REGISTERED COMPANY NUMBER: 07399887 (England and Wales) REGISTERED CHARITY NUMBER: 1140417
Report of the Trustees and Financial Statements for the Year Ended 31 March 2021
for Pushti Nidhi (UK) Ltd
Sharman Fielding Chartered Accountants The Oval 57 New Walk Leicester Leicestershire LE1 7EA
Pushti Nidhi (UK) Ltd
Contents of the Financial Statements for the Year Ended 31 March 2021
| Page | |
|---|---|
| Report of the Trustees | 1 to 2 |
| Independent Examiner's Report | 3 |
| Statement of Financial Activities | 4 |
| Balance Sheet | 5 to 6 |
| Notes to the Financial Statements | 7 to 13 |
| Detailed Statement of Financial Activities | 14 to 15 |
Pushti Nidhi (UK) Ltd
Report of the Trustees for the Year Ended 31 March 2021
The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 March 2021. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).
OBJECTIVES AND ACTIVITIES
Significant activities
Following the outbreak of Coronavirus (COVID-19) in the UK, the Trustees and the Executive Committee continued to monitor government guidance and took the decision to close the Haveli from mid-March 2020. Due to COVD-19 there were no major public events and we used social media more to keep in touch with the public. As a result overall income fell by 10% to £141k compared to £157k in the previous year.
During the year the Trustees and the Executive Committee continued to follow government guidance and opened the Haveli to the public as and when allowed to do so. Public safety from the COVID-19 pandemic was our prime concern and priority and we only opened the Haveli when we considered it safe to do so, implementing various government guidance such as social distancing, wearing of masks and other appropriate measures.
In July 2020 we made the decision to offer a food tiffin delivery service to the elderly and vulnerable to the local community (Kalyan Prashad). Before the COVID-19 pandemic we used to offer food to the elderly and vulnerable in-house in our dining room at the Haveli.
We continue to receive support from Leicester City Council by way of grants for our various activities. We also received COVID-19 grants during the current year at various stages from Leicester City Counciland also from The National Lottery Community Fund.
To help the cash flow of the Haveli during the COVID-19 outbreak we took out a Bounce-Back Loan in September 2020.
The Trustees and the Executive Committee wish to express their thanks to all our supporters and volunteers without whose help and generosity it would not be possible to manage the day to day affairs of the Haveli.
ACHIEVEMENT AND PERFORMANCE
Fundraising activities
The principle source of funds were from donations from devotees and well wishers.
STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document
The charity is controlled by its governing document, a deed of trust, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006.
REFERENCE AND ADMINISTRATIVE DETAILS
Registered Company number
07399887 (England and Wales)
Registered Charity number
1140417
Page 1
Pushti Nidhi (UK) Ltd
Report of the Trustees
for the Year Ended 31 March 2021
Registered office 504 Melton Road Leicester Leicestershire LE4 7SP Trustees A R Patel A M Patel N R Patel N Saujani A C Tanna
Independent Examiner Sandesh Jesrani FCCA Sharman Fielding Chartered Accountants The Oval 57 New Walk Leicester Leicestershire LE1 7EA
Approved by order of the board of trustees on ............................................. and signed on its behalf by:
.......................................................................... A C Tanna - Trustee
Page 2
Independent Examiner's Report to the Trustees of Pushti Nidhi (UK) Ltd
Independent examiner's report to the trustees of Pushti Nidhi (UK) Ltd ('the Company')
I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 March 2021.
Responsibilities and basis of report
As the charity's trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act').
Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity's accounts as carried out under section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5) (b) of the 2011 Act.
Independent examiner's statement
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:
-
accounting records were not kept in respect of the Company as required by section 386 of the 2006 Act; or
-
the accounts do not accord with those records; or
-
the accounts do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination; or
-
the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities (applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)).
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 accounts to be reached.
Sandesh Jesrani FCCA Sharman Fielding Chartered Accountants The Oval 57 New Walk Leicester Leicestershire LE1 7EA
Date: .............................................
Page 3
Pushti Nidhi (UK) Ltd
Statement of Financial Activities
for the Year Ended 31 March 2021
| 31.3.21 Unrestricted fund Notes £ Income and endowments from Donations and legacies 60,821 Grants First Aid Health and Safety - LCC Business Grant 15,000 The National Lottery Community Fund Grant 9,500 LCC Grant Voluntary Action 3,750 Other activities 2 35,646 Other income 16,688 Total 141,405 Expenditure on Charitable activities Social Excursions - Music and Sound Systems 1,711 Other 104,358 Total 106,069 NET INCOME 35,336 Reconciliation of funds Total funds brought forward 659,999 Total funds carried forward 695,335 |
31.3.20 Total funds £ 73,064 500 - - - 66,007 17,618 |
|---|---|
| 157,189 1,200 2,797 143,503 |
|
| 147,500 | |
| 9,689 650,310 |
|
| 659,999 |
The notes form part of these financial statements
Page 4
Pushti Nidhi (UK) Ltd
Balance Sheet
31 March 2021
| Notes Fixed assets Tangible assets 7 Current assets Debtors 8 Cash at bank and in hand Creditors Amounts falling due within one year 9 Net current assets Total assets less current liabilities Creditors Amounts falling due after more than one year 10 NET ASSETS Funds 13 Unrestricted funds Total funds |
31.3.21 Unrestricted fund £ 844,384 2,106 81,448 83,554 (201,686) (118,132) 726,252 (30,917) 695,335 695,335 695,335 |
31.3.20 Total funds £ 845,687 1,875 5,411 7,286 (87,525) (80,239) 765,448 (105,449) 659,999 659,999 659,999 |
|---|---|---|
The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2021.
The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2021 in accordance with Section 476 of the Companies Act 2006.
The trustees acknowledge their responsibilities for
-
(a) ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and
-
(b) preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company.
The notes form part of these financial statements
Page 5
Pushti Nidhi (UK) Ltd
Balance Sheet - continued 31 March 2021
These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime.
The financial statements were approved by the Board of Trustees and authorised for issue on ............................................. and were signed on its behalf by:
............................................. A C Tanna - Trustee
The notes form part of these financial statements
Page 6
Pushti Nidhi (UK) Ltd
Notes to the Financial Statements for the Year Ended 31 March 2021
1. Accounting policies
Basis of preparing the financial statements
The financial statements of the charitable company, which is a public benefit entity under FRS 102, 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)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.
Income
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.
Expenditure
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, 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 accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
- Fixtures and fittings - 15% on reducing balance
Taxation
The charity is exempt from corporation tax on its charitable activities.
Fund accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
Pension costs and other post-retirement benefits
The charitable company operates a defined contribution pension scheme. Contributions payable to the charitable company's pension scheme are charged to the Statement of Financial Activities in the period to which they relate.
Page 7
Pushti Nidhi (UK) Ltd
Notes to the Financial Statements - continued
for the Year Ended 31 March 2021
2. Other activities
| 2. | Other activities | ||
|---|---|---|---|
| 31.3.21 | 31.3.20 | ||
| £ | £ | ||
| Fundraising events | 35,646 | 66,007 | |
| 3. | Net income/(expenditure) | ||
| Net income/(expenditure) is stated after charging/(crediting): | |||
| 31.3.21 | 31.3.20 | ||
| £ | £ | ||
| Depreciation - owned assets | 3,266 | 2,815 |
4. Trustees' remuneration and benefits
There were no trustees' remuneration or other benefits for the year ended 31 March 2021 nor for the year ended 31 March 2020.
Trustees' expenses
There were no trustees' expenses paid for the year ended 31 March 2021 nor for the year ended 31 March 2020.
5. Staff costs
The average monthly number of employees during the year was as follows:
| 31.3.21 | 31.3.20 | |
|---|---|---|
| Administrative and support services | 2 | 2 |
| No employees received emoluments in excess of £60,000. |
6. Comparatives for the statement of financial activities
| Comparatives for the statement of financial activities | |
|---|---|
| Unrestricted | |
| fund | |
| £ | |
| Income and endowments from | |
| Donations and legacies | 73,064 |
| Grants | |
| First Aid Health and Safety | 500 |
| Other activities | 66,007 |
| Other income | 17,618 |
| Total | 157,189 |
Page 8
Pushti Nidhi (UK) Ltd
Notes to the Financial Statements - continued for the Year Ended 31 March 2021
6. Comparatives for the statement of financial activities - continued
| Comparatives for the statement of financial activities - continued | |
|---|---|
| Unrestricted | |
| fund | |
| £ | |
| Expenditure on Charitable activities | |
| Social Excursions | 1,200 |
| Music and Sound Systems | 2,797 |
| Other | 143,503 |
| Total | 147,500 |
| NET INCOME | 9,689 |
| Reconciliation of funds | |
| Total funds brought forward | 650,310 |
| Total funds carried forward | 659,999 |
7. Tangible fixed assets
| Cost At 1 April 2020 Additions At 31 March 2021 Depreciation At 1 April 2020 Charge for year At 31 March 2021 Net book value At 31 March 2021 At 31 March 2020 |
Long leasehold £ 825,879 - 825,879 - - - 825,879 825,879 |
Fixtures and fittings £ 58,797 - 58,797 38,989 2,971 41,960 16,837 19,808 |
Computer equipment £ - 1,963 1,963 - 295 295 1,668 - |
Totals £ 884,676 1,963 886,639 38,989 3,266 42,255 844,384 845,687 |
|---|---|---|---|---|
Page 9
Pushti Nidhi (UK) Ltd
Notes to the Financial Statements - continued for the Year Ended 31 March 2021
| 8. Debtors: amounts falling due within one year Other debtors 9. Creditors: amounts falling due within one year Bank loans and overdrafts (see note 11) Social security and other taxes Other creditors Accruals and deferred income 10. Creditors: amounts falling due after more than one year Bank loans (see note 11) 11. Loans An analysis of the maturity of loans is given below: Amounts falling due within one year on demand: Bank loans Amounts falling between one and two years: Bank loans - 1-2 years Amounts falling due between two and five years: Bank loans - 2-5 years |
31.3.21 £ 2,106 31.3.21 £ 139,722 286 36,270 25,408 201,686 31.3.21 £ 30,917 31.3.21 £ 139,722 7,000 23,917 |
31.3.20 £ 1,875 31.3.20 £ 30,000 593 43,492 13,440 87,525 31.3.20 £ 105,449 31.3.20 £ 30,000 30,000 75,449 |
|---|---|---|
Page 10
Pushti Nidhi (UK) Ltd
Notes to the Financial Statements - continued for the Year Ended 31 March 2021
12. Secured debts
The following secured debts are included within creditors:
| Bank loans 13. Movement in funds Unrestricted funds General fund TOTAL FUNDS Net movement in funds, included in the above are as follows: Unrestricted funds General fund TOTAL FUNDS Comparatives for movement in funds Unrestricted funds General fund TOTAL FUNDS |
At 1/4/20 £ 659,999 659,999 Incoming resources £ 141,405 141,405 At 1/4/19 £ 650,310 650,310 |
31.3.21 31.3.20 £ £ 170,639 135,449 Net movement At in funds 31/3/21 £ £ 35,336 695,335 35,336 695,335 Resources Movement expended in funds £ £ (106,069) 35,336 (106,069) 35,336 Net movement At in funds 31/3/20 £ £ 9,689 659,999 9,689 659,999 |
|---|---|---|
Page 11
Pushti Nidhi (UK) Ltd
Notes to the Financial Statements - continued
for the Year Ended 31 March 2021
13. Movement in funds - continued
Comparative net movement in funds, included in the above are as follows:
| Unrestricted funds General fund TOTAL FUNDS |
Incoming resources £ 157,189 157,189 |
Resources Movement expended in funds £ £ (147,500) 9,689 (147,500) 9,689 |
|---|---|---|
A current year 12 months and prior year 12 months combined position is as follows:
| Unrestricted funds General fund TOTAL FUNDS |
At 1/4/19 £ 650,310 650,310 |
Net movement in funds £ 45,025 45,025 |
At 31/3/21 £ 695,335 695,335 |
|---|---|---|---|
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:
| Unrestricted funds General fund TOTAL FUNDS |
Incoming resources £ 298,594 298,594 |
Resources Movement expended in funds £ £ (253,569) 45,025 (253,569) 45,025 |
|---|---|---|
Page 12
Pushti Nidhi (UK) Ltd
Notes to the Financial Statements - continued for the Year Ended 31 March 2021
14. Related party disclosures
There were no related party transactions for the year ended 31 March 2021.
Page 13
Pushti Nidhi (UK) Ltd
Detailed Statement of Financial Activities for the Year Ended 31 March 2021
| 31.3.21 | 31.3.20 | |
|---|---|---|
| £ | £ | |
| Income and endowments | ||
| Donations and legacies | ||
| Gifts and Donations Income: Other | 60,821 | 73,064 |
| Other activities | ||
| Fundraising events | 35,646 | 66,007 |
| Grants | ||
| Grants | 28,250 | 500 |
| Other income | ||
| HMRC Gift Aid | 16,688 | 17,618 |
| Total incoming resources | 141,405 | 157,189 |
| Expenditure | ||
| Charitable activities | ||
| Advertising | 220 | - |
| Social Excursions | - | 2,797 |
| Music and Sound Systems | 1,711 | 1,200 |
| 1,931 | 3,997 | |
| Support costs | ||
| Finance | ||
| Bank charges | 180 | 632 |
| Bank Loan Interest | 6,323 | 11,169 |
| 6,503 | 11,801 | |
| Other | ||
| Wages | 20,786 | 31,316 |
| Pensions | 206 | - |
| Insurance | 2,537 | 2,043 |
| Postage and stationery | 178 | 1,299 |
| Sundries | 4,080 | 7,892 |
| Charitable Donation | 5,361 | 1,001 |
| Rent and Rates | 29,510 | 30,103 |
| Light, Heat and Fuel | 8,376 | 10,025 |
| Carried forward | 71,034 | 83,679 |
This page does not form part of the statutory financial statements
Page 14
Pushti Nidhi (UK) Ltd
Detailed Statement of Financial Activities for the Year Ended 31 March 2021
| 31.3.21 | 31.3.20 | |
|---|---|---|
| £ | £ | |
| Other | ||
| Brought forward | 71,034 | 83,679 |
| Telephone | 579 | 648 |
| Repairs and Renewals | 1,974 | 4,145 |
| Cleaning | 1,802 | 6,327 |
| Flowers | - | 2,695 |
| Prashad food costs | - | 1,821 |
| Kalyan Prashadi costs | 1,622 | 1,935 |
| Local Bame Elderly support project cost and | ||
| COVID 19 | 9,947 | - |
| Pathsala expenditure | - | 325 |
| Youth Group expenses | - | 74 |
| Saptha costs | - | 2,284 |
| World Pay | 153 | 355 |
| Flights | 536 | 3,475 |
| Legal Fees | 6,722 | 13,827 |
| Mangalmai Ras Raj event costs | - | 7,297 |
| Depreciation of tangible fixed assets | 3,266 | 2,815 |
| 97,635 | 131,702 | |
| Total resources expended | 106,069 | 147,500 |
| Net income | 35,336 | 9,689 |
This page does not form part of the statutory financial statements
Page 15