Company registration number.. 08512238 Charity registration number.. 1153797 THE MAHINDRA FOUNDATION UK (A company limited by guarantee and registered charity) UNAUDITED TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2021
THE MAHINDRA FOUNDATION UK IA cornpany limited by guarantee and registered charity) CONTENTS Page Reference and admlnlytratlve detalls of the Charlty. tts Trustees and advlsers Trustees, report Independent examlnerfs report Statement of financlal act1vl•S Balanc8 sho81 Notes to the flnanclil ytstements 9-17
THE MAHINDRA FOUNDATION UK IA cornpany limited by guarantee and registered charity) REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITh, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 MAY 2021 Tru$toas Ms Aalika Mahindra Mr Anand Gopal Mahindra Mr Bharal Narotsm Doshi Mr Zhooben Dossabh8y BhwAndiwala Ms Sheelal Mehta Company reglstered number 08512238 Charfty reglstgred number 1153797 Reglstered offlce 6th Floor 2 London Wall Place London EC2Y SAU Indgpondent Examlnor Yggan Patel FCA MHA Maclntyre Huds Chartered Accounlanls 2 London Wall Place London EC2Y SAU Bank•r¥ HSBC Bank PIC PO Box 125 2nd Floor 62-76 Park Street London SE19DZ Page 1
THE MAHINDRA FOUNDATION UK IA cornpany limited by guarantee and registered charity) TRUSTEES. REPORT FOR THE YEAR ENDED 31 MAY 2021 The Trustees present their annual reix)rt logelher Vth the finanual slatemenls of the Charty for the year 1 June 2020 to 31 hAay 2021. The Annual report serves the purposes of both a Trustees. report and a directors. report under company law. The Trustees confirm that the Annual report and financial slalemenls of the eharilable company comply with the current stslulory requirements, the requirements of the charitable company's governing document and the provisions of the Slalemenl of Recommended Practice ISORPI applicable lo charities preparing their accounls in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS102) leffeclive 1 January 20191. Since the Charity qualifies as small under section 382 of the Companies Act 2006, the Strategic report required of medium and large companies under the Companies Act 20C6 Istrategic Report and Directors, Report) Regulats'ons 2013 has been omitted. Oblectlves and actlvltles 4. Pollclo¥ and oble¢tlv The objectives of the Chanty, as per its g)veming document and for the ftjrtherance of public benefit, are specifically restricted lo the advancement of education, in particular bul Mlhoul limilalion lo, the education of girls in India and without prejudice to the generality of Ihe foregoing, any olh8r purpose$ that are exclusively eharilable under the law of England and Wales. b. Grant Maklng Pollcy The Charity raises funds lo provide grants in accordance ils obj'ects. The Trustees meet fomially during the year to consthr and avrdrd grant applications in light of these objects and lo further develop the Charity's focus. The Trustees have reviewed their granl-making policy in light of the Equality Act 2010 and consider that il is compliant with the Act. The Trustees are satisfied that their policy dces not unlawlully discriminate against applicants with protected characteristics or in any way contravene the provisions of the Equality Act 2010. e. Publlc Beneflt The Trustees have read and are mindful of the public benefit statements issued by the Charity Comrnission and confirm that they have referred to the guidance contained therein when considering the Charity's aims and objectives and in planning current and ftrture activrties and grant making policies. Achlevements and perforniance . Review of Activities and Achievements During the year, the Trustees approved a grant commitment of up to £65,000 which is expected to be paid lo the K C Mahindra Education Trust in India in the followng financial year12020 - £65,000}. The grant Is 10 provide educational support lo underprivileged gids in India as part of Project Nanhi Kali. Page 2
THE MAHINDRA FOUNDATION UK IA cornpany limited by guarantee and registered charity) TRUSTEES. REPORT {CONTINUEDI FOR THE YEAR ENDED 31 MAY 2021 Achlgvements and pgrfonnance Icontlnuedl b. COVID-19 Given the nature of the Charity, the Trustees do not anticipate any material impact on its current or future activities as a result of coronavirus (Cov119). The Charity will contsnue lo WQTk in accordance with ils objects through the provision of grant funding. Don81ions to the Mahindra Foundation UK have fallen since the start of the pandemic due lo fijnds from regular donors being channelled elsewhere". however. as the commitments of the Mahindra Foundation UK are minimal and the Charity holds sufficient general reserves as al 31 st May 2021, this decrease is not considered to affed the Charity's going Concern statu$ or ils financial sustainability. Flnanclal rovlew A. Golng conc•rn After rnaking appropriate enquiries. the Trustees have a reasonable expectation that the Charity has adequate resources lo continue in operational existence for the foreseeable ftrture. For this rea59n, they continue lo adopt the going concern basis in prepanng Ihe financial statements. Further details regarding the adoption of the going eoncern basis can be found in the accounts.ng Wiaes. b. Rl¥k Managemgnt The Trustees have a dLty lo identify and review the risks lo vh)ich the Charity is exposed and lo ensure appropriate controls are in place to provide reasonable assurance against fraud and error. c. Flnanclal Revlew During the period the Charity received totsl income of £59,278 {2020 - £70.8201. Of this, donations from individuals lotalled £57,653 12020 - £68,745). Gift aid lax re1¥able in the year was £1,602 12020.. £2,0751 with gift aid tax recoverable al the yearnd being £4.35912020 - £2,734). Totsl expenditure was £6,21812020 £71.8701, including grant expendrture of £Nil 12020 - £65.0001. The nel income for the period came lo £53,060 12020 - nel expenditu £1.050}. The total funds al the yearnd include designated reserves of £104,608 al 31 May 2021 12020- £51.5481. d. Reserves Policy The policy of the Trustees is to retain sufficient fvrKls to al least meet all fijture committed grants, with the intention to distribute its funds as soon as is reasonably possible. The reserves of £104,60812020 - £51,5481 held al the year enLI were considered by the Trustees as being salisfadory to meet all futu obligations. The Trustees maintain a designated fijnd for Project Nanhi Kali. Eath year the Trustees consider the general funds of the Charity and allocate an appropriate sum to be utilised in the following financial periods. Page 3
THE MAHINDRA FOUNDATION UK IA cornpany limited by guarantee and registered charity) TRUSTEES. REPORT {CONTINUEDI FOR THE YEAR ENDED 31 MAY 2021 Structur&. govgmancg and managenwnt a. Constltutlon The Charity was incorporated on 1 May 2013 and is a Company Limited by Guarantee registered with the Registrar of Companies for England and Wale5 (Registration number 085122381 and is a Charity registered with the Charity Commission (Regislralion number 11537971. The Charty Is governed by ils Memoiandum and Articles of Association. b. Selectlon. Inductlon and Tralnlng of Trustees The management of the Charity is the responsikn'lity of Truslees vtho are elected and cLkopled under the terms of the Artides of Association. The Trustees, as per the Reference ar Administrative Details on page 1, have served for the duration of the financial period and We appointed on incorporation. Given the above, no policies and procedures have b8en fomially adopted by the Charity for the recruilmenl and indudion of Charity Trustees. Hovwer, the Trustee$ have l)een made aware of the Charity Commission guidance on the role and responsibilities of Trustees and seek further advice as required. The training requirements of the Trustees are also considered on an ongoing basis. Proparatlon of the Roport This report has been prepared tsking advantage of the small mpanIeS exemption of the Companies Act 20C6. Page 4
THE MAHINDRA FOUNDATION UK IA cornpany limited by guarantee and registered charity) TRUSTEES. REPORT {CONTINUEDI FOR THE YEAR ENDED 31 MAY 2021 Statemfrnt of Trustees. re$ponslbllltles The Trustees Iwho are also the directors of the Charity for the wtposes of company lawl are responsible for preparing the Trustees. report and the financial slalements in accordance with applicable law and United Kingdom Accounting Standards (United kn'ngdom Generally Accepted A¢ntIng Praclicel. Company law requires the Trustees lo prepa finanaal slalements for each financi81 year. Under company law, the Trustees musl not approve the financial ststements unless they are satisfied that they give a true and fair view of the stsle of affairs of the Charity and of ils incoming resources and application of resources, including ils income and expenditure. for that period. In preparing these financial $tstements, the Trustees are required to.. select suitable accounting policies and then appty them ¢onsisterrtly'. observe the methods and principles of the Charities SORP IFRS 1021.. make judgments and accounbng estimates that are reasonable and prudent., stsle whether applicable UK Accounting Slandar(Js IFRS 1021 have en followed, subject lo any material departures disdosed and explained in the financial stalemenls., prepare the financial slalemenls on the gng concem basis unless it is inappropriate to presume that the Charity will continue In operation. The Trustees are responsible for keeping adequate accounting records that are sufficient lo show and explain the Charty's transactions and disdose reasonable accuracy al any time the financial position of the Charity and enable them to ensure that the financial slatemenls comply wlh the Companies Act 2006. They are also responsible for safeguarding the assets of the Charty and herKe for taking reasonable steps for the prevention and detection of fraud and other irregularities. Approved by order of the members of the board of Trustees Al signed on their behalf by.. SHEETAL KAPAL MEHTA- Ms Sheetal Mehta Trustee Dale." 28 February 2022 Page 5
THE MAHINDRA FOUNDATION UK IA cornpany limited by guarantee and registered charity) INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 MAY 2021 Independont examln8rf$ rgport to the Tru$tg8s of The Mahlndrn Foundatlon UK I'the Charlty'l I report to the charity Trustees on my examination of the atLounls of the Charity for the year ended 31 May 2021. Responslbllbtles and basls ot report As the Trustees of the Charity land its direthrs for the purposes of company lawl you are responsible for the preparation of the accounts in xcordance %lh the requirements of the Companies Ad 20061'the 2006 Acl'l. Having satisfied myself that the accounts of the Charity a 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 the Charity's accounts carried OLrt under seth'on 145 of the Charities Ad 2011 Ilhe 2011 Acl'l. In carrying out my examination I have followed the Diredions given by the Charity Commission under section 14515llbl of the 2011 Aet. Indopondent examlnerfs stst•men¢ I have completed my examination. I confim that no malters have come to my attention in connection with the examination giving me cause to believe.. accounting records were not kept in SpeCt of the Charity as required by section 386 of the 2006 Act,, or the accounts do not accord wlh those records." or the a¢unIS do not comply wlh the aoUntIng requirements of section 396 of the 2008 Act 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.. or the accounts have not been ppad in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable lo charities pparIng their accounts in accordance wlh the Financial Rep)rting Stsndard applicable in the UK and Republic of Ireland IFRS 1021. I have no concerns and have come across no other matters in connection with the examination lo which attention should be drawn in this report in order lo enable a proper understanding of the accounts lo be reached. Signed." Dated. 1 March 2022 Yogan Patel FCA MHA Maclntyre Hudson, London. EC2Y SAU Page 6
THE MAHINDRA FOUNDATION UK IA cornpany limited by guarantee and registered charity) STATEMENT OF FINANCIAL ACTIVITIES IINCORPORATING INCOME AND EXPENDITURE ACCOUNTI FOR THE YEAR ENDED 31 MAY 2021 Unrestricted funds 2021 Total funds 2021 Total funds 2020 Note Income from: Donations 59.278 59,278 70,820 Totsl income 59,278 59,278 70,820 Expendlturo on: Charitable acty'vilies 6,218 6,218 71,870 Totsl expendlture 6.218 6,218 71,870 Net movement In funds S3.060 53,060 (1,050) Reconclllatlon of funds,. Totsl funds brought forward Net movement in funds 51.548 53,060 51,648 53,060 52,598 fl,050) Totsl funds carrlod forward 104.608 104,608 51,548 The Slalement of financial activities indudes all gains and losses recognised in the year. All income and expendrture derive from continuing activitie$. In 2020, all income and expenditure was to l from UnStricted funds. The notes on pages 9 10 17 fomi part of these financial statements. Page 7
THE MAHINDRA FOUNDATION UK IA cornpany limited by guarantee and registered charity) REGISTERED NUMBER. 08512238 BALANCE SHEET AS AT 31 MAY 2021 2021 2020 Note Current assets Debtor5 Cash 81 bank and in hand 4.359 11M722 2, 734 52,1 109,081 54,884 Creditors.. amounts falling due within one year {4.4731 (3,336) Nel current assets 104,608 51,548 Total nèt assèts 104,608 51,548 Charlty funds Unrestricted funds 104,608 51,548 Total funds 104,608 51,548 The Charity was enth.0d lo exempb'on from audrt under sects'on 477 of the Companies Act 2006. The members have not required the Company to obtsin an audil for the year in que5ts.on in ordance with section 476 of Companies Aet 2006. The Trustees aCknOedge their responsibilrties for complying th the requ1mentS of the Act wth respect lo accounting records and preparatson of financial statements. The financial statements have been prepared in accordan with the provisions applicable to entities subject lo the srnall companies regime. The financial stslements We approved and authorised for issue by the Trustees and signed on their behalf by SHEETAL KAPAL MEHTA-, - Ms Sheotal Mehta Trustee Dale." 28 February 2022 The notes on pages 9 to 17 fom) part of these financial statements. Page 8
THE MAHINDRA FOUNDATION UK IA cornpany limited by guarantee and registered charity) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2021 General Infomiatlon The Mahindra Foundation, UK is a charitsble company limiled by guarantee and is registered wth the Charity Commission Icharity Registered Number 11539791 and Registrar of Companies (Company Registrats'on Number 085122381 in England and Wales. The address of the registered office is given in the Charity infomakn'on on page 1 of these financial stslements. The nature of the Chanty's oper*ions and prinrypal activities are detailed in the Trustees Report. In the event of the Charity being wound up, the liability in respect of the guarantee is limited lo £1 r member of the Charity. The significant accounling polioes applied in the preparats'on ol ihese financial slalemenls are sel out below. These policies have been consistently applied to all years presented unless otherwise staled. Accountlng pollcles 2.1 8asl8 of pr•parntlon of flnanclal statements The financial statements have been prepared in accordance wth the Charities SORP IFRS 1021- Accounting and Reporting by Charitses." Slatement of Recommended Practice applicable lo charities preparing their accounts in ardance with the Financial Reporting Standard applicable in the UK and Republic ol Ireland IFRS 102> (effective 1 January 20191, the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 1021 and the Companies Act 20C8. The Mahindra Foundation UK meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless othe1$8 stsled in the relevant accounting policy. The financial statements are presented in rundS sterling 1¢h is the functional currency of the Charty and rounded to the nea$1 wund. 2.2 Golng concem The Trustees have assessed the going concem and have considered possible events or conditions that might ca51 significant doubt on the ability of the Charity lo continue as a going concem including the impact of coronavirus ICOMD-191. The Trustees have m8de this assessment for a period of al least one year from the date of the approval of these financial slalemenls. The Trustees have concluded that there is a reasonable expectation that the Charity has adequate resources to continue in operational existen for the foreseeable future. The Charity therefore continues to adopt the going conrn basis in preparing ils finanaal statements. Page 9
THE MAHINDRA FOUNDATION UK IA cornpany limited by guarantee and registered charity) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2021 Accountlng poll¢l8s Iconllnued 2.3 Income All income is recognised once the Charity has entillemenl to the income. il is probable that the income will be received and the amount of InMe receivable can be measured reliably. For donations lo be recognised, the Charity will have notified of the amounts and the settlement dale in writing. 11 there are conditions attached lo the donation and this requires a level of perfomiance before enlitlemenl can be obtained. then income is deferred until those conditions are fully mel or the fulfillmenl of those cdItionS is wthin the control of the Charity and il is probable that they will be fvlfilled. Other income is recognised in the period in wthich il is receivable and to the extent the g¢)ods have been provided or on completion of the service. 2.4 Expendlture Expenditure is regniSed once there 13 a legal ¢y construth've obligation lo transfer economi benefit lo a third party, it Is probable that a transfer of economic benefits wll be required in settlement and the amount of the obligation can be measured reliably. ExnditUre is classified by activity. The costs ol each activity are made up of the total of direct costs and shared costs. including support costs involved in undertaking each aclivily. Direct costs attributable lo a single activity are allOted dire¢lly lo that activity. Shared ¢o$l$ which ¢onlribule 19 more than one activity and $upp¢yt costs whith are not attributable to a single adivity are apportioned betsveen those activibes on a basis consistent with the use of resources. Expenditure on charitsble activities is incurred on directty undertaking the activities which further the Charity's objectives. as well as any associated support costs. Grants payable are chargèd in year vthen Ihè offer is made except in those cases where the offer is conditional, such grants being recognised as expenditure when the conditions attaching are fulfilled. Grants offered subject lo conditions whith have not been met al the year end are noted as a commitment. but not accrued as expendrture. 2.5 Taxatlon The Charity is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore Il meets the definition of a charitable company for UK corporation lax purposes. Accordingly, the Charity is potentially exempl from laxalion in SpeCt of income or capital gains received wthin categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Ad 1992, tr) the extent Ihat suth income or gains are applied exdusively to charitable purposes. 2.6 Debtors Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due. Page 10
THE MAHINDRA FOUNDATION UK IA cornpany limited by guarantee and registered charity) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2021 Accountlng poll¢l8s Iconllnued 2.7 Cash at bank and In hand Cash al bank and in hand indudes cash a1 short-lemi highly liquid investments with a short maturity of three months or less from the date of acquisrtion or opening of the deposit or similar account. 2.8 Llabllbtlos and provbslons Liabilities are recognised when there is an obligation at the Balance sheet dale as a result of a past event, il is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement be eslimaled reliably. Liabilities are recognised al the amount that the Charity anticipates il wll pay lo settle the debt or the amount il has received as advanced payments for the goods or services it musl provide. 2.9 Flnan¢lal Instruments The Charity holds lY basic Financial Instruments. Thè financial assets and liabilities of the Charity are as follows.. Oebtors - trade and other debtors lincluding accnjed income} are basic financial instruments and are debt instruments measured al amorti$ed ¢o$l as detailed in Nole 7. Prepayments are not rinancial instruments. Cash al bank- is dassffied as a basic financial instrument and is meaSUd al face value. Liabilities - trade creditors. accruals and other creditors wll be classified as financial inslrumenls, and are measured al amortised $¢ as detsiled in Note 8. Deferred income is not deemed lo be a rinancial liability, as in the cash settlement has already taken place and there is simply an obligation lo deliver charitable services rather than cash or another financial inslrumenl. 2.10 Fund accountlng General fvnds are unrestricled funds which are available for use al the discretion of the Trustees in furtherance of the general objects'ves of the Charity and lch have not been designated for other purposes. Designated funds comprise unrestricted funds that have been sel aside by the Trustees for particular purposes. The aim and use of each designated ftjnd is sel out in the notes to the financial st*ements. Page 11
THE MAHINDRA FOUNDATION UK IA cornpany limited by guarantee and registered charity) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2021 Income from donatlons Unrestricted funds 2021 Total funds 2021 Total funds 2020 Donatlons Donations 57,653 1,602 23 57,653 1,602 23 68, 745 2,075 Gift aid - tsx receivable Gift aid- repayment interest 59,278 69,278 70,820 rol812020 70,820 70,820 Analysls of oxpendlture by charltable actlvltl Support costs Total funds 2021 2021 Advancement of edu¢ic 6,218 6,218 Gr8nt funding lo KCMEr 2020 Support costs 2020 Total funds 2020 Advancement of education 65.1 6,870 Tl,870 Page 12
THE MAHINDRA FOUNDATION UK IA cornpany limited by guarantee and registered charity) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2021 Analysls of expendlture by eharltable activhles {eontlnued Analysls of Support costs Total funds 2021 Tot81 fvnds 2020 GovemancÈ costs 6.218 6,870 Included in Govemance costs are bank tharges of £1,301 12020.. £1.5491, Independent Examiners, remuneration of £3,40512020. £3,336) and accountsncy services of £1,51212020." £1,9851. Indepgndent examlner's remuneratlon 2021 2020 Fees payable to the Charity's independent examiner for the independent examinalion of the Charity's annual accounts Fees payable to the Chanty's independent examiner in respect of.. Accountancy seNices 3,405 3,336 1,512 1,985 Truste•s' rgmungratlon and gxpensos No stsff have been employed by the Charity in the curn1 or prior year and the Trustees are considered lo be the Key Management Personnel. During the year, no Twstees reived any remuneration or other benefits (2020- £NILJ. During the year ended 31 May 2021, no Trustee expense5 have been incurred (2020- £NIL). Page 13
THE MAHINDRA FOUNDATION UK IA cornpany limited by guarantee and registered charity) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2021 Debto 2021 2020 Du• wlthln one year Gift aid lax receivable 4,359 2, 734 4,359 2, 734 Credltors: Amounts falllng due wlthln one year 2021 202Q Trade creditors Accruals 1,071 3,402 3,336 4,473 3,336 Page 14
THE MAHINDRA FOUNDATION UK IA cornpany limited by guarantee and registered charity) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2021 Statement of funds ststement of funds- current year Balance at 1 June 2020 Transfers Balance at Inlloutl 31 May 2021 Income Expendlture Unrg$Irf9d funds Dèslgnatèd funds Project Nanhi Kali 51,648 63,060 104,608 Gènèral funds General Funds S9.278 16.218 163.0601 Totsl Unrg¥trlcted funds 51,648 $9.278 16,2181 104,608 The Mahindra Foundation UK provides a platform to support the education of underprivilegèd girls in India through Projeet Nanhi Kali. These funds provide academic support towards improving learnin9 levels. material support like uniform. bags. 1xkS and hygiene materials so disadvantaged girls can attend school wlh dignity and the required soual support lo enable them to remain in school, Project Nanhi Kali is jointly managed by The K.C. Mahindra Educats'on Trust and Naandi Foundation. Each year the Trustees consider the general funds of the Charity and all¢xale an appropriate Sum lo be ulilised in the followng financial penod. Page 15
THE MAHINDRA FOUNDATION UK IA cornpany limited by guarantee and registered charity) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2021 Statement of lunds Icontlnuedl Statement of funds - prlor year Salan at 1 June 2019 Trnnsfers Balance 81 in/(oul) 37 May 2020 Income Expenditu Unrg$Irf9d funds Dèslgnatèd funds Project Nanhi Kali 52,598 (65.0th9) 63,950 51,548 Gènèral funds General Funds 70,820 {6,870) (63,950? Totsl Unrg¥trlcted funds 52.598 70.820 (71.870) 51.548 10. Analygls of not assets botween funds Analysls of n•t a$ts between lunds - current year Unr8slrlcted funds 2021 Total fund$ 2021 Current assets Creditors due within one year 109,081 14,4731 109,081 14,4731 Total 104,608 104,608 Page 16
THE MAHINDRA FOUNDATION UK IA cornpany limited by guarantee and registered charity) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2021 10. Analysls of net assets between funds leontlnuedl Analys1$ of net assets be90 lunds- prlor year UnTrstiFcled funds 2020 Total funds 2020 Current assets Creditors due thIft one year 54.884 (3,336) 54,884 (3,336) Total 51,548 51,548 11. Rèlated party tran8aetlon8 A Mahindra, B Doshi and S Mehts are Trustees of both The Mahindra Foundation UK and The K C Mahindra Education Trust, a Charily regislered in India. During the year, The Mahindra Foundation UK made an unreslricled grant of £Nil 12020 - £65,000) to The K C Mahindra Education Trust. The grant was lo provide eduealional support to underpnvileged girls in India (see Notè 41. 12. Grant commllments A grant of up to £65,000 lo Project Nanhi Kali was approved by the Trustees during the year but was not paid by the year.end dale. The grant did not meet the cnleria lo be recogni5ed as a liability at the year- end dale, hence the grant is not induded in expendiluie. Page 17