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2020-09-30-accounts

Training And Research Global Education Trust

Charity Registration No. 1109621

Report and Unaudited Financial Statements Year ended 30 September 2020

Training And Research Global Education Trust

Status: Charity registration No. 1109621 The Charity's governing document is its Trust Deed dated 18 May 2005 Registered Office: 24 Meadowbank London NW3 3AY Trustees: Amit De Ingrid De Anita De Mikael Raber Independent examiner: Shruti Soni FCCA FCIE Shruti Soni Ltd Chartered Certified Accountants 117a St. John's Hill, Sevenoaks TN13 3PE

Training And Research Global Education Trust

Trustees' Report for the year ended 30 September 2020

The trustees present their report and the financial statements for the year ended 30 September 2020. The financial statements comply with current statutory requirements and the requirements of the Constitution.

STRUCTURE, GOVERNANCE AND MANAGEMENT

The charity is governed by its constitution which is its Trust Deed. The charity is managed and governed by its trustees. New trustees are nominated by a current trustee and approved by a majority in the Trustees meeting.

OBJECTIVES AND ACTIVITES

The objects as set out in the Trust Deed are as follows

  1. To advance the education of the public especially young people in subjects related to mathematics, financial economics and actuarial techniques by the provision of grants to schools, universities, charities and research institutes particularly in India, England and Wales.

  2. To advance the education of the public in subjects related to pension and demography by the provision of grants to universities, charities and research institutes to support research, in the aforesaid areas particularly in India, England and Wales.

  3. To advance the education and relieve the financial hardship of disabled students by the provision of grants to schools, universities, charities and research institutes particularly in India, England and Wales.

In shaping our objectives for the year and planning our activities, the trustees confirm that they have referred to the guidance contained in the Charity Commission's general guidance on public benefit and have complied with section 4 of the Charities Act 2011

ACHIEVEMENTS AND PERFORMANCE

Life has been more challenging in India since the arrival of covid 19 early 2020. Schools had jump into virtual world of learning as soon as the government anounced lockdown. Worksheets, notes and questions were sent to the students. Within a short time, Staff started to teach on Zoom and Whatsapp and attended a number of webinars to upgrade themselves.

Other than the serious effects of pandamic, children were not deprived of their learning.

LORETO SEALDAH DAY SCHOOL reported that all TARGET's supported 77 students have been promoted to the next class and all their online projects have been submitted.

In REACH, coordinators kept in touch by phone with the rehabilitation workers in rural areas and all honorariums for all the project staff continued to be paid.

SANVED has expanded its programmes, and is now in collaboration with TATA institute of social sciences, Mumbai.

SOUTH KOLKATA HAMARI MUSKAN (SKHM) an anti trafficking organisation in the red light area in Kolkata helped children and survivors to fight against immense challenges, Violence and abuse. SKHM has been successful in preparing children above 6 years of age to gain addmission into mainstream schools. Since 2009, when the centre statrted with 6 children, 160 have been accepted in government schools for further education. With all these hardships, mental & physical problems all institutions supported by TARGET did their best to provide education to empower lives with dignity and respect so that they could feel safe physically, emotionally and socially.

RESERVE AND INVESTMENT POLICY

TARGET follows a conservative approach to Stock Market Investments for building up its reserves for any unexpected contingencies or obligations. Trustees believe it has accumulated sufficient reserves on a prudent basis. The charity's primary activity is grant making and other than governance costs it does not have commitment for running expenses.

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Tr And Research Global Educa nTr Trustees, Report for the year ended 30 September 2020 PLANS FOR FtiruRE PERIODS TARGET actively moniiors each of its (haritable projeas and has achieved recognirion in the educational charity world In India. and will continue to have dialogue wiih all its projetts also in a Red-light District, streei children and Dance Movemenr Thefapy in part5 of India. TARGEf ￿11 continue its 5UPPQrt fof the Royal Acadetny Df Mu51G FINANCM REVIEW The charity'5 total income for rhe year was £132,283 12019- E214.2501. E¥pendituTe was £95,296 12Ql 9.. £101.4701. Reduction in the Market Value of invested shares was £252.398 a5 against the decrease In the Ilarket Value in 2019 01 £50,760, it's net expenditure for ihe year stood at £215.410 12019" ner income £62,020) Ai year end chadty had total reserves of £1.438,88412019 £1.654,2941. The iru5tee5 believe lis rese￿e5 are adequate to cover the Charlty's cost For more than gne year. The trLfStees are sarished ihar the tharity will contivue a5 a going concern for the foreseeable future. StatM)entof Trustees, REsponslblllde5 The irustees are re5ponsiL)le for p￿t￿rIng ihe Trusi¢es' Annual Report thE financial 5fatement5 Jn accordance wlth applicable law and Uniied Kingdorn Accountin9 Standards (United KTn9dom Gentially Accepted Attounting Pratticel. The law applicable to charities in England and Wales require5 the trustees to prepare financial statements for each financial year whiih give a true fair view of Ehe slate of affair5 of the dtarity and of the iThcoming re50UTces and applicatlon of resources of the chariiy for ihat ptriod. In preparing ihese financial s￿lemen15, Ihe tru5ree5 are required to-. al selea suitable accounting policies and apply Ihem cpnsistently. bl observe the meihc4Is and principles in the Charities SORP". c) make judgmenis and accounting estimates that are reasonable and prudent.. dl 5rate wheiher applicable accounting standards hawe been follrmed. subjert to any material departu￿$ dlsclosed and explained in the financial statements.. el prepare the financial statemeTrts on the 9orng Concern basis unless r¢ is inappriwriate to presumi that the charity will con¢inue In operation. The tnjstees are responsible for keeping adequaie accounting record5 that dlsclose wirh reasonable accuracy at any tlme the financFal position of Ihe chafiry and enable ihem io ensure that rhe financial statements comply with the Chariries Act 2011, the Chafiry IAccount5 and Reports) Re9ulation5 2008 and the provisions of the trust deed. They are also responsible for safeguarding rhe assers of ihe Iharity and hence for takin9 reasonable steps for the p¥evention and deiection of fraud and Other Irregularit¢e5. Thls repon was approved by the Board ol Tru51ees on On behalf of the Management Committee. 2- 2021 and slgned on its behalf. Amlt De. Managing rusiee Ingrfd De. Secretary

Independent Examiner’s Report to the Trustees of Training And Research Global Education Trust

I report on the financial statements of the company for the year ended 30 September 2020 as set out on pages 5 to 12.

Responsibilities and basis of report

As the charity’s trustees 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 charity’s accounts carried out under section 145 of the 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 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 charity 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.

Shruti Soni ACCA Date: 3 March 2021 Shruti Soni Ltd ● Chartered Certified Accountants 117a St. John's Hill, Sevenoaks TN13 3PE

3

Training And Research Global Education Trust

Statement of financial activities (incorporating an income and expenditure account)

For the year ended 30 September 2020

Unrestricted
Note
£
Income from:
2
76,705
3
55,578
132,283
4
95,296
95,296
(252,397)
(215,410)
(215,410)
Reconciliation of funds:
1,654,294
11
1,438,884
Total funds carried forward
Net movement in funds
36,987
Total funds brought forward
Net gains / (losses) on
investments
Net income / (expenditure) for
the year
Total expenditure
Net income / (expenditure)
before net gains / (losses) on
investments
Donations and legacies
Educational donation for
young adults
Investments- dividend
Total income
Expenditure on:		 Unrestricted
Note
£
Income from:
2
76,705
3
55,578
132,283
4
95,296
95,296
(252,397)
(215,410)
(215,410)
Reconciliation of funds:
1,654,294
11
1,438,884
Total funds carried forward
Net movement in funds
36,987
Total funds brought forward
Net gains / (losses) on
investments
Net income / (expenditure) for
the year
Total expenditure
Net income / (expenditure)
before net gains / (losses) on
investments
Donations and legacies
Educational donation for
young adults
Investments- dividend
Total income
Expenditure on:		 Restricted
£
-
-		 2020
Total
£
76,705
55,578
132,283
95,296
95,296
(252,397)
(215,410)
(215,410)
1,654,294
1,438,884
36,987		 Unrestricted
£
143,465
70,785		 Restricted
£
-
-		 2019
Total
£
143,465
70,785
132,283 - 214,250 - 214,250
95,296 - 101,470 101,470
95,296 - 101,470 - 101,470
(252,397)
36,987		 -
-		 (50,760)
112,780		 -
-		 (50,760)
112,780
(215,410) - 62,020 - 62,020
(215,410)
1,654,294		 -
-		 62,020
1,592,274		 -
-		 62,020
1,592,274
1,438,884 - 1,654,294 - 1,654,294

All of the above results are derived from continuing activities. There were no other recognised gains or losses other than those stated above. Movements in funds are disclosed in Note 12 to the financial statements.

4

Trainlng And Research Global Education Trust Balance sheet Asat30Se r 2020 2020 2019 Note Flxed assets: Invesiments .435,196 1.649,265 1.435.196 .649,265 Current assets.. Cash at bank and in hand 4,392 5.729 4.392 5,729 Llabllltles: Creditors.. amoufits falling due wiihin one year 704 700 3.688 5,029 Totsl net assets l (Ilabllities) 1.438.884 .654,294 The funds of the charty. Unrestricte(J income funds.. General funds 1.438,884 ,654,294 Total unrestricted funds 1,438.884 1,654,294 Total charlty funds 1,438.884 1 ,654,294 Trustee Name.. Date.. Mk1ifASHA 20ZI

Training And Research Global Education Trust

Notes to the financial statements

For the year ended 30 September 2020

1 Accounting policies

a) Basis of preparation

The financial statements have been prepared in accordance with 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 2019) - (Charities SORP FRS 102 1A), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102), the Charities Act 2011 and UK GAAP.

Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy or note.

The 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 the 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) issued on 16 July 2014 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.

b) Public benefit entity

The charitable company meets the definition of a public benefit entity under FRS 102.

c) Going concern

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

The trustees do not consider that there are any sources of estimation uncertainty at the reporting date that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next reporting period.

d) Income

Income is recognised when the charity has entitlement to the funds, any performance conditions attached to the income have been met, it is probable that the income will be received and that the amount can be measured reliably.

Income from government and other grants, whether ‘capital’ grants or ‘revenue’ grants, is recognised when the charity has entitlement to the funds, any performance conditions attached to the grants have been met, it is probable that the income will be received and the amount can be measured reliably and is not deferred.

e) Interest receivable

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the bank.

f) Fund accounting

Restricted funds are to be used for specific purposes as laid down by the donor. Expenditure which meets these criteria is charged to the fund.

Unrestricted funds are donations and other incoming resources received or generated for the charitable purposes.

Designated funds are unrestricted funds earmarked by the trustees for particular purposes.

5

Training And Research Global Education Trust

Notes to the financial statements

For the year ended 30 September 2020

g) Expenditure

Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably. Expenditure is classified under the following activity headings:

h) Allocation of support costs

Resources expended are allocated to the particular activity where the cost relates directly to that activity. However, the cost of overall direction and administration of each activity, comprising the salary and overhead costs of the central function, is apportioned on the following basis which are an estimate, based on staff time of the amount attributable to each activity.

i) Listed investments

Investments are a form of basic financial instrument and are initially recognised at their transaction value and subsequently measured at their fair value as at the balance sheet date using the closing

quoted market price. Any change in fair value will be recognised in the statement of financial activities and any excess of fair value over the historic cost of the investments will be shown as a fair value reserve in the balance sheet. Investment gains and losses, whether realised or unrealised, are combined and shown in the heading “Net gains/(losses) on investments” in the statement of financial activities. The charity does not acquire put options, derivatives or other complex financial instruments.

j) Cash at bank and in hand

Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account. Cash balances exclude any funds held on behalf of service users.

k) Creditors and provisions

Creditors and provisions 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 and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.

l) Foreign currencies

Transactions in Foreign currency are recorded at the rate ruling on the date of transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the rate ruling at the balance sheet date. All differences taken to the statement of financial activities.

2 Income from donations and legacies

Income from donations and legacies
Donations
Gift aid		 Unrestricted
£
61,426
15,279
76,705		 £
-
-
-
Restricted		 2020 total
Total
£
61,426
15,279
76,705		 2019
Total
£
114,673
28,792
143,465

6

Training And Research Global Education Trust

Notes to the financial statements

For the year ended 30 September 2020

4 Analysis of expenditure

Analysis of expenditure
Grant and donation making (Note - 5)
Bank charges
IT, website and internet
Independent examination
Subscriptions
Support Costs
Total expenditure 2020
Total expenditure 2019		 Cost of
raising
funds
£
-
-
-
-
-		 Charitable
activities		 Support
costs
£
-
156
59
700
97		 2020 Total
£
94,284
156
59
700
97		 2019
Total
£
100,380
51
203
700
137
Educational
donation for
young adults
£

94,284
-
-
-
-
-
-		 94,284
1,012		 1,012
(1,012)		 95,296
-		 101,471
1,091
- 95,296 - 95,296 101,471
- 101,471 - 101,471

All expenditure was unrestricted (2019: unrestricted).

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Training And Research Global Education Trust

Notes to the financial statements

For the year ended 30 September 2020

5 Grant and donation making

2020
£
Kolkata Sanved School (Dance Movement Training Programme)
2,146
South Kolkata Hamari Muskan (promoting education of children)
17,843
Loreto School Sealdah (Sponsoring girl pupil at school)
33,509
REACH (village schools for disabled children & nursery school for street childre
15,786
Barefoot College (Solar engineering training for women and girls)
15,000
Royal Academy of Music(Supporting for young talented musicians)
10,000
Guy's and St Thomas Charity (supporting for cycling events)
-
94,284
At the end of the year
To institutions and charities		 2019
£
-
17,025
39,136
18,218
15,000
10,000
1,000
100,380

6 Related party transactions

The charity trustees were not paid or received any other benefits from employment with the charity in the year (2019: £nil). No charity trustee received payment for professional or other services supplied to the charity (2019: £nil).

There were no payment or reimbursement of travel and subsistence costs to any trustees during the year (2019: nil).

No trustee or other person related to the charity had any personal interest in any contractor transaction entered into by the charity during the year (2019: nil).

Of the total donations around 72% (2019: 99%) has come from trustees during the year. There is no restriction on the use of these donations.

The trustees take part in the day to day running and management of the Charity.

7 Taxation

The charitable company is exempt from corporation tax as all its income is charitable and is applied for charitable purposes.

8 Investments

Fair value at the start of the year
Additions at cost
Net gain / (loss) on change in fair value
Historic cost at the end of the year
Disposal proceeds
Fair value at the end of the year		 2020
£
1,649,265
931,035
(892,707)
(252,397)
1,435,196
954,455		 2019
£
1,590,620
327,524
(218,119)
(50,760)
1,649,265
1,246,961

8

Training And Research Global Education Trust

Notes to the financial statements

For the year ended 30 September 2020

8 Investments (continued) Investments comprise:

Investments comprise:
Investments (continued)
Shares listed on the London Stock Exchange 2020
£
1,435,196
1,435,196		 2019
£
1,649,265
1,649,265

9 Creditors: amounts falling due within one year

Accruals 2020
£
704
704		 2019
£
700
700

10 Analysis of net assets between funds

General funds
Total unrestricted funds
Net assets at the end of the year
Investments
Net current assets
Movements in funds
Total funds		 1-Oct-19
£
1,654,294		 General
unrestricted
Total funds
£
£
1,435,196
1,435,196
3,688
3,688
1,438,884
1,438,884
Incoming
resources &
gains
Outgoing
resources &
losses
£
£
132,283
(95,295)
132,283
(95,295)
132,283
(95,295)
2020		 General
unrestricted
Total funds
£
£
1,649,265
1,649,265
5,029
5,029
1,654,294
1,654,294
Gain/(loss)
on
investments
30-Sep-20
£
£
(252,398)
1,438,884
(252,398)
1,438,884
(252,398)
1,438,884
2019		 General
unrestricted
Total funds
£
£
1,649,265
1,649,265
5,029
5,029
1,654,294
1,654,294
Gain/(loss)
on
investments
30-Sep-20
£
£
(252,398)
1,438,884
(252,398)
1,438,884
(252,398)
1,438,884
2019
1,438,884 1,654,294
Incoming
resources &
gains
£
132,283
132,283
132,283		 30-Sep-20
£
1,438,884
1,654,294 1,438,884
1,654,294 1,438,884

11 Movements in funds

9

Training And Research Global Education Trust

Notes to the financial statements

For the year ended 30 September 2020

11 Movements in funds (continued)

General funds
Total funds
Total unrestricted funds		 1-Oct-18
£
1,592,274		 Incoming
resources &
gains
£
214,250
214,250
214,250		 Outgoing
resources &
losses
£
(101,470)
(101,470)
(101,470)		 Gain/(loss)
on
investments
£
(50,760)
(50,760)
(50,760)		 30-Sep-19
£
1,654,294
1,592,274 1,654,294
1,592,274 1,654,294

10