**Charity Registration No. 1179087** ## **THE SAVITRI WANEY CHARITABLE TRUST** **(CHARITABLE INCORPORATED ORGANISATION)** **ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024** ## **THE SAVITRI WANEY CHARITABLE TRUST (CHARITABLE INCORPORATED ORGANISATION) LEGAL AND ADMINISTRATIVE INFORMATION** **Trustees** Mr A C Waney OBE Mr G Waney Mrs J Waney Mr A Shivdasani Mr E Bond Mrs R Bijur Mr J Waney Mr V S Suri Mr D Waney (Appointed 19 November 2024) **Honorary Treasurer** Mr V Thapar **Charity number** 1179087 **Principal address** 84 Eccleston Square London SW1V 1PX United Kingdom **Auditor** HW Fisher Audit Acre House 11-15 William Road London NW1 3ER United Kingdom ## **THE SAVITRI WANEY CHARITABLE TRUST (CHARITABLE INCORPORATED ORGANISATION) CONTENTS** ||**Page**| |---|---| |Trustees' report|1 - 7| |Statement of Trustees' responsibilities|8| |Independent auditor's report|9 - 11| |Statement of financial activities|12| |Balance sheet|13| |Notes to the financial statements|14 - 23| ## **THE SAVITRI WANEY CHARITABLE TRUST (CHARITABLE INCORPORATED ORGANISATION) TRUSTEES' REPORT** ## _**FOR THE YEAR ENDED 31 MARCH 2024**_ The Board of Trustees are pleased to present their Trustees’ Annual Report and financial statements for the year ending 31 March 2024. The report and financial statements comply with the requirements of the Charities Act 2011 and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with FRS102 (effective 1 January 2019). ## **Strategic Objectives** Savitri is a small charitable Trust based in the UK and with a sister foundation in India. We are driven by the belief that everyone has right to good health. Since 2001 we have funded programmes that improve the health and well-being of communities, particularly in rural India via palliative care and eyecare programmes. Whilst we continue to fund this important work, in recent years our grants have expanded to include more projects that work on environmental health with a broader geographical focus beyond India. Mindful that these themes are complex and far reaching, we have prioritised our funding towards to the following programme areas: 1. Community Health 2. Food, Farming and Land 3. Toxics, Chemicals and Pollution 4. Biocultural Diversity 5. Championing Changemakers 6. Emergency Grants Savitri is committed to making the most efficient use of donated funds, promising that 100% of any donations received go to the projects they are earmarked for. Trustees are proud of the public benefit undertaken by Savitri and have due regard to the Charity Commission’s guidance on this. We are grateful to our implementing partners, colleagues, networks, friends and donors – all of whom make it possible for Savitri to continue to work in this way. ## **Overview 2023-** 24 Throughout the year, the Trust granted a total £855,129 (to partners working on Community and Environmental Health initiatives. We continue to strengthen our approach to collaborative grant making with eight grants directed through funding in partnership with other funders or a form of pooled funding. The majority of grants this year were continuation grants reflecting the strategy to commit to multi-year funding cycles. We were pleased to be funding five new grant partners, three of which are working on agroecology projects in India. Funding this year had a global reach, with partners working across the UK and Europe (12) India (7), South America (2) Nigeria (1) and Globally (6). ## **The Savitri Foundation** We guarantee quality local understanding, due diligence and monitoring of our Indian partners through our sister organisation the Savitri Waney Charitable Foundation which is based and registered in India (under the Maharashtra Public Trusts Act: E-21518). No direct grants were made to the Foundation, but we continue to work closely together to support our existing partnerships with rural community health projects; Akhand Jyoti Eye Hospital, Cachar Cancer Hospital and Emmanuel Hospital Association, as well as new partnerships with the Pesticide Action Network (PAN) India, Aaina and The Bharat Agroecology Fund. - 1 - **THE SAVITRI WANEY CHARITABLE TRUST (CHARITABLE INCORPORATED ORGANISATION) TRUSTEES' REPORT (CONTINUED)** ## _**FOR THE YEAR ENDED 31 MARCH 2024**_ ## **Project Funding 2023-24** ## **Rural Community Health** In total £307,691 was granted in donations towards four long-term partners delivering projects working in Eyecare and Palliative Care in rural India (3) and Nigeria (1). **The Yugrishi Shriram Sharma Acharya Charitable Trust - £168,269.** This is the registered charity for which the charitable eye hospital Akhand Jyoti Eye Hospital (AJEH) is a beneficiary. During 2023-24 our funding directly subsidised 5,000 free cataract surgeries at the Savitri Waney Eye Centre, Purnia. **Tulsi Chanrai Foundation (TCF) - £22,908.** A grant was donated to fund free cataract surgeries at Calabar Eye Centre, in the Southern region of Nigeria. **Emmanuel Hospital Association (EHA) - £81,942.** EHA has hospitals in some of the remotest and poorest parts of India. 2023-24 marks our eighth consecutive year of funding palliative care services within this organisation. Our funding is directed towards the Palliative care teams, supporting their efforts to integrate comprehensive home-based palliative care services across their hospitals in Northeast India, as well as capacity building programs to train their staff teams. **Cachar Cancer Hospital & Research Centre (CCH) - £34,572.** CCH is based in rural Assam and provides much needed cancer care services to the people in the region of the Barack Valley. This year was the fourth year in which Savitri has supported their HomeBased Palliative Care Program. ## **Environmental Health** This year a total of £517,438 was donated via UK and International NGOs working to improve the health of our planet. Any work seeking to protect and improve environmental health will inevitably be far-reaching however, our broad focus areas continue to be across the following programme themes; Food, Farming and Land (7), Toxics, Chemicals and pollutants (7), Biocultural diversity (3) and championing Youth Movements (5). ## _Food, Farming and Land_ **Farming the Future (FTF)- £75,000.** FTF is a collective of funders, grantees, advisors and ambassadors from within the UK food and farming movement with an ambitious aim to facilitate collaborative action for a regenerative, agroecological future in food and farming. The collective takes a strategic and experimental approach, rooted in deep cooperation within and across the whole system, from how food is produced and distributed to who is included and excluded from access to good food and the land. **The Gaia Foundation- £30,000.** Gaia’s Seed Programme aims to restore the UK’s traditional knowledge of seed saving to strengthen the country’s seed sovereignty therefore ensuring our food system is more resilient against climate change and other pressures. This is the sixth consecutive year Savitri has supported this project. In addition to this project, Savitri granted a continuation grant towards Gaia’s ‘We Feed the UK’ storytelling campaign, showcasing the small-scale farmers and fishers who produce 70% of the world’s food on less than a quarter of its farmland. **The Soil Association - £10,000.** The Soil Association work with farmers, businesses, policymakers and communities to develop world-leading standards to protect the future health of people, animals, plants and the environment. **Stop Ecocide International (SEI) - £20,000** . Stop Ecocide International is developing global cross-sector support for an international crime of ecocide. This donation is part of a three-year grant funded in collaboration with four other foundations; Be the Earth, Bertha Foundation, Gower Street and the Roddick Foundation. **Aaina - £18,085.** Aaina is an Indian NGO based in Odisha, India. For this project, they are working in partnership with Sambhav to give women farming communities the skills, training and information around the importance of seed saving and organic farming so that they can build up their own seed banks in their villages and build long term resilience for their own livelihoods. **Bharat Agroecology Fund, India - £30,000.** BAF is pooled fund, established to create an alliance of donors to support the transition of smallholder and marginal farmers in India towards agroecological farming practices that help mitigate climate change. - 2 - **THE SAVITRI WANEY CHARITABLE TRUST (CHARITABLE INCORPORATED ORGANISATION) TRUSTEES' REPORT (CONTINUED)** ## _**FOR THE YEAR ENDED 31 MARCH 2024**_ ## _Toxics, Chemicals and Pollution_ **CHEM Trust** - **£40,000.** CHEM Trust works with policy makers, scientists, other civil society groups and industry to campaign for restrictions on hazardous chemicals and ensure that they are replaced with safer alternatives. **Women’s Environment Network (WEN) - £10,000.** WEN holds a vision for a sustainable and toxic free future – so all parents and carers can make safe, healthy and affordable choices for themselves and their children. This grant is funding WEN’s ‘Green Baby Project’ which aims to push for strong legislation, to protect current and future generations. **Watershed Investigations - £15,000.** Watershed partners with national and international media to run high impact articles and investigations focusing on all aspects of the water crisis: pollution, resources, over-abstraction, wildlife, public health, environmental justice, and the impacts of climate change. **ClientEarth - £100,000** The funding from Savitri is restricted towards the team of lawyers who work on Plastics and harmful chemicals. Their focus is to identify harmful substances, ban them where possible and advocate for accessible and transparent information and systems about chemicals to ensure there is accountability by industry and decision makers. **Pesticides Action Network UK (PANUK) - £40,000.** PAN UK are the only UK charity focused entirely on solving the problems caused by pesticide use. They provide safe alternatives for pesticides in farming, gardens, and home life. In addition to providing solutions, they also tackle the cause of pesticide damage by confronting policy makers, governments and regulators. **Pesticide Action Network India - £34,068.** PAN India works to empower farming communities to reduce the use pf toxic pesticides and agrochemicals, and to take up non-chemical methods of farming practices that champion traditional knowledge, biodiversity, and farmer participated research in attaining sustainability. Our funding is being directed towards a project working with Cardamom farmers in Kerala. **Cancer Prevention and Education Society (CPES)** - £10,000. CPES works to reduce the incidence of cancer and other diseases, communicating the latest research to key technical and policy audiences to make the case for improved chemicals regulation. The UK has the highest use of flame retardants (FRs) in the world. Our grant funding is directed to cover core costs of the team and their work to reduce human and environmental exposure to toxic flame retardants in the UK and the EU. ## _Biocultural Diversity_ **Synchronicity Earth - £22,009** Synchronicity Earth works to address overlooked and underfunded conservation challenges for globally threatened species and ecosystems. Through their Flourishing Diversity programme, they also support Indigenous Peoples and local communities to protect and revive biocultural diversity. Synchronicity are facilitating the Savitri grants for projects with communities in India and Brazil, as part of two pooled funding initiatives. **Fundo Socio Ambiental Casa - £14,405** Many small environmental groups in South America have little or no resources and are often too isolated to access funding options. Fundo Casa’s knowledge network recommends grassroots organisations in Brazil for a pooled fund initiative. This Alliance is made up of a network of funders who share an intention to collaboratively fund and exchange learning, primarily supporting initiatives arising from indigenous and forest peoples and their allies; also drawing on the knowledge coming from the whole Alliance as it grows. ## _Championing Changemakers_ **Coalition WILD - £3,872.** The team take an action-focused role in youth development and facilitate youth leadership through mentorship, providing capacity building opportunities and amplify the voices of youth through network connections and storytelling. Our funding was directed towards the ‘EXCELerator Program’ a six-month leadership and capacity building training run, led by and designed by young people under 35 years old. **Force of Nature - £15,000 –** Force of Nature work globally with young people to turn eco-anxiety into action, and with leaders to drive intergenerational solutions. Their approach to this work is through a combination of mindset programmes, training pathways, and generating paid employment opportunities for young people. **HERO Labs - £5,000.** HERO is the first subscription-based platform pricing a stable income for mobilizers working to change a specific climate policy. The aim of this project is to mobilize unrestricted funds to support young climate mobilisers, quickly, efficiently and transparently. - 3 - **THE SAVITRI WANEY CHARITABLE TRUST (CHARITABLE INCORPORATED ORGANISATION) TRUSTEES' REPORT (CONTINUED)** ## _**FOR THE YEAR ENDED 31 MARCH 2024**_ **The Iris Project - £15,000.** The organisation provides grant funding, peer-to-peer mentorship and bespoke capacity building to young people working to deliver locally led, nature-focused solutions to the climate crisis. Their funding is awarded annually via three prizes to outstanding individuals or groups who best embody the spirit of The Iris Project – championing the protection and restoration of nature and the rights of those who defend it. **Global Diversity Foundation - £10,000.** The Global Diversity Foundation connects over 600 changemakers around the world, providing them with the resources they need to achieve solutions to complex challenges. ## **Emergency Grants** Each year, we witness an increase demand for emergency funding in the face of humanitarian and natural disasters so where possible, we will respond with an emergency relief grant. Recognising that Savitri is not best placed to deliver long-term strategic support in response to such a range of causes, the grants tend to be made on a one-off basis to local NGOs who are best placed to respond effectively to their specific and emergent needs. This year a total of **£30,000** was granted to two NGOs providing emergency medical aid relief to Gaza. ## **Looking Ahead** The Trust will continue to fund selected projects that are discussed and reviewed throughout the year and finalised with Trustees. The Trust expects to be able to continue this through support from its donor network, fundraising partnerships and the careful stewardship of its existing investments. The overhead costs of running the Trust will continue to be met in line with the objectives of the charity. ## **Structure, governance and management** On 1 April 2019 all the assets, liabilities and activities of the original trust (Charity Commission Registration number 1087972) were transferred to the Savitri Waney Charitable Trust (CIO Foundation) (Charity Commission Registration number 1179087). The Trustees who served during the year and up to the date of signature of the financial statements were: Mr A C Waney OBE Mr G Waney Mrs J Waney Mr A Shivdasani Mrs D Mokhtarzadeh (Deceased 18 October 2024) Mr E Bond Mrs R Bijur Mr J Waney Mr V S Suri Mr D Waney (Appointed 19 November 2024) The power of appointing new or additional trustees is vested jointly in the Settlors of the Trust. The Settlors and Director of the Trust are responsible for the induction and training of newly appointed trustees, which involves awareness of trustee responsibilities, the governing documents, administration procedures, history, and ethos of the Trust as a whole. The day-to-day running operations are delegated to the Trust Director, Grants Manager and Bookkeeper. - 4 - **THE SAVITRI WANEY CHARITABLE TRUST (CHARITABLE INCORPORATED ORGANISATION) TRUSTEES' REPORT (CONTINUED)** ## _**FOR THE YEAR ENDED 31 MARCH 2024**_ ## **In Loving Memory of Devika Waney Mokhtarzadeh** It is with heavy hearts that in October 2024, we announced the passing of our Chair of Trustees, Devika Waney Mokhtarzadeh. Devika was a driving force behind the Savitri Trust since its inception, working alongside her father, Arjun Waney OBE, to shape and guide our mission. She passionately spearheaded impactful community health projects across rural India ranging from maternal health, child malnutrition, curable blindness, palliative care, and improving livelihoods. In recent years, Devika’s deep love for the natural world overflowed into our programmes and began to shape our work in new and meaningful ways. She championed projects that bridged the health of both people and the planet, focusing on agroecology, biocultural diversity, youth activists and the fight against chemical pollution. She was truly excited by the possibility of a more just and equitable world; the golden promise that we are, in our tiny part, working towards. She believed in funding in community; working together with others to tackle complex global issues, and she was not afraid to challenge the traditional approach to philanthropy. Always pushing herself and those around her to think more deeply and act boldly. A constant presence at the heart of the Savitri Trust since our formation, Devika was involved in all aspects of our work. She led with a generous heart and a curious mind. She brought fun and joy to our small team here in the UK and India, encouraging us to approach our work with the same enthusiasm and love. Beyond that - she was a true friend, mentor and inspiration to many, and her honesty, compassion and warmth will be greatly missed. She once said, _"Hope, love of beauty, and the perfection of the natural world are the drivers for me. We all have different reasons, but hope is the positive outcome. What more can we claim than that?"_ Our thoughts are with her family and friends and all who loved her. Together we will find ways to carry her hope, activism and passion for the people and the places she cared about, through the work of the Savitri Trust moving forward. ## **Organisational Structure and Legal and Administrative Details** The Trust is principally UK-based with its offices in London. Please refer to the legal and administrative page for more details. The objects of the Trust are to hold the capital and income of the Trust Fund, upon trust for such purpose or purposes as shall be exclusively charitable according to the law of England and Wales and in such shares and proportions as they shall think fit. The Trust seeks to achieve its objects through the raising of funds by way of donations and returns on investments. ## **Aims, Objectives and Activities** As per Savitri’s CIO Constitution, the board of Trustees will award grants in line with the following objectives: - the relief of those in need, by reason of youth, age, ill health, disability, financial hardship or another disadvantage, - the promotion for the benefit of the public of the conservation, protection and improvement of the physical and natural environment; - and for such other exclusively charitable purposes as the trustees may from time to time decide, worldwide, a through the provision of grants and advice. The Trust seeks to deliver these activities through identifying, monitoring, and evaluating new and existing partners, nongovernmental organisations (NGOs) and individuals to deliver this work. Throughout 2023-24, The Savitri Trust granted 28 individual grants to twenty-six partners working in Community and Environmental Health – as detailed on pages 2-4 of this report. ## **Management of the Trust** The Trust Director is Emily Kerr Muir, who was appointed to this role in February 2018. The Grants Manager is Siobhan McCarthy Morton who was appointed in September 2023. The Finance and Administration Officer, Hannah Hajee-Adam resigned in February 2024 and Sam Frost, Bookkeeper was appointed in February 2024. - 5 - **THE SAVITRI WANEY CHARITABLE TRUST (CHARITABLE INCORPORATED ORGANISATION) TRUSTEES' REPORT (CONTINUED)** ## _**FOR THE YEAR ENDED 31 MARCH 2024**_ ## **Review of Income** In 2023-24 a total of £272,196 was received via donations from several income streams as detailed below. _Small Change for Big Change:_ Donations are received from a £1 voluntary contribution from diners of LPM, Zuma, Coya and Roka restaurants in London. A total of £225,643 was raised collectively by our partner restaurants; LPM raised £32,015 restricted towards eyecare programmes. Coya raised £34,772, Zuma raised £51,304 and Roka restaurants (venues: Mayfair, Charlotte Street, Aldwych and Canary Wharf) raised £107,551 as unrestricted donations towards all project areas. At the year end, there was £58,970 due from the restaurants. _Individual Donations:_ A total of £46,538 was received from individual donations. Of this total £2,303 of funds were unrestricted and £44,235 of funds were restricted to specific project spending. _Gift Aid:_ A total of £448 was received _Investment Income:_ A total of £182,783 was received from investments. Interest received during the reporting period was £8,933 and Investment income was £173,850 _Restricted funds brought forward from 2022-23:_ In addition to the funds received throughout the year, several donations totalling £23,171 were brought forward from previous financial years to be implemented in 2023-24 _Funds to carry forward:_ Restricted funds totalling £32,273 are to be carried forward to the financial year of 2024-25 when they can be implemented. ## **Review of Expenditure** In 2023-24, a total of £1,083,508 was spent collectively on charitable activities (£855,129) and overheads including support costs, audit and investment fees (£157,344) and investment management fees (£71,035). ## **Related Parties** Details of the Trust’s related parties and the transactions which have taken place have been discussed in note 17 of the financial statements, page 20. ## **Investment Performance Report 2023-24** The Savitri Trust’s investment portfolios are managed by Citi, Cazenove Capital (Cazenove) and Bank J Safra Sarasin (Gibraltar), London branch (BJSS) in the UK. Each bank provides regular reports to the Savitri Trust, so that the performance of each portfolio can be monitored and analysed. ## **Summary of the year: 1 April 2023 – 31 March 2024:** The performance of all the portfolios fluctuated throughout the period. However, the disciplined drawdown strategy across the Trust’s portfolios ensured that all grant commitments were met in full. Both portfolios (at Cazenove and BJSS) have performed broadly in line with each other over the period, showing a negative performance in line with the markets. The portfolio in Citi continues to be in sell down mode and currently contains the two remaining investments in real estate and private equity. Total Assets across all portfolios as of 31 March 2024: £9,449,041 (2023: £9,665,716) Cazenove Balance as of 31 March 2024: £5,382,761 Cazenove time weighted return: 10.6% BJSS Balance as of 31 March 2024: £4,000,213 BJSS time weighted return 5.91% Citibank Balance as of 31 March 2024: £65,569: This portfolio is in sell down mode and currently contains two remaining investments in real estate and private equity. - 6 - **THE SAVITRI WANEY CHARITABLE TRUST (CHARITABLE INCORPORATED ORGANISATION) TRUSTEES' REPORT (CONTINUED)** ## _**FOR THE YEAR ENDED 31 MARCH 2024**_ ## **Reserves Policy and Risk Management** It is the policy of the charity to maintain enough reserves to ensure the charity meets all its support costs from reserves and any grants made are from any fundraising activities and donations. The Trust maintains adequate reserves to fulfil its obligations. At end of year 31 March 2024, the charity has £32,273 in Restricted reserves and £9,744,517 in Unrestricted reserves. Several measures are in place to manage risk. The trustees actively review the major risks that the charity faces on a regular basis and believe controls over key financial resources in the event of adverse conditions are enough. The trustees have also examined other operational and business risks that they are faced with and confirm that they have established systems to manage any significant risk. ## **Public Benefit Compliance Statement** In furtherance to the Trust’s Charitable objectives, the charity’s trustees have complied with the Charities Act 2011 to have due regard to the guidance contained in the Charity Commission’s published general and relevant sub-sector guidance concerning the operation of the public benefit requirement under the Act. ## **Key Management Personnel Remuneration Policy** The key management of the Charity are regarded as its Trustees and the Trust Director. The Trustees do not receive any remuneration or benefits in kind. The Trust Director receives salaries based on market rate with no benefits in kind. The Savitri Trust aims to pay staff a fair salary that is competitive within the charity sector, proportionate to the complexity of each role, and responsible in line with the charitable objectives. The remuneration policy’s suitability and relevance is reviewed as appropriate, including reference to comparisons with other charities ensuring Savitri Trust remains sensitive to pay and employment conditions in the broader sector. No member of staff in 2023-24 earned over £60,000. ## **Plans** The charity will continue to support selected projects that are finalised in Trustee Meetings and fully expects to be able to continue this support through its anticipated donations and investment portfolio. The overhead costs will continue to be met in line with the objectives of the charity. Arjun C. Waney .............................. **Mr A C Waney OBE** Trustee 28 Jan 2025 Dated: ......................... - 7 - ## **THE SAVITRI WANEY CHARITABLE TRUST (CHARITABLE INCORPORATED ORGANISATION) STATEMENT OF TRUSTEES' RESPONSIBILITIES** ## _**FOR THE YEAR ENDED 31 MARCH 2024**_ The Trustees are responsible for preparing the Trustees' Report 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 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 Trust and of the incoming resources and application of resources of the Trust for that year. In preparing these financial statements, the Trustees are required to: - select suitable accounting policies and then apply them consistently; - observe the methods and principles in the Charities SORP; - make judgements and estimates that are reasonable and prudent; - state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; and - prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation. The Trustees are responsible for keeping sufficient accounting records that disclose with reasonable accuracy at any time the financial position of the Trust 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 Trust and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. - 8 - **THE SAVITRI WANEY CHARITABLE TRUST (CHARITABLE INCORPORATED ORGANISATION) INDEPENDENT AUDITOR'S REPORT** ## **TO THE TRUSTEES OF THE SAVITRI WANEY CHARITABLE TRUST** ## **Opinion** We have audited the financial statements of The Savitri Waney Charitable Trust (the ‘Trust’) for the year ended 31 March 2024 which comprise the statement of financial activities, the balance sheet and the notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 _The Financial Reporting Standard applicable in the UK and Republic of Ireland_ (United Kingdom Generally Accepted Accounting Practice). ## In our opinion, the financial statements: - give a true and fair view of the state of the charity’s affairs as at 31 March 2024 and of its incoming resources and application of resources, for the year then ended; - have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and - have been prepared in accordance with the requirements of the Charities Act 2011. ## **Basis for opinion** We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the _Auditor's responsibilities for the audit of the financial statements_ section of our report. We are independent of the Trust in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. ## **Conclusions relating to going concern** In auditing the financial statements, we have concluded that the Trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Trust’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report. ## **Other information** The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The Trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. ## **Matters on which we are required to report by exception** We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion: - the information given in the financial statements is inconsistent in any material respect with the Trustees' report; or - sufficient accounting records have not been kept; or - the financial statements are not in agreement with the accounting records; or - we have not received all the information and explanations we require for our audit. - 9 - **THE SAVITRI WANEY CHARITABLE TRUST (CHARITABLE INCORPORATED ORGANISATION) INDEPENDENT AUDITOR'S REPORT (CONTINUED)** ## **TO THE TRUSTEES OF THE SAVITRI WANEY CHARITABLE TRUST** ## **Responsibilities of Trustees** As explained more fully in the statement of Trustees' responsibilities, the Trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the Trustees are responsible for assessing the Trust’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to cease operations, or have no realistic alternative but to do so. ## **Auditor's responsibilities for the audit of the financial statements** We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder. Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below. As part of our planning process: - We enquired of management the systems and controls the charity has in place, the areas of the financial statements that are most susceptible to the risk of irregularities and fraud, and whether there was any known, suspected or alleged fraud. The charity did not inform us of any known, suspected or alleged fraud. - We obtained an understanding of the legal and regulatory frameworks applicable to the charity. We determined that the following were most relevant: the Charity SORP, FRS 102, and the Charities Act 2011. - We considered the incentives and opportunities that exist in the charity, including the extent of management bias, which present a potential for irregularities and fraud to be perpetuated, and tailored our risk assessment accordingly. - Using our knowledge of the charity, together with the discussions held with the charity at the planning stage, we formed a conclusion on the risk of misstatement due to irregularities including fraud and tailored our procedures according to this risk assessment. The key procedures we undertook to detect irregularities including fraud during the course of the audit included: - Identifying and testing journal entries and the overall accounting records, in particular those that were significant and unusual. - Reviewing the financial statement disclosures and determining whether accounting policies have been appropriately applied. - Assessing the extent of compliance, or lack of, with the relevant laws and regulations. - Assessing the validity of the classification of income, expenditure, assets and liabilities between unrestricted and restricted funds. - Obtaining third-party confirmation of material bank and investment balances. - Documenting and verifying all significant related party balances and transactions. - Reviewing documentation such as the charity board minutes for discussions of irregularities including fraud. Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements even though we have properly planned and performed our audit in accordance with auditing standards. The primary responsibility for the prevention and detection of irregularities and fraud rests with the trustees of the charity. A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/ auditorsresponsibilities. This description forms part of our auditor's report. - 10 - ## **THE SAVITRI WANEY CHARITABLE TRUST (CHARITABLE INCORPORATED ORGANISATION) INDEPENDENT AUDITOR'S REPORT (CONTINUED)** ## **TO THE TRUSTEES OF THE SAVITRI WANEY CHARITABLE TRUST** ## **Use of our report** This report is made solely to the charity’s trustees, as a body, in accordance with part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity’s trustees as a body, for our audit work, for this report, or for the opinions we have formed. ## Andrew Rich ## **Andrew Rich (Senior Statutory Auditor)** ## **HW Fisher Audit** Chartered Accountants Statutory Auditor Acre House 11-15 William Road London NW1 3ER United Kingdom 28 Jan 2025 ......................... - 11 - ## **THE SAVITRI WANEY CHARITABLE TRUST (CHARITABLE INCORPORATED ORGANISATION) STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT** ## _**FOR THE YEAR ENDED 31 MARCH 2024**_ |**Unrestricted**
**funds**
**2024**
**Notes**
**£**
**Income from:**
Donations and legacies
**3**
195,688
Investments
**4**
182,783
**Total income**
378,471
**Expenditure on:**
Raising funds
Investment management
**5**
71,035
Charitable activities
**6**
945,067
**Total resources expended**
1,016,102
Net gains/(losses) on
investments
429,345
**Net (outgoing)/incoming**
**resources before transfers**
(208,286)
**Net movement in funds**
(208,286)
Fund balances at 1 April
2023
9,952,803
**Fund balances at 31 March**
**2024**
9,744,517|**Restricted**
**funds**
**2024**
**£**
76,508
-
76,508
-
67,406
67,406
-
9,102
9,102
23,171
32,273|**Total**
Unrestricted
funds
**2024**
2023
**£**
**£**
272,196
178,502
182,783
142,018
454,979
320,520
71,035
78,833
1,012,473
903,806
1,083,508
982,639
429,345
(106,459)
(199,184)
(768,578)
(199,184)
(768,578)
9,975,974
10,721,381
9,776,790
9,952,803|Restricted
funds
2023
**£**
74,196
-
74,196
-
68,788
68,788
-
5,408
5,408
17,763
23,171|Total
2023
**£**
252,698
142,018
394,716
78,833
972,594
1,051,427
(106,459)
(763,170)
(763,170)
10,739,144
9,975,974| |---|---|---|---|---| The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities. - 12 - ## **THE SAVITRI WANEY CHARITABLE TRUST (CHARITABLE INCORPORATED ORGANISATION) BALANCE SHEET** ## _**AS AT 31 MARCH 2024**_ |**Notes**
**Fixed assets**
Investments
**11**
**Current assets**
Debtors
**13**
Cash at bank and in hand
**Creditors: amounts falling due within one year**
**14**
Net current assets
**Total assets less current liabilities**
**Income funds**
Restricted funds
**15**
Unrestricted funds|**2024**
**£**
58,970
302,729
361,699
(33,950)|**£**
9,449,041
327,749
9,776,790
32,273
9,744,517
9,776,790|**2023**
**£**
55,794
287,424
343,218
(32,960)|**£**
9,665,716
310,258| |---|---|---|---|---| |||||9,975,974| |||||23,171
9,952,803| |||||9,975,974| 28 Jan 2025 The financial statements were approved by the Trustees on ......................... ## Arjun C. Waney .............................. Mr A C Waney OBE **Trustee** - 13 - **THE SAVITRI WANEY CHARITABLE TRUST (CHARITABLE INCORPORATED ORGANISATION) NOTES TO THE FINANCIAL STATEMENTS** ## _**FOR THE YEAR ENDED 31 MARCH 2024**_ ## **1 Accounting policies** ## **Charity information** The principal address of the Savitri Waney Charitable Trust is Thomas House, 88 Eccleston Square, London, SW1V 1PX ## **1.1 Accounting convention** The financial statements have been prepared in accordance with the the Charities Act 2011 and "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)". The Trust is a Public Benefit Entity as defined by FRS 102. The Trust has taken advantage of the provisions in the SORP for charities applying FRS 102 not to prepare a Statement of Cash Flows. The financial statements are prepared in sterling, which is the functional currency of the Trust. Monetary amounts in these financial statements are rounded to the nearest £. The financial statements have been prepared under the historical cost convention, modified to include the revaluation of investments at fair value. The principal accounting policies adopted are set out below. ## **1.2 Going concern** The Trustees consider that there are currently no material uncertainties about the charity's ability to continue as a going concern. Key budget, forecast assumptions and cash flow projections show that we will be in a position to fulfil current project grant commitments and continue day to day operations for the foreseeable future whilst not committing beyond funds available. Whilst future cash flow will always be dependent on investment performance, there are adequate systems in place to monitor, review and respond to such events which may affect this in the long term. At the time of approving the financial statements, the trustees have a reasonable expectation, based on the level of their reserves, cash held at bank and investments, that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus, the trustees continue to adopt the going concern basis of accounting in preparing the financial statements. ## **1.3 Charitable funds** Unrestricted funds are available for use at the discretion of the Trustees in furtherance of the general objectives of the charity. Restricted funds are donations that can only be used for particular restricted purposes within the objects of the charity. ## **1.4 Income** Income is recognised when the charity has entitlement to the funds, any performance conditions attached to the income has been met, it is probable that the income will be received and the amount can be measured reliably. Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the bank. Dividends are recognised once the dividend has been declared and notification has been received of the dividend due. Rental income is accounted for when receivable. Investment income is allocated to restricted and unrestricted funds based on the proportion of assets held within each fund. - 14 - **THE SAVITRI WANEY CHARITABLE TRUST (CHARITABLE INCORPORATED ORGANISATION) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** ## _**FOR THE YEAR ENDED 31 MARCH 2024**_ ## **1 Accounting policies** ## **(Continued)** ## **1.5 Expenditure** Expenditure is recognised on an accruals basis. All costs that can be directly attributed to charitable activities are allocated to the relevant activity. 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 settlement will be required and the amount of the obligation can be measured reliably. Costs of charitable activities include grants made, governance costs and support costs. Governance costs include those costs associated with meeting the constitutional and statutory requirements of the charity and include the audit fees and costs linked to the strategic management of the charity. ## **1.6 Fixed asset investments** Fixed asset investments are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in net income/(expenditure) for the year. Transaction costs are expensed as incurred. ## **1.7 Cash and cash equivalents** Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account. ## **1.8 Financial instruments** The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments. The Charity only has financial assets and liabilities of a kind that qualify as basic financial instruments. Other than investments, these financial instruments are initially recognised at transaction value and subsequently measured at their settlement value. ## **1.9 Retirement benefits** Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due. ## **1.10 Foreign exchange** Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation are included in net income/(expenditure) for the period. ## **1.11 Grants Payable** Grants payable are payments made to third party charities in the furtherance of the charitable objects of the Charity. In the case of an unconditional grant offer this is accrued once the recipient has been notified of the grant award. The Trust accrues for multi-year commitments unless the Trustees exercise the discretion to review each award annually and determine whether future instalments will be paid. ## **1.12 Gains and losses** All gains and losses are taken to the Statement of Financial Activities as they arise. Realised gains and losses on investments are calculated as the difference between sales proceeds and their opening carrying value or their purchase value if acquired subsequent to the first day of the financial year. Unrealised gains and losses are calculated as the difference between the fair value at the year end and their carrying value. Realised and unrealised gains and losses are combined in the Statement of Financial Activities. - 15 - **THE SAVITRI WANEY CHARITABLE TRUST (CHARITABLE INCORPORATED ORGANISATION) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** ## _**FOR THE YEAR ENDED 31 MARCH 2024**_ ## **2 Critical accounting estimates and judgements** In the application of the Trust’s accounting policies, the Trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods. There were no critical accounting estimates or judgements in the year. ## **3 Donations and legacies** ||**Unrestricted**|**Restricted**|**Total**|Unrestricted|Restricted|Total| |---|---|---|---|---|---|---| ||**funds**|**funds**||funds|funds|| ||**2024**|**2024**|**2024**|2023|2023|2023| ||**£**|**£**|**£**|£|£|£| |Donations and gifts|195,688|76,508|272,196|178,502|74,196|252,698| ## **4 Investments** ||**Unrestricted**|Unrestricted| |---|---|---| ||**funds**|funds| ||**2024**|2023| ||**£**|£| |Investment income|173,850|118,482| |Interest receivable|8,933|23,536| ||182,783|142,018| ## **5 Raising funds** ||**Unrestricted**|Unrestricted| |---|---|---| ||**funds**|funds| ||**2024**|2023| ||**£**|£| |Investment management|71,035|78,833| ||71,035|78,833| - 16 - **THE SAVITRI WANEY CHARITABLE TRUST (CHARITABLE INCORPORATED ORGANISATION) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** ## _**FOR THE YEAR ENDED 31 MARCH 2024**_ ## **6 Charitable activities** |**Unrestricted**
**expenditure**
**Restricted**
**expenditure**
**2024**
**2024**
**£**
**£**
Grant funding of activities (see
note 7)
787,723
67,406
Share of support costs (see
note 8)
136,950
-
Share of governance costs (see
note 8)
20,394
-
945,067
67,406|**Total**
**2024**
Unrestricted
expenditure
Restricted
expenditure
2023
2023
**£**
£
£
855,129
780,540
68,788
136,950
105,266
-
20,394
18,000
-
1,012,473
903,806
68,788|Total
2023
£
849,328
105,266
18,000| |---|---|---| |||972,594| - 17 - **THE SAVITRI WANEY CHARITABLE TRUST (CHARITABLE INCORPORATED ORGANISATION) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** ## _**FOR THE YEAR ENDED 31 MARCH 2024**_ |**7**
**Grants payable**
**Unrestricted**
**Expenditure**
**Restricted**
**Expenditure**
**2024**
**2024**
**£**
**£**
Grants to institutions:
AJEH / YSSACT
124,970
43,298
The Gaia Foundation
30,000
-
Beaver Trust
-
-
Emmanuel Hospital
Association (EHA)
80,742
1,200
Love Trust Grants
-
Global Diversity Foundation
10,000
-
Aaina
18,085
-
Tulsi Chanrai Foundation
-
22,908
The Iris Project
15,000
-
Synchronicity Earth
22,009
-
Emergency Donations
30,000
-
CHEM Trust
40,000
-
Greenhouse
Communications
-
-
Bharat Agroecology Fund
30,000
-
Soil Association
10,000
-
Choose Love (via Prism the
Gift Fund)
-
-
ClientEarth
100,000
-
Cachar Cancer Hospital
34,572
-
Fundo Socio Ambiental Casa
14,405
-
Farming the Future (via
Prism the Gift Fund)
75,000
-
PAN UK
40,000
-
PAN India
34,068
-
Stop Ecocide
20,000
-
Force of Nature
15,000
-
Cancer Prevention
Education Society
10,000
-
Women's Environmental
Network
10,000
-
Wildlife and Countryside
Link
-
-
Coalition Wild
3,872
-
Breast Cancer UK
-
-
Hero Labs
5,000
-
Watershed Investigations
15,000
-
The Big Give
-
-
**787,723**
**67,406**|**Total**
**2024**
Unrestricted
Expenditure
Restricted
Expenditure
2023
2023
**£**
£
£
168,268
156,059
32,399
30,000
30,000
-
-
20,000
-
81,942
57,239
20,000
-
41,206
-
10,000
-
-
18,085
-
-
22,908
-
10,627
15,000
-
-
22,009
28,771
-
30,000
10,250
4,750
40,000
40,000
-
-
21,000
-
30,000
-
-
10,000
5,000
-
-
10,000
-
100,000
100,475
-
34,572
19,657
-
14,405
15,719
-
75,000
75,000
-
40,000
39,579
1,012
34,068
-
-
20,000
20,000
-
15,000
26,500
-
10,000
10,000
-
10,000
-
-
-
15,000
-
3,872
4,085
-
-
25,000
-
5,000
5,000
-
15,000
-
-
-
5,000
-
**855,129**
**780,540**
**68,788**|Total
2023
£
188,458
30,000
20,000
77,239
41,206
-
-
10,627
-
28,771
15,000
40,000
21,000
-
5,000
10,000
100,475
19,657
15,719
75,000
40,591
-
20,000
26,500
10,000
-
15,000
4,085
25,000
5,000
-
5,000| |---|---|---| |||**849,328**| Details of the projects supported above are expanded on in the Trustees' Report. - 18 - ## **THE SAVITRI WANEY CHARITABLE TRUST (CHARITABLE INCORPORATED ORGANISATION) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** ## _**FOR THE YEAR ENDED 31 MARCH 2024**_ |**8**
**Support costs**
**Support costs**
**Governance**
**costs**
**£**
**£**
Staff costs
90,189
-
Bank charges and exchange
differences
1,411
-
Office costs
36,081
-
Staff training
6,648
-
Travel
2,621
-
Legal Costs
-
-
Auditors remuneration (see
below)
-
20,394
136,950
20,394
Analysed between
Charitable activities
136,950
20,394|**2024**
Support costs
Governance
costs
**£**
£
£
90,189
72,559
-
1,411
1,109
-
36,081
24,152
-
6,648
1,584
-
2,621
5,748
-
-
114
-
20,394
-
18,000
157,344
105,266
18,000
157,344
105,266
18,000|2023
£
72,559
1,109
24,152
1,584
5,748
114
18,000| |---|---|---| |||123,266| |||123,266| Governance costs includes payments to the auditors of £20,394 including disbursements and VAT (2023: £18,000 including disbursements and VAT). ## **9 Trustees** None of the Trustees (or any persons connected with them) received any remuneration or benefits from the Trust during the year. - 19 - **THE SAVITRI WANEY CHARITABLE TRUST (CHARITABLE INCORPORATED ORGANISATION) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** ## _**FOR THE YEAR ENDED 31 MARCH 2024**_ ## **10 Employees** ## **Number of employees** ||**2024**|**2023**| |---|---|---| ||**Number**|**Number**| |Trust management|3|2| |**Employment costs**|**2024**|**2023**| ||**£**|**£**| |Wages and salaries|80,632|64,133| |Social security costs|8,489|7,018| |Other pension costs|1,068|1,408| ||90,189|72,559| Staff costs relates to the employment of 3 full time members of staff in an administration capacity (2023: 2). No employee received employee benefits in excess of £60,000 during the year (2023: none). The key management personnel comprise the Trustees and Trust Director. The total employee benefits of the key management personnel of the Trust were £60,172 (2023: £56,909). - 20 - **THE SAVITRI WANEY CHARITABLE TRUST (CHARITABLE INCORPORATED ORGANISATION) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** ## _**FOR THE YEAR ENDED 31 MARCH 2024**_ ## **11 Fixed asset investments** |**Listed**
**investments**
**Cash in portfolio**
**£**
**Cost or valuation**
At 1 April 2023
8,953,425
712,291
Additions
2,330,492
(2,330,492)
Valuation changes
519,874
(24,502)
Investment income
-
173,850
Investment management fees
-
(71,035)
Disposals
(2,821,272)
2,755,245
Amount withdrawn from portfolio
-
(748,835)
At 31 March 2024
8,982,519
466,522
**Carrying amount**
At 31 March 2024
8,982,519
466,522
At 31 March 2023
8,953,425
712,291
**12**
**Financial instruments**
**2024**
**£**
**Carrying amount of financial assets**
Equity instruments measured at fair value
8,982,519
**13**
**Debtors**
**2024**
**Amounts falling due within one year:**
**£**
Restaurant donations due
58,970
Donations receivable
-
Gift Aid
-
58,970
**14**
**Creditors: amounts falling due within one year**
**2024**
**£**
Trade creditors
1,054
Accruals and deferred income
32,896
33,950|**Total**
**£**
9,665,716
-
495,372
173,850
(71,035)
(66,027)
(748,835)
9,449,041
9,449,041
9,665,716
**2023**
**£**
8,953,425
**2023**
**£**
46,405
8,956
433
55,794
**2023**
**£**
-
32,960
32,960| |---|---| - 21 - **THE SAVITRI WANEY CHARITABLE TRUST (CHARITABLE INCORPORATED ORGANISATION) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** ## _**FOR THE YEAR ENDED 31 MARCH 2024**_ ## **15 Restricted funds** The income funds of the charity include restricted funds comprising the following unexpended balances of donations and grants held on trust for specific purposes: |**Balance at**
**1 April 2022**
**£**
AJEH/YSSACT
1,374
Tulsi Chanrai
Foundation
10,627
Palliative Care
-
Emergency
Funds
1,000
Covid Relief
3,750
Environment
1,012
17,763|**Movement in funds**
**Incoming**
**resources**
**Resources**
**expended**
**Balance at**
**1 April 2023**
**£**
**£**
**£**
31,288
(32,399)
263
22,908
(10,627)
22,908
20,000
(20,000)
-
-
(1,000)
-
-
(3,750)
-
-
(1,012)
-
74,196
(68,788)
23,171|**Movement in funds**
**Incoming**
**resources**
**Resources**
**expended**
**Balance at**
**31 March 2024**
**£**
**£**
**£**
75,308
(43,298)
32,273
-
(22,908)
-
1,200
(1,200)
-
-
-
-
-
-
-
-
-
-
76,508
(67,406)
32,273|**Movement in funds**
**Incoming**
**resources**
**Resources**
**expended**
**Balance at**
**31 March 2024**
**£**
**£**
**£**
75,308
(43,298)
32,273
-
(22,908)
-
1,200
(1,200)
-
-
-
-
-
-
-
-
-
-
76,508
(67,406)
32,273| |---|---|---|---| ||||32,273| ## **AJEH/YSSACT** A total of £32,015 (2023: £22,908) was raised through our partner restaurant in London, LPM. This was supplemented by individual donations of £43,293 (2023: £Nil) This will be carried forward to 2024/25 and restricted towards funding eyecare (AJEH/YSSACT) ## **Tulsi Chanrai Foundation (TCF)** A total of £22,908 was spent with the TFC Foundation. The project was finished in 2023/24. ## **Palliative Care** The Trust received a restricted donation of £1,200 (2023: £20,000) for the Trust’s palliative care programme in India. ## **Emergency Funds** The Trust didn’t receive any donations towards emergency funding in 2024 (2023: £Nil). ## **Environment** No funds were received for Environment programmes (2023: £Nil). ## **Covid Relief** No funds were received for Covid Relief (2023: £Nil). ## **16 Analysis of net assets between funds** |**Unrestricted**
**funds**
**2024**
**£**
Fund balances at 31
March 2024 are
represented by:
Investments
9,449,041
Current assets/(liabilities)
295,476
9,744,517|**Restricted**
**funds**
**2024**
**£**
-
32,273
32,273|**Total**
Unrestricted
funds
**2024**
2023
**£**
£
9,449,041
9,665,716
327,749
287,087
9,776,790
9,952,803|Restricted
funds
2023
£
-
23,171
23,171|Total
2023
£
9,665,716
310,258| |---|---|---|---|---| |||||9,975,974| - 22 - **THE SAVITRI WANEY CHARITABLE TRUST (CHARITABLE INCORPORATED ORGANISATION) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** ## _**FOR THE YEAR ENDED 31 MARCH 2024**_ ## **17 Related party transactions** ## **The Savitri Foundation** Whilst no direct grants were made to the Savitri Foundation this year (a large part of the work was funded using a corpus donation by the Trust in previous years) we continue to work closely with the Foundation to monitor and maintain existing project partnerships as well as carry out research and due diligence of new potential project partners in India. The Foundation works in partnership with the Trust and Mrs Devika Mokhtarzadeh did sit as a Trustee on the Foundation’s board. ## **The Restaurant Partnership** During the year donations are received from our partner restaurants in London, UK. Donations are received from a £1 voluntary contribution from diners of LPM (Azur Ltd), and Zuma, Roka and Coya (Azumi Group). Mr Arjun Waney is Founder, Director and Shareholder of Azumi Ltd and Shareholder of Coya Restaurant Ltd. and Coya Angel Ltd. Mrs Judith Waney is Shareholder and Director of Azumi Ltd, Mrs Devika Mokhtarzadeh was and Mr Jai Waney is also Directors of Azumi Ltd. During the year, LPM raised £32,015 (2023 :£22,908) Zuma raised £51,304 (2023: £50,480) Roka raised £100,457 (2023: £102,874) and Coya raised £34,772 (2023: £23,757. At the year end, there was £51,876 due from the restaurants. ## **The Trustees** The Savitri Trust sometimes receives contributions from the Trustees towards project costs. 100% of overheads are borne by the Family Trust Corpus with 100% of all public donations directed to our supported projects. Included within donation and legacies received during the year, £43,700 (2023 : £20,000) was received from a Trustee, restricted towards the Eyecare and Palliative Care programmes and a further £725 (2023 :£600) unrestricted donations from another Trustee. The Trust holds its investments with three companies: Citi Bank, Cazenove and J. Safra Sarasin. Mrs Rina Bijur (Trustee) is a General Manager with Safra, and as such excuses herself from any conversations or meetings relevant to Safra's investment decisions. This year, the Savitri Trust did not host any fundraising events. ## **ClientEarth** During the year, grants totalling £100,000 (2023: £100,475) were made to ClientEarth, where Devika Mokhtarzadeh was a Trustee. - 23 - ## **Issuer** HW Fisher **Document generated** Mon, 27th Jan 2025 20:54:36 GMT **Document fingerprint** 99844a39e33e6fcd363c19c6f7e4a16c ## **Parties involved with this document** ## **Document processed** ## **Party + Fingerprint** Tue, 28th Jan 2025 11:04:01 GMT Tue, 28th Jan 2025 11:04:30 GMT Tue, 28th Jan 2025 16:15:44 GMT Arjun Waney - Signer (5cf65df8406338b35e5c1e14aa6cd3ef) Devin - Signer (f29cb911907c5f2a078aae71d49b813b) Andrew Rich - Signer (71264e5149f9a8a1ca9464b7c3691950) ## **Audit history log** ## **Date** Mon, 27th Jan 2025 20:54:36 GMT Mon, 27th Jan 2025 20:54:36 GMT Mon, 27th Jan 2025 20:54:36 GMT Mon, 27th Jan 2025 21:06:51 GMT Mon, 27th Jan 2025 21:06:51 GMT Tue, 28th Jan 2025 0:14:43 GMT Tue, 28th Jan 2025 8:51:50 GMT Tue, 28th Jan 2025 8:51:50 GMT Tue, 28th Jan 2025 9:54:03 GMT Tue, 28th Jan 2025 10:00:30 GMT Tue, 28th Jan 2025 10:01:57 GMT Tue, 28th Jan 2025 11:02:29 GMT Tue, 28th Jan 2025 11:02:36 GMT Tue, 28th Jan 2025 11:02:39 GMT Tue, 28th Jan 2025 11:04:01 GMT Tue, 28th Jan 2025 11:04:02 GMT **Action** Envelope generated by Stephen Best89.150.28.98 Document generated with fingerprint 99844a39e33e6fcd363c19c6f7e4a16c89.150.28.98 Document generated with fingerprint bffa7de28b9b5cb4a0eca9ec2476ded889.150.28.98 Sent the envelope to Arjun Waney (acw@argentfund.co.uk) for signing89.150.28.98 Document emailed to acw@argentfund.co.uk18.170.112.211 Arjun Waney opened the document email.146.75.174.12 Arjun Waney opened the document email.117.121.211.4 Arjun Waney opened the document email.117.121.211.4 Arjun Waney opened the document email.89.36.65.62 Arjun Waney opened the document email.89.36.65.62 Arjun Waney opened the document email.89.36.65.62 Arjun Waney opened the document email.89.36.65.62 Arjun Waney viewed the envelope89.36.65.62 Arjun Waney opened the document email.89.36.65.62 Arjun Waney signed the envelope89.36.65.62 Sent the envelope to Devin (Devin@argentfund.co.uk) for signing89.36.65.62 Arjun Waney viewed the envelope89.36.65.62 Tue, 28th Jan 2025 11:04:02 GMT Tue, 28th Jan 2025 11:04:02 GMT Tue, 28th Jan 2025 11:04:16 GMT Tue, 28th Jan 2025 11:04:30 GMT Tue, 28th Jan 2025 11:04:30 GMT Tue, 28th Jan 2025 11:04:30 GMT Tue, 28th Jan 2025 11:04:31 GMT Tue, 28th Jan 2025 11:04:45 GMT Tue, 28th Jan 2025 11:09:30 GMT Tue, 28th Jan 2025 12:04:30 GMT Tue, 28th Jan 2025 16:05:33 GMT Tue, 28th Jan 2025 16:05:33 GMT Tue, 28th Jan 2025 16:05:33 GMT Tue, 28th Jan 2025 16:15:29 GMT Tue, 28th Jan 2025 16:15:43 GMT Tue, 28th Jan 2025 16:15:44 GMT Tue, 28th Jan 2025 16:15:44 GMT Tue, 28th Jan 2025 16:15:45 GMT Document emailed to Devin@argentfund.co.uk3.8.22.2 Devin viewed the envelope89.36.65.62 Devin signed the envelope89.36.65.62 Sent the envelope to Andrew Rich (arich@hwfisher.c.o.uk) for signing89.36.65.62 Devin viewed the envelope89.36.65.62 Document emailed to arich@hwfisher.c.o.uk3.8.237.89 Arjun Waney opened the document email.89.36.65.62 Party email (arich@hwfisher.c.o.uk) has bounced back. The reason given is: error dialing remote address: dial tcp 198.21.5.83:0->185.151.30.166:25: connect: connection refused167.89.116.34 Arjun Waney opened the document email.89.36.65.62 Stephen Best has changed the party Andrew Rich's email to arich@hwfisher.co.uk185.105.75.178 Sent the envelope to Andrew Rich (arich@hwfisher.co.uk) for signing185.105.75.178 Document emailed to arich@hwfisher.co.uk35.178.159.121 Andrew Rich viewed the envelope185.105.75.178 Andrew Rich viewed the envelope20.108.254.77 Andrew Rich signed the envelope185.105.75.178 This envelope has been signed by all parties185.105.75.178 Andrew Rich viewed the envelope185.105.75.178