2024-03-31-accounts - Folkestone Nepalese Community (Fnc)

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Folkestone Nepalese Community (FNC)

Charity No. 1193139

Trustees' Report and Unaudited Accounts

31 March 2024

Doc ID: 2242878026ed93fd2ff2d598045a3e6e2851c370

Folkestone Nepalese Community (FNC) Contents

Pages Trustees' Annual Report 2 Independent Examiner's Report 3 Statement of Financial Activities 4 Balance Sheet 5 Notes to the Accounts 6 to 12 Detailed Statement of Financial Activities 13 to 14

Page 1

Doc ID: 2242878026ed93fd2ff2d598045a3e6e2851c370

Folkestone Nepalese Community (FNC) Trustees Annual Report

The trustees present their report with the unaudited financial statements of the charity for the year ended 31 March 2024.

REFERENCE AND ADMINISTRATIVE DETAILS

Charity No. 1193139

Trustees

The following trustees served during the year:

C.B. Gurung G.B. Gurung (Resigned 28 March 2024) R. Limbu R.B. Pun B. Rai N.K. Siwa C. Tamang (Resigned 28 March 2024) J.B. Thapa

Accountants

Hampshire Accountants Limited Old Town Hall 30 Grosvenor Road Aldershot Hampshire GU11 3DP

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

R.B. Pun Trustee 30 August 2024

Page 2

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Folkestone Nepalese Community (FNC) Independent Examiners Report

Independent Examiner's Report to the trustees of Folkestone Nepalese Community (FNC)

I report to the trustees on my examination of the financial statements of Folkestone Nepalese Community (FNC) for the year ended 31 March 2024.

Responsibilities and basis of report

As the charity's trustees 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 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 financial statements do not accord with those records; or
the financial statements do not comply with the applicable requirements concerning the form and content of financial statements set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the financial statements 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 financial statements to be reached.

Mr B. R. Thapa FCCA Hampshire Accountants Limited Old Town Hall 30 Grosvenor Road Aldershot Hampshire GU11 3DP 30 August 2024

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Folkestone Nepalese Community (FNC) Statement of Financial Activities

for the year ended 31 March 2024

Unrestricted funds	Restricted funds	Total funds	Total funds
2024	2024	2024	2023
£	£	£	£

42,702	104,517	147,219	50,933
19,141	-	19,141	19,277
61,843	104,517	166,360	70,210

734	-	734	4,119
25,168	42,177	67,345	29,223
20,657	47,179	67,836	8,547
46,559	89,356	135,915	41,889
-	-	-	-
15,284	15,161	30,445	28,321
-	-	-	-
15,284	15,161	30,445	28,321

15,284	15,161	30,445	28,321

57,828	-	57,828	29,507
73,112	15,161	88,273	57,828

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Folkestone Nepalese Community (FNC) Balance Sheet

at 31 March 2024

Charity No. 1193139 Fixed assets Tangible assets 10 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	2024 £ 3,059 3,059 88,421 88,421 (3,207) 85,214 88,273 88,273 88,273 15,161 15,161 73,112 73,112 88,273	2023 £ 3,823
		3,823 54,725
		54,725 (720)
		54,005 57,828
		57,828
		57,828
		-
		- 57,828
		57,828
		57,828

Approved by the trustees on 30 August 2024

And signed on their behalf by:

R.B. Pun Trustee 30 August 2024

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Folkestone Nepalese Community (FNC) Notes to the Accounts

for the year ended 31 March 2024

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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Folkestone Nepalese Community (FNC) 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.

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Folkestone Nepalese Community (FNC) 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.

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Folkestone Nepalese Community (FNC) Notes to the Accounts

2 Statement of Financial Activities - prior year

2 Statement of Financial Activities - prior year
Income and endowments from: Donations and legacies Other Total Expenditure on: Raising funds Charitable activities 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 4 Other income	Unrestricted £ 24,745 17,957 42,702	Unrestricted funds 2023 £ 29,483 13,637 43,120 4,119 24,417 8,490 37,026 6,095 6,095 6,095 29,507 35,602 Restricted £ 104,517 - 104,517 Unrestricted £ 19,141 19,141	Restricted funds 2023 £ 21,450 5,640 27,090 - 4,806 57 4,863 22,226 22,226 22,226 - 22,226 Total 2024 £ 129,262 17,957 147,219 Total 2024 £ 19,141 19,141	Total funds 2023 £ 50,933 19,277
				70,210 4,119 29,223 8,547
				41,889
				28,321
				28,321
				28,321 29,507
				57,828
				Total 2023 £ 36,405 14,528
				50,933
				Total 2023 £ 19,277
				19,277

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Folkestone Nepalese Community (FNC) Notes to the Accounts

5 Expenditure on raising funds

Fundraising trading costs 6 Expenditure on charitable activities Expenditure on charitable activities Governance costs 7 Other expenditure Employee costs Motor and travel costs Premises costs Amortisation, depreciation, impairment, profit/loss on disposal of fixed assets General administrative costs Legal and professional costs 8 Net income before transfers This is stated after charging: Depreciation of owned fixed assets 9 Staff costs Salaries and wages Social security costs Pension costs	Unrestricted £ 288 24,880 25,168 Unrestricted £ - 525 4,546 764 12,276 2,546 20,657	Unrestricted £ 734 734 Restricted £ 5,000 37,177 42,177 Restricted £ 35,777 - 2,936 - 6,922 1,544 47,179 2024 £ 764 2024 32,423 1,057 273 33,753	Total 2024 £ 734 734 Total 2024 £ 5,288 62,057 67,345 Total 2024 £ 35,777 525 7,482 764 19,198 4,090 67,836	Total 2023 £ 4,119
				4,119
				Total 2023 £ 2,139 27,084
				29,223
				Total 2023 £ 101 - 1,824 956 4,510 1,156
				8,547
				2023 £ 956 2023 - - -
				-

No employee received emoluments in excess of £60,000.

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Folkestone Nepalese Community (FNC) Notes to the Accounts

10 Tangible fixed assets

	£ 1,738 1,738 626 222 848 890 1,112 2024 £ 2,305 182	£ 4,237 4,237 1,526 542 2,068 2,169 2,711	£ 5,975
			5,975
			2,152 764
			2,916
			3,059
			3,823
			2023 £ - -
	720		720
At 1 April 2023 - - 57,828 57,828	3,207 Incoming resources (including other gains/losses ) £ 104,517 104,517 61,843 166,360	Resources expended £ (89,356) (89,356) (46,559) (135,915)	720
			At 31 March 2024 £ 15,161
			15,161
			73,112
			88,273

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Folkestone Nepalese Community (FNC) Notes to the Accounts

13 Analysis of net assets between funds

13 Analysis of net assets between funds
Fixed assets Net current assets 14 Reconciliation of net debt Cash and cash equivalents Net debt	At 1 April 2023 £	Unrestricted funds £ 3,059 85,214 88,273 Cash flows £	Total £ 3,059 85,214
			88,273
			At 31 March 2024 £
	54,725	33,696	88,421
	54,725 54,725	33,696 33,696	88,421
			88,421

15 Commitments *Operating lease commitments* Annual commitments under non-cancellable operating leases 2024 Land and buildings £ Operating leases with expiry date: *Pension commitments* The pension cost charge to the charity amounted to:	are as follows: 2024 Other £ 2024 £ 273	2023 Land and buildings £	2023 Other £ 2023 £ -

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Folkestone Nepalese Community (FNC) Statement of Cash flows for the year ended 31 March 2024

Cash flows from operating activities Net income per Statement of Financial Activities Adjustments for: Depreciation of property, plant and equipment Dividends, interest and rents from investments Other gains/losses Increase 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	2024 £ 30,445 764 (19,141) - 2,487 14,555 19,141 19,141 - 33,696 54,725 88,421	2023 £ 28,321 956 (19,277) - -
		10,000 19,277
		13,302

		-

		23,302
		25,448
		48,750

Components of cash and cash equivalents
Cash and bank balances	88,421	54,725

	88,421	54,725

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Folkestone Nepalese Community (FNC) Detailed Statement of Financial Activities

for the year ended 31 March 2024

Income and endowments from: Donations and legacies Other Total income and endowments Expenditure on: Costs of other trading activities Total of expenditure on raising funds Charitable activities Total of expenditure on charitable activities Employee costs Salaries/wages Directors' remuneration Employer's NIC Pension costs Staff entertainment Staff recruitment Motor and travel costs Travel and subsistence Premises costs Rent Premises cleaning Other premises costs	Unrestricte d funds 2024 £ 24,745 17,957 42,702 19,141 19,141 61,843 734 734 734 288 24,880 25,168 25,168 - - - - - - - 525 525 1,200 8 3,338 4,546	Restricted funds 2024 £ 104,517 - 104,517 - - 104,517 - - - 5,000 37,177 42,177 42,177 13,018 19,405 1,057 273 - 2,024 35,777 - - 1,200 1,213 523 2,936	Total funds 2024 £ 129,262 17,957 147,219 19,141 19,141 166,360 734 734 734 5,288 62,057 67,345 67,345 13,018 19,405 1,057 273 - 2,024 35,777 525 525 2,400 1,221 3,861 7,482	Total funds 2023 £ 36,405 14,528
				50,933
				19,277
				19,277
				70,210 4,119
				4,119
				4,119 2,139 27,084
				29,223
				29,223 - - - - 101 -
				101
				-
				-
				1,100 503 221
				1,824

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Folkestone Nepalese Community (FNC) Detailed Statement of Financial Activities

General administrative costs, including depreciation and amortisation Depreciation of Depreciation of Equipment repairs and maintenance General insurances Postage and couriers Software, IT support and related costs Stationery and printing Sundry expenses Telephone, fax and broadband Legal and professional costs Accountancy and bookkeeping Other legal and professional costs Total of expenditure of other costs Total expenditure Net gains on investments Net income Net income before other gains/(losses) Other Gains Net movement in funds Reconciliation of funds: Total funds brought forward Total funds carried forward	222 542 13 0 4 245 402 10,805 808 13,040 - 2,546 2,546 20,657 46,559 - 15,284 15,284 - 15,284 57,828 73,112	- - 770 871 18 2,931 1,131 408 792 6,922 720 824 1,544 47,179 89,356 - 15,161 15,161 - 15,161 - 15,161	222 542 783 871 22 3,176 1,533 11,213 1,600 19,962 720 3,370 4,090 67,836 135,915 - 30,445 30,445 - 30,445 57,828 88,273	278 678 1,114 533 - 1,448 375 175 865
				5,466
				720 436
				1,156

				8,547
				41,889 -
				28,321
				28,321 -
				28,321
				29,507
				57,828

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Folkestone Nepalese Community (Final Accounts) Title F06_Final_Accounts_2024.pdf File name Document ID 2242878026ed93fd2ff2d598045a3e6e2851c370 Audit trail date format MM / DD / YYYY Status Signed

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