Charity registration number 1108754
Company registration number 05322313 (England and Wales)
SHREEBAI WELFARE FOUNDATION (UK)
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 MARCH 2024
SHREEBAI WELFARE FOUNDATION (UK)
LEGAL AND ADMINISTRATIVE INFORMATION
Trustees
Mr L D Chandegra
Mr Mulji Vara
Mr Kheraj Chouhan
Mr Manoj Vara
Secretary
Mr Kheraj Chouhan
Charity number
1108754
Company number
05322313
Registered office
30 Tranmere Road
Twickenham
Middlesex
TW2 7JB
Bankers
ICICI Bank UK Plc
21 Knightsbridge
London
SW1X 7LY
SHREEBAI WELFARE FOUNDATION (UK)
CONTENTS
Page
Trustees' report
1 - 2
Statement of financial activities
3
Balance sheet
4
Notes to the accounts
5 - 7
SHREEBAI WELFARE FOUNDATION (UK)
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT)
FOR THE YEAR ENDED 30 MARCH 2024
- 1 -

The trustees present their annual report and financial statements for the year ended 30 March 2024.

The accounts have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with the charity's Memorandum and Articles of Association, the Companies Act 2006 and “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)” (as amended for accounting periods commencing from 1 January 2016)

Objectives and activities

The charity's objects are that of General Charitable Purposes where the trustee's have discretion as to the projects selected. The trustees' policy is to provide projects which are of religious and social importance for the Shree Sorathia Prajapati community worldwide. There has been no change in these during the year.

The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake.
Achievements and performance
Financial review

The Statement of Financial Activities for the year is set out on page 4 of the financial statements. A summary of the financial results and work of the charity is set out below.

 

Income Generation

During the period under review, the charity received donations amounting to £nil (2023: £nil). The company thanks all its supporters for their work and generosity.

 

Charitable Expenditure

The charitable expenditure in the current year relates to accountancy fees amounting to £nil (2023: £nil).

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.

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.

Structure, governance and management

The charity is a company limited by guarantee. The company was incorporated on 30 December 2004. It has no share capital and is a registered charity. The guarantee of each member is limited to £10. The governing document is the Memorandum and Articles of Association of the charity.

The trustees, who are also the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements were:

Mr L D Chandegra
Mr Mulji Vara
Mr Kheraj Chouhan
Mr Manoj Vara

Where it is desirous to appoint new trustees any such appointment must be ratified by the existing directors at a duly constituted board meeting. Any such new trustees are initially selected having regard to their personal and professional expertise in the activities of the charity. If required, training is given to new trustees to ensure they are compliant and able to fulfil their roles.

 

None of the trustees has any beneficial interest in the company. All of the trustees are members of the company and guarantee to contribute £1 in the event of a winding up.

SHREEBAI WELFARE FOUNDATION (UK)
TRUSTEES' REPORT (CONTINUED)(INCLUDING DIRECTORS' REPORT)
FOR THE YEAR ENDED 30 MARCH 2024
- 2 -

The major risks to which the company is exposed as identified by the directors have been reviewed and systems have been established to mitigate those risks.

All decision making is undertaken by members of the Board. The charity has no staff and there is, therefore, no requirement to delegate decision making further.

Statement of trustees' responsibilities

The trustees, who are also the directors of Shreebai Welfare Foundation (UK) for the purpose 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 which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that year.

 

In preparing these financial statements, the trustees are required to:

 

- select suitable accounting policies and then apply them consistently;

 

- observe the methods and principles in the Charities SORP;

 

- make judgements and estimates that are reasonable and prudent;

 

- state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

 

- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.

 

The trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charity 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 charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The trustees' report was approved by the Board of Trustees.

Mr L D Chandegra
Trustee
Dated: 18 September 2024
SHREEBAI WELFARE FOUNDATION (UK)
STATEMENT OF FINANCIAL ACTIVITIES
INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 30 MARCH 2024
- 3 -
Unrestricted
Unrestricted
funds
funds
2024
2023
Notes
£
£
Net income and movement in funds
-
-
Reconciliation of funds:
Fund balances at 31 March 2023
22,044
22,044
Fund balances at 30 March 2024
22,044
22,044

The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.

SHREEBAI WELFARE FOUNDATION (UK)
BALANCE SHEET
AS AT 30 MARCH 2024
30 March 2024
- 4 -
2024
2023
Notes
£
£
£
£
Current assets
Cash at bank and in hand
22,344
22,344
Creditors: amounts falling due within one year
6
(300)
(300)
Net current assets
22,044
22,044
The funds of the charity
Unrestricted funds
7
22,044
22,044
22,044
22,044

The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 30 March 2024.

The trustees acknowledge their responsibilities for ensuring that the charity keeps accounting records which comply with section 386 of the Act and for preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of the financial year and of its incoming resources and application of resources, including its income and expenditure, for the 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 company.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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

The financial statements were approved by the trustees on 18 September 2024
Mr L D Chandegra
Trustee
Company registration number 05322313 (England and Wales)
SHREEBAI WELFARE FOUNDATION (UK)
NOTES TO THE  FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 MARCH 2024
- 5 -
1
Accounting policies
Charity information

Shreebai Welfare Foundation (UK) is a private company limited by guarantee incorporated in England and Wales. The registered office is 30 Tranmere Road, Twickenham, Middlesex, TW2 7JB.

1.1
Accounting convention

The financial statements have been prepared in accordance with the charity's [governing document], the Companies Act 2006, FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the Charities SORP "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 charity is a Public Benefit Entity as defined by FRS 102.

 

The charity has taken advantage of the provisions in the SORP for charities not to prepare a Statement of Cash Flows.

The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Charitable funds

Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.

Restricted funds are subject to specific conditions by donors or grantors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.

Endowment funds are subject to specific conditions by donors that the capital must be maintained by the charity.
1.4
Income
Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.

Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

1.5
Expenditure

All expenses are accounted for on a paid basis. Direct charitable expenditure includes general overhead costs.

1.6
Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

SHREEBAI WELFARE FOUNDATION (UK)
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 MARCH 2024
1
Accounting policies
(Continued)
- 6 -
Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled.

1.7
Employee benefits

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.8

Fund accounting

Unrestricted funds comprise accumulated surpluses on general funds and these are available for use at the discretion of the Board of Governors in the furtherance of the general charitable objectives of the Charity.

2
Critical accounting estimates and judgements

In the application of the charity’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Trustees
None of the trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year.
SHREEBAI WELFARE FOUNDATION (UK)
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 MARCH 2024
- 7 -
4
Employees

The average monthly number of employees during the year was:

2024
2023
Number
Number
Total
-
0
-
0
There were no employees whose annual remuneration was more than £60,000.
5
Taxation

The company is a registered charity and no Corporation tax is payable on its current activities.

6
Creditors: amounts falling due within one year
2024
2023
£
£
Accruals and deferred income
300
300
7
Unrestricted funds

The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes.

At 31 March 2023
At 30 March 2024
£
£
General funds
22,044
22,044
Previous year:
At 31 March 2022
At 30 March 2023
£
£
General funds
22,044
22,044
8
Related party transactions

There were no disclosable related party transactions during the year (2023 - nil).

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