Company registration number: 07491521 Charity registration number: 1155152
Palan Foundation
Company Limited by Guarantee Unaudited Financial Statements 31 January 2022
AMEY KAMP LLP
Chartered Accountants
310 Harrow Road Wembley Middlesex HA9 6LL
Document Ref: LHQE2-YSCEX-AJAST-DGMY3
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Palan Foundation
Company Limited by Guarantee
Financial Statements
Year ended 31 January 2022
| Page | |
|---|---|
| Trustees' annual report (incorporating the director's report) | 1 |
| Chartered accountant's report to the board of trustees on the preparation of the | |
| unaudited statutory financial statements | 7 |
| Statement of financial activities (including income and expenditure account) | 8 |
| Statement of financial position | 9 |
| Statement of cash flows | 10 |
| Notes to the financial statements | 11 |
Document Ref: LHQE2-YSCEX-AJAST-DGMY3
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Palan Foundation
Company Limited by Guarantee
Trustees' Annual Report (Incorporating the Director's Report)
Year ended 31 January 2022
The trustees, who are also the directors for the purposes of company law, present their report and the unaudited financial statements of the charity for the year ended 31 January 2022.
Reference and administrative details
Registered charity name Palan Foundation Charity registration number 1155152 Company registration number 07491521 Principal office and registered 156 Cromwell Road office SW7 4EF London
The trustees
Mrs. K. Palan Mr. N. Palan Chairman Mr. M. Vashi Mr. M. Palan Ms. M. Palan Accountants Amey Kamp LLP Chartered accountants 310 Harrow Road Wembley Middlesex HA9 6LL
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Palan Foundation
Company Limited by Guarantee
Trustees' Annual Report (Incorporating the Director's Report) (continued)
Year ended 31 January 2022
Structure, governance and management
The organisation is a charitable company limited by guarantee, incorporated on 13 January 2011 and registered as a charity on 13 December 2013.
The company was established under a memorandum of association which established the objects and powers of the charitable company and it is governed under its articles of association.
All trustees give their time voluntarily and receive no benefits from the charity.
Grant making policy
The Foundation only make grants as a financial award to support charitable activities, usually to registered charities or charitable community groups, but sometimes to other bodies or to individuals provided that they are in line with our key objectives. Grant requests are normally received from our existing known sources that we have a continuous track record in working with, or the requests would come from sources that we have been able to meet personally and have seen their work in the past. Every grant before being released is assessed and the trustees would always meet the recipient's organisation or person to ensure that the ethos and objectives are fully met and understood.
Institutions receiving grants provide regular progress reports and projects are visited on numerous occasions by the trustees of the Foundation and their representatives. For sustainability of projects' achievements, the Foundation seeks to maintain rigorous monitoring and evaluation procedures .
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Palan Foundation
Company Limited by Guarantee
Trustees' Annual Report (Incorporating the Director's Report) (continued)
Year ended 31 January 2022
Objectives and activities
The charity was incorporated on 13 January 2011 and registered as a charity on 13 December 2013. The ethos of the charity is based on the hindu philosophy of His Holiness Pramukh Swami Maharaj (1921-2016), who had inspired millions of people to serve with his life message of "In the joy of others lies our own".
The objects of the charity are:
To advance and promote the education of young people in order to develop charitable and social needs to benefit the community at large through educational, social and charitable ethos. To advance the understanding of the Hindu faith for the public benefit, by the provision of grants to Hindu organisations established for the advancement of religion, interfaith activities, education, and social and community matters and in particular but not exclusively, BAPS Shri Swaminarayan Mandir.
The work of the charity is focused in two geographical areas - United Kingdom and India. This year has been very exciting and trustees devoted a substantial amount of their time to promoting the activities of the charity, including a number of visits to India to identify local partners; oversee various activities; and gain first-hand experience of the operations.
The trustees review the aims, objectives and activities of the charity each year. This report looks at the charity's achievements and the outcomes of its work in the reporting period. The trustees report the success of each key activity and the benefits the charity has brought to those groups of people that it is set up to help. The review also helps the trustees ensure the charity's aims, objectives and activities remained focused on its stated purposes.
The trustees have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the charity's aims and objectives and in planning its future activities. In particular, the trustees consider how planned activities will contribute to the aims and objectives that have been set.
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Palan Foundation
Company Limited by Guarantee
Trustees' Annual Report (Incorporating the Director's Report) (continued)
Year ended 31 January 2022
Achievements and performance
The charity's main activities and beneficiaries are described below. All its charitable activities are undertaken for the public benefit. The charity achieves its objectives by making grants to organisations and supporting individuals with bursaries.
The trustees consider applications for funding from organisations in the UK and India and awards funding after consideration of the merit of the proposed activity, educational activities and impact on young people in particular.
Educational activities
Total Grants of 5,600 (2021: £9,448) were made during the year. Total of £Nil (2021: £2,848) was paid to Swaminarayan Sanstha UK.
Scholarships were provided to Young People in UK and in India to further their education. All students go through a vigorous process of financial need verification. Grants range from 20% to 100% for studies in UK.
We continue our support for the residential Girls school in Randesan and Boys school in Sarangpur. Girls are showing an incredible improvement in their performance and seem to have overcome their disadvantaged beginnings and are embracing Education in line with their peers.
Boys in Sarangpur now have additional support with part time teachers who are brought in from Delhi University and they are able to give these young minds a tremendous extra boost.
Interfaith
Total £402,896 (2021: £588,809) was spent to promote various interfaith activities. This includes total grant of £331,000 (2021: £561,000) paid to various institutions towards support of Interfaith activities.
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Palan Foundation
Company Limited by Guarantee
Trustees' Annual Report (Incorporating the Director's Report) (continued)
Year ended 31 January 2022
Financial review
Financial review
At the end of the financial year, the charity held unrestricted reserves of £1,638,391 (2021: £2,080,724) and restricted reserves of £ Nil (2021: £ Nil) which will meet the interim target set by the trustees.
Reserve policy
The trustees remain concerned about having a single source of revenue and have agreed to keep more than £1.5 million as reserves.
Going concern
After making appropriate enquiries, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. For this reason, they believe they continue to adopt the going concern basis in preparing the financial statements. With a good Reserve Policy in place we do not foresee any concerns as regards our ability to carry on with our work for the foreseeable future.
Appointment of trustees
The charity is committed to ensuring governance arrangements that are robust to ensure that the charity is managed in accordance with the governing document and current legislation as well as adopting procedures of good practice and improve the effectiveness of the charity.
Trustees are appointed by the existing board for a period of five years.
Related parties
Related parties are disclosed in note 21.
Principal Risks and uncertainties
The Trustees have assessed the major risks of grant utilisation provided to overseas institutions, and are satisfied that systems are in place to reduce and mitigate the exposure to risks by ensuring regular evaluation monitoring and follow up for all grants provided to institutions. Furthermore, the Trustees visit India regularly and are able to monitor these institutions.
There is a risk of having a single source of revenue which trustees have mitigated by having a robust Reserve Policy.
Plans for future periods
We are intending to continue supporting educational grant in UK so that the current two candidates can complete their PhD. In India we will continue supporting work of Young People but in a much more limited way.
We will also continue to promote various Hindu festivals and provide research grants to promote better understanding of Hindu faith and Community. This will support the community and their relationships with other communities during this very difficult period.
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Palan Foundation
Company Limited by Guarantee
Trustees' Annual Report (Incorporating the Director's Report) (continued)
Year ended 31 January 2022
Trustees' responsibilities statement
The trustees, who are also directors for the purposes of company law, are responsible for preparing the trustees' report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
Company law requires the charity trustees to prepare financial statements for each year which give a true and fair view of the state of affairs of the charitable company and the incoming resources and application of resources, including the income and expenditure, for that period.
In preparing these financial statements, the trustees are required to:
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the applicable Charities SORP;
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make judgments and accounting estimates that are reasonable and prudent.
The trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charity's transactions and disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Each of the persons who is a trustee at the date of approval of this report confirms that:
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so far as they are aware, there is no relevant audit information of which the company's auditor is unaware; and
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they have taken all steps that they ought to have taken as a director to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information.
The trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
Members of the charity guarantee to contribute an amount not exceeding £1 to the assets of the charity in the event of winding up. The total number of such guarantees at 31 January 2010 is 5 (2020 \: 5). The trustees are members of the charity, but this entitles them only to voting rights. The trustees have no beneficial interest in the charity.
Small company provisions
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
The trustees' annual report was approved on 23 December 2022 and signed on behalf of the board of trustees by:
______ Mr. N. Palan Trustee
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Palan Foundation
Company Limited by Guarantee
Chartered Accountant's Report to the Board of Trustees on the Preparation of the Unaudited Statutory Financial Statements of Palan Foundation
Year ended 31 January 2022
As described on the statement of financial position, the trustees of the charity are responsible for the preparation of the financial statements for the year ended 31 January 2022, which comprise the statement of financial activities (including income and expenditure account), statement of financial position, statement of cash flows and the related notes.
You consider that the charity is exempt from an audit under the Companies Act 2006.
In accordance with your instructions we have compiled these financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and from information and explanations supplied to us.
_______ AMEY KAMP LLP Chartered accountants
310 Harrow Road Wembley Middlesex HA9 6LL
Date: -23[rd] December 2022
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Palan Foundation
Company Limited by Guarantee
Statement of Financial Activities (including income and expenditure account)
Year ended 31 January 2022
| 2022 | 2022 | 2021 | ||
|---|---|---|---|---|
| Unrestricted | ||||
| funds | Total funds | Total funds | ||
| Note | £ | £ | £ | |
| Income and endowments | ||||
| Investment income | 5 | 41,870 | 41,870 | 65,843 |
| ---------------------------- | ---------------------------- | ---------------------------- | ||
| Total income | 41,870 | 41,870 | 65,843 | |
| ============================ | ============================ | ============================ | ||
| Expenditure | ||||
| Expenditure on charitable activities | 6,7 | 484,203 | 484,203 | 683,270 |
| --------------------------------- | --------------------------------- | --------------------------------- | ||
| Total expenditure | 484,203 | 484,203 | 683,270 | |
| ================================= | ================================= | ================================= | ||
| --------------------------------- | --------------------------------- | --------------------------------- | ||
| Net expenditure and net movement in funds | (442,333) | (442,333) | (617,427) | |
| ================================= | ================================= | ================================= | ||
| Reconciliation of funds | ||||
| Total funds brought forward | 2,080,724 | 2,080,724 | 2,698,151 | |
| ------------------------------------------ | ------------------------------------------ | ------------------------------------------ | ||
| Total funds carried forward | 1,638,391 | 1,638,391 | 2,080,724 | |
| ========================================== | ========================================== | ========================================== |
The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
The notes on pages 11 to 21 form part of these financial statements.
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Palan Foundation
Company Limited by Guarantee
Statement of Financial Position
31 January 2022
| 2022 | 2021 | |||
|---|---|---|---|---|
| Note | £ | £ | £ | |
| Fixed assets | ||||
| Investments | 14 | 1 | 1 | |
| Current assets | ||||
| Debtors | 16 | 1,638,825 | 2,131,403 | |
| Cash at bank and in hand | 4,395 | 17,497 | ||
| ------------------------------------------ | ------------------------------------------ | |||
| 1,643,220 | 2,148,900 | |||
| Creditors: amounts falling due within one year | 17 | 4,830 | 68,177 | |
| ------------------------------------------ | ------------------------------------------ | |||
| Net current assets | 1,638,390 | 2,080,723 | ||
| ------------------------------------------ | ------------------------------------------ | |||
| Total assets less current liabilities | 1,638,391 | 2,080,724 | ||
| ------------------------------------------ | ------------------------------------------ | |||
| Net assets | 1,638,391 | 2,080,724 | ||
| ========================================== | ========================================== | |||
| Funds of the charity | ||||
| Unrestricted funds | 1,638,391 | 2,080,724 | ||
| ------------------------------------------ | ------------------------------------------ | |||
| Total charity funds | 18 | 1,638,391 ========================================== |
2,080,724 ========================================== |
For the year ending 31 January 2022 the charity was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.
These financial statements were approved by the board of trustees and authorised for issue on 23 December 2022, and are signed on behalf of the board by:
______ Mr. N. Palan Trustee
The notes on pages 11 to 21 form part of these financial statements.
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Palan Foundation
Company Limited by Guarantee
Statement of Cash Flows
Year ended 31 January 2022
| Year ended 31 January | 2022 | |
|---|---|---|
| 2022 | 2021 | |
| £ | £ | |
| Cash flows from operating activities | ||
| Net expenditure | (442,333) | (617,427) |
| Adjustments for: | ||
| Other interest receivable and similar income | (41,870) | (65,843) |
| Interest payable and similar charges | 1,356 | – |
| Accrued income | (4,421) | (10,273) |
| Changes in: | ||
| Trade and other debtors | 492,578 | (536,185) |
| Trade and other creditors | (58,926) | 18,867 |
| --------------------------------- | ------------------------------------------ | |
| Cash generated from operations | (53,616) | (1,210,861) |
| Interest paid | (1,356) | – |
| Interest received | 41,870 | 79,997 |
| ---------------------------- | ------------------------------------------ | |
| Net cash used in operating activities | (13,102) | (1,130,864) |
| ============================ | ========================================== | |
| Net decrease in cash and cash equivalents | (13,102) | (1,130,864) |
| Cash and cash equivalents at beginning of year | 17,497 | 1,148,361 |
| ---------------------------- | ------------------------------------------ | |
| Cash and cash equivalents at end of year | 4,395 | 17,497 |
| ============================ | ========================================== |
The notes on pages 11 to 21 form part of these financial statements.
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Palan Foundation
Company Limited by Guarantee
Notes to the Financial Statements
Year ended 31 January 2022
1. General information
The charity is a public benefit entity and a private company limited by guarantee, registered in England and Wales and a registered charity in England and Wales. The address of the registered office is 156 Cromwell Road, SW7 4EF, London.
2. Statement of compliance
These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', the 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) (Charities SORP (FRS 102)) and the Companies Act 2006.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through income or expenditure.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
There are no material uncertainties about the charity's ability to continue.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Cash at bank and in hand
Cash at bank and cash 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. Cash balances exclude any funds held on behalf of service users.
Fund accounting
Unrestricted funds are donations and other incoming resources received or generated for the charitable purposes. It is available for use at the discretion of the trustees in furtherance of the general objectives of the charity.
Restricted funds are to be used for specific purpose as laid down by grant provider. Expenditure which meets these criteria is charged to the fund. Restricted funds were mainly for Heritage projects.
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Palan Foundation
Company Limited by Guarantee
Notes to the Financial Statements (continued)
Year ended 31 January 2022
3. Accounting policies (continued)
Incoming resources
Income
Income is recognised when the charity has entitlement to the funds, any performance conditions attached to the income have been met, it is probable that the income will be received and that the amount can be measured reliably.
Income from government and other grants, whether 'capital' grants or 'revenue' grants, is recognised when the chanty has entitlement to the funds, any performance conditions attached to the grants have been met, it is probable that the income will be received and the amount can be measured reliably and is not deferred.
Interest receivable
Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the bank.
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Palan Foundation
Company Limited by Guarantee
Notes to the Financial Statements (continued)
Year ended 31 January 2022
3. Accounting policies (continued)
Resources expended
Expenditure is recognised on an accrual basis as a liability is incurred. Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably.
Expenditure is classified under the following activity headings:
Expenditure on charitable activities
Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.
Grant Payable
Expenditure on charitable activities includes grants made to further the purposes of the charity and the associated support costs. Grants payable are made to third parties in furtherance of the charity's objects. Grants are accounted for when either the recipient has a reasonable expectation that they will receive a grant and the trustees have agreed to pay the grant without condition, or the recipient has a reasonable expectation that they will receive a grant and that any condition attaching to the grant is outside of the control of the charity.
Governance costs
Governance costs are the costs associated with the governance arrangements of the charity. These costs are associated with constitutional and statutory requirements and include any costs associated with the strategic management of the charity's activities.
Support costs
Resources expended are allocated to the particular activity where the cost relates directly to that activity. However, the cost of overall direction and administration of each activity, comprising the salary and overhead costs of the central function, is allocated to Support costs.
Allocation of support costs
All costs are allocated between the expenditure categories of the SoFA on a basis designed to reflect the use of the resource.
Support and governance costs are wholly re-allocated to the charitable activity at the ratio of expenditure on charitable activities which are as follows: -
Education: - 1%(2021: 2%) Interfaith: - 99%(2021: 98%)
Investments
Unlisted equity investments are initially recorded at cost, and subsequently measured at fair value. If fair value cannot be reliably measured, assets are measured at cost less impairment.
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Palan Foundation
Company Limited by Guarantee
Notes to the Financial Statements (continued)
Year ended 31 January 2022
3. Accounting policies (continued)
Investments (continued)
Listed investments are measured at fair value with changes in fair value being recognised in income or expenditure.
Investments in associates
Investments in associates accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses.
Investments in associates accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value taken through income or expenditure. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted.
Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the associate arising before or after the date of acquisition.
Investments in joint ventures
Investments in jointly controlled entities accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses.
Investments in jointly controlled entities accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value taken through income or expenditure. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted.
Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the joint venture arising before or after the date of acquisition.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.
For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the charity are assigned to those units.
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Palan Foundation
Company Limited by Guarantee
Notes to the Financial Statements (continued)
Year ended 31 January 2022
3. Accounting policies (continued)
Financial instruments
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
4. Limited by guarantee
The charity is company limited by guarantee and has no share capital. The liability of each member in the event of winding up is limited to £1.
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Palan Foundation
Company Limited by Guarantee
Notes to the Financial Statements (continued)
Year ended 31 January 2022
5. Investment income
| Investment income | ||||
|---|---|---|---|---|
| Unrestricted | Total Funds | Unrestricted | Total Funds | |
| Funds | 2022 | Funds | 2021 | |
| £ | £ | £ | £ | |
| Bank interest receivable | – | – | 1,890 | 1,890 |
| Other interest receivable | 41,870 | 41,870 | 63,953 | 63,953 |
| ---------------------------- | ---------------------------- | ---------------------------- | ---------------------------- | |
| 41,870 | 41,870 | 65,843 | 65,843 | |
| ============================ | ============================ | ============================ | ============================ |
6. Expenditure on charitable activities by fund type
| Unrestricted | Total Funds | Unrestricted | Total Funds | |
|---|---|---|---|---|
| Funds | 2022 | Funds | 2021 | |
| £ | £ | £ | £ | |
| Education | 5,600 | 5,600 | 9,448 | 9,448 |
| Interfaith | 402,896 | 402,896 | 588,809 | 588,809 |
| Others | 7,414 | 7,414 | 7,466 | 7,466 |
| Support costs | 68,293 | 68,293 | 77,547 | 77,547 |
| --------------------------------- | --------------------------------- | --------------------------------- | --------------------------------- | |
| 484,203 | 484,203 | 683,270 | 683,270 | |
| ================================= | ================================= | ================================= | ================================= |
7. Expenditure on charitable activities by activity type
Activities
| Activities | |||||
|---|---|---|---|---|---|
| undertaken | Grant funding | Total funds | Total fund | ||
| directly | of activities | Support costs | 2022 | 2021 | |
| £ | £ | £ | £ | £ | |
| Education | – | 5,600 | 872 | 6,472 | 10,673 |
| Interfaith | 71,896 | 331,000 | 62,621 | 465,517 | 665,131 |
| Others | 7,414 | – | – | 7,414 | 7,466 |
| Governance costs | – | – | 4,800 | 4,800 | – |
| ---------------------------- | --------------------------------- | ---------------------------- | --------------------------------- | --------------------------------- | |
| 79,310 | 336,600 | 68,293 | 484,203 | 683,270 | |
| ============================ | ================================= | ============================ | ================================= | ================================= | |
| Analysis of support costs | |||||
| Education | Interfaith | Total 2022 | Total 2021 | ||
| £ | £ | £ | £ | ||
| Premises | 496 | 35,650 | 36,146 | 28,637 | |
| Communications and IT | 7 | 523 | 530 | 706 | |
| General office | 5 | 384 | 389 | 212 | |
| Finance costs | 19 | 1337 | 1356 | 46 | |
| Governance costs | 33 | 2,367 | 2,400 | 4,200 | |
| Printing Postage and Stationery | 3 | 235 | 238 | 479 | |
| Travel | 9 | 620 | 629 | 468 | |
| Consultancy | 340 | 24,440 | 24,780 | 39,482 | |
| Repair and maintenance | 9 | 621 | 630 | 1,020 | |
| Telephone | 1 | 62 | 63 | 649 | |
| Motor expenses | 16 | 1,116 | 1,132 | 1,648 | |
| -------------- | ---------------------------- | ---------------------------- | ---------------------------- | ||
| 938 | 67,355 | 68,293 | 77,547 | ||
| ============== | ============================ | ============================ | ============================ |
8. Analysis of support costs
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Palan Foundation
Company Limited by Guarantee
Notes to the Financial Statements (continued)
Year ended 31 January 2022
9. Analysis of grants
| 9. | Analysis of grants | ||
|---|---|---|---|
| 2022 | 2021 | ||
| £ | £ | ||
| Grants to institutions | |||
| Grants to institutions: Education | 5,600 | 2,848 | |
| Grants to institutions: Interfaith | 331,000 | 561,000 | |
| --------------------------------- | --------------------------------- | ||
| 336,600 | 563,848 | ||
| Grants to individuals | |||
| Grants to individuals: Education | – | 6,600 | |
| --------------------------------- | --------------------------------- | ||
| Total grants | 336,600 | 570,448 | |
| ================================= | ================================= | ||
| 10. | Independent examination fees | ||
| 2022 | 2021 | ||
| £ | £ | ||
| Fees payable to the independent examiner for: | |||
| Independent examination of the financial statements | – | 1,800 | |
| ============== | ======================= | ||
| 11. | Staff costs | ||
| The total staff costs and employee benefits for the reporting period are analysed as follows: | |||
| 2022 | 2021 | ||
| £ | £ | ||
| _ | _ | ||
| ======================= | ======================= |
The average head count of employees during the year was 5 (2021: 5). The average number of full-time equivalent employees during the year is analysed as follows:
| 2022 | 2021 | |
|---|---|---|
| No. | No. | |
| Number of staff - Trustees | 5 | 5 |
| ============== | ============== |
No employee received employee benefits of more than £60,000 during the year (2021: Nil).
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Document Ref: LHQE2-YSCEX-AJAST-DGMY3
Page 19 of 23
Palan Foundation
Company Limited by Guarantee
Notes to the Financial Statements (continued)
Year ended 31 January 2022
12. Trustee remuneration and expenses
The key management personnel of the charity are the trustees. The trustees were not paid nor received any other benefits from employment with the charity in the year (2021: £ nil).
13. Taxation
The charitable company is exempt from corporation tax as all its income is charitable and is applied for charitable purposes.
14. Investments
| Other | |
|---|---|
| investments | |
| £ | |
| Cost or valuation | |
| At 1 February 2021 | 1 |
| Additions | – |
| -------------- | |
| At 31 January 2022 | 1 |
| ============== | |
| Impairment | |
| At 1 February 2021 and 31 January 2022 | – |
| ============== | |
| Carrying amount | |
| At 31 January 2022 | 1 |
| ============== | |
| At 31 January 2021 | 1 |
| ============== |
All investments shown above are held at valuation.
15. Investment entities
Subsidiaries and other investments
| Subsidiaries and other investments | ||
|---|---|---|
| Percentage of | ||
| Class of share | shares held | |
| Other significant holdings | ||
| VP Property Investment Limited | Ordinary shares | 50 |
VP Property Investment Limited is incorporated in England and Wales and its registered office address is 156 Cromwell road,London, SW7 4EF. Palan Foundation owns 1 ordinary shares with nominal value of 50p.
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Document Ref: LHQE2-YSCEX-AJAST-DGMY3
Page 20 of 23
Palan Foundation
Company Limited by Guarantee
Notes to the Financial Statements (continued)
Year ended 31 January 2022
16. Debtors
| 16. | Debtors | ||
|---|---|---|---|
| 2022 | 2021 | ||
| £ | £ | ||
| Amounts owed by undertakings in which the charity has a participating | |||
| interest | 915,510 | 1,619,291 | |
| Prepayments and accrued income | 4,639 | 4,134 | |
| Other debtors | 718,676 | 507,978 | |
| ------------------------------------------ | ------------------------------------------ | ||
| 1,638,825 | 2,131,403 | ||
| ========================================== | ========================================== | ||
| The debtors above include the following amounts falling due after more than one year: | |||
| 2022 | 2021 | ||
| £ | £ | ||
| Amounts owed by undertakings in which the charity has a participating | |||
| interest | – | 1,619,291 | |
| ============== | ========================================== | ||
| 17. | Creditors: amounts falling due within one year | ||
| 2022 | 2021 | ||
| £ | £ | ||
| Accruals and deferred income | 4,830 | 9,251 | |
| Other creditors | – | 58,926 | |
| ----------------------- | ---------------------------- | ||
| 4,830 | 68,177 | ||
| ======================= | ============================ |
18. Analysis of charitable funds Unrestricted funds
| Unrestricted funds | |||||
|---|---|---|---|---|---|
| At | At | ||||
| 1 | February 2021 | Income | Expenditure | 31 January 2022 | |
| £ | £ | £ | £ | ||
| General funds | 2,080,724 | 41,870 | (484,203) | 1,638,391 | |
| ========================================== | ============================ | ================================= | ========================================== | ||
| At | At | ||||
| 1 | February 2020 | Income | Expenditure | 31 January 2021 | |
| £ | £ | £ | £ | ||
| General funds | 2,698,151 | 65,843 | (683,270) | 2,080,724 | |
| ========================================== | ============================ | ================================= | ========================================== |
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Document Ref: LHQE2-YSCEX-AJAST-DGMY3
Page 21 of 23
Palan Foundation
Company Limited by Guarantee
Notes to the Financial Statements (continued)
Year ended 31 January 2022
19. Analysis of net assets between funds
| Analysis of net assets between funds | ||
|---|---|---|
| Unrestricted | Total Funds | |
| Funds | 2022 | |
| £ | £ | |
| Investments | 1 | 1 |
| Current assets | 1,643,220 | 1,643,220 |
| Creditors less than 1 year | (4,830) | (4,830) |
| ------------------------------------------ | ------------------------------------------ | |
| Net assets | 1,638,391 | 1,638,391 |
| ========================================== | ========================================== | |
| Unrestricted | Total Funds | |
| Funds | 2021 | |
| £ | £ | |
| Investments | 1 | 1 |
| Current assets | 2,148,900 | 2,148,900 |
| Creditors less than 1 year | (68,177) | (68,177) |
| ------------------------------------------ | ------------------------------------------ | |
| Net assets | 2,080,724 ========================================== |
2,080,724 ========================================== |
20. Analysis of changes in net debt
| Analysis of changes in net debt | ||||||
|---|---|---|---|---|---|---|
| At | ||||||
| At | 1 | Feb 2021 | Cash flows | 31 Jan | 2022 | |
| £ | £ | £ | ||||
| Cash at bank and in hand | 17,497 | (13,102) | 4,395 | |||
| ============================ | ============================ | ======================= |
21. Related parties
During the year the charity entered into the following transactions with related parties:
| Transaction | value | Balance owed | by/(owed to) | |
|---|---|---|---|---|
| 2022 | 2021 | 2022 | 2021 | |
| £ | £ | £ | £ | |
| Golden Tours Limited | (300,061) | 18,867 | (241,135) | 58,926 |
| VP Property Investment Limited | (703,781) | 47,344 | 915,510 | 1,619,291 |
| Yantra World Limited | (13,996) | 464,496 | 450,500 | 464,496 |
| GT RBS | 29,018 | 27,522 | – | – |
| ================================= | ================================= | ================================= | ========================================== |
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Document Ref: LHQE2-YSCEX-AJAST-DGMY3
Page 22 of 23
Palan Foundation
Company Limited by Guarantee
Notes to the Financial Statements (continued)
Year ended 31 January 2022
21. Related parties (continued)
Included in other creditors is the amount due to Golden Tours Limited of £Nil (2021: £58,926) at the balance sheet date. Included in other debtors is the amount due from Golden Tours Limited of £241,135 (2021: £Nil) at the balance sheet date. Interest is charged at 3%.
Included in other debtors is a balance of £915,510 (2021: £1,619,291) due from VP Property Investment Limited (VPIL). Palan Foundation owns 50% of share capital of VPIL. Two of the trustees owns remaining 50% of share capital of VPIL. Interest is charged at 2.5% above base rate. A Fixed amount of Capital of £20,000 will be payable starting 31st Dec 2020 per quarter until 30th June 2028. Balance of the loan will be repaid in full on 31st July 2028.
Included in other debtors is rent deposit of £Nil (2021: £17,500) paid to VP Property Investment Limited.
Included in other debtor is balance of £450,500 (2021: £464,496) due from Yantra World Limited. Two of the trustees owns 100% of share capital of Yantra World Limited. Interest is charged at 2.5% above base rate. The loan will be repaid on demand or in full by no later than 14th November 2024.
Total rent of £29,018 (2021: £27,522) is paid to GT RBS. GT RBS is pension scheme company owned by the trustees.
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Document Ref: LHQE2-YSCEX-AJAST-DGMY3
Page 23 of 23
Signature Certificate
Reference number: LHQE2-YSCEX-AJAST-DGMY3
Signer
Timestamp
Signature
Nitin Palan
Email: npalan@aol.com
Sent: Viewed: Signed:
Recipient Verification:
✔Email verified
23 Dec 2022 13:21:03 UTC 23 Dec 2022 16:44:16 UTC 23 Dec 2022 16:44:54 UTC
23 Dec 2022 16:44:16 UTC
IP address: 117.223.201.88 Location: Varanasi, India
Nikhil Patel
Email: nikhil@ameykamp.co.uk
Sent: Viewed: Signed:
23 Dec 2022 13:21:03 UTC 23 Dec 2022 17:24:03 UTC 23 Dec 2022 17:24:22 UTC
Recipient Verification:
✔Email verified 23 Dec 2022 17:24:03 UTC
IP address: 90.240.30.119 Location: Pinner, United Kingdom
Document completed by all parties on: 23 Dec 2022 17:24:22 UTC
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