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 2024
THE MAHINDRA FOUNDATION UK (A company limited by guarantee and registered charity) CONTENTS Page Reference and Administrative Details of the Charityi Its Trustees and Advisers Trustees. Report Independent Examiner's Report Statement of Financlal Activities Balance Sheet Notes to the Financial Statements 9-17
THE MAHINDRA FOUNDATION UK (A company limited by guarantee and registered charity) REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 MAY 2024 Trustees Mr Anand Gopal Mahindra Ms Aalika Mahindra Mr Bharat Narotam Doshi Mr Zhooben Dossabhay Bhiwandiwala Ms Sheetal Mehta Company registered number 08512238 Charity registered number 1153797 Registered office 6th Floor 2 London Wall Place London EC2Y SAU Independent Examiner Yogan Patel FCA MHA Chartered Accountants 2 London Wall Place London EC2Y SAU Bankers HSBC Bank PIC PO Box 125 2nd Floor 62-76 Park Street London SE1 9DZ Page 1
THE MAHINDRA FOUNDATION UK (A company limlted by guarantee and registered charity) TRUSTEES, REPORT FOR THE YEAR ENDED 31 MAY 2024 The Trustees present their annual report together with the financial statements of the Charity for the yaar 1 June 2023 to 31 May 2024. 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 statements of the charitable company comply with the current statutory requirements, the requirements of the charitable companls governing document and the provisions of the Statement of Recommended Practice (SORPI applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (effective 1 January 2019). 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 2006 (Strategic Report and Directors, Report) Regulations 2013 has been omitted. Objectives and activities a. Pollcles and objectives The objectives of the Charity, as per its governing document and for the furtherance of public benefit, are specifically restricted to the advancement of education, in particular but without limitation to. the education of girls in India and without prejudi to the generality of the foregoing, any other purposes that are exclusively charitable under the law of England and Wales. b. Grant Making PoliGy The Charity raises funds to provide grants in accordance with its objects. The Trustees meet formally during the year to consider and award grant applications in light of these objects and to further develop the Charity's focus. The Trustees have reviewed their grant-making policy in light of the Equality Act 2010 and consider that it Is compliant with the Act. The Trustees are satisfied that their policy does not unlawfully discriminate against applicants with protected characteristics or in any way contravene the provisions of the EqualityA¢t 2010. ¢. Public Benefit The Trustees have read and are mindful of the publi¢ benefit statements issued by the Charity Commission and confirm that they have referred to the guidan¢e Contained therein when considering the Charitrfs aims and objectives and in planning current and future activities and grant making policies. Achievements and performance Revlew of Activities and Achievements During the year, the Trustees approved a grant of £60.000 (2023 £40.000) to the K.C. Mahlndra Education Trust. The grant is to provide educational support to underprivileged girls in India as part of Project Nanhi Kali. Page 2
THE MAHINDRA FOUNDATION UK (A company limited by guarantee and regislered charity} TRUSTEES. REPORT {CONTINUED) FOR THE YEAR ENDED 31 MAY 2024 Financlal revlew . Going concern After making appropriate enqLriries, the Trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. For this reason. they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the accounting policies. b. Risk Management The Trustees have a duty to identify and review the risks to which the Charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error. c. Flnanclal Review During the year the Charity received total income of £73,228 (2023 £43,138). Of this. donations from individuals totalled £67,524 (2023 - £40,285). Gift aid tax receivable in the year was £5.704 (2023- £2.808) with gift aid tax recoverable at the year-end being £8,532 (2023 £2,828). Total expenditure was £67,021 (2023 £47.646). including grant expenditure of £60,000 (2023- £40,000). The net income for the year came to £6.207 (2023 - net expenditure of £4,508). The total funds at the year-end include designated reserves of £32,932 at 31 May 2024 (2023 - £26, 725). d. Reserves Policy The policy of the Trustees is to retain sufficient funds to at least meet all future committed grants, with the intention to distribute its funds as soon as is reasonably possible. The reserves of £32,932 (2023 - £26,725) held at the year end were considered by the Trustees as being satisfactory to meet all future obligations. The Trustees maintain a designated fund for Project Nanhi Kali. Each 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 (A company limited by guarantee and registered charity) TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 MAY 2024 Structurei governance and management a. Constitution The Charity was incorporated on 1 May 2013 and Is a Company Limited by Guarantee registered with the Registrar of Companies for England and Wales (Registration number 08512238) and is a Charity registered with the Charity Commission (Registration number 1153797). The Charity is governed by its Memorandum and Articles of Association. b. Selection, Induction and Training of Trustees The management of the Charity is the responsibility of the Trustees who are elected and ccFopted under the terms of the Articles of Association. The Trustees. as per the Reference and Administrative Details on page 1, have served for the duration of the financial period and were appointed on incorporation. Given the above, no policies and procedures have been formally adopted by the Charity for the recruitment and induction of Charity Trustees. However, the Trustees have been 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. Preparation of the Report This report has been prepared taking advantage of the small companies exemption of the Companies Act 2006. Page 4
THE MAHINDRA FOUNDATION UK (A company limited by guarantee and registered charity) TRUSTEES. REPORT {CONTINUED) FOR THE YEAR ENDED 31 MAY 2024 statement of Trustees, responsibilities The Trustees (who are also the Directors of the Charity for the purposes of company law) are responsible for preparing the Trustees. Report and the financial statements in accordance with appliGable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Company law requires the Trustees to prepare financial statements for each financial year. Under company law, the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Charity and of its incoming resources and application of resources. inGluding its income and expenditure. for that period. In preparing these financial statements, the Trustees are required to- select suitable accounting policies and then apply them consistently., observe the methods and principles of the Charities SORP (FRS 102): make judgements and accounting estimates that are reasonable and prudent; state whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any material departures disclosed and explained in the financial statements: prepare the financial statements on the going concern 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 to show and explain the Charitls transactions and 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 Companies Act 2006. They are also responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention and deteGtion of fraud and other irregularities. Approved by order of the Members of the Board of Trustees and signed on their behalf by.. DlgStallysigned by SHEEfAL KAPAL MEKTA Date. 2025.02.25 16..02.-15 +os'30' SHEETAL KAPAL MEHTA Ms Sheetal Mehta Trustee Date.. Page 5
THE MAHINDRA FOUNDATION UK (A company limited by guarantee and registered Gharity) INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 MAY 2024 Independent Examiner's Report to the Trustees of The Mahindra Foundation UK ('the Charity.) I report to the Charity Trustees on my examination of the accounts of the Charity for the year ended 31 May 2024. Responsibilities and Basis of Report As the Trustees of the Charity (and tt5 directors for the purposes of company law} you are responsible for the preparation of the accounts in accordance with the requirements of the Companles Act 2006 {'the 2006 Act,). Having satisfied myself that the accounts of the Charity 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 the Charitys accounts carried out under section 145 of the Charities Act 2011 ('the 2011 Act,). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act. Independent Examinerfs Statement I have completed my examination. l Gonfimi that no matters have come to my attention in connection with the examination giving me cause to believe- accounting records were not kept in respect of the Charity as required by section 386 of the 2006 Act: or the accounts do not accord with those records., or Ihe accounts do not comply with the ac¢ounting requirements of section 396 of the 2006 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 prepared in accordance wilh the methods and principles of the Statement of Recommended Practice for accounting and réporting by charities applicable to charities preparing their accounts in accordance with tha 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 examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. Signed.. Dated: /./ Yogan Patel FCA MHA Chartered Accountants 2 London Wall Place London EC2Y SAU MHA is the trading name of Maclntyre Hudson LLP, a limited liability partnership in England and Wales (registered number OC312313). Page 6
THE MAHINDRA FOUNDATION UK (A company limited by guarantee and registered charlty} STATEMENT OF FINANCIAL ACTIVITIES {INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 MAY 2024 Unrestricted funds 2024 Total funds 2024 Total funds 2023 Note Income from: Donations 73,228 73,228 43.138 Total income 73,228 73,228 43,138 Expenditure on: Charitable activities 67,021 67,021 47.646 Total expenditure 67,021 67.021 47.646 Net movement in funds 6,207 6,207 (4,508) Reconciliation of funds: Total funds brought fomard Net movement in funds 26,725 6,207 26,725 6,207 31.233 (4,508) Total funds carried forward 32,932 32,932 26, 725 The Statement of Financial Activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities. In 2023. all income and expenditure was to I from unrestrict9d funds. The notes on pages 9 to 17 form part of these financial statements. Page 7
THE MAHINDRA FOUNDATION UK (A company limited by guarantee and registered charity) REGISTERED NUMBER: 08512238 BALANCE SHEET AS AT 31 MAY 2024 2024 2024 2023 2023 Note Current assets Debtors: Amounts falling due within one year Cash at bank and in hand 8,532 33,170 2.828 28. 139 41,702 30.967 Creditors: Amounts falling due within one year (8,770) (4,242) Net current assets 32,932 26. 725 Total net assets 32.932 26, 725 Charity funds Unrestricted funds 32,932 26. 725 Total funds 32,932 26, 725 The Charity was entitled to exemption from audit under section 477 of the Companies Act 2006. The members have not required the company to obtain an audit for the year in question In accordance with section 476 of Companies Act 2006. The Trustees acknowledge their responsibilities for complying with the r9quirements of the Act with respect to accounting records and preparation of financial statements. The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small companies regime. The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by: SHEETAL I(APAL MEHTA Dlgitally signed by SHEALKApAl MEHTA Date: 20252.25 16..03..09 +05'3(Y Ms Sheetal Mehta Trustee Date.. The notes on pages 9 to 17 form part of these financial ststements. Page 8
THE MAHINDRA FOUNDATION UK (A company limited by guarantee and reglstered charity) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2024 General information The Mahindra Foundation, UK is a charitable company limited by guarantee and is registered with the Charity Commission (Charity Registered Number 1153979) and Registrar of Companies (Company Registration Number 08512238) in England and Wales. The address of the registered office is given in the Charity information on page 1 of these financial statements. The nature of the Charity's operations and principal 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 to £1 per member of the Charity. The significant accounting policies applied in the preparation of these financial statemenls are set out below. These policies have been consistently applied to all years presented unless otherwise stated. Accounting policies 2.1 Basis of preparation of financial statements The financial statements have been prepared in accordance with the Charities SORP {FRS 102) Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102), the Financial Reporting Standard applicable in Ihe UK and Republic of Ireland (FRS 102) and the Companies Act 2006. The Mahindra Foundation UK meets the definition of a public benefit enlity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy. The financial statements are presented in pounds sterling which is the functional currency of the Charity and rounded to the nearest pound. 2.2 Going concern The Trustees have assessed the going concern and have considered possible events or conditions that might cast significant doubt on the ability of the Charity to continue as a going Concern. The Trustees have made this assessment for a period of at least one year from the date of the approval of these financial statements. The Trustees have concluded that there is a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. The Charity therefore continues to adopt the going concern basis in preparing its financial statements. Page 9
THE MAHINDRA FOUNDATION UK {A company limited by guarantee and gIStered charity) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2024 Accounting policies (continued) 2.3 Income All income is recognised once the Charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably. For donations to be recognised, the Charity will have been notified of the amounts and the settlement date in writing. If there are conditions attached to the donation and this requires a level of performance before entitlement can be obtained, then income is deferred until those conditions are fully met or the fulfillment of those conditions is within the control of the Charity and it is probable that they will be fulfilled. Other income is recognised in the period in which it is receivable and to the extent the goods have been provided or on completion of the service. 2.4 Expenditure Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared Costs, including support costs involved in undertaking each activity. Direct costs attribLrtable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis ¢onsistent with the use of resources. Expenditure on charitable activities is incurred on directly undertaking the activities which further the Charitls objectives. as well as any associated support costs. Grants payable are charged in the year when the 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 to conditions which have not been met at the year end are noted as a Gommitment, but not accrued as expenditure. 2.5 Taxatlon The Charity is consldered 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 potenlially 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 charilable 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 (A company limited by guarantee and registered charity) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2024 Accounting policles (continued) 2.7 Cash at bank and in hand Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account. 2.8 Llabllltles and provlslons Liabilities are recognised when there is an obligation at the Balance Sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably. Liabilities are recognised at the amount that the Charity anticipates it will pay to settle Ihe debt or Ihe amount it has received as advanced payments for the goods or serviGes it must provide. 2.9 Financial instruments The Charity holds only basic Financial Instruments. The financial assets and liabilities of the Charity are as follows- Debtors - trade and other debtors (inGluding accrued income) are basic financial instruments and are debt instruments measured at amortised cost as detailed in Note 7. Prepayments are not financial instruments. Cash at bank- is Classified as a basic financial instrument and is measured at face value. Liabilities - trade creditors. a¢¢ruals and other Creditors will be Classified as financial instruments. and are measured at amortised cost as detailed in Note 8. Deferred income is not deemed to be a financial liability, as in the cash settlement has already taken place and there is simply an obligation to deliver charitable services rather than cash or another financial inslrument. 2.10 Fund accountlng General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Charity and which have not been designated for other purposes. Designated funds comprise unrestricted funds that have been set aside by the Trustees for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements. Page11
THE MAHINDRA FOUNDATION UK (A company limited by guarantee and registered charity) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2024 Income from donations Unrestricted funds 2024 Total funds 2024 Total funds 2023 Donations Donations Gift aid- tax receivable Gift aid- repayment interest 67,524 5,704 67,524 5,704 40,285 2,808 45 Total 2024 73,228 73,228 43,138 Total 2023 43,138 43, 138 Analysis of expenditure by charltable artivities Grant funding to KCMET 2024 Support costs 2024 Total funds 2024 Advancement of education 60.000 7,021 67,021 Grant funding to KCMET 2023 Support costs 2023 Total funds 2023 Advancement of education 40,000 7,646 47,646 Page 12
THE MAHINDRA FOUNDATION UK (A ¢ornpany limited by guarantee and registered charity) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2024 Analysis of expenditure by charitable activities (continued) Analysis of support costs Total funds 2024 Total funds 2023 Governance Costs 7,021 7,646 Included in Governance costs are bank charges of £1,964 (2023 - £1,955), Independent Examiners, remuneration of £4,528 (2023- £4,116) and accountancy services of £529 (2023- £1,575). Independent examiner's remuneration 2024 2023 Fees payable to the Charity's independent examiner for the independent examination of the Charitvs annual accounts Fees payable to the Chariws independent examiner in respect of: Accountancy services 4,528 4.116 529 1,575 Trustees, remuneration and expenses No staff have been employed by the Charity in the current or prior year and the Trustees are considered to be the Key Management Personnel. During the year, no Trustees received any remuneration or other benefits (2023 - £NIL). During the year ended 31 May 2024, no Trustee expenses have been incurred (2023- £NIL). Page 13
THE MAHINDRA FOUNDATION UK (A company limited by guarantee and registered charity) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2024 Debtors 2024 2023 Due withln one year Gift aid tax receivable 8.532 2.828 8,532 2,828 Creditors: Amounts falling due within one year 2024 2023 Trade creditors Accruals 126 8,644 126 4.116 8,770 4,242 Page 14
THE MAHINDRA FOUNDATION UK {A company limited by guarantee and registered charity) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2024 statement of funds Statement of funds - current year Balance at 1 June 2023 Transfers Balance at inl(outl 31 May 2024 Income Expenditure Unrestricted funds Deslgnated funds Project Nanhi Kali 26,725 (60,000} 66,207 32.932 General funds General Funds 73,228 (7,021) (66,207) Total Unrestricted funds 26,725 73,228 (67,021) 32,932 Desi nated funds The Mahindra Foundation UK provides a platform to support the education of underprivileged girls in India through Project Nanhi Kali. These funds provide academic support towards improving learning levels, material support like uniform, bags, books and hygiene materials so disadvantaged girls can attend school wilh dignity and the required social support to enable them to remain in school. Project Nanhi Kali is jointly managed by The K.C. Mahindra Education Trust and Naandi Foundation. Each year the Trustees consider the general funds of the Charity and allocate an appropriate sum to be utilised in the following financial period. Page 15
THE MAHINDRA FOUNDATION UK (A company limited by guarantee and registered charity) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2024 Statement of funds {continued) Statement of funds - prior year Balance at l June 2022 Transfers Balance at in/(out) 31 May 2023 Income Expenditure Unrestricted funds Deslgnated funds Project Nanhi Kali 31.233 (40,000) 35,492 26. 725 General funds General Funds 43, 138 (7,646) (35.492) Total Unrestricted funds 31.233 43.138 (47.646) 26, 725 10. Analysis of net assets between funds Analysis of net assets between funds - current period Unrestricted funds 2024 Total funds 2024 Current assets Creditors due within one year 41,702 (8.770) 41,702 (8,770) Total 32,932 32,932 Page 16
THE MAHINDRA FOUNDATION UK (A company limited by guarantee and registered charity) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2024 10. Analysis of net assets between funds (continued) Analysis of net assets between funds - prior period Unrestricted funds 2023 Total funds 2023 Current assets Creditors due within one year 30.967 (4.242) 30,967 (4,242) Total 26, 725 26, 725 11. Related party transactions Anand Mahindra, Aalika Mahindra, Bharat Doshi and Sheetal Mehta are Trustees of both The Mahindra Foundation UK and The K.C. Mahindra Education Trust, a Charity registered in India. During the year, The Mahindra Foundation UK made an unrestricted grant of £60,000 (2023 - £40.000) to The K.C. Mahindra Education Trust. The grant was to provide educational support to underprivileged girls in India as part of Project Nanhi Kali (see Note 9). There are no outstanding balances at 31 May 2024 (2023 £NIL). Page 17