KANNADA BALAGA UK Charity No. 326572 Tru5tees' Report and Unaudited Accounts 31 December 2024
KANNADA BALAGA UK Contents Pages Trustees, Annual Report Independent Examiner's Report Statement of Financial Activities Balance Sheet Analysis of resources Notes to the Accounts Detailed Statement of Financial Activities 3to4 9t013 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 2024. REFERENCE AND ADMINISTRATIVE DETAILS Charity No. 326572 Trustees The following trustees served during the year: Sumana Girish Dr. Rashmi Mcnjunatha Sneha Aravind Kulkarni Rajeev Metri Anand Savanth Vidyarani Mys,Jre Puttaraju Dr. Madhusudhan Thayur Raghavendra Dr. Chandrappa Thippeswamy Vrata Chigateri Praveen Thyrappa Ashirwad Mepie H.M Bhandari (Tenure ceased April 20221 S.H Ganganna {Tenure ceased April 20221 S. Narain {Tenure ceased April 20221 S. Suresh {Tenure ceased April 20221 N. Talgeri (Tenure ceased April 2022} G.N.R Vashista (Tenure ceased April 2022} Accountants Ark & Co Ltd 2, Anderson Road Bearwood Birmingham B66 4AR Page 3
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 02 April 2025 Page 4
KANNADA BALAGA UK Independent Examiners Report Independent Examiner's Report to the trustees of KANNADA BALAGA UK I report to the trustees on my examination of the financial statements of KANNADA BALAGA UK for the year ended 31 December 2024 which comprise the Statement of Financial Activities, the Balance Sheet and the related no-.es. 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 20111'the Act'l. The trustees consider that an audit is not required for this year under the Charities Act 2011, s.144{2) (the 2011 Act) and that an independent examination is needed. I report in respect of my examination of the charity's financial statements carried out under section 145 of the 2011 Act cnd in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 14515llbl 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 the financial statements set out in the Charities (Accounts and Reports) Regulations 2008 other tha n any requirement that the financial statements give a 'true and fair, view which is not a matter considered a5 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. Sanjeev Rana Chartered Accountant Ark & Co Ltd 2 Anderson Road Bearwood Birmingham B66 4AR 02 April 2025 Page 5
KANNADA BALAGA UK Statement of Financial Activities for the year ended 31 December 2024 Unrestricted funds Total funds Total funds 2023 2024 2024 Notes Income and endowments from: Donations and legacies Investments 48,835 6,491 48,835 6,491 93,755 5,655 Total 55,326 55,326 99,411 Expenditure on: Charitable activities Other expenditure 54,403 6,438 92,584 5,193 Total 60,841 97,777 Net gains on investments Net income/{expenditure) 15,5151 1,634 Transfers between funds Net income/(expenditure) before other gains/(Ios5es) 15,5151 1,634 Other gains and losses Net movement in funds (5,515} 1,634 Reconciliation of funds: Total funds brought forward Total funds carried forward 135,417 135,417 133,783 129,902 135,417 135,417 Page 6
KANNADA BALAGA UK Balance Sheet Charity No, 326572 at 31 December 2024 2024 2023 Current assets Debtors Cash at bank and in hand 500 130,391 130,891 130,891 500 135,907 136,407 136,407 Net current assets Accruals 990 990 Total assets less current liabilities 129,902 135,417 Net assets excluding pension asset or liability 129,902 135,417 Total net assets 129,902 135,417 The funds of the charity Restricted funds Unrestricted funds General funds 129,902 129,902 135,417 135,417 Reserves Total funds 129,902 135,417 Approved by the trustees on 02 April 2025. And signed on their behalf by: Dr. Rashmi Manjunatha Trustee 02 April 2025 Page 7
KANNADA BALAGA UK Analysis of resources for the year ended 31 December 2024 Unrestricted Restricted Total funds Voluntary income Donations and legacies Investments Total 9,833 6,491 16,324 9,833 6,491 16,324 Activities for generating funds Deepavali & Ugadi Total 39,002 39,002 39,002 39,002 Total incoming resources 55,326 55,326 Unrestricted Restricted Total funds Costs of generating voluntary income Deepavali & Ugadi Total 40,871 40,871 40,871 40,871 Charitable activities Charitable activities Software, IT support and related costs Profit/loss on foreign currency Bank charges Insurance 13,532 13,532 4,192 21 215 4,192 21 215 Total 17,960 17,960 Governance costs Accountancy fees Total 2,010 2,010 2,010 2,010 Total resources expended 60,841 60,841 Page 8
KANNADA BALAGA UK Notes to the Accounts for the year ended 31 December 2024 l 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 IFRS 1021 issued on 16 July 2014 and the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland IFRS 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. These are unrestricted funds earmarked by the trustees for particular purposes. Designated funds 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 Income is included in the Statement of Financial Activities ISOFAI when the charity 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 and These are only included in income (with an equivalent amount in expenditure} facilities where the benefit to the Charity is reasonably quantifiable, measurable and material. Volunteer help Investment income Gains/llosses1 on revaluation of fixed assets The value of any volunteer help received is not included in the accounts This is included in the accounts when receiva ble. This include5 any gain or10s5 resulting from revaluing investments to market value at the end of the year. Page 9
KANNADA BALAGA UK Notes to the Accounts Gains/llosses} on investment assets This includes any ga in or loss on the sa le of investments. Expenditure Recognition of expenditure Expenditure is recognised on an accruals basis. Expenditure includes any VAT which cannot be fully recovered and is reported as part of the expenditure to which it relates. Expenditure on raising funds Expenditure on charitable activities These comprise the costs associated with attracting voluntary income, fundraising trading costs and investment management costs. These comprise the costs incurred by the Charity in the delivery of its activities and services in the furtherance of its objects, including the making of grants and governance costs. 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. 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. Grants payable Governance 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. Page 10
KANNADA BALAGA UK Notes to the Accounts 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. 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 lease5 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 obligation5. 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. Page 11
KANNADA BALAGA UK Notes to the Accounts 2 Income from donations and legacies Unrestricted Total 2024 Total 2023 48,835 48,835 48,835 48,835 93,755 93,755 3 Income from investments Unrestricted Total 2024 Total 2023 6,491 6,491 6,491 6,491 5,655 5,655 4 Expenditure on raising funds Total 2024 Total 2023 Fundraising trading costs 5 Expenditure on charitable activities Unrestricted Total 2024 Total 2023 Expenditure on charitable activities Governance costs 54,403 54,403 92,584 54,403 54,403 92,584 6 Other expenditure Unrestricted Total 2024 Total 2023 Generol administrative costs Legal and professional costs 4,428 2,010 6,438 4,428 2,010 6,438 4,203 990 5,193 7 Staff costs No employee received emoluments in exce55 Of £60,000. 8 Debtors 2024 2023 Prepayments and accrued income 500 500 500 500 Page 12
KANNADA BALAGA UK Notes to the Accounts 9 Movement in funds Atl At31 January 2023 Incoming resources Resources December 2024 expended Restricted funds Unrestricted funds General funds 135,417 55,326 60,841 129,902 Total funds 135,417 55,326 60,841 129,902 Incoming resources includes other gains/losses 10 Analysis of net assets between funds Unrestricted Total Net current assets 129,902 129,902 129,902 129,902 11 Reconciliation of net debt Atl At31 January 2023 December Cash flows 2024 Cash and cash equivalents 135,907 5,515 130,391 Net debt 135,907 5,515 130,391 Page 13
KANNADA BALAGA UK Detailed Statement of Financial Activities for the year ended 31 December 2024 Unrestricted 2024 Total 2024 Total 2023 Income and endowments from: Donations and legacies 48,835 48,835 48,835 48,835 93,755 93,755 Investments 6,491 6,491 6,491 6,491 5,655 5,655 Total Income and endowments 55,326 55,326 99,411 Expenditure on: Costs of other trading activities Total of expenditure on raising funds Charitable activities 54,403 54,403 54,403 54,403 92,584 92,584 Total of expenditure on charitable activities 54,403 54,403 92,584 General administrative costs, including depreciation and amortisation Bank charges Exchange rate Igainllloss Software, IT support and related Insurance 21 21 45 4,192 4,192 3,973 215 215 186 4,428 4,428 4,203 Legal and professional costs Accountancy and bookkeeping 2,010 2,010 2,010 2,010 990 990 Total expenditure 60,841 60,841 97,777 Net gains on investment5 Net income/{expendlture) Other Gains Net movement in funds 15,515) 15,515) 1,634 {5,515) 15,5151 1,634 Reconciliation of funds: Total funds brought forward Total funds carried forward 135,417 129,902 135,417 129,902 133,783 135,417 Page 14