Charity number: 1176340
## **J S UPPAL FAMILY FOUNDATION FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2020**
RPG CROUCH CHAPMAN LLP Chartered Accountants 62 Wilson Street London EC2A 2BU
## J S UPPAL FAMILY FOUNDATION
|CONTENTS||
|---|---|
||Page|
|Reference and administrative details of the charity, its trustees and advisers|1|
|Trustees' report|2 - 3|
|Independent examiner's report|4 - 5|
|Statement of financial activities|6|
|Balance sheet|7|
|Notes to the financial statements|8 - 14|
J S UPPAL FAMILY FOUNDATION
REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 30 JUNE 2020
Trustees
D Purohit, Trustee J S Uppal, Trustee K S Uppal, Secretary
Charity registered number
1176340
Principal office
12-14 Chase Road, Park Royal, London, NW10 6EZ
Accountants
RPG Crouch Chapman LLP, 62 Wilson Street, London, EC2A 2BU
Page 1
## J S UPPAL FAMILY FOUNDATION
TRUSTEES' REPORT
FOR THE YEAR ENDED 30 JUNE 2020
The Trustees present their annual report together with the financial statements of the charity for the 1 July 2019 to 30 June 2020.
Objectives and Activities
## a. POLICIES AND OBJECTIVES
The charity's objectives are to further such exclusively charitable purposes calculated to enhance public benefit.
The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake.
## b. ACTIVITIES FOR ACHIEVING OBJECTIVES
The charity achieves its objectives by making grants. Details of these can be found in note 3 to the accounts which contains a list of projects supported.
Achievements and performance
## a. REVIEW OF ACTIVITIES
Grants of £22,831 were made during the period as detailed in note 3 to the financial statements.
Financial review
## a. 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 continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the Accounting Policies.
Structure, governance and management
## a. CONSTITUTION
There have been no changes in the objectives since the last annual report.
## b. METHOD OF APPOINTMENT OR ELECTION OF TRUSTEES
The management of the charity is the responsibility of the Trustees who are elected and co-opted under the terms of the Trust deed.
## c. ORGANISATIONAL STRUCTURE AND DECISION MAKING
The trustees meet periodically and awards are made. As well as assessing the merits of the
Page 2
## J S UPPAL FAMILY FOUNDATION
TRUSTEES' REPORT (continued) FOR THE YEAR ENDED 30 JUNE 2020
applicants' proposals and their congruence with the charity's aims and priorities, appraisal criteria include:-
Financial viability Value for money Adequate provision for ongoing costs and maintenance
This report was approved by the Trustees, on 9 September 2020 and signed on their behalf by:
## **K. S. Uppal**
Page 3
J S UPPAL FAMILY FOUNDATION
INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 30 JUNE 2020
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF J S UPPAL FAMILY FOUNDATION (the 'charity')
I report to the charity Trustees on my examination of the accounts of the charity for the year ended 30 June 2020.
This report is made solely to the charity's Trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. My work has been undertaken so that I might state to the charity's Trustees those matters I am required to state to them in an Independent examiner's report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the charity and the charity's Trustees as a body, for my work or for this report.
## RESPONSIBILITIES AND BASIS OF REPORT
As the Trustees of the charity you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the 2011 Act').
I report in respect of my examination of the charity's accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
## INDEPENDENT EXAMINER'S STATEMENT
Your attention is drawn to the fact that the charity has prepared the accounts in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has been withdrawn.
I understand that this has been done in order for the accounts to provide a true and fair view in accordance with the Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015.
I have completed my examination. I can confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
1. accounting records were not kept in respect of the charity as required by section 130 of the 2011 Act; or
2. the accounts do not accord with those records; or
3. the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 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.
I have no concerns and have come across no other matters in connection with the examination to
Page 4
J S UPPAL FAMILY FOUNDATION
INDEPENDENT EXAMINER'S REPORT (continued) FOR THE YEAR ENDED 30 JUNE 2020
which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
Signed:
Dated: 9 September 2020
Jeffrey Nettleton BA FCA
Chartered Accountants 62 Wilson Street London EC2A 2BU
Page 5
## J S UPPAL FAMILY FOUNDATION
## STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 30 JUNE 2020
|Unrestricted
funds
Note
2020
£
INCOME FROM:
Donations and legacies
2
194,643
TOTAL INCOME
194,643
EXPENDITURE ON:
Charitable activities:
Grants payable
3
22,331
Governance costs
4
3,300
TOTAL EXPENDITURE
25,631
NET INCOME BEFORE OTHER RECOGNISED
GAINS AND LOSSES
169,012
NET MOVEMENT IN FUNDS
169,012
RECONCILIATION OF FUNDS:
Total funds brought forward
143,745
TOTAL FUNDS CARRIED FORWARD
312,757|Total
funds
2020
£
194,643
194,643
22,331
3,300
25,631
169,012
169,012
143,745
312,757|Total
funds
2019
£
170,700|
|---|---|---|
|||170,700|
|||26,860
95|
|||26,955|
|||143,745
143,745
-|
|||143,745|
The notes on pages 8 to 14 form part of these financial statements.
Page 6
## J S UPPAL FAMILY FOUNDATION
|BALANCE SHEET
AS AT 30 JUNE 2020|||||
|---|---|---|---|---|
|Note
CURRENT ASSETS
Cash at bank and in hand
CREDITORS: amounts falling due
within one year
6
NET CURRENT ASSETS
NET ASSETS
CHARITY FUNDS
Unrestricted funds
7
TOTAL FUNDS|£
316,057
(3,300)|2020
£
312,757
312,757
312,757
312,757|£
143,745
-|2019
£
143,745
143,745
143,745
143,745|
The financial statements were approved by the Trustees on 9 September 2020 and signed on their behalf, by:
## **K. S. Uppal**
The notes on pages 8 to 14 form part of these financial statements.
Page 7
J S UPPAL FAMILY FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2020
## 1. ACCOUNTING POLICIES
## 1.1 Basis of preparation of financial statements
The financial statements have been prepared to give a 'true and fair' view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a 'true and fair' view. This departure has involved following the Charities SORP (FRS 102) published on 16 July 2014 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.
The financial statements have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant notes to these accounts. The financial statements have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued on 16 July 2014 and Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and Charities Act 2011.
J S Uppal Family Foundation constitutes a public benefit entity as defined by FRS 102.
## 1.2 Income
All income is recognised once the charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.
Page 8
J S UPPAL FAMILY FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2020
## 1. ACCOUNTING POLICIES (CONTINUED)
## 1.3 Expenditure
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use.
Governance costs are those incurred in connection with administration of the charity and compliance with constitutional and statutory requirements.
Charitable activities and Governance costs are costs incurred on the charity's operations, including support costs and costs relating to the governance of the charity apportioned to charitable activities.
Grants payable are charged in the year when the offer is made except in those cases where the offer is conditional, such grants being recognised as expenditure when the conditions attaching are fulfilled. Grants offered subject to conditions which have not been met at the year end are noted as a commitment, but not accrued as expenditure.
## 1.4 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.
## 1.5 Cash at Bank and in hand
Cash at bank and 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.
Page 9
J S UPPAL FAMILY FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2020
## 1. ACCOUNTING POLICIES (CONTINUED)
## 1.6 Liabilities and provisions
Liabilities are recognised when there is an obligation at the Balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably. Liabilities are recognised at the amount that the charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide. Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised within interest payable and similar charges.
## 1.7 Financial instruments
The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.
## 1.8 Fund accounting
General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the charity and which have not been designated for other purposes.
## 2. INCOME FROM DONATIONS AND LEGACIES
|INCOME FROM DONATIONS AND LEGACIES|||
|---|---|---|
|Unrestricted
funds
2020
£
Donations
194,643
Total 2019
170,700|Total
funds
2020
£
194,643
170,700|Total
funds
2019
£
170,700|
||||
Page 10
## J S UPPAL FAMILY FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2020
## 3. GRANTS PAYABLE
|GRANTS PAYABLE|||
|---|---|---|
|Unrestricted
funds
£
Satnam Sarab Kalyan Trust
17,831
Ealing Gurdwara
4,500
No donations of less than £2,500 (2019 2)
-
Total
22,331|2020
£
17,831
4,500
-
22,331|2019
£
15,558
8,862
2,440|
||||
||||
|||26,860|
## 4. GOVERNANCE COSTS
|GOVERNANCE COSTS|||
|---|---|---|
|Unrestricted
funds
2020
£
Accountancy fees
3,300
Bank charges
-
3,300|Total
funds
2020
£
3,300
-
3,300|Total
funds
2019
£
-
95|
||||
||||
|||95|
## 5. NET INCOME/(EXPENDITURE)
During the year, no Trustees received any remuneration (2019 - £NIL). During the year, no Trustees received any benefits in kind (2019 - £NIL). During the year, no Trustees received any reimbursement of expenses (2019 - £NIL).
## 6. CREDITORS: Amounts falling due within one year
|CREDITORS: Amounts falling due within one year|||
|---|---|---|
||2020|2019|
||£|£|
|Accruals and deferred income|3,300|-|
Page 11
## J S UPPAL FAMILY FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2020
## 7. STATEMENT OF FUNDS
STATEMENT OF FUNDS - CURRENT YEAR
|Balance at 1
July 2019
£
Unrestricted funds
General Funds - all funds
143,745
STATEMENT OF FUNDS - PRIOR YEAR
Balance at
18
December
2017
£
General funds
-
SUMMARY OF FUNDS - CURRENT YEAR
Balance at 1
July 2019
£
General funds
143,745
SUMMARY OF FUNDS - PRIOR YEAR
Balance at
18
December
2017
£
General funds
-|Income Expenditure
£
£
194,643
(25,631)
Income Expenditure
£
£
170,700
(26,955)
Income Expenditure
£
£
194,643
(25,631)
Income
Expenditur
e
£
£
170,700
(26,955)|Balance at
30 June
2020
£
312,757
Balance at
30 June
2019
£
143,745
Balance at
30 June
2020
£
312,757
Balance at
30 June
2019
£
143,745|
|---|---|---|
Page 12
## J S UPPAL FAMILY FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2020
## 8. ANALYSIS OF NET ASSETS BETWEEN FUNDS
ANALYSIS OF NET ASSETS BETWEEN FUNDS - CURRENT YEAR
|ANALYSIS OF NET ASSETS BETWEEN FUNDS - CURRENT YEAR|ANALYSIS OF NET ASSETS BETWEEN FUNDS - CURRENT YEAR||
|---|---|---|
|Unrestricted
funds
2020
£
Current assets
316,057
Creditors due within one year
(3,300)
312,757
ANALYSIS OF NET ASSETS BETWEEN FUNDS - PRIOR YEAR
Unrestricte
d funds
2019
£
Current assets
143,745
143,745
9.
RECONCILIATION OF NET MOVEMENT IN FUNDS TO NET CASH FLOW FROM
OPERATING ACTIVITIES
30 June
2020
£
Net income for the year (as per Statement of Financial Activities)
169,012
Net cash provided by operating activities
169,012
10.
ANALYSIS OF CASH AND CASH EQUIVALENTS
30 June
2020
£
Cash in hand
316,101
Total
316,101||Total
funds
2020
£
316,057
(3,300)
312,757
Total
funds
2019
£
143,745
143,745
Period
ended
30
June
2019
£
143,745
143,745
Period
ended
30
June
2019
£
143,745
143,745|
||||
||||
||||
Page 13
## J S UPPAL FAMILY FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2020
## 11. RELATED PARTY TRANSACTIONS
The charity received a donations of £132,234 (2019 £170,000) from C. K. Morgan Limited and £47,049 (2019 £NIL) from izabel London Limited, companies of which D. Purohit and K. S. Uppal are directors.
Page 14