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2024-01-31-accounts

Charity Registration No. 1181698

SITA WELFARE TRUST

(CHARITABLE INCORPORATED ORGANISATION)

ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2024

SITA WELFARE TRUST (CHARITABLE INCORPORATED ORGANISATION) LEGAL AND ADMINISTRATIVE INFORMATION

Trustees Dr Surendra Kumar Verma Dr Jay Verma Dr Anju Verma Mr Lali Sidhu Mr Sukin Natarajan CIO registered charity number 1181698 Charity correspondance office Bay Lodge 36 Harefield Road Uxbridge Middlesex UB8 1PH Accountants Ward Williams Limited Bay Lodge 36 Harefield Road Uxbridge Middlesex UB8 1PH

SITA WELFARE TRUST (CHARITABLE INCORPORATED ORGANISATION) CONTENTS

Page
Trustees' report 1 - 3
Accountants' report 4
Statement of financial activities 5
Balance sheet 6
Notes to the financial statements 7 - 10

SITA WELFARE TRUST (CHARITABLE INCORPORATED ORGANISATION) TRUSTEES' REPORT

FOR THE YEAR ENDED 31 JANUARY 2024

The trustees present their report and financial statements for the year ended 31 January 2024.

The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the Charity's governing document, the Charities Act 2011 and “Accounting and Reporting by Charities: 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)” (issued in October 2019).

Objectives and activities

The primary objectives of the Charity, as stated in its governing document, are:

1) The relief of sickness and the preservation of health in India and other parts of the world, particularly through the provision or facilitation of medical and healthcare advice and information.

2) The advancement of education for children and young people who are socially and economically disadvantaged, particularly but not exclusively in India, through the provision of grants to support their education at school, college or university.

The Charity continues to receive donations from Dr. S.K Verma (Trustee), providing working capital to initiate its charitable activities. In the coming year, the Trustees will seek to diversify funding sources through increased awareness of the Charity's objectives and fundraising initiatives.

The Trustees have carefully considered guidance issued by the Charity Commission when determining the activities to be undertaken by the Charity.

Achievements and performance

The Charity maintains a strong partnership with Sita Welfare Trust Chourasi, a connected charity based in India. This relationship ensures that charitable work is conducted in alignment with the Charity's objectives in India.

Mr. Kundan Bhaskaran, the Charity’s honorary administrator, oversees its activities in India, identifying target beneficiaries and projects that align with the Charity's mission.

The global COVID-19 pandemic and associated restrictions continued to impact both the UK and India throughout much of the financial year, limiting the Charity’s activities. However, in 2022, the Charity began to reengage with local community leaders and is preparing to resume its work.

The Charity is particularly interested in using video conferencing to deliver healthcare education on topics including, but not limited to:

Target audiences will include both the UK and India.

SITA WELFARE TRUST (CHARITABLE INCORPORATED ORGANISATION) TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 JANUARY 2024

Key Events:

The Trustees are also working on educational materials that will be delivered over the coming months.

Financial review

The Charity’s incoming resources for the year amounted to £500 (2023: £5,000), received from Data Care Solutions Limited via Dr. Jay Verma. Expenditure for the period totaled £2,951 (2023: £7,921), mainly allocated to charitable activities in India which totalled £2,000 (2023: £6,000). At the year-end, unrestricted funds amounted to £12,222 (2023: £14,673), available for future use.

The Charity maintains a policy to retain unrestricted funds at a level equivalent to three to six months of

expenditure.

This is the Charity’s fourth year, and its activities are being developed accordingly. The Charity aims to increase its income streams to expand its charitable work in future years. The Trustees are actively exploring funding opportunities, including investments, to support this expansion.

The major risks faced by the Charity relate to securing sustainable funding. To mitigate this, the Charity is considering developing a sound investment strategy, including the potential establishment of a pearl farm in Bihar, India. This venture, identified through Trustee research, has demonstrated profitability in other regions and could provide a reliable source of income to support the Charity’s objectives.

Future Plans

For the fiscal year 2024-25 and beyond, the Charity will focus on the following:

SITA WELFARE TRUST (CHARITABLE INCORPORATED ORGANISATION) TRUSTEES' REPORT (CONTINUED)

FOR THE YEAR ENDED 31 JANUARY 2024

Structure, governance and management

Sita Welfare Trust was registered as a Charitable Incorporated Organisation on 23 January 2019 and commenced its charitable activities as soon as successfully registered. It is governed by its governing document of the same date.

The trustees who served during the year and up to the date of signature of the financial statements were: Dr Surendra Kumar Verma

Dr Jay Verma Dr Anju Verma Mr Lali Sidhu Mr Sukin Natarajan

In accordance with the Charity’s regulations, Trustees may be appointed by ordinary resolution. The current board of five Trustees has been actively involved in managing the Charity's affairs, meeting regularly throughout the year. The annual board meeting took place on 15 December 2023, with administrators and Charity members also invited to participate

The Trustees are unaware of any related party transactions affecting the Charity, though the Charity maintains a working relationship with Sita Welfare Trust Chourasi in India.

The trustees' report was approved by the Board of Trustees.

Dr Surendra Kumar Verma

Trustee Dated: 22 November 2024

SITA WELFARE TRUST (CHARITABLE INCORPORATED ORGANISATION) CHARTERED ACCOUNTANTS' REPORT TO THE TRUSTEES ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF SITA WELFARE TRUST FOR THE YEAR ENDED 31 JANUARY 2024

In order to assist you to fulfil your duties under the Charities Act 2011, we have prepared for your approval the financial statements of Sita Welfare Trust for the year ended 31 January 2024, which comprise the Statement of Financial Activities and the related notes from the charity’s accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales, we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com/en/members/regulationsstandards-and-guidance/

This report is made to the charity's trustees, as a body, in accordance with the terms of our engagement letter dated 22 November 2022. Our work has been undertaken solely to prepare for your approval the financial statements of Sita Welfare Trust and state those matters that we have agreed to state to the charity's trustees, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Sita Welfare Trust and the charity's trustees as a body, for our work or for this report.

It is your duty to ensure that Sita Welfare Trust has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and deficit of Sita Welfare Trust. You consider that Sita Welfare Trust is exempt from the statutory audit requirement for the year, and is not required to obtain an independent examiner's report.

We have not been instructed to carry out an audit or a review of the financial statements of Sita Welfare Trust. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Ward Williams Limited

25 November 2024

Chartered Accountants

Bay Lodge 36 Harefield Road Uxbridge Middlesex UB8 1PH

SITA WELFARE TRUST (CHARITABLE INCORPORATED ORGANISATION) STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 31 JANUARY 2024

Notes
Income from:
Donations and legacies
2
Expenditure on:
Charitable activities
3
Net expenditure for the year/
Net movement in funds
Fund balances at 1 February 2023
Fund balances at 31 January 2024		 2024
£
500
2,951
(2,451)
14,673
12,222		 2023
£
5,000
7,921
(2,921)
17,594
14,673

The statement of financial activities includes all gains and losses recognised in the year.

All income and expenditure derive from continuing activities.

SITA WELFARE TRUST (CHARITABLE INCORPORATED ORGANISATION) BALANCE SHEET

AS AT 31 JANUARY 2024

2024
Notes
£
£
Current assets
Cash at bank and in hand
13,002
Creditors: amounts falling due within
one year
8
(780)
Net current assets
12,222
Income funds
Unrestricted funds
12,222
12,222
The financial statements were approved by the Trustees on 22 November 2024
Dr Surendra Kumar Verma
Dr Jay Verma
Trustee
Trustee		 2023
£
15,453
(780)		 £
14,673
14,673
14,673

SITA WELFARE TRUST (CHARITABLE INCORPORATED ORGANISATION) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2024

1 Accounting policies

Charity information

Sita Welfare Trust was registered as a Charitable Incorporated Organisation (CIO) on 23 January 2019. It's Charity number is 1181698.

1.1 Accounting convention

The financial statements have been prepared in accordance with the Charity's [governing document], the Charities Act 2011 and “Accounting and Reporting by Charities: 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)” (issued in October 2019). The Charity is a Public Benefit Entity as defined by FRS 102.

The Charity has taken advantage of the provisions in the SORP for charities applying FRS 102 Update Bulletin 1 not to prepare a Statement of Cash Flows.

The financial statements 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 Statement of Recommended Practice for charities applying FRS 102 rather than the version of the Statement of Recommended Practice which is referred to in the Regulations but which has since been withdrawn.

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 under the historical cost convention. The principal accounting policies adopted are set out below.

1.2 Going concern

At the time of approving the financial statements, the trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.

As noted in the Trustees report on pages 1-3, the activities of the Charity were significantly impacted by the Global Covid-19 pandemic. The Charity does however retain the full support of the Trustees who are hopeful that activities will be increased in the near future.

1.3 Charitable funds

Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives unless the funds have been designated for other purposes.

Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.

Endowment funds are subject to specific conditions by donors that the capital must be maintained by the Charity.

1.4 Incoming resources

Income is recognised when the Charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.

Cash donations are recognised on receipt. Other donations are recognised once the Charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

SITA WELFARE TRUST (CHARITABLE INCORPORATED ORGANISATION) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 JANUARY 2024

1 Accounting policies

(Continued)

Legacies are recognised on receipt or otherwise if the Charity has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.

1.5 Resources expended

Liabilities are recognised when either a constructive or legal obligation to transfer resources exists.

Expenditure relating to charitable activities includes expenditure directly attributable to the delivery of charitable activities.

Support costs comprise mainly of the administration costs relating to the charity.

Governance costs includes preparation of the statutory accounts, costs of trustee meetings, legal advice given to the trustees and any other costs directly relating to charity governance.

1.6 Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Charity’s contractual obligations expire or are discharged or cancelled.

2 Donations and legacies

2024 2023
£ £
Donations and gifts 500 5,000

SITA WELFARE TRUST (CHARITABLE INCORPORATED ORGANISATION) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 JANUARY 2024

3 Charitable activities

Project works in India
Donations to other charities
Share of support costs (see note 4)
Share of governance costs (see note 4)
Analysis by fund
Unrestricted funds
For the year ended 31 January 2023
Unrestricted funds		 2024
£
2,000
-
2,000
171
780
2,951
2,951
2,951		 2023
£
6,000
150
6,150
991
780
7,921
7,921
7,921

4 Support costs

Support
costs
Governance
costs
£
£
Bank charges
99
-
Computer support and
website costs
72
-
Room hire
-
-
Legal and professional
-
180
Accountancy costs
-
600
171
780
Analysed between
Charitable activities
171
780		 2024
£
99
72
-
180
600
951
951		 2023 Basis of allocation
£
98 Support
137
Support
756 Support
180 Governance
600 Governance
1,771
1,771

Governance costs includes payments to the reporting accountants of £780 (2023: £780), of which £600 (2023: £600) relates to the preparation of these accounts.

SITA WELFARE TRUST (CHARITABLE INCORPORATED ORGANISATION) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 JANUARY 2024

5 Trustees

None of the trustees (or any persons connected with them) received any remuneration or benefits from the Charity during the year.

6 Employees

There were no employees during the year.

7
Financial instruments
Carrying amount of financial liabilities
Measured at amortised cost
8
Creditors: amounts falling due within one year
Accruals and deferred income		 2024
£
780
2024
£
780		 2023
£
780
2023
£
780

9 Related party transactions

There were no disclosable related party transactions during the year.