DocuSign Envelope ID: FC4FFA67-5DC6-4552-8DED-92BB677AB60A
Tamang Society Of UK CIO
Charity No. 1176691
Trustees' Report and Unaudited Accounts
31 March 2021
DocuSign Envelope ID: FC4FFA67-5DC6-4552-8DED-92BB677AB60A Tamang Society Of UK CIO Contents
| Pages | |
|---|---|
| Trustees' Annual Report | 2 to 4 |
| Independent Examiner's Report | 5 |
| Statement of Financial Activities | 6 |
| Balance Sheet | 7 |
| Statement of Cash flows | 15 |
| Notes to the Accounts | 8 to 14 |
| Detailed Statement of Financial Activities | 16 to 17 |
Page 1
DocuSign Envelope ID: FC4FFA67-5DC6-4552-8DED-92BB677AB60A
Tamang Society Of UK CIO Trustees Annual Report
The Trustees present their report with the unaudited financial statements of the charity for the year ended 31 March 2021.
REFERENCE AND ADMINISTRATIVE DETAILS
Charity No. 1176691
Principal Office
24 LANGTON CRESCENT BLANDFORD FORUM DT11 7EP
Trustees
The following Trustees served during the year:
P. Lama A.Y. Tamang B.P. Tamang B.B. Tamang G.B. Tamang L. Tamang P. Tamang S.B. Tamang
Accountants
Kaman Professional Services Ltd Vista Centre 50 Salisbury Road Hounslow Middlesex TW4 6JQ
Bankers
HSBC Bank Plc
OBJECTIVES AND ACTIVITIES
The purpose of the charity as set out in its governing document the Constitution of Charity.
The main activities undertaken in relation to those purposes is that of various events, meetings, seminars and interactions.
Currently the charity got 3 Main programmes - First programme is to raise the fund to build Community Building.
Currently charity is sponsoring poor and genuine poor students in furtherance of their education in Nepal. Similarly , charity is involved in raising fund to bereaved family for funeral and financial support during this hard time.
Page 2
DocuSign Envelope ID: FC4FFA67-5DC6-4552-8DED-92BB677AB60A Tamang Society Of UK CIO
Trustees Annual Report
Statement of trustees' responsibilities in relation to the financial statements
The charity trustees are responsible for preparing a trustees' annual report and financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with the Charities Act 2011, the applicable Charities (Accounts and Reports) Regulations, and the provisions of the Trust deed. The Trustees are also responsible for safeguarding the assets of the charity and hence taking reasonable steps for the prevention and detection of fraud and other irregularities.
Signed on behalf of the charity's trustees
G.B. Tamang Trustee 31 January 2022
Page 3
DocuSign Envelope ID: FC4FFA67-5DC6-4552-8DED-92BB677AB60A
Tamang Society Of UK CIO
Independent Examiners Report
Independent Examiner's Report to the trustees of Tamang Society Of UK CIO
I report to the trustees on my examination of the accounts of Tamang Society Of UK CIO for the year ended 31 March 2021 which comprise the Statement of Financial Activities, the Balance Sheet, the Statement of Cash Flows and the related notes.
Responsibilities and basis of report
As the charity's trustees you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011('the Act'). The trustees consider that an audit is not required for this year under the Charities Act 2011, s.144(2) (the 2011 Act) and that an independent examination is needed.
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 Act.
Independent examiner's statement
I have completed my examination. I can confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in, any material respect:
-
the accounting records were not kept in respect of the charity as required by section 130 of the Act; or
-
the accounts do not accord with those records; or
-
the accounts did 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 which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
Mr Kaman Singh Waiba ACCA Kaman Professional Services Ltd Vista Centre 50 Salisbury Road Hounslow Middlesex TW4 6JQ 31 January 2022
Page 4
DocuSign Envelope ID: FC4FFA67-5DC6-4552-8DED-92BB677AB60A Tamang Society Of UK CIO
Statement of Financial Activities
for the year ended 31 March 2021
| Notes Income and endowments from: Donations and legacies 3 Charitable activities 4 Investments 5 Other 6 Total Expenditure on: Raising funds 7 Charitable activities 8 Other 9 Total Net gains on investments Net (expenditure)/income Transfers between funds Net (expenditure)/income before other gains/(losses) Other gains and losses Net movement in funds Reconciliation of funds: Total funds brought forward Total funds carried forward |
Unrestricte d funds 2021 £ - 2,938 - 470 |
Restricted funds 2021 £ 9,628 - 23 - |
Total funds 2021 £ 9,628 2,938 23 470 |
Total funds 2020 £ 18,507 18,843 76 2,390 |
|---|---|---|---|---|
| 3,408 1,305 4,132 606 |
9,651 - 7,164 - |
13,059 1,305 11,296 606 |
39,816 18,931 - 735 |
|
| 6,043 - |
7,164 - |
13,207 - |
19,666 - |
|
| (2,635) - |
2,487 - |
(148) - |
20,150 - |
|
| (2,635) | 2,487 | (148) | 20,150 | |
| (2,635) 60,651 |
2,487 18,713 |
(148) 79,364 |
20,150 59,214 |
|
| 58,016 | 21,200 | 79,216 | 79,364 |
Page 5
DocuSign Envelope ID: FC4FFA67-5DC6-4552-8DED-92BB677AB60A Tamang Society Of UK CIO Balance Sheet
at 31 March 2021
| Charity No. 1176691 Current assets Cash at bank and in hand Creditors:Amount falling due within one year 11 Net current assets Total assets less current liabilities Net assets excluding pension asset or liability Total net assets The funds of the charity Restricted funds 12 Restricted income funds Unrestricted funds 12 General funds Reserves 12 Total funds |
2021 £ 79,936 79,936 (720) 79,216 79,216 79,216 79,216 21,200 21,200 58,016 58,016 79,216 |
2020 £ 79,364 |
|---|---|---|
| 79,364 - |
||
| 79,364 79,364 |
||
| 79,364 | ||
| 79,364 | ||
| 18,713 | ||
| 18,713 60,651 |
||
| 60,651 | ||
| 79,364 |
Approved by the trustees on 31 January 2022
And signed on their behalf by: L. Tamang Trustee 31 January 2022
Page 6
DocuSign Envelope ID: FC4FFA67-5DC6-4552-8DED-92BB677AB60A Tamang Society Of UK CIO Notes to the Accounts
for the year ended 31 March 2021
- 1 Accounting policies
Basis of preparation
The financial statements have been prepared in accordance with 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 if Ireland (FRS 102) issued on 16 July 2014 and the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and the Charities Act 2011.
Change in basis of accounting or to previous accounts
There has been no change to the accounting policies (valuation rules and method of accounting) since last year and no changes have been made to accounts for previous years.
Fund accounting
-
Unrestricted funds These are available for use at the discretion of the trustees in furtherance of the general objects of the charity.
-
Designated funds These are unrestricted funds earmarked by the trustees for particular purposes. Revaluation funds These are unrestricted funds which include a revaluation reserve representing the restatement of investment assets at their market values.
-
Restricted funds These are available for use subject to restrictions imposed by the donor or through terms of an appeal.
Income
-
Recognition of Income is included in the Statement of Financial Activities (SoFA) when the charity income becomes entitled to, and virtually certain to receive, the income and the amount of the income can be measured with sufficient reliability.
-
Income with related Where income has related expenditure the income and related expenditure is expenditure reported gross in the SoFA.
-
Donations and Voluntary income received by way of grants, donations and gifts is included in the legacies the SoFA when receivable and only when the Charity has unconditional entitlement to the income.
-
Tax reclaims on Income from tax reclaims is included in the SoFA at the same time as the donations and gifts gift/donation to which it relates. Donated services These are only included in income (with an equivalent amount in expenditure) and facilities where the benefit to the Charity is reasonably quantifiable, measurable and material.
Volunteer help The value of any volunteer help received is not included in the accounts. Investment income This is included in the accounts when receivable. Gains/(losses) on This includes any gain or loss resulting from revaluing investments to market value revaluation of fixed at the end of the year. assets Gains/(losses) on This includes any gain or loss on the sale of investments. investment assets
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DocuSign Envelope ID: FC4FFA67-5DC6-4552-8DED-92BB677AB60A Tamang Society Of UK CIO
Notes to the Accounts
Expenditure
-
Recognition of Expenditure is recognised on an accruals basis. Expenditure includes any VAT which expenditure cannot be fully recovered, and is reported as part of the expenditure to which it relates.
-
Expenditure on These comprise the costs associated with attracting voluntary income, fundraising raising funds trading costs and investment management costs. Expenditure on These comprise the costs incurred by the Charity in the delivery of its activities and charitable activities services in the furtherance of its objects, including the making of grants and governance costs.
-
Grants payable All grant expenditure is accounted for on an actual paid basis plus an accrual for grants that have been approved by the trustees at the end of the year but not yet paid.
-
Governance costs These include those costs associated with meeting the constitutional and statutory requirements of the Charity, including any audit/independent examination fees, costs linked to the strategic management of the Charity, together with a share of other administration costs.
-
Other expenditure These are support costs not allocated to a particular activity.
Taxation
The charity is exempt from tax on its charitable activities.
Freehold investment property
Investment properties are measured initially at cost and subsequently at fair value at each balance sheet date and are not depreciated. All gains or losses are taken to the Statement of Financial Activities as they arise.
Stocks
Stock is included at the lower of cost or net realisable value. Donated items of stock are recognised at fair value which is the amount the charity would have been willing to pay for the items on the open market.
Trade and other 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.
Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and on hand, demand deposits with banks and other short-term highly liquid investments with original maturities of three months or less and bank overdrafts. In the statement of financial position, bank overdrafts are shown within borrowings or current liabilities. In the Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the company's cash management.
Trade and other creditors
Short term creditors are measured at the transaction price. Other 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.
Page 8
DocuSign Envelope ID: FC4FFA67-5DC6-4552-8DED-92BB677AB60A Tamang Society Of UK CIO
Notes to the Accounts
Research and development
Expenditure on research and development is written off in the year in which it is incurred.
Foreign currencies
Monetary assets and liabilities denominated in currencies other than the functional currency of the charity are translated at the rates of exchange prevailing at the end of the reporting period. Transactions in currencies other than the functional currency of the charity are recorded at the rate of exchange on the date that the transaction occurred. All exchange differences are are taken into account in arriving at net income/expenditure.
Leased assets
Where the charity enters into a lease which entails taking substantially all the risks and rewards of ownership of an asset, the lease is treated as a finance lease. Leases which do not transfer substantially all the risks and rewards of ownership to charity are classified as operating leases.
Assets held under finance leases are initially recognised as assets of the charity at their fair value at the inception of the lease or, if lower, at the present value of the minimum lease payments. The corresponding liability to the lessor is included in the balance sheet date as a finance lease obligation. Lease payments are apportioned between finance expenses and reduction of the lease obligation so as to achieve a constant rate of interest on the remaining balance of the liability. Finance expenses are recognised immediately, unless they are directly attributable to qualifying assets, in which case they are capitalised in accordance with the charity's policy on borrowing costs. Assets held under finance leases are depreciated in the same way as owned assets.
Operating lease payments are recognised as an expense on a straight-line basis over the lease term. In the event that lease incentives are received to enter into operating leases, such incentives are recognised as a liability. The aggregate benefit of incentives is recognised as a reduction of rental expense on a straight-line basis.
Pension costs
The charity operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the charity pays fixed contributions into a separate entity. Once the contributions have been paid the charity has no further payments obligations. The contributions are recognised as expenses when they fall due. Amounts not paid are shown in accruals in the balance sheet. The assets of the plan are held separately from the charity in independently administered funds.
Receipt of donated goods, facilities and services
All donated goods, facilities and services received are recognised within incoming resources and expenditure at an estimate of the value to the charity.
Page 9
DocuSign Envelope ID: FC4FFA67-5DC6-4552-8DED-92BB677AB60A Tamang Society Of UK CIO
Notes to the Accounts
2 Statement of Financial Activities - prior year
| Income and endowments from: Donations and legacies Charitable activities Investments Other Total Expenditure on: Raising funds Other Total Net income Net income before other gains/(losses) Other gains and losses: Net movement in funds Reconciliation of funds: Total funds brought forward Total funds carried forward 3 Income from donations and legacies Flood Victims Fund Community Building Project Bereavement Donation Scholarship Donation 4 Income from charitable activities Charitable Activities |
Unrestricted funds 2020 £ - 18,843 76 2,390 21,309 16,190 735 16,925 4,384 4,384 4,384 56,991 61,375 Restricted £ 5,241 1,305 768 2,314 9,628 Unrestricted £ 2,938 2,938 |
Restricted funds 2020 £ 18,507 - - - 18,507 2,741 - 2,741 15,766 15,766 15,766 2,223 17,989 Total 2021 £ 5,241 1,305 768 2,314 9,628 Total 2021 £ 2,938 2,938 |
Total funds 2020 £ 18,507 18,843 76 2,390 |
|---|---|---|---|
| 39,816 18,931 735 |
|||
| 19,666 | |||
| 20,150 | |||
| 20,150 | |||
| 20,150 59,214 |
|||
| 79,364 | |||
| Total 2020 £ - 13,669 2,727 2,111 |
|||
| 18,507 | |||
| Total 2020 £ 18,843 |
|||
| 18,843 |
Page 10
DocuSign Envelope ID: FC4FFA67-5DC6-4552-8DED-92BB677AB60A
Tamang Society Of UK CIO
Notes to the Accounts
5 Income from investments
| Interest Received 6 Other income Membership Fees 7 Expenditure on raising funds Costs of generating voluntary income Flood Victims Fund Bereavement Donation Scholarship Donation 8 Expenditure on charitable activities Expenditure on charitable activities Charitable Activities Flood Victims Donation Scholarship Grant Bereavement Donation Governance costs |
Unrestricted £ 900 - - 3,232 4,132 |
Restricted £ 23 23 Unrestricted £ 470 470 |
Total 2021 £ 23 23 Total 2021 £ 470 470 |
Total 2020 £ 76 |
|---|---|---|---|---|
| 76 | ||||
| Total 2020 £ 2,390 |
||||
| 2,390 | ||||
| Unrestricted £ 1,305 - - 1,305 Restricted £ - 5,096 1,300 768 7,164 |
Total 2021 £ 1,305 - - 1,305 Total 2021 £ 900 5,096 1,300 4,000 11,296 |
Total 2020 £ 16,190 1,604 1,137 |
||
| 18,931 | ||||
| Total 2020 £ - - - - |
||||
| - |
Page 11
DocuSign Envelope ID: FC4FFA67-5DC6-4552-8DED-92BB677AB60A Tamang Society Of UK CIO
Notes to the Accounts
- 9 Other expenditure
| Other expenditure | |||
|---|---|---|---|
| General administrative costs Legal and professional costs Staff costs No employee received emoluments in excess of £60,000. Creditors: amounts falling due within one year Accruals and deferred income |
Unrestricted £ 246 360 606 2021 £ 720 720 |
Total 2021 £ 246 360 606 |
Total 2020 £ 375 360 |
| 735 | |||
| 2020 £ - |
|||
| - |
10 Staff costs
11 Creditors:
Page 12
DocuSign Envelope ID: FC4FFA67-5DC6-4552-8DED-92BB677AB60A Tamang Society Of UK CIO
Notes to the Accounts
12 Movement in funds
| At 1 April 2020 Restricted funds: Restricted income funds: Community Building Fund 15,510 Bereavement Fund - Scholarship Fund 3,203 Flood Victim Fund - Total 18,713 Unrestricted funds: General funds 60,651 Designated funds: - Total - Revaluation Reserves: Total funds 79,364 Purposes and restrictions in relation to the funds: Restricted funds: Community Building Fund Bereavement Fund Scholarship Fund Flood Victim Fund 13 Analysis of net assets between funds Net current assets |
Incoming resources (including other gains/losses ) £ 1,314 768 2,328 5,241 9,651 3,408 - - 13,059 |
Resources expended £ - (768) (1,300) (5,096) (7,164) (6,043) (6) (6) (13,213) |
At 31 March 2021 £ 16,824 - 4,231 145 |
|---|---|---|---|
| 21,200 | |||
| 58,016 (6) |
|||
| (6) | |||
| 79,210 | |||
| Unrestricted funds £ 58,016 58,016 |
Restricted funds £ 21,200 21,200 |
Total £ 79,216 |
|
| 79,216 |
Page 13
DocuSign Envelope ID: FC4FFA67-5DC6-4552-8DED-92BB677AB60A Tamang Society Of UK CIO
Notes to the Accounts
14 Reconciliation of net debt
| Reconciliation of net debt | |||
|---|---|---|---|
| Cash and cash equivalents Net debt |
At 1 April 2020 £ |
Cash flows £ |
At 31 March 2021 £ |
| 79,364 | 572 | 79,936 | |
| 79,364 79,364 |
572 572 |
79,936 | |
| 79,936 |
Page 14
DocuSign Envelope ID: FC4FFA67-5DC6-4552-8DED-92BB677AB60A Tamang Society Of UK CIO Statement of Cash flows
for the year ended 31 March 2021
| Cash flows from operating activities Net (expenditure)/income per Statement of Financial Activities Adjustments for: Dividends, interest and rents from investments Increase/(Decrease) in trade and other payables Net cash provided by operating activities Cash flows from investing activities Dividends, interest and rents from investments Net cash from investing activities Net cash from financing activities Net increase in cash and cash equivalents Cash and cash equivalents at the beginning of the year Cash and cash equivalents at the end of the year |
2021 £ (148) (493) 720 79 493 493 - 572 79,364 79,936 |
2020 £ 20,150 (2,466) (360) |
|---|---|---|
| 17,324 2,466 |
||
| 2,466 | ||
| - | ||
| 19,790 | ||
| 59,574 | ||
| 79,364 | ||
| Components of cash and cash equivalents | ||
| Cash and bank balances | 79,936 | 79,364 |
| 79,936 | 79,364 |
Page 15
DocuSign Envelope ID: FC4FFA67-5DC6-4552-8DED-92BB677AB60A Tamang Society Of UK CIO
Detailed Statement of Financial Activities
for the year ended 31 March 2021
| Income and endowments from: Donations and legacies Flood Victims Fund Community Building Project Bereavement Donation Scholarship Donation Charitable activities Charitable Activities Investments Interest Received Other Membership Fees Total income and endowments Expenditure on: Costs of generating donations and legacies Flood Victims Fund Bereavement Donation Scholarship Donation Total of expenditure on raising funds Charitable activities Charitable Activities Flood Victims Donation Scholarship Grant Bereavement Donation Total of expenditure on charitable activities General administrative costs, including depreciation and amortisation Sundry expenses |
Unrestricte d funds 2021 £ - - - - - 2,938 2,938 - - 470 470 3,408 1,305 - - 1,305 1,305 900 - - 3,232 4,132 4,132 246 |
Restricted funds 2021 £ 5,241 1,305 768 2,314 9,628 - - 23 23 - - 9,651 - - - - - - 5,096 1,300 768 7,164 7,164 - |
Total funds 2021 £ 5,241 1,305 768 2,314 9,628 2,938 2,938 23 23 470 470 13,059 1,305 - - 1,305 1,305 900 5,096 1,300 4,000 11,296 11,296 246 |
Total funds 2020 £ - 13,669 2,727 2,111 |
|---|---|---|---|---|
| 18,507 | ||||
| 18,843 | ||||
| 18,843 | ||||
| 76 | ||||
| 76 | ||||
| 2,390 | ||||
| 2,390 | ||||
| 39,816 16,190 1,604 1,137 |
||||
| 18,931 | ||||
| 18,931 - - - - |
||||
| - | ||||
| - 375 |
Page 16
DocuSign Envelope ID: FC4FFA67-5DC6-4552-8DED-92BB677AB60A Tamang Society Of UK CIO Detailed Statement of Financial Activities
| Tamang Society Of UK CIO Detailed Statement of Financial Activities Envelope ID: FC4FFA67-5DC6-4552-8DED-92BB677AB60A |
||||
|---|---|---|---|---|
| Legal and professional costs Audit/Independent examination fees Total of expenditure of other costs Total expenditure Net gains on investments Net (expenditure)/income Net (expenditure)/income before other gains/(losses) Other Gains Net movement in funds Reconciliation of funds: Total funds brought forward Total funds carried forward |
246 360 360 606 6,043 - (2,635) (2,635) - (2,635) 60,651 58,016 |
- - - - 7,164 - 2,487 2,487 - 2,487 18,713 21,200 |
246 360 360 606 13,207 - (148) (148) - (148) 79,364 79,216 |
375 |
| 360 | ||||
| 360 | ||||
| 735 | ||||
| 19,666 - |
||||
| 20,150 | ||||
| 20,150 - |
||||
| 20,150 | ||||
| 59,214 | ||||
| 79,364 |
Page 17