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 2￿maY-2021
Hemant Patel
William Hopkin
5hallendra Patel (Chalrl
Sabrina Sldhu- appointed 2 September 2021
stefar￿ Cappanari- app)inted 20-May-2021
CHARITY ADDRESS
MIchelmo￿5 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 p￿sent 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 T￿￿teeS ￿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 T￿￿ee5 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 reqUI￿d 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 ap￿Inted 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 facilit￿S (WASH) as well as ready
access to clean ener￿ solutions to F￿r and unser¥ed communltles. especial￿ those residing in rural
environments.
The Foundatlon provKles Instltutlonal development gUIda￿e. 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 arCuMstan￿5 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 suP￿rt 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 w0￿1ng prO￿dureS and adopted new guidelines for
the Foundation and the Trustees that were specifi￿11¥ 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 re￿UrceS 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$5fv11y
deployed In West Bengal to the ber*fft of 50.IXX) poor ¥lllagers as well a5 another 10.CI)O
beneficiaries In rural Bangladesh and Nepal.
The Foundation also continued with the program to provide ac￿5$ to ba￿C 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 SUC￿5$￿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 fyrt￿r 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 aWa￿neSS 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 p￿SenCe through the Foundatlon's web-site
hlaakashfoundation.coml as well thrO￿h 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 e￿remelY 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 SUp￿rt 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 inC￿aSe 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 d￿￿lOp 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 UN￿RTAI￿nE$
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 regul￿d to..
• select sultable accountlng ￿lIcIeS and then appty them conslstently,"
• obserle the methods and princip￿5 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 2￿8 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
ACcour￿iNG 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 FOUndat￿7n 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 entIt￿d 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 t￿￿ee5 have revIev￿d 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 Co￿5 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 re￿Ne any consideration in return for thls
donation. Shailendra Patel remains the sole Director of Sophia Aps.
22