,089 276,089 |
2,335 Incoming resources (including other gains/losses ) £ 66,363 66,363 |
Resources expended £ (57,457) (57,457) Unrestricted funds £ 219,800 65,195 284,995 |
1,660 | |
| At 31 March 2023 £ 284,995 |
||||
| 284,995 | ||||
| Total £ 219,800 65,195 |
||||
| 284,995 |
Page 12
Doc ID: 8bf6dfa4f78b7761133af95928ea81eb715acc3b
Magar Association UK Notes to the Accounts
16 Reconciliation of net debt
| Reconciliation of net debt | |||
|---|---|---|---|
| Cash and cash equivalents Net debt |
At 1 April 2022 £ |
Cash flows £ |
At 31 March 2023 £ |
| 60,257 | 1,601 | 61,858 | |
| 60,257 60,257 |
1,601 1,601 |
61,858 | |
| 61,858 |
Page 13
Doc ID: 8bf6dfa4f78b7761133af95928ea81eb715acc3b
Magar Association UK Statement of Cash flows
for the year ended 31 March 2023
| Cash flows from operating activities Net income per Statement of Financial Activities Adjustments for: Dividends, interest and rents from investments Increase in trade and other payables Net cash used in operating activities Cash flows from investing activities Dividends, interest and rents from investments Net cash from investing activities Net cash from financing activities Net increase in cash and cash equivalents Cash and cash equivalents at the beginning of the year Cash and cash equivalents at the end of the year |
2023 £ 8,906 (62,191) 675 (52,610) 62,191 62,191 ‐ 9,581 60,257 69,838 |
2022 £ 5,823 (21,592) 480 |
|---|---|---|
| (11,204) 21,592 |
||
| 21,526 | ||
| ‐ | ||
| 10,322 | ||
| 49,934 | ||
| 60,256 | ||
| Components of cash and cash equivalents | ||
| Cash and bank balances | 61,858 | 60,257 |
| 61,858 | 60,257 |
Page 14
Doc ID: 8bf6dfa4f78b7761133af95928ea81eb715acc3b
Magar Association UK Detailed Statement of Financial Activities
for the year ended 31 March 2023
| Income and endowments from: Donations and legacies Charitable activities Investments Other Total income and endowments Expenditure on: Costs of other trading activities Total of expenditure on raising funds Other expenditure Employee costs Staff entertainment Staff welfare Premises costs Rent Rates Light, heat and power Premises cleaning Premises insurances Premises repairs and maintenance |
Unrestricted funds 2023 £ 8,509 8,509 (4,337) (4,337) 15,417 15,417 46,774 46,774 66,363 27,426 6,312 33,738 33,738 5,230 5,230 1,332 2,000 3,332 227 630 383 158 888 750 3,036 |
Total funds 2023 £ 8,509 8,509 (4,337) (4,337) 15,417 15,417 46,774 46,774 66,363 27,426 6,312 33,738 33,738 5,230 5,230 1,332 2,000 3,332 227 630 383 158 888 750 3,036 |
Total funds 2022 £ 5,399 |
|---|---|---|---|
| 5,399 | |||
| ‐ | |||
| ‐ | |||
| 18,825 | |||
| 18,825 | |||
| 2,767 | |||
| 2,767 | |||
| 26,991 10,256 ‐ |
|||
| 10,256 | |||
| 10,256 ‐ |
|||
| ‐ | |||
| ‐ ‐ |
|||
| ‐ | |||
| ‐ ‐ 580 ‐ 416 290 |
|||
| 1,286 |
Page 15
Doc ID: 8bf6dfa4f78b7761133af95928ea81eb715acc3b
Magar Association UK
Detailed Statement of Financial Activities
General administrative costs,
| including depreciation and amortisation Depreciation of land and buildings Software, IT support and related costs Stationery and printing Sundry expenses Legal and professional costs Accountancy and bookkeeping Other legal and professional costs Total of expenditure of other costs Total expenditure Net gains on investments Net income Net income before other gains/(losses) Other Gains Net movement in funds Reconciliation of funds: Total funds brought forward Total funds carried forward |
4,492 324 3,516 2,452 10,784 600 737 1,337 23,719 57,457 ‐ 8,906 8,906 ‐ 8,906 276,089 284,995 |
4,492 324 3,516 2,452 10,784 600 737 1,337 23,719 57,457 ‐ 8,906 8,906 ‐ 8,906 276,089 284,995 |
4,085 ‐ 169 ‐ |
|---|---|---|---|
| 4,254 | |||
| 480 ‐ |
|||
| 480 | |||
| 6,020 | |||
| 16,276 ‐ |
|||
| 10,715 | |||
| 10,715 ‐ |
|||
| 10,715 | |||
| 283,046 | |||
| 293,761 |
Page 16
Doc ID: 8bf6dfa4f78b7761133af95928ea81eb715acc3b
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Charity Accounts Title M01_Final Accounts 2023.pdf File name Document ID 8bf6dfa4f78b7761133af95928ea81eb715acc3b Audit trail date format MM / DD / YYYY Status Signed
01 / 08 / 2024 Sent for signature to Sita Pun (presidentmauk@gmail.com) 14:07:34 UTC from lisa@hampshire.accountants IP: 80.194.181.122 01 / 08 / 2024 Viewed by Sita Pun (presidentmauk@gmail.com) 14:21:26 UTC IP: 84.67.125.247 01 / 08 / 2024 Signed by Sita Pun (presidentmauk@gmail.com) 14:23:17 UTC IP: 84.67.125.247 01 / 08 / 2024 The document has been completed. 14:23:17 UTC
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