THE BISWAS FOUNDATION (A company Ilmited by guarantee)
REPORT AND FINANCIAL STATEMENTS Year ended: 30 September 2020
Charity no: 1127006 Company no: 06687076
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) THE BISWAS FOUNDATION {A Company Limited by Guarantee)
DIRECTORS' REPORT 30 September 2020
Tha directors ara pleased to present their annua! directors’ report together with the financial statements of the charity for the year ending 30 September 2020 which are also prepared to meet tha requiraments for a directors’ report and accounts for Companies Act purposes,
The financlal statements comply with the Charities Act 2011, the Gompanles Act 2008, the Memorandum and Articles of Assoctation, and Accounting and Reporting by Charities: Statement of Recommended Practica applicable to charitias preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Repubilc of Ireland (FRS 102) (effactivei January 2015),
OUR PURPOSES AND ACTIVITIES
Purposes and Alms
The purposes of the charlty are:
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The provision of education (Including social and physical tralning) for children, young persons and adults resident anywhere in tha world, but In partioular, in India, who are In need by reason of thelr poverty, deatitution or distrass.
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To relieve persons who are In conditions of need, hardship or distress anywhere In the world, but In particular, in India.
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3, word,To rellevebut Inpersonsparticular,whoIn India.are sick, convalesosnt, disabled, handicapped or Infirm anywhere In the
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To promote research into the causes and treatment of diseases and Ii! health on terms that the useful results of such research are published,
& To promote for the public benefit the study of and rasearch into the environment, housing, science, literature, culture and muslo provided that the useful results of euch research are published,
6, To provide accommedatlon and seclal housing st an economic cost to those In naed of relief by reason of youth, age, Ill health, digability, financial hardship and other disadvantages anywhere in the world, Including England.
The company currently owns 44 properties. Income generated from the letting of these properties, after expenditure, is used to make donations to our sister Charity, The Biswas Educational Foundatlon, in South Calcutta, as well as making donations to deserving charities in this country as wall as abroad.
How our Activities deliver Public Banefit
In planning our activities for the year we kept In mind the Charity Commission's guidance on publlo benefit at our directors’ meetings.
The prime purpose of the charity is an effort to alleviate the problems faced by the most deprived children In Kolkata, India.
To achieve this alm the charitable company makes donations to the Blswas Educational Foundatlan In indla to fund the running of an orphanage and a@ achool in Kolkata for destitute orphans, abandoned ohildren, children of poor widowed mothers and children of sex workers, many of whom are streat children.
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_ (ATHE CompanyBISWASLimitedFOUNDATIONby Guarantee)
DIRECTORS’ REPORT 30 September 2020
ACHIEVEMENTS AND PERFORMANCE.
On 30 September 2020 The Biswas Foundation’s portfolio comprised 44 properties having 340 bed spaces.
The COVID-19 pandemic has affected the charity with a drop in the rate of room occupancy but overall performance has not been greatly hindered. During the year under review the charity operated at around 70% occupancy level with rental income was £1,117,267.
Opportunity was taken In the year renovate vacant properties to a very good standard. Modernization entailed upgrading kitchens, bath / shower rooms, repair and replacement of furniture, upgrading of fire / intruder alarm systems, removal of magnolia on wood chip wallpapers, the application of brilliant white vinyl silk emulsion on freshly plastered plain wall surfaces, painting woodwork and doors grey. All fitted furniture in bedrooms needed to be painted white and the furniture handles replaced with modern attractive handles.
All curtains were replaced with ivory / white vertical blinds and existing carpets replaced with quality twist pile grey carpets. to give the space a fresh modern look. This is the kind of ambience demanded by our customers who are young people age ranging 18 years to 30 years.
As reported last year Fordham Homes has managed a number of our properties. Fordham Homes contract to pay us an agreed amount and in return they let the property and cover any costs. This seems to be working well and so we extended the arrangement to a further six properties with a total of 35 bed spaces. We intend to extend this arrangement to further properties.
To achieve its charitable aim The Biswas Foundation makes donations to its sister charity The Biswas Educational Foundation (TBEF) based in in India. Donations are made from time to time as a need arises at the orphanage and also to fund agreed works to complete the new school building.
During this year, the Biswas Foundation has made donations totaling £235,208 of which £219,078 was donated to our sister Charity, The Biswas Educational Foundation with the balance made to support a number of other organizations engaged in medical and health care research.
The Blswas Educational Foundation
Turning now to the main beneficiary of our donations, our sister charity, The Biswas Educational Foundation (TBEF). TBEF opened the orphanage, Ananda Bhaban, back in 2012, when the children were of 6+ years of age. These children now are between 14-15 years of age and boys and girls are now housed In two separate buildings.
The first batch of 14 orphan children are studying in class 8 at a reputable government school and another 25 children are studying in junior kindergarten to class 5 in our own English medium school, The South Calcutta Public School (SCPS).
The children of the orphanage take part In a number of extracurricular activities one of which was participation in a national level science workshop known as “Einstein Hunt” in which they came 1 out of 400 other competitors.
South Calcutta Public School
The TBEF delivers affordable quality education to the economical weaker section of the society. To achieve this a school, the South Calcutta Public School (SCPS), was started in 2016 in one of tour orphanage premises. A new 5 story building is under construction to house the school.
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THE BISWAS FOUNDATION
(A Company Limited by Guarantee)
DIRECTORS’ REPORT
30 September 2020
In addition to educating the orphan chifdren of Ananda Bhaban, children of local agriculture farmers and daily wage earners are also educated at an affordable cost. The school charges minimal fees in comparison with other English medium schools so that it may meet establishment expenses Including teachers’ salaries. Any surpluses are used to meet the expenses of the orphans. At present there are 260 children enrolled in the school, including 25 children from the orphanage.
In March 2020 India entered full lockdown due to the pandemic and so online classes were offered. Initially, students had problems in getting connected online but the teachers helped the pupils to get connected so that they could receive online lessons. Videos of the daily lessons were uploaded.
This pandemlc situation affected admissions but discounts to fees were offered and this has helped enrolment.
Free Medical Centre
Since 2010 TBEF has been providing free medical check-ups and supplying medicine free of charge to needy people living in villages near to TBEF. Most beneficiaries are older people and children; around 120 people benefit from this service every month.
Disaster Management
During June 2020 TBEF distributed 400 packets of the dry fruit to the “Amphan” cyclone affected people of Basanti, some 70kms from Kolkata, and Jhar Koli, some 90 kms from Kolkata, in the Sundarban coastal area.
FINANCIAL REVIEW
During the accounting year ending 30 September 2020 rental income generated by the properties of The Biswas Foundation portfolio was £1,117,267. We estimate that we were operating at a 70% occupancy level.
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During the year under review donations in kind of £9.000 were received from a director, Dr N Biswas.
Following the sale of two properties in the year £761,299 was invested in equities in the London and the New York stock exchanges.
The net surplus for the year was £1,317,161 of which £1,047,000 related to gains from fair value adjustments to the charity’s freehold investment properties and £38,444 from fair value adjustments to the company's stock market investments.
Donations made in the Year During the year The Biswas Foundation made donations totaling £235.208 as detailed under our “Achievements And Performance” of which £219,078 was to our sister Charity, The Biswas Educational Foundation In India.
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THE BISWAS FOUNDATION (A Company Limited by Guarantee)
DIRECTORS’ REPORT
30 September 2020
Principal Funding Sources
Rental income from the company’s investment properties is the principal source of funding.
Investment Powers and Pollcy
Under the Memorandum and Articles of Association, the charitable company has the power to make any investment which the trustees see fit.
Reserves Policy and going concern
The directors have reviewed the charitable company’s needs for reserves in IIne with the guidance issued by the Charity Commission. Aside from retaining a prudent amount in cash reserves each year, approximating 3 to 6 months running costs, the intention is that most of the charitable company's cash funds are donated to the Indian Charity, The Biswas Educational Foundation, and also to other deserving causes in the UK and throughout the world, particularly in the field of medical research and in the field of education through scholarships, bursaries etc.
At 30 September 2020 the company held cash funds of £303,625.
The Directors consider that there are no material uncertainties about the charitable company’s ability to continue as a going concern. The Covid-19 pandemic has had some effect on the Income generated from The Foundation’s property portfolio but not to a significant extent.
PLANS FOR FUTURE PERIODS
We plan to renovate our properties on an ongoing basis to ensure a good rental income is received.
As reported under “Achievements And Performance’ the contracts with Fordham Homes to manage a number of properties proved successful and we intend to extend this arrangement to further properties.
Recently three properties were sold collectively generating a figure of £1.3 million. There are no plans for any further sales of properties.
We currently have a stocks and shares portfolio of approximately £2,444,000.
To ensure the continued success of The Biswas Foundation the two London based directors, Mr P Biswas and Mrs A Biswas, have indicated their intention to relocate to Leeds should anything happen to the Leeds based Director, Dr N Biswas.
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THE BISWAS FOUNDATION {A Company Limited by Guarantee)
DIRECTORS’ REPORT 30 September 2020
REFERENCE AND ADMINISTRATIVE INFORMATION
Charity name: The Biswas Foundation Charity Registration Number: 11270986 Company Raglatration Number: 06687076 Registered Office and Operational address: ‘Rathdowne'
‘Rathdowne' 20 Sandmoor Drive Leeds, West Yorkshire, LS17 7DG
Directors The directors who have served during the year ara: Dr N Biawas Mr P Biswas Mra A Biswas
Company Secretary Mrs A Biswas Auditors O'Brien & Co, Chartered Accountants 31A Finkle Street Selby ¥O8 4NT Bankers Lloyds Bank Pie PO Box 1000 BXt 1LT
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Clydesdale Bank 30 Vincent Place Glasgow , G1 2H.
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THE BISWAS FOUNDATION
(A Company Limited by Guarantee)
DIRECTORS’ REPORT
30 September 2020
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing Document
The organisation is charitable company Iimited by guarantee, Incorporated on 2 Saptember 2008 and registered as a charity on 8 December 2008, The company was established under a Memorandum of Association, which established the objects and powers of the charitable company and |s governed under its Articies of Association, In the event of the company belng wound up members are required to contribute an Recrultmentamount not axceading and Appointment £10. of Directors Directors
of Directors Directors
The Directors of the company are algo charity trustees for the purposes of the charity law.
The charlty was founded by Dr N. Blawas and he together with his brother and sister-in-law ara the first directors of the charitable company. New direators may be appointed by existing directors.
Direotors’ Induction and Tralning charitableAll new directorscompany,recelve a thorough Induction by Dr N. Biswas into the core principles and sthos of the
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TheOrganlsational Structure campany has 3 dirsatora who Interact raguiarly. One of the directors, Dr N. Biswas, Is responsible for the
day-to-day running of the charitable company.
Related Parties
A charity, ‘The Biswas Educational Foundation’, has been formed In Kolkata, India. The Biswas Foundation makes grants to the Indian charity to enable the provision of accommodation, food, clothing, education, health care and recreational facilities to deprived orphan children and children of single parent in Kolkata.
Pay Pollcy for Senior Staff
The directors consider the board of directors, wha are the Trust's trustees, as the kay management personnel of the charlty in charge of diracting and controlling, running and operating the Foundation on a day to day employedbasis, All directorby the charity.give of thelr time freely and no director recelved remuneration In the year. No staff are
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Risk Management
During the year the company has continued to Identify and assess the major risks facing the business.
The Board of Diractors regularly review the performance of the property portfolio to ensure otcupanay rates meat the required targets. Any poorly producing properties are identified and disposed of.
The chanty's investment portfollo In stocks and shares Is regularly monitored.
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THE BISWAS FOUNDATION (A Company Limited by Guarantee)
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DIRECTORS' REPORT 30 September 2020
STATEMENT OF DIRECTORS’ RESPONSIBILITIES
The directors (who are directors for the purpose of Company Law and trustees for the purpose of Charity Law) are responsible for Preparing the Directors’ Annual Report (comprising the Strategic Report and Director's Report) and the financial statements in accordance with applicable law and the Unitad Kingdom Accounting Standards (United Kingdam Generally Accepted Accounting Practice). Company Law requires the directors to prepare financtal statements for each financlal year which give a tue . and falr view of the state of the affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, for that period. In preparing these financial ¢ select suitable accounting policies and then apply them consistently; accounting policies and then apply them consistently; policies and then apply them consistently; and then apply them consistently; then apply them consistently; apply them consistently; them consistently; consistently; statements the directors are required to:
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¢ select suitable accounting policies and then apply them consistently; accounting policies and then apply them consistently; policies and then apply them consistently; and then apply them consistently; then apply them consistently; apply them consistently; them consistently; consistently; * observe the methods and Principles in the Chantles 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 €Xplained in the financlal statements: prepare the financial statements on the going concern basis unless it is Inappropriate to assume that
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The the charitable company will continue in business. - directors are responsible for keeping adequate accounting records that disclose with reasonabla
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accuracy at any time tha financial Position of the charitable company and enable them to ensure that fhe financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the fraud and other irregularities assets of the charitable Company and henoe for taking reasonable Steps for tha prevention and dataction of
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STATEMENT The OF DISCLOSURE OF INFORMATION TO AUDITORS confirm that:
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eachdirectors of the Company who held office at the date of approvat of this Anoual Raport as set out above * So far as they ara aware, there ls no ralevant audit Information (information needed by the unaware:company’s andauditors in connection with preparing thelr report) of which the company’s auditors are
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- they have taken ail the Steps that they ought to have taken as directors In order to make themselves information. aware of any relevant audit information and to establish that the company’s auditors are awara of that
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AUDITORS
O'Brien & Co, Chartered Accountants, have indicated their willingness to continue in office and @ resolution conceming their re-appointment will be proposed at the forthcoming Annual General Meeting. Approved by the board of directors on 20 J ly 2021 and signed on Its behalf by: DR N BISWAS Director
THE BISWAS FOUNDATION (A Company Limited by Guarantee)
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30 September 2020
INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF THE BISWAS FOUNDATION
Optnion
We have audited the financial statements of The Blswas Foundation for the year ended 30 September 2020 which comprise the Statement of Financlal Activities (including an Income and Expenditure Account), the Balance Sheet, the Cash Flow Statement and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in thelr preparation Is applicable law and United Kingdom Accounting Standards, Including Financial Reporting Standard 102: The Financlal Reporting Standard applicable In the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion, the financtal statements:
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give a true and fair view of the state of the Charity’s affairs as at 30 September 2020 and of its income and expenditure for the year then ended;
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e have been properly prepared In accordance with United Kingdom Generally Accepted Accounting Practice;
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have been prepared In accordance with the requirements of the Companies Act 2006,
Basis for opinion
We conducted our audit in accordance with Intemational Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibliltles under those standards are further described in the Auditor's responsibilities for the audit of the financlal statements section of our report. We are independent of the Charity In accordance with the ethical requirements that are relevant to our audit of the financial statements In the UK, Including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained Is sufficient and appropriate to provide a basis for our opinion.
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Conclusions relating to golng concern
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We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to you where:
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« the trustees’ use of the going concem basis of accounting In the preparatlon of the financial statements is not appropriate; or
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the directors have not disclosed in the financial statements any Identified material uncertainties that may cast significant doubt about the Charity's ability to continue to adopt the golng concern basis of accounting for a perlod of at least twelve months from the date when the financial statements are authorised for issue.
Other information
The directors are responsibie for the other Information. The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. Our opinion on the financial statements does not cover the other Information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility Is to read the other information and, In dolng so, consider whether the other information is materially Inconsistent with the financial statements or our knowledge obtalned in the audit or otherwise appears to be materially misstated. If we identify such material Inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement In the financial statements or a material misstatement of the other Information. Hf, based on the work we have performed, we conclude that there Is a materlal misstatement of this other Information, we are required to report that fact.
We have nothing to report in this regard.
THE BISWAS FOUNDATION (A Company Limited by Guarantee)
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30 September 2020
INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF THE BISWAS FOUNDATION (continued)
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
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the information given in the trustees’ report for the flnanclal year for which the financial statements are prepared is consistent with the financlal statements; and
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the trustees’ report has been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the Charity and its environment obtained in the course of the audit, we have not Identified material misstatements in the Trustees’ Annual Report.
We have nothing to report In respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, In our opinion:
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adequate accounting records have not been kept or retums adequate for our audit have not been recelved from branches not visited by us;
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« _ the financial statements are not in agreement with the accounting records and returns: « certain disclosures of trustees’ remuneration specified by law are not made; or * we have not obtalned all the information and explanations necessary for the purposes of our audit.
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e the directors were not entitled to prepare the financial statements In accordance with the small companies regime and take advantage of the small companies’ exemption to prepare a strategic report.
Responslbllitles of the directors
As explained more fully in the trustees’ responsibillttes statement set out on page 7, the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and falr view, and for such internal control as they determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the directors are responsible for assessing the Charity’s abliity to continue as a golng concem, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors aither intend to Ilquidate the Charity or to cease operations, or have no realistic alternative but to do so.
Our responsibllities for the audit of the flnanclal statements
Our objectives are to obtain reasonable assurance about whether the financlal statements as a whole are free from materlal misstatement, whether due to fraud or error, and to issue an auditor's report that Includes our opinion. Reasonable assurance Is a high level of assurance but is not a guarantee that an audit conducted In accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material If, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these flnancial statements.
A further description of our responsibilities for the audit of the financial statements Is located on the Financlal Reporting Council's website at: [www.frc.org.uk/auditorsresponslbilities]. This description forms part of our audltor’s report.
THE BISWAS FOUNDATION
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(A Company LImIted by Guarantee)
30 September 2020
INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF THE BISWAS FOUNDATION (contlnued)
Use of our report
This report Is made solely to the Charity’s members, as a body, In accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Chartty’s members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Charity’s members as a body, for our audit work, for thls report, or for the opinions we have formed.
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Stephen O'Brien FCA Senior Statutory Auditor for and on behalf of O'Brian & Co Statutory Auditor Chartered Accountants 31A Finkle Street SELBY YO8 4DT
20 July 2021
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THE BISWAS FOUNDATION (A Company Limited by Guarantee)
STATEMENT OF FINANCIAL ACTIVITIES
(Including Income and expenditure account) for the year ended 30 September 2020
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|2020|2019|
|Note|£|£|
|INCOME|
|Donations|3|9,000|8,410|
|Income from|Charitable|Activities|
|investment|Income|4|1,117,267|1,124,961|
|Total Income|1,126,267|1|133,361|
|EXPENDITURE|
|Expenditure on|Charitable Activities|5|894,650|711,646|
|Total|Expenditure|894, 650|711,646|
|Net Income|231,617|421,715|
|Value Adjustments on|Freehold|
|Investment|Property and on Investments|8|1,085,544|1,713,200|
|Nat|Income|and|net|movement|
|in funds|for the year|g|1,317,164|2,134,915|
|Reconcillation|of Funds|
|Total|Funds|brought forward|16,461,797|13,326,882|
|Total|Funds carrled forward|18|16,778,968|15,461 797|
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The statement of financial activities Includes ail gains and losses recognised In the year.
All incoming resources and resources expended derive from continuing activities.
The notes on pages 14 to 19 form part of these financial statements.
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THE BISWAS FOUNDATION (A Company Limited by Guarantees)
BALANCE SHEET 30 September 2020
| 2020 | 2019 | |||||
|---|---|---|---|---|---|---|
| note | £ | £ | £ | £ | ||
| FIXEDASSETS | ||||||
| Freehold InvestmentProparty lavestments Total FixedAssets |
13 14 |
19,380,000 799,843 20,170,843 |
18,333,000 0 18,333,000 |
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| CURRENTASSETS | ||||||
| Debtors CashatBank& InHand |
16 | 56,416 303,625 360,044 |
73,849 1,027,144 1,100,993 |
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| CREDITORS: amounts fallingdue | ||||||
| withinoneyear | 18 | 228,008 | 215.920 | |||
| NETCURRENT ASSETS | 132,033 | 885,073 | ||||
| 20,311,876 | 19,218,073 | |||||
| CREDITORS: amounts fallingdue | ||||||
| aftermorethanoneyear | 17 | 3,532,018 | 3,756,276 | |||
| TOTAL ASSETSLESSCURRENTLIABILITIES | 16,778,958 | 46,464,707 | ||||
| FUNDS | ||||||
| UnrestrictedFunds | 18 | 16,778,968 | 15,461,797 |
The accounts are prepared in accordance with the spacial provisions ralating to small companies within Part 16 of the Companies Act 2006,
These financial statements were approved by the Board of Directors on 20 July 2021 and signed on Its behalf by: Lb7 DR N BISWAS Director
Company no: 06687075
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THE BISWAS FOUNDATION
(A Company Limited by Guarantee)
CASH FLOW STATEMENT For the year ended 30 Septambar 2020
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|2020|2019|
|note|£|4|£|&|
|Cash|generated|by operating|activities|18|220,883|384,426|
|Cash|flows from|Investing|activities|
|Receipte from|sale|of frealold|inveatmant|proparty|)|862,497|
|Purchase of investments|(761 200|)|0|
|Caah|(outflow)|/ Inflow from|Investing|activities|(761,299|)|662,497|
|CashRepayment flows of from borrowlngs financing activities|(183,113)|(175,263)|
|Cash|used|in financing|activities|(183,413)|(178,263)|
|(Decrease)/ Increase|In|cash and cash|
|equivalents|in the year|(723,619)|871,860|
|Cash and cash equivalents at the|
|beginning|of the year|1,027,144|155,484|
|Total cash and cash equivalents at the|
|end of the year|303,625|1,027,144|
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THE BISWAS FOUNDATION (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS 30 September 2020 4 ACCOUNTING POLICIES
The principal accounting policles are summarised below. The accounting palicias have bean applied consistently throughout the year and In the preceding year.
Basis of preparation
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 Finanolal Reporting Standard applicable In the UK and Republic of lraland (FRS 102) (effective 1 January 2016) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable In the UK and Republic of Ireland (FRS 102) and the Compantes Act 2008, The Biswas Foundation 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 polley notes.
Golng Concern
The directors consider that there are no material uncertainties about the charitable company's, ability to continue as a going concern, The trustees do not consider that there ara any sourees of estimation Uncertainty at the reporting date that have a significant risk of causing a material adjustment to the carrying amounts of assets and flabllitles within the next reporting period.
Income Recognition Policies
items of Income are recognised and Included In the accounts when all of the following criteria are mat:
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« The charity has entitlement to the funds;
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any performance conditiona attached to the Item(s) of Income have been mat or are fully within the control of the charity;
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e there is sufficient certainty that recalpt of the income {s considered probable; and @ the amount can be measured reliably.
Donated Services and Facilities
Donated services or facilities are recognised as Income when the charity has contro! over the item, any conditlons associated with the donated Itam have been met, the receipt of economic benefit from the use by the charity of the item Is probable and that economic benefit can be measured rellably. On racelpt, donated services and facilities are racognisad on the basis of the value of the gift to the charity which is the amount the charity would have been willing to pay to obtain services or facilites of equivalent economic banafit on the opan market; @ corresponding amount is then recognised In expenditure In the period of recelpt.
Interest Racelvable
Interest on funds held on deposit Is included when receivable and the amount can be measured rellably by the charity; this is normally upon notification of the Interest pald or payable by the Bank,
Fund Accounting
Funds held by the charity are unrestricted genera! funds. These are funds which can be used in accordance with the charitable objects at the discretion of the trustees.
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THE BISWAS FOUNDATION (A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS (continued) 30 September 2020
ACCOUNTING POLIGIES (continued)
Expenditure and Irrecoverable VAT
Expenditure |s recognised onoe there is a legal or constructive obligation to make @ payment to a third party, it Is probable that settlament will be required and the amount of the obligation can ba measured reliably.
Expenditure on charitable activities includes the costs of providing staff who carry out the work of the cherlty and thelr associated support cosis, irrecoverable VAT la charged as a cost agalnst the activity for which the expenditure was inourred.
Allocation of Support Costs
Support costs are those functions that assist the work of the charlty but do not directly undertake charitable activities, Support costs Include back office costs, finance, personnel, supportpayroll andcosts governanc have ba e costan allocated whichare supportset ou t hein cn o mpany’sta 6, actlvitles, The bases on which
Freehold
The Investment Property Investment properties held as fixed assets are valued at thelr fair value at the balance sheet dats and any unrealised gains or losses are recognised In the Income and Expenditure Account,
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Investments
Investments are shown at fair value at the balance sheet date, Realised and unrealised gains on Investments are recognised in the Income and Expenditure Account.
Debtors
Trade and othar debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepald after taking account of any trade discounts due,
Cash at Bank and In Hand
Gash at bank and oaah in hand Is in respeot of bank balances.
Creditors and Provisions
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 thelr setilament amount after allowing for any trade discounts due.
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Financlai Instruments
The charity only has flnanclal assets and flnanclal llabilitles of a kind that quallfy as basic financlal Instruments, Basic financlal Instruments are Initlally recognised at transaction value and subsequently measured at thelr settlement value with the exception of bank loans which are subsequently measured at the carrying value plus accrued interest less repayments.
,
Significant Judgements and Estimates
In applying lis accounting policies the company did not have to make any signifloant Judgements. or estimates
THE BISWAS FOUNDATION {A Company Limited by Guarantee)
16
NOTES TO THE FINANCIAL STATEMENTS (continued) 30 September 2020
,
2 LEGAL STATUS OF THE FOUNDATION
The Foundation is a company ilmited by guarantee and has no share capital. In the event of the charity baing wound up, the liabllity In respect of the guarantee is limited to £10 per member of the charity,
| 3 | DONATIONS RECEIVED | 2020 £ |
2018 £ |
||
|---|---|---|---|---|---|
| DrNBiswas: gifts Inkind | 9,000 | 8,410 | |||
| DrN Biswas personally Incurred expenditure | of£9,000on | behalfoftha | charity. | ||
| 4 | INVESTMENTINCOME Rental Income |
2020 £ 4,417,267 |
2019 £ 1,124,951 |
||
| ) | ANALYSISOFEXPENDITUREONCHARITABLEACTIVITIES | ||||
| DonationsMade (see note 7) | Invastment Properties Coste 2020 £ 0 |
Donatlons Made 2020 £ 235,208 |
Total 2020 £ 235,208 |
||
| Agents' Commission | 88,607 | 0 | 88,607 | ||
| Property Maintenance | 197,369 | ) | 197,369 | ||
| PropertyCleaning & Gardening Insurance Licences |
26,630 16,005 1,000 |
0 0 0 |
25,630 16,005 1,000 |
||
| Counclt Tax&Water | 18,051 | 0 | 18,081 | ||
| Light& Heat MotorExpenses Advertlaing Telephone, Print, Postage&Stationery LoanInterest |
50,299 4,600 O7 14,064 186,886 |
0 0 0 7) 0 |
50,299 4,800 e7 14,064 188,886 |
||
| Bank Charges | 25 | 0 | 25 | ||
| Deposit Fees -"MyDeposits" Miscellaneous |
2,800 1,516 |
0 0 |
2,500 4,516 |
||
| Legal & Profasslonal GovernanceCosts (see note8) Support Costs (see note 6) TotalExpenditure |
3,236 6,000 41,577 859,442 |
9) 8) 0 4@35,208 |
3,236 6,000 41,577 864,850 |
|
t t | | | | | 3 |
Coats are dirsotly allocated to aotlvities,
17
7
8
9
THE BISWAS FOUNDATION (A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS (continued) 30 September 2020
6 ANALYSIS OF GOVERNANCE AND SUPPORT COSTS
The company initially tdentifies the costs of its support functions. It then identifies those costs which relate to the governance function. The table below sets out the basis for apportionment and the analysis of support and governance costs.
| Governance | General | Total | Basis of | ||
|---|---|---|---|---|---|
| Function | Support | Apportionment | |||
| £ | £ | £ | |||
| Audit | 6,000 | 0 | 6,000 | actualcosts | |
| Secretarial | 0 | 41,577 | 41,577 | actualcosts | |
| 6,000 | 41,577 | 47,577 | |||
| 2020 | |||||
| ANALYSIS OF DONATIONS MADE | £ | ||||
| The Biswas Educational Foundation | 219,078 | ||||
| Barnados | 130 | ||||
| St Gemma's Hospice | 6,000 | ||||
| St James Liver Research | 5,000 | ||||
| University ofWestern Australia | 5,000 | ||||
| 235,208 | |||||
| VALUEADJUSTMENTS ONREVALUATION | 2020 £ |
2019 £ |
! |
||
| Value Adjustments on Freehold Investment Property (note Value Adjustments on Investments (note 14) |
13) | 1,047,000 38,544 |
1,713,200 0 |
||
| 2020 | 2019 | ||||
| NET INCOME FOR THE YEAR | £ | £ | |||
| is stated after charging / (crediting): | |||||
| Audit | 6,000 | 6,000 | |||
| Defict on disposal of investment properties | 0 | 2,503 | |||
| ValueAdjustmentsonrevaluation | (1,085,544) | (1,713,200) |
STAFF COSTS & NUMBERS
No staff were employed during the year (2019: nil)
10
18
13
14
| | e |
15
THE BISWAS FOUNDATION (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS (continued) 30 September 2020
11 TRUSTEE REMUNERATION & RELATED PARTY TRANSACTIONS
The key management personnel comprige the trustees
No remuneration was paid to any director (2019: ntl), No direotors received any expenses (In 2018 travel expenses of £118 were pald to one director),
Dr N Biswas personalfy Incurred expenditure of £9,000 on behalf of the oharty.
12 TAXATION
As a charity The Biswas Foundation is exempt from tax on Income and gains falllng within seation 506 of tha Taxes Act 1988 or 8286 of the Taxation of Chargeable Gaing Act 1962 to the extent that these are appiled to Its charitable objeots. No tax charges have arisen In the charitable company,
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|---|---|---|---|---|---|
|2020|2019|
|FREEHOLD|INVESTMENT|PROPERTY|&|£|
|Falr Value|at|1|October 2019|18,333,000|17,284,800|
|improvements|at onet|0)|0|
|Leas|disposals|at carrying value|0|(866,000)|
|Add|net gaine|from|falr value adjustments|1,047,000|1,713,200|
|Falr Value|at 30 September 2020|19,380,000|18,333,000|
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The company's freehold properties are subject to a mortgage charge.
The freahold properties were revalued by tha diracters on 30 Saptember 2020 on the baals of axisting use. The freehold properties ware last valued by external valuars in 2014,
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|---|---|---|---|---|---|---|---|---|
|2020|2019|
|INVESTMENTS|£|£|
|Investmente|at coat|784,298|Q|
|Add net galna|from|falr value adjustments|38,844|QO|
|Fair Value at 30 September 2020|790,843|eee|
|The Investments are|In stocks and|shares|in|the|UK and|US|stock|markets.|
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|---|---|---|---|
|2020|2019|
|BEBTORS|£|
|Trade|Debtors|38,501|51,849|
|Other Debtors|17,916|22,000|
|56,418|73,849|
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19
THE BISWAS FOUNDATION
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS (continued)
30 September 2020
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|---|---|---|---|---|---|---|---|---|---|---|
|2020|2019|
|18|CREDITORS:|amounts|falling dus|within one year:|€|g|
|Trade|Craditore|36,719|64,876|
|Bank Loans|191,289|151,044|
|228,008|218,920|
|The|bank loans|are|eecured|by a charge|over the company's|fixed|agset|Investments.|
|The|company has|taken|out 4 bank|loans,|At 30|September 2020|tha|loan|detalls|were:|
|£2,784,780|with|Interest|at a|fixed|rate|of 8.52%|
|£355,369|with|a variable|interest|rate,|currently 3.26%|
|£189,323|with|a|variable|Interest|rate,|currently 3.25%|
|£304,765|with|a|variable|Interest|rate,|currently 3.26%|
|2020|2019|
|17|CREDITORS:|amounts falling after more than one year:|£|£|||
|Bank Loans|(for interast terms see note 16)|3,532,018|3,756,276|||
|The bank loans are secured|by # charge over the company’s|fixed|asset|investments.|||
|Analysis|of bank|loan|repayments|
|£|£|
|instalments|which|fall|due|for payment|after more than|5 years|2,874,982|3,212,576|
|18|UNRESTRICTED|FUNDS|£|
|At1 October 2019|16,461,787|
|Incomlng|Resources|2,211,814|
|Resources|Expended|(894,650)|
|At 30 September|2020|18,776,968|
|19|RECONCILIATION|OF NET MOVEMENT|IN|FUNDS TO|NET|CASH|FLOW FROM|OPERATING|
|ACTIVITIES|
|Reconciliation|of Operating|Profit|to|Net|2020|2019|
|Cash|Inflow from|Operating|Activities|£|£|
|Net mevemeant|In funds|4,317,161|2,134,916|
|Defict on|disposal|of freehald|Investment|properties|0|2,503|
|Value Adjustments|(1,088,644)|(1,713,200)|
|Decrease|/|(Increasa)|In|dabtors|17,433|(73,849)|
|(Decrease)/|Increase|in|creditors|(28,157)|34,057|
|Net cash used|in|operating|activities|220,893|384,426|
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20
THE BISWAS FOUNDATION (A Company Limited by Guarantee)
DETAILED INCOME & EXPENDITURE ACCOUNT 30 September 2020
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|---|---|---|---|---|
|2020|2018|
|INCOME.|£|£|£|£|
|Donations|g,000|8,410|
|Rents|1,417,267|1,124,981|
|Total|Income|1,126,287|1,133,364|
|EXPENDITURE|
|Donations|Made|238,208|||
|Agents’|11,130|
|Commission|88,807|94,920|
|Property Maintenance|197,369|157,927|
|Property Cleaning & Gardening|26,630|34,483|
|Ingurange|18,095|13,228|
|Licences|1,000|17,025|
|Counoil Tax & Water|18,081|26,453|
|Light & Heat|50,209|74,937|
|Motor Expenses|4,500|4,000|
|Advertising|97|659|
|Telephone,|Print,|Postage & Stationery|14,084|22,098|
|Loan|Interest|188,886|204,393|
|Bank Charges|25|30|
|Depoalt|Fees|- "My Deposits"|2,600|2,481|
|Secretarial|41,677|32,414|
|Miscellaneous|1,516|3,567|
|Lagal & Profesalonal|3,238|4,423|
|Audit|6,000|6,000|
|Defict/(Surplua) on|disposal|of Investment propertias|0|2,503|
|Total Expenditure|884,660|711,646|
|Value Adjustments|on|Freshald|231,617|421,716|
|Inveatmant|Property and on|Investmenta|1,085,544|1,713,200|
|Net aurplue for the year|1,317,161|2,134,015|
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