Charity registration number: 1129543
Manglibai Haridas Khiara (UK) Charitable Trust
Annual Report and Financial Statements for the Year Ended 5 April 2024
Manglibai Haridas Khiara (UK) Charitable Trust
Contents (continued)
| Reference and Administrative Details | 1 |
|---|---|
| Trustees' Report | 2 to 4 |
| Statement of Trustees' Responsibilities | 5 |
| Independent Examiner's Report | 6 |
| Statement of Financial Activities | 7 |
| Balance Sheet | 8 |
| Notes to the Financial Statements | 9 to 12 |
Manglibai Haridas Khiara (UK) Charitable Trust
Reference and Administrative Details
Trustees GPJ Khiara CKA Khiara BM Khiara-Foxton SJI Khiara Secretary GPJ Khiara Charity Registration Number 1129543 Principal Office Bayleaf Hanging Bank Ide Hill Sevenoaks Kent TN14 6JE Independent Examiner Keith Powers FCA AIMS Accountants for Business 51 Burridge Raod Southampton SO31 1BY
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Manglibai Haridas Khiara (UK) Charitable Trust
Trustees' Report
The trustees present the annual report together with the financial statements of the charity for the year ended 5 April 2024.
Objectives and activities
Objects and aims
The Manglibai Haridas Khiara (UK) Charitable Trust is set up with a wide potential remit.
It can make payments to other charities which are appropriately registered in the UK or it can apply monies direct for any purposes which are exclusively charitable, anywhere in the world.
Objectives, strategies and activities
Activities include support to charities:
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providing life-changing and life-saving surgery and care for children in the developing world suffering from poverty related correctible deformities and disabilities.
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protecting children from child-labour and on to the educational ladder.
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helping famers increase their crop yields.
Public benefit
The charity has sought, identified and made donations to small charities involved in poor and developing countries to alleviate starvation and to educate, from grassroots level, towards self-sufficiency.
The trustees confirm that they have complied with the requirements of section 17 of the Charities Act 2011 to have due regard to the public benefit guidance published by the Charity Commission for England and Wales.
Grant making policies
We monitor regular reports that we receive from charities, to which we have made donations, to keep a track of:
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progress in areas where improved agricultural farming methods are being taught.
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the educational progress of the children we sponsor, who might otherwise have been exploited as child-labour. Many of the children we support continue until matriculation. Some progress on to higher education.
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the achievement, where trades people in developing countries receive training in their skills. They are then supplied tools to commence their trades.
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Manglibai Haridas Khiara (UK) Charitable Trust
Trustees' Report (continued)
Achievements and performance
When the charity was set-up it was envisaged that funds would be used for, but not necessarily limited to, the following charitable purposes:
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The prevention or relief of poverty.
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The advancement of education.
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the relief of persons who are in need by reason of youth, age, ill-health, disability, spousal bereavement or other disadvantage.
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the advancement of health or the saving of lives;
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the advancement of citizenship or community development;
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the advancement of the arts, culture, heritage or science;
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the advancement of amateur sport;
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'the advancement of human rights, conflict resolution or reconciliation or racial harmony or equality and diversity';
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the advancement of environmental protection or improvement.
Financial review
At the end of the reporting period the charity had cash reserves of £1,415,207, of which £1,411,571 were held in an interest-bearing account and £3,636 in a non-interest-bearing account.
Cash reserves increased in the year from bank interest received, which was in excess of donations made in the year.
Structure, governance and management
Nature of governing document
The charity is constituted under a trust deed dated 19 March 2007. It is registered as a charity with the Charity Commission.
Arrangements for setting key management personnel remuneration
The trustees and secretary are not remunerated.
Organisational structure
Manglibai Haridas Khiara (UK) Charitable Trust is registered with the Charity Commission. The Charity Commission registration number is 1129543.
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Manglibai Haridas Khiara (UK) Charitable Trust
Trustees' Report (continued)
Financial instruments
Objectives and policies
The charity’s activities expose it to financial risks including cash flow and liquidity risk. The use of financial derivatives is governed by the charity’s policies approved by the board of trustees, which provide principles on the use of financial derivatives to manage these risks. The charity does not use derivative financial instruments for speculative purposes.
Cash flow risk
The charity’s activities expose it primarily to the financial risks of changes in interest rates. Interest bearing assets are held at fixed rate to ensure certainty of cash flows.
The cash reserves are principally held an interest-bearing flexible access account, which the trustees consider provide a good balance between access to the funds and potential to earn income on the funds (i.e. bank interest) without risk to capital. The remainder of the charity’s cash reserves are held in the charity’s current account.
Credit risk
The charity’s principal financial assets are bank balances and investments. The credit risk on liquid funds and derivative financial instruments is limited because the counterparties are banks with high credit-ratings assigned by international credit-rating agencies.
Liquidity risk
The liquidity risk is limited because the charity will only make grants out of funds derived from income on investments. Operational costs are minimal.
The annual report was approved by the trustees of the charity on 6 March 2025 and signed on its behalf by:
......................................... GPJ Khiara Secretary and trustee
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Manglibai Haridas Khiara (UK) Charitable Trust
Statement of Trustees' Responsibilities
The trustees are responsible for preparing the trustees' report and the financial statements in accordance with the United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) and applicable law and regulations.
The law applicable to charities requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that period. In preparing these financial statements, the trustees are required to:
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the Charities SORP;
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make judgements and estimates that are reasonable and prudent;
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state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.
The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charities (Accounts and Reports) Regulations 2008, and the provisions of the constitution. The trustees are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company's website. Legislation governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
Approved by the trustees of the charity on 6 March 2025 and signed on its behalf by:
......................................... GPJ Khiara Secretary and trustee
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Manglibai Haridas Khiara (UK) Charitable Trust
Independent Examiner's Report to the trustees of Manglibai Haridas Khiara (UK) Charitable Trust
I report to the trustees on my examination of the accounts of Manglibai Haridas Khiara (UK) Charitable Trust for the year ended 5 April 2024.
Responsibilities and basis of report
As the charity trustees of Manglibai Haridas Khiara (UK) Charitable 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 Manglibai Haridas Khiara (UK) Charitable Trust's accounts carried out under section 145 of the 2011 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 material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
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accounting records were not kept in respect of Manglibai Haridas Khiara (UK) Charitable Trust as required by section 130 of the Act; or
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the accounts do not accord with those records; or
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the accounts do not comply with the accounting 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.
...................................... Keith Powers FCA AIMS Accountants for Business Institute of Chartered Accountants in England and Wales
51 Burridge Raod Southampton SO31 1BY
6 March 2025
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Manglibai Haridas Khiara (UK) Charitable Trust
Statement of Financial Activities for the Year Ended 5 April 2024
| Note Income and Endowments from: Investment income 2 Total income Expenditure on: Charitable activities Total expenditure Net income Net movement in funds Reconciliation of funds Total funds carried forward 7 Note Income and Endowments from: Investment income 2 Total income Expenditure on: Charitable activities Total expenditure Net income Net movement in funds Reconciliation of funds Total funds carried forward 7 |
Unrestricted funds £ 50,246 50,246 (7,324) (7,324) 42,922 42,922 42,922 Unrestricted funds £ 3,879 3,879 (1,617) (1,617) 2,262 2,262 2,262 |
Total 2024 £ 50,246 |
|---|---|---|
| 50,246 | ||
| (7,324) | ||
| (7,324) | ||
| 42,922 | ||
| 42,922 | ||
| 42,922 | ||
| Total 2023 £ 3,879 |
||
| 3,879 | ||
| (1,617) | ||
| (1,617) | ||
| 2,262 | ||
| 2,262 | ||
| 2,262 |
All of the charity's activities derive from continuing operations during the above two periods. The funds breakdown for 2023 is shown in note 7.
The notes on pages 9 to 12 form an integral part of these financial statements. Page 7
Manglibai Haridas Khiara (UK) Charitable Trust
(Registration number: 1129543) Balance Sheet as at 5 April 2024
| Note Current assets Cash at bank and in hand 6 Provisions Net assets Funds of the charity: Unrestricted income funds Unrestricted funds Total funds 7 |
2024 £ 1,415,207 (960) 1,414,247 1,414,247 1,414,247 |
2023 £ 1,371,325 - |
|---|---|---|
| 1,371,325 | ||
| 1,371,325 | ||
| 1,371,325 |
The financial statements on pages 7 to 12 were approved by the trustees, and authorised for issue on 6 March 2025 and signed on their behalf by:
......................................... GPJ Khiara Secretary and trustee
The notes on pages 9 to 12 form an integral part of these financial statements. Page 8
Manglibai Haridas Khiara (UK) Charitable Trust
Notes to the Financial Statements for the Year Ended 5 April 2024
1 Accounting policies
Statement of compliance
The financial statements have been prepared in accordance with the second edition of the Charities Statement of Recommended Practice issued in October 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and the Charities Act 2011.
Basis of preparation
Manglibai Haridas Khiara (UK) Charitable Trust meets the definition of a public benefit entity under FRS 102. The accounts (financial statements) have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant note(s) to these accounts.
Going concern
The trustees consider that there are no material uncertainties about the charity's ability to continue as a going concern.
Income and endowments
Investment income
Interest on investments is recognised on receipt.
Expenditure
All expenditure is recognised once there is a legal or constructive obligation to that expenditure, it is probable settlement is required and the amount can be measured reliably. All costs are allocated to the applicable expenditure heading that aggregate similar costs to that category. Where costs cannot be directly attributed to particular headings they have been allocated on a basis consistent with the use of resources, with central staff costs allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use. Other support costs are allocated based on the spread of staff costs.
Charitable activities
Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.
Grant provisions
Provisions for grants are made when 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.
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Manglibai Haridas Khiara (UK) Charitable Trust
Notes to the Financial Statements for the Year Ended 5 April 2024 (continued)
Support costs
Support costs include central functions and have been allocated to activity cost categories on a basis consistent with the use of resources, for example, allocating property costs by floor areas, or per capita, staff costs by the time spent and other costs by their usage.
Governance costs
These include the costs attributable to the charity’s compliance with constitutional and statutory requirements, including audit, strategic management and trustees meetings and reimbursed expenses.
Taxation
The charity is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the charity is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Fund structure
Unrestricted income funds are general funds that are available for use at the trustees discretion in furtherance of the objectives of the charity.
2 Investment income
| Interest receivable and similar income; Interest receivable on bank deposits Total for 2024 Total for 2023 |
Unrestricted funds General £ 50,246 50,246 3,879 |
Total funds £ 50,246 |
|---|---|---|
| 50,246 | ||
| 3,879 |
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Manglibai Haridas Khiara (UK) Charitable Trust
Notes to the Financial Statements for the Year Ended 5 April 2024 (continued)
3 Expenditure on charitable activities
| Note Grant funding of activities Governance costs Total for 2024 Total for 2023 |
Unrestricted funds General £ 6,364 960 7,324 1,617 |
Total funds £ 6,364 960 |
|---|---|---|
| 7,324 | ||
| 1,617 | ||
| Total expenditure £ |
4 Analysis of governance and support costs
Governance costs
| Independent examiner fees Examination of the financial statements |
Unrestricted funds General £ 960 960 |
Total 2024 £ 960 |
|---|---|---|
| 960 |
5 Taxation
The charity is a registered charity and is therefore exempt from taxation.
6 Cash and cash equivalents
| Cash at bank Short-term deposits |
2024 £ 3,636 1,411,571 1,415,207 |
2023 £ 10,000 1,361,325 |
|---|---|---|
| 1,371,325 |
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Manglibai Haridas Khiara (UK) Charitable Trust
Notes to the Financial Statements for the Year Ended 5 April 2024 (continued)
7 Funds
| 7 Funds |
||||
|---|---|---|---|---|
| Unrestricted funds General Unrestricted funds General |
Balance at 6 April 2023 £ 1,371,325 Balance at 6 April 2022 £ 1,369,063 |
Incoming resources £ 50,246 Incoming resources £ 3,879 |
Resources expended £ (7,324) Resources expended £ (1,617) |
Balance at 5 April 2024 £ 1,414,247 |
| Balance at 5 April 2023 £ 1,371,325 |
8 Analysis of net assets between funds
| Current assets Provisions Total net assets Current assets |
Unrestricted funds General £ 1,415,207 (960) 1,414,247 Unrestricted funds General £ 1,371,325 |
Total funds at 5 April 2024 £ 1,415,207 (960) |
|---|---|---|
| 1,414,247 | ||
| Total funds at 5 April 2023 £ 1,371,325 |
9 Related party transactions
There were no related party transactions in the year.
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Manglibai Haridas Khiara (UK) Charitable Trust
Statement of Financial Activities by fund for the Year Ended 5 April 2024
| Total | Total | |
|---|---|---|
| Unrestricted | Unrestricted | |
| Funds | Funds | |
| 2024 | 2023 | |
| £ | £ | |
| Income and Endowments from: | ||
| Investment income | 50,246 | 3,879 |
| Total income | 50,246 | 3,879 |
| Expenditure on: | ||
| Charitable activities | (7,324) | (1,617) |
| Total expenditure | (7,324) | (1,617) |
| Net income | 42,922 | 2,262 |
| Reconciliation of funds | ||
| Total funds carried forward | 42,922 | 2,262 |
This page does not form part of the statutory financial statements. Page 13