GREENWICH GURKHA EX-SERVICEMEN ASSOCIATION Chartty No. 1145910 Trustees, Report and Unaudlted Accounts 31 January 2024
GREENWICH GURKHA EX-SERVICEMEN ASSOCIATION Content$ Pages 2to3 Trustees. Annual Report Independent Examiner's Report Statement of Financial Activities Balance Sheet Statement of Cash flows 13 Notes to the Accounts 7t012 Detailed Statement of Financbal Activlties 14to15 Page I
GREENWICH GURKHA EX-SERVICEMEN ASSOCIATION Trustee5 Annual Report The trustees present their report with the unaudited financial statements of the charity for the year ended 31 January 2024. REFERENCE AND ADMINISTRATIVE DETAIIS Charlty No. 1145910 Prlnclpal Offlce 10 Wernbrook Street London SE18 7RX TNstees The following trustees served during the year: B.B. Ghale Gurung A.8. Gurung B.K. Gurung O,P. Gurung S. Limbu H,K. Malla T.M. Rai P.J. Shahi R.8. Thapa Independent Examlner Asmita & Associates Ltd 114-116 Plumstead High St Plumstead London SE18 ISJ Bankers HSBC 8ank PLC OBJECTIVES AND AcfiviTIES Greenwich Gurkha Ex-servicemen Association IGGESAI is a chaiity organisation to promote the well being of ex-gurkha army and their family members by providing different kind of supports and help. Statement of trustees, responslbllltles In relatlon to the financial statements The charity trustees are responsible for preparing a trustees, annual report and financial statements in accordance with applicable law and United Kingdom Accounting Standards (Unlted Kingdom Generallv Accepted Accounting Practice). Page 2
GREENWICH GURKHA EX-SERVICEMEN ASSOCIATION Trustees Annual Report The trustees are responslble for keepln8 proper accountin8 records that disclose with reasonable accuracy at any time the flnancial posltion of the charity and to enable them to ensure that the financial statements comply with the Charities Act 2011, the applicable Charities (Accounts and Reports) Regulations, and the provisions of the Trust deed. The Trustees are also responsible for safeguarding the assets of the charity and hence taking reasonable steps for the prevention and detection of fraud and other irregularities. Signed on behalf of the charity's trustees H,K. Malla Trustee 20June 2024 Page 3
GREENWICH GURKHA EX-SERVICEMEN ASSOCIATION Independent Examlners Report Independent Examiner's Report to the trustees of GREENWICH GURKHA EX-SERVICEMEN ASSOCIATION I report to the trustees on my examination of the financlal statements of GREENWICH GURKHA EX-5ERVICEMEN ASSOCIATION foi the year ended 31 January 2024. Responslbllltles and ba51s of report As the charity's trustees you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 20111'the Act,). I report in respect of my examlnatlon of the charity's financial statements carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charlty Commission under sectlon 14515llb) of the Act. Independent examlner's statement I have completed my examination. I can confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect: the accounting records were not kept In respect of the charity as required by section 130 of the Act; or the financlal statements do not accord with those records; or the financial statements do not comply with the applicable requirements concernin8 the form and content of financial statements set out in the Charitie5 (Accounts and Report51 Regulations 2008 other than any requirement that the financial statements give a 'true and falr, view whlch is not a matter consldered as part of an independent examination. I have no concerns and have come across no other matters In connection wlth the examlnatlon to which attention should be drawn Sn this report In order to enable a proper vnderstanding of the financlal statements to be reached. LN Pandey FCA, M.Sc. Asmita & Assoclates Ltd 114-116 Plumstead High St Plumstead London SE18 ISJ 20June 2024 Page 4
GREENWICH GURKHA EX-SERVICEMEN ASSOCIATION statement of Flnanclal Actlvltles for the year ended 31 January 2024 Unrestrfcted funds 2024 ftestrlcted funds Total funds Total funds 2024 2024 2023 Notes Income and endowments from: Donations and legacies 14,923 25,385 40.308 52,977 Total 14,923 25,385 40,308 52,977 Expendlture on: Charltable actlvltles Other 9,474 7,048 11,972 16,668 21,446 23,716 30,165 21,454 Total 16,522 28,640 45,162 51,619 Net Eains on Investments Net lexpenditure)/income Transfers between funds (1,599) 13,255) 14,8541 1,358 Net lexpendlture)/lncome before other galns/(losses) (1,599) 13,255) 14,854) 1,358 Other 8alns and losses Net movement In funds (1,599) 13,2551 14,8S4) 1,3S8 Reconcillat5on of funds: Total funds brou8ht forward 33,977 10,SOS 44,482 43,124 Total funds carrled forward 32,378 7,250 39,628 44,482 Page 5
GREENWICH GURKHA EX.SERVICEMEN ASSOCIATION Balance Sheet at 31 January 2024 Charlty No. 1145910 2024 2023 Fixed a$5ets Tangible assets io 117 146 117 146 Current assets Cash at bank and In hand 42,653 42,653 13,142) 39,511 39,628 47,732 47,732 {3,3961 44,336 Credltors: Amount falling due within one year Net current assets 11 Total assets less current Ilabllltles 44,482 Net aet5 excludlng penslon asset or Ilablllty 39,628 44,482 Total net assets 39,628 44.482 The funds of the charlty Re5trlcted fund5 Restflcted income funds 12 7,250 7,250 10,505 Unre5trl¢ted funds General funds 12 32,378 33,977 32,378 33,977 Reserves 12 Total funds 39,628 44,482 Approved by the trustees on 20 June 2024 And slgned on their behalf bv.. H,K. Malla Trustee 20 June 2024 Page 6
GREENWICH GURKHA EX-SERVICEMEN ASSOCIATION Notes to the Accounts for the year ended 31 January 2024 l Accountlng pollcles Basls of preparatlon The flnancial statements have been prepared in accordance with Statement of Recommended Practice: Accounting and Reporting by Charlties preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic if Ireland IFRS 102) issued on 16 July 2014 and the Financial Reporting Standard appllcable in the United Kingdom and RepublSc of Ireland {FRS 1021 and the Charities Act 2011. Change In basls of accountln8 or to prevlous accounts There has been no change to the accounting policies {valuatlDn rules and method of accountin8) since last year and no changes have been made to accounts for previous years. Fund accountlng Unrestrlcted funds These are available for use at the discretion of the trustees in furtherance of the general object5 of the charity. These are unrestricted funds earmarked by the trustees for particular purposes. These are unrestricted funds which include a revaluation reserve representin8 the restatement of investment assets at thelr market values. These are available for use subject to restrlctions imposed by the donor or through terms of an appeal. Deslgnated funds Revaluation funds Restricted funds Income Recognitlon of income Income is Included in the Statement of Flnancial Activities {SoFA) when the charity becomes entitled to, and virtually certain to recelve, the income and the amount of the income can be measured with suffi'cient reliability. Income wlth related Where Income has related expenditure the income and related expenditure Is expendlture reported gross In the SOFA. Donations and legacies Voluntary income received by way of grants, donations and gifts is included in the the SOFA when receivable and only when the Charlty has unconditional entitlement to the Income. Tax reclaims on Income from tax reclaims Is included in the SOFA at the same tlme as the donations and 8ift$ 8lft/donation to which it relates. Donated services These are only Included In Income {wlth an equlvalent amount In expenditure} and facilities where the benefit to the Charlty is reasonably quantlfiable, measurable and material. Volunteer help The value of any volunteer help received is not included in the accounts. Investment Income This is Included In the accounts when recelvable. Gains11105se51 on This include5 any gain OF105s resulting f rom revalulng investments to market value revaluatlon of fixed at the end of the year. assets Gainslllosses} on investment assets Thls Include5 any 8aln or loss on the sale of investrnent5, Page 7
GREENWICH GURKHA EX-SERVICEMEN ASSOCIATION Notes to the Accounts Expenditure Recognition of expenditure Expenditure is recognised on an accruals basis. Expenditure includes any VAT whlch cannot be fully recovered. and is reported as part of the expenditure to which it relates. Expenditure on These comprise the costs associated with attracting voluntary income, fundraising ralsln8 funds trading costs and investment manaaement costs. Expenditure on These comprise the costs incurred by the Charity in the delivery of it5 activities and charitable activitles services in the furtherance of its objects, including the makin8 of grants and governance costs. All grant expenditure is accounted for on an actual paid basis plus an accrual for grants that have been approved by the trustees at the end of the year but not yet pald. These include those cost5 associated wlth meetlng the constltutional and statutory requirements of the Charlty, Including any audit/independent examination fees, costs linked to the strategic mana8ement of the Charity, tO8ether with a share of other administratlon costs. Other expendlture These are support costs not allocated to a particular activitv. Grants payable Governance costs Taxatlon The charity is exempt from tax on Its charitable actlvltles. Freehold Investment property Investment properties are measured initially at cost and subsequently at falr value at each balance sheet date and are not depreciated. All gains or losses are taken to the Statement of Financial Activities as they arlse. Stocks stock is included at the lower of cost or net realisable value. Donated items of stock are recognised at fair value which Is the amount the charity would have been wllling to pay for the items on the open market. Trade and other debtors Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepald net of any trade discounts due. Cash and cash equivalents Cash and cash equivalents comprise cash at bank and on hand, demand deposits with banks and other short-term highly liquld Investments with original maturltles of three months or less and bank overdrafts. In the statement of financial position, bank overdrafts are shown within borrowings or current liabilities. In the Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an Integral part of the company's cash management. Trade and other creditors Short term creditors are measured at the transaction price. Other creditors and provislons are recognlsed where the charlty has a present obligation resulting f rom 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 provislons are normally recognised at their settlement amount after allowing for any trade discounts due. Page 8
GREENWICH GURKHA EX-SERVICEMEN ASSOCIATION Notes to the Accounts Research and devèlopment Expenditure on research and development Is written off in the year in which it is incurred. Foreign currencies Monetary assets and liabilities denominated in currencies other than the functional currency of the charity are translated at the rates of exchange prevailing at the end of the reporting period. Transaction5 in currencie5 Other than the functional currency of the charity are recorded at the rate of exchange on the date that the transaction occurred. All exchange differences are are taken into account in arrlvlng at net Income/expenditure. Leased assets Where the charity enters Into a lease which entails taking substantially all the risks and rewards of ownership of an asset, the lease is treated as a finance lease. Leases which do not transfer substantially all the risks and rewards of ownership to charity are classified as operating leases. Assets held under finance leases are initlally reco8nlsed as assets of the charity at thelr falr value at the inception of the lease or, if lower, at the present value of the minimum lease payments. The correspondin8 liability to the lessor is included in the balance sheet date as a finance lease obligation. Lease payments are apportioned between finance expenses and reduction of the lease obligation so as to achieve a constant rate of interest on the remaining balance of the liability. Finance expenses are recognised immediately• unless they are directly attributable to qualifying assets, in which case they are capitalised in accordance with the charity's policy on borrowing costs. Assets held under finance leases are depreciated in the same way as owned assets, Operating lease payments are recognised as an expense on a straight-line basis over the lease term. In the event that lease incentives are received to enter into operating leases, such incentives are recognised as a liability. The aggregate benefit of incentives is recognised as a reduction of rental expense on a straight-line basis. Penslon costs The charity operates a deflned contributlon plan for its employees. A defined contribution plan Is penslon plan under which the charity pays fixed contributions into a separate entity. Once the contrlbutions have been paid the charity has no further payments obligations. The contributions are recognised as expenses when they fall due. Amounts not paid are shown in accruals in the balance sheet. The assets of the plan are held separately from the charity in independently administered funds. Re¢elpt of donated goods. facllltles and servlces All donated goods, facllities and services recelved are recognlsed withln Incomln8 resources and expenditure at an estimate of the value to the charity. Page 9
GREENWICH GURKHA EX.5ERVICEMEN ASSOCIATION Notes to the Accounts 2 Statement of Financlal Activities - prlor year Unrestrfcted funds Restrlcted funds Total funds 2023 2023 2023 Income and endowments from: Donatlons and legacies Total 22,207 30.770 52,977 22,207 30,770 52,977 Expenditure on: Charitable activlties 12,400 3,715 17,765 30,165 21,454 Other 17,739 Total 16,115 35,504 51,619 Net Income 6,092 14,7341 1,358 Net Income before other galnslllosses) Other 8aSns and losses: Net movement In fund5 6,092 (4,7341 1,358 6,092 (4,734) 1,358 Reconclllatlon of fund5: Total funds brought forward Total funds carrled forward 27,885 15,239 43,124 33,977 10,505 44,482 3 Income from donatlons and legacles Unre5trlcted Restrlcted Totsl Total 2023 2024 Donations 14,923 14,923 25,385 25,385 40,308 40,308 52,977 52,977 4 Expendlture on charitable activltles Unrestrlrted Restrlcted Total Total 2024 2023 Expenditure on choritable activities Charitable activities 9,474 11,972 21,446 30,165 9,474 11,972 21,446 30,165 Page 10
GREENWICH GURKHA EX-SERVICEMEN ASSOCIATION Notes to the Accounts 5 Other expenditure Unrestrlcted Restrlcted Total Total 2024 2023 Employee costs Motor and travel costs 12,480 2,940 12,480 4,800 2,723 12,480 2,660 3,070 1,860 2,723 Premlses costs Amortisation, depreciation, Impairment* profit/loss on dlsposal of fixed assets General administrative costs 29 29 37 1,440 996 1.248 2,688 996 2,847 360 Legal and professional cost5 7,048 16,668 23,716 21,454 6 Net lexpendlture)Ilncome before transfers 2024 2023 This is stated after charging: Depreciation of owned fixed assets 7 Slaff costs 29 37 2024 12,480 12,480 2023 12,480 12,480 Salaries and wages No employee received emoluments in excess of £60,000. 8 Trustee remuneratlon and expenses No trustee recelved any remuneratlon or expenses durin8 the year. 9 Related party dls¢losures There were no related party transactions durln8 the year ended 31 January 2024. 10 Tan8lble flxed a55et5 Cost or revaluatlon At l February 2023 At 31 January 2024 Depreclatlon and impalrment At l February 2023 Depreciatlon charge for the year At 31 January 2024 Net b¢)ok values 1,742 1,742 1,742 1,742 1,596 1,596 29 29 1,625 1,62S At 31 January 2024 At 31 January 2023 117 117 146 146 Page 11
GREENWICH GURKHA EX-SERVICEMEN ASSOCIATION Note5 to the Accounts 11 Credltors: amounts falling due within one year 2024 2023 Other taxes and social security Other creditors 249 1,707 1,440 3,396 1,702 1.440 3.142 Accruals 12 Movement In funds Incomln8 resource5 (includln8 Atl other February 8alnsllosses 2023 Resources expended At31 January 2024 Restrlcted fvnds: Re5trlcted Income funds: 10,505 25,385 128,6401 7,250 Total 10,505 25,385 128,6401 7,250 Unrestricted funds: General funds 33,977 14,923 116,522) 32,378 Total funds 13 Analysls of net assets between funds 44,482 40,308 145,162) 39,628 Unre5trlcted funds Restrlcted funds Total Fixed assets Net current assets 117 31.125 31,242 117 39,511 39,628 8,386 8.386 14 Reconclllatlon of net debt Atl February 2023 At31 January 2024 Cash Ilows Cash and cash equivalents 47,732 47,732 15,0791 (5,0791 42,653 42,653 Net debt 47,732 {5,0791 42,653 Page 12
GREENWICH GURKHA EX-SERVICEMEN ASSOCIATION Statement of Cash flows for the year ended 31 January 2024 2024 2023 Cash flows Irom operatln8 actlvltles Net lexpenditure)/lncome per Statement of Flnan¢lal Actlvltles {4,8541 1.358 Adjustments for.. Depreciation of property, plant and equlpment IDecreasel/increase in trade and other payables 29 <2541 37 3,396 Nèt cash {used in)/provided by operating artivities 15,0791 4.791 Net cash from Investln8 actlvltles Net cash from financing actlvltles Net {decrea5e)lincrease in cash and cash equivalents 15,079) 4,791 Cash and cash equlvalents at the beglnnlng of the year 47,732 Cash and cash equlvalents at the end of the year 42,653 4,791 Components of tash and cash équivalents Cash and bank balances 42,653 47,732 47,732 Page 13
GREENWICH GURKHA EX-SERVICEMEN ASSOCIATION Detailed Statement of Flnanclal Artlv5ties for the year ended 31 January 2024 Unrestrlcte d funds 2024 Restrlcted funds 2024 Total funds 2024 Total funds 2023 Income and endowments from: Donations and legacles 14.923 14,923 25,385 25,385 40,308 40,308 52,977 52,977 Total Income and endowment5 14,923 25,385 40,308 52,977 Expendlture on: Charitable activities 9,474 9,474 11,972 11,972 21,446 21,446 30,165 30,165 Total of expendlture on charltable activities 9,474 11,972 21,446 30,165 Employee costs Salarieslwages 12,480 12,480 12,480 12,480 12,480 12,480 Motor and travel costs Travel and subsistence 1,860 1,860 2,940 2,940 4,800 4,800 2,660 2,660 Premlses costs Rent Light, heat and power 2,180 543 2,180 543 3,070 2,723 2,723 3,070 General administrative costs, including depreciation and amortisation Depreciation of Bank charges General insurances Stationery and printlng Subscriptions Telephone, fax and broadband 29 167 238 1,035 29 167 238 1,842 37 208 807 2,337 441 441 2,717 262 2,884 1,469 1,248 Legal and professional costs Auditlindependent examination fees 996 996 360 996 996 360 Total of expendlture of other costs Total expendlture Net gains on investments 7,048 16,668 23,716 21,4S4 16,522 28,640 45,162 51,619 Page 14
GREENWICH GURKHA EX-5ERVICEMEN ASSOCIATION Detalled Statement of Financlal Actlvltles Net lexpenditure)/income (1,599) 13,2551 14,8541 1,358 Net lexpenditurellincome before other galns/{losse5} Other Galns (1,599) {3.2551 {4,8541 1,358 Net movement In funds 11,5991 (3,255) (4.8541 1,3S8 Reconcillatlon of funds: Total funds brought forward 33.977 10,505 44,482 43,124 Total funds carrled forward 32,378 7,250 39,628 44,482 Page 15