Registered number: 06038553 Charity number: 1135224
Maharashtra Mandal UK Ltd (A company limited by guarantee)
Unaudited
Trustees' report and financial statements
For the Year Ended 31 October 2022
Maharashtra Mandal UK Ltd (A company limited by guarantee)
Contents
| Page | |
|---|---|
| Reference and administrative details of the Company, its Trustees and advisers | 1 |
| Trustees' report | 2 - 7 |
| Independent examiner's report | 8 |
| Statement of financial activities | 9 |
| Balance sheet | 10 - 11 |
| Notes to the financial statements | 12 - 20 |
| The following pages do not form part of the statutory financial statements: | |
| Charity Detailed income and expenditure account and summaries |
Maharashtra Mandal UK Ltd (A company limited by guarantee)
| Reference | and administrative details of the Company, its Trustees and advisers | |
|---|---|---|
| For the Year Ended 31 October 2022 | ||
| Trustees | Govind Shankar Kanegaonkar, Trustee (appointed 18 June 2022) | |
| Sushil Waman Gaikwad, Trustee (appointed 18 June 2022) | ||
| Pradeep Vishwanath Mohile, Trustee (appointed 18 June 2022) | ||
| Vaibhav Ramesh Khandge, Trustee (appointed 18 June 2022) | ||
| Vasant P Ranade, Finance Trustee (appointed 1 July 2023) | ||
| Company registered | ||
| number | 06038553 | |
| Charity registered | ||
| number | 1135224 | |
| Registered office | 306 Dollis Hill Lane | |
| Cricklewood | ||
| London | ||
| NW2 6HH | ||
| Accountants | Mantax Lynton | |
| Chartered Accountants | ||
| 2nd Floor Equitable House | ||
| 7 General Gordon Place | ||
| London | ||
| SE18 6FH |
Page 1
Maharashtra Mandal UK Ltd (A company limited by guarantee)
Trustees' report For the Year Ended 31 October 2022
The Trustees present their annual report together with the financial statements of the Maharashtra Mandal UK Ltd for the year 1 November 2021 to 31 October 2022. The Annual report serves the purposes of both a Trustees' report and a directors' report under company law. The Trustees confirm that the Annual report and financial statements of the charitable company comply with the current statutory requirements, the requirements of the charitable company's governing document and the provisions of the Statement of Recommended Practice (SORP) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (effective 1 January 2019).
Since the Company qualifies as small under section 382 of the Companies Act 2006, the Strategic report required of medium and large companies under the Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013 has been omitted.
Structure, Governance and Management
The charity is a company limited by guarantee incorporated on 2nd January 2007 and is governed by the memorandum and articles of association incorporated on 16th May 2009 as amended by the special resolution of 23rd February 2010. The company was granted charitable status on 26th March 2010. The memorandum and articles of association of the company were further updated and amended on 5th March 2014.
The company is controlled by another entity Maharashtra Mandal London which has similar charitable activities and common trustees. As per Articles of Association every member of Maharashtra Mandal London is also a member of the company.
The organisation structure of the Company consists of Board of Trustees (BOT) who are responsible for the finances, investments and custody of its funds and property.
The trustees who are also directors for the purposes of company law, and who served during the year and up to the date of signature of the financial statement were:
Govind Shankar Kanegaonkar, Chairman (appointed on 18 June 2022) Sushil Waman Gaikwad , Trustee (appointed on 18 June 2022) Vaibhav Ramesh Khandge , Trustee (appointed on 18 June 2022) Pradeep Vishwanath Mohile, Trustee (appointed on 18 June 2022) Vasant Purushottam Ranade, Trustee (appointed on 1 July 2023) Manik Bapat , Trustee (Resigned on 18 June 2022) Anand Gadre, Trustee (Resigned on 18 June 2022) Nina Joshi, Trustee (Resigned on 18 June 2022) Prerana Phadnis, Trustee (Resigned on 18 June 2022) Rajeev Subhedar, Trustee (Resigned on 18 June 2022)
The present Trustees were appointed on 18 June 2022 at a Special General Meeting (SGM) unless otherwise stated.
We have inherited many important tasks on this 90th year of the Mandal which are explained below. The Following portfolios were allocated:
Chair Trustee : Govind Kanegaonkar Building Trustee: Sushil Gaikwad Finance Trustee: Vasant Ranade (appointed 01 April 2023); Pradeep Mohile (18 June 2022 – 01 April 2023) Fund Raising Trustee: Vaibhav Khandge NextGen Trustee: Pradeep Mohile (appointed 01 April 2023)
A nomination committee is appointed who are responsible to scout for the appropriate trustee candidates and
Page 2
Maharashtra Mandal UK Ltd (A company limited by guarantee)
Trustees' report (continued) For the Year Ended 31 October 2022
after interviewing them and depending on their qualifications, experience and commitment invite them to join the board of trustees. After the incumbent has accepted the invitation, the nomination committee then recommend them to the General Body for their approval of trustee appointment in the members Annual General meeting. None of the trustees has any beneficial interest in the company. All trustees are members of the company and guarantee to contribute £1 in the event of a winding up.
Objectives and activities
a. Policies and objectives
The charity's objects are, inter alia:
-
To advance education in Marathi culture, language, music, dance and art amongst Marathi speaking people, their spouses and descendants (hereinafter referred to as Maharashtrians) through the provision of centre, library, exhibitions, displays and other facilities and activities.
-
To advance religion amongst Maharashtrians.
-
To preserve and protect good health and to relieve sickness and poverty amongst Maharashtrians.
-
To do all such activities that will help Maharashtrians to integrate with British culture and society such that Maharashtrians are benefited by best of both cultures and make their living in the United Kingdom a fulfilling journey. Such activities may not only be traditional Maharashtrian but in the spirit of aforesaid object could cover activities like Sports Club, Education courses, celebration of British national days and so on. This list is not exhaustive and may cover activities that are in the spirit of mutually beneficial cultural co-existence.
In setting objectives and planning for activities, the Trustees have given due consideration to general guidance published by the Charity Commission relating to public benefit, including the guidance 'Public benefit: running a charity (PB2)'.
Page 3
Maharashtra Mandal UK Ltd (A company limited by guarantee)
Trustees' report (continued) For the Year Ended 31 October 2022
Objectives and activities (continued)
b. Activities undertaken to achieve objectives
Freehold of the Maharashtra Mandal London Building
Church of England Diocese have agreed to sell the freehold of our building with a price tag of £375,000. They also expressed urgency to complete the process as soon as possible. As a result, fund raising became an urgent priority. The Previous trustees had raised an amount of £33,233. Vaibhav Khandge, Fund Raising Trustee, is working hard, and spending considerable time and energy to achieve the goal. Please view the donation appeal for full details.
There is high possibility that there will be success to his efforts. Trustees are aware that there is still some work to do in this area.
Building Management and maintenance
We don’t have a full-time caretaker for the Mandal, so we were encountering difficulties for opening and closing the Mandal or giving access to a third party or members. As a result, to resolve this issue, we installed electronic Access Control & Security System, which allows us to control the access and security of the Mandal remotely. The system is a security solution that permits and prevents access to Boiler Maintenance.
Out of two boilers, only one boiler system works due to a lack of gas pressure and other technical issues. The boiler engineer advised us to change the gas pipe, some of the radiators, and broken pipes. He has recommended installing an industrial boiler as the two current domestic boilers are not suitable for the size of this Building. The estimated cost to repair the heating system is between £10000 to £15,000.
We have installed six electric halogen heaters in the Mandal to resolve the heating issues for now.
Plumbing issues
We had some plumbing issues in the kitchen and bathroom, which have been temporarily resolved.
Electrical Safety
An Electrical Installation Condition Report (EICR) is carried out to assess the safety of the existing electrical installation within a property. The system's reported parts include consumer units, protective bonding, lighting, switches and sockets, etc. Its purpose is to confirm as far as possible whether or not the electrical installation is in a safe condition for continued service. There are no items adversely affecting electrical safety; however, they have made some 18 recommendations for action which will be progressed in due course of time.
Other Building works
Flat Roof leakage repairs: This has been a source of considerable issues since Mandal has been at this building. There have been several attempts to rectify it by variety of ways in past. But the problem reappears frequently. We are looking to repair it long term.
External stairs: There is a requirement to ensure that the vision-impaired stair nosing needs to be installed as a safety requirement.
Front right-side wall : At the bottom of stairs as you are facing the front of the Building. The soil is putting pressure on the wall and can give way at any time.
Basement damp: Estimated Cost of repairs: £20,000 to £25,000.
Page 4
Maharashtra Mandal UK Ltd (A company limited by guarantee)
Trustees' report (continued) For the Year Ended 31 October 2022
Objectives and activities (continued)
c. Main activities undertaken to further the Company's purposes for the public benefit
The trustees have complied with their duty in section 17 of the Charities Act 2011 to have due regard to the guidance published by the Charity Commission.
Achievements and performance
a. Key performance indicators
This year, the hall hire income improved compared to last year as covid restrictions were gradually lifted during the year. We have two main hirers RC Church and Kumon and some adhoc hire income. It has been our priority to keep users safe and we have been vigilant in updating our hirers about changes to government guidelines.
Overall income in 2022 was much reduced compared with 2021 which was inflated by the extraordinary response to the Maharashtra covid fund. Otherwise we were able to put on more fund raising events this year as covid restrictions were lifted. Like everyone else, we were hit by soaring utility bills which increased by 232% over the previous year. Nevertheless our overall performance was in line with previous years.
Financial review
a. Going concern
After making appropriate enquiries, the Trustees have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. Also, Maharashtra Mandal London (MML), a charity under common control by the same Trustees, has agreed to provide financial assistance to the company to enable it to continue to trade for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the accounting policies.
b. Reserves policy
It is the policy of the charity that unrestricted funds which have not been designated for a specific use should be maintained at a level equivalent to between three- and six-month’s expenditure. The trustees consider that reserves at this level will ensure that, in the event of a significant drop in funding, they will be able to continue the charity’s current activities while consideration is given to ways in which additional funds may be raised. This level of reserves has been maintained throughout the year.
c. Principal risks and uncertainties
The trustees have assessed the major risks to which the charity is exposed and are satisfied that systems are in place to mitigate exposure to the major risks.
d. Principal funding
Apart from income from hall hire, the main funding for the company are received from Maharashtra Mandal London (MML), which is a registered charity with Charity Commissions and under the management of common Trustees. During the year, MML provided donations of £31,000 (2021: £88,278) to the company.
Structure, governance and management
Page 5
Maharashtra Mandal UK Ltd (A company limited by guarantee)
Trustees' report (continued) For the Year Ended 31 October 2022
Structure, governance and management (continued)
a. Constitution
Maharashtra Mandal UK Ltd is registered as a charitable company limited by guarantee and was set up by a Trust deed.
b. Methods of appointment or election of Trustees
The management of the Company is the responsibility of the Trustees who are elected and co-opted under the terms of the Trust deed.
c. Pay policy for key management personnel
Trustees and key management personnel do not take any remuneration from the company.
d. Financial risk management
The Trustees have assessed the major risks to which the Company is exposed, in particular those related to the operations and finances of the Company, and are satisfied that systems and procedures are in place to mitigate exposure to the major risks.
Funds held as custodian
The charity does not hold any funds as custodian.
Members' liability
The Members of the Company guarantee to contribute an amount not exceeding £1 to the assets of the Company in the event of winding up.
Page 6
IAcompany Ilmilod by Tru8te•5' rnport Itontinu•<ll Fortho Y•4r End•d 31 Octob•r 2022 8tat•monl of Tru•lws' MPbIlItI Tho Tru8ta86 (who arn 0 the dkectcts of thè Ccynpany for th8 rpO of company12) are re5ptrA5 for preparlThJ tho TwBteeg' report the Ilnanal ststnts in a(rar applicablg law and Unitsd Stsndards (United Klngdcrfn Generaltywed knunllng Pracllce C(Nnpany law requk85 tr Trnee8 trj pr8p8re ffin8na81 statements for each linaral r. Under eomp8ny . the Trustees must not approve the finaThJ•l statements unles5 thgy arg $8tsfigd that they gfv8 8 tru# •nd viw of the sLo of affa1 of the Company and of 5ts Irmmlng rvtsours and 8&F4iralion of r•$our¢es, Indj Is inKffne 8fKI exp9rKIr9. for that Porwjd. In prepartng Use Ilnandal statements, the Tru818è8 are r¢quwed t.. 86IB¢i sultatle accontIng pc4td8S thon apply thTh (rAst. observe the methods 8fKI prinaPS of the Chaiibgs SORP {FRS 102): make judgm8nts and tun11ng e51imates Ihat are reasonable arml prudeTri' state vhther aPb[8 UK Accountir4J St8ndards {FRS 1021 have been 1<Y, $ubJ8cl kn any Trteri dep8$ disrkned exIad In the financJal 8taternnts; prepore th• ffinandal 8tatwnent8 the wAng o)rbeem unle?8 it is Y4)prwts ID presum• that Ihe cnY wll conllme kn bu¥lne Tho TrLthèts are responslNe for keeping •Jequate acCountW rOCANd8 that yuffldgnl to and ewain lh• Compgnls trans8ctions and di¥close lIh reasonalle racY at any time the finandal SitIOn of lh8 Company * erb49 thgrn to ensuyo that th8 finanoal 3latements ccrfnply wilh Ihe cOmparM Act 2(. Th are also reSpILle for saf&Juardkng the a880ts of th8 cPanY and h8nr for taklno reawnatle steps th8 Fèvertk)n and detecamin of fY•KI and cthgr iffegularitio 04*d lryorfgr of tho rnombors 01 th• board ot TnJst6es on 28 JLty 2023 8MI on th81r beh41 by. 'Mr GeNlnd S Kanegao Ch&lrman Pago 7
Maharashtra maThd UK Ltd IA ¢ompary limited by guarante•) Independent examln•rfs report Forthe Year Ended 31 October 2022 In¢kpendenl examinerfs report kn the Tru$t995 of Maharashtra Mandal UK Ltd fthe Compan I report lo the charmy Trustees on my examination of the aivjunts of the Company for the year ended 31 October 2022. Responsibillties and basis of report AS the Trustees of Ihe Company land its directors for the purposes of r>)mpany lawl you are reSponsie for the preparation of the accounts in aCrdan with the requlrements of Ihe Companies Act 20061'lhe 2CIJ6 Acr}. Having satisfied mysew Ihal the accounts of the Company are not required to be audited under Part 16 of Ihe 2006 Act and are eligibie for indendent examination, I reFQrt in resp8d of my examinafjon of the Companls V4¢¢0unts carried out under sOn 145 of the Charities Act 2011 1'th8 2011 ACVI. In ¢arrwng out my examination I have followed the DirectKins gNen by the ChY Commission urnler sedion 14515)Ibl of the 2011 Act. Independent examlns statement I have completed my examin8t¥)n. I confirm that matters have c4)me to my 8ttentbn In c<)nnect with Ihe examination givry me cause to believe: acCAnI1J records were not kept in respect of the Comppjny as required by section 386 of the 2006 Act. Ihè a{1Un do not a[d wth Ilkise rerAirds: or the a¢count8 do not conwly wth the accounllng r4ulrements of section 396 of the 2006 Act other Ihan any requiremènt that the accc4Jnts glve 8 YrL and f8irf which 1$ not a matter consldered as part of an Indendent examinats"' or the accounts have not teen prepared kn aCrdan with the melhod8 and prinrAple8 of the Statement of Recommended Practice for accounting and reporting by ¢harilio$ lapplicable to tharltles preparing theii acUnts in accoTdance Mth the FinancAal ReportirKJ Standaid applicable in the UK and Republic of Ireland {FRS 10211- I have no concems and have rne across no other matters in cxmnectlon wkh the examlnation lo whh attentN)n should be dravm in this report in order to enable a proFer UndendIng of the sOUnt8 to be reached. This report is made solely lo the CompanWs Tyuslees, as a body, in accordance wilh Part 4 of the CharRles {ACUnts and Rep)rtsl Regulations 2008. My I11k ha8 been undertaken so that I might stala to the Companys Trustees those matters l am required lo slate to them in an IndeFendenl examlnerfs report and for no other purpose. To the fullest extent pemitied by law. I do not accept or assume responsibility to anyone other than the Company an e CompanYs Trustees a dy. for my work or lor this report. Signed". Janak Raj Pokhrel ACA , Mantax Lynlon Chartered Acu)unlants 2nd Floor Equitable House 7 General Gordon Place London SE18 6FH Dated: 31 Juty 2023 CCA Page 8
Maharashtra Mandal UK Ltd (A company limited by guarantee)
Statement of financial activities (incorporating income and expenditure account) For the Year Ended 31 October 2022
| Note Income from: Donations and legacies 3 Hall hire income 4 Other income 5 Total income Expenditure on: Charitable activities 6 Total expenditure Net movement in funds Reconciliation of funds: Total funds brought forward Net movement in funds Total funds carried forward |
Unrestricted funds 2022 £ 35,886 34,194 22 70,102 69,648 69,648 454 242,966 454 243,420 |
Total funds 2022 £ 35,886 34,194 22 70,102 69,648 69,648 454 242,966 454 243,420 |
Total funds 2021 £ 115,579 23,473 - |
|---|---|---|---|
| 139,052 | |||
| 138,073 | |||
| 138,073 | |||
| 979 | |||
| 241,987 979 |
|||
| 242,966 |
The Statement of financial activities includes all gains and losses recognised in the year.
The notes on pages 12 to 20 form part of these financial statements.
Page 9
(A company limited by guarantee) Registered number: 06038553
Maharashtra Mandal UK Ltd
Balance sheet As at 31 October 2022
| Note 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 Net assets excluding pension asset Total net assets Charity funds Restricted funds 13 Unrestricted funds 13 Total funds |
45,201 47,159 92,360 (37,630) |
2022 £ 188,690 188,690 54,730 243,420 243,420 243,420 - 243,420 243,420 |
4,746 67,042 71,788 (26,590) |
2021 £ 197,768 |
|---|---|---|---|---|
| 197,768 45,198 |
||||
| 242,966 | ||||
| 242,966 | ||||
| 242,966 | ||||
| - 242,966 |
||||
| 242,966 |
Page 10
Il•hara8htrd Mandal UK Ltd IA company Ilmll•d by guarnntee) Regi8t•rthl numbor. 06038563 Balan 8heet l¢ontlnued> A8 at 31 OCtor 2022 Th• Cryny was entitied to exemption from aLKlit under $tKIrt 477 ofthe ¢panIeS Ad 201%. The member8 not rgqulrod the (*mp8ny lo 4)btain an 8utht for the ar in queslion in a¢an¢t tK)n 476 of Corry)anE8 Act 2OJ6. The Trustees aCknedge thair responsibilities for eomplywyd With the roquirernents of tha Acl with reyct tts aw)untw records preparan offinancial Btat•)ients. Th8 financ sta19men15 have been prepared in awrdarfft tmth the provisw)ns awicable to en16ti85 suble¢l to the small corTwanies regime. The fin&nc4818tslements were apwoved and aulhorwd for issue by the Tryt and Signed on the¥ ¢haIl by: Mr Prad8•p V Mohl (Twsiee) Date.. 28 July 2023 The on pag•s 12 to 20 fomi wt ofthese financial slatvfients. P8ge11
Maharashtra Mandal UK Ltd (A company limited by guarantee)
Notes to the financial statements For the Year Ended 31 October 2022
1. General information
Maharashtra Mandal UK Ltd is a private company limited by guarantee incorporated in England and Wales. The registered office is 306 Dollis Hill Lane, London, NW2 6HH. The charity meets the definition of a public benefit entity under FRS 102.
2. Accounting policies
2.1 Basis of preparation of financial statements
The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.
Maharashtra Mandal UK Ltd meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.
2.2 Income
All income is recognised once the Company has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.
The recognition of income from legacies is dependent on establishing entitlement, the probability of receipt and the ability to estimate with sufficient accuracy the amount receivable. Evidence of entitlement to a legacy exists when the Company has sufficient evidence that a gift has been left to them (through knowledge of the existence of a valid will and the death of the benefactor) and the executor is satisfied that the property in question will not be required to satisfy claims in the estate. Receipt of a legacy must be recognised when it is probable that it will be received and the fair value of the amount receivable, which will generally be the expected cash amount to be distributed to the Company, can be reliably measured.
Grants are included in the Statement of financial activities on a receivable basis. The balance of income received for specific purposes but not expended during the period is shown in the relevant funds on the Balance sheet. Where income is received in advance of entitlement of receipt, its recognition is deferred and included in creditors as deferred income. Where entitlement occurs before income is received, the income is accrued.
Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable.
2.3 Expenditure
Page 12
Maharashtra Mandal UK Ltd (A company limited by guarantee)
Notes to the financial statements For the Year Ended 31 October 2022
2. Accounting policies (continued)
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use.
Expenditure on charitable activities is incurred on directly undertaking the activities which further the Company's objectives, as well as any associated support costs.
All expenditure is inclusive of irrecoverable VAT.
2.4 Tangible fixed assets and depreciation
Tangible fixed assets costing £NIL or more are capitalised and recognised when future economic benefits are probable and the cost or value of the asset can be measured reliably.
Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into its intended working condition should be included in the measurement of cost.
Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives, .
Depreciation is provided on the following bases:
Long-term leasehold property - Over the term of the lease - Fixtures and fittings 33.33% p.a. on a straight line basis - Computer equipment 33.33% p.a. on a straight line basis
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of financial activities.
2.5 Debtors
Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.
2.6 Cash at bank and in hand
Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.
Page 13
Maharashtra Mandal UK Ltd (A company limited by guarantee)
Notes to the financial statements For the Year Ended 31 October 2022
2. Accounting policies (continued)
2.7 Liabilities and provisions
Liabilities are recognised when there is an obligation at the Balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.
Liabilities are recognised at the amount that the Company anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.
Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Statement of financial activities as a finance cost.
2.8 Financial instruments
The Company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.
2.9 Fund accounting
General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Company and which have not been designated for other purposes.
Investment income, gains and losses are allocated to the appropriate fund.
3. Income from donations and legacies
| Unrestricted funds 2022 £ Donations 31,886 Grants 4,000 Total 2022 35,886 Unrestricted funds 2021 £ |
Total funds 2022 £ 31,886 4,000 |
|---|---|
| 35,886 | |
| Total funds 2021 £ |
Page 14
Maharashtra Mandal UK Ltd (A company limited by guarantee)
Notes to the financial statements For the Year Ended 31 October 2022
3. Income from donations and legacies (continued)
| Unrestricted funds 2021 £ Donations 88,293 Grants 27,286 Total 2021 115,579 4. Investment income Unrestricted funds 2022 £ Hall Hire income 34,194 Unrestricted funds 2021 £ Hall Hire income 23,469 Interest 4 Total 2021 23,473 5. Other incoming resources Unrestricted funds 2022 Total funds 2022 £ £ Other incoming 22 22 |
Total funds 2021 £ 88,293 27,286 |
|---|---|
| 115,579 | |
| Total funds 2022 £ 34,194 |
|
| Total funds 2021 £ 23,469 4 |
|
| 23,473 | |
| Total funds 2021 £ - |
Page 15
Maharashtra Mandal UK Ltd (A company limited by guarantee)
Notes to the financial statements For the Year Ended 31 October 2022
6. Analysis of expenditure on charitable activities
Summary by fund type
| Unrestricted funds 2022 £ Support costs 58,167 Event costs 11,481 Total 2022 69,648 Unrestricted funds 2021 £ Support costs 44,795 Direct costs 93,278 Total 2021 138,073 |
Total 2022 £ 58,167 11,481 |
|---|---|
| 69,648 | |
| Total 2021 £ 44,795 93,278 |
|
| 138,073 |
7. Analysis of expenditure by activities
| Charitable activities - support cost Charitable activities - event costs Total 2022 |
Activities undertaken directly 2022 £ - 11,481 11,481 |
Support costs 2022 £ 58,167 - 58,167 |
Total funds 2022 £ 58,167 11,481 |
|---|---|---|---|
| 69,648 |
Page 16
Maharashtra Mandal UK Ltd (A company limited by guarantee)
Notes to the financial statements For the Year Ended 31 October 2022
8. Independent examiner's remuneration
| 2022 | 2021 | |
|---|---|---|
| £ | £ | |
| Fees payable to the Company's independent examiner for the independent | ||
| examination of the Company's annual accounts | 1,075 | 750 |
9. Trustees' remuneration and expenses
During the year, no Trustees received any remuneration or other benefits (2021 - £NIL) .
During the year ended 31 October 2022, no Trustee expenses have been incurred (2021 - £NIL) .
10. Tangible fixed assets
| Cost or valuation At 1 November 2021 Additions Disposals At 31 October 2022 Depreciation At 1 November 2021 Charge for the year At 31 October 2022 Net book value At 31 October 2022 |
Long-term leasehold property £ 190,200 - - 190,200 25,455 2,151 27,606 162,594 |
Fixtures and fittings £ 124,263 3,265 - 127,528 91,240 11,185 102,425 25,103 |
Computer equipment £ 905 1,083 (90) 1,898 905 - 905 993 |
Total £ 315,368 4,348 (90) |
|---|---|---|---|---|
| 319,626 | ||||
| 117,600 13,336 |
||||
| 130,936 | ||||
| 188,690 |
Page 17
Maharashtra Mandal UK Ltd (A company limited by guarantee)
Notes to the financial statements For the Year Ended 31 October 2022
11. Debtors
| Due within one year Trade debtors Other debtors Grants receivable |
2022 £ 9,732 3,445 32,024 45,201 |
2021 £ 3,996 750 - |
|---|---|---|
| 4,746 |
12. Creditors: Amounts falling due within one year
| Trade creditors Other creditors Accruals and deferred income Covid fund disbursement outstanding |
2022 £ 12,614 501 1,000 23,515 37,630 |
2021 £ - 1,075 2,000 23,515 |
|---|---|---|
| 26,590 |
Page 18
Maharashtra Mandal UK Ltd (A company limited by guarantee)
Notes to the financial statements For the Year Ended 31 October 2022
| 13. Statement of funds Statement of funds - current year Unrestricted funds General Funds - all funds Statement of funds - prior year Unrestricted funds General Funds - all funds |
Balance at 1 November 2021 £ 242,966 Balance at 1 November 2020 £ 241,987 |
Income £ 70,102 Income £ 139,052 |
Expenditure £ (69,648) Expenditure £ (138,073) |
Balance at 31 October 2022 £ 243,420 |
|---|---|---|---|---|
| Balance at 31 October 2021 £ 242,966 |
| 14. Summary of funds Summary of funds - current year General funds Summary of funds - prior year General funds |
Balance at 1 November 2021 £ 242,966 Balance at 1 November 2020 £ 241,987 |
Income £ 70,102 Income £ 139,052 |
Expenditure £ (69,648) Expenditure £ (138,073) |
Balance at 31 October 2022 £ 243,420 |
|---|---|---|---|---|
| Balance at 31 October 2021 £ 242,966 |
Page 19
Maharashtra Mandal UK Ltd (A company limited by guarantee)
Notes to the financial statements For the Year Ended 31 October 2022
15. Analysis of net assets between funds
Analysis of net assets between funds - current year
| Unrestricted funds 2022 £ Tangible fixed assets 188,690 Current assets 92,360 Creditors due within one year (37,630) Total 243,420 |
Total funds 2022 £ 188,690 92,360 (37,630) 243,420 |
|---|---|
Analysis of net assets between funds - prior year
| Tangible fixed assets Current assets Creditors due within one year Total |
Unrestricted funds 2021 £ 197,768 71,788 (26,590) 242,966 |
Total funds 2021 £ 197,768 71,788 (26,590) 242,966 |
|---|---|---|
16. Members' liability
Each member of the charitable company undertakes to contribute to the assets of the company in the event of it being wound up while he/she is a member, or within one year after he/she ceases to be a member, such amount as may be required, not exceeding £1 for the debts and liabilities contracted before he/she ceases to be a member.
17. Related party transactions
During the year Maharashtra Mandal London (MML) a charity controlled by the same Trustees have provided donations to the company of £31,000 (2021: £88,278). Amount owed by MML to the company for unpaid donations at year end was £32,024 (2021: £1,024).
18. Controlling party
The charitable company is controlled by the board of Trustees.
Page 20
Maharashtra Mandal UK Ltd (A company limited by guarantee)
Income and expenditure account For the Year Ended 31 October 2022
| Income Donation and Grant income Hall Hire Other income Donation from MML Covid fund Donation from MML Gains on investments Gross income in the reporting period Less: Charitable activites Event costs Donation disbursed and to be disbursed from Covid fund Donation to Covid Fund from MMUKL General & Water rates Insurance Light & Heat Repairs & Maintenance Cleaning & Gardening Ground rent Support Costs Website & Hosting Licence fees & IT Depreciation Legal & professional fees Subscription Telephone & Internet Caretaker Printing postage and stationery Accountancy Other expenses |
2022 £ 4,886 34,194 22 - 31,000 11,481 - - 1,379 6,664 15,853 2,174 10,679 300 639 190 13,427 4,950 175 662 - - 1,075 - |
2022 £ 70,102 - 70,102 48,530 |
2021 £ 27,301 23,469 4 88,278 - - 88,278 5,000 679 6,310 4,428 6,731 2,664 300 1,135 - 12,093 4,869 230 773 3,172 531 750 130 |
2021 £ |
|---|---|---|---|---|
| 139,052 | ||||
| - | ||||
| 139,052 | ||||
| 114,390 | ||||
Page 21
Maharashtra Mandal UK Ltd (A company limited by guarantee)
Income and expenditure account (continued) For the Year Ended 31 October 2022
| Total expenditure Net income before taxation for the reporting period Tax payable Net income for the reporting period Surplus for the reporting period Surplus brought forward at 1 November 2021 Surplus carried forward at 31 October 2022 |
2022 £ |
2022 £ 21,118 69,648 454 - 454 454 242,966 243,420 |
2021 £ |
2021 £ |
|---|---|---|---|---|
| 23,683 | ||||
| 138,073 | ||||
| 979 | ||||
| - | ||||
| 979 | ||||
| 979 241,987 |
||||
| 242,966 |
The notes on pages 12 to 20 form part of these financial statements.
Page 22