REGISTERED (JIARITY NUMBER: 1169967 SOPHIA AKASH FOUNDATION TRUSTEES, REPORT AND ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2020 SOPHIA AKASH FOUNDATION TRUSTEES, REPORT AND Accourirs 31 DECEMBER 2020
CONTENTS PAGES Trustees and Advisers Trustees, Report 3-12 Independent Examlnerfs Report 13 Statement of Flnanclal ActNities 14 Balan Sheet 15 Notes 17-22
SOPHIA AKASH FOUNDATION TRUSTEES AND ADVISERS 31 DECEMBER 2020 TRUSTEES Anabella Heathcoat-Amory- resl8ned 20"May-2021 lan Callaghan- resEned 2cfMay-2021 Kathryn Rae- appointed 2maY-2021 Hemant Patel William Hopkin 5hallendra Patel (Chalrl Sabrina Sldhu- appointed 2 September 2021 stefar Cappanari- app)inted 20-May-2021 CHARITY ADDRESS MIchelmo5 LLP 12 Floor 6 New Street Square London, EC4A 3BF CHARITY REGISTRATION NUMBER 1169967 SOLICITORS Mlchelmores LLP 6 New Street Square London. EC4A 3BF INDEPENDENT EXAMINER Crowe U.K. LLP 55 Ludgate Hill London. EC4M 7JW
SOPHIA AKASH FOUNDATION TrUSTEES' REPORT FOR THE YEAR ENDED 31 DECEMBER 2020 The Trustees psent thelr report wlth the accounts of Sophia Akash Foundation for the year ended •• 31 December 2020. The Foundation's accounts comply wlth the Ststement of Recommended Practlce ISORPI issued in 2015, other current statutory requirements. and the requlrements of the Trust Deed. The Informatlon set out on pa8e 2 fonns Part of th15 report. STRucfuAE. GOVERNANCE AND MAP4AGEMENT CONSTITirnON Sophia Akash Foundation CIO (The Foundatlon,) Is governed by Its constftution dated 15, October 2016 and15 a registered tharlty, registration number 1169967. ORGANISATION Under the temis of the Foundatlon's Constitutk)n, the Foundatlon wlll malntaln an Independent board of Trustees at all tlmes wlth a mlnlmum of 3 and a maximum of 8 TteeS th no more than 3 Trustees due for re-appointment during any given fiscal year. In support of appolntlng and/or re-appoSntln8 Trustees. a mlnlmum of 2 and a maxlmum of 4Trustees can be nomlnated and appolnted from tSme to tlme by a declsSon of Ihe Trustees collectlvely and minimum of l and a maximum of 3 Tee5 can be nominated and appointed by the Chalrperson from tlmetotlme. Under both mechanlsms, all Trustees are recruited on sound merlt, based on thelr understandln& commltment and support to the Foundation'5 overall mission objectives and values. Each of the Tru5tee515 reqUId to keep up to date wrth changes in UK Charlty Law and Practi through the quarterly Trustees, update prowded by the UK Charity Commission. and the Foundation Is a member of NCVO. Three of the current board of Trustees were appointed upon formatlon of the Foundation. Two trustees also appointed upon fomiatK)n of the Foundatitin resigned from the Board during 2021. Three new Trustees have been duly apInted to the Board during 2021. At the quarterty* Trusteeg meeti. the Trustees rewew the overall execution of the Foundation's broad Strategy, related operating plan and the areas of activity for the Foundation, includln8 the consideration of grant makin& investrnent. reserves. risk management policies and overall performance agalnst set objectives. The day to day administration of any grants and in¥estments as well as the processing and handllng of applicatlons prior to conslderatlon by the relevant sulFcommittee is dele8ated to the Chalrperson.
SOPHIA AKASH FOUNDATION TRUSTEES, REPORT FOR THE YEAR ENDED 31 DECEMBER 2020 PRINapAL ACTivmES AND CHARITABIE OBJECTIVES 5ophia Akash Foundation bs a Charitable Incorporated Organisatson I'CIO'I which was registered with the Charity Commission on 31 October 2016. The object of the Foundation is the relief of poverty, for public benefit. including by facilitating scalable. sustainable and replicable methods and technologies which provide silstainable paths out of poverty for poor and unserved cornmunitie5 beneficiary communities, especially those residin8 in rural villages and rernote locations in developing countries across Afrita and Asia. The Foundation organises these outcomes by workin8 closefy in the field with suitably resourced and organi5ed social Enterprise and NGO organisations ISE Partners) who are able and/or 5eekin8 to deliver Important Ilvelihood Improvement serv1$ such as financial Inclusion, sustainable farmingi healthcare. education. access to clean water. sanitation and hy8ienè facilitS (WASH) as well as ready access to clean ener solutions to Fr and unser¥ed communltles. especial those residing in rural environments. The Foundatlon provKles Instltutlonal development gUIdae. technlcal asslstance and capaclty bulldlng support to m1551on allgned SE Partners who can demonstrate thelr ablllty to undÈrtake thelr institutional efforts on a scalable, sustainable and where applicable. using plICable business and service models. The Foundatlon provides publlc benefit by or8anisin8 and delNering a measurable and sustalnable Improvement in the livelihoods of the poor and unserved communltles and thelr households, especially those residin8 in rural and mar8inali5ed arCuMstan5 and wherever appllcable throu8h the Involvement and support of the female members of the beneficiary households. The establishment of a sustainable and pro8ressive path out of poverty for these beneficiary ommunitles Is rea115ed by the Foundatlon's close collaljoration with our SE Partners operatlng In India, East Africa and other selected developing countries ècross Asw and Africa. The Foundatlon organises and their designated beneficiary communities in a diligent. compassM)nate and measured manner through approprlate nurturln8 and developmental assIstsn provlded to our SE Partners REVIEW OF THE PERIODS AcnvmES and ACHIEVEMENYS Durfng the reporting period. the Foundation's princlpal focus has been to address the consequences of the Covld-19 pandemlc that had severety Impacted the ablllty of our SE Partners to adIlY en8a8e with thÈir targeted beneficiary tommunities. especial¥ those livin8 in remote villages and rural envlronments. In doing so. the Foundatlon has also deterni1 the Ilkety Impact upon the Foundation's overall capacity and capability to continue undertaking our efforts in suPrt of our charitable ob5ectlve5 and the possible risks that coukl arise. The Foundatlon was able to detennlne very quickly during February 2020 that the safeguarding of the Trustees, our volunteers, interns and our associates was of paramount Importan.
SOPHIA AKASH FOUNDATION TRusfEES' REPORT FOR THE YEAR ENDED 31 DECEMBER 2020 As a result, the Foundation Implemented a set of w01ng prOdureS and adopted new guidelines for the Foundation and the Trustees that were specifi11¥ desiBned to ensure that the safety. welfare and continued good health of our stakeholder5 could be maintained as best as possible under the severitv and challenglng conditions that prevailed as a result of the Covid-19 pandemic As a result. the Foundation qulckty adopted remote workin8 practices for our Trustees and our volunteers. interns and associates. These were supported through the adoption of a virtual working environment usln8 Mlcrosoft Teams that helped ensure that all relevant stakeholders could contlnue supporting the operations of the Foundation from a safe location Iusually their principal residence) and undertake thelr relevant responslbllltles wlthout compromlslng thelr health and safety. In support of the Foundation's charltable objectfves. the Foundatlon also qulckty compiled and shared a set of operatln8 8uldellnes wlth our SE Partner5 Indudlns the recommendatk)n for them to adopt similar practice of Operati remote ènd safe8uardin8 thelr employees and assoeiate5' welfare and health, adopting whlle also ensurlng that they observed any govemment or local authorities, directive5 issued as a result of the Covid-19 pandemic. In addition, the Foundation entered into a series of dialogues with ourSE Partnersfrom February 2020 onwards, to provide Institutional management guidance to our SE Partners, recommending thelr adoptlon of sultably revlsed set of operatln8 8uldellnes, 8 quarter buslness and ftnancial plannln8 methods and to undertake a detalled revlew of their avallable human and financial reUrceS to help ensure that they were able to mana8e the ramlflcations of these 8overnment directlves and the Ilkely impact of the Covid-19 pandemic on their institutional capacity and capabilities. The Foundation's principal objective durin8 the period February 2020 and December 2020 was to help ensure that the Foundation was able to continue undertaking our effort5 in support of the Charitable Objectives in a safe and prudent manner. while also ensuring that our SE Partners also malntalned their ability to engage with and service their beneficiary cornmunities Without increasing the risks to the welfare and safety of the beneficiary communities and their own employees and stakeholders. Most Importantly the Foundation organised our support to our SE Partners $0 that the SE Partners did not risk losin8 the value of manyyears institutional efforts nor theirengagement with their beneficiary communities. This was accomplished through a combination of institutional management guidance. research into emer8ency Covid-19 related fundin8 possibilitie5 and wherever applicable, concrete assistance in helping our SE Partners to organise grant or emergency funding applications. Dfftlopm•nt of Sal•bi* & Sustsln•bl• PYa¢lk•s for Uwllhwd Enhan¢•n•nt In support of the Foundatlon's Charltable Objecihw. the Foundaiknn contlnued to collaborate durln8 2020 wth carefully selected SE Partners gp4en that not all of our SE Partners were able to continue their on-the-ground efforts during 2020 as a result of the Cowd-19 pandemic. the ensuring $trICt10n5 imposed by the local authorities or as a result of their own restrirted capacty and capabilities. The Foundation as a $It elected to continue collaboratNe efforts with Kheyti Ilndial, Mann Deshi Foundation Ilndial, Bharat Agri Ilndial. Go4Fresh Ilndial. Finsigma Ilndial. EKAM (India). ERC Eyecare Ilndial, GRET INepal and Myanmar). Trine {Africa and Asia) and BRCK {Kenyal.
SOPHIA AKASH FOUNDATION TRusfEES' REpoKr FOR THE YEAR ENDED 31 DECEMBER 2020 Due to the Covid-19 pandemic. the Foundation also elected to focus our available resources for the contlnued development and adoption of sustainable farming livelihoods for low-income small-holding a marglnal farmers In India. Myanmar and Nepal, the adoptK>n of afftirdable acce55 to financial inclusion. healthcare. primary school educatlon, clean enew and WASH for poor and unserved communltles In the desFgnated 8eographles. As a result the Foundation established andlor continued with the design. development and Implementatlon of the followlng programs durlng 2020: The Foundation in close collaboratk)n with the Mann hi Foun ation and Bharat ri or8anlsed and implemented a program across two crop seasons. designed to improve the sustainability of crop farmin8 livelihoods for 250 women famers In the remote dlstrkt of Mhaswad. Maharashtra, Indla. The program focused on delfverfng agronomy based 8uldance and support to these women to help improve their understsndin8 and confidence with which they can pmartively improve the fertility of their 5011. the purity and frugal use of the water, dUce the cost of their crop 50wing and increase the quantity and quality of their haprfest The Foundatlon expects that by June 2021. these women farmers will have completed two crop ycles usin8 the agronomy 8uidance, improved their di8ital literacy and m05t importantly learned how they can sustain their crop farn)ing INelihoods and improve the food security for thelr famllles. Thereafter. the FoundatSon wlll promote access to these sustslnable Pdrmlng methods for another ILKX) tsrmers durln8 2021-2022. The Foundatlon In close collaboratlon wlth K l-cllmate Smart Greenhouses has endeavoured to make climate smart greenhouses accessible to 5Th) poor and marginal women famers in Telengana. Indla. These cllmate-smart greenhouses are deslgned to provlde 5U5talnable and cllmate as well as pest res115ent crop grovAn8 posslbllltles for these poor famiers. especSally In regions where climate change related droughts and floods are very prevalent. By the end of 2020. 100 women famiers have successfully adopted the use of these 8reenhou5es and completed one crop cycle wlth the concrete Impact of increased fwd securlty for thelr children and families, an increase In their households. daity disposal Income by an avera8e of USD 4 per day, a 60% reduction in their water consumption for crop fanning and a more sustainable, assured basis for thelr crop farmln8 and Income generatlon. The Foundatlon expects to be able to help scale thi5 program to the benefft of another l(XX) women fvrmers durln8 2021. In close collaboratlon with Go4Fresh Indla the Foundation contlnued supporting the progrdm des18ned to provide transparent and equitabk acce55 to markets to 5(M) poor and mar6inal famiers in the remote villages in Eastern Maharashtra. India. The famers are provided educatlon and tralnlng to adopt sustainable farniing practlces and upon harvesting their crops.
SOPHIA AKASH FOUNDATION TRUSTEES. REPORT FOR THE YEAR ENDED 31 DECEMBER 2020 provided ready and assured access to fanner collection centres located in their local vicinlty where they can sell their hardests with the benefit of transparent understanding of the market price for their crops. The program seeks to remove the many inequitles facing poor and marginal small-holding farmers, which threaten their famln8 livellhoods through suboptimal farn)Ing pract1$. unhealthy dependence on chemical based agrTr-inputs (l.e. seeds. fertlltsers and pestlcides, increasin8 loss of crops due to climate change and most importantly the lack of fair and transparent access to the markets where they can sell thelr produ. This results In Increased Indebtedness, gradually lower incomes and ultimately loss of their famin8 Ilvelihoods. Desplte the many thallenges presented by the Covid-19 restrlctlons to movements to and from villages, the Foundalion has been able to help malntsln the deployment of these farmer collÈrtion ontrÈs and sustainable famin8 pfdrtices and expects during 2020 to support provldlng access to another IIJX) poor gnall-IK•ldlng and marglnal Pdmiers. Durlng the perfod 2013-2015, the Foundatlon's subskllary, Sophla Aps has supported Care with the same Institutional development 8uldance and asslstsnce as prartlced today by the Foundation. ERC Eye care has since successfvlty delivered afftirdable eye-care to almost 500,C(x) beneficiar5es across the stste of Assam. IrKlia. Durln8 2020, ERC requested the Foundatlon to provlde slmllar Instltutlonal development guSdance and assistance In support of thelr plans to repllcate thelr proven affordable eye-tare program to other rural and marglnal communttles In West Bengal, Indla as well as in Bangladesh and Nepal. As a result, durin8 2020. the Foundation embarked on a pro8ram in tlose collaboratlon wlth ERC Eye Care to extend the beneffts and Impact of ERCS affordable eye-care program to another l(M).iYXJ benefftiaries in these geographies during the period 2020-2022. The on-golng impact of the Covid-19 pandemic related restrictions meant that the program was seriously delayed in its implementation and by the end of 2020. ERC was forced to continue concentratin8 their efforts in Assam while a150 researching and then adoptin8 the use of technology to provide more efficient and remote ac$$. especially when access to villages is so restricted, to the beneficiary communities. The Foundation expects that in 2021, the pro8ram will be allowed to pro8ress wtth less hinderance and that the plICable model for affordable access to eye-care will be suece$5fv11y deployed In West Bengal to the ber*fft of 50.IXX) poor ¥lllagers as well a5 another 10.CI)O beneficiaries In rural Bangladesh and Nepal. The Foundation also continued with the program to provide ac5$ to baC financial services Includlng slmple bank account. small fannlng loans and Insuran to poor women fanners and
SOPHIA AKASH FOUNDATION TRusfEES' REPOh FOR THE YEAR ENDED 31 DECEMBER 2020 artisans across 3 states in southem India in dose collaboration with our SE Partner, Finsi Financial Inclusion. The principal objettNe of this program was to help ensure that up to 4.1JX) women famers and artisans received the benefft of openinz simple bank accounts and access to credit in 5UPPOrt of thelr Income generating actNities. This pro8ram relies heavity on utilisin8 the knowled8e and experieTr of the delivery model the Foundatlon has prevlousty helped design and implement with another of our S£ Partners, Ba SutrK financlal inclusion which was based on the establishment of rural vlllage klosks actin8 as local bank branches equipped with tethnology based access to one or more banking partners. This initial program has to date provided financial Inclusion for 6.2m beneficiaries, at least 50% women and facilitated INR 23bn in forniali5ed savings and INR 12bn in 5malS bans to poor, mar8lnal communities across 27 states in India. By sharln8 the knowledge, the Foundatlon has SUC5$11¥ 8u5ded and asslsted Fln51gma to establish simllar access for women to easily open and access thelr bank accounts, accumulate fomiallsed savlngs and successfulfy small loans to help wlth thelr fam)In8 and artlsanal activities- critical to the sustainability of their Ibvelihoods and food security for thelr chSldren and familie5. Whlle progress In reachlng out to the 4.CIXI women was severely hlndered due to the Covld-19 movement restrlctlon5, by the end of 2020, 3,5LKI women had been successfully provlded access to basic financial services resulting in their increased confidence. Independen and finantlal Ilteracy with whlch to 5UPPOrt and further grow thelrfamiln8 and art15anal Ilvellhoods. In tum the women have been able to secure their familbes survrval during the pandemlc and remain well placed to continue sustaining their livelihoods and progress Olrt of poverty durin8 the coming vears as a result of greater and more assured basis for income generation. The Foundatlon antlclpates contlnulng with this progrnm during 2021 for the benefit of another 3,500 to 4,(KX) women liwng in rural environments. Streryth•nln8 olth• Foundatlorfs Instlttthnal C•pxlty and CapabHItI•s One of the most Important outcomes for the Foundation and our SE Partners during 2020 has been the need for researching and then adopting the application of technology for as many of the program5 as necessary In order to overcome the challenges of the Covld-19 related movement and access restrlctlons. By the end of 2020. the Foundatlon had suryessfully Identlfied technolo8y solutlons for all of our SE Partners whKh enabled them to maintain as well as improve their engagement and interaction remotely with their village beneficiary communities, thereby addressing the risk of infections as well as enabling them to circumvent the Covid-19 related movement and acce55 restrictions.
SOPHIA AKASH FOUNDATION TRusfEES' REPORT FOR THE YEAR ENDED 31 DECEMBER 2020 The innovation of techrK)logy application within the programs has also helped increase the overdll efficiency, scalability and the likelihood of establishing economic 5UStainability for the programs supported by the Foundatlon. Durlng 2020 and as also planned. the Foundation continued to further develop and strengthen our Institutional capacity and capabilities In support of our Charitable Objectlves. The Foundation entered into a more expansNe collaboration with 4 London Unrversity establishments to offer internships to graduate level individuals wishing to fyrtr develop their knowledge and understanding of worklng in the Development Sertor. In additlon, the Foundatlon also successfully established and implemented fundraising strategv desi8ned to procure increased fundin8 for the pro8rams. The Foundatlon as a result ha5 developed an extenswe database of funding partners. phllanthroplc foundations. 8overnment development a8encles, CSR Inltlatfves and Impatt Investors through which the Foundatlon plans to In¢aSe the capital SoUrCe avallable to the Foundation in support of the Charitable Objectives. The Foundation continued to in¥est resources during 2020 In the Implementation of our communlcations Strategy deslgned to increase aWaneSS of the Foundation's and our SE Partnerfs efforts to provide for 5UStainoble paths Out of poverty and especially the speciflc nature of the need5 and challen8es addressed by each of the programs supported by the Foundation. As a result the Foundatlon has by the end of 2020 established pSenCe through the Foundatlon's web-site hlaakashfoundation.coml as well thrOh Sodal Media channels wtth which to promote greater awareness, understanding of the nature and scope of the programs as well as knowledge sharing. Due to the Covid-19 pandemlc durlng 2020. the Foundatlon has found It eremelY difficult to further our planned efforts for the launch of the Sophia Enterpiise Fund as a res of the travel and other re5triction5 imposed as a resurt of the pandemlo The Foundatlon has durln8 2020 revisited the premise for the Fund and the Trustees have a8reed to persevere with the eventual launch of the fund Sn 1021 with the help of extemal partners. deemed to be better placed to both present marf(et and mana8e the fund. PLANS FOR THE FufuRE Durlng 2021. the Foundatlon will contlnue to SUprt the programs already In motlon dudng 2020 and subject to the easlng of Covld-19 restrlctlons will endeavour to re•establish andlor resume other programs which had to be placed on PK)Id durine 2020. These includÈ pmgrdms with our SE Partners, Trine to deliver affordable access to clean energy. EKAM for WASH 501ution5, BRCK for access to educational and financial and healthcare literacy and GR for 5UStainable farmin8 related efforts. The Foundation will also continue to increase and further strengthen the overdll capacity and capabilttie5 of the Foundation during 2021 indudlng the adoptlon of a Monttoring and Evaluation and Impact Measurement Reporting tethTh)108y platfonn. as well as continuin8 to inCaSe the concrete, mea3urable impact senerated from our programs whlle Sncreaslng the economic, human and
SOPHIA AKASH FOUNDATION TRusfEES' REPORT FOR THE YEAR ENDED 31 DECEMBER 2020 technology resources at the Foundation's dlsposal in order to further dlOp and accelerate proven programs for creating sustsinable paths out of poverty. The Foundatlon also plans to undertake a revlew of the Foundation's Policies and Procedures with the objective of updating the existing procedures and addin8 additional policies and procedures to consistendy refiett the nature, breadth and scope of the Foundation's activities. In addition, the Foundatlon will adopt the use of a Rlsk Management Framework and sUPPOrtlng Pollcy and Procedure to Improve the overall understanding and rnana8ement of risks prevalent and Ilkely that the Foundatlon and the Trustees are requlred to monltor and manage. PUBLIC BENEFIT The Tru5tee5 confirm that they have referred to the guidance in the Charity Commission's general guidance on Public Benefrt when re¥lewin8 the Foundatlon's overall alms and oblettives and in plannin8 future artivities. In particular. the Trustees have considered how planned artivitie5 will continue to contrlbute to the Charivs aims and objectives. FINANCIAL REVIEW AND RESERVES POUCY The Foundatlon reFQrted total income of £138,233 durln8 the reportln8 perlod. Thls Income arose primarily from donations. The Foundation also reported operating expenses arising from Charitable attivitles. fund ralsln& support and governance related costs 01 £105,521. The Foundation will continue to Increase donor-based contributM>ns durlng 2021 as well as seek to apply for mi55ion related grant funding from established and aligned or8anisations that 5UPPOrt and value the efforts of the Foundation in nurturing and developing sustainable Social Enterprises delivering affordable livelihood enh•n(ing service5 to the poor and unserved. The Foundatlon reported a total £110.897 in unrestricted fijnds. While the Board of Trustees has e5tabli5hed a reserves policy that requires the Foundation to maintsin a minimum reserve of £IO,(KIO, the Foundation will plan to use the available cash reserves to maintsin the Foundation's planned operatlonal actlvftles dUrf 2021. Given the pro8ressive status of the Foundation's journey since Inception in 2016, the Trustees believe that ensuring the Foundation retsins sufficient cash balances and uses the available cash balances to increase our overall charttsble actlvitles, especlally In the promotion and support of Improvlng the Ilvelihoods of many thousands of poor and unserved communitle5, remaln5 a prudent and effectfve poliry to adopt and maintain for the foreseeable future. Followlng the flnanclal year-end 2020 and 5wcifically durlng the early part of 2021, the Trustees have also elected to add to these considerations. the likely economic impact of the Covid-19 pandemic. The Trustees anticlpate that appropriate measures may be necessary to both malntaln and strengthen the Foundation's ability to retain the available cash balance5 a5 well a5 to sub5equentty increase them. The Trustees are therefore 5ati5fied WTth overnll status and management of the Foundation's financial resources. related policie5 and procedure5 a5 well a5 the amounts Set aside a5 reserves. io
SOPHIA AKASH FOUNDATION TRUSTEES, REPORT FOR THE YEAR ENDED 31 DECEMBER 2020 PRINapLE RISKS AND UNRTAInE$ The principal risks faced by the Foundation lie In our ablllty to contlnue scallng and transformin8 our Institutional Development capacities and tapabilities as well as to transition towards a model of direct implementation with our Social Enterprise & NGO Partners as opposed to the previously adopted model of workin8 closely wlth local implementstion partners through our subsidklry. Sophia Aps. In addition, the Trustees also view that the continued presente of Covid-19 and the Ilkely consequential impact, especially for ourSE Partners In their abilityto maintain their misslon led efforts as well as the Foundation's ability to continue providln8 them with the required Instltutlonal Development guldance. asslstance and support represents a dear and present risk. The Trustees will continue to monitor and manage the Covid-19 related rlsks by ensurlng that the Foundation retsins access to the required human, financial and technology resources together with the adoption of new mean5 and methods wlth which the Foundat*)n can contlnue to undertake our mission objectives as well as continue to gulde the efftirt5 our SE Partners In a sultably prudent manner. STATEMENT OF TRusfEES' RESPOP4518iimES The Trustees are responsible for preparlng the Trustee< Report and the flnanclal statements In accordance wlth appllcable taw and gUlatIons. Charity law requires the Trusteesto prepare flnancial statements foreach financial year in accordance wlth Unlted Kingdom Generally Accepted Accountlng Pracllce Iunlted Klngdom Accountlng Stsndardsl and applicablÈ law. Under charity law the Trustees must approve the financial statements unless they are Satisfied that they 8Ne a true and fair wew of the stste of affairs of the Charity ond of its net Incominglout8oing resources for that period. In preparing these financial 5tstements, the trustees are reguld to.. • select sultable accountlng lIcIeS and then appty them conslstently," • obserle the methods and princip5 of the Charities SORP; make lud8menis and e5tlmates thar a reasonable and prudent: • state whether appllcable accountlng stsndards have been followed. subject to material departures that must be dls¢losed and explained In the financl•l Statements: prepare the flnanclal statements on thè Ing concern basls unless It Is Inapproprfatè to presume that the Charity will continue to operate. The Trustees a responsible for keeping proper accounting records that are sufficient to show and explaln the Charl$ transartions and disclose with reasonable accuracy at any time the financial position of the charty and enable them to ensure that the financial statements comply with the Charities Act 2011. They are also responsible for safeguarding the assets of the Charity and hence for taklng reasonable steps for the preventN)n and detection of fraud and other Irregularftles. li
SOPHIA AKASH FOUNDATION TRUSTEES, REPORT FOR THE YEAR ENDED 31 DECEMBER 2020 Approved by the Twstees and signed on their behalf bw. Shailendra Patel, Chairperson & Trustee Date: 26 November, 2021 12
Independent examlner's report to the Trustees of Sophia Akash Foundatlon I report to the trustees on my examination of the accounts of the SophSa Akash Foundation for the period ended 31 December 2020, whith are set out on pages 14 to 22. Thi5 report is made solely to the charivs trustees as a body, in accordance with section 154 of the Charities A¢t 2011. My independent exambnels work has been undertaken so that I might state to the charlvs trustees those matters l am required to State to them in an independent examinerfs rekN)rt and for no other purpose. To the fvllest exrent pern)itted by law. I do not accept or a551Jme responsibility to anyone other than the charity. the charitvs members as a body and the charitls trustees as a body for my independent examlnerfs work, for thls report, or for the oplnions I have formed. Responslbllltles and basls of report As the charlty trustees of the Trust you are responslble for the preparatlon of the accounts In accordance with the requirèments of Charities Act 20111lhe ACVI. I report in SpeCt of my examination ofthe Trusfsaccountscarried out under sertion 145 of the 2011 Art ar¢d In carrylng Out my examlnatlon I have followed all the applicable Dlrectlons glven by the Charity Commission under section 14515)Ibl of the ACL Independent examln•es statement I have completed my examlnatfon. I confimi that no materlal matters have come to my attentlon In connection with the examination giving me cause to believe that in any materlal respect: l. accounting records were not kept in respect of the Trust as required by sectlon 130 of the Act. or 2. the accounts do not accord with those records: or 3. the accounts do r¥)t comply wtth the appllcable requlrernents corKemln8 the form and content of accounts set out in the Charities (Accounts and Reports} Regulations 28 other than any requlrement that the accounts glve a 'true and fair view which is not a matter considered as Part of an independent examination. I have no concerns and have come across no other matters In connectlon wlth the examlnatlon to which attention should be drawn in this report in order to enable a proper understanding of the account5 to reached TIM Redwood FCA on behalf of Crowe U.K. LLP 55 Ludgate Hill London, EC4M 7JW 26 November 2021 13
SOPHIA AKASH FOUNDATION STATEME OF FINANaAL AcllviTI£S FOR THE YEAR ENDED 31 DECEMBER 2020 Year to 31 DKernber 20ZO Year to 31 December 2019 Notes 2020 2020 Unrestricted Restricted Totsl Totsl Income from: Donations 129.451 8,781 91,488 Total 129,451 8,781 138333 91,488 Expendlture on: Fundralslng 19.783) 19.783) 14.4971 Charitable activities (95,7381 (95.738) 169,9201 Total (105.521) 1105) 167,4171 Net IKome and movemert In fvnds 23,930 8.781 32.711 24,071 Recondllatlon of funds: Openlngfunds 86,967 9.237 96.204 72,133 Total fvnds carrfed forward IIOA97 18.018 128,915 96,204 All the charitis aafvltles above arlse from contlnulng operatlons. The charlty has no recognb5ed Balns or losses In the current or Fyior year other than those shown above. 14
SOPHIA AKASH FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020 Note5 2019 FIXED A55ET5 Investments 30,719 37,676 CURRENT ASSErs Debtors 42,560 Cash at bank and In hand 105,096 24,608 105,096 67,168 Creditors: Amounts due wiihin one year 16,9(Kl) 18,6401 NET CURRENT ASSETSIUABIUTIES 98,196 58.928 TOTAL NET AS5Efs 128,915 96,204 FUNDS Unrestricted fund5 110.897 86,967 Restricted funds 18.018 9.237 TOTAL CHARITY FUNDS 128.915 96.204 15
50PHIA AKASH FOUNDATION NOTESTO THE FINANCIAL sfATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020 Approved by the Trustees and authorised for i55ue on 25 November 2021 and slgned on their behalf by: Shailendra Patel. Chairperson & Trustee 16
SOPHIA AKASH FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020 THE NOTES ON PAGES 17 TO 20 FORM PART OFTHESE FINANaAL STATEMEKrs ACcouriNG pouaES Basis of Preparation The financial statements have been prepared in accordance wtth the Charities SORP IFR51021 applicable to charities preparing their accounts in accordance with the Financial Reportin8 Standard applicable in the UK and Republic of Ireland and the Charities Act 2011 and UK Genernlly Accepted Prnrtice. The FOUndat7n constitutes a public benefft entity a5 defined by FRS 102. The Foundatlon wlll contlnue to receive further donations from the Chairperson for the foreseeable future of a nominal value sufflclent enough to support the Foundation's planned operating bud8et (approved byTrusteesl and related operating expenses and to ensure that the Foundatlon continues to operdte on a sound, economlcally vlable basls. As a suIt, In the vlew of the trustees, there are no material uncertaintles castln8 doubt on the 80ing concern of the tharity. Incom• Donations are recognised when receNed. Donatw)ns that are Gifts in Kind a valued at the amount paid by the donor for the gifted ser4*es. Empendlture Governance of the Foundation includes the statutory and constitutional costs incurred in connection with Foundation. These costs are allocated between rdisine funds and Charitable activities in line with dlrect expendlture. d) Grants Grants are accounted for once a specmc commltment has been made to the 8rant beneficiary and they have met any related conditionsto become entItd to the payment. Investment In subsldlary Investment in the subsidiary is included In the balance sheet at the c05t value less any impairment. For donated investments the cost is deemed to be the fair value of the shares at the date when they were donated. The Trustees review the investment on an annual basis for evidence of irnpainnent. 17
SOPHIA AKASH FOUNDATION NOTES TO THE FINANaAL STATEMEMtS FOR THE YEAR ENDED 31 DECEMBER 2020 The Foundation holds l(KPA ofthe share capitsl of&)phia Aps, however it is exempt from prepaAn8 8roup accounts as group tumover Is below the threshold for wns91id4ted accounts as deterynined by the Charitie5 Act 2011. Funds Income wlth Th) restrl¢tions attached by the donor are recorded ès unrestrltted. Income 8iven for a specified purpose is recorded as restrirted Income and held in a restricted fund until it can be spent in accordance with the donoes wishes. Accountlng Polkles contlnued B) Forel8n curreKy transxtlons Income and experrfllture trdnsactlons Incurred In a foreign currenry have been translated at the rate of exchange rnling at the date of the trnnsaction. h) Crltl¢al 4¢ntIl Jud8•m•nts and key $(w$ of •rtlmatlon unc¢rtalnty In the view of the Trustees the maln area of estlmation untertainty affertin8 assets and Ilabllltles at the balan Sheet date relates to the valuatlon of the Investment in the subsidiary. Thls has been valued taklng the book value of the net a$5ets and liabilltles at the year end. 18
SOPHIA AKASH FOUNDATION NOTES TO THE FINANaAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020 tIONATlOtIs 2020 2020 2020 2019 Unrestricted Restricted Total Total Donatlons from Founder (note 101 59.577 59577 42,617 Donatlon of 5epiice5 (note 10) 44,182 44,182 47,737 Other donations 25.692 8.781 34A74 1,134 Total 129A57 8,781 138233 91,488 FUNDRAISING COST5 2020 2020 2020 2019 Dlrect costs Support costs Totsl Total Fundraising costs 6,732 3,051 9,783 4,497 Total 0,732 3,051 9.783 4.497 19
SOPHIA AKASH FOUNDATION NOTES TO THE FINANaAL sfATEMENTS FOR ThE YEAR ENDED 31 DECEMBER 2020 CHARITABLE AcnvmES 2020 2020 2020 2019 Direct costs Support costs Total Total Donated Ser41ces 38.903 17.632 56,535 60,151 Direct activities 26,977 12,226 39,203 2,769 Total 29.858 95.738 62,920 GOVERNANCE AND SUPPORT cosrs 2020 2019 Accountancy costs 3.860 Communlcatlons Bank charges 1,451 Le8al and compliance fees 4.926 1,326 Consultancy 33,875 1,193 Sothvare 4,126 2,094 Impairment of investrnent 6.957 7,648 Forelgn exchange galns and losses 556 Total 65,073 18,841 Intluded within accountancy costs are costs of £3,E4X) linduding VAn for the Independent examlnatlon12019: £2,4th)1 20
SOPHIA AKASH FOUNDAnoN NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020 INVEsfMEpirs On 30 December 2016 the shares of Sophia Aps, a Danish Foundation with CVR number 33 25 6183, were 8lfted to Sophia Akash Foundation. The Trustee5 have calculated that the cost of this investment and the value of the donation as equal to the net assets of Sophia Aps at the date of donation. At the year end, the flnanclal posltlon of Sophla Aps was as follows: 5ophla Aps Balance sheet Current assets 38.669 Current liabilities 17,9501 Net assets 30,719 In line with the accounting policy described above. the tee5 have revIevd the value of the investment as at the year end. and recognised an impaimient loss to brin8 the value in Ilne with the nèt assets of the subsidiary. DEBTORS 2020 2019 Donations receivable 42,S60 Totsl 42,560 CREDITORS 2020 2019 Trade (dItOrS 4,800 Accruals 3.840 Total 6,900 8,640 21
SOPHIA AKASH FOUNDATION NOTES TO THE FINANaAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020 RESfRicfED FUNDS Opening Income Expenditure Closin8 2020 2020 2020 2020 Greater food securlty for poor farmers In Indla 9.237 8,781 18.018 Openlng Income Expenditure a051ng Comparatlve 2019 2019 2019 2019 2019 Greater food 5ecurty for poor farmers In Indla 8,103 1,134 9,257 10. RELATED PARTY TRANSAcnoNS Durlns the period the tWStees dld not reotve any remuneratlon, nor dld they claim any expense& In 2020 donatlons of £59.577 were made by the Chalmian of Sophla Akash Foundatlon, Shailendra Patel12019: £42,617). In 2020 the Co5 of consultants carryin8 Out the charltable actKTlties in Note 4 above were pald for by Sophia Investments Aps. a company wholly owned by the Chaimjan of Sophia Akash Foundation. The value of the Income and expendlture was equal to the amount paid to the consultants by Sophia Investments for their services. totallin8 £38,3{2o19.. £43,342). Sophia InvÈstmÈnts also covered other costs relatlng to the Sophia Akash Foundation totallin8 É5.279 12019: £4,395). No balances were outstanding with Sophia Aps at the year end. The shares of Sophia Aps were donated by Shailendra Patel, Trustee and Chaiman of Sophia Akash FoundatK)n in December 2016. He did not reNe any consideration in return for thls donation. Shailendra Patel remains the sole Director of Sophia Aps. 22