Company regi5tralion nurnber: 07491521 Charity regisiratioll ttumber: 1155152 Palan Foundation Company Limited by GuarDl¢e inancial Statements 31 Jnu•ry 2020 *A9GRKY 3011012020 ecpANIEs HOUSE 218 AMEY KAMP LLP Chartered AcuTruntants 31 O Harrow Road Wembley Middlesex HA9 6LL
Palan Foundation Company Limited by Guarantee FinnciAI Statements Yegr ended 31 January 2020 Page Trnstees, annual report (incorporing the directofs T¢rt) Ind¢pendent examinerfs report lo the trusttts Statement of financial activities {including income and expendilurc aount) Statement of financial wsition Statement of cash flows io Notes to the fitRDcial statements li
Palan FoundatioD Company Limited by Guarantee Trustee5' Annmal Report (Ineorporating the Director's Report) Year ended 31 January 2020 The trMsiee4 who are also the dIrtOrn for the pUry of company law. preseni their repon and the unaudited financial ststements of the charity for the year ¢nd¢d 31 January 2020. Reference and administrtiv¢ dellls R¢gi¥tered ebjrity Palan Foundatiott Charlty registratlon Trumber 1155152 Company regIrati•ll #umber 07491521 Prln¢ip¥l offtce and reEiSl¢r¢d offiee 156 Crotnw¢ll R(N•l IJ)ndon SW7 4EF The trusiees MTS. K. Palan Mr. N. Palan Mr. M. Vashi Mr. M. Palan Ms. M. Palan IndepeDdeDt examiner Mah¢ndra Patel FCA 310 Harmw Road Wembley Middlesex HA9 6LL Ballkers Metro Bartk Pk
Palan Foundation Company Limited by Guarantee Trustees, Annual Report UneorporatiDg the Direetor's Report) (co{4? Year ended 31 January 2020 Strueture, governance and MIgeMent The organisation is a charitable company limited by EuaTanK Inco•rated on 13 January 2011 and registered as a clwi.ty on 13 December 2013. The Company established under a memoyandum of a&wciatiort which esthlished the objects and powers of the charitable eompany and it is Eoverned uThJer its articles of associatton. All trustees give their time voluntsrily and rxeive no Fthefits from the Charity. Grant m%kln8 polley The Foundation only make grants as a financial award to suppon ¢h8rirabl¢ activiti¢s, usually w registered charities or charitable community groups. bui somelimes to other bodies or to individuals provided that they aT¢ in line with our key objectives. Grdnt rewests are nom)ally rtceived from our exisiing known sources thai we have a continuous traek record in working with. or the reqUts would corne from sources that we have been able to mtti personally and have seen their WO in the past. Every grani WoTe FKin8 relead is assess¢d and the trustees would always meet the recipieni's organIlOn or person io ensure thai the dhos and objectives are llY met and understood. InsiitutL0115 receiving grants provide regular progress rewTrrts and projttts are visiied on numerous occasions by the trnsiees of the Foundation and their representhuves. For gJs¢ainabiliry of projects. achievements, the Foundation seeks io maintain rigorous monitoring and evah4tion PTrUr¢S Objettives and attAvbtie% The chaTity incorporntrd on 13 January 2011 aThJ Tegistered as a eIrIty on 13 Decernber 2013. The ethos of thc charity is based on the Hindu philosophy of His Holiness Pramukh Swami Maharaj (1921-2016), who had inspired millions of people io serve with his lif¢ rne5sage of -In the joy of others lies our own". Th¢ objects of the charity a.. To advaJ)ce and promote the edu¢a¢ion of young people in order io develop tharitsble aDd 131 needs to benefit the wmmunity at large through educational. social and charitable ethos. The work of the Charity is focused in No geographical areas - Uniied Kingdom and India. This year has b¢en very exciting and trustees devoted a substsniial amount of their time to prornoting the activities of the clwity. including A number of visits to India to identify local oversee various activities. and gain first-haTrJ expenence of the operdtions. The tsijstees review the aims. objectives and activitie5 of the chaTity each yvdr. This rqjort looks at thc charitys ?¢hi¢vements and the outcomes of its work in the rettIng I10d. The trustees rewrt th¢ success of each kcy activity and the benefits the charity b&8 brought those groups of pw>le that 11 is set up kn help. The review also helps the trustees ensure the ¢han"tys aim4 objectives and aciivilies Temained focused on its slated purposes. The trustees have referr¢d to the Buidance contained in the Chtirity Commission's genernl guidance on public ben¢fit when reviewing the charity's aims and objeciives and in plaTULiTJg its activities. In particular, the trustees consider how planned activities will contribu* the aims and objectives that have been sei.
Palan Foundation Company Limited by Guarantee Trustees, Annual Report UDcorporatiDg the Director's Report) CconMMedJ Year ended 31 January 2020 Achievements #nd perforrnante The charity's mairt acts"vities and beneficiaries are dwibed below. All its Charitsble activities aTe undertaken for the public benefil. The Charity achieves its objxtives by making grants lo organisation5 and supporting individuals with burwi¢s. The trustees consider applications for funditig from organisauons in th¢ UK and India and award5 funding after consideratioffi of ihe merli of the prowsed aciivity. educational activiiies and impact (m young peopl¢ in particular. Edmtional activities Totsl Grants of £50.675 {2019.. £1.138.895) were made durÈn8 the year. Total of £8,630 (2019: £1.089,255) were paid io Swaminar4yan SaThstha UK. Scholarships were provided to Young People in UK and in IDdia to further their education. All students 80 through a vigorous proce&s of financial need verification. Grants range from 20/• IOOO/ts for stydies in UK. We continue our supp)rt for the residential Girls school in RandesaD and Boys s¢hool in Sarangpur. Girls showing an in¢redible improvemenl in their perfornjance alld seem io have overcome their disadvanthged beginnings and are ernbrncing Education in line with the other girl& Boys in Sarangpur now have additional suprA)rt with part time teaclKrs who are brought in fiDm Delhi University and they are able to give these young minds a extra boost. Interfalth *tdv5tles Totsl £160,23812019.. £109.758) was 5p¢nt to promote various interfaith activities. This includes iothl grant of £92,175 (2019.. £61,460) paid io various institutions WardS support of Interfaith activities. This includes a payment of £40,8 (2019.. £10,0) to Oxford College for Hindu Studies, for them to C8ny out digitslisaiion work in Nepal of very Precious and antique material that was salvaged after the earthquake. £6.(KJO was given to Sai School at a contribution towards their Sunday S¢hool, this allowed them ro teach youn8s¢ers Yery important work to include being able to 5yeak tn their own mother tongue. understsnding their cultural roots and much more. A grant to Bhrama kwnari5 for £75C(I was also Tnade for sirnilar purpose. Smaller grdnts were made to National Amiy Museum. Avanii S¢hool, BAPS Organi5aiion all with an outcome of organising school trips for Young People to be able to broaden thetr knWIedge of the History of Britsin. Understandlng Heritage Promoting Contribution of Indian Soldiers in World War I IWWI) Totsl sp¢nt on this project during the yettr was £ Nil (2019.. £69.484).
PalaD Found2tion Company Limited by Guarantee Trustees, Annual Report Uncorporalfing the Dire¢tor'$ Report) Year ended 31 JADUary 2020 Fin#Deial revlew Palan Foundarion is currently recetving donations from Golden TouT5 Limited IGTL) which aT¢ applied to the aims and objKtives of Palan Foundati¢)n in a¢cordan¢e with the objects. In the year ended 3 1 January 2020, GTL donated £Nil (2019: £3,¢,{KXj) io the charity. Palan Foundation rttejved ndIng from Department foT Communiii¢5 and LAJcal Government for £Nil (2019.. £47,500). All condiiion imFwd on grdllt h&$ I1 rnet. At the end of the financial year, th¢ Charity held unrestyi¢t¢d r¢5erYes of £2.698.151 {2019.. £2,968.721) whith will meet the inl¢Tim thrget sei by th¢ trustees. Reserve polley The trusl¢¢$ remain ¢onc¢rnol alxjut havitig a single sourte of reveDue and have agreed to keep £2 million as Teserves. An atnount of £1.5.000 has bn loaned on commercial ierTns to an undertaking in which the charity has a participaiing inierest and a further £1.000,1) will be kept in liquid assets. This will giv¢ 5 th¢ ability to continue our work in th¢ event that our support from Golden Tours is no longer available. Going fonctrn After making appn)priafr eTAuiries. the tru5tces have a rtasonable expectstion thai the charity has adequate resources to coniinue in operaiional existrnce for the foreseeable ture. For this r¢&son, they believe they coniinu¢ to adopt the going ¢oncern basis in preparing the fitWLcial statements. With a g(K)d Reserve Policy in place we do not f4)resee any concerns as regards our ability to caTry on with our work for the foreseeable fuDJre. Inyestmellt pDIIcy The chariry uiilises fixed m bank deposit ¢01t for Surpluses. Ai 31 January 2020, the amount invested i fcd term deposit wL4 £1,000,0 (2019.. £s(KI.().
Palan Foundation Company LInted by Guarantee Trn$tee$' Annual Report OD¢orpor2ling the Director's Report) fcoAitstd) Year ended 31 January 2019 Appolntment of irustees The charity 15 committed to ensurirtg governance arrdngements that are robust to ensure that the charity is Manag in accordanc¢ with the governing docuTneni and cumi legislation as well as adopting procedures of good prdctice and improve the effeciiveness of the clwity. Trnsiees are appointed by th¢ existing IM)ard for a periiMI of five years. Related p¥4rties Palar] Foundation receives regular donations from Golden Tours Limiied. Mr N. Palan and Mr M. Palan are trusttcs of Palan Foundation and di¢10$ of Gold Tours Limiied. Relad parties are disclosed in note 23. Prin¢ipal Risks and UD¢ertslnties The Trusiees have assessed the major risks of grani uiilisation provided io overseas insritutions, and are 5aiisfied that systerns are in place ro reduce and mitigate the exposure to risks by engjring regular evalvation monitoring and follow up for all gfdnts provided institutions. Furthemlore, the TThstees visii India regularly and are able to motjitor thes¢ Inl0J110n$. Th¢re is a risk of having a single Sou¢ of Tevenue which b7e$ bave mitigaied by having a robusi Reserve Policy. Plan5 for fuiwre perAods Plans for future peri At the time of writing. the world h&5 Ixen hii by COVID 19 disew and we ar¢ all living in rnther uncertain circumstsnces. Our main donor Golden Tows 15 going through diffKult times and we do not envisage any further donations from them for the ftsreseeable fUre. We are intending to ¢oniinue supwtin8 edu1108] grants in UK $0 thai the current two candidates can compl¢t¢ their PhD. In India we will coJ]linue supwTrrting work of Young Peoplc but in a much More limited way. We had promised to supp)rt the building of a Community Centre ill Paris which we are intrnding to assist as much &s we can. We will also continue to promote various Hindu femivals as a meaTrs of inierfaith aciiviry and also 5upponiDg the community during this very diffKuli peri(Kl. Trustett, respon5ibilitia Sttemeni The $teC$. who are also direciors for the purFN)ses of wmpany law. are re$AS1b1e for preparing the trustees, report and the fuwi¢ial ststements in accordance with applicable law and United Kmgdom Accounting Standards (United Kingth>m Genernlly Accepted Accounting Prac(ice). Company law requirts the charity tws*es to prepare fmancial ststements for exh y¢u whith give a twe fair view of the of affairs of the charirable company and th¢ incoming resouw and application of r¢50urce4 in¢ludtng th¢ income and expenditure, for that pericrfl.
Palan Foundation Company Limited by Guarantee Trustees, Annual Report (Incorporating the Dire¢tor'$ Report) Year ended 31 January 2020 In preparing ihese financial ststemenL% th¢ tru4¢es are required to.. seleci suithble arxounling poli¢i¢s and then aryly them Consistently. obserye the methods and principle5 in the applicabk Charities SORP. make judgments and anting estimates that are reasonabk and prudent. Th¢ trust¢¢5 are resw)n5ible foT keeping adequate accouniing r¢o)Tds that ar¢ suffi¢ient to Show and explain the charity's transactions and disclose with ffasonabl¢ ar4¢y ai any tim¢ the fmancial w51tion of the charity and enable them to ensure thai the financial stsiements comply with the Companies Aci 2006. They are also responsible for 5afeguaTding the assets of the charity and hence for thking reasonable step5 for the prevention and detection of frdud and other irrtgu17tse& Each of the persons who is a tnhstee at the date of appro1 of this rewrt Confirnts thaL so far as they are awa. there 15 no relcvant audit infonnatioti of which the company's auditor is unaware. they have thken all steps thai they ought io have tsken as a director to make thernselves aware of any relevant audil infornMtion and io esthblish that th¢ coMpanS auditor is aware of thai inforn)aiion. The trustees are responsible for the maintenance and integnty of the Corpora and fmancial infomiation included on the chari(abk company's websiie. Legislaiion in the United Kingdom governing the preparation and disseminaiion of financial staternents may differ fTom legislation in other jurisdictions. Membets of the charity guaraniee io contribute an amouni not ¢x¢¢¢ding £1 to the assets of the charity in the event of winding up. The lotsl number of such 8uardntees at 31 January 2020 is 5 (2018.. 5). The Misiees are members of the ¢harity, but this entitlcs thcm only to voting rights. The trusiees have no beneficial inieresi in the Iwity. Sm*ll ¢ompally provisions This report has been prepar&1 in aOrdance with the provisions aNJlicable to eompanies entitkd to the small companies. exempiion. The trustees, annual report w&$ approved on i• I k) and signed on behalf of th¢ board of trus¢Ks by.. Mr. N. Palan Trustee
Palan Foundation Company Limited by Guargntee IDdependent Examiner's Report to tbe Trustees of PalaD Foundation Year ended 31 Janugry 2020 I report to the truste¢s on my examinion of the financial ststem¢nts of P41art Foundiffl (the Charl for the y¢ar ended 31 January 2020. R¢spoosibiliti¢s and bsb of report As the trustees of the o)mp3ny (and also its direc for the purposes of company law) you ar¢ responsible for the preparion of the financial ststements in accoTdance with the requiT¢ments of the Companies Act 26 Cthe 2006 Act,). Having 5atisfi¢d myself that th¢ accounts of the company are not required to be audit under P¥rt 16 of the 2006 Aci and are eligible for independent examin*ion. I r¢w)rt in r¢spect of my examination of the charity's a¢¢i)unts as ¢orried out under 5#tion 145 of the Charities Act 2011 ('the 2011 Act.). In canying out my examination I have followed the Directions given by the Charity Commission und¢T section 145(5Kb) of the 2011 ACL Independent examlner's slatememt I have compleied my examination. I confwm that no rnatters have come to my attention in conn¢ctEon with th¢ examination giving me caus¢ to believe.. accounting records were not kept in respect of the charity a5 Twuired by sec¢ion 386 of the 2006 Acl" the financial seMents do not accord with those records. or the financial staiements do not compfy with the a¢couniing requirements of 5¢Ction 396 of the 2006 Act other than any requiremen¢ that the ac¢ounts give a 'true and faie view which is not a matter ¢onsidered as part of an independent examination. or the fthancial styiements have not been prepared in accord•nee with th¢ methods and principle$ of the Ststement of Recommended Pradice for accounting and reporting by charities applicable to charities preparing their accounts in accordance with the Fiftancial Rep)rting Stsndard applicable in the UK and Republic of Ireland (FRS 102). I have no concerns and have come across no thher matters in connection with the examination to which attention should be drawn in this report in order to enable a proper underslanding of the accounts to be reached. Mahendrd Paiel FCA Independeni Examiner 310 Harrow lioad Wembley Middlesex HA9 6LL Date... ithiol t•
Palan Foundation Company Limited by Gu8rAntee Statement of Finn¢ial Activities (inclllding income aDd expenditure aecount) Year ended 31 January 2020 2(120 Unrestticd fvnds Totsl f•nd$ 2019 Total funds No Ineome and endowm¢•ts Donaiions and lega¢ies Investment income 3.047.600 31.807 60.156 60.156 Total IDeome 60,156 60,156 3.079,407 Expenditure Expenditure on charitsble activilies Total expenditure 7J 330,726 330J26 ,412,172 330,826 330,826 1,412.172 Net {expeDditureyincome n¢1 movement itt fuDds (270,570) (270,670> 1.667235 ReeoneiliAti•n of fund5 Toial fvnds brought f0Thrd Total funds earri¢d fonyard 2.968.721 2,968,721 2.09&051 1.301,486 2.698.151 2.968,721 The statement of fthancial activities includes all gains and losses recognixd in th¢ year. All income and expIlIllYe ¢Jeriv¢ from ¢ontinuing activiii¢s. The •o¢es ou wge5 11 ts 22 fgrrn part of theser<11 st*ienwtt
Palan Foundation Company Limited by Guarantee Statement of FiDaDcial Position 31 Janu4ry 2020 2020 2019 Note Fixed assets Invcsthients Is Curr¢Dt a55et5 Debtors Cash ai bank and in hand 17 1,6O9J72 1.148J61 .542.793 1,445.592 2.757.733 2.988,385 Creditors: amounts falllD8 due within ome year iyet curren¢ assets J8 59583 19.665 2,698,150 2.698,ISI 2,968,720 2,968.721 Total thssets less currtnt IlbS1ities Net 4$5¢ts 2,698.151 2.968,721 Fund$ of the f h¥rity Unrewicted funds 2.WM151 2.968,721 Total ¢hrlty funds 20 2,698,151 2,968.721 For the year ending 31 January 2020 the charity was entiiled exemption from audit under section 477 of th¢ Companies A¢1 2006 relating io small ¢ompanies. Directors, responsibiliii¢s'. The rnember5 have not requirEd the company to (lytain an audit of its financial statements for the year question in accordance with seciion 476" Th¢ dire¢tors a¢knowl¢dg¢ th¢ir TeswDsibilities for cotnplying with the rtquimnents of the Aci with res1 accounling records and the preparaiion of finala1 sralements. These financial staternen have F*en prepared in accordance with the provisions applicable io companie5 subject to thc smo11 Companies. regime. These financial statements were approved by the board of trustees arml authorised for issue on LP and are SL8ned on behalf of the Ixwd by.. Mr. N. Palan Tnjstee The p•y$ 11 ty 22 f•rm part of these fiManel•l st•ieffienf&
Palan Foundation Company Limited by Guarnntee Statement of Cash Flows Year ended 3] January 2020 2020 2019 Cash flow$ from optrating aetlvlties Nei {¢xpeThditure)lincome (270570) 1,667233 Adjwfftienisfor.. Other in(eresi receivable and similar income ITJt¢rest Yable and similar charges Accrued expengesl(in¢ome) (60,156) 227 5.782 (31,807) 101 (1.068) Chonges in.. Trade a1 other debtors Trdde and other eredito (56916) (1.527.349} 34,136 (11.368} 95,744 Cash generated from op¢r4tii)ns (347,497) Inrest paid Interesi e1ved 1227) 50,493 (101) 27,716 Nei 5h Iu5¢d inyfrom operatsng activities (297J3J) 123,359 C8sb flow$ from invesling #ttivides Puwhases of other investments Net cash used in invesiing a¢iiviti¢s Net (decrease)Ilncrus¢ fash aDd cash eqllivalents Cash nd ¢4sh equlwxltttis at be8lnDine of yer Cash and ea5h equivalents #t end of year (297231) 1.445,592 123,358 1,322,234 1.148J61 ,445,592 The notes ou ptes 11 to 22 form part of th¢s¢ fith•tttiil 51atewenl& io-
Palan Foundation Colnpany Limlted by Guarantee Iyotes to the Financial Stalement$ Year ¢nded 31 January 2020 Gemerl Inform¢ion The charity is ? public bencfit entity and a private company limited by guarantee, ryistered in England and Wales and a re8jStered charity in England and Wales. The addres5 of the registered oifi¢e is 156 Cromwell Road. London. SW7 4EF. ststement Df complian¢¢ These f]nancial statements have en prepaTed in compliance with FRS 102. The Financial Reporting Standard applicable in the UK and the Republic of Ireland,, the Sthiemeni of Recommended Prdciice applicable ¢0 ¢hariiies preparing their accounts in accordance with the Financial Reporting Standard appli¢abl¢ in the UK and Republic of Ireland (FRS 102) (Chan"ties SORP IFRS 102)) and the Companies Act 2006. Accounting poli¢i¢s Basis of preparation The fina181 statejnents have been prepared on the historical cosi basis. &8 rnodified by the revaluation of certain financial assets and liabilities and investsneni prq)enies Meastsd at fair value through income or expenditiire. The financial statements are prtpaTed in sterling, which is the fvncuoI currthcy of the eniiry. Going ¢oD¢erD There are no material un¢¢nainties about the charlS abiliry to ¢ontinue. Judgements athd key sourees of estimat10 certaInty The preparation of the financial staiemenls requires management io make judgements. estimates and assumptions that affect the amounts rqM)rted. These estimates and jud8ements are continually reviewed and are based ort experience and other factory including expecthtions of future eveTJts that are believed to be reasonabk under the ¢iM$[an¢Cs. C•5h 8t b*nk and in hand Cash ai bank and cth in hand includes cash and short terni highly liquid investrnents with a short maturity of three rnonths or le from the date of wuisilion or owiing of the deposit or similar accounr. Cash balances exclude any fvnds held on behalf of seryice users. Fund 8ccollmting Urtrestricted rtds are donations and other incoming resou received or Eeneraied for the charitsble Purposes. It is available for use at the discrfion of the mlsiees in nheTanCe of the general objectives of the charity. Restricted funds are to be used for specific PUfTK)se as laid down by grant provider. Expendittwe whi¢h meets these criteria is charged io the fund. Restricted fimds were mainly for Herits8e proj.
Palan Foundation Company Limited by Guarantee Notes to the Financial Statements f¢•Ati*Med) Year ended 31 January 2020 Accounting polici¢5 In¢otnin8 rewureeg lTheotne Income is reniSed when the chariry entiilement to the fimds. any perfOrnwI conditions aitsched to the income have been met, it is probable thai the income will be received and thai the amount can be measured relxably. In¢ome from government and other grants. whether'capital, grants or'revenue. grants. is recognised when the chanty has entitlemeni io the fiJnd& any wfom)an¢¢ ¢onditlODS attached io the grants hav¢ been mel, it is probable that the income will be received and the amount ean be measure41 reliably and is noi deferred. IDteresi reteivable Interest on fimds held on deposii is included when Tettivable and the amouni can be meawred r¢liably by the charity,. this is nonnally un noiifi¢ation of the interest paid or payable by the bank. 12-
Palan Foundation Company Limited by Guarantee Notes to the Financial Statements froAti1 Year ended 31 J8nuary 2020 Ac¢o¥nling policies Resourtes expetsded Expenditure is recognised on an accrual basis as a liability is incurred. Expenditu is recognised once there is a legal or constructive obligation to make a payment to a third party, il is probable that settlemenl will be reqvired and the amouni of the obligaiion b¢ rneasured reliably. Expenditure is ¢lassified under the following aciivity headings.. Expenditur¢ on Charitable activities Charithble ex1¢ ¢ompris¢5 th05¢ Costs incurred by the ¢hwrity in th¢ d¢livery of its activiti¢S and $¢rvices for its beneficiaries. It includes both costs that can be all(Katcd dirtttly to such activities and those costs of an indirect nature necew to support them. Grnt Pyable Expendiwre on clwitsble a¢uvities includes grants made to the purposes of the charity and the associated suppon ¢osts. Grants payable are made to third parties in furthcrance of the charity's objects. Grants are accounted for when either the rt¢Ipil Iw a re&sonable expectation that they will receive grant and the trustees have agreed to pay th¢ grant without CODditi¢)n, or the recipient bas a reasonable expectation thai they will receive a grdnt and that any condilion attaching to the grant is outside of the control of the charity. Governance costs Gov¢manc¢ Costs are th¢ costs associawl with the 8ovcrnatKC anangements of the chartty. These costs are auociated with constilulÈonal and statutory rul1CMents and include any costs a&sociated with the $al¢gi¢ management of the charitys aciiviiies. Support e01 Resources expended are alloled to the particular activity where the ¢0st relaies directly io that activity. How¢ver, the cost of overdll direction and athninistration of each activity, comprismg the salary and overhead costs of the central function, 15 alkThted io sUprt cos Alloc&tion of sllPPQrt costs All costs are allocated betwecn the expenditUTe categories of the SOFA on a basis designed to reflect the use of the resource. Support and gov¢rnanc¢ costs art wholly re-allrtated to the charitable activity at the rdtio of expenditure on chan"table activitics which are as follows.. - Educaiion: _ 24°A12019= 860/.) Interf8ith= . 76Y¥J (2019.. 80A) Heritage". - 0% {2019= 5%) Investments Unlisted equity investtnents are initially recorded at cost. and subwu¢ntly rneasured at fair value. If fair value canl be r¢liably measured. &ss¢ts ar¢ me&sured at cost less impairmenL Listed investTne]]ts are measured at fair value with changes in fair value being rOgnised in incom¢ or expenditure. 13-
Palan Foundation Company Limited by Guarantee Notes to the Finanelal Statements Year ended 31 January 2020 Acc•uniin# polleles Investments in •55o£iates Inveslments in assixiates accouDted for in accordance with the Cost model aTe rttorded at Cost less any accumulated impaimient losses. Investments in ascIat¢S accounied for in accordance with the fair value model are initially record at the transa¢tion pricc. At each rertIng da. the investhients are measured ai fair value. with Changes in fair value taken through income or expendiwre. Where il is imprxtiubl¢ to measure fair value reliably withoui undue cost or effort, the wst Model will be adoptrd. Dividends and other distributions received from the investmenr aTe r0grtISed as income withoul regard to whether ihe distributions ar¢ from accumulated profits of the %)CIal¢ arising btfore or after the date of acquisition. Investments in joiDt ventures Investments in jointly controlled entities ac¢oun¢ed for in accordance with the cosr model are Txorded ai COA less any a¢cumulad impainnent Ios5¢S. Investmerlts in jointly controlled entities accoun1 foT in accordance with the fair value model are inicially recorded ai the transaction price. Ai e2ch reporting dale. the investtnents are measured ai fair value, with changes io fair value taken through income or expendiwre. Wlere li is irnpraciicable io rne4surc fair valu¢ reliably without undue cost or effort. the model will be &Jop*d. Divid¢nds and other distribution5 received from the investment are recoEnised as incorne without regard to whether the distributions are from accumulaied wofits of the joini venwre arising before or afier the dare of acquisition. Impalrment of fiyed assets A review for indicators of impairnjent is carried out at each rqing date, with the recovcrdble amount being c5tirnated where such indicatots exisi. Where the caTrying value exceeds the recovernble amouni, the assei is impaired aixordingly. Prior impaiTm¢nts are also revi¢wrAI for 1b1¢ reversal at each rew)rting dal¢. For the pu of ImpalmnI iesiing. when li is noi possible to esiirnate the recoverable amount of an individual assel an es¢iniaie is made of the recoverable amount of the cash-generating unil to which the ass¢t belongs. The cash-generdting unit is the smallest identifthble group of &8gets thai includes the asset and generdies Cash inflow5 that largely indewthi of the cash inflows from other assets or groups of For impairnieni tesiing of goodwill, the goodwill acquirtd in a business combinaiion i& from the acquisition dale. allocat to each of the cash-generating uni¢S thai are expected to benefii from the synergies of the combinaiioo irrespective of whether other assets or liabilities of the charity ar¢ assigned 10 those units. 14-
Palan Foundation Company Llmited by Guarantee Note5 to the FinaDeial Statements Year ended 31 January 2020 Accownling polleies FlttAnelal Itsstrllmentg The Company has elected to apply the provision% of Section I l Basic Financial Instruments, and Sli0n 12 '0ther Financial Instrurnents Issues, of FRS 102 10 all of its financial instrnments. Financial Instruments are recognised in the compan5 balance sh¢et when the company becomes party to the contractual provisions of the instswment. Financial as5e¢s and liabtlities are offset. with the net amounts presenied in the financial statements, when there is ? legally enforceable right to set off the recognised amounts and there is an intcntion to settle on a net basis or io realise the asset and settte the liability simultaneously. Basic financial assets which include debtOE5 and cash and baTth balances, are initially measured ¥t transaction price including transaction costs and are subs¢qu¢nily ¢ried at amortised cost using the effective inieresi meth(yJ unless the arrangemeni constitutes a fmancill8 transaciion, where the nsactIon is measured a¢ the presenr value of th¢ future receipts discound ai a markei rate of inrest. Financial ass¢ls classified as receivable within one year are not amortised. Firt8nci&I liabililies and equity instruments ar¢ ¢iwifi¢d aw)rding tts the substance of the contrncNal arrangements eniered inio. An equity instrnrnent is any contract that evidences a residual interest in the ass¢ts of th¢ company after deducting all of its liabilities. Basic financial liabililies. including crediioT8 bank loans. loans from fellow group companies and prefer¢n¢¢ shares that are classified as debt. are initially recognised ai ¢ransa¢iion pri¢¢ unless the arrangement constitutes a financing transaciion. where the d¢bi instrument is MsUred at the present value of the futttre payments dis¢ounied ai a market rate of interest. Financial lthfftlities cla&sified as payable within one year are not ami)rtis¢d. Debt instruments are subsequently carried ai amonised cosL using the effective interest r8te method. Trade crediiors are obligations io pay for goods or seTYices thai have been acquiT&J in the ordinary cours¢ of business from supplteT5. Arnounts payable are cla&sified as current liabiliries if payment 15 due within one year or less. If TJOt, thty are presented as noD-¢urrent liabilitie5. Trade creditors are recogntsed initially at trdnsaction price and subsequently measured at arnorti5ed cost Using the cffectivc interest method. Equity insmirnents issued by the company are recorded at the proceeds re£eived, net of direct issue costs. Dividends payable on equity Instsments are Tecogoised as liabilities once they ar¢ no longer at the discrehon of the company. Defined ¢o•tributi•D pla Contributions to defined Corttribution plans are recognised as an expense in th¢ p¢riiKI in which the related seivice is provided. Prepaid contributions are recognised ¥s an a55et io the extent that the prepayment will lead to a reduction in fijnwe payments OT a cash refund. 15-
Palan Foundation Company Limited by Guarantee Notes to the Finaneial Statements Cc•wNwf4J Year ended 31 Janury 2020 Attounting polieles Defined £ODtrib¥tion plan5 When ¢ontributions are not expected to be seiiled wholly within 12 months of the end of the reporting date in whi¢h the employees render the related service. the liabiliry is measured on a discounied present value basis. The unwinding of the discount is re¢ognis¢d as an ¢XF¢nse in the period in whiclt it arises. Llmlted by guar•nt¢e The charity is company limited by guardntee and has no shaTe ¢apital. The liability of cach mernber in the ¢v¢nt of wiDditig up is limiied to £1. DontloMs and lega¢ie5 Unrestyi¢ied Funds Restrictcd Total Funds Funds 2020 DoD•ti0•S Donation from Golden TrS Limiied Donation Grants Grdnts receivable from DCLG Unrestyicied Funds Re5trict¢d Total Funds Funds 2019 DoDatioms DonatlOD frotn Golden Tours LiMij Donation 3.(I)O,o(K) 3.000.01 GraDts Grdnts receivable from DCLG 47,500 47,51KJ 3.(A)O,l(Kl 47.500 3,047.61K) Investment income UnTestricted Tothl Funds Unresty>¢d Totsl Funds Funds 2020 Fun(b 2019 Bank interest rKeivab Other inleresl e1V3b1¢ 15,413 44,743 15,413 44,743 4,603 27.204 31,807 4.603 27,204 60,156 611.156 31.807 16-
Palan Foundation Compainy Limited by Gugranttt Notes to the Financial StslemeDts Yr ended 31 January 2020 Expenditure on chritble •¢tivAties by fuDd type Unrestricto Funds Restricted Total Fwnds Funds 2020 Education Int¢rfaith Heritage Others Supwi costs 50.675 160.238 50.675 160338 913 119.CrfX) 913 119,000 330.826 330,826 Unrestrict&J Fun¢1 Restricted Totsl Funds Funds 2019 EducatLI)ll InrfaIth Heritrge Others 1.138.985 109.758 10270 1.138.985 109,758 69,484 59214 93.945 93,945 1.352.958 59.214 ,412.172 Expenditure on ch*ritxble •ctivitie5 by aetivity type Aciivilies undertaken Grani funding directly of activities Suppon costs Totsl funds 20211 Total fund 2019 Edu¢ation Interfaith Heritsge Others 50,675 92.175 28.462 90.438 79,160 2511,753 ,220,157 117.580 74,435 68.063 913 913 68.976 142.850 118,900 3311.826 1,412.172 Analysis of support 15 Education Interfaith Total 2020 Totsl 2019 Stsff costs Premises General office Finance Governance cosLS Printing Postage and Ststionery Travel Consultancy Repair and maintenance Adverlising 57.446 8.342 12.808 162 55 I.IY)7 618 793 11.678 678 768 40,51XI 511 172 3.193 1,953 2.506 36,928 2,142 2,428 53J08 673 227 4200 271 3299 48.006 2,820 3,196 101 8.400 260 7,947 11,249 28,567 90,333 118,900 93,945 J7-
Palan FoundatioD CompAny Limited by Guarantee Notes to Ihe Financial Statements (c•wiwc4J Year ended 31 January 2020 10. An•lysis of yants 2020 2019 Grants to instit1105 Grants io institutions.- Education Grants to institutLOrts: lrtterfaith 8,630 92,175 100.805 1.093,889 61,460 ,155,349 Grants to individu•ls Grants to indivi(knls.. Education 42,045 45.096 42,045 142,850 45,096 Totsl grants ,200.445 11. Independent exmiDtioD ftts 2(120 2019 Ftts payable io the independeni exarniner for. Independent examination of the fitt#ncial giaiements IL Stff costs The total stsff costs and ernployee benefits for the reporting period are analyscd as follows.. 2020 2019 Wage5 and salaries Social security Costs Employer contributions to pension plaTrs 54.524 2,696 226 57.446 The average head count of employees during the year was Nil12019.. 1). Th¢ averag¢ nutDb¢r of full-time equlvalent employees during the year is analysed as follow5.. 202D No. 2019 No. Number of stsff No employ¢e re¢eived employee benefits of more than £60,(KK) during the y¢ar (2019: Nil). 18-
Palan Foundation Company Limited by Guarantee Notes to the Financial St4tem¢nts Ci¥tsiiu¢•J Year ended 31 January 2020 13. Trustet remumeration and ¢xpeDses The key management pelsonnel of the chan.ty are the Intee& One or more trust$ has been paid remuneration or received other beneflts from employment with the charity or a related eniity. Milli Pari was appointed as athninistration manager under article 7 sub¢laus¢ 3(fj and 3lg) of anicle of asltiOn. Totsl Ternunerntion of £nil (£2019.. £53J59.76) was paid to her. During the year tolal trdvel expeTh of £17.948.33 (2019.. £7,947.29) w¢r¢ reimbursed to truste Mr. N Palan and Mrs K Palan. 14. Txatl•n The charitable company is exempt from cthp)ration thx a5 all its inwm¢ is charitable and is applied ftir charitable purposts. 15. Investments Other iTrve51ment$ Cost or valuatitin Al l Febnwy 2019 Additions At 31 January 2020 ImpAlrment At l February 2019 and 31 Jttury 2020 Carrylng arnount At 31 January 1020 Ai31 January2019 All investsnents shown above are hekl at valuation. 16. Inveslm¢nt etIeS sb$Id1*rks and other investments P¢r¢¢ni#g¢ of shares held Clss of share Otber sigrtifrtant holdlngs VP Property Investment Limited Ordinary shares 50 VP Property Investyeni Limiied incoryorated in Englaj and Wales and its regisiered office address is 156 Cromwell road. tA}nth SW7 4EF. Palan Ftmindaiion own5 1 ordinary shaTes with nominal value of 50p. 19-
Palan Foundation Company Limited by GMaraDt¢e Iyotes to the Financial St2tements fe•rttiAts¢d) Year ended 31 January 2020 17. Debtors 21120 2019 Arnounts owed by undertakings in which th¢ charity h&$ a participating interest Prepayments and accrued income Other d¢btor5 1.571,947 19925 17AIMI 1.527.204 5,037 10.552 1,609J72 1,542,793 The debtors aiKTrve include the followmg amounrs falling due afi¢r mor¢ than on¢ year.. 2020 2019 Amounts ow¢d by undertakings in which the charity has a pani¢ip31ing int¢r¢st 1,571947 1.527.204 18. Creditors: amownts falling du¢ Ivithin one ye*r 2020 2019 Accrnals Oth¢r creditOf5 19524 40,059 13,742 5.923 59J83 19,665 19. Pettslons and other pos¢-re¢irement b¢n¢fJts Dtfjned ¢OD¢ributioD plan5 The amount recognised in income or edIlure as an expense in relation to defined ntribUll0n plarLS was £Nil (2019- £226). 20. Analysis of eh#ritable fvthds Unrestri¢ted funds Ai l Febnwy 20 19 At 31 Janw#ry 2(1 20 Income Expendilure General fvnds 2.968,721 60.156 (330,726) 2.698,151 Al l Febnwy 20 18 At 31 January 20 19 IJKome Expenditiire General fund5 1.289,772 3.031,907 {1,352,958) 2,968,721 -20-
Palan Foundation Company Limited by Guarantse Notes to the Financial Statements Year ended 31 January 2020 21. Analysi$ •f ssets between fuDd5 Uwestrictsd TO Funds Funds 2020 IDv¢slments Current assets Creditors less than l year Net assets 2.757,733 (59,583) 2,757,733 (59.683) 2.698,OSI 2,698,151 Unrestricted Total Funds Furtds 2019 Investsnents Curreni assets Creditor5 less than l year 2.988,385 (19.665) 2,988J85 {19,665) Net assets 2.968,721 2.968,721 22. Analysi5 of chnges In net debt At 31 Jan 20ZO At l Feb 2019 Cash flows Cosh at bank and in hand 1,445.592 1297.231) 1,148J61 23. Related p#rtSes During the year the charity eniered iDio th¢ folknving Iran5actions with related parties.. Tran$attion v*lue Balance owed byl{owed to) 2020 2019 2020 2019 Golden Tours Limited VP Property InY¢stsn¢nt Limited 37.651 44.743 46.041 1.527204 40,059 1,571.947 5.829 1,527,204 21
P21an Foundation Company Limited by Guarantee Notes to the Financial Statements {¢•#thw4) Year ended 31 January 2020 23. Relte41 p*rties Palan Foundation paid £37,651 (2019.. £46,041) io Golden Touys Limiied during the year ftir purchase of various educational tOUTS. inforniation techtwlogy support and rent fot ¢pYing premises. This transaction was on nom)al commercial lern. Included in other ¢r¢diwrs is the amount due io Golden Tours Limited of £40,059 {2019.. £5,829) at the balan¢¢ sheet date. Donations received during the year from Gol¢Jen Tours Lirniied is £ Nil {2019.. £3.000.OLK)). Mr. N. Palan and Mr. M Palan. tsijsiees of the clwity, aTe also a diff¢ior of Golden Tours Limited. Includd in other creditor is balance of £1.571947 (2019.. £1.527204) due from VP Property lrtvestsnent Limited (VPIL). Palan Foundation owns 50% of capiwl of VPIL. Two of th¢ trus$ owns remaining 50U/o of share capitsl of VPIL. Inierest is charged at 2.5Yfy alx)ve base rdte. A fixed repaent of Capital of £20,(M)O will commence quarterly from 3 1st December 2020 until 30th June 2028. The balance of the l(Tran will be repaid in full on 31st July 2028. Included in other debtors is r¢ni dew)sit of £17.5( {2019: £ Nil) paid to VP Property Investsnent Limited. Palan Foundation paid rent of £35.(KJO (2019.. Nil) to VP Prom Investment Limited for 0uPying premises ai Murray House. The sparx occupied sol¢ly for the PUTW5e of advancÈng charithble goals and obj¢ctivo. 22-