REGISTERED CHARITY NUMBER: 1109621 REPORT OF THE TRUSTEES AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR EM)ED 30 SEvfEMBER 2024 FOR TRAINING AND RESEARCH GLOBAL EDUCATION TRUST ("TARGET") Collards Chartered Accountants 5-9 Eden Street Kingston-upon-Thames Surrey KTI IIJQ
TRAINING AND RESEARCH GU)BAL EDUCATION TRUST ("TARGET") CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024 Page Reference and Administrative Details Report of Ihe Trustees Independent Examiner's Report ststement of Financial Activities Balance Sheet Notes to the Financial Statements 7 to 10 Detailed Slatement of Financial Activities
TRAINING AND RESEARCH GLOBAL EDUCATION TRUST ("TARGET") REFERENCE AND ADMINISTRATIVE DETAILS FOR THE YEAR ENDED 30 SEwfEMBER 2024 TRUSTEES Amit De (resigned l.11.24) Ingrid De Anits D¢ Mikael Raber (resied l.11.24) Ina De James Spicer PRINCIPAL ADDRESS 24 Meadowbank London NW3 3AY REGISTEREDCHARITY NUMBER 1109621 INDEPENDE EXAMINER Collards Chartered Accountants 5-9 Eden Street Kingston-upon-Thames Surrey KTI IBQ Page
TRAINING AND RESEARCH GLOBAL EDUCATION TRUST {"TARGET") REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 SEvfEMBER 2024 The trustees present their report with the fmancial statements of the charity for the year ended 30 September 2024. The trustees have adopted th¢ provisions of Accounting and Reporting by Charities: Statement of K¢commended Practice applicable to charities preparing their accounts in aordanCe with the Financial Reporting Stsndard applicable in the UK and Republic of Ireland (FRS 102) (effective l January 2019). OWECTIVES AND ACTIVITIES Objeetlves and aims The objects as set out in the Trust Deed are as follows: l. 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 demogrdphy by the provision of grants to universities, charities and research institutes to support research, in the aforesaid ar¢as 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. 4. To advance edatIOn of the arts, culture, heritsge or science by way of preserving of the national historical ancient sites called Burgruine Glaneg& a fortress situated in Carinthia, Austria. Public benefit The Trustees have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the Charity's aims and objectives and in planning its future activities. In particular, the Trustees consider how planned activities will ¢ontribute to the aims and objectives that have been set. ACHIEVEMENT AND PERFORMANCE Charitable activities Training and Research Global Education Trust continued to support students in their educational aspirations. Contacts are maintained with all supported institutions and regular progress reports are received. Barefoot College International continued their training of "Solar Mamas" Their installation of solar home lighting systems transfonns lives of not just women, but also uplifts remote nal areas. Women sell goods resulting from liveliho(Ml skills, a p051tive transforniation in their quality of life. achieved through energy, education and economic access. The organisation Kolkata Sanved, a women-led pioneer in the use of l>dnce Movement Therapy* across India and South Asi4 is a tool for recovery, healing, self-expression and psycho-social rehabilitstion of traumatized individuals, especially from the underprivileged communities. Support was provided to King's College London for posts allowing young healthcare professionals to acquire technical knowledge required for the delivery of clinical trials. FINANCIAL REVIEW Flnancial position The charity's total income for the year was £334,497 {2023: £146,034). Expenditure w&s £292,120 (2023: £117,106). Nei gain on change in market value of investments during the year was £68,861 compared to £85,844 in the prior year. The Charity's net income for the year stood al £111,238 (2023:£114,771. At year end charity had total reserves of £1,837,447 (2023: £1,726,209). The trustees believe its reserves are adequate to cover the Charity's cost for more than one year. The trustees are satisfied that the charity will continue as a going concern for the foreseeable future. Page 2
AhD ALI1 F.Nr.AT Trii I-VAri EIIORTOF TI1£ TIIE YFAA KNIW.11)• WI'VJIMEA 2•24 ,: FTh.INf.T,11. RThIEW •I'TVRb fL&NS 11 I'xIK.'Iiiii•' (AJw'VMNAII. ANDMANAf.EM£Nr Ilw IA 1¢$ Tft rkni dd 11 lthy-IlJ)S by d4 17 J 2021.The d•ity li kTh)wn bj, the nYa¢ ot TAR(•L.T is <>fiii full Inr4Y¥¥ar# rnNhinakil lry * •pwthd by •ty ATF.MRYr OF TAIISTELS. RFSPONSIBILMES •KI Lni(l IlJnrtol (Xnfdlly A&wknJ lly Pld the Ad 2011. Rwts) Aa 2011. ts Cbwtiy (ArN• Il¢pYts) l¢wlM)n% J#)8 the the Thry . lL*btfby. Iny¥t Ik. Tnth
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF T1141NING AND RESEARCH GLOBAL EDUCATION TRUST Independent examlner's report to the trustees of Trnlnlng and Research Global Education Trust I report to the charity trustees on my examination of the accounts of Training and R¢s¢arch Global Education Trust (the TSt) for the year ended 30 September 2024. Responslbllltles and basls of report As the charity tNstees 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 Act and in Carrying out my examination I have followed all applicable Directions given by the Charity Commission under Section 145(5)(b) of the Act. Independent examlner's statement Since your charity's gross income exceeded £250,000 your examiner must be a member of a listed body. T Can confjrni that l am qualified to undertake the examination because l am a member of the Institute of Charter¢d Accountants in England and Wales, which is one of the listed bodies. I have completed my examination. I confirn) that no material matters have come to my attention in Connection with the examination giving me cause to believe that in any material respect: accounting records were not kept in respect of the Trust as required by Section 130 of the Act; or the accounts do not accord with those records. or the accounts do not comply with the applicable requirements concerning the fonn and content of accounts set out in the Charities (Accounts and Keports) 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 comiection 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. Jonathan Addison FCA Collards Chartered Accountants 5-9 Eden Street Kingston-upon-Thames Surrey KTI IEIQ ./&/qt•4K Page 4
TRAINING AND RLSEARCH GLOBAL EDUCATION TRUST ("TARGET") STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 30 SEvfEMBER 2024 2024 Unrestricted funds 2023 Total funds Notes INCOME AND ENDOWMENTS FROM Donations and legacies 250,438 61,875 Investment income 84.059 84,159 Totsl 334,497 146,034 EXPENDITURE ON Charltable gellvltles Educational donation for young adults Support costs 289,864 2,256 115,484 1,623 Total 292,120 117,107 Net gains on investments 68861 85,844 NET IIYCOME 111238 114,771 RECONCILIATION OF FUNDS Total fund5 brought forward 1,726209 1,611,438 TOTAL FUNDS CARRIED FORWARD 1,837,447 1,726,209 The notes fomi part of these financial ststements Page S
'ImAINl ANII (.11 EDiKAT (ARrIrry JI . IXED INIJ12 175• 2SJTf 39.731 (uoo) IIM) i.ru IJJ7J47 1.72Lry)y 1.726209 IW7M7 1.726209
TRAINING AND RESEARCH GLOBAL EDUCA TION TRUST ("TARGET") NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024 ACCOUNTING POLICIES Basis of preparing the financial statements The fmancial stat¢m¢nts of the charity, which is a publi¢ 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 R¢public of Ireland (FRS 102) (effective l January 2019),, Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland, and the Charities Act 2011. The fmancial statements have been prepared under the historical cost convention, with the ex¢¢ption of investments which are included at market value, as modtfied by the revaluation of certain assets. In¢ome All income is recognised in the Statement of Financial Activities once the charity has entitlement to the fimds, it is probable that the income will be received and th¢ amount can be measured r¢liably. Expenditure Liabiliti¢s are recognised as expenditure as soon as there is a legal or constrnctive 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 the category. Where costs cannot be directly attributed to particular headings they have Ixen allocated to activities on a basis consistent with the use of resources. Taxation The charity is exempt from l&x on its charitable activities. Fund aecountlng Unrestricted ndS 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 fimd is included in the notes to the financial ststements. Foreign curreneles Assets and liabilities in foreign Currencies are translated into sterling at the rates of ¢xchange ruling at the balance sheet date. Trnnsactions in foreign Currencies are translated into st¢rling at the rate of exchang¢ ruling at the date of transactiorn Exchange differences are taken into account in arriving at the operating result. Usted Investments Investments are a forni of basic fanCIal 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 fmancial activities and any excess of fair value over the historic cost of the investments will b¢ shown as a fair value rerv¢ in the balance sheet. Investment gains and losses, whether realised or unrealisel are combined and shown in th¢ heading "Net gainsl(losses) on investments" in the statement of fmancial activities. The charity does not acquire put options, derivatives or other ¢ompl¢x fmancial instruments. Page 7 continued...
TRAINING AND RESEARCH GLOBAL EDUCATION TRUST {"TARGET") NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 30 SEVTEMBER 2024 INVESTMENT INCOME 2024 2023 Dividend Bank interest 83,903 156 84,086 73 84,059 84,159 TRUSTEES, REMUNERATION AND BENEFITS There were no trustees, remuneration or other benefits for the year ended 30 September 2024 nor for the year ended 30 September 2023. Trustees, expenses There were no trustees, expenses paid for the year ended 30 September 2024 nor for the year ended 30 September 2023. GRANTS TO INSTITUTIONS AND CHARITIES Kolkata Sanved School (Dance movement training programme) South Kolkata Hamari Muskan (Pmmoting education of children) Seaview Sailing Trust (Free sailing sessions to local school children) Loreto School Sealdah (Sponsoring girl pupil at school) REACH (Villag¢ schools for disabled children & nursery s¢hool for street children) Barefoot College (Solar engineering training for women) Royal Academy of Music (Supporting for young talented musicians) urgruine Glanegg (Preservation & conservation of ancient fortress) NAMIB Sky Community (Contributions for education of students) King's College London (Cancer clinical trials) 3,000 23,577 21,850 22,750 1,000 18.775 17,557 15,000 10,000 8,552 9,983 18,184 15,000 J 0,000 Nll 5,120 21)0,(100 289,864 115.484 FIXED ASSET INVESTMENTS Listed investrnents MAKKET VALUE At l October 2023 Additions Disposals Revaluations 1,687,312 135,113 (80,365) 68.860 At 30 September 2024 1010.920 NET BOOK VALUE At 30 September 2024 1010,920 At 30 September 2023 1,687,312 The total value of share investments at th¢ year end was £1,810,920. All investment assets were held within the United Kingdom. The charity held no investment assets outside of the UK during the year. Page 8 continued...
TRAINING AND RESEARCH GLOBAL KDUCATION TRUST ("TARGET"} NOTES TO THE FINANCIAL STATEMENTS - Continued FOR THE YEAR ENDED 30 SEvfEMBER 2024 FIXED ASSET INVESTMENTS - continued At 30 September 2024, the charity held the following individual investments that each repr¢sented more than 5 % of the total value of the investment portfolio". Investment Market value (£) /• of total investments Rio Tinto LAd AstraZeneLa plc SSE plc 946,878 443,241 330,090 24.470/0 18.230/0 No other individual investment represented more than 5•/0 of the total portfolio value. Cost or valuation at 30 September 2024 is represented by: Llst¢d Investments Valuation in 2024 Cost 375.175 1,435,745 1,810,920 DEBTORS: AMOUNTS FALLING DUEWITHIN ONE YEAR 2024 2023 Other debtors 2,750 CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2024 2023 Accrued expenses 1,500 834 MOVEMENT IN FUNDS Net movement in funds At 1.10.23 At 30.9.24 Unrestrlcted funds General fund 1,726,209 111238 1,837,447 TOTAL FUNDS 1,726,209 111238 lJ37,447 Page 9 continu¢d...
TRAINING AND RESEARCH GLOBAL EDUCATION TRUST {"TARGET") NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 30 SEPTEMBER 2024 MOVEMENT IN FUNDS- continued Net movement in funds, included in the above are as follows: Incoming resources Resources expended Gains and losses Movement in fijnds Unrestricted funds General fund 334,497 {292,120) 68,861 111,238 TOTAL FUNDS 334,497 (292,120) 68,861 111,238 Comparative$ for movement in funds Net movement in funds At .10.22 At 30.9.23 Unrestricted funds General fund ,611,438 114,771 1,726,209 TOTAL FUNDS ,611,438 114,771 1,726,209 Comparative net movement in funds, included in the above are as follows: Incoming resources Resources ¢xp¢nded Gains and Ios5e5 Movement in funds Unrestricted funds General fund 146,034 (117,107) 85,844 114,771 TOTAL FUNDS 146,034 (117,107) 85,844 114,771 RELATED PARTY DISCLOSURES Approximately 990/0 of totsl donations during the year (2023: 99 %} were received from the trustees. The trustees are actively involved in the day-to4ay running and management of the Charity. The charity made a donation during the year of £1 0,000 to Royal Academy of Music of which Ina De, a trustee of TARGET, is also a trustee. Pag¢ 10
TRAINING AND RESEARCH GLOBAL EDUCATION TRUST ("TARGET") DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 30 SEPTEMBER 2024 2024 2023 INCOME AND ENIX)WMENTS Donations and legacies Donations Gift aid 223JSO 27,088 49,500 12,375 250.438 61,875 Investment Income Dividend Bank interest 83,903 156 84,086 73 84,059 84,159 Total incoming resources 334,497 146,034 EXPENDITURE Charilable aetivltles Lbnations made 289,864 115.484 Support costs Management Subscriptions IT, website and internet Bank charges 109 336 269 109 250 358 714 717 Governance costs Independent examination fee 1,542 906 Totsl resources expended 292,120 117,107 Net Income before gains and losses 42?77 28,927 Reallsed recognlsed ggins and losses Realised gainsl(losses) on fixed asset investments (10,527) Net income 31,850 28,927 This page does noi forni part of the statutory financial $tstem¢nts Pagell