Registered Charity Number 1196864
The Sanghera Foundation
Accounts
For the period ended 31 August 2022
The Sanghera Foundation Accounts Period ended 31 August 2022
| Contents | Page |
|---|---|
| Officers & professional advisors | 1 |
| Annual report of the Trustees | 2 |
| Independent examiner's report | 4 |
| Statement of Financial Activities | 5 |
| Balance Sheet | 6 |
| Notes to the accounts | 7 - 9 |
The Sanghera Foundation Officers & Professional Advisors Period ended 31 August 2022
| Address | c/o Withers LLP |
|---|---|
| Third Floor | |
| 20 Old Bailey | |
| London | |
| EC4M 7AN | |
| Trustees | Gordon Sanghera |
| Isabella Sanghera | |
| Elizabeth Shand | |
| Philip Munro | |
| Independent Examiner | Gibson Booth |
| New Court | |
| Abbey Road North | |
| Shepley | |
| Huddersfield | |
| HD8 8BJ | |
| Solicitors | Withers LLP |
| Third Floor | |
| 20 Old Bailey | |
| London | |
| EC4M 7AN | |
| Bankers | UBS AG |
| 5 Broadgate | |
| London | |
| EC2M 2QS |
1
The Sanghera Foundation Annual Report of the Trustees Period ended 31 August 2022
The Trustees have pleasure in presenting their report and the financial statements of the Charity for the period ended 31 August 2022.
Legal status
The Charitable Trust was established by deed dated 16 August 2021 and was registered with the Charity Commission on 1 December 2021.
Objectives of the Charity
The principal objective of the Charity is to hold the capital and income of the Trust Fund upon trust to apply the income, and all or such part or parts of the capital, at such time or times and in such manner to, or for the benefit of, such exclusively charitable objects and purposes as the Trustees may in their discretion think fit.
The Trustees may, in their discretion, for the period of 21 years from the date of the Deed, instead of applying the income of the Trust Fund in any year, accumulate all or any part of such income by investing the same, and the resulting income, in any investment authorised by the Deed or by law as an accretion to and as part of the capital of the Trust Fund, without prejudice to their right to apply the whole or any part of such accumulated income in any subsequent year as if the same were income of the Trust Fund arising in the then current year.
Organisation
The Trustees hold at least two meetings in each calendar year and decisions are determined by a simple majority. The power of appointing new trustees is vested with the Board of Trustees and new trustees can be appointed at any time. The minimum number of trustees shall be three and the maximum number shall be five.
Trustee Induction and Training
New trustees are briefed on their legal obligations under charity and company law, the content of the charitable deed, the business plan and recent financial performance of the charity. Trustees are encouraged to attend appropriate external training events where these will facilitate the undertaking of the role.
Investment powers and restrictions
Trust monies may be invested at the Trustees' discretion and without limitation. The Trustees are also empowered to appoint investment advisors. Investment policies are reviewed at least once a year.
Review of activities
In the period, the Foundation made a number of small donations to selected charities. This careful approach is driven by the limited funds currently available to distribute, and the fact that the Trustees are keen to learn about the best ways to effect change in line with the Foundation's objectives. The Foundation considers inbound, cold enquiries and proactively seeks out charities that may meet its objectives. Both inbound and outbound approaches are considered against a framework to help assess each project and reviewed at regular meetings involving some of the Trustees and external support. The framework itself, given that the Foundation is in its infancy, is also reviewed periodically including with reference to external best practice.
Details of donations made are included in note 5 to these accounts.
Future developments
The Trustees expect to continue to support a wide range of charities with small donations, including repeat donations to some of the existing recipients, subject to satisfactory reviews. As the Foundation's reserves increase and the Trustees feel more confident about how to make donations more effectively, it is anticipated that there may be larger donations, possibly to a smaller set of charities where the Trustees have the greatest confidence in alignment.
Reserves policy
It is the intention of the charity to maintain unrestricted funds at a level to cover the wind down of the charity, plus its general running costs for twelve months. The Trustees have the power to establish funds for particular purposes or to maintain reserves.
2
The Sanghera Foundation Annual Report of the Trustees - continued Period ended 31 August 2022
Risk management
The Trustees have assessed the major risks to which the charity is exposed, in particular those related to the operations and finances of the Foundation, and are satisfied that systems are in place to mitigate the exposure to such risks.
Trustees
The Trustees who served the Charity during the period were as follows:
Gordon Sanghera Isabella Sanghera Elizabeth Shand Philip Munro
Signed on behalf of the Board of Trustees
Gordon Sanghera 28th June 2023 Trustee Date……………………….
3
The Sanghera Foundation Independent Examiners' Report to the Trustees Period ended 31 August 2022
I report to the charity trustees on my examination of the accounts of the charity for the period ended 31 August 2022, which are set out on pages 5 to 9.
Respective responsibilities of Trustees and Examiner
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')
I report in respect of my examination of the charity's accounts carried out under section 145 of the 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:
-
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 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.
Alistair Russell (Jun 29, 2023, 9:24am) ALISTAIR RUSSELL FCA Independent Examiner
For and on behalf of: Gibson Booth Chartered Accountants New Court Abbey Road North Shepley Huddersfield HD8 8BJ
29 Jun 2023
……………………..
4
The Sanghera Foundation Statement of Financial Activities Period ended 31 August 2022
| Note Income and endowments Donations 4 Bank interest Expenditure Grants 5 Charitable activities 6 Net expendiure Reconciliation of funds Total funds brought forward Total funds carried forward |
Unrestricted Funds £ 90,927 3 90,930 31,268 19,799 51,067 39,863 - 39,863 |
Total Funds £ 90,927 3 |
|---|---|---|
| 90,930 31,268 19,799 |
||
| 51,067 | ||
| 39,863 - |
||
| 39,863 |
All income and expenditure derives from continuing activities.
The statement of financial activities includes all gains and losses recognised in the year.
The notes on pages 7 to 9 form part of these accounts
5
The Sanghera Foundation Balance Sheet 31 August 2022
| 2022 | |||
|---|---|---|---|
| Note | £ | £ | |
| Current assets | |||
| Cash at bank | 42,503 | ||
| Creditors: Amounts falling due | |||
| within one year | 7 | 2,640 | |
| Net current assets | 39,863 | ||
| Total assets less current liabilities | 39,863 | ||
| Funds | |||
| Income | |||
| Unrestricted | 39,863 | ||
| Total charity funds | 8 | 39,863 | |
| These financial statements were approved by the board of trustees and authorised for issue on 28th June 2023 | |||
| Gordon Sanghera | ………………………. |
The notes on pages 7 to 9 form part of these accounts
6
The Sanghera Foundation Notes to the Accounts Period ended 31 August 2022
1 General information
The Sanghera Foundation is an unincorporated charity registered in England & Wales. The address of the principal office is 20 Old Bailey, London EC4M 7AN.
The Foundation constitutes a public benefit entity as defined by FRS 102.
2 Statement of compliance
The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the the Financial Reporting Standard applicable in the UK and the Republic of Ireland issued in October 2019, the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102), the Charities Act 2011 and UK Generally Accepted Accounting Practice.
The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consisitently applied to all years presented unless stated otherwise.
3 Accounting policies
Basis of preparation
The financial statements have been prepared on a going concern basis and under the historic cost convention, as modified to include certain items at fair value. The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
There are no material uncertainties about the charity's ability to continue.
Fund accounting
Funds held by the charity are:
Unrestricted funds - these represent those resources which may be used towards meeting any of the objects of the charity at the discretion of the trustees.
Income
For donations to be recognised the charity will have been notified of the amounts and the settlement date in writing. If there are conditions attached to the donation and this requires a level of performance before entitlement can be obtained then income is deferred until those conditions are fully met or the fulfilment of those conditions is within the control of the charity and it is probable that they will be fulfilled.
Donated professional services are recognised in income at their fair value when their economic benefit is probable, it can be measured reliably and the charity has control over the item. Fair value is determined on the basis of the value of the gift to the charity, for example the amount that the charity would be willing to pay in the open market for such services. A corresponding amount is recognised in expenditure.
Expenditure
Expenditure is included on an accruals basis, inclusive of Value Added Tax.
Liabilities are recognised as resources expended as soon as there is a legal or constructive obligation committing the charity to the expenditure.
Charitable donations are payments to third parties in the furtherance of the charitable objects of the Foundation. Donations are accounted for when either the recipient has a reasonable expectation that they will receive a donation and the trustees have agreed to pay the donation without condition, or the recipient has a reasonable expectation that they will receive a donation and any condition attaching to the donation is outside the control of the Foundation
Governance costs comprise costs for the running of the charity itself as an organisation.
7
The Sanghera Foundation Notes to the Accounts Period ended 31 August 2022
| 4 Donations Unrestricted funds Gifts Donated services 5 Grants Unrestricted funds Global Fund for Children Click Strategy Ltd Batemans Sports Limited 6 Charitable activities Independent examiner's fee Legal & professional fees 7 Creditors: Amounts falling due within one year Accruals |
2022 £ 73,768 17,159 |
|---|---|
| 90,927 | |
| 2022 £ 25,000 4,200 2,068 |
|
| 31,268 | |
| 2022 £ 2,640 17,159 |
|
| 19,799 | |
| 2022 £ 2,640 |
8
The Sanghera Foundation Notes to the Accounts Period ended 31 August 2022
8 Fund reconciliation
| Fund reconciliation | ||||
|---|---|---|---|---|
| Unrestricted fund | Balance at 16 Aug 2021 £ - - |
Income £ 90,930 90,930 |
Expenditure £ (51,067) (51,067) |
Balance at 31 Aug 2022 £ 39,863 |
| 39,863 |
Unrestricted funds - these represent those resources which may be used towards meeting any of the objects of the charity at the discretion of the trustees.
9 Analysis of net assets between funds
All net assets relate to unrestricted funds.
10 Transactions with trustees and connected persons
Philip Munro is a partner at Withers LLP who provided legal services to the Charity of £17,159 on normal commercial terms.
No trustee or connected persons received any other remuneration or expenses.
9