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2021-04-05-accounts

Handelsbanken Wealth Management

THE KAMINI & VINDI BANGA FAMILY TRUST

REPORT AND ACCOUNTS Year Ended 5 April 2021

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THE KAMINI & VINDI BANGA FAMILY TRUST

INDEX

Year ended 5 April 2021

Page
General information 2
Report ofthetrustees 3-4
Statement oftrustees' responsibilities 5
Independent examiner's report 6
Statement offinancial activities 7
Balance sheet 8
Accounting policies 9-10
Notestothefinancialstatements 11-13

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THE KAMINI & VINDI BANGA FAMILY TRUST

GENERAL INFORMATION

Year ended 5 April 2021

as Trustees Manvinder Banga (appointed 26.01.17) Kamini Banga (appointed 26.01.17) Baroness Patience Jane Wheatcroft (appointed 26.01.17) Roy Malcolm Anderson (appointed 07.02.19)

Accountant

Independent Examiner

Handelsbanken Wealth & Asset Management 77 Mount Ephraim Tunbridge Wells Kent TN4 8BS

BKM Accounting Services 5 Ashdown Chase Nutley East Sussex TN22 3LY

Principal Office 77 Mount Ephraim Tunbridge Wells Kent TN4 8BS

Registered charity number

1171409

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THE KAMINI & VINDI BANGA FAMILY TRUST

REPORT OF THE TRUSTEES

Year ended 5 April 2021

Sa a SSS (0 0 $9499

The trustees present their report with the financial statements of the charity for the year to 5 April 2021. The trustees have adopted the provisions of 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) (effective 1 January 2019).

Object and activities for the public benefit

The object of the charity, under the terms of the Trust Deed:

° To pay or apply the capital and income held by the trust to or towards or for the benefit or furtherance of such charitable purposes or charitable organisations (whether corporate or unincorporated) at such time, in such manner and in such proportions as the Trustees may from time to time determine. . The Trustees must use the income and may use the capital of the charity in promoting the Objects.

The trustees confirm that they referred to the guidance contained in the Charity Commission's general guidance on the public benefit when reviewing the trust's aims and objectives and in planning future activities and setting grant making policy for the year.

Achievements & Performance

The trustees carefully consider how their available resources can be utilised by way of grant making to existing charitable organisations in such a way as to maximise impact in the arears covered by the trust objects. They maintain direct personal oversight of and interest in the grantee organisations with this in mind.

Financial Review

Unrestricted funds

Incoming resources for the year amounted to £230,228 compared to £37,006 for the year ended 5 April 2020. Grants of £160,962 were made and support cost amounted to £4,085. This compares to grants of £218,201 and support costs of £6,443 for the previous year.

Expendable endowment

Expendable endowment stood at £5,397,978 (2020: £3,552,006) at the balance sheet date and constitues the free reserves

Principal funding source

The principal funding source comprises gifts from the trustees of the charity and from investment income.

Investment policy and objectives

The trustees have agreed a medium risk profile.

Reserves policy

The trustees aim to maintain the endowment fund at a level to provide a sufficient capital base to generate and income level sufficient to maintain the level of grant making planned in the future. The trustees are satisfied with the current level of reserves.

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THE KAMINI & VINDI BANGA FAMILY TRUST

REPORT OF THE TRUSTEES

Year ended 5 April 2021

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Structure, governance and management

The Kamini & Vindi Banga Family Trust is constituted by Deed of Trust dated 26 January 2017 and is a registered charity, Number 1171409.

Trustees

New trustees may be appointed by the existing trustees by virtue of a power contained within the Trust Deed. The Trust Deed provides for a minimum of three trustees.

Governing document

The charity is controlled by its governing document, a deed of trust and constitutes an unincorporated charity.

Recruitment and appointment of new trustee

New trustees my be appointed by the existing trustees by virtue of a power contained within the trust deed. A minimum of three trustees is required by the trust deed.

Organisation structure

The Trustees must hold at least two ordinary meetings each year. At those meetings, the Trustees agree broad strategy and activity for the Trust, including consideration of grant making, investments and reserves.

Induction and training of new trustees

On appointment, new Trustees must expressly acknowledge his or her acceptance of office of Trustee of the Charity. In selecting new Trustees, the Trustees must have regard to the skills, knowledge and experience needed for effective administration of the charity. New Trustees are provided with a copy of the Trust Deed and a copy of the Charity's latest report and accounts.

Risk management

The Trustees have assessed the risks to which the charity might be exposed and consider them to be minimal. The Trustees have addressed such risks that exist.

Approved AN by order of the trustees on..... 4 i. args ity wrt ....and signed on its behalf by:

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Manvinder Banga aa
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Kamini Banga - Trustee
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THE KAMINI & VINDI BANGA FAMILY TRUST

STATEMENT OF TRUSTEES' RESPONSIBILITIES

Year ended 5 April 2021 pe a RRRR A RE

Trustees’ responsibilities in relation to the financial statements

The trustees are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

The law applicable to charities in England and Wales, the Charities Act 2011, Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, including the income and expenditure, of the charity for that period. In preparing these financial statements, the trustees are required to:

° select suitable accounting policies and then apply them consistently;

The trustees are responsible for keeping accounting records which disclose with reasonable accuracy the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

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THE KAMINI & VINDI BANGA FAMILY TRUST

Independent Examiner’s Report to the Trustees of The Kamini & Vindi Banga Family Trust

Year ended 5 April 2021

| report on the accounts of the Trust for the year ended 5 April 2021.

Respective responsibilities of the trustees and examiner

As the charity's trustees, you are responsible for the preparation of the accounts in accordance with the requirement of the charities Act 2011 (‘the Act’).

| report in respect of my examination of the Trust's accounts carried out under section 145 of the 2011 Act and in carrying out my examination, | have followed all the applicable Directions give by the Charity Commission under section 145(5)(b) of the Act.

Independent examiner's statement

| am qualified to undertake the examination by being a qualified member of the Association of Accounting Technicians. | have completed my examination. | confirm that no material matters have come to my attention in connection with the examination which gives me cause to believe that in, any material respect:

| have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.

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Name: angi!o AN Date: 20-52)
Karen While
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Relevant professional qualification or body: FMAAT Address: 5 Ashdown Chase Nutley East Sussex TN22 3LY

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THE KAMINI & VINDI BANGA FAMILY TRUST

STATEMENT OF FINANCIAL ACTIVITIES

Year ended 5 April 2021

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|||||||||||| |---|---|---|---|---|---|---|---|---|---|---| |Unrestricted|Expendable|Total|Total| |Income|endowment|this|period|last|year| |Note|Fund|Fund|2021|2020| |£|£|£|£| |Income|resources| |Voluntary|Income| |Donations|1|-|750,000|750,000|1,076,417| |Tax|refund|due|on|gift|aid|2|187,500|-|187,500|269,104| |Investment|income|3|42,728|.|42,728|37,006| |Total|incoming|resourses|230,228|750,000|980,228|1,382,527| |Resources|expended| |Cost of generating|funds| |Investment|management|costs|-|-|-|-| |Charitable|activities| |Grants|made|4|160,962|160,962|218,201| |Governance|cost| |Audit/independent|examination|fees|400|400|400| |General|administration|fees|5|3,685|-|3,685|6,043| |Total|resources|expended|165,047|-|165,047|224|644| |Net|incoming/(outgoing)|resources|65,181|750,000|815,181|1,157,883| |before|transfers| |Gross|transfers|between|funds|14,517|(14,517)| |Net|income/(outgoing)|resources|before|79,698|735,483|815,181|1,157,883| |other recognised|gains|and|losses| |Other|recognised|gains|and|losses| |(Losses)/gains|on|investment|assets|963,149|963,149|(483,331)| |Net|movements|in|funds|79,698|1,698,632|1,778,330|674,552| |Fund|balance|brought forward|(147,340)|3,699,346|3,552,006|2,877,454| |Fund|balance|carried forward|at 5|April|2021|(67,642)|5,397,978|5,330,336|3,552,005|

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THE KAMINI & VINDI BANGA FAMILY TRUST

BALANCE SHEET

As at 5 April 2021

Note Total
this period		 Total
last year
2021 2020
Current assets
Investment atmarketvalue 6 4,178,762 3,215,613
Debtors 7 187,500 -
CashatBank 968,075 339,794
Creditors: amounts falling due within one year 8 (4,000) (3,400)
Netcurrentassets 1,151,575 336,394
Totalassetslesscurrentliabilities 5,330,336 3,552,006
Funds
Expendable endowment fund (page 7) 5,397,978 3,699 346
Unrestricted income fund (page 7) (67,642) (147,340)
5,330,336 3,552,006

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THE KAMINI & VINDI BANGA FAMILY TRUST

ACOUNTING POLICIES

As at 5 April 2021

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Basis of preparing the financial statements

The financial statements of the charity, which is a public benefit entity under FRS 102, 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 the Republic of Ireland (FRS 102) (effective 1 January 2019)", Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of ireland" and the Charities Act 2011. The financial statements have been prepared on a going concern basis and under the historical cost convention with the exception of investments which are included at market value, as modified by the revaluation of certain assets.

Going Concern

There is no material uncertainties about the charity's ability to continue.

Income

All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.

Expenditure

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, 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 accounted for on an accruals basis and has been classified under the headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activates on a basis consistent with the use of resources.

Grants offered subject to conditions which have not been met at the year end date are noted a as commitment but not accrued as expenditure.

Taxation

The charity is exempt from tax on its charitable activities.

Fund Accounting

Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.

The expendable endowment fund has been invested to primarily produce income although the trustees may use the fund for charitable purposes if required.

Restricted funds can only be used for a particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.

Foreign Currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

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THE KAMINI & VINDI BANGA FAMILY TRUST

ACOUNTING POLICIES

As at 5 April 2021

Investments

Investment are shown at market value at the balance sheet date. All gains or losses on the revaluation or on disposal are included in the Statement of Financial Activities

Investment income is recognised as receivable.

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THE KAMINI & VINDI BANGA FAMILY TRUST

NOTES TO THE FINANCIAL STATEMENTS

As at 5 April 2021

2021 2020
£ £
1 Income
GiftAid donation MrM Banga 750,000 400
MrM Banga - 900,000
Mr M Banga - 176,017
750,000 1,076,417
2 GiftAid repayments 187,500 269,104
187,500 269,104
3 Investment income
LF Hwd Balanced Multi Asset Fund Inc 42,728 37,006
Handelsbanken interest - -
42,728 37,006
4 Grants
Grange Park Opera 1,788 -
Bharatiya Vidya Bhavan London 3,000 =
Teamwork Fine Arts Society 28,000 -
Friends ofSeva Mandir UK 2,500 -
Royal National Theatre 1,500 -
Alzheimers Reseach UK 250 -
Royal Inst International Chatham House 10,000 10,000
Cancer Research 3,924 46,201
The Poetry School 10,000 10,000
University ofSouthampton 50,000 50,000
Major Giving and Appeals 50,000 50,000
Marie Curie . 500
Almeida Theatre Company - 25,000
Room to Read - 500
Southbank Centre - 1,000
The Story Museum - 15,000
Chance to Shine - 10,000
160,962 278,207

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THE KAMINI & VINDI BANGA FAMILY TRUST

NOTES TO THE FINANCIAL STAEMENTS

As at 5 April 2021

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||||||||||| |---|---|---|---|---|---|---|---|---|---| |2021|2020| |£|£| |5|Governance|expenditure| |Bank|charges|85|43| |Accountancy|fees|(Handelsbanken|Wealth|Mgt)|1,920|1,920| |Preparation|of Annual|Return|(Handelsbanken|Wealth|Mot)|1,140|1,140| |HMRC|tax|claims|(Handelsbanken|Wealth|Mgt)|540|540| |General|administration|(Handelsbanken|Wealth|Mgt)|-|2,400| |Independent|examination|fees|400|400| |4,085|6,443| |6|Market value| |Market value|at|beginning|of|period|3,215,613|2,622,927| |Add|Additions|at|cost|-|1,076,017| |Less|disposals|at|market|value|:|-| |Add/(deduct)|net|gain/(loss)|on|revaluation|963,149|(483,331)| |Market value|at|end|of|period|4,178,762|3,215,613| |7|Debtors|Gift|aid|refunds|outstanding|from|HMRC|187,500|-| |187,500|-| |8|Creditors:|amount|falling|due|within|one|year| |Independent|examination|fees|400|400| |Governance|costs|3,600|3,000| |0| |4,000|3,400| |8|Analysis|of Investment| |Mkt Value|=|Mkt|Value| |atyearend|at|year|end| |Investment Assets| |2,693,369.179|LF|Hb|Balanced|Multi|Asset|Fund||Inc|4,178,762|3,215,613| |Total|4,178,762|3,215,613| |The|historic|cost|of these|investments was|£3,693,357|(2020:|3,695,200)|

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THE KAMINI & VINDI BANGA FAMILY TRUST

NOTES TO THE FINANCIAL STAEMENTS

As at 5 April 2021

8 Analysis of Investment continued

Analysis ofFunds
At Income Expenditure Gains/losses At
06-Apr-20 & transfers 06-Apr-21
£ £ £ £ £
Expendable endowment funds 3,699,347 750,000 - 948,632 5,397,978
Unrestricted funds (147,340) 230,228 (165,047) 14,517 - 67,642
3,552,006 980,228 (165,047) 963,149 5,330,336
At Income Expenditure Gains/losses At
06-Apr-19 & transfers 06-Apr-20
£ £ £
Expendable endowment funds 2,874,162 1,345,522 (37,006) (483,331) 3,699,347
Unrestricted funds 3,293 37,006 (224,644) 37,006 (147,340)
2,877,455 1,382,528 (261,650) (446,325) 3,552,007

Unrestricted funds are available for use at the discretion of the trustees in the furtherance of the general charitable objectives.

Expendable endowment funds are primarily invested to produce income but may be used to fund charitable purposes.

9 Related Party Disclosures

During the year Mr M Banga made donations of £937,500 including Gift Aid to the charity (2020 - £1,382,527 including Gift Aid)

10 Staff costs and Trustees' Remuneration and Benefits

There were no employees of the charity during the year. The trustees received no remuneration and were not reimbursed for any of the expenses in the year.

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