Company registration number. 07973780 Charity registration number. 1142618 DVS Foundation (A Company IEmited by guarantee) Annual Report and Flnanclal Statements for the Year Ended 31 March 2025
DVS Foundation Contents Referencè and Administrative Details Trustees, Report 2to3 Statement of Trustees. Responsibilities Independent Exarnlnerfs Report Statement of Flnanclal Activities Balance Sheat Notes to the FirAncial Statements 81016
DVS Foundation Reference and Administrative Details Chlgf Executlve Officer MrDVShah Trustees Mrs R Shah MrDVShah MrPDShah Charlty Reglstratlon Number 1142618 Company RagF8tratlon Numbor 07973780 Prfn¢lpal Offke DVS House 4 Spring Villa Road Spring Vlla Park Edgware Middlesex HA8 7EB Page 1
DVS Foundatlon Trustees. Report The trustees, who are directors for the purposes of company law, present the annual report together with the financial statements of the charitable company for the year ended 31 March 2025. ObJectlv68 and actlvltles Publlc beneflt General charitable purposes for preventlon or rell8f of povarty, overseas aid. and famine relief for children, young people. and the èlderly. The trustees confimi that they have complled with the requirements of section 17 of the Charities Act 2011 to hav8 due regard to the publSc benefit guidance pub118hed by the Charity Commission for England and Wales. 8tructure, governance and management Flnanclal Instrumonts Objecd5 and pollcles The chariV8 activities expose li to a number of financial rlsks Includlng credit ri8k, cash flow risk and Ilquidlty rlsk. The use of financial derivatives is governed by the charity's policies approved by the board of trustees, whfch provide written prIncIpS on the use of financial derivatives to manage the8e risks. The charity does not use derlvative financial instruments for speculative purposes. Cash flow rfsk The Charty's activitles expose it prfmarlly to the financlal risks of changes In forelgn currency exchange rates and Interest rates. The charity use8 foreign exchange forward contracts and interest rate swap contracts to hedge these exposures. Intere8t bearing assets and liabilitle8 are held at fixed rate to ensure certainty of cash flows. Credlt rlsk The charity's prlncipal financial assets 8r8 bank balances and cash, trade and other receNables. and investments. The charity's credit risk is prirnarily attributable to its trade receivables. The amount8 presented in the balance sheet are net of allowances for doubtful receivables. An alk)wance for Impairment is made wher6 there is an identlfbd loss event which, based on prevk)us experience, is evidence of a reduction in the recoverablllty of the cash flows. The credit risk on IKiuid funds and derivative financial instruments Is Ilmited because the counterparties are banks with hh credit-ratings assiqned by international Gredit-rating agencies. The charity has no signiflcant concentratlon of credit risk, with exposure spread over a Large number of counterparties and customers. Llquldity risk In order to maintsin liquidity to énsurè that sufficient funds are available for ongolng operation8 and future devebpments, the charity uses a mixture of long-tem and short-term debt finance. Further details regarding Ilquklty rlsk can be found in the Statement of accounting policies in the financial statements. Page 2
DVS Foundation Trustees, Report Ttr annual report vras approved by the trustees of the charity on 18 December 2025 and signed on Its behalf by: Mr P D Siiah Trustee Page 3
DVS Foundation ststement of Trustees. Responsibilities The trustees (who are also the dlrectors of DVS FourKlation for the purposes of company law) ar8 responsible for preparing the trustees, report arKI the financial statements in accordance with applicable law and United Kingdom Accounting Standards {Unrted Kingdom Generally Accepted Accounting Praclice), including FRS 102 Tr Financial Reporting Stsndard applicable in the UK and Republic of Ireland" Company law requires the trustees lo prepare finar£ial statements for each flnancial year. Under company law the trustees must not approve the financial sL*ements unless Ihey are satisfied that they give a true and fair view of the state of affairs of the charitable company and of the incoming resources and appltcation of resources, including rts income and expenditure. ol the chariiabl8 company for that period. In preparing these financial statements. trustees are required to: select suitable accounting policies and appty them cortsistently: obseNe the methods and principles in the Chariti8s SORP: make judgements and estimates that are reasonable and prudent: state whether applicabb accounting standa1$. comprising FRS Iir2 have been followed, subject to any material departures disclosed and explaird In the financial statements: and prepare the financial statement8 on the going concern basis unless it is inappropriate lo presume thal the charilable company will continue in business. The trustees are responsible for keeping proper accounting records that dlsclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial staternents comply wilh the Companies Act 2006. They are also responsible for safeguarding the assets of the charitsble company and hence for taking reasonable steps for the preventron and detectton of fraud and other iffegularities. The trustees are responsibkq for the maintenance and integrity of the corporate and financlal lrfonnatbn Sncluded on the charitable companys website. Legislation governing the preparation and disseminatlon of financial statements may differ from legislation In other jurisdict4)rts. Approved by the trustees of the charty on 18 December 2025 and swned on ils behalf by: MrPDShah Truslee Page 4
DVS Foundation Independent Examinerfs Report to the trustses of DVS Foundation {'the Company.) I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 March 2025. Responsibilities and basls of report As the charity's trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 {'the 2006 Act,). Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination. I report in respect of my examination of your charity's accounts as carrled out under section 145 of the Charities Act 2011 {'the 2011 Act,). In carrying out my examination I have followed the Directlons given by the Charity Commission Urer section 145(5)(b) of the 2011 ACL Independent examiner's statement I have completed my examination. I confim thal no matters have come to my attention in connectton with the examination giving me cause to believe: 1. accounting records were not kept in respect of DVS Foundation as required by section 386 of the 2006 Act; or 2. the accounts do not accord with those records; or 3. the accounts do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a 'true and fair vievl which is not a matter considered as part of an independent examination. or 4. the accounts have not been prepared in accordance 1th the methods and principlès of the Statement of Recommended Practice for accounting and reporting by charities lapplicable to charities preparing their accounts in accordance wilh the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)]. I have no concerns and have come across no other matters in connection with the èxamlnation to which attention should be drawn in this report in order lo enab a proper understanding of the accounts to be reached. Ik(1klnto1l L Jigna Dave. FCCA Stanmore kcountants Ltd 25 Rocklands Drive Stanmore Middlesex HA7 2JD 18 December 2025 Page 5
DVS Foundation ststement of Financial Activities for the Year Ended 31 March 2025 (Including Income and Expenditure Account and Ststement ofTotsl Recognised Gains and Losses) Total 2025 Total 2024 Nots Income and EndoY•Tnents from: Donations and legacbes Investment income 123,000 150,173 28 Total income 123,034 150,201 Expendlturn on: Charitable activities Other experKliture Total expenditure Net incomel(eyperKliture) Net movemenl tn funds {101.454) 19.471 (120,594) 29,931 120,925 150,525 324 1109 (324) Reconciliation of funds Total funds browJht foThva Total funds carried foNArd 508 11 2.293 All of charity's activities derive from continuing c4)erations durir¥J the above two periods. The funds breakdown for 2024 is shown in note 11. The notes on pages 8 lo 16 form an integral part of these financial statements. Page 6
DVS Foundatlon (Registration number: 07973780> Balance Sheet as at 31 March 2025 2025 2024 Note Current assets Cash at bank and in hand 2,474 2,262 2,078) Creditors: Amounts falling due within one year Net assets (181) 2,293 Funds of the charity: Unrnstrictsd income funds Unrestricted funds 2.293 Total funds 2,293 For the financial year ending 31 March 2025 the charity was entitled to exemption from audit under section 477 of the Companies Act 2006 relatlng to small companies. Directors, responsibilities: The members have not required the charity to obtain an audit of its accounts ft)r the year in question in accordance with section 476., and The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the prepardtion of accounts. The financial statements on pages 6 to 16 Vre approved by the trustees, and authorised for issue on 18 December 2025 and signed on their beh8tF by: IrPDShah Trustee The notes on pages 8 to 16 fonn an integral part of these financial statements. Page 7
DVS Foundation Notes to the Financial Ststements for the Year Ended 31 March 2025 1 Charity status The charity is limited by guarantee. incorporated in England and Wales, and consequently does not have share capital. Each of the trustees is liable to contribuie an amount not exceeding £10 towards the assets of the charity in the event of liquidation. The address of its registered office is: DVS House 4 Spring Villa Road Spring Villa Park Edgware Middles6X HA8 7EB These financlal statements were authorised for issue by the trustees on 18 December 2025. 2 Accountlng pollcles Summary of signifant accountlng policies and key accountlng estimates The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistentty applied to all the years presented. unless otherwise stated. Statement of compliance The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice (applicable to charities preparing thetr accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)) (issued October 2019) - (Charities SORP {FRS 102)), the Financial Reporting Standard applicable in the UK and Republrc of Ireland (FRS 102) and the Companies Act 2006. Bas1$ of preparation DVS Foundation meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initialty racognised at historical cost or transaction value unless otherwise stated in the relevant accounting pollcy notes. Going concem The trustees consider that there are no material uncertainties about the charitls abiliiy to continue as a going concem nor any significant areas of uncertainty that affect the carying value of assets hekl by the charity. Exemption from preparlng a cash flow statement The charity opted to early adopt Bulletin 1 published on 2 February 2016 and have therefore not included a cash flow statement in these financial statements. Page 8
DVS Foundation Notes to the Financial Ststements for the Year Ended 31 March 2025 Income and endowments All incwie is recognised once the charity has entitlement to the income, it is probable that the income will be received and the amount of the income receivable can be measured reltably. Donatlons and legaeles Donations a recognised wh8n th8 charity has been notified in writing of both the amount and settlement date. In the event that a donation is subject to conditions that require a level of perfomiance by the charty before the charrty is entitled to the funds, the income is deferred and not recognised until either those conditions are fully met. or the fulfilment of those conditior6 is wholly wrthin the control of the charity and it is probable that these conditions will be fulfilled in the reporting period. Legacy gifts are recognised on a case by case basis following the grant of probate when the administratorlexecutor for the estate has communicated in writing both the amount and settlement date. In the event that the gfft is In the fonn of an asset other than cash or a financial asset traded on a recognised stock exchange. recognition is subject to the value of the gift being reliably measureable with a degree of reasonable accuracy and the title to the asset having been transferred to the charity. Investment Income Dividends are rewgnised once the divKlend has been declared and notification has been received of the divtdend due. Expendlture All expendbture is recognised once there is a legal or constructive oblwJation to thal expenditure. it is probable settlement required and the amount can be measured r81iably. 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. Charftable actlvltles Charitable exp8ndilure comprises those cost5 incurred by the charity in the delivery of its acttvities and seNrces 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 pmvlslons Provlslons for grants are made vthen the intention to make a grant has been communicated to the recipient but Ihere is uncertainty about either the timing of the granl or Ihe amount of grant payable. Page 9
DVS Foundation Notss to the Financial Statements for the Year Ended 31 March 2025 Taxatlon The charity is considered to pass the tests set out in Paragraph 1 Schedu18 6 of the Finan 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 equlvalents Cash and cash equivalents comprise cash on hand and call deposits, and other short-tenn 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 chartty. Pensions and other post rètlrnmènt obllgatlons The charty operates a defined contribution pension scheme which is a pension ptan under which ftxed contributions are paid into a pension fund and the chanty has no tegal or constructive obligation to pay further contrtbutions even if the fund does not hold sufficient assets to pay all employe6S the benefits reLgting to employee service in the current and prior periods. Contributions to defined contribution plans are recognised in the State of Financtal Activities when they are due. If contribution payments exceed the contribution due for servi, the excesss is recognised as prepayment. Flnanclal Instruments Classlflcatlon Financial assets and financial liabilities are recognised when the charity becomes a party to the contractual provisrons of the instrument. Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equty instrument is any contract that evidences a residual interest in the assets of the charity after deducting all of its liabilittes. Pag8 10
DVS Foundation Notes to the Financial Statements for the Year Ended 31 March 2025 R•eognltlon and measurement All financial assets and liabilities are initially measured at transaction price (including transaction costs). except for those financlal assets classlfied as at fair valu8 through profit or loss. which are initially measured at fair value (which is nomally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument, Financial 89S8ts and liabllities are onty offset in the Statement of financial position when, and only when there exlsts a legally enforceable right to set off the recognlsed amounts and the charlty intends etther to settle on a net basis, or to realise the asset and setue the liabilty swnullaneously. Flnancial assets are derecognlsed when and only when a) Ihe contractual rights to the cash flows from the financlal asset expire or are settled, b) the charty transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or c) the charity, despite having retained some. but not a51, Significant risks and rewards of ownershlp, has transferred control of the asset to another paty, Financial liabllltle8 are derecognised only when the obllgation specffied in the contract Is dlscharged, cancelled or expires. Page 11
DVS Foundation Notes to the Financial Statements for the Year Ended 31 March 2025 Debt instruments Debt instruments which meet the folknving conditrons are subsequently measured at amortised cost using the effective interest metrK)d: {a) The contractual return lo the holder ts (i) a fixed amount: (i)i a positive fixed rate or a positive variable rate; or (iii) a comb1rt#jn of a positive or a Wive fwed rate and a positive Variab fate. (b) The contract may provide for repayments of the principal or Ihe retum to the hokler (bui not both) to be linked to a single relevant obseNable index of general prrk infiatton of ttrE currency in vthich the debt instrument is denorninated. provKled such links a not leveraged. (c) The contract may provide for a detem)Inab variation of the return to the hokler during the lrfe of ttr instrument, provided that (i) the new rate satisfEs conditton (a) and the variation is not contingent on future events othèr than (1) a change of a contractual variable rate" {2) to protect the holder against credlt deterioration of the issuer. {3) changes in levies applied by a central bank or arising from changes in relevant taxation or law: or (li) new rate is a market rate of interest and satisf$ condition (a). (d) There is contractual provision that could. by its temis, resull in the h)Ider losing the prlnclpal amount or any interest attributable to current period or prior periods. (e) Contractual provisions that pennit the issuer lo prepay a debt instrument or pemit holder to put it back to the issuer befo maturity are not contingent on future events. other Ihan to protect the holder against the credit deterioration of the issuer or a change in control of the issuer. or lo protect the holder or issuer against changes in levies appr1 by a central bank or arising from changes in relevant taxation or (Q Contractual provisions may pernrt the extension of the temi of Ihe debt instrument. provided that the return to the holder and any other contractual provisN)ns applicable during ihe èxtended tenn satisfy the Conditions of paragraptts (a) to {c). Debt instruments that are classified as payable or receiva)le within one year on initial recognitton and which meet the above conditions are measured at the undiscounted amount of cash or other consideration expected to be paid or received. net of impairment. With the exceptK)n of some hedging instruments. otrr debl irtstrum8nts nol meetirKJ tse conditions are measured at fair value through profrt or loss. Commitments to make and receive loans which meet the conditions merrtioned above a measured at cost (which may be nil) less impairmenL Page 12
DVS Foundatlon Notes to the Financial Statements for the Year Ended 31 March 2025 Investments Investments in non-convertible preference shares noTrputtable ordinary or preference shares (where shares are publicly traded or their fair value is reliably measurable) are measured at fair value through profit or loss. Where fair value cannot be measured reliabiy. investrnents are measured at cost less impaimient. Investments in s811anes and associates are measured at cost less impaiment. For investments In subsidiaries acquired for consideratron including issue of shares qualfying for merger reltef, cost is measured by reference to nominal value of the shares issued plus frdir value of other considerdtion. Any premium 15 wnored. Derlvadve Ilnanclal Instruments The charity uses derivative financial instruments to reduce exposure lo ft)reign exchange risk and intsrest rale movements. The Chanty d¢)es rK>t hold or issue derivatNe financlal instnrnents for 8peculativ• purp08e8. Derivatives are initialty recognised at falr value at the date a derivatlve contract i¥ entered Snto and are subsequently remeasured to their fair value at each reporting date. The resultirvJ gain or loss is fecognised in statement of financial activities trnmedialely unless the derpiatfve is designated and effectlve a8 a hedging instrum8nt. in whh event the timing of the recognrtion in statement of flnanclal actSvitles depends on the nature of the hedge relationship. Falr valu• measurement The best evidence of fair value is a quoled prke for an identical asset in an active rnarf(8t. When quoted prices are unavailable, the prKe of a recent transaction for an Ident81 asset provides evKlerKe of fair value as bng as there has not been a signifant change in econc*nic circumstances or a signrficant lapse of time slnce the transaction took place. If the market is not active and recent transactions of an identtcal asset on thelr own are not a good ests'mate of fair value, the fair value is estimated by using a valuation technique. Page 13
DVS Foundation Notes to the Flnanclal Statements for the Year Ended 31 March 2025 3 Income from donatlons and legacles Unrestrlcted fund8 General Total 2025 Donatrons and legacies., Donatlons from companies, trusts and similar proceeds 123,000 123,000 123,000 123,000 Unrestrlctsd funds Goneral Total 2024 Donallons and legacies; Donatlons from companie8. trusts and Similai proceeds 150.173 150,173 150 173 4 Investment Incomo Unrestrlctsd funds Gonoral Total funds Intere8t receivable and simllar income; Interest racelvable on bank deposSt8 Totsl for 2026 Total for 2024 28 28 Page 14
DVS Foundatlon Notes to the Financial Ststements for the Year Ended 31 March 2025 S Expenditure on charltable actlvities Unrestrkted funds General Total 2025 Granls, award5 and donations 101,454 101.454 Unrestrlctod funds General Total 2024 Granls. awards and donations 120,594 120.594 6 Other expenditure Unrestricted funds General Total funds Staff costs Wages and salaries Pension costs Other resources expended Total for 2025 17,949 259 1.263 17,949 259 1,263 19.471 19,471 Total for 2024 29.931 29,931 7 Taxatlon The charity is a registered charity and is therefore exempt from taxation. 8 Cash and cash equivalents 2026 2024 Cash al bank 2,474 2.262 Pag8 15
DVS Foundatlon Notes to the Financial Ststements for the Year Ended 31 March 2025 9 Credltors: amounts falllng due wlthln one year 2025 2024 Olh8r taxation and social security Other creditors 676 181 181 2,078 qo Penslon and other sGh•me8 Deflned contrlbutlon ponslon 8¢heme The charty operates a defined contributK)n pension scheme. The pen8ion cost charge for the year ropresents contrfbutlon8 payable by the charity to the 8cheme and amounted to £259 {2024 - £655). 11 Funds Balance at 1 Aprll 2024 Incomlng resources R•sources expended Balanc• at 31 March 2026 Unr•strf¢tsd funds General 123.034 120.925 8alan¢e at 1 Aprll 2023 Incomlng resources R•8our¢e$ expended Balance at 31 March 2024 Unre8trf¢ted funds General 150,201 150.525 Page 16