2020-07-31-accounts - Ajvir Singh Sandhu Leadership Foundation

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Registered Charity No. (England and Wales): 1173889

Ajvir Singh Sandhu Leadership Foundation

Report and Accounts

31 July 2020

AJVIR SINGH SANDHU LEADERSHIP FOUNDATION

Index to the financial statements

Year ended 31 July 2020

	CONTENTS	PAGE
	Legal and Administrative Information		3
	Report of the Trustees	4 -	6
	Statement of Financial Activities		7
	Balance Sheet		8
	Statement of Cash Flows		9
	Notes to the Financial Statements	10 - 12
.

AJVIR SINGH SANDHU LEADERSHIP FOUNDATION

Legal and Administrative Information

Year ended 31 July 2020

Registered Charity Number	1173889
Business Address	Rivja
	Mott Street
	Loughton
	IG10 4AP
Trustees	Amrik Singh Sandhu
	Narinderjit Sandhu
	Sabinder Sandhu
	Kalvir Kaur Bains
Bankers	Coutts & Co
	440 Strand
	London
	WC2R 0QS
Investment Advisors	Quilter Cheviot
	One Kingsway
	London
	WC2B 6AN
Investment Advisors	Coutts & Co
	440 Strand
	London
	WC2R 0QS

REPORT OF THE TRUSTEES

TO THE MEMBERS OF

AJVIR SINGH SANDHU LEADERSHIP FOUNDATION

The trustees present their report together with the financial statements of the Ajvir Singh Sandhu Leadership Foundation (ASSLF) for the year ended 31 July 2020.

Structure, Governance and Management

Governing Document

ASSLF is constituted as an unincorporated charity, established by a written constitution. The governing document of the charity is the written constitution approved by the members and endorsed by the Charity Commission in England and Wales (CCEW).

There are no restrictions in the governing documents on the operations of the Charity or on its investment powers, other than those imposed by Charity Law.

Appointment of trustees

New trustees are invited to join the board and are subject to a rigorous written application process. Their specific role and tasks are agreed at board meetings.

Organisation

The board of trustees administers the charity.

Risk management

The trustees continue to carry out an analysis of the risks faced by the organisation.

Objectives, Activities and Future Plans

The Foundation works to recognise passion, commitment and outstanding dedication in young people across various fields. Resolving to help individuals achieve their full potential, the Foundation will reward, support and encourage young people who display skills which demonstrate the seeds of growth to become successful future leaders. The organisation welcomes individuals aged 11 - 25 who excel in sport, music, academics and military disciplines with the primary aim being to further develop and create more opportunities for these promising individuals. Through financial aid and access to support networks the Foundation is dedicated to supporting young people achieve their dreams.

The Foundation will reward, support and encourage young people who display leadership skills through:

Mentoring
Leadership training
Military talks
Support of local ATC activities
Coaching

The Trustees have had regard to the Charity Commission's guidance on public benefit in managing the activities of the charity.

REPORT OF THE TRUSTEES Continued

TO THE MEMBERS OF

AJVIR SINGH SANDHU LEADERSHIP FOUNDATION

The contribution of volunteers during the period

The contribution of volunteers is highly valued. They provide support in the forms of fund-raising, providing leadership training, mentoring and military talks.

Grant making policies

The objective is to distribute 3 - 7 % of the Foundation's assets generated by additional fund raising and investment returns. All grants will be made through recognised established youth organisations, including schools and universities.

Achievement and performance

The Foundation has continued its work with the local school moving into its third year of mentoring at Riverside with comphrensive delivery programs extended to years 12 and 13. It renewed its grant to a local Air Cadet squadron to support leadership programmes. In addition it has funded training and development for elite performance athletes specifically for a canoeist. The Foundation has continued its second year of sponsoring for entrepreneurship scholarship at WBS. ASSLF sponsored an individual to attend Global Youth Model United Nations Forum, an event that has to date been delayed by the global pandemic.

Fund-raising during the year included group and individual half marathon challenges, regular donations, one off contributions to support the charity and investment income from the endowment. To offset shortfall from fundraising all endowments were switched from growth to income.

Reserves Policy

The Foundation maintained £500,000 under active management at all times. If at any time the assets slip below £400,000 the trustees should look for additional donations from family assets and other fundraising activities.

Financial review

This is the third year of operation. The Foundation made total grants of £22,584. It raised £14,019 from events and received donations totalling £19,231 and investment income of £10,025. The Foundation has invested a further £40,000 and had a temporary overdraft at the end of the year of £3,405.

All funds are unrestricted.

Fund-raising activities have been very successul and raised sufficient funds to cover the costs of the Foundation.

Overviews of ASSLF finances, including detailed management reports, were provided to the directors and trustees throughout the year to give them better insight and understanding of the finances of the charity, which enabled them to make relevant decisions and to monitor the financial position of the charity.

REPORT OF THE TRUSTEES Continued

TO THE MEMBERS OF

AJVIR SINGH SANDHU LEADERSHIP FOUNDATION

Investment Policy and Investment Objectives

The trustees require the fund managers to operate a diversified portfolio with a range of asset classes and a bias towards growth assets. The investments should be controlled through effective portfolio structure and diversification and target returns close to those available from UK and international equity markets but with lower level of risk.

Trustees' responsibilities in relation to the financial statements

The trustees are required by charity legislation to prepare a financial statement for each year which gives a true and fair view of the financial activities of the charity and its financial position for that period. In doing so the trustees are required to:

Select suitable accounting policies and apply them consistently through the year;
Make sound judgements and estimates that are reasonable and prudent;
State whether the policies adopted are in accordance with applicable accounting standards and statement of recommended practice, subject to any material departures disclosed and explained in the financial statements;
Prepare the financial statements on a going concern basis unless it is inappropriate to presume that the charity will continue in business.

Approval

This report was approved by the Board of Trustees on 10th January 2021

By order of the trustees:

Amrik Sandhu

AJVIR SINGH SANDHU LEADERSHIP FOUNDATION

Statement of Financial Activities

(Incorporating an income and expenditure account)

Year ended 31 July 2020

Note Incoming resources 2 Donations and legacies Other trading activities Investment income Total incoming resources Resources expended 3 Charitable activities Governance costs Total resources expended Net income before (losses)/gains on investments Net (losses)/gains on investments Net movement in funds Fund balances brought forward Fund balances carried forward at 31 July 2020 7	2020 £ 19,231 20,229 10,025 49,485 23,169 360 23,529 25,956 (34,650) (8,694) 22,033 13,339	2019 £ 10,438 13,424 6,371
		30,233
		21,520 540
		22,060
		8,173 13,860
		22,033 -
		22,033

All amounts relate to continuing activities. There are no recognised gains and losses other than those dealt with in the above Statement of Financial Activities.

The notes on pages 10 to 12 form an integral part of these financial statements.

AJVIR SINGH SANDHU LEADERSHIP FOUNDATION

Balance Sheet

31 July 2020

Note Fixed Assets Investments held as assets 4 Current Assets Cash at bank and in hand Creditors: Amounts falling due within one year 5 Net Current Assets Net Assets The Funds of the Charity Unrestricted Funds Total Charity Funds 7	2020 2019 £ £ £ £ 535,356 530,006 - 10,819 - 10,819 3,765 540 (3,765) 10,279 531,591 540,285 531,591 540,285 531,591 540,285	2020 2019 £ £ £ £ 535,356 530,006 - 10,819 - 10,819 3,765 540 (3,765) 10,279 531,591 540,285 531,591 540,285 531,591 540,285

		540,285
		540,285
		540,285

The trustees acknowledge their responsibilities for complying with the requirements of charity legislation with respect to accounting records and the preparation of accounts.

The trustees are satisfied that, although the charity is not registered under the Companies Acts, if it were so registered it would be eligible to prepare accounts in accordance with the provisions in part 15 of the Companies Act 2006, applicable to companies subject to the small companies regime.

Approved by the Board of Trustees on 10th January 2021

Amrik Sandhu

Trustee Approved on:

The notes on pages 10 to 12 form an integral part of these financial statements.

AJVIR SINGH SANDHU LEADERSHIP FOUNDATION

Statement of Cash Flows

Year ended 31 July 2020

Net (deficit)/ income for the period (per the statement of financial activities) Adjustments for: Net losses/(gains) on investments Investment income Increase in creditors Net cash generated in operating activities Cash flows from investing activities: Other investment income Purchase of investments Overall cash (used by)/provided by all activities Cash and cash equivalents brought forward (Overdraft)/cash and cash equivalents at 31 July 2020	2020 £ (8,694) 34,650 (10,025) (180) 15,751 10,025 (40,000) (14,224) 10,819 (3,405)	2019 £ 22,033 (13,860) (6,371) (180)
		1,622 6,371 -
		7,993 2,826
		10,819

AJVIR SINGH SANDHU LEADERSHIP FOUNDATION

Notes to the Financial Statements

For the year ended 31 July 2020

1. Accounting policies

Basis of accounting

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”), “Accounting and Reporting by Charities” the Statement of Recommended Practice for charities applying FRS 102 and UK Generally Accepted Accounting Practice as it applies from 1 January 2015. The charity is a Public Benefit Entity as defined by FRS 102.

The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared on the historical cost convention. The principal accounting policies adopted are set out below.

Income

Income is recognised in the period in which the charity is entitled to receipt and the amount can be measured with reasonable certainty. Income is deferred only when the charity has to fulfil conditions before becoming entitled to it or where the donor or funder has specified that the income is to be expended in a future accounting period.

Income represents donations, grants and interest receivable. Grants subject to specific conditions are credited to relevant restricted funds.

Investment income is included in the accounts when it is receiveable.

Investment gains and losses include any gain or loss on the sale of investments and any gain or loss resulting from revaluing investments to market value at the end of the year.

Expenditure

Expenditure is included in the statement of financial activities when incurred and includes attributable VAT which cannot be recovered.

Expenditure comprises the following:

a. Charitable expenditure comprises expenditure on the charity’s primary charitable purposes.
b. Governance costs comprise the costs associated with governance of the charity incurred in connection with the administration of the charity and compliance with institutional and statutory requirements. Included within this category are costs associated with the strategic as opposed to the day to day management of the charity's assets.

Investments

Investments quoted on a recognised stock exchange are valued at market value at the year end. Other investments are included at trustees' best estimate of market value.

Fund accounting

Unrestricted funds represent those monies which may be used towards meeting the charitable objectives of the charitable company at the discretion of the trustees.

Restricted funds are monies raised for, and their use restricted to, a specific purpose, or grants subject to donor imposed conditions.

AJVIR SINGH SANDHU LEADERSHIP FOUNDATION

Notes to the Financial Statements Continued

For the year ended 31 July 2020

2. Incoming resources Donations and legacies Donations and gifts from individuals Donations from businesses Total donations and legacies Other trading activities Income from fundraising events Gift Aid receipts Total from other trading activities Investment income Other investment income 3. Resources expended Charitable activities Grants made Cost of fundraising activities Volunteer travel and subsistence costs Administrative overheads Training program costs Total Charitable Expenditure Governance costs Accounting fees	2020 £ 19,231 - 19,231 14,019 6,210 20,229 10,025 10,025 2020 £ 22,584 - 17 509 59 23,169 360	2019 8,504 1,934
		10,438
		11,255 2,169
		13,424
		6,371
		6,371
		2019 £ 18,679 1,218 144 1,479 -
		21,520
		540

AJVIR SINGH SANDHU LEADERSHIP FOUNDATION

Notes to the Financial Statements Continued

For the year ended 31 July 2020

4. Investments held as assets Carrying values of investments Brought forward Additions at cost Revaluation at 31 July 2020 31 July 2020 5. Creditors: Amounts falling due within o Bank overdraft Other creditors 6. Analysis of net assets between funds Fund balances are represented by: Investments held as assets Current assets Current liabilities 7. Statement of funds at 31 July 2020 Unrestricted revenue funds Total Charity Funds Statement of funds at 31 July 2019 Unrestricted revenue funds Total Charity Funds	2020 £ Listed investments £ 530,006 40,000 (34,650) 535,356 ne year 2020 £ 3,405 360 3,765 Unrestricted funds 2020 £ 535,356 - (3,765) 531,591 1 August 2018 Income Expenditure £ £ £ 540,285 14,835 (23,529) 540,285 14,835 (23,529) 1 August 2018 Income Expenditure £ £ £ 518,252 44,093 (22,060) 518,252 44,093 (22,060)	2019 £ Listed investments £ 516,146 - 13,860
		530,006
		2019 £ 540
		540
		Unrestricted funds 2019 £ 530,006 10,819 (540)
		540,285
		31 July 2020 £ 531,591
		531,591
		31 July 2019 £ 540,285
		540,285