REGISTERED CHARITY NUMBER: 1104363 REPORT OF THE TRUSTEES AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 FOR THE VENKATRAMAN MEMORIAL TRUST CONTENTS OF THE FINANCIAL STATEMENTS For the Year Ended 31 March 2024 ## 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 2024 ## TRUSTEES Sylvia Holder BEM Chair Lindsay Swan Sarah Da Silva Nicholas Goslett John Whelan Natalie Lee ## 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. Page 1 ## THE VENKATRAMAN MEMORIAL TRUST ## REPORT OF THE TRUSTEES For the Year Ended 31 March 2024 The trustees present their report with the financial statements of the charity for the year ended 31 March 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 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: - Construction of school buildings, classrooms and establishment of sports grounds. - Sponsorship of the poorest children by individuals giving them improved welfare and progression to further education. - University scholarships financed by individuals for sponsored school leavers from low income families. - 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 2023 – 2024 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. Page 2 THE VENKATRAMAN MEMORIAL TRUST ## **ANNUAL REPORT FOR THE YEAR 2023 – 2024** _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 to the poverty which had blighted their families for generations._ EVERY PENNY DONATED GOES TO THE VENKAT TRUST. ALL COSTS ARE MET BY THE TRUSTEES There’s never much of a respite in our building programme before the cement mixer is out again – the price we pay, happily, for the huge increase we’ve had in pupil numbers at the Higher Secondary School. On the school’s opening day in 2013 we had 240 students, today it’s 850 and counting. A single storey 6-classroom building has been attached to the main building at right angles and looks as though it’s always been there. The strain on classroom space was considerably relieved but yet more are needed. Every other year a Curry Lunch is held for UK supporters of the Trust and is always very well attended. At the 2023 event The Gwyneth Powell Memorial Garden on the roof of the Higher Secondary school was opened simultaneously in Kovalam and th UK. The ribbon was cut 5000 miles from the garden itself by Gwyneth’s husband Alan Leith. Page 3 THE VENKATRAMAN MEMORIAL TRUST Academically and sports-wise, the school continued to reach new academic heights and sporting success. 2023 marked the first year of our 120-student 12[th] standard class and 85% of them passed their end-of-school Government exams to qualify for university and other further education. This topped any other school in the area including fee paying private schools. Our sporting teams went from success to success, not least the girls’ snooker team who qualified for the National Snooker Tournament. Our 400 sponsored children continue to delight us. Coming from the poorest homes, they are taken under the wing of the Venkat Trust through their individual sponsors and grasp all the opportunities given to them. Instead of a life ahead in a menial job on a breadline wage, they now progress through university or other further education and quickly climb the ladder of their chosen careers. Their university years coincided with Covid – a tough time for all students the world over – but they all managed to get the degrees and qualifications needed to set them up for a bright and fulfilling future. Their days of poverty are over as are those of their families to come and future generations. _The Venkatraman Memorial Trust, 12 Westbourne Gardens, Hove BN3 5PP e-mail: info@venkattrust.or.uk website: www.venkattrust.org.uk tel: 01273 719362 UK Trustees: Sylvia Holder, Lindsay Swan, Sarah Da Silva, Nick Goslett, John Whelan, Natalie Lee Kovalam Trustees: S. Janakiraman, M Ali_ Page 4 ## THE VENKATRAMAN MEMORIAL TRUST ## REPORT OF THE TRUSTEES continued For the Year Ended 31 March 2024 ## 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|Natalie Lee| 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: - There should be no less than 3 Trustees. - Future Trustees shall be appointed by resolution of all the Trustees for such terms as the Trustees may decide. - 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: - The loss of reputation due to error, or fraud, - The loss of income due to error, or fraud, - The loss of a key member of staff in VMT (India) - Insufficient numbers of trustees to allow the charity to continue - 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[th] January 2025 and signed on its behalf by: Sylvia Holder - 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 2024 ## 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. CA K. Murugan, FCA (M.No.203084) K. Murugan & Co. Flat No. 5, Cathedral Garden Road, Nungambakkam Chennai – 600034. Page 6 ## THE VENKATRAMAN MEMORIAL TRUST ## STATEMENT OF FINANCIAL ACTIVITIES For the Year Ended 31 March 2024 |||Unrestricted|Restricted|Total|Total| |---|---|---|---|---|---| |||Funds|Funds|Funds|Funds| |||2024|2024|2024|2023| ||Notes|£|£|£|£| |INCOME FROM|||||| |Donations and legacies|2|144,230|55,927|200,157|212,507| |Investments|3|3,410|-|3,410|581| |Total||147,640|55,927|203,567|213,088| |EXPENDITURE ON|||||| |Raising Funds||-|-|-|-| |Charitable activities|4|110,072|37,978|148,050|206,549| |Total||110,072|37,978|148,050|206,549| |NET INCOME / (EXPENDITURE)||37,568|17,949|55,517|6,539| |||-|-|-|-| |RECONCILIATION OF FUNDS|||||| |Total funds brought forward||171,792|1,107|172,899|1,66,360| |Total funds carried forward||209,360|19,056|228,416
|172,899| The notes form part of these financial statements Page 7 ## THE VENKATRAMAN MEMORIAL TRUST ## BALANCE SHEET As at 31 March 2024 |||Unrestricted|Restricted|Total|Total| |---|---|---|---|---|---| |||Funds|Funds|Funds|Funds| |||2024|2024|2024|2023| ||Notes|£|£|£|£| |CURRENT ASSETS|||||| |Debtors|9|298|19,056|19,354|2,045| |Cash at bank||209,062|-|209,062|170,854| |||209,360|19,056|228,416|172,899| |CREDITORS|||||| |Amounts falling due within one year||-|-|-|-| |NET CURRENT ASSETS||209,360|19,056
|228,416
|172,899| |TOTAL ASSETS LESS CURRENT
LIABILITIES||209,360|19,056|228,416|172,899| |NET ASSETS||209,360|19,056|228,416|172,899| |FUNDS OF THE CHARITY|||||| |Restricted funds|10|||19,056|1,107| |Unrestricted funds|10|||209,360|171,792| |TOTAL FUNDS||||228,416
|172,899| The financial statements were approved by the Board of Trustees on January 2025 and were signed on its behalf by: Sylvia Holder BEM - Trustee 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 2024 ## 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). Page 9 THE VENKATRAMAN MEMORIAL TRUST NOTES TO THE FINANCIAL STATEMENTS For the Year Ended 31 March 2024 ## 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. Page 10 ## THE VENKATRAMAN MEMORIAL TRUST NOTES TO THE FINANCIAL STATEMENTS For the Year Ended 31 March 2024 ## Accounting procedure continued ## 2. DONATIONS AND LEGACIES |||Unrestricted|Restricted|Total|Total| |---|---|---|---|---|---| |||Funds|Funds|Funds|Funds| |||2024|2024|2024|2023| |||£|£|£|£| ||Donations - Individuals|113,090|2,400|115,490|135,046| ||Donations - Corporate and Trusts|5,008|53,527|58,535|35,265| ||Gift Aid|25,132|-|25,132|42,196| ||Legacies|1,000|-|1,000|-| |||144,230|55,927|200,157|212,507| |3.|INVESTMENT INCOME||||| ||Bank deposit interest|||2024
£
3,410|2023
£
581| |4.|CHARITABLE ACTIVITIES||||| ||Direct|Support|Total|Total| |---|---|---|---|---| ||Costs|Costs|Costs|Costs| ||2024|2024|2024|2023| ||£|£|£|£| |Construction costs and building maintenance|13,837|1,112|14,949|83,610| |Sponsored children|37,486|492|37,978|33,048| |Provision of educational services|93,281|1,841|95,122|89,891| ||144,605|3,445|148,049|206,549| 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 2024 ## Accounting procedure continued ## 5. DIRECT COSTS ||5. DIRECT COSTS||| |---|---|---|---| |||Total
Total|Total| |||2024
2023|2023| |||£|£| ||Construction costs and building maintenance|13,837|81,866| ||Sponsored children|37,486|32,407| ||Provision of educational services||| ||Books, stationery, printing and postage|513|545| ||Educational Help|3,300|2,891| ||English language audio visual lab|284|304| ||Function expenses|310|487| ||Furniture, computers and equipment|352|997| ||Higher Secondary School Buses|6,553|7,309| ||Higher Secondary School expenses|2,790|994| ||Higher Secondary School furnishing and equipment|1,637|-| ||Venkat House expenses|16,576|-| ||Miscellaneous|190|1,541| ||Panchayat School expense|1,538|1,550| ||Roof Garden|171|1,667| ||Play school help|53|-| ||UK furniture|173|-| ||Sports expenses and tournament costs|1,047|782| ||University Fees and costs|31,958|38,539| ||University Club|118|329| ||Wages|25,718|30,086| |||144,605|202,314| |||Total|Total| |6.|SUPPORT COSTS||| |||2024|2023| |||£|£| ||Local auditor's fee|337|336| ||Electricity and water|380|306| ||Domain and Tally renewal|165|| ||Medical help|157|| ||Consultant fees|106|| ||Bank charges|72|| ||Repairs and maintenance|1,112|1,724| ||Telephone|133|128| ||Travelling, transport and vehicle maintenance|983|1,281| ||Transport vehicles for VMT|-|460| |||3,445|4,235| 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 ## THE VENKATRAMAN MEMORIAL TRUST NOTES TO THE FINANCIAL STATEMENTS For the Year Ended 31 March 2024 ## 7. TRUSTEES' REMUNERATION AND BENEFITS There were no trustees' remuneration or other benefits for the year ended 31 March 2024 nor for the year ended 31 March 2023. ## Trustees' expenses There were no trustees' expenses paid for the year ended 31 March 2024 nor for the year ended 31 March 2023. ## 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 |9.
DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR||| |---|---|---| ||Total|Total| ||2024|2023| ||£|£| |Prepaid charitable expenditure through advance transfer of funds|19,354|2,045| ## 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: ||Balance|||Balance| |---|---|---|---|---| ||1 April|Incoming|Resources|31 March| ||2023|Resources|Expended|2024| ||£|£|£|£| |Construction costs and building maintenance|-|-
|-
|-| |Sponsored children|1,107|55,927|37,978|19,056| ||1,107|55,927|37,978|19,056| |Unrestricted funds||||| |Those funds free from restriction to be applied at the discretion of the trustees to meet the charitable objectives.||Those funds free from restriction to be applied at the discretion of the trustees to meet the charitable objectives.|Those funds free from restriction to be applied at the discretion of the trustees to meet the charitable objectives.|Those funds free from restriction to be applied at the discretion of the trustees to meet the charitable objectives.| ||Balance|||Balance| ||1 April|Incoming|Resources|31 March| ||2023|Resources|Expended|2024| ||£|£|£|£| |To advance education in India|171,792|147,640|110,072|209,360| Page 13