Charfty number.. 110919B MUKTI TRUST UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2025
MUKTI TRUST CONTENTS Page Reference and admlnlslrallve dètaS1& ol the charfty, Its tru8teè8 and advl86rs Tru8tees' report TruStee8' responslbllltles gtatement Independent examln6rs report Statement of flnanclal actlvltles Balance Sheet Notes lo the Ilnanclal statoments 8-13
MUKTI TRUST REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, Irs TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 JANUARY 2025 Trustees S Shah R Shah S Pieris P Pindolia N Pales Charlty regl8térad number 1109198 prtnclpal offlGe 50 CraSgweil Avenu8 Radlett Herfordshlre WD7 7EY Independent examlner C J Shepherd FCA 16 Gre81 Qu88n Slreel Covenl Gardgn London WC2B SAH Page 1
MUKTI TRUST TRUSTEES, REPORT FOR THE YEAR ENDED 31 JANUARY 2025 Th8 trusté8s pros8nl theSr annual rèport tog8th8r wlth th6 financlal statements for the y88r ended 31 January 2024. The twstees confimi that the annual report and ffiiiancial slalements of the charity comply with th8 Charilles Acl 2011. the requirements of the char4Vs governlng dctument and tha provislons of th8 Stat8m8nl of Recommonded Practlcg (SORP): Cngrilles Slalement ot Recommended PraGli(¥ applicable lo charilles preparing their accounls in 8rxordaYc6 wllh th8 Flnanclal Reporting Standard 102 IFRS 102>. structurofy goYernan¢o and management a. Con8ltitutlon The charity18 reglstered Wrth the Charlty Commission, reglslrallon number 1109198, The charfty was estab51shed by a trust degd dated 16 January 2005 as amended by a supplemenlal deed of trust dated 27 March 2CQ5. Th6 trust deed slates Ihal the charity should hav8 a mlnlmum oflhree trus188s. The power ot appolntlng and tralnlng new Iruslees Is vested In the surviving or conlinuing Iiu>le8s, axduding 8ny réliring Iruslèa. The axlstlng trustees are responslble for the Induction of any new trnstee which involves awarene88 of a trustee's respon6lbllllie8, the trust deed. admlnl8tratlve PTo¢edures and Ihe hlslory and phllosophlcg18pproa¢h of a Gharlty. Thè trust88s thai sèrved during th6 year warè as follows.. S Shah R Shah S Piarts P Pindo518 N Patel The piincipal office of Ihè charity 18 60 Crelgweil Avenu&, Radlatt, Hertford8hlr8, W07 7EY. The Iruslees meet regu5arty and malor decl$ions concemlng lh6 th8rity ar8 made by the Irusla&s al these meetings. Day-to-day management of th8 Charity is delegated to S Shah. b. Rl8k management The trustees examlne the major rl$ks that fhe charily farAs oach financial perfod and h8V8 developéd $yslem810 monitor and control th&86 risks to mlligaia any Impact they may hav8 on tha Chaity In the futur8, ObJecllve8 and actlvltles a. Policles and ob}ectlve8 The prlnclpgl obJe¢ttve of Ihe charfty Is lo provide for the rellef of poverty, hardshlp and dlstress wllhln Indla and 8lsewhere, among otphaned cr dis8dvsnlaged girts under the 8g8 of 22, by prowsion of accommodallon and support of other exduslvely chafllable means as the tru51ees shall from Ilme lo Ilme delermlne. The Iru8lees confirm that tiiey have referred to the guld8nce contalned in the Charity Comffl19$1on'$ general ouldance on public benefit when revtewing Ihe chariV8 alms and okleGlives and in planning for thè futuré. b. Dovèlopment, 4ctlvltle5, arhlevements In the year and future plans Mukli Trust Is wotklng In conlunctlon wlth Bhagvantlnandll Educatlon Trust (BET) In Gujaral, Indla. Mukli Trust has undertaken to fund th8 cosl of 100 vuln&r8ble and orthaned girls, (esiding 81 Rishna Ballka Ghar In Ch8parda, Ws8vader T8luka, Junag8dh, Gujarat, India. The ongoing c051, currently, foi e8ch individuol chlld Is £420 a y8ar for shelter. food, education and health. Pag8 2
MUKTI TRUST TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 JANUARY 2025 Achlevemont$ and performance a. Revlew of acllvltles The Irusle88 present the financlal st81ements for the year ended 31 January 2025 which show Income for tha year of £28,343 <2024: £23,921) atKI charilabl8 donalions of £42.00012024. £40,000). After support costs, th8 overall movement lft fund balances for ihe yèar was a decr&ase of £13,752 (2024- decrease of £1 S,108). Financlal revlew a. Reserves pollcy R8seN8S as a131 January 2025 comprise unresiricled funds of £49.76612024: £83,518). The Iruste85 have 8dopled a policy lo malnlaln unreslricled funds, whlch arg the free reserves of the charity, al a level whlch 8qU81È& to approximatèly y88rs ol dcnallons to BET. b, Golng concerrt In the oplnlon of the trusieg$, ther6 are adequate resources 8vallabl8 to meet the fore$e88ble obllgaiions of the charity. Plan8 lor futur6 perfod8 The Gharity plans to conlinue to ralse funds and donate them to BET for the provlslon of accommodallon and education speclfi¢ally for glrtg for the lor8seeable fulure. Approved by order of the members of Ihe board of tNst8e8 and signed on th8ir behalf by.. S Shah Tru$te8 Dale: 2 7 Paga 3
MUKTI TRUST STATEMENT OF TRUSTEES. RESPONSIBILITIES FOR THE YEAR ENDED 31 JANUARY 2025 Tha Ifuslees 8re responsible for preparfng the Iru8lee8' report and the financial statements In accordance wllh 8ppllcabl8 law and Unlled Klngdom Accounting Standards (United Ktngdorn G8n8rally Accepted Accounting Pracllce), The law appllcabla lo ch8Atles In England & Wales requires the trustee5 to prepare finallclBI statemenls lor each financial whTch oiv8 8 true and f8ir v7ew of tha slate of affalrs of Iha charity 8nd of its incoming resources and applleallon of resources. includlng ils Incom6 and 8xpendilure, for thal Partod. In pr6p8rlng theso flnanclal $1&16menis, th6 trustees 8re required lo.. select 5ult8ble accoUnn9 pollcles and then apply them con¥lstentJy; observe the m9thods and princlples of the Chatflies SORP (FRS 102)- make Judgments and accounlng esllmates that are reasonabia and ptudent., st8ta wh&lher 8ppIIc8ble UK Accountlng Standards {FRS 1021 have been followed, $ubje¢t to any malerfol dopartures dlsclosed and expialnea In the finandal statemgnts., prepara Ihe fin8nc481 slalemenls on th& going conc8m basls unle8S111$ inapproprfale lo presume that the charity wlll continu8 in busin8SS. The Ituslees 8re responslble for keeplng ad8quÈl8 accounting fécords Ihal are sufflclént to show and explaln the ¢hgrlty's Iransa¢lion# and dlscloso with roasonablo accuracy al any lim8 tho linand81 posllion of thg charily and ertabl8 them lo ensure that the financl8181aièments comply with the Charilles Act 2D11, the Charity (Accounts and Reports> Regulalions 2008 and the provlslons of the Trusl deed. They are 81so responslble for safeouardlng the assets of th8 charlty and h8nc8 for taking r8a60n8b18 slèps for th6 pr6veniion and delectlon of Irfiud and Other irre9uladlles. Page 4
MUKTI fRUST INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 JANUARY 2025 Independent examlner's report lo the truslee$ Of Muktl Trust I'the charlty,) I report to the chaAty truslegs on my gxamlnatlon of the acrA)unts ol th& charfty for Iha year ended 31 Jenu8ry 2025. Thls r8port is m8d8 solely lo the chafily's InJ$tèèS, 8s 8 body, In 8ceord8nc6 wllh P8rt 4 or th8 Ch8ri1188 {Account8 and Reports) Regulallons 2008. My work has been undertaken 80 thai I mlghl $18le to th8 charlly's tTustee8 those mallers l am requlred to state to them in an independent examlnefs report and for no other purpose. To Ihe fullest extenl permltied by law. I do nol accept or assume f8sponsibilily to anyone olher than th8 Charlty and the chadty's tfusieas 8$ 8 body, for my Wofk or for Ihls report. Responslbllltle5 and ba$1$ of rèport As th8 Iruslees 01 the charity you afe responslble for tha preparatlon of Ihe acrnunts In 8ceordance w51h Ihe rgqulrem6nls of the Charilles Act 2011 {'fhe 2011 A¢l'). I r8POrt in règpèci of my éx8minatlon of tho charilys account8 C8nied oui under sectton 145 of th8 2011 Act and n oarrylng out my exemlnallon I have foll¢)wed the appllcable Dlre¢llons glven by the Charlly Comml8slon under 8e¢lion 14615}<b) of the 2011 Acl. Independent examlnerfs 8tatement Your alleniion is drawn to the faci thai tho charity has prepared the accounts In accordance wllh Accounllng and Reporting by Charili8s.' Slat8m&nl ol Recommendèd PfactiC8 8pplleAbl8 to ch8ri1ies preparing Ihèlr accounts In 8ccord8nce wllh Ihe Flnandal Reportlng Sl8r)dard pleSb18 In the UK 8nd Republlc of Ire18nd (FRS 102) In prefence lo Ihe Accounling and Reporling by Charili8s.' Slalemenl of R8commended Practice issued or7 1 April 2005 whlch Is relerred lo In the extant regulallons bul nas been wlllKlfawn. l under81and Ihat ihls h88 been done In order lor tho accounis to provlde a true 8nd fair vlew In accordonee wllh th9 Generally Accept8d ArLounting Praclice effectiv8 for reporting periods beginnlng on or afler 1 January 2015. I hava completed my 6xaminatron. i eonfirni that no matt8r8 hav8 come to my allenuon In conn8cllon wilh lh6 examinallon giving m8 cause to belleve Ihal In any material respect.. 8ceounling records were not k8pI in réspect ol th8 ¢h8ri1y as requlred by section 130 of the 2011 AGI,. or the 8ccounl8 do not accord with those records. or thé accounts do not comply wlth the appllcabie requlremenls conMIng the fom and content Of 8ccounls set out in tho Charities (Accounts and Reports) Regulations 2008 othgr than any r8quirem8nl that tho accounls glve 8 'true and falff whith Is nol a m81ter considgted parl of an Indep8nderil examlnalion. I h8ve no Concerns snd have come across no 0er matters In connection wlth the ex8min8llon to whlch attention should be drawn In this f8POrt In order to enable a proper understanding of th8 acxounts to b8 reached. Slgned.. C J Shephèrd FCA 16 Great Queen Street Covenl Gardeii London WC28 SAH C Y.SLyUJ sl Pag8 6
MLIKTI TRUST STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 JANUARY 2025 Unrestrfcted funds 2025 Total fund8 2025 Tolal funds 2024 Note Income from: Don8llons 8nd IoGaci88 Other Income 28,339 28,339 23,W3 18 Total Income 28,343 28,343 23,921 Expendlture on: Charilabl8 acllvi118S Other éxpenditure 42,000 95 42,000 95 40,000 29 Total expendlture 42,096 42,095 40,029 Net movement In funda (13,7621 113,752> 116,108) Reconclliatlon of fund8". Tot81 fund8 brought forward Nel mov8ment In funds 63,618 (13,762) 63,518 113.762) 79,628 (16,108> Total funds carrted foThvard 49,766 49,766 63,518 The notes on pages 8 to 13 form part of these financial sialemenls. Page 8
MUKTI TRUST BALANCE SHEET AS AT 31 JANUARY 2025 2025 2024 Note Current a8set8 Debtors Cash at bank £nd In hand 4,148 87,648 4,281 69,237 Creditors.. Émounts f8lllng du8 Withln one year (42,0001 Net current asset$ 49,766 63,518 Total net a88et8 49,786 63,618 Charlly fund8 Unrestrlcted funds 49,768 63,518 Total fund8 49,786 63.518 Thè flnAne,i81 $1818m8nl$ were approved and autIASed for l$suo by Ihe Itustee8 and slgned On th8lr behalf by: 8 Shah Trustee D8le.' "2 7 The notes on pages 8 lo 13 form part of ih8se financl818t8temenl8. Pag8 7
MUKTI TRUST NOTES YO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANLIARY 2026 Ac¢ountlng pollcles 1.1 Basi8 of preparatlon of financial stalements Th8 flnandal slalemenls have b8en prèpared und8r the hlslorical cnst cnnvenllon wllh Items recognlsed at cost or transacbon value unless otheETrvise staled In the relevant notes to Ihese accounts. Tha financlal stalaments have been prep8red In accordance wllh tho Statement of Recommended Praclice: Accounllng and Reporting by Chartti6$ preparing thelr accaunls In accordance wlth the Flnanclal Raporting St8nd8rd apylicable In th& UK and Republic of Ireland IFRS 102) Issued on 16 JLIIY 2014 and tho Financlal Reportlng Stand8Td applicable In Unllgd Klngdom and Republic of Irélancl (FRS 102> and wilh thè Chariliès Act 2011. Muktl TTUSt conslllules a pub51c benent entity as d6fined by FRS 102. Th8 flnanclal $lalemenl8 are pr839nted In Slerlln9 {£). 1.2 Golng concern Aftér maklng enqulri8S. thè tru81é88 hava a réasonablè èxpèctatlon that th8 charity has adequate resources to conllnue In operational gX181ence and meet It$ Ilablllti83 as Ih8y f811 due for lh8 for086e8ble future, belng a pi¢d of al loa8l trrtelve monlhs from th6 dale these financlal 81alementg were approved, Armrdlngly, they conllnue to adopl th8 golng concem b851s in prep8ring ihe financlal siaiemenis. 1.3 Fund accounting General funds 8re unreslricled funds whlch are avallable for use al the dlscr&tlon of the trustees In lurlh8ranee of Ihe genera! objeciives of Ihe charily and whlch h8V8 nol been deslgnaied for other purposes. 1.4 Income All Income is recognised once lh8 charity has enii118m8nl lo Iha incom8, It is probable Ihal Ihe income will be recelved and Ihg amount of Incom8 racaiv8blo can b8 messurad r8llably. Income lax recov8raLle in relalion lo donalions recelv8d under Glft Ald or deed8 of covenant Is recognised al the lime of the don8ts'0n. 1,6 Expendltura Expenditure 1$ rewgnlsed once there Is a legal or con8tfuGlive obllgalion to Irangfor economic ben?fil lo a third p8rty,11 is probab18 Ihal a Ir8nsfw of econoinlc b8nefil& will be requir8d Ifl setllemenl 8nd the amounl ol the obllgalion can bo measured reliably, ExPrture is classified by activity. Support costs are thosè cosls Incurrèd dlrectEy in support of axpendllur& on the objecls of the charity arKI Inclu¢ae projecl man8getnenl cattled oul 8t Headquartgrs. Chatfl8b18 8Ctlvllles ara costs Incurred on lh8 ¢harilWs educalional operation8. lrtcluLling support sts and costs relallng to Ihg govemance of the chatily apportioned to charitable acllvitles. All expendiiure is inclusive of IeCOVer8b[9 VAT. Expenditure on charitable activities is incutred on direclty undertaking the activities Which further th ¢h6rity's objectlvg&, a5 well as any a55oclaled support costs. Page 8
MUKTI TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2025 Aocounllng pollcle8 Icontlnued) 4.6 Cash al bank and In hand Cash al bank end In hand Includes c8sh and $hort.tem) hlghly liquld Investsnenls wlth 8 short malurlty of three months or18s$ from the date of 8CqUiSition or op8ning of Ihé dèposit or slmllar account. 1.7 Flnanclal Instruments Th6 charfty hgs gle¢led to apply Secllons 118nd 12 of FRS 102 In re8pecl of financl81 Instrument8. Financlal assets and financlal liabillties are recognised when lh8 charity becomes party to lh8 conlraclu81 prov5slons of the Inslrum&nt. Flnanclal a86ets Basic financlal ass815, incEuding olh8r deblors, cash 8nd bank balances, 8r8 initially recoonised at transaction price, tsniess the arrÈngem8nl constitutes a finanong transaction where the transaction 1$ measured al the presenl value of the future recelpts dlscounted al 8 markal ralg of Interest for a similar debt Instrument. Flnanclng tran98cllons aré those In whlch paymanl Is dèf8rr8d b&yond normal bu81na88 tanns or Is financod at a rate of Intere61 that Is not a markgt rate. Such assels are subsequenfly carried al amortlsed cost using the eff8cllv6 Ini8resl m8lhod, less any Impalnnenl. Flnanvlal Ilabllltle8 8aslc financlel Ilabllliles, Includlng other Cfedllors, are Inhlally recognlsed 91 transacllon price, uriles$ th8 arrangement constitutes a financing Ir8nsacUon where th8 débt inslr(Jment is m6asuréd 81 Ihè prasent value of the future payments discounted at a m8tkel rglg of Interest for a similar debt Inslrum8nl. FlnancAng transactions ar8 those in which paym8nl18 d&f8rred beyond nornial business lems or Is finanoed at a rale of Interest Ihal is nol a mart(el r81e. Debt InBtrum8nt8 Bre 8ub8equanlly c8rrted al amortl8èd cost, U8ing th8 8ff8cliva irtlèfèDI mla fftalhtsd. Impalrment of flnanclal asset¥ Flnanclal assets measured at cost and amortlsed c03t are as8ess6d ai the &nd of each reporting P8ri0d for objective evidone£ of impalrmenl. If ob}e¢iive evidence of Impaliment Is found. an impalmient loss is recognlsed in th8 profit and loss account. For linanclal 83selg measured at rA)sl less impalnnent, th8 Impalrment 1033 18 mea8ured as the drfference between the asset's carrying amount and the bgst 88Um816 of the amount the charity would receive foi the assel11 It wore to be sold at the reportlng dale. For financ181 a¥$ets m888ured al amortlsed cost, the imp8iment loss is measufed as the difference between the gsset's C8rrylng amounl and the present value of ostirnated cash IIow5 d15Gounled al the ass8l's origlnal effective inleresl ralo. If Ihe financial asset has a vati8ble Inlgr9St r918, the discount rale for m6asuring any imp8iment loss is the currenl effective interest rale d6lerminod undor the conlracL If Ihere Is a decrease In the ImpaiFmenl10ss arislng from an evenl occufflng after th8 impaliment was racognised. tha impairmant is reversed. Thè fevèrsal Is such that thè CurfÈfll ¢aftying amodnt does not gxce8d what Ihé carrying amount would h8V8 beon hed the imp8imienl not prevlously been recognlsed. The impaimient reversal Is recognised in profit or loss. Page 9
MUKTI TRtIST NOTÉS TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2026 Accouniing pollcle8 (contlnued) Flnancial Instruments (contlnued) riere¢ognMlon of tlnanclal a85ets and flnanclal Ilabllltleg Financial assets arè derecognlsed whèn (a) the conlraclual rights lo the ca3h flows from the asset explre or are selllf3d, or (bl subslantlally all the rfsks and rewards of the ownershlp of the ass&t are transferred 10 8nolher pariy or (c) d8sp118 havlng relained some slgAfficanl risks and r6wards of ownershlp, conlrol of ihe as58t has b88n transferred to another party who has ihe pracllcal ablllty to unllalerally sell Ihe as5et10 an unrelaled Ihlrd party with1 Imposlng addillDnal r851(icllons. Fin8ncl81118bllilles are dereeognls8d whon the Ilablllty IB extlngu16hed, thet Ib when lh8 conlraclual obllgallon Is di8ch8rg8d, cancelled or oxpires. orisettlng of flnanclal a8S¢t$ and flnanclal Ilabllltle8 Financlal asEéts Énd 152blllfj85 are off$81 and thè nèt amount rèported In thè baance $he6t whén there18 gn enlorceable rfght to sel off the recognlsed amounts and thgre Is an Intentlon to Settle on a n8t bas18 or to reall the asset and settla Ihe liablllty 81mult8neously. Pag8 10
MUKTI TRusr NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2025 Incomo from donatlons and legacles Unre8trlGted fund8 2025 Total runds 2025 Tolal IL(nds 2024 Donations and lundrai8ing 28,339 28,339 23,903 Other Incomlng resources Unre8trlcted funds 2026 Total fund8 2026 Total funds 2024 Interest recelved 18 Charltable actlvltles Summary byfund type Unfestrlcte funds 2025 Total 2025 Tolal 2024 Dongllon and costs of generatlTrJ fund$ 42,000 42,000 40,000 Support CO8t$ Unre6trlcted fund5 2026 Total funds 2026 Tot81 funds 2024 Benk charge8 95 95 29 Pag8 11
MUKTI TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2026 Net expendtture Durfng the year, no trustees received any rèmun8ratlon (2024 - £NIL). During the y8ar. no trustees recelved any relmbursement of expenses (2024 . £NIL). The Independent Examlner has not charg8d th6 charity for his services. Debtors 2026 2024 Other deblors 4,118 4,281 Cr8dltor8: Amounts falllnll due wlthln one year 2026 2024 Grants payabl8 42.000 Statement of lund$ Statement of lund8 - current year Balance at 1 February 2024 Balancè at 31 January 2026 Income Expendlture Unre8trtcted fund8 63,518 28,343 (42,0961 49,766 General Funds statement of fund8 . prlor year Balance at l Febrnary 2023 Balance at 31 January 2024 Incom8 Expendilurè Llnre8trlcted funds 79,826 23,921 (40,Q29) 63.518 Page 12
MIJKn TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2025 10. Controlllng party Th8 ulllm818 controlllng part of the chartty Is the Irusteos. Pa98 13