CHARITY REGISTRATION NUMBER: 1081297 The Pravins Millennium Trust Unaudited Financial Statements 30 June 2024 FERGUSON MAIDMENT & CO. Chartered accountsnts 167 Fleet Street London EC4A 2EA The Pravins Millennium Trust Financial Statements Year ended 30 June 2024 Page Trustees, annual report Independent examinerts report to the trustees Statement of financial activities Statement of financial position Notes to the financial statements The Pravins Millennium Trust Trustees. Annual Report Year ended 30 June 2024 The trustees pr8sent their report and the unaudited financial statements of the charity for the yèar ended 30 June 2024. Reference and admlnlstratlve deta515 Roglstered charity name The Pravins Millennium Trust Charlty reglstration number 1081297 Prlncipal ¢)fflce Units 344-346 Winston Hous8 2 Dollis Park London N3 1HF United Klngdom The trustees Hiten Shah Sanjeev Shah Rims Shah Independent axamlner Paul Manalo FCA 167 Fleet Street London EC4A 2EA Structure, governance and management The trust is governed by a trust deed dated 14 June 2000 and is managed by the trustees. Objectives and actlvltlg8 The charity's maln objectlves are the advancement of educatlon and to provide relief to poor citizens in India and the Unlted Klngdom. Achlevements and performance The results for the year, and the charity's financi81 position at the end of the year are shown in the attached financial statements. The charity is still in the process of building reserves so as to be in a position to donate larger amounts in the future. Flnancial review The charity has a net asset position and the trustees have ensured appropriate systems are in place to control income and exp8nditure to safeguard the assets of the charity. The Pravins Millennium Trust Trustees. Annual Report (continued) Year ended 30 June 2024 Plans forfuture perlods The trustees, plan for the charity is to be in a strong financlal position to be abl8 to meet its objectives and take advantage of opportunitie5 as they aris8. The trustees. annual r8POrt was approved on 1 November 2024 and signed on behalf of the board of trustees b Hiten Shah Trustee Sanjeev Shah Trustee The Pravins Millennium Trust Independent Examiner's Report to the Trustees of The Pravins Millennlum Trust Year ended 30 June 2024 I report to the tTU5tees on my examination of the financial statements of The Pravins Millennium Trust ('the chariv) for the year ended 30 June 2024. Responsibilities and basis of report As the trust88s of the charity you are r8sponsible for the preparation of the financial statements in accordance with the requirem8nts of the Charities Act 2011 ('the Act,). I report In resp8Ct of my examinatlon of th8 charity's financlal statem8nts carried out und8r s8Ction 145 of the 2011 Act and in carrylng out my 8xamination I have followed all the applicabl8 Directions given by the Charity Commission und8r section 14515)(b) of th8 Act. Independent examlnerfs Statement I have completed my examination. I confirm that no material matters hav8 come to my attention in connection with the examination giving me cause to believe that in any material r8spect'. accountlng records were not kept In respect of the charity as requlred by sectlon 130 of the Act; or the flnanclal statements do not accord wSth those records., or the financial statements do nol comply with the applicable requirements conceming the fomi and content of accounts set out in the Charities (Accounts and Reports) Regulatior)s 2008 other than any requirement that the accounts give a 'true and fail view which Ss not a matter considered as part of an independent 8xamination. I have no concerns and have come acros5 no other matters in connection with the examination to which attention should be drawn in this report in ordér to enable a proper understanding of the accounts to be reached. Paul Manalo FCA Independent Examiner 167 F188t Street London EC4A 2EA 1 November 2024 The Pravins Millennium Trust Statement of Financial Activities Year ended 30 June 2024 2024 Unrestricted funds Total funds 2023 Total funds Note Income and endowments Investm8nt income 83,361 83,361 41.801 Total Income 83,361 83,361 41.801 Expendlture Expenditure on charitable activities Other expenditure Total expendlture 68,115 6,623 68,115 6,623 600 5,938 74,738 74,738 6,538 Net Incoma and net movement In funds 8.623 8,623 35.263 Reconclllatlon of fundg Total funds brought forward Totsl funds carrled forward 713,439 713,439 678,176 722,062 722,062 713,439 The statement of financial activities includes all galns and losses r8cognised in the year. All income and 8xpenditure derive from continuing aclivitl8S. The notes on pag•¥ 6 to 10 fonn part of these finanGlal statements. The Pravins Millennium Trust Statement of Financial Positlon 30 June 2024 2024 2023 Not• Current assets Cash at bank and in hand 722,662 714.039 Creditors: amounts falllng due wllhln onè year Net current assets 11 600 600 722,062 722,062 713,439 Total assets less currant liabilltl85 713,439 Net assets 722,062 713,439 Funds of the charlty Unrestricted funds 722,062 722,062 713,439 713,439 Total charlty funds 12 These financial statements were approved by the board of trustees and authorised for issue on 1 Novemb 2024, and are signed on behalf of the board by.. Hiten Shah Trustee Sanjeev Shah Trustee The notes on paggs 6 to 10 fomi part of these financial ststgmgnts. The Pravins Millennium Trust Notes to the Financial Statements Year ended 30 June 2024 General inlormation The charity 15 a public benefit entity and a registered charity in England and Wales and is unincorporated. The address of the principal office is Units 344-346, Winston House. 2 Dollis Park, London, N3 1 HF, United Kingdom. ststement of compllance These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland,, the Statement of Recommended Practice applicable to charities preparlng their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Iraland (FRS 102) (Charlties SORP (FRS 102)) and the Charities Act 2011. Accountlng poliGies Bas18 of preparatlon The fSnanc181 statements hav8 b88n pr8par8d on the hlstorlcal cost basis, as modifi8d by the revaluation of c8rtain financial assets and liabilitles and investm8nt prop8rt18s measured at falr value through income or expenditure. The flnanclal statements are prepared in sterling, which15 the functional currency of th8 entity. Golng concern There are no material uncertainties about the charitys ability to continue. Judgement8 and key Sources of estimation uncertalnty The preparatlon of the financial statements requires management to make judgements, eslimat8S and assumptions that affect the amounts reported. These estirnates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the rircumstanc8S. Fund accounting Unrestricted funds are available for use at the discretion of the trustees to further any of the charity's pijrposes. Designated funds are unrestricted funds earmarked by the trustees for particular future project or commitment. Restricted funds are subjected to restrictions on their expenditure declared by the donor orthrough the terms of an appeal, and fall into one of two sub-classes.. restricted income funds or endowment funds. The Pravins Millennium Trust Notes to the Financial Statements (continued) Year ended 30 June 2024 Accounting policies (continu￿) Incomlng resources Al incoming resources are Included in the statement of financial activities when entitlement has passed to the charity., it is probable that the economic benefits associated with the transaction will flow ta the charity and the amount can be reliably measured. The following specific policies are applied to particular cat8gories of income= income from donations or grants is recognised when there is evidence of entitlement to the gift, receipt is probable and its amount can be measured reliably. 18gacy income is recognis8d when receipt is probable and entitlement is estsblish8d. income from donated goods is measured at the fair value of the goods unless this is impractical to measur8 rellably. in which case th8 value is derived from the cost to the donor or the Sstimated resale value. Donated facilities and services ar& r8cognised in the accounts whèn received if the value can be reliably measured. No amounts are included for the contribution of general volunteers. incorne from contracts for the supply of services is recognlsed wlth the delivery of the contracted service. This Is classified as unrestricted funds unless th8re is a contractual requirement for it to be spent on a particular purpose and returned if unsp8nt, in which case it may be r8garded as restricted. Resources expended Expenditure is recognlsed on an accruals basis as a liability is Incurred. Expenditure includes any VAT which cannot bè fully recovered, and 15 Glassifi8d under headings of the statement of financlal activities to which it relates.. expenditure on raising funds includes the costs of all fundraising activitles. events, non- charitsble trading activities, and the sale of donated goods. 8XP8nditure on charit8ble activities includes all costs incurred by a charity in undertaking activities that further its charitsble alms for the b8n8fit Df its beneficiaries, including those SUPPOrt costs and costs relating to the govemance of the charity apportioned to charitable activities. other expenditure inGludes all expenditure that 15 neither related to raising funds for th8 charity nor part of its expenditur8 on charitable activili8s. All costs are allocated to expenditure categories reflecting the use of the resource. Direct costs attributable to a single activity ar8 allocated directly to that activity. Shared costs are apportioned be￿een the activities they contribute to on a reasonable, justifiable and consistent basis. The Pravins Millennium Trust Notes to the Financial Ststements (eontlnuedj Year ended 30 June 2024 Accounting policies (eontlnuod) Flnanclal Instruments A financial asset or a financial liability Is recognised only when the entity becomes a paty to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the amount receivable or paable including any related transactlon costs, unless the arrangement constitutes a financing tran5actlon, where it is recognised at the pr8S8nt value of the future payments discounted at a market rate of interest for a similar debt instrument. Current assets and current liabilitlGS are subsequently measured at the cash or other consideration expected to be paid or receiv8d and not discounted. Wher8 investments in shares or preference shares are publlcly trad8d or their fair value can otherwise be measured reliably, the investment is subsequ8ntly measured at fair value with changes in fair value recognised in incomè and 8xpenditure. All other such investments are subsequently measured at cost less impairment. Inv88tment Income Unrestricted Total Funds Unrestricted Total Funds Funds 2024 Funds 2023 Investment portfolio gains 83,361 83,361 41,801 41,801 Expendlture on charitable activities by lund type Unrestrlcted Total Funds Unrestricted Total Funds Funds 2024 Funds 2023 Charitsble donations Support costs 87,516 600 67,515 600 800 600 68,115 68,115 600 600 Expendlture on charltable activities by actlvity type Activities undertaken directly Support Total funds costs 2024 Total fund 2023 Charitable donations Governance costs 67,515 67,515 600 600 600 67,515 600 68,115 600 The Pravins Millennium Trust Notes to the Financial Statements (continued) Year ended 30 June 2024 Other expendituro Unrestricted Total Funds Unrestricted Total Funds Funds 2024 Funds 2023 Bank Charges 6.623 6,623 5.938 5.938 Independent examlnatlon fees 2024 2023 Fees payable to the independent examiner for: Independent examination of th8 financial statements 600 600 Staff costs The average head count of employees durlng th8 year was Nil (2023.. Nill. No employee received employee benetlts of more than £60,000 during the year {2023: NII). 10. Trust88 remuneration and expenses No remuneration or oth8r b8n8flts from employment wlth the charlty or a related entity were receivad by th8 trustees. No trustee expen88s hav8 been Incurred. 11. Credltor8: amounts falllng due within onfr year 2024 2023 Accruals and deferred income 600 600 The Pravins Millennium Trust Notes to the Financial Statements (continued) Year ended 30 June 2024 12. Analysis of charltable funds Unrestricted funds At 1 July 2023 30 Juno 202 Income Expenditure General funds 713,439 83,361 (74,738) 722,062 At 1 July 2022 At Income Expenditure 30 June 2023 General funds 678,176 41.801 (6,538) 713,439 13. Analysls of net assets between funds Unrestricted Total Fund• Funds 2024 Current assets Credltors less than 1 year Net assets 722,662 (6001 722,062 722,662 {600) 722,062 Unrestrictad Total Funds Funds 2023 Current assets Creditors less than 1 year Not 8880ts 714,039 (600) 713,439 714,039 (600) 713,439 10