Training And Research Global Education Trust TARGEr Charity Registration No. l 109621 Report and Unaudited Financial Statemenrs Year ended 30 September 2023
Trainin And Research lobal Education Trust Status.. Charity registration No. 1109621 The Charity's governing document is its Trust Deed dated 18 May 2005 as amended by special resolution dated 17 July 2021 The charity is also known by the name of TARG which is an abbreviation of its full name Reglstered Office: 24 Meadowbank London NW3 3AY Trustees.. Amir De Ingrid De Anita De Mikael Raber Ina De (appointed 01 November 20221 James Spicer (appointed 01 November 2022) Independent examiner: Shruti Soni FCCA FCIE Shruti Soni Ltd Chartered Certified Accountant5 117a St. John's Hill. Sevenoaks TNI 3 3PE
Trainin And Research Global Education Trust Tru5tees' Report for the year ended 30 September 2023 The rrustees present their report and the flnancial statements for the year ended 30 September 2023. The flnancial 51atements comply with current statutory requirements and the requirements of the Constitution. srRucfuRE. GOvERNANAND MANAGEMEKr The charity is also known by the name of TARG which is an abbreviation of its full name. The charity is governed by its constiiution which is its Trust Deed dated 18 May 2005 and as amended by special resolution dated 17 July 2021. The charity 15 managed and governed by its trustee5. New trustees are nominated by a current trustee and approved by a majority in the Tru5tee5 meeting. OBJEcnvES AND AcnvrrES The objects as Set out in the Trust Deed are a5 follows l. To advance the education of ihe public especially young people in 5ubjecrs related to mathematlcs, financial economics and actuarial technique5 by the provision of grants to schools. universiries. charities and research institutes particularly in India. England and Wales. 2. To advance the education of the public in subjetts related to pension and demography by ihe provision of grants to universities. charities and researih 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. universlties, charities and research instltutes particularly in India, England and Wales. 4. To advance education of the arts. culture. heritage or science by way of preserving of the national historical ancient sites called Burgruine Glanegg. a fonress sltuated in Carinthia, Austria. ACHIEVEMETrtrs AND PERFORMANCE Training and Research Global Educa¥ion Trusi continued to support students in their educational aspirations. Contart5 are maintained with all supported institutions and regular progress reports are received. A number of disadvantaged students have qualified during this academic year and are now continuing their further education in colleges. studying Commerce. Arts and Science. Awards for Excellence in Social Service and School that care was received by Loreio Day School Sealdah in Kolkata. Barefoot College International contlnued their iraining of "Solar Mamas-. Their installation of solar home lightings systems transforms lives of nor just women. but a150 uplifts remote rural areas. Women sell g(xids resultin9 from livelihood skills. a p051tive transformatiort in their quality of life. achieved through energy. education and economic access. The organi5ation Kolkaia Sanved. a women-led pioneef in the use of Dance Movement Therapy, across India and South Asia, is a tool for recovery, healing. self-expression and pSycho-sla1 rehabilitation of traumatized individuals, especially from the underpiivileged comrnunities. Recognised by the World Health Organi5ation (WHO) it plays a major role in the prevention of ill health, management and treaiment of illness across the lifespan. RESERVE AND INVESTMENT POLICY TARGET follows a conservative approach to Stock Market InvesTments for building up it5 reserves for any unexpeaed coniingencie5 or obligaiions. Trustees believe ir has accumulated sufficient reserves on a prudent basis. The charity's primary attivity is grani making and other than governance c05rs it does not have commitment for running expenses.
Trainin And Research Global Education Trust Trustees, Report for the year ended 30 September 2023 PUBUC BENEFIT The Trustees have referred to the guidance contained In the Charlty Commisslon's general guidance on public benefTrt when revlewlng the Chariry's aims and objertives and in planning its future activities. In particular, the Trustees consider how planned attivities will contribute to the aims and objectives that have been set. PLANS FOR FiJfuRE PERIODS TARGEf attively moniiors each of its charitable projects and has achieved recognition in the educational charity world in Indla, and will continue io have dialogue with all its projects also in a Red-light 0i51ricr. street children and Dance Movement Therapy in parts of India TARGE[ will continue its support for ihe Royal Academy of Music. FINANCIAL REWEW The charitvs total income for the year was £146,034 12022.. E 118.7291. Expenditure was £117.106 12022.. £82.7731. Ner gain on change in market value of investments during the year was £85,844 a5 against the net loss on change in the market value in the previous year of £488,694. The Charitls net income for the year stood at £1 14.772 12022.. net eXpendtUre £452.7381. At year end charity had total reserves of £1,726,209 12022.'£1,611.4381. The trustees believe its reserves are adequate to cover the Charity's (Qst for more than one yeaf. The trustees are satisfied that the charity will continue as a going concern for the foreseeable future. Statement of Trustees. Respon51bllltles The rrusiees are responsible for preparing the Trustees. Annual Report and the financial statements in accordance with applicable law and Unired Kingdorn Accounting Standard5 (United Kingdom Generally Accepted Accounting Pra(ticel. The law applicable to charitie5 in England and Wale5 requires the trustees to prepare financlal statements for each financial year which give a true and fair view of the state of affair5 of the charity and of the incoming resources and application of resources of the charity for thai period. In preparing these financial statements. the trustees are required to.. al select suitable accountTrng policles and apply them consisiently.. bl observe ihe methods and principles in the Charitie5 SORP.. cl make judgmenis and accounting estimates that are reasonable and prudent., dl state whether applicable accounting siandards have been followed, Subject io any material departures disclosed and explained in the financial statements: el prepare the financial statements on the going concern basis unles5 it is inapproprlate to presume that the charity will continue in operation. The trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any lime the financkal position of the charity and enable Ihem to ensure Ihat the financial statements comply with the Charities Aa 2011. Ihe Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the a55ets of the charity and hence for taking reasonable steps for the prevenrion and detection of fraud and orher irregularities. This ieport wa5 approved by ihe Board of Trustees on ir 2024 and signed on its behalf. On behalf of ihe Management Committee. Amit De. Managing ruste Ingrid De, Secretary
Independent Examiner's Report to the Trustees of Training And Research Clobal Education Trust I report on the financial statements of the company for the year ended 30 September 2023 a5 Set out on pages 6 to 13. Respon51bllltles and bas15 of report As the chariry's trustees you are responsible for the preparation of the accounts In accordance with the requiremenr5 of the Charities Act 2011 {'the Act'l. I report In respect of my examination of the charity's accounts carried out under sectlon 145 of the Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 1451511b) of the Act. Independent examlnerfs statement I have completed my examination. I confirm ihai no matters have come to my attentlon In connection with the examination giving me cause to believe that in any material respect.. accounting records were not kept in respect of the charity as required by section 130 of the Act., or the accounts do not accord with those records- or the accounts do nor comply with the applicable requirements concerning the form and content of accounts set out In the Charitie5 (Accounts and Reports) Regulations 2008 other than any requirement that the account5 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 understandlng of rhe accounts to be reached. Shrutl Sonl ACCA Shruti Soni Ltd • Chartered Cerrified Accountants 117a St. John's Hill, Sevenoaks TN13 3PE Date. 2510112024
Training And Research Global Education Trust Statement of financial acrivities lincorporating an income and expenditure account) For the ar ended 30 Se tember 2023 2023 Total Unrestricted Restricted 2022 Total Unrestricted Restritted Note Income from.. Donations and legacies Investments- dividend 61,87S 84.159 61.875 84.159 54.648 64.081 54.648 64.081 TO Income 146,034 146.034 178,729 118.729 Expenditure on-. Education donation for young adults 117.106 T17.106 82.773 82.773 Total expenditure 117.106 117.106 82,773 82.773 Net income l {expendlturel before net galns 11105ses) on investment5 28,928 28.928 35.956 35.956 Net gains I Ilossesl on investments 85,844 85.844 1488,6941 1488,6941 Net income l (expendlture) for the year Ner movement In funds 114.772 114.772 1452,7381 1452.7381 114,772 114.772 1452.7381 1452,7381 Reconclllailon of funds.. Total funds brought forward 1.611.438 1.611.438 2.064.176 2,064,176 Total funds carrled forward 1.726.209 1.726.209 1.611.438 1.611,438 All of the above results are derlved from coniinuing actiwties. There were no other recogni5ed gains or losses other Ehan those stated above. Movement5 in funds are disclosed in Note 12 to the financial 51atemenis.
Training And Research Global Education Trust Balance sheet Asat305e tember 2023 2023 2022 Note Fixed assets: Investments 1.687,312 .599,639 1.687,312 Current assets- Cash at bank and in hand 1,599,639 39.731 12,561 39,731 12,561 Llabllltles.. Creditors.. amounts falling due wlthin one year 834 762 38,897 11,799 Total net assets l (Ilabllltles) 1,726.209 1.611,438 The funds of the charity= Unresrricted income funds.. General fund5 1,726,209 1,611.438 Total unrestricted funds 1.726,209 1,611,438 Tot charity funds 1,726,209 1,611,438 Trustee Name: Date.. Twf >, 4£3F I r-1- 2oLy 2024
Training And Research Global Education Trust Notes to the financial statements For the ear ended tember 2023 l Accountlng pollcles 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 Siandard applicable in the UK and Republic of Ireland {FRS 1021 (effective l January 20191- (Charities SORP FRS 102 1 Al. the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021. the Charities Act 2011 and UK GAAP. Assets and liabilities are initially recognised at historical cost or transaction value unless Qtherwise 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 Charitie5 (Accounts and Reportsl Regulations 2008 only to the extent required to provide a 'true and fair view,. Thls deparrure 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 IFRS 1021 issued on 16 July 2014 rather rhan the Accounting and Reporting by Chariries.. Staiement of Recommended Practice effective from l April 2005 which has since been withdrawn. bl Publlc benefit entlry The charitable company meets the definition of a public benefit entity under FRS 102. c) Going concern The trustees consider thai there are no material uncertainties about the charitable company's ability to continue as a goin9 concern. The trustees do not consider that there are any Sources of esiimation 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 fund5, any performance condition5 attached to the income have been met. it is probable that the income will be fecelved and that the amount can be measured reliably. fe) 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 interesi paid or payable by the bank. t) Fund accounting Restricted funds are to be used for specific purposes as laid down by the donor. Expenditu which meets rhese criteria 15 charged to the fund. Unrestricted funds are donations and other incoming resources received or 9enerated for the charitable purpose5. Designated funds are unrestricted funds earmarked by the trustees for particular purposes. g) Expenditure Expenditure is recognised once there is a legal or consrructive obligarion to make a payment to a third party. it is probable thai settlement will be required and the amount of the obligaiion can be measured reliably. Expenditure 15 classified under the following aaivtty headings". Costs of raising funds relate to the costs incurred by the charitable company in inducing third partie5 to make voluntary contributions to it, as well as the cost of any activities with a fundraisin9 purpose Expenditure on charitable activities includes the cosis of performances and choral singing aCtIleS undertaken to further the purposes of the charity and their associated support costs Other expenditure represents those items not falling into any other headin9
Training And Research Global Education Trust Notes to the financial statements For the nded 30 Se te r 2023 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 cost5 of the central function, is apportioned on ihe following basis which are an estimate. based on staff time of the amount attributable to each attiwty. Educational donation for young adults loo% i) Listed Investments Invesrments are a form of basic financial instrument and are initially recognised at their iransaction value and subsequently measured at their fair value as at the balance sheet date using the closin9 quoted market price. Any change in fair value will be recognised in the sraternent of financial attivities 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 9ainslllossesl on investments" in the statement of financial activities. The charity does not acquire put options, derivatives or other complex financial instruments. i) Creditors and provlslons 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. k) Foreign currencies Transactions in Foreign currency are recorded at the rate ruling on the date of transaction. Monetary assets and liabiliries 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 legacles 2.023 Total 2.022 Total Unrestricted Restricted Donations Gift aid 49.500 12.375 49.500 12.375 46.718 7.930 61.875 61.875 54,648 3 Income from inve5trnents 2023 Total 2022 Total Unrestricted Restricted Dividend Bank interest 84.086 73 84,086 73 64,080 84.159 84.159 64.081
Training And Research Global Education Trust Notes to the flnanclal statements nded 30 4 AnaSysi5 of expendlture Charitable acrivities Educational donation for young adults Cost of raising funds support Costs 2022 Total 2023 Total Grant and donaiion maklng (Note - 5} Bank charges IT, website and Internei Independent examination Subscrlptions 115.484 I IS.484 357 250 906 109 81,557 74 213 820 109 357 250 906 109 115,484 1.622 117,106 82.773 Support Costs 1.622 11.6221 1,216 Total expendlture 2023 117.106 117,106 82,773 Total expenditure 2022 82.773 82.773 All expenditure was unrestricted (2022.. unresirictedl. io
Training And Research Global Education Trust Note5 to the financial 5tarements For the ended 30 Se ternber 2023 5 Grant and donaDon making 2023 2022 To Instltutions and charitles Kolkata Sanved School (Dance Movement Training Programmel South Kolkata Hamari Muskan (promoting education of children) Seaview Sailing Trust (free sailing sessions to local school children) Loreto School Sealdah 15ponso¥ing girl pupils at school) REACH Ivillage schools for disabled children & nursery school for street children) Barefoot College Isolar engineering iraining for womenl Royal Academy of Music (Supporting for young talented musician51 Burgruine Glanegg (Preservation & conservation of ancient fortress At rhe end of the year 21.850 22.750 1.000 18.775 17,557 15,000 i 0,000 8,552 20,136 20,807 15,000 8.499 115,484 81.557 6 Related party transartions The charity trustees were not paid or received any other benefiis from employment with the charity in the year 12022.. £nill. No charity trustee received payTnent for profession or oiher services supplied to the charity 12022.. £nill There were no payment or reimbursement of travel and subsistence costs to any trustees during the year12022: nill. No trustee or other person related to the chariry had any personal interest in any contractor transattion entered into by the chariry during the year12022.. nil). Of the total donations around 99% (2022.- 67%) has come from trustee5 during the year. There is no restriction on the use of these donations. The charity made a donation during the year of £ l 0.000 to Royal Academy of Music of which Ina De. a rru5tee of TARGET. 15 also a trustee During rhe year,The Board of Trustees authorised a rrusiee to use a personal Monzo bank account as an intermediary to receive payment5 from TARGET an(J make onward paymenis io the ultimare intended recipient educational institutions outside the UK. We also confirm that we have sufficient controls in place to ensure there is no unauthorised use of these funds and that ihese grant payrnents are received by the end recipient charity. The tTUStee5 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 haritable purposes. 8 Investments 2023 2022 Fair value at the start of the year Additions at cost Disposal proceeds Net gain I1105sI on change in fair value 1.599.639 1,829 2.033.631 1,400.392 11 ,345,6891 1488,6941 85.844 Fair value at the end of the year 1.687.312 1. 599,639 Historic cost at the end of the year 1.408,860 1,407,031
Training And Research Global Education Trust Notes to the financlal stafements For the r ended 30 Se tember 2023 8 Investments (contlnued) Investments comprise.. 2023 2022 Shares listed on the London Stock Exchange 1.687.312 1,599,639 1,687.312 1,599.639 9 Credltors.. amounts falling due wlthin one year 2023 2022 Accrua15 834 762 834 762 l O Analysls of net assets betWn funds 2023 2022 General unrestrirted General unrestricted Total funds Total fund5 Investments Ner current assets 1,599,640 38,897 1.599.640 38,897 1.599,639 11,799 1.599.639 11,799 Net assets at the end of the year 1.638,537 1.638.537 1.611.438 1,611,438 I l Movements In fund5 Incoming resources & gain5 Outgoing resources & 105ses Gainlllossl on inve5tmenrs l-Oct-22 30-Sep-23 General funds 1.611,438 146.034 (117.1061 85,844 1,726.209 Totsl unrestricted funds 1.611.438 146.034 {117.1061 85,844 1,726,209 Total funds 1,611.438 146,034 1117.1061 85,844 1.726.209
Training And Research Global Education Trust Notes to the financial statements For the ar ended 30 Se tember 2023 I l Movements In funds Icontinuedl Incoming resources & garns Outgoing resources & 1055e5 Gain1110551 on investments 1-0rt-21 30-Sep-22 General funds 2.064.176 118,729 182,773) 1488,6941 1.611,438 Total unrestricted funds 2.064.176 118.729 182.773) 1488.6941 1.611.438 Total funds 2.064.176 118,729 (82.773) {488.6941 1.611.438