CHARITY REGISTRATION NUMBER: 1179091
The Hasil Foundation Unaudited Financial Statements
31 March 2022
CHAMBERLAINS UK LLP
Chartered Accountants 173 Cleveland Street London UK W1T 6QR
The Hasil Foundation
Financial Statements
Year ended 31 March 2022
| Page | |
|---|---|
| Trustees' annual report | 1 |
| Independent examiner's report to the trustees | 4 |
| Statement of financial activities | 5 |
| Statement of financial position | 6 |
| Notes to the financial statements | 7 |
The Hasil Foundation
Trustees' Annual Report
Year ended 31 March 2022
The trustees present their report and the unaudited financial statements of the charity for the year ended 31 March 2022.
Reference and administrative details
Registered charity name The Hasil Foundation Charity registration number 1179091 Principal office 82 Chasewood Park Sudbury Hill Harrow Middlesex HA1 3YR United Kingdom The trustees H T Suterwalla A H Suterwalla M H Suterwalla S H Suterwalla Independent examiner Shammir Shah Chamberlains UK LLP Chartered Accountants 173 Cleveland Street London UK W1T 6QR
Structure, governance and management
a) Governing Document
The Hasil Foundation is constituted under a Declaration of Trust Deed dated 17th May 2018 and constitutes an unincorporated charity and is a registered charity under the registration number 1179091.
b) Method of appointment or election of Trustees
The Foundation shall have at least three trustees but not more than six trustees. Every future trustee shall be appointed by a resolution of the trustees passed at a special meeting. In selecting persons to be appointed as trustees, the trustees shall take into account the benefits of appointing a person who is able by virtue of his or her personal or professional qualifications to make a contribution to the pursuit of the objects or the management of the charity.
c) Public Benefit Statement
In accordance with the Charities Act 2011, the trustees confirm that they have given due consideration to the Charity Commission Public Benefit Guidance as required by Section 4 of the Charities Act 2011.
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The Hasil Foundation
Trustees' Annual Report (continued)
Year ended 31 March 2022
Objectives and activities
The Foundation's objectives and activities are such general charitable purposes under the laws of England and Wales for the benefit of the public as the Trustees from time to time in their discretion think fit.
Achievements and performance
The charity was established on 5 July 2018 and is aiming to support other charities with similar objectives and goals.
During the year, the Foundation made total donations of £8,000 (2021: £9,450) to various charitable organisations.
In addition, the Foundation has continued to invest funds in a portfolio which consists of stocks and shares which is managed by a fund manager. The income generated from the portfolio will be used to furtherance the objectives of the Foundation.
Going concern
The trustees believe that due to the availability of reserves, there are no material uncertainties about the charity's ability to continue for at least the next 12 months from the date of this report.
Risk management
The trustees have a risk management strategy which comprises:
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an annual review of the major risks the charity may face;
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the establishment of systems and procedures designed to mitigate major risks;
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the implementation of procedures designed to minimise any potential impact on the charity should those risks materialise.
Reserves policy
The total reserve funds as of 31 March 2022 stood at £1,001,145 (2021: £1,013,270) and all the reserves are unrestricted i.e. they can be applied at the discretion of the trustees.
The reserves policy is reviewed on a regular basis and adjusted as risk perceptions and other factors change. When reviewing and monitoring the reserve policy, the trustees ensure that they identify when the reserves are drawn on so that they understand the reasons and can consider the corrective actions, if any, that need to be taken.
The level of reserves is reviewed annually by the trustees.
Financial review
During the year to 31 March 2022, the Charity had earned investment income of £19,526 (2021: £12,745) and had incurred investment management costs of £12,900 (2021: £12,021). Furthermore, expenditure on charitable activities during the year had amounted to £13,195 (2021: £13,709).
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The Hasil Foundation Trustees. Annual Report (withu Year •nd•d 31 Mah 2022 Tho Irt085, arnuql report was aped on 15 Ffjbnry 2023 and sign8d on behalf rf tho bo> of trustee5 by: M H Sutetwalla Tru8teo
The Hasil Foundation
Independent Examiner's Report to the Trustees of The Hasil Foundation
Year ended 31 March 2022
I report to the trustees on my examination of the financial statements of The Hasil Foundation ('the charity') for the year ended 31 March 2022.
Responsibilities and basis of report
As the trustees of the charity you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 (‘the Act’).
I report in respect of my examination of the charity's financial statements 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 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:
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accounting records were not kept in respect of the charity as required by section 130 of the Act; or
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the financial statements do not accord with those records; or
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the financial statements 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 which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
Shammir Shah Chamberlains UK LLP Chartered Accountants Independent Examiner
173 Cleveland Street London UK W1T 6QR
28 February 2023
…………………………
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The Hasil Foundation
Statement of Financial Activities
Year ended 31 March 2022
| 2022 | 2022 | 2021 | ||
|---|---|---|---|---|
| Unrestricted | ||||
| funds | Total funds | Total funds | ||
| Note | £ | £ | £ | |
| Income and endowments | ||||
| Investment income | 4 | 19,526 | 19,526 | 12,745 |
| ---------------------------- | ---------------------------- | ---------------------------- | ||
| Total income | 19,526 | 19,526 | 12,745 | |
| ============================ | ============================ | ============================ | ||
| Expenditure | ||||
| Expenditure on raising funds: | ||||
| Investment management costs | 5 | 12,900 | 12,900 | 12,021 |
| Expenditure on charitable activities | 6,7 | 13,195 | 13,195 | 13,709 |
| ---------------------------- | ---------------------------- | ---------------------------- | ||
| Total expenditure | 26,095 | 26,095 | 25,730 | |
| ============================ | ============================ | ============================ | ||
| Net (gains)/losses on investments | 8 | 5,556 | 5,556 | (177,417) |
| ---------------------------- | ---------------------------- | -------------------------------- | ||
| Net (expenditure)/income and net movement in funds | (12,125) | (12,125) | 164,432 | |
| ============================ | ============================ | ================================ | ||
| Reconciliation of funds | ||||
| Total funds brought forward | 1,013,270 | 1,013,270 | 848,838 | |
| ----------------------------------------- | ----------------------------------------- | ----------------------------------------- | ||
| Total funds carried forward | 1,001,145 | 1,001,145 | 1,013,270 | |
| ========================================= | ========================================= | ========================================= |
The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
The notes on pages 7 to 13 form part of these financial statements.
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The Hasil Foundation Stat•m•nt of Flnancial Posillon 31 MarGh 2022 2022 Flxod Investmgnl$ 12 963.543 1.001,773 Current a•sets Cash at barlr and In hand 46,413 23,197 Credltor•: ount0 taiikng du• wlthln one year Net ¢urr•nt •g8•ts 13 8.811 37,602 1,001,146 1,001,145 11,7110 11,497 1.013,270 1,013,270 Totsl ao••ts1088 ourrent Ilabllltles Not •99frts Fundg of tha charty UntBstrtct&l fvnd8 1,001,145 14 1.001,145 1,013,270 1.013,27Q Total charfty lund• Tlwe financial statements approv by th8 board of trusteos aullK*i68d for lssuo 15 Febnry 2023, 8nd are signed on bthalf of th6 bowd by.. M H Sut8Malla TnJste8 IhD not•• •)n p•9•• 7 10 13form pwt of th•M ffnandal •tat•m•n
The Hasil Foundation
Notes to the Financial Statements
Year ended 31 March 2022
1. General information
The charity is a public benefit entity and a registered charity in England and Wales and is unincorporated. The address of the principal office is 82 Chasewood Park, Sudbury Hill, Harrow, Middlesex, HA1 3YR, United Kingdom.
2. Statement of compliance
These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', the 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) (Charities SORP (FRS 102)) and the Charities Act 2011.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through income or expenditure.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The trustees believe that due to the availability of reserves, there are no material uncertainties about the charity's ability to continue for at least the next 12 months from the date of this report.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Taxation
The company is a registered charity and as such is entitled to the exemption from tax to the extent that the income falls within section 505 ICTA 1988 and section 256 CGTA and is applied for charitable purposes only. Value Added Tax is not recoverable by the company and is therefore included in the relevant costs in the Statement of Financial Activities.
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The Hasil Foundation
Notes to the Financial Statements (continued)
Year ended 31 March 2022
3. Accounting policies (continued)
Fund accounting
Unrestricted funds are available for use at the discretion of the trustees to further any of the charity's purposes.
Designated funds are unrestricted funds earmarked by the trustees for particular future project or commitment.
Restricted funds are subjected to restrictions on their expenditure declared by the donor or through the terms of an appeal, and fall into one of two sub-classes: restricted income funds or endowment funds.
Incoming resources
All incoming resources are included in the statement of financial activities when entitlement has passed to the charity; it is probable that the economic benefits associated with the transaction will flow to the charity and the amount can be reliably measured. The following specific policies are applied to particular categories of income:
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income from donations or grants is recognised when there is evidence of entitlement to the gift, receipt is probable and its amount can be measured reliably.
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legacy income is recognised when receipt is probable and entitlement is established.
· income from donated goods is measured at the fair value of the goods unless this is impractical to measure reliably, in which case the value is derived from the cost to the donor or the estimated resale value. Donated facilities and services are recognised in the accounts when received if the value can be reliably measured. No amounts are included for the contribution of general volunteers.
- income from contracts for the supply of services is recognised with the delivery of the contracted service. This is classified as unrestricted funds unless there is a contractual requirement for it to be spent on a particular purpose and returned if unspent, in which case it may be regarded as restricted.
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The Hasil Foundation
Notes to the Financial Statements (continued)
Year ended 31 March 2022
3. Accounting policies (continued)
Resources expended
Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is classified under headings of the statement of financial activities to which it relates:
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expenditure on raising funds includes the costs of all fundraising activities, events, noncharitable trading activities, and the sale of donated goods.
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expenditure on charitable activities includes all costs incurred by a charity in undertaking activities that further its charitable aims for the benefit of its beneficiaries, including those support costs and costs relating to the governance of the charity apportioned to charitable activities.
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other expenditure includes all expenditure that is neither related to raising funds for the charity nor part of its expenditure on charitable activities.
All costs are allocated to expenditure categories reflecting the use of the resource. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs are apportioned between the activities they contribute to on a reasonable, justifiable and consistent basis.
Investments
Unlisted equity investments are initially recorded at cost, and subsequently measured at fair value. If fair value cannot be reliably measured, assets are measured at cost less impairment.
Listed investments are measured at fair value with changes in fair value being recognised in income or expenditure.
Financial instruments
A financial asset or a financial liability is recognised only when the charity becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the amount receivable or payable including any related transaction costs.
Current assets and current liabilities are subsequently measured at the cash or other consideration expected to be paid or received and not discounted.
Debt instruments are subsequently measured at amortised cost.
Where investments in shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in income and expenditure. All other such investments are subsequently measured at cost less impairment.
Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
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The Hasil Foundation
Notes to the Financial Statements (continued)
Year ended 31 March 2022
3. Accounting policies (continued)
Financial instruments (continued)
Other financial instruments are subsequently measured at fair value, with any changes recognised in the statement of financial activities, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised under the appropriate heading in the statement of financial activities in which the initial gain was recognised.
For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics.
Any reversals of impairment are recognised immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4. Investment income
| Unrestricted | Total Funds | Unrestricted | Total Funds | |
|---|---|---|---|---|
| Funds | 2022 | Funds | 2021 | |
| £ | £ | £ | £ | |
| Income from other investments | 19,526 | 19,526 | 12,743 | 12,743 |
| Bank interest receivable | – | – | 2 | 2 |
| ---------------------------- | ---------------------------- | ---------------------------- | ---------------------------- | |
| 19,526 | 19,526 | 12,745 | 12,745 | |
| ============================ | ============================ | ============================ | ============================ | |
| nvestment management costs | ||||
| Unrestricted | Total Funds | Unrestricted | Total Funds | |
| Funds | 2022 | Funds | 2021 | |
| £ | £ | £ | £ | |
| Portfolio management fees | 12,900 | 12,900 | 12,021 | 12,021 |
| ============================ | ============================ | ============================ | ============================ |
5. Investment management costs
6. Expenditure on charitable activities by fund type
| Unrestricted | Total Funds | Unrestricted | Total Funds | |
|---|---|---|---|---|
| Funds | 2022 | Funds | 2021 | |
| £ | £ | £ | £ | |
| Donations made | 8,000 | 8,000 | 9,450 | 9,450 |
| Support costs | 5,195 | 5,195 | 4,259 | 4,259 |
| ---------------------------- | ---------------------------- | ---------------------------- | ---------------------------- | |
| 13,195 | 13,195 | 13,709 | 13,709 | |
| ============================ | ============================ | ============================ | ============================ |
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The Hasil Foundation
Notes to the Financial Statements (continued)
Year ended 31 March 2022
7. Expenditure on charitable activities by activity type
| Activities | ||||
|---|---|---|---|---|
| undertaken | Support | Total funds | Total fund | |
| directly | costs | 2022 | 2021 | |
| £ | £ | £ | £ | |
| Donations made | 8,000 | – | 8,000 | 9,450 |
| Governance costs | – | 5,195 | 5,195 | 4,259 |
| ----------------------- | ----------------------- | ---------------------------- | ---------------------------- | |
| 8,000 | 5,195 | 13,195 | 13,709 | |
| ======================= | ======================= | ============================ | ============================ | |
| Net (gains)/losses on investments | ||||
| Unrestricted | Total Funds | Unrestricted | Total Funds | |
| Funds | 2022 | Funds | 2021 | |
| £ | £ | £ | £ | |
| Gains/(losses) on fair value movement | ||||
| on financial assets | (62,839) | (62,839) |
195,857 | 195,857 |
| Realised gains/(losses) on disposal of | ||||
| investment assets | 57,283 | 57,283 | (18,440) | (18,440) |
| ---------------------------- | ---------------------------- | -------------------------------- | -------------------------------- | |
| (5,556) | (5,556) |
177,417 | 177,417 | |
| ============================ | ============================ | ================================ | ================================ |
8. Net (gains)/losses on investments
9. Independent examination fees
| 2022 | 2021 | |
|---|---|---|
| £ | £ | |
| Fees payable to the independent examiner for: | ||
| Independent examination of the financial statements | 1,800 | 1,800 |
| ======================= | ======================= |
10. Staff costs
The average head count of employees during the year was Nil (2021: Nil).
No employee received employee benefits of more than £60,000 during the year (2021: Nil).
11. Trustee remuneration and expenses
No remuneration or other benefits from employment with the charity or a related entity were received by the trustees.
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The Hasil Foundation
Notes to the Financial Statements (continued)
Year ended 31 March 2022
12. Investments
| Other | |
|---|---|
| investments | |
| £ | |
| Cost or valuation | |
| At 1 April 2021 | 1,001,773 |
| Additions | 631,820 |
| Disposals | (664,494) |
| Fair value movements | (62,839) |
| Gain/(loss) on disposal of investments | 57,283 |
| ----------------------------------------- | |
| At 31 March 2022 | 963,543 |
| ========================================= | |
| Impairment | |
| At 1 April 2021 and 31 March 2022 | – |
| ========================================= | |
| Carrying amount | |
| At 31 March 2022 | 963,543 |
| ========================================= | |
| At 31 March 2021 | 1,001,773 |
| ========================================= |
All investments shown above are held at valuation.
13. Creditors: amounts falling due within one year
| 2022 | 2021 | |
|---|---|---|
| £ | £ | |
| Bank loans and overdrafts | 411 | – |
| Trade creditors | 4,200 | – |
| Accruals and deferred income | 4,200 | 11,700 |
| ----------------------- | ---------------------------- | |
| 8,811 | 11,700 | |
| ======================= | ============================ |
14. Analysis of charitable funds
Unrestricted funds
| At | Gains and | At | ||||
|---|---|---|---|---|---|---|
| 1 | April 2021 | Income | Expenditure | losses | 31 March 2022 | |
| £ | £ | £ | £ | £ | ||
| General funds | 1,013,270 | 19,526 | (26,095) | (5,556) | 1,001,145 | |
| ========================================= | ============================ | ============================ | ======================= | ========================================= | ||
| At | Gains and | At | ||||
| 1 | April 2020 | Income | Expenditure | losses | 31 March 2021 | |
| £ | £ | £ | £ | £ | ||
| General funds | 848,838 | 12,745 | (25,730) | 177,417 | 1,013,270 | |
| ================================ | ============================ | ============================ | ================================ | ================== =========== ============ |
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The Hasil Foundation
Notes to the Financial Statements (continued)
Year ended 31 March 2022
15. Analysis of net assets between funds
| Unrestricted | Total Funds | |
|---|---|---|
| Funds | 2022 | |
| £ | £ | |
| Investments | 1,001,145 | 1,001,145 |
| ========================================= | ========================================= | |
| Unrestricted | Total Funds | |
| Funds | 2021 | |
| £ | £ | |
| Investments | 1,013,270 | 1,013,270 |
| ========================================= | ========================================= |
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