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2022-03-31-accounts

REGISTERED CHARITY NUMBER: 1104363

REPORT OF THE TRUSTEES AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 FOR

THE VENKATRAMAN MEMORIAL TRUST

CONTENTS OF THE FINANCIAL STATEMENTS For the Year Ended 31 March 2022

THE VENKATRAMAN MEMORIAL TRUST

Page
Reference and Administrative Details 1
Report of the Trustees 2 to 5
Indpendent Examiner's Report 6
Statement of Financial Activities 7
Balance Sheet 9
Notes to the Financial Statements 9 to 13

THE VENKATRAMAN MEMORIAL TRUST

REFERENCE AND ADMINISTRATIVE DETAILS

For the Year Ended 31 March 2022

TRUSTEES

Sylvia Holder BEM Chair Lindsay Swan Sarah Da Silva Nicholas Goslett John Whelan

PRINCIPAL ADDRESS

12 Westbourne Gardens Hove East Sussex BN3 5PP

REGISTERED UK CHARITY NUMBER

1104363

INDIA Foreign Contribution (Regulation) Act 2010 Registration Number 075820352

INDEPENDENT EXAMINER

Kestrel Accounting and Taxation Services Limited 3 Brown Twins Road Hurstpierpoint West Sussex BN6 9XT

Page 1

THE VENKATRAMAN MEMORIAL TRUST

REPORT OF THE TRUSTEES

For the Year Ended 31 March 2022

The trustees present their report with the financial statements of the charity for the year ended 31 March 2022. 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 2015).

OBJECTIVES AND ACTIVITIES

The Venkatraman Memorial Trust (VMT) supports the provision of educational services in India operated by the Venkatraman Memorial Trust India (VMTI), an independent FCRA registered charity based in India. The objective is to advance education in India particularly, but not exclusively, at Kovalam near Chennai, Tamil Nadu.

Elements to the strategy:

Principal Funding Sources

The principal source of funds is donations from individuals and companies as well as sponsorship of specific children in Kovalam.

Public Benefit

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

Activities carried out for public benefit by the charity relate to the provision of charitble educational services currently carried out in Tamil Nadu State in South India through an Indian registered FCRA Aid Agency: Venkatraman Memorial Trust India (VMTI).

ACHIEVEMENT AND PERFORMANCE

The trustees are pleased that throughout 2021-22 they have maintained a steady flow of funds to India in support of providing educational services through the Venkatraman Memorial Trust India. This money is used exclusively for the payment of school and further education fees and the provision of facilities to enhance the standard of education offered in the village.

FINANCIAL REVIEW

During the year there was an overall deficit of £49,378 (2021: net surplus £37,082) comprising of:

The cumulative surplus on Restricted funds will be carried forward to be expended in the next year.

The policy of the trustees is that £100,000 should be kept in reserve to cover sudden loss of income or an emergency situation. At the current time, free reserves are £155,020 and so are in excess of that thought to be prudent by the trustees. There is clearly the opportunity to continue with the funding of the programme in India at the present level with scope to increase the number of children that are being supported.

Page 2

ANNUAL REPORT FOR THE YEAR 2021 – 2022

When the Venkat Trust was set up in 2004, the only free education for the children of Kovalam, a poor fishing village near Chennai, was a dilapidated primary school. It has since been transformed into a village of educational excellence, offering opportunities for all its children and young people to realise their potential and see an end of the poverty which has blighted their families for generations.

EVERY PENNY DONATED GOES TO THE VENKAT TRUST. ALL COSTS ARE MET BY THE TRUSTEES.

Unfortunately, Covid continued to be the name of the game for much of the 12 month period with Tamil Nadu having more cases than any other state. The schools and university colleges were closed for another seven months but the Government arranged lessons for school children on television while the university students had online video links with their tutors. As well as more laptops being distributed to help the students in their online tuition, supporters responded with extraordinary generously to our appeal for money for food parcels.

Our ‘moon men’, JR and Ali, dressed appropriately to protect themselves during their rounds with food parcels.

Page 3

Our efforts to bring down the Covid numbers by adapting the small Kovalam hospital to accommodate the hundreds of patients needing medicine was a great success.. A large shady waiting room area with spaced seating was put up for those seeking medicine or medical attention, thus eliminating wildfire infection being caused by travelling to the crowded hospital in nearby Kelambakkam.

Happily, things returned to normal in November when, after 19 long and beak months, the Primary School, Secondary School and University colleges were reopened.

We were delighted with the promotion of our High School to Higher Secondary School enabling us to increase our classes to include Standards XI and XII, the equivalent of the UK’s sixth form. Applications for admissions flooded in and 600 new students were enrolled. This meant more classrooms were needed and work began on a 12-classroom, 2 lab extension. Another school bus was acquired, enabling us to provide a ‘school run’ for those living in small, outlying villages.

The University Club, a room for all our students to get together for social and cultural events and to visit museums and restaurants, was barely opened before Covid closed its doors. Happily, it is once again a vibrant meeting place for them.

The Venkatraman Memorial Trust, 12 Westbourne Gardens, Hove BN3 5PP e-mail: info@venkattrust.org.uk website: www.venkattrust.org.uk tel: 01273 719362 UK Trustees: Sylvia Holder, Lindsay Swan, Sarah Da Silva, Nick Goslett, John Whelan Kovalam Trustees: Janakiraman, M. Ali

Page 4

THE VENKATRAMAN MEMORIAL TRUST

REPORT OF THE TRUSTEES continued For the Year Ended 31 March 2022

STRUCTURE, GOVERNANCE AND MANAGEMENT

The charity was set up under a Trust Deed dated 30 June 2004 and is constituted as an unincorporated entity.

The principal objective of the charity is to advance education in India perticularly, but not exclusively, at Kovalam near Chennai in Tamil Nadu.

The trustees who served during the year were:

Sylvia Holder BEM Lindsay Swan Nicholas Goslett John Whelan Sarah Da Silva

The management of the charity is the responsibility of the trustees who are elected under the terms of the Trust deed.

The trustees have adopted the following policies and procedures for the inclusion and training of new trustees:

The trustees are based in the UK and will discuss various matters through the year which affect the charity and will when necessary hold formal minuted Trustee meetings. The charity uses the services of unpaid volunteers to assist in the running of the charity. The founder fulfils the role of Operational Director and is chair of the trustees.

The major risks to which the charity is exposed, as identified by the trustees, have been reviewed and systems have been established to mitigate those risks. It is recognised that systems can only provide reasonable but not absolute assurance that major risks have been adequately managed. In the opinion of the trustees the key risks are:

In the opinion of the trustees the policies and procedures are adequate to mitigate financial and reputation loss due to error or fraud whilst maintaining a viable future financially. The trustees are satisfied that the succession plan which is in place in VMT (India) will ensure the efficient management and future viability of the charity.

Approved by the board of trustees on 15th February 2023 and signed on its behalf by:

....Sylvia Holder.............

Sylvia Holder BEM - Trustee

Page 5

INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE VENKATRAMAN MEMORIAL TRUST

Independent examiner's report to the trustees of The Venkatraman Memorial Trust

I report to the charity trustees on my examination of the accounts of The Venkatraman Memorial Trust for the year ended 31 March 2022.

Responsibilities and basis of report

As the charity trustees of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the Act').

I report in respect of my examination of the Trust's accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.

Independent examiner's statement

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

  1. accounting records were not kept in respect of the Trust as required by section 130 of the Act; or

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

  3. the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 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.

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.

Mark Thompson BA (Hons) MICB Kestrel Accounting and Taxation Services Limited 3 Brown Twins Road Hurstpierpoint West Sussex BN6 9XT

Date: 15th February 2023

Page 6

THE VENKATRAMAN MEMORIAL TRUST

STATEMENT OF FINANCIAL ACTIVITIES

For the Year Ended 31 March 2022

----- Start of picture text -----
Unrestricted Restricted Total Total
Funds Funds Funds Funds
2022 2022 2022 2021
Notes £ £ £ £
INCOME FROM
Donations and legacies 2 176,615 31,167 207,782 151,041
Investments 3 19 - 19 75
Total 176,634 31,167 207,801 151,116
EXPENDITURE ON
- -
Raising Funds 1,226 1,226
Charitable activities 4 214,192 41,761 255,953 114,034
Total 215,418 41,761 257,179 114,034
NET INCOME / (EXPENDITURE) (38,784) (10,594) (49,378) 37,082
RECONCILIATION OF FUNDS
Total funds brought forward 193,804 21,934 215,738 178,656
Total funds carried forward 155,020 11,340 166,360 215,738
----- End of picture text -----

The notes form part of these financial statements

Page 7

THE VENKATRAMAN MEMORIAL TRUST

BALANCE SHEET

As at 31 March 2022

----- Start of picture text -----
Unrestricted Restricted Total Total
Funds Funds Funds Funds
2022 2022 2022 2021
Notes £ £ £ £
CURRENT ASSETS
Debtors 9 6,377 11,340 17,717 73,962
Cash at bank 148,643 - 148,643 141,776
155,020 11,340 166,360 215,738
CREDITORS
- - - -
Amounts falling due within one year
NET CURRENT ASSETS 155,020 11,340 166,360 215,738
TOTAL ASSETS LESS CURRENT
LIABILITIES 155,020 11,340 166,360 215,738
NET ASSETS 155,020 11,340 166,360 215,738
FUNDS OF THE CHARITY
Restricted funds 10 11,340 21,934
Unrestricted funds 10 155,020 193,804
TOTAL FUNDS 166,360 215,738
----- End of picture text -----

The financial statements were approved by the Board of Trustees on 15th February 2023 and were signed on its behalf by:

…Sylvia Holder…

Sylvia Holder BEM - Trustee

…Lindsay Swan…

Lindsay Swan - Trustee

The notes form part of these financial statements

Page 8

THE VENKATRAMAN MEMORIAL TRUST

NOTES TO THE FINANCIAL STATEMENTS For the Year Ended 31 March 2022

1. ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements of the charity, 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 2015) ', Financial Reporting Standard 102 ' The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Charities Act 2011. The financial statements have been prepared under the historical cost convention.

The accounts (Financial Statements) have been prepared to give a 'true and fair' view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a 'true and fair' view. This departure has involved following Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued 16 July 2014 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective 1 April 2005 which has since been withdrawn.

Financial Reporting Standard 102 - reduced disclosure exceptions

The charity has taken advantage of the following disclosure exemption in preparing these financial statements, as permitted by FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

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.

Donations and similar incoming resources are included in the year in which they are receivable, which is when the charity becomes entitled to the resource.

No amounts are included in the financial statements for services donated by volunteers.

Sponsorship income relates to monies received for sponsorship of children's education in India and is recognised in the accounts when it is received.

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 oblgation can be measured relaibly. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to that 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.

Charitable activities relate to the cost of providing educational services in India through VMT (India).

Page 9

THE VENKATRAMAN MEMORIAL TRUST

NOTES TO THE FINANCIAL STATEMENTS For the Year Ended 31 March 2022

1. ACCOUNTING POLICIES - continued

Allocation and apportionment of costs

Support costs are those functions that assist the work of the charity but do not directly undertake charitable activites. Support costs include office costs, finance, personnel and governance costs which support the charity's activities, and are split on a percentage basis.

Taxation

The charity is exempt from 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 in included in the notes to the financial statements.

Foreign currencies

Transactions incurred throughout the year in foreign currencies are translated into sterling at the average rate for the reporting period.

Debtors, cash and creditors

Other debtors are recognised at the settlement amount. Prepayments are valued at the amount prepaid.

Cash at bank and cash in hand includes cash and short term highly liquid balances held in deposit accounts.

Creditors are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors are normally recognised at their settlement amount after allowing for any discounts due.

Going Concern

The trustees consider that there are no material uncertainties about the charity's ability to continue as a going concern.

Page 10

THE VENKATRAMAN MEMORIAL TRUST

NOTES TO THE FINANCIAL STATEMENTS

For the Year Ended 31 March 2022

2. DONATIONS AND LEGACIES

Donations - Individuals
Donations - Corporate and Trusts
Gift Aid
Legacies
3.
INVESTMENT INCOME
Bank deposit interest
4.
CHARITABLE ACTIVITIES
Construction costs and building maintenance
Sponsored children
Provision of educational services		 Unrestricted
Funds
2022
£
110,083
66,532
-
-
176,615
Direct
Costs
2022
£
109,199
26,627
118,190
254,016		 Restricted
Funds
2022
£
31,167
-
-
-
31,167
Support
Costs
2022
£
833
203
901
1,937		 Total
Funds
2022
£
141,250
66,532
-
-
207,782
2022
£
19
Total
Costs
2022
£
110,032
26,830
119,091
255,953		 Total
Funds
2021
£
110,169
22,596
18,276
-
151,041
2021
£
75
Total
Costs
2021
£
0
36,831
77,203
114,034

Direct costs are analysed in Note 5. Support costs are analysed in Note 6.

Page 11

THE VENKATRAMAN MEMORIAL TRUST

NOTES TO THE FINANCIAL STATEMENTS

For the Year Ended 31 March 2022

5. DIRECT COSTS

Construction costs and building maintenance
Sponsored children
Provision of educational services
Books, stationery and printing
Covid 19 support
English language audio visual lab
Furniture, computers and equipment
High School Bus
High School expenses
Laptops for schoolchildren
Panchayat School expense
School Fees
Snooker table expenses and tournament costs
University Fees and costs
University Club
School wages
SUPPORT COSTS
Local auditor's fee
Electricity and water
General and sundry expenses
Repairs and maintenance
Telephone
Travelling, transport and vehicle maintenance
Transport vehicles for VMT
Visitors from UK		 Total
2022
£
109,199
26,627
824
11,316
288
223
28,840
3,529
11,101
51
2,718
-
30,074
104
29,122
254,016
Total
2022
£
50
186
462
401
76
494
268
1,937		 Total
2021
£
-
36,246
327
11,761
307
175
2,344
703
-
-
6,484
63
24,055
5,609
24,148
112,222
Total
2021
£
215
322
135
519
91
319
211
-
1,812

6. SUPPORT COSTS

In addition to these costs incurred locally in India, there are some administration and governance expenses incurred in the UK which are met personally by the Trustees. These Gifts in Kind donations do not represent a material amount and have not been included in the financial statements.

Page 12

NOTES TO THE FINANCIAL STATEMENTS For the Year Ended 31 March 2022

THE VENKATRAMAN MEMORIAL TRUST

7. TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the year ended 31 March 2022 nor for the year ended 31 March 2021.

Trustees' expenses

There were no trustees' expenses paid for the year ended 31 March 2022 nor for the year ended 31 March 2021.

8. STAFF COSTS

The Venkatraman Memorial Trust in the UK does not employ any members of staff. The trustees work with a team of dedicated volunteers who assist by providing administrative support to ensure the smooth running of the charity.

9. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

----- Start of picture text -----
|||| |---|---|---| |Total|Total| |2022|2021| |£|£| |Prepaid charitable expenditure through advance transfer of funds|17,717|73,962|

----- End of picture text -----

10. MOVEMENT IN FUNDS

Restricted funds

The income funds of the charity include restricted funds comprising the following unexpended balances of donations held on trust for specific purposes:

----- Start of picture text -----
|||||| |---|---|---|---|---| |Balance|Balance| |1 April|Incoming|Resources|31 March| |2021|Resources|Expended|2022| |£|£|£|£| |-|-| |Construction costs and building maintenance|14,931|14,931| |Sponsored children|7,003|31,167|26,830|11,340| |21,934|31,167|41,761|11,340|

----- End of picture text -----

Unrestricted funds

Those funds free from restriction to be applied at the discretion of the trustees to meet the charitable objectives.

----- Start of picture text -----
|||||| |---|---|---|---|---| |Balance|Balance| |1 April|Incoming|Resources|31 March| |2021|Resources|Expended|2022| |£|£|£|£| |To advance education in India|193,804|176,634|215,418|155,020|

----- End of picture text -----

Page 13