| REGISTERED COMPANY NUMBER: |
| REGISTERED CHARITY NUMBER: |
| TRUSTEES' REPORT AND |
| UNAUDITED FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| FOR |
| VANI FINE ARTS SOCIETY |
| (A COMPANY LIMITED BY GUARANTEE) |
| REGISTERED COMPANY NUMBER: |
| REGISTERED CHARITY NUMBER: |
| TRUSTEES' REPORT AND |
| UNAUDITED FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| FOR |
| VANI FINE ARTS SOCIETY |
| (A COMPANY LIMITED BY GUARANTEE) |
| VANI FINE ARTS SOCIETY |
| CONTENTS OF THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| Page |
| Trustees' Report | 1 | to | 2 |
| Statement of Financial Activities | 3 |
| Statement of Financial Position | 4 |
| Notes to the Financial Statements | 5 | to | 8 |
| VANI FINE ARTS SOCIETY (REGISTERED NUMBER: 05303718) |
| TRUSTEES' REPORT |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| 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 31 December 2024. 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 |
| Review of activities and public benefit |
| The principal activity continues to be that of promotion of cultural programmes, with emphasis on Indian Culture. |
| Financial position and activities for public benefit during the year are as shown in notes of the Accounts. |
| FINANCIAL REVIEW |
| Financial position |
| The charity had a surplus of £4,458 for the year (2023- £2,391). The details are given in the statement of financial activities pages 5 to 8. |
| Reserves policy |
| The funding is by cultural promotion programmes and the directors and trustees have undertaken to provide support to meet its liabilities as they fall due |
| STRUCTURE, GOVERNANCE AND MANAGEMENT |
| Governing document |
| Vani Fine Arts Society is a company limited by guarantee and is a registered charity It is governed by it Memorandum and Articles of Association dated 3 December 2004 in the event of the charity being wound up, the liability in respect of the guarantee is limited to £10 per member. |
| Risk management |
| The trustees have a duty to identify and review the risks to which the charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error. |
| REFERENCE AND ADMINISTRATIVE DETAILS |
| Registered Company number |
| Registered Charity number |
| Registered office |
| Trustees |
| Company Secretary |
| VANI FINE ARTS SOCIETY (REGISTERED NUMBER: 05303718) |
| TRUSTEES' REPORT |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| This report has been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies. |
| Approved by order of the board of trustees on |
| VANI FINE ARTS SOCIETY |
| STATEMENT OF FINANCIAL ACTIVITIES |
| (INCORPORATING AN INCOME AND EXPENDITURE ACCOUNT) |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| 2024 | 2023 |
| Unrestricted | Restricted | Total | Total |
| fund | fund | funds | funds |
| Notes | £ | £ | £ | £ |
| INCOME AND ENDOWMENTS FROM |
| Donations and legacies | 2 |
| EXPENDITURE ON |
| Charitable activities | 3 |
| NET INCOME |
| RECONCILIATION OF FUNDS |
| Total funds brought forward | ( |
) | ( |
) | ( |
) |
| TOTAL FUNDS CARRIED FORWARD | ( |
) | ( |
) | (25,915 | ) |
| CONTINUING OPERATIONS |
| All income and expenditure has arisen from continuing activities. |
| VANI FINE ARTS SOCIETY (REGISTERED NUMBER: 05303718) |
| STATEMENT OF FINANCIAL POSITION |
| 31 DECEMBER 2024 |
| 2024 | 2023 |
| Unrestricted | Restricted | Total | Total |
| fund | fund | funds | funds |
| Notes | £ | £ | £ | £ |
| CURRENT ASSETS |
| Cash at bank and in hand |
| CREDITORS |
| Amounts falling due within one year | 5 | ( |
) | ( |
) | ( |
) |
| NET CURRENT ASSETS/(LIABILITIES) | ( |
) | ( |
) | ( |
) |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
( |
) |
( |
) |
( |
) |
| NET ASSETS/(LIABILITIES) | ( |
) | ( |
) | ( |
) |
| FUNDS | 6 |
| Unrestricted funds: |
| General fund | (21,457 | ) | (25,915 | ) |
| TOTAL FUNDS | ( |
) | (25,915 | ) |
| The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2024. |
| The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2024 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 |
| VANI FINE ARTS SOCIETY |
| NOTES TO THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| 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. |
| Going concern |
| The company is reliant on its directors' and trustees' to provide support to it, to enable it to meet its liabilities as they fall due. The financial statements have been prepared on the going concern basis the validity of which depends upon this support continuing to be made available. The financial statements do not include any adjustments which would result from sufficient finance not being made available. |
| 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. |
| 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. |
| Financial instruments |
| The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares. |
| Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss. |
| Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. |
| Debtors |
| VANI FINE ARTS SOCIETY |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| 1. | ACCOUNTING POLICIES - continued |
| Financial instruments |
| Basic financial assets, including trade and other debtors, are initially recognised at transaction price, 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. Such assets are subsequently carried at amortised cost using the effective interest method, less any impairment. |
| Cash and cash equivalents |
| Cash and cash equivalents are represented by cash in hand, deposits held at call with financial institutions, and other short-term highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value. |
| Creditors |
| Basic financial liabilities, including trade and other creditors, loans from third parties and loans from related parties, 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. Such instruments are subsequently carried at amortised cost using the effective interest method, less any impairment. |
| Interest income |
| Interest income is recognised in profit or loss using the effective interest method. |
| 2. | DONATIONS AND LEGACIES |
| 2024 | 2023 |
| Unrestricted | Restricted | Total | Total |
| funds | funds | funds | funds |
| £ | £ | £ | £ |
| Donations | 4,732 | - |
| 3. | CHARITABLE ACTIVITIES COSTS |
| Support |
| costs |
| £ |
| Other cultural promotion | 274 |
| 4. | TRUSTEES' REMUNERATION AND BENEFITS |
| There were no trustees' remuneration or other benefits for the year ended 31 December 2024 nor for the year ended 31 December 2023. |
| Trustees' expenses |
| There were no trustees' expenses paid for the year ended 31 December 2024 nor for the year ended 31 December 2023. |
| VANI FINE ARTS SOCIETY |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| 5. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| Trustees' account | 22,494 | 27,494 |
| Accrued expenses |
| 6. | MOVEMENT IN FUNDS |
| Net |
| movement | At |
| At 1.1.24 | in funds | 31.12.24 |
| £ | £ | £ |
| Unrestricted funds |
| General fund | (25,915 | ) | 4,458 | (21,457 | ) |
| TOTAL FUNDS | ( |
) | 4,458 | (21,457 | ) |
| Net movement in funds, included in the above are as follows: |
| Incoming | Resources | Movement |
| resources | expended | in funds |
| £ | £ | £ |
| Unrestricted funds |
| General fund | 4,732 | (274 | ) | 4,458 |
| TOTAL FUNDS | ( |
) | 4,458 |
| Comparatives for movement in funds |
| Net |
| movement | At |
| At 1.1.23 | in funds | 31.12.23 |
| £ | £ | £ |
| Unrestricted funds |
| General fund | (28,306 | ) | 2,391 | (25,915 | ) |
| TOTAL FUNDS | (28,306 | ) | 2,391 | (25,915 | ) |
| VANI FINE ARTS SOCIETY |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| 6. | MOVEMENT IN FUNDS - continued |
| Comparative net movement in funds, included in the above are as follows: |
| Incoming | Resources | Movement |
| resources | expended | in funds |
| £ | £ | £ |
| Unrestricted funds |
| General fund | 2,584 | (193 | ) | 2,391 |
| TOTAL FUNDS | 2,584 | (193 | ) | 2,391 |
| A current year 12 months and prior year 12 months combined position is as follows: |
| Net |
| movement | At |
| At 1.1.23 | in funds | 31.12.24 |
| £ | £ | £ |
| Unrestricted funds |
| General fund | (28,306 | ) | 6,849 | (21,457 | ) |
| TOTAL FUNDS | (28,306 | ) | 6,849 | (21,457 | ) |
| 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 | 7,316 | (467 | ) | 6,849 |
| TOTAL FUNDS | 7,316 | (467 | ) | 6,849 |
| 7. | RELATED PARTY DISCLOSURES |
| There were no related party transactions for the year ended 31 December 2024 nor for the year ended 31 December 2023. |