Caseware UK (AP4) 2022.0.179 2022.0.179 Caseware UK (AP4) 2022.0.179 2022.0.179 4868404868404837562022-11-012023-10-31falseNo description of principal activity00 06038553 2022-11-01 2023-10-31 06038553 2023-10-31 06038553 2022-10-31 06038553 2022-11-01 2023-10-31 06038553 2021-11-01 2022-10-31 06038553 2023-10-31 06038553 2022-10-31 06038553 2022-11-01 06038553 2021-11-01 06038553 c:RegisteredOffice 2022-11-01 2023-10-31 06038553 d:Buildings d:LongLeaseholdAssets 2022-11-01 2023-10-31 06038553 d:Buildings d:LongLeaseholdAssets 2023-10-31 06038553 d:Buildings d:LongLeaseholdAssets 2022-10-31 06038553 d:FurnitureFittings 2022-11-01 2023-10-31 06038553 d:FurnitureFittings 2023-10-31 06038553 d:FurnitureFittings 2022-10-31 06038553 d:ComputerEquipment 2022-11-01 2023-10-31 06038553 d:ComputerEquipment 2023-10-31 06038553 d:ComputerEquipment 2022-10-31 06038553 d:CurrentFinancialInstruments 2023-10-31 06038553 d:CurrentFinancialInstruments 2022-10-31 06038553 d:CurrentFinancialInstruments 1 2023-10-31 06038553 d:CurrentFinancialInstruments 1 2022-10-31 06038553 c:FRS102 2022-11-01 2023-10-31 06038553 c:IndependentExaminationCharity 2022-11-01 2023-10-31 06038553 c:PrivateLimitedCompanyLtd 2022-11-01 2023-10-31 06038553 b:Trustee1 2022-11-01 2023-10-31 06038553 b:Trustee2 2022-11-01 2023-10-31 06038553 b:Trustee3 2022-11-01 2023-10-31 06038553 b:Trustee4 2022-11-01 2023-10-31 06038553 b:Trustee5 2022-11-01 2023-10-31 06038553 b:TotalEndowmentFunds 2022-11-01 2023-10-31 06038553 b:TotalEndowmentFunds 2021-11-01 2022-10-31 06038553 b:TotalEndowmentFunds 2023-10-31 06038553 b:TotalEndowmentFunds 2022-10-31 06038553 b:TotalUnrestrictedFunds 2023-10-31 06038553 b:TotalUnrestrictedFunds 2022-10-31 06038553 b:TotalRestrictedIncomeFunds 2023-10-31 06038553 b:TotalRestrictedIncomeFunds 2022-10-31 06038553 c:FullAccounts 2022-11-01 2023-10-31 iso4217:GBP xbrli:pure

Registered number: 06038553
Charity number: 1135224










Maharashtra Mandal UK Ltd
(A company limited by guarantee)







Unaudited

Trustees' report and financial statements

For the Year Ended 31 October 2023

 
Maharashtra Mandal UK Ltd
 
(A company limited by guarantee)
 

Contents



Page
Reference and administrative details of the Company, its Trustees and advisers
1
Trustees' report
2 - 6
Independent examiner's report
7
Statement of financial activities
8
Balance sheet
9 - 10
Notes to the financial statements
11 - 21

 
Maharashtra Mandal UK Ltd
 
(A company limited by guarantee)
 

Reference and administrative details of the Company, its Trustees and advisers
For the Year Ended 31 October 2023



Trustees
Govind Shankar Kanegaonkar, Trustee (appointed 18 June 2022)
Sushil Waman Gaikwad, Trustee (appointed 18 June 2022)
Pradeep Vishwanath Mohile, Trustee (appointed 18 June 2022)
Vaibhav Ramesh Khandge, Trustee (appointed 18 June 2022)
Vasant P Ranade, Finance Trustee (appointed 1 April 2023)


Company registered number
06038553

Charity registered number
1135224

Registered office
306 Dollis Hill Lane
Cricklewood
London
NW2 6HH

Accountants
Mantax Lynton
Chartered Accountants
2nd Floor Equitable House
7 General Gordon Place
London
SE18 6FH

Page 1

 
Maharashtra Mandal UK Ltd
 
(A company limited by guarantee)
 
  
Trustees' report
For the Year Ended 31 October 2023

The Trustees present their annual report together with the financial statements of Maharashtra Mandal UK Ltd (the Company) for the year 1 November 2022 to 31 October 2023. The Annual report serves the purposes of both a Trustees' report and a directors' report under company law. The Trustees confirm that the Annual report and financial statements of the company comply with the current statutory requirements, the requirements of the charitable company's governing document and the provisions of the Statement of Recommended Practice (SORP) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (effective 1 January 2019).
Since the Company qualifies as small under section 382 of the Companies Act 2006, the Strategic report required of medium and large companies under the Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013 has been omitted.
Structure, Governance and Management 
The company is a company limited by guarantee incorporated on 2nd January 2007 and is governed by the memorandum and articles of association incorporated on 16th May 2009 as amended by the special resolution of 23rd February 2010. The company was granted charitable status on 26th March 2010. The memorandum and articles of association of the company were further updated and amended on 5th March 2014.
The company is controlled by another entity; Maharashtra Mandal London which has similar charitable activities and common trustees. As per the Articles of Association every member of Maharashtra Mandal London is also a member of the company.
The organization structure of the Company consists of a Board of Trustees (BOT) who are responsible for the finances, investments and custody of its funds and property.
 
The trustees who are also directors for the purposes of company law, and who served during the year and up to the date of signature of the financial statement were: 
Govind Shankar Kanegaonkar, Chairman (appointed on 18 June 2022) 
Sushil Waman Gaikwad , Trustee (appointed on 18 June 2022) 
Vaibhav Ramesh Khandge , Trustee (appointed on 18 June 2022) 
Pradeep Vishwanath Mohile, Trustee (appointed on 18 June 2022) 
Vasant Purushottam Ranade, Trustee (appointed on 1 April 2023) 
 
The present Trustees (except Vasant Purushottam Ranade) were appointed on 18 June 2022 at a Special General Meeting (SGM). 
The Following portfolios were allocated:
Chair Trustee : Govind Kanegaonkar 
Building Trustee: Sushil Gaikwad 
Finance Trustee: Vasant Ranade (appointed 01 April 2023); Pradeep Mohile (resigned 01 April 2023) 
Fund Raising Trustee: Vaibhav Khandge 
NextGen Trustee: Pradeep Mohile (appointed 01 April 2023)
A nomination committee is appointed who is responsible to scout for appropriate trustees candidates. After interviewing the candidates and on assessing their qualifications, experience and commitment the committee invites them to join the board of trustees. After the incumbent has accepted the invitation, the nomination committee then recommends them to the General Body for their approval of trustee appointment in the members Annual General meeting. None of the trustees has any beneficial interest in the company. All trustees are members of the company and guarantee to contribute £1 in the event of a winding up.
 
Page 2

 
Maharashtra Mandal UK Ltd
 
(A company limited by guarantee)
 
a. Constitution 
Maharashtra Mandal UK Ltd is registered as a charitable company limited by guarantee and was set up by a Trust deed.
 
b. Methods of appointment or election of Trustees 
The management of the Company is the responsibility of the Trustees who are elected and co-opted under the terms of the Trust deed.
 
c. Pay policy for key management personnel 
Trustees and key management personnel do not take any remuneration from the company.  
d. Financial risk management 
The Trustees have assessed the major risks to which the Company is exposed, in particular those related to the operations and finances of the Company, and are satisfied that systems and procedures are in place to mitigate exposure to the major risks. 
Objectives and activities
 
a. Policies and objectives 
 
The charity's objects are, inter alia:

To advance education in Marathi culture, language, music, dance and art amongst Marathi speaking people, their spouses and descendants (hereinafter referred to as Maharashtrians) through the provision of centre, library, exhibitions, displays and other facilities and activities.
To advance religion amongst Maharashtrians.
To preserve and protect good health and to relieve sickness and poverty amongst Maharashtrians.
To do all such activities that will help Maharashtrians to integrate with British culture and society such that Maharashtrians are benefited by best of both cultures and make their living in the United Kingdom a fulfilling journey. Such activities may not only be traditional Maharashtrian but in the spirit of aforesaid object could cover activities like Sports Club, Education courses, celebration of British national days and so on. This list is not exhaustive and may cover activities that are in the spirit of mutually beneficial cultural co-existence. 
 
In setting objectives and planning for activities, the Trustees have given due consideration to general guidance published by the Charity Commission relating to public benefit, including the guidance 'Public benefit: running a charity (PB2)'. 
b. Activities undertaken to achieve objectives 

NextGen Event 
Post balance sheet date, a successful first event for next generation Maharashtrians was held that realised a small surplus.

Freehold of the Maharashtra Mandal London Building  
The offer for the freehold purchase of the building is still on the table with the landlord, the Church of England Diocese. We are actively updating them on the progress of our fundraising efforts. We have successfully secured the necessary funding from the Government of Maharashtra to purchase the freehold of the building, and the process is currently underway. Our fundraising trustee, Mr. Vaibhav Khandge, will provide a detailed update on his progress at the upcoming Annual General Meeting (AGM).
 
Building Management and maintenance  

 
Page 3

 
Maharashtra Mandal UK Ltd
 
(A company limited by guarantee)
 
We have appointed a part-time caretaker who is responsible for regular cleaning and maintenance tasks, as well as providing assistance during events held at the building.
Boiler Maintenance

We have been facing heating issues at our building due to the failure of our boiler system. Despite multiple attempts to fix the problem, we have not achieved the desired results. An expert in commercial heating was hired to investigate the fault. The inspection revealed that the boilers were incorrectly installed, leading to various issues. The expert has recommended repairs and upgrades to the system, estimated to cost between £22,000 to £25,000. We are also exploring eco-friendly alternatives such as radiant ceiling heating to improve energy efficiency. 
  
Electrical Safety 

An Electrical Installation Condition Report (EICR) was conducted to assess the safety of the electrical installation within the property. While there are no immediate safety concerns, 18 recommendations for action were made to enhance electrical safety, which will be addressed in due course.  
 
Other Building works 

The repair of the right side flat roof is currently in progress and is expected to be completed before the AGM.
A Damp Survey of the building has been conducted, and we are awaiting the report to address any dampening issues identified.
This report highlights the ongoing efforts and maintenance activities being carried out at the Maharashtra Mandal London building to ensure the safety, functionality, and sustainability of the property for its members and visitors. 
c. Main activities undertaken to further the Company's purposes for the public benefit 

The trustees have complied with their duty in section 17 of the Charities Act 2011 to have due regard to the guidance published by the Charity Commission. 
Achievements and performance 

a. Key performance indicators 

This year, the hall hire income of £35,345 was very close to last year’s income of £34,194. We had two main hirers in the year under review like last year. The other main source of Income was donations of £56,500 receivable from Maharashtra Mandal London. It has been our priority to keep users safe and we have been vigilant in updating our hirers about changes to government guidelines.
 
Overall income in 2023 of £ 92,175 was much higher compared with 2022 of £ 70,108 which was due to the ability to put on more fundraising events this year as covid restrictions were fully lifted. Increased fundraising events also caused expenses to increase as the element of variable costs (e.g food) for each event is generally higher, the final outcome of this being a small loss of £1,542. After incurring this small loss, the Company still had unrestricted funds to carry forward into 2023-24 financial year in excess of £241,000.   
 
Page 4

 
Maharashtra Mandal UK Ltd
 
(A company limited by guarantee)
 
Financial review 
 
a. Going concern 

After making appropriate enquiries, the Trustees have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. Also, Maharashtra Mandal London (MML), a charity under common control by the same Trustees, has agreed to provide financial assistance to the company to enable it to continue to trade for the foreseeable future. For this reason, the trustees continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the accounting policies. 
 
b. Reserves policy 

It is the policy of the charity that unrestricted funds which have not been designated for a specific use should be maintained at a level equivalent to between three- and six-month’s expenditure. The trustees consider that reserves at this level will ensure that, in the event of a significant drop in funding, they will be able to continue the charity’s current activities while consideration is given to ways in which additional funds may be raised. This level of reserves has been maintained throughout the year. 
 
c. Principal risks and uncertainties 

The trustees have assessed the major risks to which the charity is exposed and are satisfied that systems are in place to mitigate exposure to the major risks. 

d. Principal funding 

Apart from income from hall hire, the main funding for the company is received from Maharashtra Mandal London (MML), which is a registered charity with Charity Commissions and under the management of common Trustees. During the year, MML provided donations of £56,500 (2022: £31,000) to the company.  
Funds held as custodian 
The charity does not hold any funds as custodian. 
Members' liability
The Members of the Company guarantee to contribute an amount not exceeding £1 to the assets of the
Company in the event of winding up.
 
Page 5

 
Maharashtra Mandal UK Ltd
 
(A company limited by guarantee)
 

Statement of Trustees' responsibilities 

The Trustees (who are also the directors of the Company for the purposes of company law) are responsible for preparing the Trustees' report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
 
Company law requires the Trustees to prepare financial statements for each financial year. Under company law, the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the Trustees are required to:

select suitable accounting policies and then apply them consistently;
observe the methods and principles of the Charities SORP (FRS 102);
make judgments and accounting estimates that are reasonable and prudent;
state whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any material departures disclosed and explained in the financial statements;
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business. 

The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. 
 

 

Approved by order of the members of the board of Trustees on 28 February 2024 and signed on their behalf by:
 





Mr Govind S Kanegaonkar
Chairman
Page 6

 
Maharashtra Mandal UK Ltd

(A company limited by guarantee)
 
 
 
Independent examiner's report
For the Year Ended 31 October 2023

Independent examiner's report to the Trustees of Maharashtra Mandal UK Ltd ('the Company')

 
I report to the charity Trustees on my examination of the accounts of the Company for the year ended 31 October 2023.


Responsibilities and basis of report


As the Trustees of the Company (and its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act').


Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of the Company's accounts carried out under section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.


Independent examiner's statement


I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:


1.
accounting records were not kept in respect of the Company as required by section 386 of the 2006 Act; or

2.
the accounts do not accord with those records; or

3.
the accounts do not comply with the accounting requirements of section 396 of the 2006 Act 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; or

4.
the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities [applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)].



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.


This report is made solely to the Company's Trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008My work has been undertaken so that I might state to the Company's Trustees those matters I am required to state to them in an Independent examiner's report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the Company and the Company's Trustees as a body, for my work or for this report.


Signed:      Dated: 28 February 2024

Janak Raj Pokhrel ACA , FCCA     

Mantax Lynton
Chartered Accountants
2nd Floor Equitable House
7 General Gordon Place
London
SE18 6FH
Page 7

 
Maharashtra Mandal UK Ltd
 
(A company limited by guarantee)

 
 
Statement of financial activities (incorporating income and expenditure account)
For the Year Ended 31 October 2023


Unrestricted funds
2023
Total
funds
2023
Total
funds
2022
Note
        £
        £
        £

Income from:






Donations and legacies

3

56,830

56,830

35,886
 
Hall hire income

4

35,345

35,345

34,194
 
Other income

5

-

-

22
 
Total income
92,175
92,175
70,102
Expenditure on:






Charitable activities

6

93,717

93,717

69,648
 
Total expenditure
93,717
93,717
69,648

Net movement in funds
  
(1,542)
(1,542)
454

Reconciliation of funds:

  




Total funds brought forward

  

243,420

243,420

242,966
 
Net movement in funds

  

(1,542)

(1,542)

454
 
Total funds carried forward
  
241,878
241,878
243,420

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

The notes on pages 11 to 21 form part of these financial statements.

Page 8

 
Maharashtra Mandal UK Ltd
 
(A company limited by guarantee)
Registered number: 06038553

 
 
Balance sheet
As at 31 October 2023


2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 10 
182,030
188,690

  
182,030
188,690

Current assets
  

Debtors
 11 
69,687
45,201

Cash at bank and in hand
  
18,723
47,159

  
88,410
92,360

Creditors: amounts falling due within one year
 12 
(28,562)
(37,630)

Net current assets 
  
 
 
59,848
 
 
54,730

Total assets less current liabilities
  
241,878
243,420

Net assets excluding pension asset 
  
241,878
243,420

Total net assets 
  
241,878
243,420


Charity funds
  

Restricted funds
 13 
-
-

Unrestricted funds
 13 
241,878
243,420

Total funds
  
241,878
243,420

Page 9

 
Maharashtra Mandal UK Ltd
 
(A company limited by guarantee)
Registered number: 06038553

 
 
Balance sheet (continued)
As at 31 October 2023

The Company was entitled to exemption from audit under section 477 of the Companies Act 2006.

The members have not required the company to obtain an audit for the year in question in accordance with section 476 of Companies Act 2006.

The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small companies regime.

The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:




Mr Govind S Kanegaonkar
Chairman



Vasant P Ranade
Finance Trustee
Date: 28 February 2024

The notes on pages 11 to 21 form part of these financial statements.

Page 10

 
Maharashtra Mandal UK Ltd

(A company limited by guarantee)
 
 
 
Notes to the financial statements
For the Year Ended 31 October 2023

1.


General information

Maharashtra Mandal UK Ltd is a private company limited by guarantee incorporated in England and Wales. The registered office is 306 Dollis Hill Lane, London, NW2 6HH. The charity meets the definition of a public benefit entity under FRS 102.


2.Accounting policies

  
2.1

Basis of preparation of financial statements

The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - 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) (effective 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

Maharashtra Mandal UK Ltd meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.

  
2.2

Income

All income is recognised once the Company has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.

The recognition of income from legacies is dependent on establishing entitlement, the probability of receipt and the ability to estimate with sufficient accuracy the amount receivable. Evidence of entitlement to a legacy exists when the Company has sufficient evidence that a gift has been left to them (through knowledge of the existence of a valid will and the death of the benefactor) and the executor is satisfied that the property in question will not be required to satisfy claims in the estate. Receipt of a legacy must be recognised when it is probable that it will be received and the fair value of the amount receivable, which will generally be the expected cash amount to be distributed to the Company, can be reliably measured. 

Grants are included in the Statement of financial activities on a receivable basis. The balance of income received for specific purposes but not expended during the period is shown in the relevant funds on the Balance sheet. Where income is received in advance of entitlement of receipt, its recognition is deferred and included in creditors as deferred income. Where entitlement occurs before income is received, the income is accrued.

Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable.

Other income is recognised in the period in which it is receivable and to the extent the goods have been provided or on completion of the service.

Page 11

 
Maharashtra Mandal UK Ltd

(A company limited by guarantee)
 
 
 
Notes to the financial statements
For the Year Ended 31 October 2023

2.Accounting policies (continued)

  
2.3

Expenditure

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use.

Expenditure on charitable activities is incurred on directly undertaking the activities which further the Company's objectives, as well as any associated support costs.

All expenditure is inclusive of irrecoverable VAT.

 
2.4

Tangible fixed assets and depreciation

Tangible fixed assets costing £NIL or more are capitalised and recognised when future economic benefits are probable and the cost or value of the asset can be measured reliably. 

Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into its intended working condition should be included in the measurement of cost.

Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives, .

Depreciation is provided on the following bases:

Long-term leasehold property
-
Over the term of the lease
Fixtures and fittings
-
33.33% p.a. on a straight line basis
Computer equipment
-
33.33% p.a. on a straight line basis

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of financial activities.

  
2.5

Debtors

Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

Page 12

 
Maharashtra Mandal UK Ltd

(A company limited by guarantee)
 
 
 
Notes to the financial statements
For the Year Ended 31 October 2023

2.Accounting policies (continued)

  
2.6

Cash at bank and in hand

Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.


2.7

Liabilities and provisions

Liabilities are recognised when there is an obligation at the Balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.

Liabilities are recognised at the amount that the Company anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.

Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Statement of financial activities as a finance cost.

  
2.8

Financial instruments

The Company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.

  
2.9

Fund accounting

General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Company and which have not been designated for other purposes.

Investment income, gains and losses are allocated to the appropriate fund.

Page 13

 
Maharashtra Mandal UK Ltd

(A company limited by guarantee)
 
 
 
Notes to the financial statements
For the Year Ended 31 October 2023

3.

Income from donations and legacies



Unrestricted funds
2023
Total
funds
2023
        £
        £
 


Donations

56,830

56,830




Unrestricted funds
2022
Total
funds
2022
        £
        £


Donations

31,886

31,886

Grants

4,000

4,000

Total 2022


35,886
35,886


4.

Investment income



Unrestricted funds
2023
Total
funds
2023
        £
        £



Hall Hire income

35,345

35,345




Unrestricted funds
2022
Total
funds
2022
        £
        £



Hall Hire income

34,194

34,194


Page 14

 
Maharashtra Mandal UK Ltd

(A company limited by guarantee)
 
 
 
Notes to the financial statements
For the Year Ended 31 October 2023

5.

Other incoming resources


Total
funds
2023
        £





Unrestricted funds
2022
Total
funds
2022
        £
        £



Other income

22

22



6.

Analysis of expenditure on charitable activities


Summary by fund type



Unrestricted funds
2023
Total
2023
        £
        £



Support costs

57,430

57,430

Event costs

36,287

36,287

Total 2023


93,717
93,717



Unrestricted funds
2022
Total
2022
        £
        £



Support costs

58,167

58,167

Event costs

11,481

11,481

Total 2022


69,648
69,648

Page 15

 
Maharashtra Mandal UK Ltd

(A company limited by guarantee)
 
 
 
Notes to the financial statements
For the Year Ended 31 October 2023

7.

Analysis of expenditure by activities




Activities undertaken directly
2023
Support costs
2023
Total
funds
2023
        £
        £
        £




Charitable activities - support cost

-

57,430

57,430

Charitable activities - event costs

36,287

-

36,287

Total 2023


36,287
57,430
93,717


Analysis of support costs



Activities
2023
Total
funds
2023
        £
        £



Staff costs

385

385

Depreciation

15,997

15,997

Accountancy fees

1,675

1,675

Council tax and rates

3,164

3,164

Insurance

7,737

7,737

Telephone & Communication

477

477

Computer costs

130

130

Repair & Maintenance

5,064

5,064

Cleaning and Gardening

10,130

10,130

Printing and Stationeries

84

84

Bank charges

24

24

Light & Heat

11,818

11,818

Subscription

175

175

Website

570

570



57,430
57,430



Page 16

 
Maharashtra Mandal UK Ltd

(A company limited by guarantee)
 
 
 
Notes to the financial statements
For the Year Ended 31 October 2023

7.Analysis of expenditure by activities (continued)

Analysis of support costs (continued)

Activities
2022
Total
funds
2022
        £
        £



Depreciation

13,427

13,427

Accountancy fees

1,075

1,075

Council tax and rates

1,379

1,379

Insurance

6,664

6,664

Telephone & Communication

662

662

Repair & Maintenance

2,174

2,174

Cleaning & Gardening

10,679

10,679

Ground rent

300

300

Legal & Professional fees

5,130

5,130

Light & Heat

15,854

15,854

Subscription

175

175

Website

648

648



58,167
58,167


8.

Independent examiner's remuneration

2023
2022
£
£

Fees payable to the Company's independent examiner for the independent examination of the Company's annual accounts
750
1,075


9.


Trustees' remuneration and expenses

During the year, no Trustees received any remuneration or other benefits (2022 - £NIL).

During the year ended 31 October 2023, no Trustee expenses have been incurred (2022 - £NIL).

Page 17

 
Maharashtra Mandal UK Ltd

(A company limited by guarantee)
 
 
 
Notes to the financial statements
For the Year Ended 31 October 2023

10.


Tangible fixed assets




Long-term leasehold property
Fixtures and fittings
Computer equipment
Total

£
£
£
£


Cost or valuation

At 1 November 2022
190,200
127,528
1,898
319,626

Additions
-
8,700
727
9,427


At 31 October 2023

190,200
136,228
2,625
329,053


Depreciation

At 1 November 2022
27,606
102,425
905
130,936

Charge for the year
2,151
13,393
543
16,087


At 31 October 2023

29,757
115,818
1,448
147,023


Net book value


At 31 October 2023
160,443
20,410
1,177
182,030


11.



Debtors


2023
2022
£
£


Due within one year

Trade debtors
6,795
9,732

Other debtors
5,944
3,445

Prepayments and accrued income
2,827
-

Grants receivable
54,121
32,024

69,687
45,201

Page 18

 
Maharashtra Mandal UK Ltd

(A company limited by guarantee)
 
 
 
Notes to the financial statements
For the Year Ended 31 October 2023

12.



Creditors: Amounts falling due within one year


2023
2022
£
£


Trade creditors
1,902
12,614

Other creditors
-
501

Accruals and deferred income
3,145
1,000

Covid fund disbursement outstanding
23,515
23,515

28,562
37,630


13.

Statement of funds


Statement of funds - current year

Balance at 1 November 2022
£
Income
£
Expenditure
£
Balance at 31 October 2023
£

Unrestricted funds





General Funds - all funds

243,420

92,175

(93,717)

241,878
 



Statement of funds - prior year

Balance at
1 November 2021
£
Income
£
Expenditure
£
Balance at
31 October 2022
£

Unrestricted funds





General Funds - all funds

242,966

70,102

(69,648)

243,420
 




Page 19

 
Maharashtra Mandal UK Ltd

(A company limited by guarantee)
 
 
 
Notes to the financial statements
For the Year Ended 31 October 2023

14.

Summary of funds


Summary of funds - current year

Balance at 1 November 2022
£
 
Income
£
 
Expenditure
£
 
Balance at 31 October 2023
£
 
General funds

243,420

92,175

(93,717)

241,878
 


Summary of funds - prior year

Balance at
1 November 2021
£
 
Income
£
 
Expenditure
£
 
Balance at
31 October 2022
£
 
General funds

242,966

70,102

(69,648)

243,420
 


15.

Analysis of net assets between funds

Analysis of net assets between funds - current year

Unrestricted funds
2023
Total
funds
2023
        £
        £


Tangible fixed assets

182,030

182,030

Current assets

88,410

88,410

Creditors due within one year

(28,562)

(28,562)

Total 


241,878
241,878


Page 20

 
Maharashtra Mandal UK Ltd

(A company limited by guarantee)
 
 
 
Notes to the financial statements
For the Year Ended 31 October 2023

15.Analysis of net assets between funds (continued)


Analysis of net assets between funds - prior year

Unrestricted funds
2022
Total
funds
2022
        £
        £


Tangible fixed assets

188,690

188,690

Current assets

92,360

92,360

Creditors due within one year

(37,630)

(37,630)

Total 

243,420
243,420


16.


Members' liability

Each member of the charitable company undertakes to contribute to the assets of the company in the event of it being wound up while he/she is a member, or within one year after he/she ceases to be a member, such amount as may be required, not exceeding £1 for the debts and liabilities contracted before he/she ceases to be a member.



17.


Related party transactions

During the year Maharashtra Mandal London (MML)  a charity controlled by the same Trustees have provided donations to the company of £56,500 (2022:£31,000). Amount owed by MML to the company at the year end was £54,120 (2022:£32,024). 


18.


Controlling party

The charitable company is controlled by the board of Trustees.

Page 21

 
Maharashtra Mandal UK Ltd

(A company limited by guarantee)
 
 
 
Income and expenditure account
For the Year Ended 31 October 2023



2023
2023
2022
2022
£
£
£
£

Income

Donation and Grant income
-
4,886

Hall Hire
35,345
34,194

Other income
-
22

Donation from MML
56,500
31,000

Other Donations
330
-



92,175


70,102

Gains on investments



-


-

Gross income in the reporting period

92,175

70,102

Less:

Charitable activites

Event costs
36,287
11,481

General & Water rates
3,165
1,379

Insurance
7,737
6,664

Light & Heat
11,818
15,853

Repairs & Maintenance
3,712
2,174

Cleaning & Gardening
10,130
10,679

Ground rent
-
300



72,849


48,530

Support Costs

Website & Hosting
570
639

Licence fees & IT
130
190

Depreciation
15,997
13,427

Legal & professional fees
384
4,950

Subscription
175
175

Telephone & Internet
477
662

Printing,postage and stationery
84
-

Building security
1,352
-

Accountancy
1,675
1,075

Bank fees
24
-



20,868


21,118
 Page 22

 
Maharashtra Mandal UK Ltd

(A company limited by guarantee)
 
 
 
Income and expenditure account (continued)
For the Year Ended 31 October 2023



2023
2023
2022
2022
£
£
£
£

Total expenditure

93,717

69,648

Net (expenditure)/income before taxation for the reporting period

(1,542)

454

Tax payable



-


-

Net (expenditure)/income for the reporting period

(1,542)

454

(Deficit)/Surplus for the reporting period
(1,542)
454

Surplus brought forward at 1 November 2022
243,420
242,966

Surplus carried forward at 31 October 2023

241,878

243,420

The notes on pages 11 to 21 form part of these financial statements.

 Page 23