Association for Central Asian Civilizations & Silk Road Studies
Report and financial statements
For the year ended
30 November 2020
Association for Central Asian Civilizations & Silk Road Studies Report and financial statements For the year ended 30 November 2020
Contents
| Page | |
|---|---|
| Reference and administrative information | 1 |
| Trustees’ annual report | 2 - 3 |
| Independent examiner’s report | 4 |
| Statement of financial activities | 5 |
| (incorporating an income and expenditure account) | |
| Balance sheet | 6 |
| Notes to the financial statements | 7-10 |
Association for Central Asian Civilizations & Silk Road Studies Report and financial statements For the year ended 30 November 2020
Trustees: Mr. Timothy David Williams Dr. Gai Jorayev Dr. Rachel Ruth Mairs Mr. Roger Thomas Dr. Mariko Walter Charity number: 1163061 Company number: 9299359 Registered office: 67 Marchmont Street London WC1N 1AP Accountants Goldwins Limited 75 Maygrove Road West Hampstead London NW6 2EG www.goldwins.co.uk
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Association for Central Asian Civilizations & Silk Road Studies Report and financial statements For the year ended 30 November 2020
The trustees present their report and financial statements for the year ended 30 November 2020.
The trustees confirm that the financial statements comply with current statutory requirements, the memorandum and articles of association and the Statement of Recommended Practice - Accounting and Reporting by Charities: SORP applicable to charities preparing their accounts in accordance with FRS 102.
Objectives and activities
The aim of ACANSRS.org is to advance education for the benefit of the general public, in particular (but not limited to) the promotion of multidisciplinary research on Central Asia from antiquity to modern times through events, publications, film-making, and educational trips to the region; and the furtherance of the charitable work of the Charity by advancement of such other charitable purposes as the Trustees shall from time to time decide.
Achievement and performance
During the fiscal year 2020 (1[st] Dec, 2019 – 30 Nov, 2020), we were experiencing several lockdowns according to the UK government covid related restrictions and regulations. Thus we were unable to operate the charity shop/office for about 7 months in total, during the fiscal year and henceforth our annual income has been declined by 50% - about ½ of the usual non-pandemic years. Yet the UK government grant helped us to a great extent to survive through the year financially to keep paying the rent for the shop and office.
Our annual meeting has been cancelled and other concerts/events had to be also postponed or cancelled due to the covid pandemic. Instead email communications and discussions were encouraged among our directors/trustees to set a direction of our organization in this restrictive climate. We manage to help our usual UCL Silk Road related conference, which was held just before the lockdown and helped a research organization for Afghan mapping project.
As our event related activities were limited or non-existence, we continued our organizational efforts for the publication of The Silk Road: Interwoven History , vol. 2, Buddhism. Editing process was complicated due to the topics involved with many different languages. Nevertheless, we made a great progress in the editing process and now in the stage of final proof. Nine people contributed chapters and the book will be mainly distributed in the UK/EU and USA.
We are looking forward to going back to “normal” with good vaccine rollouts so that we can extend our activities including music concerts and other educational events in the near future.
Financial review
The charity had an income for the year of £40,803 (2019: £40,712) which was unrestricted. After resources expended of £37,151 (2019: £43,244) there was a net surplus of £3,652 (2019: £ (2,532)). All funds held at the year-end were unrestricted. The trustees aim to sustain the level of reserves in line with its policy stated below.
Reserve policy
The trustees understand that the charity requires to maintain the sufficient level of reserves to meet its current obligations. This policy is reviewed regularly by the trustees.
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Association for Central Asian Civilizations & Silk Road Studies Report and financial statements For the year ended 30 November 2020
Structure, governance and management
Association for Central Asian Civilization & Silk Road Studies is a charity constituted as a company limited by guarantee and therefore governed by a Memorandum and Article of Association and also registered with charity commission on 7[th] August 2015.
Trustees are appointed from an appropriate range of contexts with the necessary skills and experience to advice on the delivery of the charity’s objectives. Decisions to award grants are taken by the trustees.
Statement of responsibilities of the trustees
The trustees (who are also directors of charitable company for the purposes of company law) are responsible for preparing the trustees’ annual 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 trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company 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 Charities SORP
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Make judgements and estimates that are reasonable and prudent
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State whether applicable UK Accounting Standards and statements of recommended practice have been followed, subject to any material departures disclosed and explained in the financial statements
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Prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation
The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company 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 charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
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.
Mariko Walter Trustee
Date: 02/08/2021
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Independent Examiner’s report To the members of Association for Central Asian Civilizations & Silk Road Studies For the year ended 30 November 2020
I report to the charity trustees on my examination of the accounts of the Company for the year ended 30 November 2020.
Responsibilities and basis of report
As the charity’s trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 (‘the 2006 Act’).
Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity’s accounts as carried out under section 145 of the Charities Act 2011 (‘the 2011 Act’). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5) (b) of the 2011 Act.
Independent examiner’s statement
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:
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accounting records were not kept in respect of the Company as required by section 386 of the 2006 Act; or
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the accounts do not accord with those records; or
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the accounts do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a ‘true and fair view which is not a matter considered as part of an independent examination; or
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the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
Anthony Epton BA FCA CTA FCIE Goldwins Chartered accountants 75 Maygrove Road West Hampstead London NW6 2EG
Date: 09/08/2021
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Association For Central Asian Civilizations & Silk Road Statement of financial activities
(incorporating an income and expenditure account)
For the year ended 30 November 2020
| Note Income from: Donations 2 Charitable activities: Publication and education 3 Other income Total income Expenditure on: Charitable activities: Publication and education 4 Total expenditure 5 Transfers between funds Net movement in funds Reconciliation of funds: Total funds brought forward Total funds carried forward Net income / (expenditure) for the year |
Unrestricted Funds £ - 15,803 25,000 40,803 37,151 37,151 3,652 - 3,652 (46,455) (42,803) |
2020 Total Funds £ - 15,803 25,000 40,803 37,151 37,151 3,652 - 3,652 (46,455) (42,803) |
2019 Total Funds £ 4,000 36,712 - |
|---|---|---|---|
| 40,712 | |||
| 43,244 | |||
| 43,244 | |||
| (2,532) - |
|||
| (2,532) (43,923) |
|||
| (46,455) |
All of the above results are derived from continuing activities. There were no other recognised gains or losses other than those stated above. The attached notes form part of these financial statements.
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Association For Central Asian Civilizations & Silk Road Balance sheet As at 30 November 2020
| Fixed assets: 8 Current assets: Debtors 9 Liabilities: 10 12 General funds Total unrestricted funds Funds Total funds Tangible assets Cash at bank and in hand Creditors: amounts falling due within one year Net current assets / (liabilities) Total net assets / (liabilities) Total assets less current liabilities |
2020 £ 9,980 4,174 14,154 67,442 (42,803) |
2020 £ 10,485 (53,288) |
2019 £ 6,600 9 |
2019 £ 13,147 (59,602) |
|---|---|---|---|---|
| 6,609 66,211 |
||||
| (46,455) | ||||
| (42,803) | (46,455) | |||
| (42,803) | (46,455) | |||
| (42,803) | (46,455) (46,455) |
|||
| (42,803) |
The Charity's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime. The Trustees consider that the Charity is entitled to exemption from the requirement to have an audit under the provision of section 477 of the Companies Act 2006("the Act") and members have not required the Charity to obtain an audit for the year in question in accordance with section 476 of the act. The Trustee acknowledge their responsibilities for complying with the requirement of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
Approved by the trustees on 02/08/2021. and signed on their behalf by:
Dr Mariko Walter Trustee
Company registration no: 9299359
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Association For Central Asian Civilizations & Silk Road Notes to the financial statements For the year ended 30 November 2020
1 Accounting policies
a) Basis of preparation
The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102 - effective 1 January 2015) - (Charities SORP FRS 102).
The charity meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy or note.
b) Going concern
The trustees consider that there are no material uncertainties about the charitable company's ability to continue as a going concern. The trustees do not consider that there are any sources of estimation uncertainty at the reporting date that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next reporting period. ACANSRS-USA has provided loan of £61,000 which will not be repaid in foresseable future.
c) 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.
d) Fund accounting
Unrestricted funds are available to spend on activities that further any of the purposes of charity. Designated funds are unrestricted funds of the charity which the trustees have decided at their discretion to set aside to use for a specific purpose. Restricted funds are donations which the donor has specified are to be solely used for particular areas of the work or for specific projects being undertaken by the charity.
- e) Expenditure and irrecoverable VAT
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 on charitable activities includes the costs of raising funds comprise of trading costs and the costs incurred by the charitable company in inducing third parties to make voluntary contributions to it, as well as the cost of any activities with a fundraising purpose.
f) Allocation of support costs
- Support costs are those functions that assist the work of the charity but do not directly undertake charitable activities. Support costs include back office costs, finance, personnel, payroll and governance costs which support the charity and its activities. These costs have been allocated between cost of raising funds and expenditure on charitable activities. The bases on which support costs have been allocated are set out in note 4.
g) Tangible fixed assets Depreciation is provided at rates calculated to write down the cost of each asset to its estimated residual value over its expected useful life. The depreciation rates in use are as follows:
Fixtures, Fittings and Equipment 25 % reducing balance Leasehold property 10% per annum
h) Debtors
Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.
i) 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.
j) Creditors and provisions
Creditors and provisions are recognised where the charity has a present obligation resulting from 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 provisions are normally recognised at their settlement amount after allowing for any trade discounts due.
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Association For Central Asian Civilizations & Silk Road Notes to the financial statements For the year ended 30 November 2020
| 2 3 4 5 |
Income from donations Donations Income from charitable activities Publication and education Analysis of charitable expenditure Purchases Support costs Rent and rates Repair and maintenance Printing, postage & stationary Legal and professional fees Travelling Meeting and events expenses Amortisation Depreciation Independent examiner's fees Net income / (expenditure) for the year This is stated after charging / (crediting): Amortisation Depreciation Independent examiner's fees |
Unrestricted Funds £ - - Unrestricted Funds £ 15,803 15,803 Unrestricted Funds £ 5,784 19,951 134 800 1,180 3,324 2,316 2,500 162 1,000 37,151 |
2020 Total Funds £ - - 2020 Total Funds £ 15,803 15,803 2020 Total Funds £ 5,784 19,951 134 800 1,180 3,324 2,316 2,500 162 1,000 37,151 2020 Total £ 2,500 162 1,000 |
2019 Total Funds £ 4,000 |
|---|---|---|---|---|
| 4,000 | ||||
| 2019 Total Funds £ 36,712 |
||||
| 36,712 | ||||
| 2019 Total Funds £ 13,757 19,820 329 109 1,057 898 3,558 2,500 216 1,000 |
||||
| 43,244 | ||||
| 2019 Total £ 2,500 216 1,000 |
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Association For Central Asian Civilizations & Silk Road Notes to the financial statements For the year ended 30 November 2020
6 Analysis of staff costs, trustee remuneration and expenses, and the cost of key management personnel
There were no employees during the year.
The charity trustees were not paid or received any benefits from employment with the Trust neither were they reimbursed expenses during the year. No charity trustee received payment for professional or other services supplied to the charity.
The total employee benefits including pension contributions of the key management personnel were Nil.
7 Taxation
The charity is exempt from corporation tax as all its income is charitable and is applied for charitable purposes.
8. Tangible fixed assets
| Tangible fixed assets Cost At the start of the year Additions in year At the end of the year Depreciation At the start of the year Charge for the year At the end of the year Net book value At the end of the year At the start of the year Debtors Other debtors Creditors: amounts falling due within one year Loans Other creditors Accruals |
1,149 - Fixtures, Fitting & Equipments |
£ 25,000 - Leasehold property |
Total £ 26,149 - |
|---|---|---|---|
| 1,149 | 25,000 | 26,149 | |
| 502 162 |
12,500 2,500 |
13,002 2,662 |
|
| 664 | 15,000 | 15,664 | |
| 485 | 10,000 | 10,485 | |
| 647 | 12,500 | 13,147 | |
| 2020 £ 9,980 |
2019 £ 6,600 |
||
| 9,980 | 6,600 | ||
| 2020 £ 61,000 5,442 1,000 |
2019 £ 61,000 4,211 1,000 |
||
| 67,442 | 66,211 |
9. Debtors
10 Creditors: amounts falling due within one year
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Association For Central Asian Civilizations & Silk Road Notes to the financial statements For the year ended 30 November 2020
| 11 Analysis of net assets between funds Tangible fixed assets Net current assets Net assets at the end of the year 12 Movements in funds Unrestricted funds: General funds Total unrestricted funds |
£ (46,455) At the start of the year |
Unrestricted Funds £ 10,485 (53,288) |
Designated Funds £ - - |
Restricted Funds £ - |
Total funds £ 10,485 (53,288) |
|---|---|---|---|---|---|
| (42,803) | - | - | (42,803) | ||
| £ 40,803 Incoming resources & gains |
£ (37,151) Outgoing resources & losses |
Transfers £ - |
£ (42,803) At the end of the year |
||
| (46,455) | 40,803 | (37,151) | - | (42,803) |
13 Legal status of the charity
The charity is a company limited by guarantee and has no share capital. Each member is liable to contribute a sum not exceeding £1 in the event of the charity being wound up.
14 Related party transactions
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