KANNADA BALAGA UK
Charity No. 326572
Trustees' Report and Unaudited Accounts
31 December 2022
KANNADA BALAGA UK Contents
| Pages | |
|---|---|
| Trustees' Annual Report | 2 to 3 |
| Independent Examiner's Report | 4 |
| Statement of Financial Activities | 5 |
| Balance Sheet | 6 |
| Analysis of resources | 7 |
| Notes to the Accounts | 8 to 12 |
| Detailed Statement of Financial Activities | 13 to 14 |
KANNADA BALAGA UK Trustees Annual Report
The trustees present their report with the unaudited financial statements of the charity for the year ended 31 December 2022.
REFERENCE AND ADMINISTRATIVE DETAILS
Charity No. 326572
Trustees
The following trustees served during the year:
Sumana Girish Dr. Rashmi Manjunatha Sneha Aravind Kulkarni Rajeev Metri Anand Savanth Vidyarani Mysore Puttaraju Dr. Madhusudhan Thayur Raghavendra Dr. Chandrappa Thippeswamy Vrata Chigateri Praveen Thyrappa Ashirwad Merve H.M Bhandari (Tenure ceased April 2022) S.H Ganganna (Tenure ceased April 2022) S. Narain (Tenure ceased April 2022) S. Suresh (Tenure ceased April 2022) N. Talgeri (Tenure ceased April 2022) G.N.R Vashista (Tenure ceased April 2022)
Accountants
Ark Aurora Ltd 2, Anderson Road Bearwood Birmingham B66 4AR
Page 2
KANNADA BALAGA UK 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.
Trustee 4[th] April 2023
Page 3
KANNADA BALAGA UK Independent Examlners Report Independent Examlner's Reporttothetrustees of KANNADABALAGA UK I report to the trustees on my examination of the flnancial statements of KANNADA BALAGA UK for the year ended 31 December 2022 which comprise the Statement of Financlal Activltles, the Balance Sheet and the related notes, Responsibilitles 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 20111'the Act'l. The trustees consider that an audit Is not required for thi5 year under the Charitles Act 2011, s.144121 Ithe 2011 Act) and that an independent examination is needed. I report in respect of my examination of the charity's flnanclal statements carried out under sectlon 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commisslon under sectlon 14515llbl of the Act. Independent examln*Y'$ Statement I have completed my examination. l can confirm that no material matters have come to my attention In connection with the examlnation giving me cause to believe that in, any material respect: the accounting records were not kept Sn respect of the charity as required by sectlon 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 the financial statements set out In the Charities IA£count5 and Reports) Regulations 2(X)8 other than any requirement that the flnanclal statements give a 'true and fair, view which is not a matter considered as part of an independent éxamination. I have no concerns and have come across no other matters in connection with the examination to which att tion should be drawn In thls report in order to enable a proper under=tandins of thc financial sta ments to be reached. Ball ccountant Ark Aurora Ltd 2 Anderson Road Bearwood Birmingham B66 4AR 4 April 2023 Page 4
KANNADA BALAGA UK Statement of Financial Activities
for the year ended 31 December 2022
| Notes Income and endowments from: Donations and legacies 2 Investments 3 Total Expenditure on: Raising funds 4 charitable activities 5 Other 6 Total Net gains on investments Net income/(expenditure) Transfers between funds Net income/(expenditure) before other gains/(losses) Other gains and losses Net movement in funds Reconciliation of funds: Total funds brought forward Total funds carried forward |
Unrestricted funds 2022 £ 41,189 5,682 |
Total funds 2022 £ 41,189 5,682 |
Total funds 2021 £ 58,141 5,290 |
|---|---|---|---|
| 46,871 - 50,730 3,104 |
46,871 - 50,730 3,104 |
63,431 - 45,630 1,320 |
|
| 53,834 - |
53,834 - |
46,950 - |
|
| (6,963) - |
(6,963) - |
16,481 - |
|
| (6,963) | (6,963) | 16,481 | |
| (6,963) 140,746 |
(6,963) 140,746 |
16,481 124,265 |
|
| 133,783 | 133,783 | 140,746 |
Page 5
KANNADA BALAGA UK
Balance Sheet at 31 December 2022
| Charity No. 326572 Current assets Debtors 8 Cash at bank and in hand 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 9 Unrestricted funds General funds 9 Reserves 9 Total funds Approved by the trustees on 4thApril 2023 And signed on their behalf by: |
2022 £ 500 133,283 133,783 133,783 133,783 133,783 133,783 133,783 133,783 133,783 |
2021 £ 500 140,246 |
|---|---|---|
| 124,746 | ||
| 140,746 140,746 |
||
| 140,746 | ||
| 140,746 | ||
| 140,746 | ||
| 140,746 | ||
| 140,746 | ||
Dr. Rashmi Manjunatha Trustee 4[th] April 2023
Page 6
KANNADA BALAGA UK
Analysis of resources
for the year ended 31 December 2022
| Voluntary income Donations and legacies Investments Total Activities for generating funds Ugadi Deepavali Total Total incoming resources Costs of generating voluntary income Ugadi Deepavali Total Charitable activities Charitable activities Software, IT support and related costs Profit/loss on foreign currency Bank charges Total Governance costs Accountancy fees Total Total resources expended |
Unrestricted £ 17,361 5,682 |
Restricted £ - - |
Total funds £ 17,361 5,682 |
|---|---|---|---|
| 23,043 11,608 12,220 |
- - - |
23,043 11,608 12,220 |
|
| 23,828 | - | 23,828 | |
| 46,871 | - | 46,871 | |
| Unrestricted £ 16,538 19,584 |
Restricted £ - - |
Total funds £ 16,538 19,584 |
|
| 36,122 14,608 1,733 (392) 15 |
- - - - - |
36,122 14,608 1,733 (392) 15 |
|
| 19,045 1,748 |
- - |
19,045 1,748 |
|
| 1,748 | - | 1,748 | |
| 53,834 | - | 53,834 |
Page 7
KANNADA BALAGA UK
Notes to the Accounts
for the year ended 31 December 2022
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
Page 8
KANNADA BALAGA UK 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 9
KANNADA BALAGA UK
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 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.
- 2 Income from donations and legacies
| Unrestricted £ 41,189 41,189 |
Total 2022 £ 41,189 41,189 |
Total 2021 £ 58,141 58,141 |
|---|---|---|
Page 10
KANNADA BALAGA UK
Notes to the Accounts
3 Income from investments
| 4 Expenditure on raising funds Fundraising trading costs 5 Expenditure on charitable activities Expenditure on charitable Activities Governance costs 6 Other expenditure General administrative costs Legal and professional costs 7 Staff costs No employee received emoluments in excess of £60,000. 8 Debtors Prepayments and accrued income |
Unrestricted £ 5,682 5,682 Unrestricted £ 50,730 50,730 Unrestricted £ 1,356 1,748 3,104 2022 £ 500 500 |
Total 2022 £ 5,682 5,682 Total 2022 £ - - Total 2022 £ 50,730 50,730 Total 2022 £ 1,356 1,748 3,104 |
Total 2021 £ 5,290 |
|---|---|---|---|
| 5,290 | |||
| Total 2021 £ - |
|||
| - | |||
| Total 2021 £ 45,630 |
|||
| 45,630 | |||
| Total 2021 £ 320 1000 |
|||
| 1,320 | |||
| 2021 £ 500 500 |
Page 11
KANNADA BALAGA UK Notes to the Accounts
9 Movement in funds
| Restricted funds: Unrestricted funds: General funds Total funds 10 Analysis of net assets between funds Net current assets 11 Reconciliation of net debt Cash and cash equivalents Net debt |
At 1 January 2022 140,746 140,746 |
Incoming resources (including other gains/losses ) £ 46,871 |
Resources expended £ (53,834) (53,834) Unrestricted funds £ 133,783 133,783 Cash flows £ (6,963) (6,963) (6,963) |
At 31 December 2022 £ 133,783 133,783 Total £ 133,783 133,783 At 31 December 2022 £ 133,283 133,283 133,283 |
||
|---|---|---|---|---|---|---|
46,871 |
||||||
Page 12
KANNADA BALAGA UK Detailed Statement of Financial Activities
for the year ended 31 December 2022
| Income and endowments from: Donations and legacies Investments 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 General administrative costs, including depreciation and amortisation Bank charges Exchange rate (gain)/loss Software, IT support and related Costs Legal and professional costs Accountancy and bookkeeping Total of expenditure of other costs Total expenditure Net gains on investments Net income/(expenditure) Net income/(expenditure) before other gains/(losses) Other Gains |
15 (392) 1,733 1,356 1,748 1,748 3,104 53,834 - Unrestricted funds 2022 £ 41,189 41,189 5,682 5,682 46,871 - - - 50,730 50,730 50,730 (6,963) (6,963) - |
15 (392) 1,733 1,356 1,748 1,748 3,104 53,834 - Total funds 2022 £ 41,189 41,189 5,682 5,682 46,871 - - - 50,730 50,730 50,730 (6,963) (6,963) - |
Total funds 2021 £ 58,141 |
|---|---|---|---|
| 58,141 | |||
| 5,290 | |||
| 5,290 | |||
| 63,431 - |
|||
| - | |||
| - 45,630 |
|||
| 45,630 | |||
| 138 88 94 45,630 |
|||
| 320 | |||
| 1,000 | |||
| 1,000 | |||
| 1,320 | |||
| 46,950 - |
|||
| 16,481 16,481 |
Page 13
KANNADA BALAGA UK Detailed Statement of Financial Activities
| Net movement in funds Reconciliation of funds: Total funds brought forward Total funds carried forward |
(6,963) 140,746 133,783 |
(6,963) 140,746 133,783 |
16,481 |
|---|---|---|---|
| 124,625 140,746 |
Page 14