Charity registration number. 1113218 God My Silent Partner Foundation Annual Report and Financial Statements for the Year Ended 5 April 2024 MG Audit Services Limited Chartered Accountants & Registered Auditors 166 College Road HatTOW Middlesex HA1 1BH God My Silent Partner Foundation Contents Reference and AdministratNe Details Trustees. Report 2105 Statement of Trustees. Re5ponsibifities Independent Auditors, Report 7t09 Statement of Financial Actimlies 10 Balance Sheet 11 Cash Flow Statement 12 Notes to the Finanaal Statements 13to20 God My Silent Partner Foundation Reference and Administrative Details Chalrman Mr Ramesh Sachdev Chlef Executlve Officer Mrs Sonal Niral Patel Trustses Mr Ramesh Sachdev Mrs Prathiba Sachdev Mrs Sonal Niral Patel Prlncipal Offlce Regent House Theobald Street Boreharr•Nood Hertfordshire WD6 4RS Charity Registration Number 1113218 Auditor MG Audit Serwces Limited Chartered Acojuntants & Re9iStered AudEtors 166 College Road Harrow Middlesex HA1 1BH Page 1 God My Silent Partner Foundation Trustees, Report The Trustses present ihe annual report together with Ihe financial statements of the thaTity for the year ended 5 April 2024. STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document The charity is controlled by its goveming d¢JcumenL a deed of irust, and ¢J)nstitutes an unincorFK)rated tharlty. Recruitment and appointment of Trnstees The Trustees named above have continued throughout tho year. Appointment of Trustees is govemed by the Trust Deed of the charity. The Board of Trustees 15 authorised to app(Nnt new Trustees to fill vacancaes arising through resignalion or death ot an e￿stIng Trustee. following good practice in accordan￿ wrth Charity Commission guidelines. Organlsatlonal structure The Board of Trustees must. as per the goveming do(xJment. hav8 at least three Trnstees setVFng at any one time. The entire Board meets al least tvAce a year, vith a quorum of ljvo Trustees. Rlsk management The Truslees have a duty to identify and review the risks to which the charity is expos6d and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error. The risk register is updated annually by the CEO. then reviewed and signed off by ihe Trustees. OBJECTIVES AND ACTIVITIES Objects and aims God My Silent Partner (GMSP) is a family foundation thal supports strong frontline organi5ations working to improve the lives of marginalised communities in the UK and India. These organisations se￿e their communities with bravery and imagination every day. GMSP believes in the power and potentr'al of frontline organisations to thange the world. one person and one community at a time" it is our priwlege to be able to contribute to their work. Together. we are driven by the shared humanty that connecls us all as we seek to atfvance the rights, dignity and happiness of everyone. We support organisations working across a range of s¢xkql issues. such as: * Advancing access to education, training and empbyment opportunities. Improving affordable access lo healthcare to buikj safer, stronger and sustainable communities. Fostering communities where women and girls can live safely and with dignity and offering refuge to those at risk. Promottng the economic security of women and girls, and a change in attitudes towards them. • Enhancing rights 2nd providing support lo access justice. . SuppoTting the improvements of Fdicy and practtce responses to Black and minoritised women and girls al risk of violence. Providing nutritious meals for children at risk of holiday hunger and for the homeless. . Offering support lo young mothers at risk of homdessness. • Providing emergency humanitarian relief. Page 2 God My Silent Partner Foundation Trustees. Report GMSP partners ¢onlinue thdr work amTrd a grOV￿ng number of crises; Ihe dimate emergency, the continued effects of the Ukraine war. the growing war in th8 M￿dIe East, the increasing number of migrants. and dosing ctvic Space - among Others. This has also been a dtfficult year for GMSP, as the organisation re￿eS on funding from its founders. business interests which faced a challenging year financialty. This has unfortunately resulted in fewer grants being made ihis year than usual. This was communicated openly via phone calls to all partners at the start of the year and our focus has been on helping Ihem fundraise from other sources vthere possible lo help ease the delay in our funding. as well as conlinued support through our CEO'S lime and nefworf(. We remain fulty committed to our partners and look forward to increasing our grantmaking in the coming year as our fmancial arcumstsnces improve. In this year under review, GMSP has continued its wotk influenang other funders, sharing our experience of funding grassroots cornmunity organisabons with ffexible funding and a Irusl-based approach. Our CEO'S role as Philanthropist in Residence at the LSE'S Marshall Institute has allowed her to conlribule lo the LSE'S leaming and research agenda on the topic ol philanthropy. This year she ran a session for LSE and The Maverick Collective in whth she gurded participants to reflect oft their own philanthropy ioumey. as well 25 a sesston on philanthropy for students from the Schcol of Public. In addition, she continues to cothost quarterly roundtables that bring together a group of philanlhropigts around key topics ihey are k)oking to explore. We have held fve such roundlables to date. ￿Vering subj.eds such as fear and risk in philanlhropy, the anti-rights movément, and hi)w philanthropy can support or hinder democracy. Our CEO also spoke at 8 number of evenls, suth as the launch of the Barclays Gu￿& to Giving, which features a case study on GMSP, and a panel on BTidging Diversity in Brrtish GNing for the Beacon Collaborative. She also r/xhaired the inaugural Indi8 Philanihropy Forum alongside Dasra in London in November. This year our CEO and our founders were featured in various artic￿8, for example as part of the Next Gen 10 series for Integra. During this year, our Trustees visited sorne of our UK partners indudlng The Brilliant Club, Coa¢hbr¥Jht and Akshaya Patra. Calls were conducted wth all partners to gain updates on their work and to understand vthat further support GMSP can promde. Further details on current aDd prebllous woth that * have supported can be found on our webs'rte al httpS'.lA￿￿.gM$pfoUndation.0rgI Publlc benefil We have complied wilh the fequirements of section 4 of the Charities Act 2011 to have due regard to the public benefit guidance published by the Charity Commission for England and Wales and when reviewing our aims and objeclives and planning our future ac*vtties. In parbcular the Trustees consider how planned actiwties will contribute to the aims and objectives of the charity and a confident that our activities during the past year have been for the public benefiL Page 3 God My Silent Partner Foundation Trustses. Report Grant making pollcles Grants made during the year totalled £301,136 (2023.. £973.471), which were made to charities which meet the objectives of the Trust Deed. wth a parbcutar foujs on the areas listed atxjve in Objects and Aims. GMSP provKles flexible funding, enabling Ir￿￿1 organisations to direct resources where they are most needed. It also balances an evidence-based approach wth patien￿ and empathy, leading to more meaningful, longer-temi relationships and impacL GMSP Trustees ar6 con%ious of their privilege and the small size of their team- for this reason the Trustees regulady seek guKlance and inpul from a nefv￿rk ol experienced people who have worked direclly with and for grassroots organk8ations. These include consultants from across the sector and the leaders of grassroots NGOS. GMSP tskes a number of things into account when considering new proposals for furKJing these indude the dNersity and lived experien￿ of the team and Trustees leading the organisalion, the invc4vement OF the local community in the organisation's work and decision making, the quality of Iheir wogrammes, the pe¢¥le the organisations Work with. among others. Because of the limited size of its team. GMSP does not ac￿p1 unsolicited requests for nding. ACHIEVEMENTS AND PERFORMANCE Charltablo activltles During the year £38.871 {2023.' £1.287.700) dmations were received. of vthich £301,136 (2023.. £973,471) was provided in grants lo Chari￿-es in India and the UK. FINANCIAL REVIEW In 2024, GMSP Foundation delivered a net defiat of £2g3.665. The charity reserves decreased from £315,977 in 2023 to £22,312 in 2024. The charity reserves were £22,312 as al 5 Apnl 2024. The Trustees C￿firMed thal the funds will bè suffi.cient to cover grant commitments in the coming year. Pollcy on reservos The Twslees have devÈloped a policy which alms to d￿tribUte income in Ihe fo￿ of support to Gharitable actiwties. It is anlicipated that any suiplus income, at the c4ose of the year, would be distributed during the followng year while retaining Sufficient funds to meel the charitls stated or planned commitments. This year the Trustees agreed ex￿ptIOnallY lo use a larger proportion of the reserves than usual to give out as much as possible in grant fvnding, vA)ile still maintaining a small buffer to c￿ver any crititsl cosls. GMSP'S reseNe policy is rewewed annually by the Trustees. Principal funding sources The Unrestricted or General Fund ¢ontinues to fund the operations of the charity. Investment policy and objectives Under Ihe Deed of Trust, the Trustees have the power to deposit or invest fiJnds in any way the Trustees deem fit. Page 4 God My Silent Partner Foundation Trustees. Report Policy for tralning of Trustees Trustees are aware of the Charity commi￿on guwjance 'The Essenlial Trustee" and are updated by th8 CEO on any changes they should know about pertaining lo their role and responsibilities. Trustees take part in update CAIIS Imth partners and, where possible. undertake in-person wsits to the charities supported by GMSP. This gwes Trustees an opportunity to hear first-hand from partners about their work. their progress and any challenges they face. These direct engagement opwrtunities represent an essential component of leaming and growth at GMSP, as it allows Trustees to understand the realities of charities operating at the front line of service delNery in India and the UK. The CEO regulatly altends sector-specific events to deepen her knowledge and practi￿. She also serves as a Trustee of Dasra and of The Gtobal Fund for Children, expanding her exposure to good governan￿ practi￿. FUTURE DEVELOPMENTS Aims and key objectives for fulure perlods We know from our partnefs the Importan￿ of long-tem fvnding. especialty in challenging times and look fotward to increasing our grantmaking back to norn￿[ levels as soon as we can. We will contsnue to offer our support to our partners, both financdly and through other means we can secure via our ne￿rk and the platfortns we have access to. The annu behalf b ewrt was approved by the Trustees of Ihe charity on ". and signed on its MrR Chair h Sachdev and Trustee Page 5 God My Silent Partner Foundatlon Ststsment of Trustees. Responsibilities The Trustees are resF)onsible for preparing the Trustee's report and the financial statements in accordance vAth thè Uniled Kingdom Ar￿UntIng Standards (United Kingdom Generalty Accepted Accounting Practice) and applicable law and regulations. The law app￿Cable to charities requires the Twstees to prepare financial statements for each financial year which gwe a Irue and fair view of the state of affairs of the charity 8nd of the incoming resources and application of resources of the charity for that period. Sn preparing these finanaal statements. the Trustees required to: sekct suitable accounbng poliGies and then appty them ¢onsislenty'. obseNe the methods and prinoipks in the Charities SORP. rnake judgements and estimates that are r&isonable and prudent slate vthelher applicable accounting standards have been foll0v￿d. subject to any material departures disclosed and explained in the financial statements., and prepare the financiai statements on the going ujncem basis unless li is inappropriate to presume that the charity will continue in buSI￿ss. The Trustees are responsible for keeping proper a￿ounting records that disclose with reasonable accuracy at any time the financial position of Ihè d)arity and enable them to ensure that the financial statements comply wiu) the Charities Act 2011. the applkcable Charities (Accounts and Reports) Regulations. and the provisions of the constitution. The Truslees also responsible for safeguarding the assets of the Charity and hence for tsking reasonable steps for the prevention and detection of fraud and othw irregularitie& Appro dby he Truslees of thè charity on 3121102%nd signed on its behalf ty. h Sachdev and Trustee Chair Page 6 God My Silent Partner Foundation Independent Auditorfs Report to the Trustees of God My Silent Partner Foundation OPINION We have audited the finan(#al slatemenls of God My Silent Partner Foundation (the 'charity') for the year ended 5 April 2024, vjhich comprise ihe Statement of Financial Activities. Balan￿ Sheet, Cash Flow Statement. and Notes to the Finan￿al Statements, induding a summary of significant accounting policies. The financial ￿porting framework that has been applied in th6wr preparation is United Kingdom Accounting Standards. comprising Charitses SORP - FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland. and appliGqble law (United lfjngdom Generally Accepted Accounting Practice). In our opinion the financial statements.. glve a irue and fair view of the state of the tharity's affairs as at 5 April 2024 and of rts incoming resources and application of resouros, for the year then ended: have been property prepared in aC￿rdance United Kingdom Generally A￿pted Accounting Practice,. and have been prepared in accordar￿ with the requirements of the Charities Act 2011. Basis for opinion We conducled our audit in accordance wlh lntemab.onal Standards on Auditing (UK) {ISAs (UK)) and applicable law. Our responsibililies under those stsndards are further desuibed in the Audilofs responsibilities for the audit of the finanaal statements section of our report. We are independent of the <*arity in accordan￿ with Ihe ethitsl requirements that are ￿levant to our audit of the financial statements in the UK, including the FRC'S Ethical Slandard, and we have fulfilled our other ethical responsibilities in accordan￿ Mrith these requirements. We ￿lIeVe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. CONCLUSIONS RELATING TO GOING CONCERN We have nothing to report in resped of Ihe ft)Ik)wing matters in relation to vknich the ISAS (UK) require us to report to you where: the Trustees use of the going concem basls of aco)unting in the preparation of the financial slatemenls is not appropriate: or the Trustees have not disdosed in the financial statements any identified material un(trtainties that may cast significant doubt about the charity's a￿lity to continue to adopt Ihe going COn￿M basis of accounting for a ￿riod of at least twelve months from the date when the financial statements are authorised for issue. OTHER INFORMATION The Trustees are reswnsible for the other infomiation. The oiher infOrMat￿n comprFses the infomiation included in the annual report, other than the financial statements and our auditorfs report Ihereon. Our opinion on the financial statements does not cover the other infomation and, except to the extent otherwise expli(atly slated in our reporL V￿ do not express any fonr of assurance condusion Ihereon. Page 7 G¢)d My Silent Partner Foundation Independent Auditorfs Report to the Trustees of God My Silent Partner Foundation In connection vAlh our audit of the financial statemenls, our responsibility is to read the olher information and, in doing so, consider whether the other informatK)n is materially inconsistent wth the financial slatements or our knowledge obtained in the audrt or otherwise appears to be malerially misstated. If we ￿entify such matwial inconsislencÉes or apparent material misstatements, we are required to detennine whether there is a material mi88t21ement in the financial statements or a material misstatement of the other infonnation. If. based on the work we have perfomied. we condude that there is a material misstatement of this other inf0M￿tion. we are required to report that fact. We have nothing to report in this regard. MATTERS ON WHICH WE ARE REQUIRED TO REPORT BY EXCEPTION In the light of our knowledge and understanding of the tharty and its environment obtained in the urse of the audit. we have not iden￿rIed material misstatements in the financial statements. We have nothing to report in respect of the folluwing matters where the Charities Act 2011 requires us to report to you rf. in our opinion.. adequate ￿)unty'ng records have not been kepL or relums adequate for our audit have not been re￿Ved from branthes not visited by us: or the financial ststements are not in agreement with the accounting records and ￿tUrns., or certain disclosures of Trustees remuneratton specified by law are not made: or we have not rettived all the inf0m￿tItin and explanations V￿ require for i)ur audiL • the financial siatements give a true and fair view of Ihe state of the charity's affairs as at 5 April 2024, and of Ets incoming resources and application of reSoU￿s. for ihe year then ended. Responslbllltles of Trustees As explained more fully in the Statement of Trustees, Responsibllities s8t out on page 6, the Trustees are responsible for the preparation of the finanaal statements and for being satisfied that they give a true and fair view, and for such intemal ￿ntrol as the TnJslees determine is necessary to enable th& prep8rats.on of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the TTUS:ees are responsible for assessing the charity's ability to continue as a going concem, disdosing, as applicable, matters ￿￿ted to going u)ncern and using Ihe going concem basis of accounling unless the Trustees either intend to IiquKlate the charity or to ￿aSe operations, or have no realisttc alternative bul to do so. AUDITOR'S RESPONSIBILITIES FOR THE AUDtT OF THE FINANCIAL STATEMENTS Our objectives are to obtsin reasonable assurance al￿Ut whether the financial statements as a vhole are free from material misstatement. whether due to fraud or e￿or, and to issue an auditorfs report that includes our opinion. Reasonable assurance is a high Sevel of assurance, but is not a guarantee that an audit conducted in accordance wih ISAS (UK) will aNvays detect a material misstatement when it exists. Misststements can arise from fraud or error and are considefed material if, individualty or in the aggregat8, they coukl reasonably be expected to influence the economic decisions of users taken on Ihe basis of these financial statements. As part of an audil in accordance with ISAS (UK), we exercise professional judgement and maintain professional stspticism throughout the audit. We also: Page 8 God My Sllent Partner Foundation Independent Auditorfs Report to the Trustees of God My Silent Parther Foundation Identify and assess the risks of material misstatement of the financtal statements. whether due to fraud or error, design and perfomi audit procedures responsive to those risks. and obtain audit eviden￿ that is SUff￿lent and apwoptiate to provide a basis for our oplnion. The risk of tK)t detecting a material mis5talemnt resulting from fraud is higher than for one resulting from error. as traud may involve ojllusion, forgery, intentional omissions, misrepresentations. or the override of intemal control. Obtain an understanding of intemal control relevant to the audit in order to design audii pr¢￿dureS that are appropriate in the cir¢umslances. but not for the purrx)se of expressing an Opinic￿ on thè effectiveness of the charity's internal CA)ntrol. Evaluate the appropriateness of accounting polic4es used and the reasonat4eness of accounting estimates and related dÉsdosures made by the Trustees. Conclude on the appropriateness of the TTUStees use of the going conc£m basis of accounting and, based on the audit evidence oblained. whether a material uncertainty exists ￿lated to events or conditions thal may cast significant doubt on the chanty's ability to continue as a going concem. If we condude thal a material uncertainty e￿Sts. we are required to draw attention in our auditorfs report to the related dis(4osures in the finanoal slatements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditorfs report. Hi)wever, future events or conditions may cause the ch8rtty to cease to continue as a going concem. Evaluate the overall presentation, structure and conlent ol the ffinanci81 statements, including the disclosures. and vthether the financial statements represent the underlying transactions and events in a manner that athieves fair PTesentats"on. We communicat8 Wth those charged with governarKe regarding, among other matters, the planned $￿pe and liming of the audit and signthcanl audit findings. induding any slgnificant def￿lencIeS in intemal control that we idenkn'fy during our audil. Use of our report This report is made solety to the charity Trustees, as a body. in accordance with section 144 of the Charities Act 2011 and regulations made under section 154 of that ACL Our work has been undertaken so that we might state to the Trustees those malter5 we are required to state to Trustees in an auditors, report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume ￿SponsIbl11ty o anyone other than the chwbty and its Tru51ees as a t*)dy. for our audit worK for Ihis report, or f he opinicffis we have fomied. Gavin Fem es FCA, CTA {Senior Statutory Auditor) For and on behalf ol MG Audit seTVI￿s Limited. sta￿tOry Auditor 166 College Road Harrow Middlesex HA11BH Date:........ Page 9 God My Silent Partner Foundation Statement of Financial Activities for the Year Ended 5 April 2024 Unrestrlcted funds Total 2024 Note Income and Endowments from: Donations and legacies Inveslmenl income 38,871 38,871 Total Income 38,876 38,876 Expéndlture on: Charitable activities Governance cKJsts Other expenditure (301,136) {24,890) 6,515 (301,136) {24,8￿) 6,515 Total Expenditure Net movement in funds 332,541 332,541 (293,665) (293,665) ReconGlllation of funds Total funds brought forwaril Total funds ￿rrIed forward 315,977 315,977 12 22,312 22,312 Unrestricted funds Total 2023 Nota Income and Endowments from: Donations and legacies Investment inc¢)me 1,287,700 12 1,287.700 12 Tot81 Incomé 1,287,712 1,287,712 Expendlture on: Charitsbk activities Governan￿ costs Other expenditure (973.471) (38,771) 10,694 (973,471) 138,771) 10,694 Total Expendilure Net movement in funds 1,022,936 1,022.936 264,776 264,776 Reconciliatlon of funds Total funds brought forward Total funds carried forward 51,201 51,201 12 315.977 315,977 All of the charity's activities derive from continuing operations during the above two periods. The funds breakdown for 2023 ts shovm in note 12. Page 10 God My Silent Partner Foundation {Registration number: 1113218) Balance Sheet as a15 April 2024 2024 2023 Nota Flxed assets Tangible assets Curront assets Debtors Cash at bank and In hand 7,138 10 6.750 18,397 25.147 90,000 225,044 315,044 Credltors: Amounts falllng due withln one year Net current assets 6,923 6,205 18,224 308,839 Net assets 22,312 315,977 Funds of the charity: Unrestricted incom6 funds Unrestricted funds 22,312 315,977 Total funds 12 22,312 315,977 The finan staternenls on pages 10 10 20 were approved by the Trustees, and authorised for issue . and signed on thetr behalf by. Mr Ram Chaimia SadKlev nd Truslee Page 11 God My Silent Partner Foundation Cash Flow Ststement for the Year Ended 5 April 2024 2024 2023 Note Cash flows fr¢m operatlng acllvltles Net cash lexpenditure)fincome Adjustments to cash flows from non4ash iiems Depreciation Investment income Other Adjustments {293,665) 264,776 3,050 {5) 3,374 (12) (290,620) 268,139 Worklng capital adlustments Decreasel(increase) in debtors Increase in creditors 10 11 83.250 718 (90,0001 385 Net cash flows from operatsng a¢tiwties Cash flows from Investing activities Interest retsivable and similar income {206,652) 178,524 12 Net {decreaseyincrease in cash and cash equivalenls Cash and cash equivalents at th8 Winning of the year Cash and cash equivalents at the end of the year (206,647) 225.044 178,536 46,508 18.397 225,044 All of the cash flows are derived from continuing operab'ons during the above periods. Page 12 God My Silent Partner Foundatlon Notes to the Financial Ststements for the Year Ended 5 April 2024 l Accountlng pollclos STATEMENT OF COMPLIANCE The financial statements have been prepared in aC￿rdan￿ with Accounting and Reporting by Charities: Statement of ReGommended Practice appI￿able to charilies preparing their accounts in accordan￿ with the Financial Re￿)rt1ThJ Standard applicable in the UK and Republi¢ of Ire￿nd (FRS 102} {effe¢tive 1 January 2019) {Charities SORP (FRS 1021), the Financial RepoTting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charibes Act 2011. BASIS OF PREPARATION God My Silent Parkner Foundation meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially ￿cOgniSed at historical cost or transa¢tion value unless otherwise stated in the relevant accounting policy notes. GOING CONCERN The Trustees consider that ihere are no material uncertainbes about the charity's abilty to c￿ntinUe as 8 going concem. INCOME AND ENDOWMENTS Voluntary income includlng donations, gifts, legacies and grants thai prowde core ftjnding or are of a general nature is recognised when the charity has entitlement to the income, it is probable that the income will be recewed and the amount can be measured vAth suffKrent reliability. DONATIONS AND LEGACIES Donations and legacies are recognised on a receivable basis when r￿lpt is probable and the amount ran be reliably measured. EXPENDrruRE All expenditure is recognised once there is a legal or constructive obligation lo that expenditure. it is probable settlement is required and the amount can be measured Yeliably. All costs are alloG3ted to the appli¢2ble expenditure heading that aggregate simi5ar costs to that category. Where costs cannot be directly attributed to particular headings they have tr￿en allocated on a basis consistent with the use of resources, with central staff Costs allocated on the basis of time spent, and depreciation ¢har9es allocated on the portion of the asset's use. Other support costs are allcKated based on the spread of staff costs. CHARITABLE ACTIVITIES Chaiilable expendilure comprises those costs incurred by the charity in the delivery of its activities and serwces for its beneficiaries. It indudes both costs that can I￿ allocated directty to such actNities and those cosls of an indirect nature necessary to support them. GRANT PROVISIONS Provisions for grants are made vthen the Intention to make a grant has been communicated to the recipient but there is uncertainty about either the timing of the grant or the amount of grant payable. Page 13 God My Silent Partner Foundation Notes to the Financial Slatements for the Year Ended 5 April 2024 SUPPORT COSTS Support costs include central fvnctions and have been alkxated to a¢iivity cosl categories on a basis )nsistent with the use of resources, for exampte, allocating pro￿ty costs by floor 8re8s, or per capits, staff costs by the time spent and other costs by their usage. GOVERNANCE COSTS These include the costs attributable to the charitys cornpliance wilh constituiional and ststuiory requirements. induding audit. strategtc management and TTUStees's rneetin9s and reimbursed expenses. TAXATION The charity is exempt from tsx on its charitable aclivities. TANGIBLE FIXED ASSETS Individual r￿ed assets C4)Sting £500.00 or more are inittally ret)Jrded at cosL DEPRECIATION AND AMORTISATION Depreciation is provided on tangible fixed assets so as to vniie off the cost or Valuat￿n. less any estimated residual value. over their expected useful economtc life as follows: Depro¢iation method and rate Straight line over 3 years Straight line over 4 years Asset class Computer equipment Motor Vehide CASH AND CASH EauivALENTS Cash and cash equivalents comprise ¢2sh on hand and ￿11 deposits, and other short4emi highly liquid inveslments that are readily convertible to a known arnount of cash and are subj.ect to an insignificant risk of change in value. TRADE CREDITORS Trade Creditors are Obl￿ationS lo pay for gotsjs or services Ihat have been acquired in the ordinary COLsrse of business from supFliers. Accounts payable are dassified as current liabilities rf the does not have an u￿onditiOnal right, al the end of the reporting period, lo defer settlement of the créditor for at least ￿e1ve months after the repo￿ng date. If there is an unujnditional righl to defer settlement for at least fvlelve months after the reporbng date. they are presented as non