## **THE MAITRI FOUNDATION**
## **Annual Report and Financial Statements**
**for the year ended 31[st] December 2022**
**Registered Charity number:** 1181402 (England and Wales)
**Trustees’ Report** for the year ended 31[st] December 2022
## **THE MAITRI FOUNDATION**
|**CONTENTS**||
|---|---|
||**Page**|
|**Trustees’ Report**|**3 – 9**|
|**Independent Examiner’s Report**|**10- 11**|
|**Statement of Financial Activities**|**12**|
|**Balance Sheet**|**13**|
|**Notes to the Financial Statements**|**14 - 16**|
2
**THE MAITRI FOUNDATION**
**Trustees’ Report**
for the year ended 31[st] December 2022
The trustees present their report together with the financial statements for the year ended 31[st] December 2022.
## **REFERENCE & ADMINSTRATIVE INFORMATION**
**Charity name** The Maitri Foundation (“Maitri”, the “CIO” or the “Charity“) **Charity number** 1181402 (England and Wales) **Address for correspondence** The Hon. Treasurer The Maitri Foundation c/o Ashik Shah & Co. Ltd. Work.Life, 33 Foley Street London W1W 7TL
|**Address for correspondence**|The Hon. Treasurer
The Maitri Foundation
c/o Ashik Shah & Co. Ltd.
Work.Life, 33 Foley Street
London W1W 7TL|The Hon. Treasurer
The Maitri Foundation
c/o Ashik Shah & Co. Ltd.
Work.Life, 33 Foley Street
London W1W 7TL||
|---|---|---|---|
|**Website address**|www.maitri-foundation.org|||
|**Trustees**||_From_|_Until_|
|Ashik Shah|Chairman|3 Jan 19||
|Nilpa Shah||3 Jan 19||
|Richard Bancroft|Treasurer|3 Jan 19||
## **STRUCTURE, GOVERNANCE & MANAGEMENT**
The Maitri Foundation was constituted as a charitable incorporated organisation and registered as a charity with the Charity Commission on 3[rd] January 2019.
The Charity is governed by its board of trustees. Trustees are recruited after being identified as having skills, contacts and other attributes which will help the Charity in the furtherance of its object and activities. As and when necessary the trustees may be assisted in the management of the Charity by appropriate professionals.
Trustees and those with the management responsibilities indicated above are all volunteers. With the exception of the founding trustees Ashik and Nilpa Shah, who were appointed for initial periods of ten years, trustees are appointed for initial periods of three years, following which they could be appointed to serve for further periods as provided in the Charity’s constitution. At a meeting of the trustees in October 2021 Richard Bancroft was appointed to serve as a trustee and as the Charity’s treasurer for a further three-year term from 3[rd] January 2022.
The Charity employed no staff, either full-time or part-time, in the year.
## **OBJECT & ACTIVITIES**
The Charity’s object, as stated in its governing document, is “To channel the charitable giving of founding trustees Ashik & Nilpa Shah, their families and friends by funding other charities
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**Trustees’ Report**
## **THE MAITRI FOUNDATION**
for the year ended 31[st] December 2022
and entities (particularly schools and social enterprises) operating in the United Kingdom (and certain countries with which the donors have historic connections) that are engaged in activities of public benefit including but not limited to the advancement of education, religious knowledge and understanding especially of Jainism, the promotion of understanding in the UK of the history and culture of the Indian sub-continent, and contributing to social and economic development.”
In furtherance of this object the Charity makes grants, invariably unsolicited, to organisations (and exceptionally to individuals) which the trustees have identified as likely to be particularly effective in achieving the Charity’s object. Often these are organisations with which the founding trustees or their families and friends are or have been personally involved, whose trustees and management they know and have confidence in, and which they have previously supported with donations.
## **ACHIEVEMENTS IN THE YEAR**
Maitri Foundation was able to support relief work and to make strategic grants in furtherance of its object. Where online reports and videos are available, links are provided below.
## **Strategic Grants**
## **Jainism**
## SOAS Centre of Jaina Studies
This year Maitri Foundation made a grant of £2,500 to SOAS, the London School of Oriental and African Studies, Centre of Jaina Studies for their course in Prakrit and for the Jaina Prosography project. Prakrit is a series of ancient languages and one of them, Ardha Maghadi is the language of the Jain Canon. The course is the only one taught at an academic institution in the UK. The prosography project is creating a unique database of mendicants and lay leaders from the Jain tradition.
## Jaina Education
Jaina Education international is responsible, among others things, for the key resource materials used in temple classes in North America by JAINA, as well as the Jain eLibrary, a large project scanning various Jain texts and Jain Quantum, a site making many Jain publications searchable. A grant of US$5,000 (£4,132) was made.
## Jainpedia
Jainpedia is a meticulously researched online resource on Jainism managed by the UK's Institute of Jainology. A grant of £2,500 was made.
4
**Trustees’ Report**
## **THE MAITRI FOUNDATION**
for the year ended 31[st] December 2022
## **Animal Welfare**
ProVeg's School Plates project has succeeded in teaching school catering departments to present animal-free diets in a more attractive way to students, as well as teaching tastier and healthier recipes. This has led to an overall reduction of the consumption of animal products by children in schools. In 2022, the total reach was to over 5,000 schools and 830,000 children on a daily basis. 3.6 million meals were swapped to being meat-free or plant-based in 2022 - a 79% increase compared to last year and bringing the total to 8.2 million meals swapped since the programme began. A grant of £2,500 was made.
## **Relief**
## Humanity and Inclusion, Ukraine
In the face of a number of humanitarian disasters man-made and natural, we approached Humanity and Inclusion about their work with the most vulnerable in crisis-hit regions. We made a general grant to them to be used for relief in the Ukraine. In 2022, amongst other things, 15,000 people were reached by Explosive Ordnance and Risk Education and Conflict Preparedness and Protection sessions, and 170 health staff and frontline workers trained in Rehabilitation and Psychosocial First Aid. Our grant of £5,000 funded a small part of this.
## - Kenya Association of Manufacturers Kenya Red Cross Famine Relief
With the famine and near famine conditions in the horn of Africa, we approached our contacts in Kenya to see what we could give. The Kenya Association of Manufacturers, many of whom process foods, had partnered with the Kenyan Red Cross. The leadership of KAM is known to the trustees and our grant purchased essential food items to be gifted to families in need. The entire initiative gave essential food items to 14,400 families and we are pleased to have been a small part of it. A grant of £5,000 was made.
## **Healthcare**
## Eye hospital and health centre in Sayla, Gujarat
The KHS Eye Hospital in Sayla, Gujarat has ambitions to expand its capacity to meet the constant need for eye care and surgery. The quality of its care has also increased demand as people come there from further afield for caring and effective treatment. Our grant covered the cost of about two weeks of work at the Eye Hospital.
Our general grant to the Civic Health Centre in Sayla, would have covered about one and a half months of the costs of Raj Saubhag which manages the hospital by means of an MoU with the Gujarat State Government, which meets most of the costs. Our grant is thus leveraged multifold when compared to a contribution to any similar private charity hospital.
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**Trustees’ Report**
## **THE MAITRI FOUNDATION**
for the year ended 31[st] December 2022
A grant of £14,755 was made. This grant-making was supported by a donation from Daniela and Jiten Samani.
## **Education**
## Science Centre Sayla
We have contributed to the cost of a new purpose-built building for the new science centre in Sayla. It will be the new home of the “Living Science Centre” which is part of the Prem ni Parab (Fountain of Love) projects to enhance primary education in almost 130 government schools. This science centre is very necessary and important for rural children. More than 3,000 students from 13 schools study maths and science with joy every year in the pilot project. In this centre they will gain knowledge through live experiments and various interactive exhibits. The new Living Science Centre building will have modern facilities in an area of 8,000 square feet. The new building will also house sewing classes that will provide vocational training and secure livelihood for women from nearby villages. This life science centre will have a seminar hall, laboratory, exhibition hall, maths room, meeting room and library. A grant of £57,844 was made.
## **Capacity Building**
## Dasra Rebuild India Fund
Maitri Foundation’s founding trustees have a long–standing relationship with Dasra, a leading catalyst for equity and social change in India through capacity building and collaboration. The Rebuild India Fund is the result of the challenges facing Indian grassroots NGO after the pandemic. The fund selects NGOs and allocates funds to them via a process akin to that of any mutual or investment fund. The criteria are proximate and inclusive leadership, the serving of vulnerable communities, and community-centric design and delivery. In December 2022, one of the trustees visited one of the partner NGOs funded by the fund, Prabhat Education Foundation, in Ahmedabad, Gujarat, which works with children with disabilities, many from minority and vulnerable communities. A grant of £11,000 was made.
## **Persons with Disabilities**
## - Humanity and Inclusion Inclusive Schools, Kenya
Our grant to Humanity and Inclusion for Kenya contributed to them providing access to quality inclusive education in a safe and protected environment for 7,000 disabled and vulnerable children living in Kakuma and Dadaab refugee camps in Kenya. A grant of £5,000 was made.
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**Trustees’ Report**
## **THE MAITRI FOUNDATION**
for the year ended 31[st] December 2022
## **Community and Welfare**
## - Harrow Giving Community Grant
Harrow Giving funds, supports and empowers a range of diverse local projects to make a positive difference in the lives of Harrow residents. Our grant was part of the funding for projects and services reducing isolation in Harrow. One of the trustees sat on a community panel for this grant and currently sits on Harrow Giving’s steering committee. A grant of £2,500 was made.
## Gratitude Charity Grants
Gratitude is based in Borehamwood, Herts, and fights hunger and food waste. They redistribute surplus food from retailers to the community through various free meals projects, community pantry and a network of local charities. They also collect and distribute other items such as clothes and essentials for babies. They are also planning to open a community kitchen which will provide meals to those in need via local charities. Our two grants in 2022 contributed to the cost of a new van and insurance, and to the cost of tiling their new kitchen. Grants totalling £5,380 were made.
## Museum of Happiness Hub
The Museum of Happiness is a London-based not-for-profit social enterprise which shares the art and science of sustainable happiness with individuals, communities, schools and organisations. Our grant supported their creation of a pay-it-forward community wellbeing hub in the Royal Docks, East London. A grant of £2,000 was made.
We aspire to share more details on our website about the impact of our grant making.
## **FUTURE PLANS**
**Strategic grants:** The founding trustees have close links to the Indian charity Shree Raj Saubhag Satsang Mandal which carries on numerous activities for the public benefit in the state of Gujarat including in health care, primary and secondary education, and provision for the disabled.
The Trustees have committed to the annual running costs for at least two years of the Ashirvad Trust for the Disabled’s Inclusive Community-based Livelihood Programme (ICBLP) and Mental Health support programme, projects which both benefit several thousand persons with disability. This is expected to cost in the range of £7-8,000 per annum.
The trustees have committed to supporting an innovative programme called Garbha Sanskaar to impart good values and habits to pregnant mothers. The programme is based on research at the Children’s University, Gujarat and is aimed at improving health and mortality outcomes at the time of delivery and beyond, as well as supporting the happiness of the mother and thus the child. This is expected to cost around £5,000 per annum.
7
## **THE MAITRI FOUNDATION**
**Trustees’ Report**
for the year ended 31[st] December 2022
The trustees have also committed to contribute £5,000 in funding to a new project to bring Jain Studies to the UK’s university of Birmingham, and a grant of £2,500 to the Institute of Jainology for their on-going work.
In deciding how much to commit to these programmes the Trustees have considered recent currency fluctuations and increasing inflation in India, particularly wage inflation, which is a major component of the delivery costs of many of the projects supported.
## **PAST AND FUTURE GRANTEE VISITS**
During the year the trustees visited in person the leaders and/or projects of:
- Gratitude Charity, Borehamwood, Hertfordshire
- Harrow Giving, Harrow
- The Institute of Jainology directors in Harrow
- Prabhat Education (discussed above), beneficiary of Dasra’s rebuild India Fund
- Manav Sadhna, recipient of a past grant, and of Oxygen Cylinders funded by Maitri during the Covid-19 pandemic
- Shree Raj Saubhag Satsang Mandal, Sayla, Gujarat, in particular
- Primary and Secondary Education projects
- The site of the new Living Science Centre
- KHS Eye Hospital
- Civic Health Centre (CHC)
- Ashirvad Trust for the Disabled
Trustees also visited a number of other organisations which they are considering supporting.
## **FINANCIAL REVIEW**
## **Income**
Income for the year (before any related expenses) totalled £172,721 (2021: £18,127). Additionally a foreign exchange gain of £417 (2021: £412) was made on cash held in the Charity’s US dollar current account.
Apart from a small amount of interest from a savings account all the income for the period came once again from donations made by trustees Ashik and Nilpa Shah or their relatives and by a generous friend of the trustees, together with Gift Aid claimed on those donations.
## **Expenditure**
During the year grants totaling £120,110 (2021: £66,832) were made to six registered charities (one in India and five in the UK), two non-profits and a university in the UK, an NGO in Kenya and a US non-profit.
The costs of administering the Charity in the year were £920 (2021: £215) consisting of bank charges and the cost of the independent examination. There were no other expenses in the
8
## **THE MAITRI FOUNDATION**
## **Trustees’ Report**
for the year ended 31[st] December 2022
year. The trustees intend and expect that the costs of running the Charity shall continue to be low.
## **Designated and restricted funds**
At 31[st] December 2022, and at the date of this report, the Charity had no designated or restricted funds.
## **Reserves policy**
With no staff or premises and minimal expenditure the Charity has no material commitments which would require it to formulate a reserves policy at this time.
## **Investment policy**
It is unlikely that in the long term the Charity will have any significant surplus of income from donations and Gift Aid over grants made. The trustees’ policy is that any temporary surplus over anticipated running costs will be held in an instant access savings account and, should any longer-term surplus develop, the trustees may invest in funds with which they are familiar designed for and managed by charities, such as those of CCLA Investment Management Ltd.
## **Banking**
There were no changes to the charity’s banking arrangements during the year.
## **Independent examination**
As the annual income for 2022 was above £25,000 (having been below that figure in 2021) the financial statements for the year need to be independently examined. The trustees are grateful that Ketan Shah FCA of RBS Accountants Ltd. has agreed to undertake the examination.
This report was approved by the trustees on 24 October 2023 and signed on their behalf by:
## **Ashik Shah** Chairman
9
## **Independent examiner's report on the accounts**
## _Section A Independent Examiner’s Report_
**Report to the trustees/** The Maitri Foundation **members of** (a charitable incorporated organisation) **On accounts for the** 31[st] December 2022 **Charity no.** 1181402 **year ended Set out on pages** 12 to 16 following **Responsibilities and** I report to the trustees on my examination of the accounts of the above **basis of report** charity (“the CIO”) for the year ended **31[st] December 2022** . As the charity's trustees, you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (“the Act”).
I report in respect of my examination of the CIO’s accounts carried out under section 145 of the 2011 Act and in carrying out my examination, I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.
**Independent** I have completed my examination. I confirm that no material matters have **examiner's statement** come to my attention in connection with the examination which gives me cause to believe that in, any material respect:
- the accounting records were not kept in accordance with section 130 of the Charities Act; or
- the accounts did not accord with the accounting records; or
- the accounts did not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a ‘true and fair’ view which is not a matter considered as part of an independent examination.
I have no concerns and have come across no other matters in 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.
|**Signed:**
**Name:**
**Professional**
**qualification(s) (if any):**
**Address:**||**Date: **|25thOctober 2023|
|---|---|---|---|
||Ketan Shah|||
||ICAEW - FCA|||
||16 Beaufort Court,
Admirals Way
London E14 9XL|||
10
## **Independent examiner's report on the accounts**
_Section B Disclosure_
Only complete if the examiner needs to highlight material matters of concern (see CC32, Independent examination of charity accounts: directions and guidance for examiners).
**Material matters the** None **examiner wishes to disclose** .
11
## **THE MAITRI FOUNDATION**
## **Statement of Financial Activities**
for the year ended 31[st ] December 2022
|**Income**
Donations and Gift Aid
Interest
**Total income**
**Expenditure**
Cost of generating donations
Fundraising costs
Cost of charitable activities
Governance costs
**Total expenditure**
Net gain/-loss on assets
denominated in US dollars
Net Income/-Expenditure
**Reconciliation of Funds**
Total Funds brought down
**Total Funds carried forward**|Note|Unrestricted
Restricted
**Total**
Total
Funds
Funds
**2022**
2021|
|---|---|---|
||4
5
6
10|£172,701
-
**£172,701**
£18,125
£20
-
**£20**
£2|
|||£172,721
-
**£172,721**
£18,127|
|||-
-
**-**
-
-
-
**-**
-
£120,110
-
**£120,110**
£66,832
£920
-
**£920**
£215|
|||£121,031
-
**£121,031**
£67,047|
|||£417
-
**£417**
£412|
|||£52,107
-
**£52,107**
-£48,509|
|||£3,875
-
**£3,875**
£52,383|
|||£55,982
-
**£55,982**
£3,875|
The Statement of Financial Activities includes all gains and losses recognised in the period. All the Trust’s incoming resources and resources expended derive from continuing activities.
The notes on pages 14 to 16 form an integral part of these financial statements.
12
## **THE MAITRI FOUNDATION**
## **Balance Sheet**
as at 31[st] December 2022
|**Current Assets**
Debtors & Prepayments
Cash at Bank
**Current Liabilities**
Creditors (falling due within one
year)
**Net Current Assets**
**Net Assets**
**Funds of the Charity**
Unrestricted Funds
General Purposes Fund
Restricted Funds
**Total Funds**|Note|Unrestricted
Restricted
**Total**
Total
Funds
Funds
**2022**
2021|
|---|---|---|
||7
8
9|£750
-
**£750**
-
£56,106
-
**£56,106**
£4,030|
|||£56,856
-
**£56,856**
£4,030
£875
-
**£875**
£155|
|||£55,982
-
**£55,982**
£3,875|
|||£55,982
-
**£55,982**
£3,875|
|||£55,982
-
**£55,982**
£3,875
-
-
**-**
-|
|||£55,982
-
**£55,982**
£3,875|
Approved by the trustees on 24[th] October 2023 and signed on behalf of the trustees by:
**Ashik Shah Richard Bancroft** FCCA Chairman Treasurer
The notes on pages 14 to 16 form an integral part of these financial statements.
13
**THE MAITRI FOUNDATION**
**Notes to the Financial Statements** for the year ended 31[st] December 2022
## **1. Basis of Preparation**
## 1.1. Basis of Accounting
These accounts have been prepared on the basis of historic cost in accordance with Charities Statement of Recommended Practice (FRS 102) Update Bulletin 1 effective for periods beginning on or after 1[st] January 2016.
## **2. Accounting Policies**
## 2.1. Form of Financial Statements
## 2.1.1. Unrestricted Funds
Funds that may be used at the discretion of the trustees in furtherance of the object of the Charity. Unrestricted funds can be:
- 2.1.1.1. Designated Funds
The trustees may designate one or more funds to be used for a specific purpose.
- 2.1.1.2. General Purpose Fund
- This is an unrestricted fund which has not been designated and which can therefore be used for the general purposes of the Charity.
- 2.1.2. Restricted Funds
- Funds which are subject to restrictions on their use or disposal imposed by the donor or by the Charity’s constitution that are binding on the trustees.
## 2.2. Incoming Resources
- 2.2.1. Incoming Resources are recognised and included in the Statement of Financial Activities (SOFA) when the Charity becomes entitled to the resources, the trustees are virtually certain they will receive the incoming resources and the monetary value can be measured with sufficient reliability.
- 2.2.2. Where incoming resources have related expenditure (as with fundraising) the incoming resources and related expenditure are reported gross in the SOFA.
- 2.2.3. Bank interest is recognised when it is credited to the account.
- 2.3. Expenditure & Liabilities
- 2.3.1. Expenditure is accounted for on an accruals basis.
- 2.3.2. Liabilities are recognised as soon as there is a legal or constructive obligation to pay out resources.
- 2.3.3. Governance costs, expenditure on charitable activities, the cost of generating donations, and fundraising costs all include an appropriate apportionment of insurance, website and marketing costs, where these costs are material.
## 2.4. Assets
- 2.4.1. Tangible fixed assets will be capitalised if they cost more than £1,000 and can be used for more than one year. They are valued at cost or, if gifted, at their value on receipt. The Charity does not have any capitalised fixed assets.
- 2.4.2. Heritage assets are valued and disclosed in accordance with FRS 102 s. 34 Heritage Assets.
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## **THE MAITRI FOUNDATION**
## **Notes to the Financial Statements**
for the year ended 31[st] December 2022
- 2.4.3. Securities are valued at market bid prices at close of business on 31[st] December or, if that is not a business day, at close of business on the last business day preceding 31[st] December.
## 2.5. Taxation
The Charity is not liable to income or capital gains tax on its charitable activities. Irrecoverable VAT is included in the asset cost or expense to which it relates.
## **3. Transactions with trustees and related parties**
During the period no remuneration or expenses were paid to trustees or related parties. The aggregate amount of donations received from trustees or related parties was £154,951 which was 85% of total income (2021: £13,000; 36%) and these donations were received without any conditions being imposed on the charity by the donors.
Disbursements made by trustees and others on the Charity’s behalf are reimbursed on presentation of receipts for the expenditure to the treasurer.
## **4. Voluntary Income**
|**4. Voluntary Income**||
|---|---|
|Donations
Gift Aid
**5. Cost of Charitable Activities**
Grants to UK charities
Grants to Indian charities
**6. Governance Costs**
Independent examination
Bank charges, stationery, postage, etc.
Website|Unrestricted
Restricted
**Total**
Total
**2022**
2021
£162,951
-
**£162,951**
£14,500
£9,750
-
**£9,750**
£3,625|
||£172,701
-
**£172,701**
£18,125|
||Unrestricted
Restricted
**Total**
Total
**2022**
2021
£43,380
-
**£43,380**
£22,875
£76,730
-
**£76,730**
£43,957|
||£120,110
-
**£120,110**
£66,832|
||Unrestricted
Restricted
**Total**
Total
**2022**
2021
£720
-
**£720**
-
£200
-
**£200**
£215
-
-
**-**
-|
||£920
-
**£920**
£215|
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## **THE MAITRI FOUNDATION**
**Notes to the Financial Statements** for the year ended 31[st] December 2022
|**7. Debtors & Prepayments**|||||
|---|---|---|---|---|
||Unrestricted|Restricted|**Total**|Total|
||||**2022**|2021|
|Gift Aid receivable|£750|-|**£750**|-|
||£750|-|**£750**|-|
|**8. Cash at Bank**|||||
||Unrestricted|Restricted|**Total**|Total|
||||**2022**|2021|
|Metro Bank current account £|£59|-|**£59**|£3,966|
|Metro Bank current account $|£47,508|-|**£47,508**|£44|
|Metro Bank savings account £|£8,539|-|**£8,539**|£19|
|PayPal|-|-|**-**|-|
||£56,106|-|**£56,106**|£4,030|
|The charity does not hold any funds in cash.|||||
|**9. Creditors (falling due within one year)**|||||
||Unrestricted|Restricted|**Total**|Total|
||||**2022**|2021|
|Sundry creditors|£875|-|**£875**|£155|
|Accrued expenses|-|-|**-**|-|
||£875|-|**£875**|£155|
|**10. Foreign Currency Transactions**|||||
||Unrestricted|Restricted|**Total**|Total|
||||**2022**|2021|
|FX balances brought down|£44|-|**£44**|£43,805|
|US$150,000 donation|£123,951|-|**£123,951**|-|
|Grants made|-£76,730|-|**-£76,730**|-£43,957|
|Expenses paid|-£173|-|**-£173**|-£215|
|Realised gain/-loss on FX|£417|-|**£417**|£412|
|FX balances carried forward|£47,508|-|**£47,508**|£44|
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**THE MAITRI FOUNDATION**
## **Gallery**
SOAS, Centre of Jain Studies
Jainpedia
School Plates by Proveg
17
## **THE MAITRI FOUNDATION**
## **Gallery**
Humanity and Inclusion, Ukraine
Eye Hospital, Sayla, Gujarat, India
Community Health Centre, Sayla; new Science Centre, Sayla
Dasra’s Rebuild India Fund
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**THE MAITRI FOUNDATION**
## **Gallery**
Humanity and Inclusion, Kenya – Inclusive Schools Project in Dadaab and Kakuma refugee camps, Kenya
Gratitude’s New Kitchen, Borehamwood, Hertfordshire, England
Museum of Happiness
Harrow Giving – selected grantees for loneliness project
19