Company registration number.. 09655972 Charity registTation number.. 1166603 SATPAT Ltd (A company limited by guarantee) Annual Report and Financial Statements for the Year Ended 30 June 2024 DT Carson & Co. 51- 53 Thoma5 Street Ballymena Co. Antrim BT43 6AZ
SATPAT Ltd Contents Reference and Admini5tralive tktai15 TTUSte¢s' Report 2to3 Statement of Trustees, Responsibiliti¢S Independeni ExaTniner'5 Report Statement of Financial Activities Balance Sheet Notes to the Financial Statements 8t012
SATPAT Ltd Reference and Administrative Details Tru$t¢e5 Satinder Pal Singh Chadha Patricia Conlon Chadha Sachin Bajpai Ritika Brijinder Singh Gurjas Singh Harsimrat Singh Bha5in 1166603 Charity Registratlon Number Company Registration Nurnber 09655972 The charity is incorpordted in England and Wales. Flat 9 Central Park Lodge 54-58 Bolsover Street LONDON WIW5NQ DT Carson & Co. 51 53 Thomas Street Ballymena Co. Antrim B T43 6AZ Registered orrice IndependeTht Examiner Page I
SATPAT Ltd Trustees, R¢port The tNstees, who aTe diiectOTS for th¢ purposes of tompany law, present the annual report together with the rin8n¢ial 5tatem¢nls of the charitable company for the year ended 30 june 2024. ObjectiYe5 and 8ctiviti¢5 Objecls ttiid alnu The obje¢ts of the ohaTity are the advancement of education of poor children living in India, and other countries a5 the tTUStees See fit, including but not limited to, the provision of grants and scholarships to educational IDStitutions gr individuals, as the trustees see fit. Ptsblic benefii The charity has been organising free tutorial classes for students to upgrade their knowledge. Th¢ charity also contributes or wholly pays the school fees of strjdents and provides computers and other aids to students who would not be able to continue their studies due to unaffordability. The tru5tee5 confirm that ihey have complied with the requirements of section 17 of the Charities A¢t 2011 to have due Tegard to the public benefit guidance published by the Charity Commission for England and Wales. Fin&ncial review The trustees are satisfied with the charl5 financial perfornance throughout the year and the financial position at the year end. Policy on reserves sU1c]ent reserve5 are held so that the continuity of the projecl can be maintain. Prilicipalflidlm8 sotsrees The charity's funding is at the discTetion of the Chadha family. Trustees #nd officers The trustees and officers serving during the,year and since th¢ year end wer¢ as follows.. Trustees.. Satinder Pal Sin8h Chadha Patricia Conlon Chadha Sachin Bajpai (appointed 20 March 2024) Ritika Brijinder Singh (appointed 20 March 2024) Gurjas Singh (appointed 20 MaTch 2024) Har51rnrat Singh Bhasin (appointed l November 2024) Structure? governance and m8n8gement Nulure ofsoverning documeiil Satpat Ltd is a company limited by guararstee, not having a share capital and Consequently the liability of memb¢r5 15 limited, subject to an undertaking by ea¢h member to contribute, to the net assets or liabilities of the ornpany on winding up, such amounts as may be required not exceeding £1. The company is also a registered charity. For the PUTposes of Charity Law, th¢ directors are irusiees of the charity. Page 2
SATPAT Ltd Trustees, Rcport Small compgnles provlslon statement Thi% report h25 been prepared in accordance with the small companie5 regime under the Companies Act 2006. The aftnual r¢port was aPpd by the trustees of the ¢harity on 2 December 2024 and signed on its behalf by.. Satinder Pal Singh C Trnstee dha Page 3
SATPAT Ltd Statement of Trustees, Responsibilities The trustee5 (who are also the directors of SATPAT Ltd foT the purposes of company law> are responsible for preparing the trustees, report and the financial statem¢nts in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), IDcluding FRS 102 'The Finan¢ial Reporting Standard bpplicable in the UK and Republic of Ireland The T¢PQrt and accounts have been prepared in accordance with the provisions in the Companies Act 2006 relating to small cotnpanies. Company law requires the trustees to prepare financial statements for each financial year. Under company law the trustee5 tnust not approve the financial statements unless they are satisfied that they give a trye and fair view of the state of affair5 of the charitable company and of the incoming resouTce5 and applIcatOn of resources, including its income and expenditure, of the charitable company for that period. In preparing these financial statements, the trustees are required to: select sviiable ac¢ounling poli¢ies and apply ihem ¢onsisienily,' observe the methods and principles in the Charities SOIiP,. make judgemcnts and e5ttmates that are reasonable and prudent. state whether applicable accouniing standards. comprising FRS 102 have b¢en followed, subject to any material departure5 di5¢105ed and explained in the financial statements. and prepare the financial statements on the going concern basis unless it is inappropriat¢ to pr¢$urne that the Charitable company will continue in busine5S. The trustees are responsible for keeping proper accounting recoTds that can disclose with reasonable accuracy at any time the financial position of the charitable COTnpany 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 preyeniion and detection of fraud and other I¢gUITilleS. The tTUSte¢s are re5pon5ible for the maintenance and int¢gTity of the ¢orporat¢ and financial infomiation included on the charitable ¢ompany's website. Legislation governing the preparation and dissemination of ritjancial statements may differ from legislation in other jurisdictions. Approved by the tr ees of the charity on 2 December 2024 and signed on its behalf by.. Ind¢T Pal Singh Trustee Page 4
SATPAT Ltd Independent Examiner's Report to th¢ trustees of SATPAT Ltd ('the Company,) I report to the charity irustees on my examination of the accounts of the Company for the year ended 30 June 2024. Responsibiliti¢$ #nd basis of report As the charity'5 trustees of SATPAT Ltd (and also its directors for the purposes of company law) you are responsible for the preparation of the ac¢ounis in aecordance with the requir¢ment5 of the Companies Act 2006 ('the 2006 Act.). Having Satisfied my5¢1f that the ac¢ounts of SATPAT L(d are not requir¢d to be audited under Part 16 of the 2006 Act and are ¢ligible for indep¢ndent examination. I rewrt in respect of my examination of your ¢harity's accounts as ¢arried out under section 145 of the Charities Act 2011. In carrying out my examination I have followed ihe Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act. Independent examiner's statement hav¢ completed my examination. I confirm that no matt¢rs have ctstne to my attention in connection with the exa]nation giving me cause to believe.. l. accounting records were not kept in respe¢t of SATPAT Ltd as required by section 386 of the 2006 Act.. or 2. the accounts do not aord with those records. or 3. the aetounis do not comply with the accounting requireTnents of section 396 of the 2006 Act other than any requirement tha( the accounts give a 'true and fair view which is not a matter considered as part of an independent ¢xamination' or 4. the accounts have not been prepared in a¢cordan¢¢ with the methods and principles of th¢ Statement of RecofftTnended Practice for accounting and reporting by charities lapplicable to ¢hariti¢s preparing their accounts in accordance with the Financial R¢porting Sthndard applicable in the UK and Republic of Ireland (FRS 102)]. have no COTJ¢erns and have come across no other matters in connection with the examination to which attention should be dTawn in this report in order to enable a prop¢r understanding of the accounts to b¢ r¢ached. Jame5 Wallace Chartered Accountant5 Ireland 51- 53 Thoma5 Street Ballymena Co. Antrini BT43 6AZ 2 Deeember 2024 Page 5
SATPAT Ltd Statement of Financial Activities for the Year Ended 30 June 2024 (Including Income and Expenditure Account and Statement of Total Recognised Gains and Losses) Unrestricted funds Total 2024 Note Ineome and Endowments from: Charitable activities 209,359 209,359 Total income 209,359 209,359 Expenditure on: Charitable activities 167,752 (167,752) Total expenditure 167,752) (167,752) Net income 41,607 41,607 Net movement in funds 41,607 41,607 Reeoneiliation of funds Total funds brought forward 44,689 44,689 Total funds carried forward 86,296 Unre5tri¢ted runds 86,296 Total 2023 Note Income and Endowments from: Charitable aetivities 187,075 187.075 Total income 187,075 187,075 Expenditure on.. Charitable activities (131,978) (131,9781 Total expenditure (131,978) (131,978) Net in¢om¢ 55,097 55,097 Net movement in funds 55,097 55,097 Reconciliation or runds Total funds brought forward Total ndS carried fonvard (10.408) (10,408) 44,689 44,689 All of the charity's activities derive fvom continuing operations during the above two periods. The funds breakdown for 2023 is shown in note 9. The noles on pages 8 to 12 fonn an integrdl part of thes¢ financial 5tat¢ments. Page 6
SATPAT Ltd (Registration number: 09655972) Balance Sheet as at 30 June 2024 2024 2023 Note Cllrrent assets Debtors Cash at bank and in hand 34,230 52,066 43,666 1,023 86.296 44,689 FuDds of the eharity: Unrestricted income funds UnrestTiCted fund5 86,296 44,689 Total funds 86,296 44,689 For the financial year ending 30 June 2024 the charity was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. Directors, responsibilities: The members haye not required the charity to obtain an audit of its ac¢ounts for the year in question irt accordance with section 476. and The directors acknowledge their responsibilities for complying with the requirements of th¢ Act with respect to accounting records and the preparation of accounts. These financial statements have been pr¢par¢d in accordance with the special provisions relating to companies subject to th¢ small compani¢5 regime wsthin Part 15 of the Cotrapanie5 Act 2006. The financial statements on pages 6 to 12 w¢re approved by the trnstees. 2nd authorised for issue on 2 December 2024 andJsi ue*Dn their behalf by.. Satinder Pal Singh Trust¢¢ hadha The notes on pages 8 to 12 fom an integral part of these financial 5tat¢ment5. Page 7
SATPAT Ltd Notes to the Financial Statements for the Y¢ar Ended 30 June 2024 I Charity status The charity is limited by guarantee, incorporated in England and Wales. and ¢on5equ¢ntly does not have share apital. Ea¢h of the trustees is liable to contribute an amount not exceeding £1 towards the assets of the ¢harity in the ev¢nt of liquidati(>n. The address of its registered office is- Flat 9 C¢ntTal Park Lodge 54-58 Bo150ver Street LONDON WIW5NQ These financial statements were authorised for issue by the trustee5 on 2 De¢emb¢r 2024. 2 Accounting polici¢$ Surnrn8ry of $ignifieant aeeounting policles and key accounting estiThal¢s The principal accounting policies applied in the preparation of these financial statements are set out below. Th¢se policies have been consistently applied io all the years presented. unless otherwise 5tat¢d. Stslernent of compliance The financial statements have been prepared in ac¢ordon¢¢ with Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to ¢harities preparing their accounts in accordance with th Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) {effe¢tive l January 2015) - (Charities SORP {FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102). They also comply with the Companies Act 2006 and Charitie5 Act 2011. Basis of preparation SATPAT Ltd meets the definition of a public b¢nefit entity under FRS 102. Assets and liabilities are initially recognised at histori¢al c05t or transaction value unles5 Otherwise stated in the relevant accounting policy notes. Going concern The trustees consider that there are no material uncertainties about the charity'5 ability to continue as a going concem nor any significant areas of uncertainty thai affect the ¢arying value of assets held by the charity. Income 8nd endowments All income is recognised when entitl¢rnent has passed to the charity, it IS PTobable that the economic benefits as50Ciated with the transa¢tion will flow to the charity and the atnount can be reliably measured. DonalloNs dnd legacies Income from donations is recognid when there is evidence of entktlement to the gift, receipt is probable and its amount can be measured r¢liably. Glfi al Income from gift aid is Tecognised when theT¢ 15 ¢vid¢n¢¢ of entitlement to gift aid, receipt is probable and its amount Can be m¢a5ur¢d reliably. Page 8
SATPAT Ltd Notes to the Ffinaneial Statements for the Year Ended 30 June 2024 Expenditure All expenditure is recognised once ther¢ is a legal or ¢onstruc¢ive obligation to that expenditur¢, it 15 probable settlement 15 required and the amount can be measured reliably. All costs are allocated to thc applicable expenditure heading that aggregate sirnslar costs to that category. Where costs cannot be directly attributed to particular headings they have been allocated on a basis consistent with the use of resources, With central staff costs allocated on the basis of time spent, and depreciation charges allocated ort the portion of the asset's use. Other support tosts are allocated based on the spread of staff costs. Charliable aclivilie5 Charitable expenditllr¢ compri5¢S those costs in¢urr¢d by the charity in the delivery (Trf its activities and 5ervice5 for its beneficiaries. It includes both costs that can be allocated directly to such activitie5 and those costs of an indirect nature necessary io support thetn. Taxation The charity is considered to pass the tests set out in Paragraph I Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK Corporation tax pwposes. Accordingly, the charity is potentially exempt from taxation in respect of incom¢ or Capital gains received within categories ¢over¢d by Chapter 3 Part I l of the Corporation Tax Act 2010 or Section 256 of the Taxation of Charg¢abl¢ Gains Act 1992, ¢(Tr th¢ ¢x¢¢nt that Such in¢om¢ or gains are applKed exclusively to charitable purposes. Cash and cash tqUiVAlents Cash and cash equivalent5 comprise cash on hand and call dep051ts, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value. Foreign exehAnge Transactions in foreign CUenC1¢S are Tecorded at the rdte of ¢x¢hang¢ at th¢ date of the transaction. Mon¢t4ry assets and liabilities denominated in foreign ¢urrenci¢s at th¢ balance sheet date are reported at the rates of ¢xchaThg¢ prevailing at tha¢ date. The results of overseas operations are translated at the averdge rates of exchange during the period and their balance Sheets at th¢ rates ruling at th¢ balanc¢ sheet date. Exchange differences arising on translation of the opening net asseis and results of overseas operations are reported in other comprehensive income and accumulated in equity {attributed to non-controlling interests as appropriate). Other exchange differences are recognised in the Statement of Financial Activitie5 in the period in which they arise except for.. l) ex¢hange differeTkces on trdnsa¢tions entered inio io hedge certain foreign currency risks (see above),. 2) ex¢hang¢ differenw arising on gains or loss¢s on non-monetary items which are recognised in other ¢ompr¢h¢nsiv¢ in¢ome' and 3) in the Case of ihe ¢onsolida¢¢d finan¢ial siatemertts, exchange ditTerences on monetary items receivable from or payable to a foreign operation for which settlement is neiiher planned nor likely to occur (therefore fomiing part of the net investment in the foreign operaiion). which are recognised in oiher comprehensive income and reported under equity. Page 9
SATPAT Ltd ot¢s to the Financial Statements for the Year Ended 30 June 2024 Fund structure Unresiricied income funds are general fvnds that are available for use at the trustees discrelion in furtherance of the objectives of the charity. Financial instruments Clo5siJ7cailoft The charity has elected to apply the provisions of Section I I 'Basic Financial Instruments, and Section 12 '0ther Financial Instruments Issues, of FRS 102 to all of its financial in5truTnents. Financial instruments are ercogni5ed in the Charity's balance sheet when the Charity b¢¢om¢s party to the contractual provision5 of the instrument. Financial assets and liabilities are offse( with the net amount5 pr¢s¢nt¢d in the financial statements, when there is a legally enforceable right to set off the re¢ognised amounts and there is an intention to settle on a net basis or Teali5e the a55et and settle th¢ liability simultaneously. Reeuglllilon ItttdmeosHrehzeni Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction Price including transaction ¢ost5. Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price. Trade cieditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are ¢las5ified as Cuent liabilit1¢5 if payment is due within one year or less. If not, they aT¢ pr¢sented as non-current liabilities. Trade creditors are recognised initially at transaction price. Fulr value mewiiremenl Th¢ best evid¢nc¢ of fair valu¢ is a quoted price for an identical asset in an active market. When quoted prices are unavailable, th¢ price of a recent transaction for an identical asset provides evidence of fair value as long as there has not been a Significant change in economic Circumstances or a significant lapse of time since the transaction took place. If the market És not active and recent transactions of an identical asset on their own are not a good estimate of fair value, the fair value is estimated by using a valuation technique. Page 10
SATPAT Ltd Notes to the Financial Statements for the Year Ended 30 June 2024 3 Income from ¢haritAble activitie5 Unrestrieted funds General Total 2024 Total 2023 Donations and gifts Gift Aid tax reclaimed 175,129 34,230 175,129 34,230 143,409 43,666 209,359 209,359 187,075 4 Expenditure on eharitable activitie5 Unre5tri£ted fund5 Central Total 2024 Total 2023 Scholarship5 & training Travel Office expense5 67.242 19,935 80,575 67,242 19,935 80,575 73,887 29,188 28,903 167,752 167,752 131,978 S Trustees remuneration and expenses No trustees, nor any persons connected with them, have teceived any remuneration from ihe charity during the year. No trustees have received any reimbursed expenses or any other benefits from the charity during the year. 6 Taxation Th¢ ¢harity is a r¢gister¢d ¢harity and 1$ th¢r¢fore ¢xempi from thxation. 7 Debtors 2024 2023 Aecrued income 34,230 43,666 8 Chsh and tAsh eqlliv#lents 2024 2023 Cash at bank 52,066 1,023 Pagell
SATPAT Ltd Not to the Finaocial Statements for the Year Ended 30 June 2024 9 Funds Balanee at I July 2023 Incoming resources Resources expended Balance at 30 June 2024 Unrcstrietcd funds G¢neral 44,689 209,359 (167,752 86,296 Balance at I July 2022 Incoming resources Resources expended Balance at 30 June 2023 Unr¢5tricted fund5 General {10,408) 187,075 131,978 44,689 10 Related party transactions There were no related party transactions in the year. Page 12