Registered Charity number 1182399
The MT Suterwalla Family Foundation
Trustees' Report and Accounts
Year ended 31 March 2024
Ward Divecha Limited Chartered Accountants & Statutory Auditors
29 Welbeck Street London W1G 8DA
## **The MT Suterwalla Family Foundation Charity Information**
|**Trustees**|Mansoor Taherally Suterwalla|
|---|---|
||Riyaz Suterwalla|
||Taher Suterwalla|
|**Independent Examiner**|Ward Divecha Ltd|
||Chartered Accountants|
||and Statutory Auditors|
||29 Welbeck street|
||London|
||W1G 8DA|
|**Bankers**|Habib Bank AG Zurich|
||5/7 High Street|
||Southall|
||Middlesex|
||UB1 3HA|
|**Charity address**|8 Ingleby Drive|
||Harrow on the Hill|
||Middlesex|
||HA1 3LE|
|**Registered Charity number**|1182399|
1
## **The MT Suterwalla Family Foundation**
## **for the year ended 31 March 2024**
The trustees present their annual report and accounts for the year ended 31 March 2023. The board of trustees are satisfied with the performance of the charity during the year and the position at 31 March 2023 and consider that the charity is in a strong position to continue its activities during the coming year and that charity's assets are adequate to fulfil its obligations.
## **The members of the Board of Trustees of the Charity during the year were:-**
Mansoor Taherally Suterwalla Rashida Mansoor Suterwalla (Deceased 21.08.2023) Riyaz Suterwalla Taher Suterwalla
## **Structure, Governance and Management**
## Governing document
The charity is controlled by its governing document, a deed of trust, and constitutes an unincorporated charity. The decisions are made by trustees who are permanent members of the board.
## Risk Management
The trustees have a duty to identify and review the risks to which the charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error.
The trustees have unrestricted powers of investing and transposing investments in all respect as if they are absolutely entitled to the trust fund beneficially.
## **Charity's main objectives and activities**
The objective of the charity continued to be that of making grants and partnering with other deserving charitable organisations and individuals.
The charity has invested in funds to generate income to support annual giving programs.
## **Transactions and Financial position**
The receipts and payments accounts are set out on pages 5 to 10. These are prepared in accordance with the guidance and format provided by the Charity Commission for 'England and Wales'.
## **Achievement and performance**
The main achievement of the charity during this year was to continue successfully with its main activities in the furtherance of its objectives.
## **Relationship with other groups, charities and individuals**
The Charity maintains good working relations with other registered Charities.
2
## **The MT Suterwalla Family Foundation**
## **The Report of the Trustees for the Year ended 31 March 2024**
## **Statement Of Trustee's Responsibilities**
The trustees are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and regulations.
The law applicable to charities in England & Wales requires the trustees to prepare financial statements for each financial year in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). The trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charity and of the incoming resources and application of the resources, including the income and expenditure, of the charity for that period.
- select suitable accounting policies and then apply them consistently;
- observe the methods and principles in the Charity SORP;
- make judgements and accounting estimates that are reasonable and prudent;
- state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements.
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Charity will continue in business.
The trustees are also responsible for keeping sufficient accounting records which disclose with reasonable accuracy at any time the financial position of the charity, and enable them to ensure that the financial statements comply with Charities Act 2011 the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Approved by order of the board of trustees on 12 December 2024 and signed on its behalf by:
Mansoor Taherally Suterwalla **Trustee**
3
## **INDEPENDENT EXAMINER'S REPORT To the Members of The MT Suterwalla Family Foundation**
I report to the trustees on my examination of the financial statements of The MT Suterwalla Family Foundation (‘the charity’) for the year ended 31 March 2024 which comprise the Statement of Financial Activities, the Balance Sheet, the Statement of Cash Flows and related notes.
This report is made solely to the charity’s trustees, as a body, in accordance with section 145 of the Charities Act 2011. My work has been undertaken so that I might state to the charity’s trustees those matters I am required to state to them in this report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the charity and the charity’s trustees as a body, for my work, for this report, or for the opinions I have formed
## **Responsibilities and basis of report**
As the trustees of the charity you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 (‘the Act’).
I report in respect of my examination of the charity’s financial statements carried out under section 145 of the 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 examiner’s statement**
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
- ➢ accounting records were not kept in respect of the charity as required by section 130 of the Act; or
➢ the financial statements do not accord with those records; or
➢ the financial statements do 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 financial statements to be reached.
Adil Divecha Ward Divecha Ltd Dated: 12/12/2024 Chartered Accountants and Statutory Auditors 29 Welbeck Street London W1G 8DA
4
Registered charity no. 1182399
## **The MT Suterwalla Family Foundation Statement of Financial Activities**
## **for the year ended 31 March 2024**
|**Unrestricted**
**Notes**
**Funds**
**£**
**INCOMING RESOURCES**
**5**
**Incoming resources from generated funds**
Grants
650
Interest receivable
10,648
Profit on sale of shares
12,703
**Total incoming resources**
**24,001**
**6**
Charitable activities
Donation to other charities
26,900
Governance cost
666
**Total resources expended**
**27,566**
**(3,565)**
**96,563**
**92,998**
**Total funds brought forward**
**1,391,816**
**1,484,814**
**RESOURCES EXPENDED**
**Reconciliation of funds**
**NET (INCOME)/Deficit FOR THE YEAR**
**OTHER RECOGINISED (GAINS)/Losses**
(Gains) or losses revaluation of fixed
assets|**Unrestricted**
**Notes**
**Funds**
**£**
**INCOMING RESOURCES**
**5**
**Incoming resources from generated funds**
Grants
650
Interest receivable
10,648
Profit on sale of shares
12,703
**Total incoming resources**
**24,001**
**6**
Charitable activities
Donation to other charities
26,900
Governance cost
666
**Total resources expended**
**27,566**
**(3,565)**
**96,563**
**92,998**
**Total funds brought forward**
**1,391,816**
**1,484,814**
**RESOURCES EXPENDED**
**Reconciliation of funds**
**NET (INCOME)/Deficit FOR THE YEAR**
**OTHER RECOGINISED (GAINS)/Losses**
(Gains) or losses revaluation of fixed
assets|**2024**
**2023**
**Restricted**
**Total**
**Total**
**Funds**
**Funds**
**Funds**
**£**
**£**
**£**
-
**650**
650
-
**10,648**
-
-
**12,703**
61,743
**-**
**24,001**
**62,393**
-
**26,900**
25,000
-
**666**
670
**-**
**27,566**
**25,670**
**-**
**(3,565)**
**36,723**
**-**
**96,563**
**37,440**
**-**
**92,998**
**74,163**
-
**1,391,816**
**1,317,653**
**-**
**1,484,814**
**1,391,816**|
|---|---|---|
||**24,001**||
||26,900
666||
||**27,566**||
||**(3,565)**
**96,563**||
||**92,998**
**1,391,816**||
||**1,484,814**||
5
Registered charity no. 1182399
## **The MT Suterwalla Family Foundation Balance Sheet as at 31st March 2024**
|**Unrestricted**
**funds**
**Notes**
**£**
**Current assets**
Current asset investment
**3**
1,139,149
Cash at bank and in hand
346,314
1,485,464
**Creditors: amounts falling**
**due within one year**
**4**
(650)
**Net current assets**
1,484,814
**Total assets less current**
**liabilities**
**1,484,814**
**Funds**
Unrestricted
1,484,814
Restricted
-
**1,484,814**|**Restricted**
**funds**
**£**
-
-
-
-
-
**-**
-
-
**-**|**2024**
**Total**
**Funds**
**£**
1,139,149
346,314
1,485,464
(650)
1,484,814
**1,484,814**
1,484,814
**1,484,814**|**2023**
**Total**
**Funds**
**£**
1,076,642
315,823|
|---|---|---|---|
||||1,392,466
(650)|
||||1,391,816|
|||||
||||**1,391,816**|
||||1,391,816
-|
||||**1,391,816**|
The financial statements were approved by the Board of Trustees on 12/12/2024 andd were signed on its behalf by:
Mansoor Taherally Suterwalla **Trustee**
6
## **The MT Suterwalla Family Foundation Cash Flow Statement for the year ended 31 March 2024**
|**Notes**
**Cash flows from operating activities:**
Cash generated from operations
1
**Net cash provided by (used in)**
**operating activities**
**Cash flows from investing activities:**
Interest received
**Net cash provided by (used in)**
**investing activities**
**Cash flows from financing activities:**
Purchase of bond
Sales of bond
**Net cash provided by (used in)**
**financing activities**
**Change in cash and cash equivalents**
**in the reporting period**
**Cash and cash equivalents at the**
**beginning of the reporting period**
**Cash and cash equivalents at the end**
**of the reporting period**|**2024**
**(27,778)**
(27,778)
10,647.93
10,647.93
-
47,622
47,622
**30,491**
315,823
**346,314**|**2023**
£
**(14,909)**
(14,909)|
|---|---|---|
|||-|
|||-|
|||-
266,585|
|||266,585|
|||**251,676**
64,147|
|||**315,823**|
7
## **The MT Suterwalla Family Foundation Notes to the cash flow statement for the year ended 31 March 2024**
## **1 RECONCILIATION OF NET INCOME/(EXPENDITURE) TO NET CASH FLOW FROM OPERATING ACTIVITIES**
|**OPERATING ACTIVITIES**|||
|---|---|---|
|**Net income/(expenditure) for the reporting period (as per the**
**statement of financial activities)**
**Adjustments for:**
Interest received
Revaluation on gain on investment
Profit on sales of investment
Increase in creditors
**Net cash provided by (used in) operating activities**|**2024**
**£**
92,998
(10,648)
(97,425)
(12,703)
-
**(27,778)**|**2023**
**£**
74,163
-
(27,329)
(61,743)
-|
|||**(14,909)**|
8
**The MT Suterwalla Family Foundation Notes to the Accounts for the year ended 31 March 2024**
## **1 Accounting policies**
The financial statements have been prepared in accordance with the charity's governing document, the Charities Act 2011, FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the Charities SORP "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 charity is a Public Benefit Entity as defined by FRS 102.
## **1.1 Incoming Resources**
All incoming resources are included on the statement of Financial Activities when the charity is legally entitled to the income and the amount can be quantified with reasonable accuracy.
Voluntary income is received by way of grants, donations and gifts and is included in full in the statement of Financial Activities when receivable.
## **1.2 Resources expended**
Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
## **1.3 Taxation**
The charity is exempt from tax on its charitable activities.
## **1.4 Investment Income**
Coupon interest is included in the SOFA net of collection charges on a receivable basis.
## **1.5 Fund accounting**
Unrestricted funds can only be used in accordance with the charitable objectives at the discretion of the trustees. Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
## **1.6 Investments**
Investment is shown at market value as at 31 March 2024. Any aggregate surplus or deficit arising from changes in market value is charged to profit and loss account.
## **1.7 Foreign Currencies**
Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction or average exchange rate. Exchange differences are taken into account in arriving at the operating results.
## **2 Trustees' remuneration and benefits**
There were no trustees' remuneration or other benefits for the year ended 31 March 2024.
## **Trustees' expenses**
There were no trustees' expenses paid for the year ended 31 March 2024.
## **2.1 Employees**
31.03.2024 31.03.2023
Average number of employees - -
9
## **The MT Suterwalla Family Foundation Notes to the Accounts for the year ended 31 March 2024**
## **Current Asset Investment**
|**3**
**Current Asset Investment**
EM Opportunities Fund Ltd
**4**
**Creditors: amounts falling due**
**within one year**
Accruals
**5**
**Incoming Resources**
**Unrestricted**
**Funds**
**2024**
**£**
Grants
1,370
Profit on sale of shares
(12,703)
**Total incoming resources**
**(11,333)**
**6**
**Resources expensed**
**Unrestricted**
**Funds**
**2024**
**£**
**Cost of generating funds**
**Charitable activities**
Donation to other charities
26,900
26,900
**Governance cost**
Bank Charges
33
Independent examiner remuneration
650
683
The value stated above is the Market value as at 31 March|**Restricted**
**Funds**
**2024**
**£**
-
**-**
**Restricted**
**Funds**
**2024**
**£**
-
-
-
-
-
2024.|**2024**
**£**
1,139,149
**2024**
**£**
650
**650**
**Total**
**Funds**
**2024**
**£**
1,370
(12,703)
**(11,333)**
**Total**
**Funds**
**2024**
**£**
26,900
26,900
33
650
683|**2023**
**£**
1,076,642|
|---|---|---|---|
||||**2023**
**£**
650|
||||**650**|
||||**Total**
**Funds**
**2023**
**£**
650
61,743|
||||**124,136**|
||||**Total**
**Funds**
**2023**
**£**
25,000|
||||25,000|
||||33
650|
||||683|
10