THE KLSA CHARITABLE TRUST FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 CHARITY NUMBER 1119224 THE KLSA CHARITABLE TRUST INDEX TO THE FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2023 CONTENTS PAGE Trustees & Advisers Report of the Trustees Independent Examiners Report Statement of Financial Activities Balance Sheet Notes to the accounts 8-10 THE KLSA CHARITABLE TRUST TRUSTEES AND ADVISORS YEAR ENDED 31 DECEMBER 2023 REGISTERED CHARITY NAME The KLSA Charitable Trust CHARITY NUhlBER 1119224 TRUSTEES: Mr K Shah Ms S Chheda Mr H Dodhia PRINCIPAL ADDRESS: 11 Coldbath Square London EC1R 5HL INDEPENDENT EXAMINER: Mr Shakunt Shah 3 Wentworth Place stanmore Middlesex HA7 3RN BANKERS: Habib Bank Zur(Gh THE KLSA CHARITABLE TRUST REPORT OF THE TRUSTEES YEAR ENDED 31 DECEMBER 2023 The Trustees have pleasure in P￿Senting their report and the unaudited linancial slalemenls of the KLSA Charitable Trust I'lhe Charity,) for the year endod 31 December 2023. The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the accounts and the Charities Act 2011 and "Accounting and Reporting by Charities.. Slalemenl of Recommended Practice applicable lo charities preparing their 8ccounls in accordance with the Financial Reporting Standard applicable in ths* UK and Republic of Ireland {FRS 1021 (effective 1 January 20151.. The Charity is a Public Benefit Entity as defined by FRS 102. REFERENCE AND ADMINISTRATIVE DETAILS Refere￿0 and 2dminislralive details are shown in the schedule of members of the board and Professional advistxs on page 1 of the financial slatemènls. Tha Trustees The trustees who served the charity during the ye8r wwe as follow8.- Mr Ketan Shah Ms Shilpa Chheda Mr Harsheel Dodhia STUCTURE. GOVERNANCE AND MANAGEMENT The KLSA Charitable Trust is governed by the Trust Deed dated 14 December 2008 for general purpose and the charity reglstr81ion numb&r is 1119224. The charity consists of four trustees who manage the activities of the fund. Any per80n or corwration desiring lo become a trust8@ of the Charity may suilnil an application in writlng and every such 8ppIic81ion shall be countersigned by an existing Iruslee of the Charity. Every application for appointment shall be considered by the Irust88s and no applicant 8h811 be admilled unless at least thirds of the votes cast on Ihe question of his appointment are in favour thereof. OBJECTIVES AND ACTIVITIES The aims of the trust are lo provid8 th8 following.'- l. To provide for the advancemènt of education andlor educational eslablishm8nt in rnjral areas so as lo make children Se￿ sufficient in tha longer term. 2. Such other chaTiiable purposes as th8 trustees shall determine. THE KLSA CHARITABLE TRUST REPORT OF THE TRUSTEES YEAR ENDED 31 DECEMBER 2023 OBJECTIVES AND ACTIVITIES (CONTINUED) The trustees have given due consideration lo Charity Commission's pubtished guidance on the Public Benefit requirement under the Charily Act 2011. The fund was expended on the charitable aclivilie5 in East Africa in accoidance with the objeGtives of the Charity. ACHIEVEMENTS AND PERFORMANCE During the year the Trust received general donations and Grft Aid of£167.500 12022.'£80,0001. FINANCIAL REVIEW The Charity maintains unreslricled funds which hav8 not baen d88ignaled tor a specific use al a level equivalent lo between three and six month's expondilure. Total res8rves sland at £159,476 at 31 December 202312022= £112,382). The financial controls of tho trust ale managed and controlled by the Twslees wilhoul any remuneration. PLANS FOR FUTURE PERIODS The charity plans to continue the aclThiilies outlined above in the forthcomtng years as the Iruslees shall determine. RESPONSIBILTY OF THE TRUSTEES The Trustees are responsible for preparing the Trustees Report and the accounts in ￿cOrdanCe with applicable law and United ￿ngdoM Accounting Standards Iuniled Kingdom Generally A￿pI&d Accounting Practi￿1. The law applicable to charities in England and Wale8 requires the Truslees lo prépare accounts for each financial year which give a true and fair view of the stale of affairs of th# Charity and of the incoming reSou￿e$ and application of resources of the Charity for that year. In preparing these accounts, the Truslegs are requirad to.. select SL¢ilable accounting policies and then apply them consi8lenlly,' observe the mbthods and principle8 in the Charities SORP- make judgements and estimates that are reasonable and prudent., THE KLSA CHARITABLE TRUST REPORT OF THE TRUSTEES YEAR ENDED 31 DECEMBER 2023 RESPONSIBILTY OF THE TRUSTEES ICOUNTINUEDI slate whether applicable accounting standafds have been followed, subject to any departures disclosed and explained in the accounts,. 8nd material prepare the a¢counls on the going concern basig unless il is inappropriate lo presume Ihal the charity will continue in operation. The Trustee5 are responsible for keeping sufficient accounting records that disclose with reasonable accuraGy at any lime the financial position of thè Charity and enable them to ensure that the accounts comply with the Charities Act 2011, the Charily (Accounts and Reports) Regulations 2008 and Ihe provisions of the trust deed. They are also responsible for safèguarding the assets of the Chaiity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. The Trusl&&s report was approved by the Board of Trustees. Ketan Trustee hah On behalf of th@ Board of Trustees Datg.. 25.06.24 THE KLSA CHARITABLE TRUST INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE THE KLSA CHARITABLE TRUST YEAR ENDED 31 DECEMBER 2023 INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE KLSA CHARITABLE TRUST I report lo the Iruslees on my examination of the financial slalements of The KLSA Charitable Trust Ilhe charity} for the year enLled 31 December 2023 which comprise the Slalemenl of Financial Aclivilies, the Balance Sheet and Telaled notes_ Responslbilities and basis of report As the Irust8@s of the charity you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 I'lhe Acl'l. I report in respèct of my examination of the charity's financial statements carried out under section 145 of the Act and in carrying out my examlnalion I have followed all the applicabl8 Directions given by the Charity Commission under section 14515llbl of the Act. Indepelldent examikntv's statement I have completed my examination. I confirm that no material matters have come to my attention in conneclrot) with the examinal¢on giving me cause lo beli6ve that in any malertal request.. 1. Accounting records were not kept in respect ot the charity as required by Sec¢ion 130 of the Act., or 2. The financial statemen18 do not accord with those records,. or 3. The financial statements do not comply with the applicable requiréments concerning the form and conlenl of accounts sel out in the Charities (Accoun15 and Reports) Regulations 2008 olhei than any requirèment that the accounts give a 'true and fair view which is not a maller considered as part of an independent examination. I have no concerns and have come across no other mallers in connection with the examination lo which attention should b@ drawn in this report in or¢Jer to enable a prop6r understanding of the rinancial slalements lo be reached. Mr Shakunt Shah (Independent Examlnerl 3 Wentworth Place Stanmore Middlesex HA7 3RN Date: 25.06.24 THE KLSA CHARITABLE TRUST STATEMENT OF FINANCIAL ACTIVITIES FOR YEAR ENDED 31 DECEMBER 2023 Unrestricted Funds 2023 Unrestricted Funds 2022 Notes Incoming ReSoUr￿S Donations Gift aid received 130,000 37,500 80,000 5,000 Total Incomin Resources 167,500 85,000 Resources Expended Charitable Activities 120,406 41,722 120406 41,722 NET INCOME AND NET MOVEMENT IN FUNDS FOR THE YEAR 47,094 43,728 TOTAL FUNDS BROUGHT FORWARD 112.382 69,104 TOTAL FUNDS CARRIED FORWARD 159,476 112,382 The Statement of Financial Activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activitie5. THE KLSA CHARITABLE TRUST BALANCE SHEET YEAR ENDED 31 DECEMBER 2023 2023 2022 Notes CURRENT ASSETS Cash at bank 159,476 112,382 NET CURRENT ASSETS 159,476 112,382 TOTAL ASSETS LESS CURRENT LIABILITIES 159,476 112382 NET ASSETS 159,476 112 382 FUNDS Unr8Stri¢ted funds 159,476 112,382 TOTAL FUNDS 159476 112 382 These financial statemenls were approved by the Board ofTrustees on 25.06.24 and signed on ils behalf by: Ketan hah jTrusteej The notes on Pages 8-10 form part ofthese accounts. THE KLSA CHARITABLE TRUST NOTES TO THE ACCOUNTS YEAR ENDED 31 DECEMBER 2023 1) ACCOUNTING POLICIES 1.1 Basls of preparation These accounts have been prepared in accordance with UK G&nerally Accepted Accounting Practice, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland "Accounting and Reporting by Charities Ihe Slalement of Recommended Practice for charities applying FRS 102, and the Charities Act 2011 as il applies from l January 2015, The Charity is a Public Benefit Entity as defined by FRS 102. The accounts have departèd from the Charities IAccounls and Reports) Regulations 2008 only lo the extent required lo piovide a true and fair view. This depsrture has involved following the Slalemenl of Recommended Practice for charities applying FRS 102 rather than the version of the Statement of Recommended Practice which is referred to in the Regulations bul whKh has 8inc8 been withdrawn. The a¢counls are prepared in sterling, which is the fullcliorTral cu¥ren¢y of the Charity. Monetary amounts in these financial statements are rounded to the nearest £. The reported finan¢i81 position and fi.nancial performance for the previous period are not affected by the trans11ion lo FRS 102. The accounts have been prepared on the historical cost convention. The principal accounting policies adopted ar6 sel out below. 1.2 Going concèrn Al the limo of approving the accounts, the Trysl8es have a reasonable expectation that the Charity has adequate resources lo continue in op$ralional existen￿ for the foreseeable future. Thus the Trustees ¢onlinue to adopt the going concern basis of accounting in preparing the accounts. 1.3 Incomlng resources Voluntary income is received by way of donation and is included in the slalemenl of financkil adivilies when the charity is 8ntilled to the Incorr￿ and the amount can bè quantified wilh reasonable accuracy. 1.4 Resources expended All expenditure is included on an accruals basis inclusive of any VAT which cannot be r8cov&r8d and is recognised when., There is a legal or constructive obligation to make a payment It Is probable that settlement will be required The amount of the obllgatlon can be measured reliablv THE KLSA CHARITABLE TRUST NOTES TO THE ACCOUNTS YEAR ENDED 31 DECEMBER 2023 21 INCOMING RESOURCES Unrestricted Funds Total Funds Total Funds 2023 2023 2022 Donations and Gift Aid 167,500 167,500 85,000 167,500 167,500 85,000 3) CHARITABLE ACTIVITIES Charitable Activities Support Cost Total Funds Total Funds 2023 2023 2023 2022 Donations Bank Charges 120,239 120,239 167 120,406 41.705 17 41,722 167 167 120,239 THE KLSA CHARITABLE TRUST NOTES TO THE ACCOUNTS YEAR ENDED 31 DECEMBER 2023 4) TRUSTEES REMUNERATION The trustees neither received nor waived arby emoluments during the year12022.. £Nil). 5) ANALYSIS OF FUNDS 2023 2022 Unrestricted Income Funds 159.476 112,382 6) RELATED PARTY TRANSACTIONS The chaTilable trust received donations of £130,000 12022 - £40,000) from the partners of KLSA LLP. KLSA LLP is related by virtue of common members & Iruslees. 10