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
SHE￿ALKApAl
MEHTA
Date: 2025￿2.25
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