Docusign Envelope ID: CAC9BCC3-F358472E-8B84-226BBC46EAOA Company reglstratlon number: 08512238 Charlty 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 2025
Docuslgn Envelope ID.. CAC9BCC3-F358472EB84-228BBc4BEA0A THE MAHINDRA FOUNDATION UK (A company limited by guarantee and registered charity) CONTENTS Page Reference and Adminlstratlve Details of the Charlty. Its Trustees and Advlsers Trustees, Report Independent Examlner's Report Statement of Financial Actlvlties Balance Sheet Notes to the Financial Statements 9-17
Docusign Envelope ID.. CAC98CC&F358472E-8884-22BBBC48EAOA THE MAHINDRA FOUNDATION UK (A company Ilmlted by guarantee and registered charlty) REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 MAY 2025 Trustees Mr Anand Gopal Mahindra Ms Aalika Mahindra Mr Bharat Narotam Doshi Mr Zhooben Dossabhay Bhiwandiwala Ms Sheetal Mehta Company registered number 08512238 Charity regislered number 1153797 Registered office 6th Floor 2 London Wall Place London EC2Y SAU Independent Examiner Neil Stern MHA Chartered Accountants 2 London Wall Place London EC2Y SAU Bankers HSBC Bank PIC POBOX 125 2nd Floor 62-76 Park Street London SE19DZ Page 1
Oocusign Envelope ID.. CAC98CC3-F358472E-8B84-22B88C48EAOA THE MAHINDRA FOUNDATION UK (A company limited by guarantee and registered charlty) TRUSTEES. REPORT FOR THE YEAR ENDED 31 MAY 2025 The Trustees present their annual report together with the financial statements of the Charity for the year 1 June 2024 to 31 May 2025. 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 Ihe charitable company comply with the current statutory requirements, the requirements of the charitable company's governing document and the provisions of the Statement of Recommended Practice (SORP) 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 ¢ompanies under the Companies Act 2006 (strategic Report and Diredors. Report) Regulations 2013 has been omitted. Objectives and activities . PoliGies 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 prejudice to the generality of the foregoing. any other purposes that are exclusively charitable under the law of England and Wales. b. Grant Making Policy The Charity raises funds to provide grants in accordance with its objects. The Trustees meet fomially during the year, as required. through telephone. video conference or email etc to consider and award grant applications in light of these objects and to further develop the Charitvs focus. The TNstees 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 discrtminate against applicants with protected characteristics or in any way contravene the provisions of the Equality Act 2010. . Public Benefit The Trustees have read and are mindful of the public benefit statements issued by the Charity Commission and confinn that they have referred to the guidance contained therein when considering the Charitys aims and objectives and in planning current and future activities and grant making policies. Achievements and performance a. Revlew of Activities and Achlevements During the year, the Trustees approved a grant of £55,000 {2024 - £60,000) to the K.C. Mahindra Education Trust. The grant is to provide educational support to underprivileged glrls in India as part of Project Nanhi Kali. Page 2
Dowslgn Envelope IO.. CAC9BCC3-F358472E4B84-22BBBC4BEAOA THE MAHINDRA FOUNDATION UK {A company limited by guarantee and registered charity) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MAY 2025 Financial revlew . Going concern After making appropriate enquiries. the Trustees have a reasonab16 expectation that the Charity has adequate resources to continue in operational existence for the foreseeable fijture. 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. . Financial Review During the year the Charity received total income of £65,733 (2024 - £73.228). Of this. donations totalled £57.821 (2024 £67.524). Gift aid tax receivable in the year was £7,924 (2024 - £5,704) with gift aid tax recoverable at the year-end being £7.545 (2024 £8.532). Total expenditure was £62,999 (2024 £67.021). including grant expenditure of £55,000 (2024 - £60,000). The net income for the year came to £2,734 (2024 - net inGome of £6,207). The total funds at the year-end, including designated reserve5. was £35.666 at 31 May 2025 (2024 - £32. 932). d. Resenies Policy The policy of the Tnjstees 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 £35,666 (2024 - £32,932) 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 th8 following financial periods. Page 3
Docusign Envelope ID.. CAC9BCC3-F358472E-8B84-22BBBC48EAOA THE MAHINDRA FOUNDATION UK (A company limited by guarantee and registered charlty} TRUSTEES. REPORT {CONTINUED) FOR THE YEAR ENDED 31 MAY 2025 Structure, 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 COpted 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 prOdureS 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 anLI 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
Docuslgn Envelope ID: CAC9BCC3-F358472E4B84-22BBBC4BEAOA THE MAHINDRA FOUNDATION UK (A company limlted by guarantee and registered charity) TRUSTEES, REPORT {CONTINUED> FOR THE YEAR ENDED 31 MAY 2025 Statement of Trustees. responslbilities 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 accordan with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Company law requires the Trustees to prepare financial statements for each finanGial . 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 it5 incoming resources and application of resources. including its income and expenditure. for that period. In preparing these financial statements, the Trustees are required to.. select suitable accounting policies and then apply Ihem 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 business. The Trustees are responsible for keeping adequate accounting records that are SLrfficient to show and explain the Charity's 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 a55ets of the Charity and hen for taking reasonable steps for the prevention and detedion of fraud and other irregularities. Approved by order of the Members of the Board of Trustees and signed on their behalf by. Ms Sheetal Mehta Trustee Date.. March 9, 2026 Page 5
Docuslgn Envelope ID.. CAC98CC3-F358472E-8884-2288BC48EAOA THE MAHINDRA FOUNDATION UK {A company limited by guarantee and reglstered charity) INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 MAY 2025 Independent Examin8rfs Report to the Trustees of The Mahlndra Foundation UK ('the Charity.) I report to the Charity Trustees on my examination of the accounts of the Charty for the year ended 31 May 2025. Responslbilities and Basis of Report the Trustees of the Charity (and its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requiremenls of the Companies Act 2006 {'the 2006 Arf). Having satisfied Myse that the accounts of the Charity are not reqUId 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 Charitrfs 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 Examiner's Statement I have completed my examination. I confirm 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 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 Yrue and fair, view which is not a matter considered as part of an independent examination" or the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounts in accordance with 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 nneCtiOn 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. Dated.. i &1-,/2o2L Neil Stem MHA Chartered Accountants 2 London Wall Place London EC2Y SAU MHA is the trading name of MHA Audit Services LLP. a limited liability partnership in England and Wales (registered number OC455542) Page 6
Docusign Envelope ID.. CAC98CC3-F358472E-8B84-22BBBC4BEAOA 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 2025 Unrestricted funds 2025 Total funds 2025 Total fvnds 2024 Note Income from: Donations 65,733 65,733 73,228 Total income 65,733 65,733 73,228 Expenditure on: Charitable activities 62,999 62,999 67.021 Total expenditure 62,999 62,999 67,021 Net movement Fn funds 2,734 2,734 6,207 Reconclliation of funds. Total funds brought forward Net movement in funds 32,932 2,734 32,932 2.734 26, 725 6,207 Total funds carried forward 35,666 35,666 32.932 The Statement of Financial Activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities. In 2024, all income and expendlture was to I from unrestricted funds. The notes on pages 9 to 17 fomi part of these financial statements. Page 7
Docuslgn Envelope ID: CAC98cC3-F358472E-8B22BBBc4BEA0A THE MAHINDRA FOUNDATION UK (A company Ilmlted by guarantee and reglstered charity) REGISTERED NUMBER: 08512238 BALANCE SHEET AS AT 31 MAY 2025 2025 2025 2024 2024 Note Current assets Debtors: Amounts falling due within one year Cash at bank and in hand 7,545 41,907 8.532 33.170 49,452 41,702 Current liabilities Creditors.. Amounts falling due within one year (13,786) (8, 770) Net current assets 35,666 32,932 Total net assets 35,666 32,932 ChaTity funds Unrestricted funds 35.666 32.932 Total funds 35,666 32,932 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 requlrements 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 enlities subject to the small companies regime. The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by: gLLLloL Ms Sheetal Mehta Trustee Date.. March 9, 2026 The notes on pages 9 to 17 form part of these financlal statements. Page 8
Docusign Envelope ID.. CAC9BCC3-F358472E4B84-228B8C4BEAOA THE MAHINDRA FOUNDATION UK (A company limited by guarantee and registered charity) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2025 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 l of these financial statements. The nature of the charits 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 statements 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 ftnancial 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 8ppli¢able in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006. The Mahindra Foundation UK meets the definition of a publiG benefit entity 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 ther8 is a reasonable expectation that the Charity has adequate resources to conlinue in operational existence for the foreseeable future. The Charity therefore continues to adopt the golng concern basis in preparing its financial statements. Page 9
Docusign Envelope ID.. cAC9BCc>F358472E4B22BB8c4BEA0A THE MAHINDRA FOUNDATION UK (A company limlted by guarantee and reglstered charity) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2025 Accountlng pollcles (continued) 2.3 Income l 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 reliabty. For donations to be recognised, the Charity will have been notified of Ihe 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 re1vable and to the extent the goods have been provided or on completion of the service. 2.4 Expendlture Expenditure is recognised once there is a legal or constnjctive obligation to transfer economi 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 8¢tivity. Direct costs attributsble 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 consistent 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 commitment, but not accrued as expenditure. 2.5 Taxation The Charity is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly. the Charity is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes. 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
Docusign Enveloptr ID.. CAC9BCC&F358472E-BB84-22BBBC48EAOA THE MAHINDRA FOUNDATION UK (A company Ilmlted by guarantee and registered charlty) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2025 Ac¢ountlng policies (contlnued) 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 Liabilitles and provisions 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 the debt or the amount it has received as advanced payments for the goods or services 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 (including accrued income) are basic financial instrLFments and are debt instruments measured at amortised cost as detsiled 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, accruals 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 instrument. 2.10 Fund accounting General funds a 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 aslde 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
Docusign Envelope ID.. CAC98CC3-F356472E-8B84-22B88C48EAOA THE MAHINDRAFOUNDATION UK (A company limited by guarantee and registered charity) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2025 Income from donatlons Unrestrt¢ted funds 2025 Total funds 2025 Total funds 2024 Donattons Donations Gift aid - tax re1vable 57.821 7,912 57,821 7,912 67,524 5. 704 Total 2025 65,733 65,733 73,228 Total 2024 73.228 73.228 Analysis of expenditure by charitable activities Grant funding to KCMET 2025 Support costs 2025 Total funds 2025 Advancement of education 55,000 7,999 62,999 Granl funding to KCMET 2024 Support costs 2024 Total funds 2024 Advancement of education 60,000 7,021 67,021 Page 12
Docusign Envelope ID: CAC9BCC&F358472E-6884-22BBBC48EAOA THE MAHINDRA FOUNDATION UK (A company Ilmlted by guarantee and reglstered charity) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2025 Analysls of expendtture by charitable actlvltles (Continued) Analysls of support costs Total funds 2025 Total fvnds 2024 Governance costs 7,999 7,021 Included in Governance costs are bank charges of £2,857 (2024 - £1.964), Independent Examiners, remuneration of £4.754 (2024 - £4,528) and accountancy setvices of £388 (2024 - £529). Independent examinerfs remuneration 2025 2024 Fees payable to the Chariws independent examiner for the independent examination of the Charitys annual accounts Fees payable to the Charitls independent examiner in respect of: Accountancy services 4,754 4.528 388 529 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 (2024 - £NIL). During the year ended 31 May 2025. no Trustee expenses have been incurred (2024 - £NIL). Page 13
Docusign Envelope ID." CAC9BCC3-F358472E-8884-228BBC4BEAOA THE MAHINDRA FOUNDATION UK (A company Ilmlted by guarantee and registered charity) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2025 Debtors 2025 2024 Due within one year Gift aid tax receivable 7,545 8,532 7,545 8,532 Creditors: Amounts falling due wlthln one year 2025 2024 Trade creditors Accruals 388 13,398 126 8,644 13.786 8. 770 Page 14
Docusign Envelope ID.. CAC98Cc3-F358472E4B22BBBc48EA0A THE MAHINDRA FOUNDATION UK (A company Ilmited by guarantee and registered charlty) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2025 Statement of funds Statement of funds - current year Balance at 1 June 2024 Transfers Balance at inl{out) 31 May 2025 Income Expenditure Unrestrlcted funds Designated funds Project Nanhi Kali 32,932 (55,000) 57.734 35,666 General funds General Funds 65,733 {7.999} (57,734} Total Unrestricted funds 32.932 65,733 (62,999) 35,666 Desi nated funds The Mahindra Foundation UK provides a platfomi for enabling access to quality education for underserved girls in India through Project Nanhi Kali. These funds provide support to girls from grades 6 to 10 studwng in government schools. The key components of the program include 21 st Gentury skills training. sports leadership skills training and the provision of a Nanhi Kali kit comprising a drawstring bag, t-shirts, shoes. socks, stationery and an annual supply of hygiene material ensuring that every girl Gan attend school with dignity. 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 Charty and allocate an appropriate sum to be utilised in the following financial period. Page 15
Docusign Envelope ID: CAC9BCC&F358472E-8B84-22BBBC4BEAOA THE MAHINDRA FOUNDATION UK (A company limited by guarantee and reglstered charity) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2025 Statement of funds (continued) Statement of funds - prior year Balance at l June 2023 Transfers Balance at in/(oul) 31 May 2024 Income Expenditure Unrestricted funds Designated funds Project Nanhi Kali 26, 725 (60,000) 66.207 32.932 GeneTal funds General Funds 73.228 (7,021) (66,207) Total Unrestricted funds 26, 725 73.228 (67,021) 32,932 10. Analysis of net assets between funds Analysis of net assets between funds - ¢urrent year Unrestricted funds 2025 Total funds 2025 Current assets Creditors due within one year 49,452 (13.786) 49,452 (13,786) Total 35,666 35,666 Page 16
Docusign Envelope ID- CAC9BCC3-F358472E-8884-22BB8C4BEAOA THE MAHINDRA FOUNDATION UK (A company Ilmlted by guarantee and registered charity) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2025 10. Analysis of net assets between funds {continued) Analysls of net assets between funds - prlor year 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 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 £55.000 (2024 - £60,000) to The K.C. Mahindra Education Trust. The grant was to provide educational support to underprivileged girts in India as part of Project Nanhi Kali (see Note 9). There are no outstanding balances at 31 May 2025 (2024 - £NIL). Page 17