REGISTERED COMPANY NUMBER: |
REGISTERED CHARITY NUMBER: |
REPORT OF THE TRUSTEES AND |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 APRIL 2023 |
FOR |
THE VIRDEE FOUNDATION |
REGISTERED COMPANY NUMBER: |
REGISTERED CHARITY NUMBER: |
REPORT OF THE TRUSTEES AND |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 APRIL 2023 |
FOR |
THE VIRDEE FOUNDATION |
THE VIRDEE FOUNDATION |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 APRIL 2023 |
Page |
Report of the Trustees | 1 | to | 2 |
Statement of Financial Activities | 3 |
Balance Sheet | 4 |
Notes to the Financial Statements | 5 | to | 8 |
THE VIRDEE FOUNDATION (REGISTERED NUMBER: 07597224) |
REPORT OF THE TRUSTEES |
FOR THE YEAR ENDED 30 APRIL 2023 |
The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 30 April 2023. The trustees have adopted the provisions of 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). |
OBJECTIVES AND ACTIVITIES |
Objectives and aims |
The purpose of the Charity is the protection of women and children from abuse and the relief of abused women and children:- |
- For the public benefit to promote the education (including social and physical training) of people in such ways as the Charity Trustees think fit, including awarding such persons with scholarships, maintenance allowances or grants tenable at universities, colleges or institutions of higher or further education. |
- To assist in such ways as the Charity Trustees think fit for any charity in place whose aim includes advancing education of under privileged women and children by developing their mental, physical and moral capabilities through either full time education or leisure activities.This includes the provision in the interest of social welfare of facilities for recreation or other leisure time occupations with the object of improving the conditions of the lives of the persons for whom the faculties are primarily intended. |
Significant activities |
The Charity has made various grants during the year. When making grants the Trustees have due regard to the guidance issued by the Charity Commission on public benefit. |
The Foundation would like to thank all the supporters of the Charity and Gurdwara Seva Project who's donations and contributions helped the Charity achieve its objectives. |
FINANCIAL REVIEW |
Reserves policy |
Reserves are held to ensure that emergency or unexpected grants can be made to allow for fluctuations in the need for assistance, income and cashflow. As a newly established Charity, the Trustees have adopted a target policy of retaining reserves equivalent to one years expenditure and will keep both the policy and level of reserves under review. |
The trustees are aware that the Charity is experiencing difficulties raising funds to carry out its objectives, however they are confident that they will be able to raise the necessary funds to ensure the continuity of the Charity. |
STRUCTURE, GOVERNANCE AND MANAGEMENT |
Governing document |
The Charity is a company limited by guarantee and it is governed by its memorandum and articles of association. In the event of the Charity being wound up, the liability in respect of the guarantee is limited to £10 per member of the Charity. |
REFERENCE AND ADMINISTRATIVE DETAILS |
Registered Company number |
Registered Charity number |
Registered office |
Trustees |
Approved by order of the board of trustees on |
THE VIRDEE FOUNDATION (REGISTERED NUMBER: 07597224) |
REPORT OF THE TRUSTEES |
FOR THE YEAR ENDED 30 APRIL 2023 |
THE VIRDEE FOUNDATION |
STATEMENT OF FINANCIAL ACTIVITIES |
FOR THE YEAR ENDED 30 APRIL 2023 |
2023 | 2022 |
Unrestricted | Total |
fund | funds |
Notes | £ | £ |
INCOME AND ENDOWMENTS FROM |
Donations and legacies |
EXPENDITURE ON |
Raising funds |
Charitable activities |
Total |
NET INCOME |
RECONCILIATION OF FUNDS |
Total funds brought forward |
TOTAL FUNDS CARRIED FORWARD | 8,280 |
THE VIRDEE FOUNDATION (REGISTERED NUMBER: 07597224) |
BALANCE SHEET |
30 APRIL 2023 |
2023 | 2022 |
Unrestricted | Total |
fund | funds |
Notes | £ | £ |
CURRENT ASSETS |
Debtors | 5 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 6 | ( |
) | ( |
) |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
NET ASSETS |
FUNDS | 7 |
Unrestricted funds | 8,280 |
TOTAL FUNDS | 8,280 |
The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 April 2023. |
The members have not required the company to obtain an audit of its financial statements for the year ended 30 April 2023 in accordance with Section 476 of the Companies Act 2006. |
The trustees acknowledge their responsibilities for |
(a) | ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company. |
These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime. |
The financial statements were approved by the Board of Trustees and authorised for issue on |
THE VIRDEE FOUNDATION |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 APRIL 2023 |
1. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The financial statements of the charitable company, which is a public benefit entity under FRS 102, 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)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention. |
Income |
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably. |
Expenditure |
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, 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 accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources. |
Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure. |
Taxation |
The charity is exempt from corporation tax on its charitable activities. |
Fund accounting |
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees. |
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes. |
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements. |
2. | GRANTS PAYABLE |
2023 | 2022 |
£ | £ |
Charitable Activities | 1,633 | 129,106 |
3. | TRUSTEES' REMUNERATION AND BENEFITS |
There were no trustees' remuneration or other benefits for the year ended 30 April 2023 nor for the year ended 30 April 2022. |
Trustees' expenses |
There were no trustees' expenses paid for the year ended 30 April 2023 nor for the year ended 30 April 2022. |
THE VIRDEE FOUNDATION |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 APRIL 2023 |
4. | COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES |
Unrestricted |
fund |
£ |
INCOME AND ENDOWMENTS FROM |
Donations and legacies |
EXPENDITURE ON |
Raising funds |
Charitable activities |
Total |
NET INCOME |
RECONCILIATION OF FUNDS |
Total funds brought forward |
TOTAL FUNDS CARRIED FORWARD | 8,280 |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Prepayments and accrued income |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Other creditors |
Accrued expenses |
7. | MOVEMENT IN FUNDS |
Net |
movement | At |
At 1.5.22 | in funds | 30.4.23 |
£ | £ | £ |
Unrestricted funds |
General fund | 8,280 | 4,790 | 13,070 |
TOTAL FUNDS | 4,790 | 13,070 |
THE VIRDEE FOUNDATION |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 APRIL 2023 |
7. | MOVEMENT IN FUNDS - continued |
Net movement in funds, included in the above are as follows: |
Incoming | Resources | Movement |
resources | expended | in funds |
£ | £ | £ |
Unrestricted funds |
General fund | 13,960 | (9,170 | ) | 4,790 |
TOTAL FUNDS | ( |
) | 4,790 |
Comparatives for movement in funds |
Net |
movement | At |
At 1.5.21 | in funds | 30.4.22 |
£ | £ | £ |
Unrestricted funds |
General fund | 1,017 | 7,263 | 8,280 |
TOTAL FUNDS | 1,017 | 7,263 | 8,280 |
Comparative net movement in funds, included in the above are as follows: |
Incoming | Resources | Movement |
resources | expended | in funds |
£ | £ | £ |
Unrestricted funds |
General fund | 151,191 | (143,928 | ) | 7,263 |
TOTAL FUNDS | 151,191 | (143,928 | ) | 7,263 |
A current year 12 months and prior year 12 months combined position is as follows: |
Net |
movement | At |
At 1.5.21 | in funds | 30.4.23 |
£ | £ | £ |
Unrestricted funds |
General fund | 1,017 | 12,053 | 13,070 |
TOTAL FUNDS | 1,017 | 12,053 | 13,070 |
THE VIRDEE FOUNDATION |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 APRIL 2023 |
7. | MOVEMENT IN FUNDS - continued |
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows: |
Incoming | Resources | Movement |
resources | expended | in funds |
£ | £ | £ |
Unrestricted funds |
General fund | 165,151 | (153,098 | ) | 12,053 |
TOTAL FUNDS | 165,151 | (153,098 | ) | 12,053 |
8. | RELATED PARTY DISCLOSURES |