REGISTERED COMPANY NUMBER.. 10396742 (England and Wales) REGISTERED CHARITY NUMBER: 1178298 REPORT OF THE TRUSTEES AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 FOR MEENAL AND RISHI SACHDEV FOUNDATION STGCA LLP da Sterling Charrered Accoiintants 505 Pinner Road Harrow Middlesex HA2 6EH
MEENAL AND RISHI SACHDEV FOUNDATION CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Page Reference and Adrninistrative Details Report of the Trustee5 Independent Examiner's Report Statement of Finaneial Aetivities Balance Sheet Note5 to th¢ Financial Statements 7 to 12 Detailed Statement of Financial Aetivitie5 13
MEENAL AND RISHI SACHDEV FOUNDATION REFERENCE AND ADMINISTRATIVE DETAILS FOR THE YEAR ENDED 31 MARCH 2024 TRUSTEES D Fitzgerald R R Sachdev Mrs M H Sachdev REGISTERED OFFICE Regent House Allum Gate Theobald Street, Elsiree Boreliamwood Hertfordshire WD6 4RS REGISTERED COMPANY NUMBER IOi96742 (England and Wales) REGISTERED CHARITY NUMRF.R 1178298 INDEPENDENT EXAMINER STGCA LLP Va Sterling Chartered Accountants 505 Pinner Road Harrom. Middlesex HA2 6EH Page I
MEENAL AND RISHI SACHDEV FOUNDATION REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 The trustees who are also directors of the cliarity for the purposes of the Companies Act 2006, preseiit their report lth the financial statements of the charity for the year ended 31 March ?024. The trustees have adopted the provisions of Accouiiting aiid Reporting by Chaiities.. Stateinent of Recommended Practice applicable to cl)arities preparing their account5 in accordance with the Financial Reporting Stat]dard applicable in the UK and Republic of Ireland IFRS 102) (effective l January 2019). ORJECTIVES AND ACTIVITIES Objeetives and aims The promotion of Iiuinaii rights (as set out iii the uiiiversal declaration of hunian rit5 and subsequent United NatiOll5 conventions and declaraiions} in such ways as the charity trustees think fit, including by.. ra15in¥ awareness of human ribTht5 issues: providing public education about human right5., and partnering with other organisations which have similar objects and providing funds for their work. In furtherance of that obje¢tiv¢ but not othenvise, the trustees shall have power to eiigage in political a¢tivity provided that the trustees are satisfied that the proposed activities will funher the purposes of the charity to an extent justified by the resources comtnitted and the activity is not the doininant tneans by which the charity carries out its objectives. Public benefit The Llidrity ha5 aLI)ieved tl)e public benefit objectives b), raising aivareness of human right5 issues. This was achieved by providing public education about human righis and partnering M."ith other organisations which have similar objects and prL)viding funds for Iheir work. FINANCIAL REVIEW Finaneik)I position The tru5tccs havc 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 ol. Ireland IFRS 102) (effective l January 2019). As stated in the it)troduction to this report, the trustees consider the financial perforinance by the charity. duriiigF the year to have been satisfactory. The Statement of Financial Activities show net surplus for Ihe year of £J7.075 (2023.. Ner surplus of £4.0831 and the total deficit at the year eiid staiid at £9,?64 (2023.. Deficit of £46,339). Prineip#l funding sourees Tl)e principal fuiidii)g sources for the Charity are cutTentlv by way of Donations and grants. Charity's funds are being used in the short term for the running of the Chariry and supporting its key objectives. Investment policy and objectives In the Financial Review seLiion of this reporL there is a description of the investment policies and objectives established by the Trustees and the extent to which social, environmental or ethical considerations are taken into accouni. Tl)e Tru5tee5' investment powers are covered by the Trustees, gFoverniiig docunient and allow the Trustees to invest surplus ndS to generaie income with 'hICh to fund future activities. The Trustees, investment policy 15 to aim for safety, comTnensurate with imTnediate and plaiined 5peiidii)gF requirements and given the current uncenainties in the financial markets, the Trustees consider it appropriate to be holding funds in deposii accounts where the!, achieve a steady reiurn Reserves policy The trustees have established a policy whereby there was an ii)crease in charithble expei)diiure which meant that the charity'5 reserves between 9 to 12 moiiths were iiot met. The trustees have therefore impleineiited strategies to seek new donations and government granis. Separately, we have implemenied measures to reduce cosis to ensure these reserves are met in the luture. Page 2
MEENAL AND RISHI SACHDEV FOUNDATION REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 FINANCIAL REVIEW Going concern The charities perfomiai)¢e in the finai)¢ial year ending 31 Maich 2024 has resulted in a surplus of £37,075 and an overall net deficit of £9:264.The tru5tee5 have therefore implemented strdtegie5 to seek new donation5 and goveriiment grants as the economy improves. Separately. we have implemented measures to reduce costs io ensure these reserves are Inet in the future. STRUCTURE. GOVERNANCE AND MAIYAGEMENT Governing document The charity is conirolled by its governing document, a deed of trust, and constitutes a limited company, limiied by guarantee, as defined by ihe Companies Act 2006 The charity is constituted by a Trnst Deed dated 27 September 2016, and its objects are to apply fiinds for charitable purposes. Organisational structure The TrUseS nan)ed on page l (other than those stated as having ceased to be a trustee on a particular date) have served from date of appointment to the date of thi5 report. Appointineiit of Trustees 15 gFovenied by the Memorandum and Articles. The Board of Trustees is authorised to appoint new Trustees io fill vacancies arising throu degth, resignation and removal. Induction and training of ne. trustees As pari ol. their induciion program, new Trustees are made aware of their responsibilities. This incliides an introduction to the objectives, scope and policies of the Charity, the Charity Commission information on Trustee responsibilitieg and a copy of the Constitution. Additional training is available to keep up with all new regulations conceTnin¥ the Charity's activitie5. Risk management Tl)e Tru5tee5 identify the Inajor risk5 to which the Charity 15 exposed to each financial year when preparings and updating a straiegic plan. in particular, those areas related to the operaiions and finances of the Charity. The Trustees then review any major risks ivhich have been ideniified and establish systems to mitigaie those risks. Th¢ Trustees have also put in place appropriate internal controls gnd monitoring procedures, including budgetary control and review to minimise financial risks. Approved by order of the board of trustees on 28 Dec 2024 and signed on its behalf by.. VttAwtgEh&8v?Thgf&824 Page 3
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF MEENAL AND RISHI SACHDEV FOUNDATION Independent examiner's report to the trustees of Meenal and Rishi Sachdev Foundation ('the Compan} } I report to the charity trustees on my examination of the accounts of ihe Company for the year ended i l March 2024. Responsibilitie5 and basi5 of report As the charity's trustees of the Compan}. (and also its directors for ihe purposes of company law) vou are responsible for the preparation tsf the accounts in accordance with the requirenients of the Coinpanies Act 2006 ('the 2006 Act,). Having satisfied myself that the accounts of ihe Company are noi required io be audited under Part 16 of Ihe 2006 Act and are eligible for indtpeiideiit exainiiiation, I report in respect of iny examinatitsn of your charity's accounts its Caled out under Section 145 of die Charities Act 2011 ('the 2011 Act,). In can)'intT out my examination I have followed the Directions given by the Charity Commission under Section 145(5) Ib) of the 2011 Aci. Independenl examiner's $¢al¢ment Since your charity's gross income exceeded £250,000 your examiner must be a member Lif a listed body. I can confim tliat l am qualifjed to undertake the exainiiiation because l am a member of the Institute of Chartered Accountants in England and Walcs, Ivhich is one of the listed bodies. I have Lompleted my exan)inatioi). I confimj that no matters have come to my attention ii) connection with the examination giving me cause to believe.. accounting records weie not kept it) respect of the Company as required by Section 386 of the 2006 Act; or the accounts do not accord M'ith those record5. or Ihe accounts do not comply with the accounting requirements of Section 396 of the 2006 Act oiher than any requiren)ent that the accounis give a true and fair view which is i)oi a maiter considered as part of an independent examinatloll., OT the accoiints have not been prepared in accordance with the methods and principles of the Statement of Recommei)ded Practice for accounting and reporLiI)g by charities (applicable to charities preparing their accounts in accordance with tlie Fiiiancial Reportin¥ Standaid applicable in tlie UK and Republic of Irelaiid (FRS 1021). I have no concems and have come across nLI oiher matters in Clinneciion with the examination to which attention should be drawn in this report iii order to enable a proper understandin(T of the account5 to be reached. Bhaiai Vanza (Sat. 28lh Dec 2024 BSc(Hons) FCCA FCA Tl)e Institute of Chartered Accout]tat]ts in England and Wales STGCA LLP Lla Sterling Chartered Accouiitaiits 505 Pinner Road Harrow Middlesex HA2 6EH Date.. 28 Dec 2024 Page 4
MEENAL AND RISHI SACHDEV FOUNDATION STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2024 3113124 Total funds 311312i Total fi]nds Ut)restricted funds Restricted nd Notes INCOME AND ENDOWMENTS FROM Donations and l¢ga¢ies 235,981 235,981 196,113 Charitable activities Charitable activities 26,313 26.313 53.609 Invesiment income 3,513 3.513 Total 239,494 26,313 265,807 249,722 EXPENDITURE Oly Charitable activities Charitabl¢ activities 198,883 29,849 228.732 245.639 NET INCOMEI(EXPENDITURE) 40,611 13,536) 37,075 4,083 RECONCILIATION OF FUNDS Total funds brought fOard (49,875) 3,536 (46,339) (50,422) TOTAL FUNDS CARRIED FORWARD 19,264) 19,264) 146,J39} The notes fortn part of these financial ststemeiits Page 5
MEENAL AND RISHI SACHDEV FOUNDATION BALANCE SHEET 31 MARCH 2024 3113124 Total funds 311312i Total fi]nds Ut)restricted funds Restricted nd Notes CURRENT ASSETS Debtors Cash at bank 76,157 358 76,157 ?58 6,315 22,370 76,515 76,515 28,685 CREDITORS Amounis falling due within one year (85,779) (85,779} (75,024) NET CURRENT ASSETSI(LIABILITIES) (9,264) 19,264) (46,339} TOTAL ASSETS LESS CURRENT LIABILITIES 19,264) 19,264) (46,339) NET ASSETSI(LIABILITIES} 19,264) 19,264) 146,339) FUNDS Uiirestricted funds Restricted funds 10 (9,264) (49,875) 3,536 TOTAL FUNDS (9,264) (46,339) The charitable company is entitled to ¢xemption from audit under Sectioii 477 of th¢ Companies A¢t 2006 for th¢ year ended 31 March ?024. The members have not required the company to obtain an audit of its finan¢ial statements for th¢ year ended 31 March ?024 in accordance with Section 476 of the Companies Act 2006. The trustees acknowledge their responsibilities for ensuring that the charitable company keeps accounting records Ihai comply with Sections 386 and 387 of the Companies Act 2006 and prepariiig financial statenients which give a trne and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requiren)ents of Sections 394 ai)d 395 and which othern*ise comply with the requirements of the Companies Att 2006 relatingy to financial stateinents, 50 far a5 applicable to the charitable coinpany. These financial statements have been prepared in accordance wilh the provisilins applicable to charitable companies subject to the small companies regFime. The financial statements were approved by the Board of Trustees and authorised for issue "2U'Dec'2074" "" and were signed on its behalf by.. on I1,.91,,¥5Èv ISal,%I%EI ÈC 2024 8 04 39 GMT) The notes fortn part of these financial ststemeiits Page 6
MEENAL AND RISHI SACHDEV FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 ACCOUNTING POLICIES Basis of preparing tht financial Statements The financial stateineiits of tlie charitable company, wliich is a public bei)efit entity under FRS 102, have been prepared in accordance 1[h the Charities SORP (FRS 102) 'Accounting and Reporting by Charities.. Statement of Recoinmei)ded Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Irelaiid IFRS 102) (effective l January 2019),, Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland,, the and the Companies Act ?006. The financial statemenis hawe been prepared ui)der the historical cost convention. Ineome Income from donations and grants is Included ivhen these are receivable, except as follows.. Wh¢n donor5 iinp05e conditions which have to b¢ tulfill¢d b¢tor¢ the charity b¢com¢s ¢nlitl¢d to us¢ such income. tht incoine is deferred and not incliided in incojning resources uniil Ihe preconditions tor list hai'e bttn met. When dunors Specif Ihai donaiions dnd granis are for partiLulai resirieted piirposes. which do rtoi amouni I pre4onditions regarding entitlement. this income is included in incorning resources ot'restricted tunds ..hen rLyLIab1L. Interest receivable Interest receivable is recL)gnised in Statement of Financial Activities as they accrue, using Ihe effective interest metliod. Expenditure The policy for includiTI¥F items within the relevant activity cate¥Torie5 of resources expended i5 that expenditure 15 charged to the Statement of Financial Activities on an accruals basis, inclusive of VAT which cannot be recovered and is classified as folloivs.. CO of generating funds eomprist ihe cosis associaied with allracting 0111n1ary income. Chdritdble exi)endilure 5hdll inLlude all expenditure diieLII) reldled li) the ()bjeLts' uf the Lhailt IllLluding aLtiN'itie in turlheranct of iht charilTr's objtctiTres and aiins. Charitablt txpenditiirt coinprists ihose costs incU¢d bl. tht charilN irt IhL dilivLry' of ils aLliviliLS and SLII'ICLS for ils binificiariLS. li ineludLS boih eosts Ihai Lan bL allocaitd dir¢¢ilTr lo sucli actiTriti¢s and tlios¢ ¢05ts of an indirect nature to support th¢m. Goi'cmancc costs shall ineludL all cxp-ndiiurL dirLeil!' rLlaicd 10 IhL adminisiration of ihc chariiy, cxpcnditure IllLurred in the nianagemenl ()f the charity'% a%%el%. ()Igani%atii)nJl admini%tralicin and Li)tnp1ice with Lharitable and sialutor), requirements. Grants offered subject ro conditioi)s which have not beert mei ai the year end date are nOd as a commitment but not acc[ed as expeildire. Taxation As a registered charity, the charity is exempt from income and corporation tax to the extent that its income and gains are applicable to charitable purposes onlv. Value Added Tax is noi recoverable by the charity, and is therefore ii)cluded in the relevant costs ii) the Stateinent of Finai)cial Activities. Fund aeeounting General funds are unrestricted funds M'hich are available for use at the discietion of the Trustees in furtherance of the general objectives of the Chgrity and which hav¢ not been designated for other purposes. Designated funds Comprise uiirestricted funds that have beeli set aside by the Trnstees for particulk)r PUTposes. The aim and use of each designated fund is set out in the notes to the financial staternents. Restricted fui)ds are funds which are to be used in accordance with specific restrictions imposed by donors hich have been raised by the Charity for particular purpose5. The c05t of raising aiid administeriiig sucli funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the rinai)cial statements. Page 7 coniinued...
MEENAL AND RISHI SACHDEV FOUNDATION NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 31 MARCH 2024 ACCOUNTING POLICIES- continued Pension eosts and other post-rttirtment benefits The charitable coinpany operates a defined contribiition pension scheme. Coiitributions payable to the charitable company's pension scheme are charged to the Ststemeni of Financial Activities in the period to which they relate. Trade and oth¢r debtorsl Creditors Trade and other debiors are recognised initially at transactions price less attributable transaction costs. Trade aiid other creditors are reco¥ni5ed initially at transaction price plu5 attributable transaction costs. Subsequent to initial recognition they are measured at amortised cost using the effective interest method, less any inipaimient losses in the case of trade debtors. If the arrangement constitutes a financing transaction, for example if payment is deterred beyond norn)al terms. thei) it is measured at tl)e present value of future pavinents discounted at market rate of instrument for a similar debt instrument. DONATIONS AND LEGACIES 3113124 3113123 Donations 235.981 196.113 INVESTMENT INCOME 3113124 3113123 Other iiiterest receivable 3.513 CHARITABLE ACTIVITIES COSTS Direct Costs Support costs Totals Charitable a¢iivities 165,241 63,491 228,732 TRUSTEES, REMUNERATION AND BENEFITS There were no trustees. remuneration or other benefits for the year ended 31 March 2024 nor for the year ended 31 Marcli 2023. Trustee5' expenses There were no trustees, expenses paid for the year ended 3 1 March 2024 nor for the year ended 31 March ?023. Page 8 coniinued...
MEENAL AND RISHI SACHDEV FOUNDATION NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 31 MARCH 2024 STAFF COSTS The average monihly number of employees during the year was as follows.. 3113124 3113123 Adminisiration No employees received emolumenis in excess of £60.000. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES Unrestricted fund5 Restricted nd Total fund5 INCOME AND ENDOWMENTS FROM Donation5 and legacies 196.113 196,113 Charitable aetivities Charitable activities 53,609 Total 196,113 53,609 249,722 EXPENDITURE ON Charitable activitie5 Charitable activities 180,695 64.944 245.639 NET INCOME/(EXPENDITURE) 15,418 (11,3351 4,083 RECONCILIATION OF FUNDS Total funds brought forward 165.293) 14.871 150,422} TOTAL FUNDS CARRIED FORWARD 149.875) 3.536 146.339} DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 3113124 3113123 Other debtors 76,157 6,315 Page 9 coniinued...
MEENAL AND RISHI SACHDEV FOUNDATION NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 31 MARCH 2024 CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 3113124 3113123 Trade Creditors Social %ecuriry and other taxes Other creditors Accrued expeiises 9,233 2,193 66.523 708 5.600 735 5,700 85.779 75.024 io. MOVEMENT IN FUNDS Net movement in funds At 114123 At i113124 Unrestricted funds General fund {49.875) 40.611 (9.2641 Restricted funds Restricted 3,536 (3,536) TOTAL FUNDS {46,3391 37,075 (9,2641 Net movement in funds. included in the above are as follows.. Incoming resources Resources expei)ded Movement in I'unds Unrestrieted funds Geneial fund 239,494 1198,8831 40,611 Restricted funds Restricted 26,313 {29,8491 (i,5361 TOTAL FUNDS 265,807 (228,7i2) 37,075 Comparatives for movement in funds Net movement in funds At 114122 At 3113123 Unrestrieted funds General fund {65,2931 15,418 {49,8751 Restrieted funds Restricted 14,871 {11,3351 3,536 TOTAL FUNDS {50,422) 4.083 {46.339) Page 10 CL)niinued...
MEENAL AND RISHI SACHDEV FOUNDATION NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 31 MARCH 2024 io. MOVEMENT IN FUNDS- continued Comparative ner movement in funds, included in the above are as follows.. Incoming resources Resour¢e% expended Movement in funds Unr¢stri¢t¢d funds General fund 196,113 1180,6951 15,418 Restricted funds Restricted 5i,609 {64,9441 {11,i351 TOTAL FUNDS 249,722 1245,6391 4,083 A current year 12 moi)ths and prior year 12 months combined position is as follows.. Net movement in ndS At 114122 At 3113124 Unrestricted funds Geiieral fuiid {65,293) 56,029 (9,264) Restricted funds Restricted 14.871 {14,871) TOTAL FUNDS {50.422) 41.158 (9.264) A ¢urrent year 12 months and prior year 12 months ¢ombin¢d net movement in lld5, incliided in the above are as follows.. Incoming resources Resources expended Movement in funds Unreslricted funds General fund 435,607 1379,5781 56,029 Restricted funds Restricted 79,922 {94,7931 {14,8711 TOTAL FUNDS 515,529 1474,3711 41,158 Page I I CL)niinued...
MEENAL AND RISHI SACHDEV FOUNDATION NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 31 MARCH 2024 RELATED PARTY DISCLOSURES During the year the Charity received dlinations of £47,368 120?3.- £181.72] } from Shiva Hotels Group LLP. £56.056 {2023.. £NILI froni Shiva Kingsway Limited. £48,912 12023.. £11,394) froin Shiva Hotels Vandon House and £12.265 (2023.. £3,000} from Lincoln Plaza Hotel Co Ltd entities in which Mr R R Sachdev who is a Irustee of the Chariry, has beneficial interests. Page 12
MEENAL AND RISHI SACHDEV FOUNDATION DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2024 3113124 311312i INCOME AND ENDOWMENTS Donations and legaeies Donaiions 235,981 196,113 Investment ineome Other interest receivable 3,513 Charitable activities Grants 26,313 53,609 Total ineoming resourees 265.807 249,722 EXPENDITURE Charitable activities Staff salaries Social security Pensions Staff traiiiin¥ and recruitment Insurance Computer costs Postatse and stationery Advertising Travel, hotel and subsistsnce Conferences and evei)ts Grants to institutions 125,000 13,484 i,750 99,738 11,416 1,690 732 2,994 16,174 530 9,978 1,030 8,695 500 3,251 7,261 39 7,761 1,159 3.536 165,241 153,477 Support costs Finance Bank charges 50 Other Sundries 333 77 Governance eosts Legal and prolegsioi)al fees Ac¢oiintancy and l¢gal fees 58,958 4,200 87.835 4,200 63,158 92,035 Total resources expended 228,732 245,639 Net income 37,075 4,083 Tl)is page does not forn) part of the statutory financial statements Page 13