REGISTERED CHARITY NUMBER: 1104363
REPORT OF THE TRUSTEES AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 FOR THE VENKATRAMAN MEMORIAL TRUST
CONTENTS OF THE FINANCIAL STATEMENTS For the Year Ended 31 March 2023
THE VENKATRAMAN MEMORIAL TRUST
| Page | |
|---|---|
| Reference and Administrative Details | 1 |
| Report of the Trustees | 2 to 5 |
| Independent Examiner's Report | 6 |
| Statement of Financial Activities | 7 |
| Balance Sheet | 8 |
| Notes to the Financial Statements | 9 to 13 |
THE VENKATRAMAN MEMORIAL TRUST
REFERENCE AND ADMINISTRATIVE DETAILS For the Year Ended 31 March 2023
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
CA K. Murugan, FCA (M.No.203084) K. Murugan & Co. (Firm No.007244S) Chartered Accountants, Flat No. 5, Cathedral Garden Road, Nungambakkam, Chennai – 600034. Tamil Nādu, India.
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THE VENKATRAMAN MEMORIAL TRUST
REPORT OF THE TRUSTEES
For the Year Ended 31 March 2023
The trustees present their report with the financial statements of the charity for the year ended 31 March 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 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:
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Construction of school buildings, classrooms and establishment of sports grounds.
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Sponsorship of the poorest children by individuals giving them improved welfare and progression to further education.
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University scholarships financed by individuals for sponsored school leavers from low income families.
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VMT pays other school leavers' university fees or other further education to give them the best possible chance of good careers, enabling them to provide for their families and, in time, their own families, thus breaking the cycle of poverty.
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 charitable 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 2022 – 2023 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 to enhance the provision and standard of education offered in the village.
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THE VENKATRAMAN MEMORIAL TRUST
ANNUAL REPORT FOR THE YEAR 2022 – 2023
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.
Things had been slowly getting back to normal after the Covid epidemic and by the beginning of 2022 Kovalam was buzzing again. The school children and university students were delighted to be back at their schools and colleges and the UK trustees were equally delighted to be able to visit the village once again.
The now named Higher Secondary School has adapted well to its new status with a flourishing sixth form (Standards 11 and 12) and the parents of hundreds more students have opted to send their children to the school. We needed more classrooms urgently but the 12-classroom plus lab extension already agreed with the Government, each of us paying half the cost, was getting nowhere as their bureaucratic wheels turn very slowly. We decided to go it alone and a six-classroom extension to the existing school building is now being built. We needed more room for the students urgently so meanwhile a six-classroom ‘temporary’ building - which looks fit for many years to come - was speedily completed and occupied by students in early 2022.
We are going from strength academically and sports-wise. More students are going to university in their pursuit of many interesting careers which our graduates are now enjoying. Those of our 400 sponsored children now at university are proving that education sees the end of poverty. They all came from the poorest homes, many of which are poor no longer. The young graduates are now earning good money in their professional lives which enables them to improve their families’ standard of living. When they have their own families their children will know nothing about the poverty which blighted their forebears for generations. We bought a second school bus to enable us to increase our catchment area to the outlying villages where no secondary school education was available. It provides a school run to and from the school.
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THE VENKATRAMAN MEMORIAL TRUST
Our English language audio/visual lab is working wonders. Students love their lessons in the lab and the improvement in their spoken English is remarkable.
Some 25 supporters from the UK and Australia visited the Trust over a weekend in January and greatly enjoyed visiting the two schools and various projects. Most were sponsors so particularly enjoyed visiting their children at home and taking part in the regular Sunday get together of all the sponsored children.
In memory of actress and Venkat Trust supporter Gwyneth Powell, a roof garden has been built on top of the Higher Secondary School. It has an arched walkway bursting with flowers on either side and around the bamboo arches, a vegetable garden, an area for medicinal plants to be grown and a quiet, shaded area with comfy sofa and chairs. The children love it and are learning about their indigenous flowers, how to grow vegetables and the uses of medicinal plants, popular in.
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
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THE VENKATRAMAN MEMORIAL TRUST
REPORT OF THE TRUSTEES continued For the Year Ended 31 March 2023
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 particularly, but not exclusively, at Kovalam near Chennai in Tamil Nadu.
The trustees who served during the year were:
Sylvia Holder 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:
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There should be no less than 3 Trustees.
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Future Trustees shall be appointed by resolution of all the Trustees for such terms as the Trustees may decide.
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The charity will provide sufficient training assistance to enable a Trustee to be well informed, conversant with current legislation, up to date with events affecting the charity and its objectives.
The trustees are based in the UK and will discuss various matters through the year which affect the charity and will when necessary hold 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:
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The loss of reputation due to error, or fraud,
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The loss of income due to error, or fraud,
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The loss of a key member of staff in VMT (India)
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Insufficient numbers of trustees to allow the charity to continue
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Insufficient funds to allow the charity to meet its objectives
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 30 January 2024 and signed on its behalf by:
Sylvia Holder - Trustee
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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 2023
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:
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accounting records were not kept in respect of the Trust as required by section 130 of the Act; or
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the accounts do not accord with those records; or
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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.
CA K. Murugan, FCA (M.No.203084) K. Murugan & Co. Flat No. 5, Cathedral Garden Road, Nungambakkam Chennai – 600034.
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THE VENKATRAMAN MEMORIAL TRUST
STATEMENT OF FINANCIAL ACTIVITIES
For the Year Ended 31 March 2023
| Notes INCOME FROM Donations and legacies 2 Investments 3 Total EXPENDITURE ON Raising Funds Charitable activities 4 Total NET INCOME / (EXPENDITURE) RECONCILIATION OF FUNDS Total funds brought forward Total funds carried forward |
Unrestricted Funds 2023 £ 189,692 581 190,273 - 173,501 173,501 16.772 155,050 171,792 |
Restricted Funds 2023 £ 22,815 - 22,815 - 33,048 33,048 (10,233) 11,340 1,107 |
Total Funds 2023 £ 212,507 581 213,088 - 206,549 206,549 6,539 1,66,360 172,899 |
Total Funds 2022 £ 207,782 19 |
|---|---|---|---|---|
| 207,801 1,226 255,953 |
||||
| 257,179 (49,378) 215,738 |
||||
| 166,360 |
The notes form part of these financial statements
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THE VENKATRAMAN MEMORIAL TRUST
BALANCE SHEET
As at 31 March 2023
| CURRENT ASSETS Notes Debtors 9 Cash at bank CREDITORS Amounts falling due within one year NET CURRENT ASSETS TOTAL ASSETS LESS CURRENT LIABILITIES NET ASSETS FUNDS OF THE CHARITY Restricted funds 10 Unrestricted funds 10 TOTAL FUNDS |
Unrestricted Funds 2023 £ 938 170,854 171,792 - 171,792 171,792 171,792 |
Restricted Funds 2023 £ 1,107 - 1,107 - 1,107 1,107 1,107 |
Total Funds 2023 £ 2,045 170,854 172,899 - 172,899 172,899 172,899 1,107 171,792 172,899 |
Total Funds 2022 £ 17,717 1,48,643 |
|---|---|---|---|---|
| 1,66,360 - |
||||
| 166,360 | ||||
| 166,360 | ||||
| 166,360 | ||||
| 11,340 155,020 |
||||
| 166,360 |
The financial statements were approved by the Board of Trustees on 30 January 2024 and were signed on its behalf by:
Sylvia Holder BEM - Trustee
Lindsay Swan - Trustee
The notes form part of these financial statements
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THE VENKATRAMAN MEMORIAL TRUST
NOTES TO THE FINANCIAL STATEMENTS For the Year Ended 31 March 2023
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'.
- the requirements of Section 7 Statement of Cash Flows
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 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 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).
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NOTES TO THE FINANCIAL STATEMENTS For the Year Ended 31 March 2023
THE VENKATRAMAN MEMORIAL TRUST
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 activities. 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.
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THE VENKATRAMAN MEMORIAL TRUST
NOTES TO THE FINANCIAL STATEMENTS For the Year Ended 31 March 2023
Accounting procedure continued
2. DONATIONS AND LEGACIES
| Donations - Individuals Donations - Corporate and Trusts Gift Aid Legacies 3. INVESTMENT INCOME Bank deposit interest 4. CHARITABLE ACTIVITIES |
Unrestricted Funds 2023 £ 135,046 12,450 42,196 - 189,692 |
Restricted Funds 2023 £ - 22,815 - - 22,815 |
Total Funds 2023 £ 135,046 35,265 42,196 - 212,507 2023 £ 581 |
Total Funds 2022 £ 141,250 66,352 - |
|---|---|---|---|---|
| 207,782 | ||||
| 2022 £ 19 |
||||
| Construction costs and building maintenance Sponsored children Provision of educational services |
Direct Costs 2023 £ 81,886 32,407 88,021 202,314 |
Support Costs 2023 £ 1,724 641 1,870 4,235 |
Total Costs 2023 £ 83,610 33,048 89,891 206,549 |
Total Costs 2022 £ 110,032 26,830 119,091 |
|---|---|---|---|---|
| 255,953 |
Direct costs are analysed in Note 5. Support costs are analysed in Note 6.
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THE VENKATRAMAN MEMORIAL TRUST
NOTES TO THE FINANCIAL STATEMENTS For the Year Ended 31 March 2023
Accounting procedure continued
5. DIRECT COSTS
| Construction costs and building maintenance Sponsored children Provision of educational services Books, stationery and printing Books, stationery and postage Covid 19 support Educational Help English language audio visual lab Function expenses Furniture, computers and equipment Higher Secondary School Buses High School Bus Higher Secondary School expenses High School expenses Laptops for children Miscellaneous Panchayat School expense Roof Garden School Fees Sports expenses and tournament costs University Fees and costs University Club School wages Wages |
Total Total 2023 £ 2022 £ 81,866 109,199 32,407 26,627 - 824 545 - - 11,316 2,891 - 304 288 487 - 997 223 7,309 - - 28,840 994 - - 3,529 - 11,101 1,541 - 1,550 51 1,667 - - 2,718 782 - 38,539 30,074 329 104 - 29,122 30,086 - 202,314 254,016 |
|---|---|
6. SUPPORT COSTS
| 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 |
Total Total 2023 £ 2022 £ 336 50 306 186 - 462 1,724 401 128 76 1,281 494 460 268 |
| 4,235 1,937 |
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.
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NOTES TO THE FINANCIAL STATEMENTS For the Year Ended 31 March 2023
THE VENKATRAMAN MEMORIAL TRUST
7. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31 March 2023 nor for the year ended 31 March 2022.
Trustees' expenses
There were no trustees' expenses paid for the year ended 31 March 2023 nor for the year ended 31 March 2022.
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
| Prepaid charitable expenditure through advance transfer of funds | Total 2023 £ 2,045 |
Total 2022 £ 17,717 |
|---|---|---|
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:
| donations held on trust for specific purposes: | ||||
|---|---|---|---|---|
| Construction costs and building maintenance Sponsored children |
Balance 1 April 2022 £ - 11,340 11,340 |
Incoming Resources £ - 22,815 22,815 |
Resources Expended £ - 33,048 33,048 |
Balance 31 March 2023 £ - 1,107 |
| 1,107 |
Unrestricted funds
Those funds free from restriction to be applied at the discretion of the trustees to meet the charitable objectives.
| objectives. | ||||
|---|---|---|---|---|
| Balance | Balance | |||
| 1 April | Incoming | Resources | 31 March | |
| 2022 | Resources | Expended | 2023 | |
| £ | £ | £ | £ | |
| To advance education in India | 155,020 | 190,273 | 173,501 | 171,792 |
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