**Charity number: 1182723** **MUKUL MADHAV FOUNDATION UK FINANCIAL STATEMENTS** **YEAR ENDED 1 AUGUST 2021** **LUBBOCK FINE LLP Chartered Accountants Paternoster House 65 St Paul's Churchyard London EC4M 8AB** **MUKUL MADHAV FOUNDATION UK** ## **CONTENTS** ||Page| |---|---| |**Reference and Administrative Details of the Charity, its Trustees and Advisers**|1| |**Trustees' Report**|2 - 3| |**Independent Examiner's Report**|4| |**Statement of Financial Activities**|5| |**Balance Sheet**|6| |**Notes to the Financial Statements**|7 - 12| **MUKUL MADHAV FOUNDATION UK** ## **REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 1 AUGUST 2021** |**Trustees**|Ritu Prakash Chhabria| |---|---| ||~~Gayatri Prakash Chhabria~~| ||Baroness Sandip Verma| ||Vijay Goel| |**number**
**Charity registered**
1182723
**Principal office**
80 Haymarket
London
SW1Y 4TE
13th Floor, New Zealand House
**Independent**
**Examiners**
Lubbock Fine LLP
Chartered Accountants & Statutory Auditors
Paternoster House
London
EC4M 8AB
65 St Paul's Churchyard|| Page 1 **TRUSTEES' REPORT FOR THE YEAR ENDED 1 AUGUST 2021** ## **MUKUL MADHAV FOUNDATION UK** The Trustees present their annual report together with the financial statements of the Charity for the year ended 1 August 2021. The Trustees confirm that the Annual Report and financial statements of the Charity comply with the current statutory requirements, the requirements of the Charity's governing document and the provisions of the Statement of Recommended Practice (SORP), 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). ## **Objectives** The Charity’s objectives are to support causes in India and the UK with grants and donations which relieve and improve education and healthcare for poorer and disadvantaged families, social welfare, empowerment and the environment. ## **Organisation** The Trustees who served during the year and since the year end are set out on page 1. The power to appoint Trustees is vested in existing Trustees. In accordance with the charity’s Constitution, all Trustees with the exception of the first Trustees must serve for a minimum of 3 years and there must always by 3 Trustees serving for the charity. During the year the Mukul Madhav Foundation UK was managed by the Trustees who are assisted by Michael Urwick, its Director. The Trustees continuously review their competencies and are conscious of the need to maintain a balance of skills. Periodically additional members may be invited to become Trustees and this would involve a careful vetting process by the current Trustees to ensure any new member is aware of his/her responsibilities towards the Charity. New Trustees would be briefed on their legal obligations under charity law, the content of the governing document, the decision-making processes and the recent financial performance of the Charity. ## **Review of the Foundation’s activities** During the year the Trustees of the Mukul Madhav Foundation UK approved donations totalling £314,505 (2020- nil ). The largest donation paid was made to PG Paper Company for £142,860 (2020 – nil). As at 1 August 2021 , after allowing for all amounts owed, a surplus of £153,874 (2020 – nil) for the year remained. The Mukul Madhav Foundation UK anticipates that sufficient funding will continue to be received to enable them to make further donations and maintain its administration. ## **Future Plans** The Charity will continue to provide funding to various charities and bodies in accordance with the objectives of the Charity as stated above. ## **Grants Policy** The Mukul Madhav Foundation UK grants donations to causes and charities in line with the objectives stated above including those advocating to improve education and healthcare for poorer and disadvantaged families, social welfare, empowerment and the environment. ## **Reserves Policy** It is the policy of the Mukul Madhav Foundation UK to maintain funds, which are free reserves of the Charity, at a level which covers administrative costs and grant applications throughout the year. As at 1 August 2021 the Charity’s free reserves were in a surplus of £153,874 (2020 – nil). Page 2 MUKUL MADHAV FOUNDATION UK TRUSTEES. REPORT {CONTINUEDI FOR THE YEAR ENDED 1 AUGUST 2021 Rlsk Managemont The principal risk of the Charity is whether the Charity is able lo secure sufficient donations to fund Its charitablè aclNilies. This risk is mitigated by the Trustees ensuring that il only enters into commitments to provide donations when there are sufficient fund8 available to do so, or whether further donations can be 58cured lo fund such commltmenls. The Trustees have ensured procedures are in place to identify the business and operational risks facing the Charity and have ensured action 18 taken to mitigate Iho8e risks. COnn￿ted organisation¥ Mrs R Chhabria is also a Trustee of Mukul Madhav Foundation India. The prlnciple contact addr&ss of the connected org8nisation is as follows.. Mukul Madhav Foundation India. Harmony. 5, 1.C.S Colony, Off Gan8shkhind Road. Pune, 411007 Trustee$. rgsponsibiliti98 Statèmgnt The Trustees are responsible lor preparing the Trustees, Report and the financl81 statements in accordance wlth applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Praclicg1- The law applicable to charities in Engl8nd & Wales requires the Tru$lee8 lo prepare linanclol $la18mèntB for each financial year which give a true and faif view of the slate of affaiT$ ol the Charlly and of the incoming resources and applleallon of resources of the Charity for that period. In pieparing these financial statement¥, the Trustees are required to.. select suilable accounting policies and then apply them conslstenlly., obseNe the methods and principles of the Charrtie6 SORP IFRS 1021., make judgments and accounting 8slim31es that are rèasonable and prudent., slate whether appllcable UK Accounting Stsndards (FRS 1021 have been followed, subjocl lo any maleiial departures di8c108ed and explained in the financial slalemenls., prepare thè financlal slalemenls On the golng ¢on¢¢rn ba8is unless il 18 inappropriatè lo prèsume that th8 chorily will continuo in business. The Trustees are responsible for keeplng proper accounllng re￿rdS that are sufflcient lo show and oxplain the Charlly's transactions and disclose with reasonable accuracy al any time the financial posrtion of the Charlty and enable them lo ènsurè that thè financial slalemènls comply with the Charities Act 2011, the Charty IAccounls and Reports) Regulations 2008 and the provisions of the trust deed. They are also rèsponsibl8 for safeguarding the assets of the Charity and hence for18king reasonable steps for the prevention and detection of fraud and other irregularilie8. Approved by ordar of the member8 of the board of Trustees and sHJned on thelr behalf by.. itu Prakash Dale.. hhabria Gayatri Prakash Chhabrla Date.'20 l or I2￿￿ Page 3 ## **MUKUL MADHAV FOUNDATION UK** ## **INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 1 AUGUST 2021** ## **Independent Examiner's Report to the Trustees of Mukul Madhav Foundation UK ('the Charity')** I report to the charity Trustees on my examination of the accounts of the Charity for the year ended 1 August 2021. ## **Responsibilities and Basis of Report** As the Trustees of the Charity you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the 2011 Act'). I report in respect of my examination of the Charity's accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act. ## **Independent Examiner's Statement** Since the Charity's gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a member of Institute of Chartered Accountants England and Wales (ICAEW), which is one of the listed bodies. 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: 1. accounting records were not kept in respect of the Charity as required by section 130 of the 2011 Act; or 2. the accounts do not accord with those records; or 3. the accounts 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 accounts to be reached. 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. 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 an Independent Examiner's 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 or for this report. Signed: Lee Facey Dated: 20 May 2022 **Lubbock Fine LLP** Chartered Accountants and Statutory Auditors Paternoster House 65 St Paul's Churchyard London EC4M 8AB Page 4 ## **MUKUL MADHAV FOUNDATION UK** ## **STATEMENT OF FINANCIAL ACTIVITIES INCORPORATING INCOME AND EXPENDITURE ACCOUNT** ## **FOR THE YEAR ENDED 1 AUGUST 2021** |**Note**
**Income from:**
Donations and legacies
2
**Total income**
**Expenditure on:**
Charitable activities
4
**Total expenditure**
**Net movement in funds**
**Reconciliation of funds:**
Net movement in funds
**Total funds carried forward**|**Unrestricted**
**funds**
**2021**
**£**
470,257
470,257
316,383
316,383
153,874
153,874
153,874|**Total**
**funds**
**2021**
**£**
470,257
470,257
316,383
316,383
153,874
153,874
153,874|**Total**
**funds**
**2020**
**£**
-| |---|---|---|---| ||||-| ||||-| ||||-| ||||-| ||||-| ||||-| The Statement of Financial Activities includes all gains and losses recognised in the year. The notes on pages form part of these financial statements. Page 5 MUKUL MADHAV FOUNDATION UK 8ALANCE SHEET AS AT 1 AUGUST 2021 2021 2020 Note Flxed assets Current assets Cash al bank 8nd In hand 169,319 169,319 Credttor8'. amounts falling due wilhln one year 115.4451 Net current assets 153,874 Total a8$0ts1&8¥ Current Ilabllltle$ 153,874 Net assets excludlng pfrn8lon a88Ot 153.874 Total net assets 153,874 Charlty funds Re81ricled fund8 Unrèslriclèd fund8 153,874 Total funds 153,874 Thg financial sl81omants wer8 approved and aulhorised for Issue by the Tru8lee$ and Signed on their behalf by: Ritu Prakash Chhabrla Dale.. The notes on pages form ao IQT aju Gayatri Prakash Chhabrla Dale.. 20 I￿22 art of these financial stalemenls. Page 6 **MUKUL MADHAV FOUNDATION UK** ## **NOTES TO THE FINANCIAL STATEMENTS** ## **FOR THE YEAR ENDED 1 AUGUST 2021** ## **1. Accounting policies** ## **1.1 Basis of preparation of financial statements** The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011. Mukul Madhav Foundation UK meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy. The charity was incorporated as a CIO on 1 April 2019 and was dormant until the current year. ## **1.2 Going concern** The accounts have been prepared under the going concern basis, which assumes that current and future sources of funding will be adequate for the charity's needs. The charity meets its running costs from donations received. The Trustees continuously review the funding prospects and expenditure levels and take action should funding expectations and reserves appear inadequate. On the basis of this policy, the Trustees consider that the charity will continue in operational existence for the forseeable future. In forming this assessment the trustees have taken into consideration the impact of COVID-19. ## **1.3 Fund accounting** General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Charity and which have not been designated for other purposes. ## **1.4 Income** All income is recognised once the Charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably. Donations received with imposed restrictions are classified as restricted funds. ## **1.5 Expenditure** Donations payable are charged in the year when the offer is made except in those cases where the offer is conditional, such donations being recognised as expenditure when the conditions attaching are fulfilled. Donations offered subject to conditions which have not been met at the year end are noted as a commitment, but not accrued as expenditure. Expenditure is recognised once there is a legal or constructive obligation to make payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably. All expenditure is accounted for on an accruals basis. All expenses including support costs are allocated to the applicable expenditure headings and activities of the charity. Support costs are those costs incurred directly in support of expenditure on the objects of the charity and include governance costs. Page 7 **MUKUL MADHAV FOUNDATION UK** **NOTES TO THE FINANCIAL STATEMENTS** ## **FOR THE YEAR ENDED 1 AUGUST 2021** ## **1. Accounting policies (continued)** ## **1.5 Expenditure (continued)** Grants payable are charged in the year when the offer is made except in those cases where the offer is conditional, such grants being recognised as expenditure when the conditions attaching are fulfilled. Grants offered subject to conditions which have not been met at the year end are noted as a commitment, but not accrued as expenditure. ## **1.6 Cash at bank and in hand** Cash at bank and 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. ## **1.7 Liabilities and provisions** Liabilities are recognised when there is an obligation at the Balance Sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably. Liabilities are recognised at the amount that the Charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide. ## **1.8 Financial instruments** The Charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method. ## **1.9 Taxation** The Mukul Madhav Foundation is a registered charity and based on the activities undertaken is not liable for UK corporation tax. The charity was not VAT registered during the year and therefore all expenses are inclusive of any VAT which cannot be recovered. ## **2. Income from donations and legacies** ||**Unrestricted**|**Total**|**Total**| |---|---|---|---| ||**funds**|**funds**|**funds**| ||**2021**|**2021**|**2020**| ||**£**|**£**|**£**| |Donations|470,257|470,257|-| Page 8 ## **MUKUL MADHAV FOUNDATION UK** ## **NOTES TO THE FINANCIAL STATEMENTS** ## **FOR THE YEAR ENDED 1 AUGUST 2021** ## **3. Analysis of grants** ||**Grants to**|**Grants to**|**Total**|**Total**| |---|---|---|---|---| ||**Institutions**|**Individuals**|**funds**|**funds**| ||**2021**|**2021**|**2021**|**2020**| ||**£**|**£**|**£**|**£**| |Grantmaking|310,360|4,145|314,505|-| The charity has made the following material grants to institutions during the year: |Caudwell Children
PG Paper Company
Mukul Madhav Foundation India|**2021**
**£**
21,000
142,860
137,000
300,860|**2020**
**£**
-
-
-| |---|---|---| |||-| ## **4. Analysis of expenditure on charitable activities** ## **Summary by fund type** ||**Unrestricted**|**Total**|**Total**| |---|---|---|---| ||**funds**|**funds**|**funds**| ||**2021**|**2021**|**2020**| ||**£**|**£**|**£**| |Charitable activity costs|316,383|316,383|-| Page 9 ## **MUKUL MADHAV FOUNDATION UK** ## **NOTES TO THE FINANCIAL STATEMENTS** ## **FOR THE YEAR ENDED 1 AUGUST 2021** ## **5. Analysis of expenditure by activities** ||**Grant**|||| |---|---|---|---|---| ||**funding of**|**Support**|**Total**|**Total**| ||**activities**|**costs**|**funds**|**funds**| ||**2021**|**2021**|**2021**|**2020**| ||**£**|**£**|**£**|**£**| |Grantmaking activities|314,505|1,878|316,383|-| ## **Analysis of direct costs** ## **Analysis of support costs** |Accountancy fees
Bank Charges|78
1,800
**Activities**
**2021**
**£**
1,878|78
1,800
**£**
**2021**
**funds**
**Total**
1,878|-
-
**£**
**2020**
**funds**
**Total**| |---|---|---|---| ||||-| ## **6. Independent examiner's remuneration** Included within accountancy fees is the independent examiner's fee of £1,200 (2020 - £nil). ## **7. Trustees' remuneration and expenses** During the year, no Trustees received any remuneration or other benefits (2020 - £nil). During the year ended 1 August 2021, no Trustee expenses have been incurred. Page 10 **MUKUL MADHAV FOUNDATION UK** ## **NOTES TO THE FINANCIAL STATEMENTS** ## **FOR THE YEAR ENDED 1 AUGUST 2021** ## **8. Creditors: Amounts falling due within one year** |Trade creditors
Accruals and deferred income|**2021**
**£**
11,060
4,385
15,445|**2020**
**£**
-
-| |---|---|---| |||-| ## **9. Statement of funds** ## **Statement of funds - current year** |Page 11
**Unrestricted funds**
Unrestricted funds
**10.**
**Analysis of net assets between funds**
**Analysis of net assets between funds - current year**
Current assets
Creditors due within one year
**Total**
**Analysis of net assets between funds - prior year**
Current assets
Creditors due within one year
**Total**|**Income**
**£**
470,257
|**Balance at 1**
**Expenditure August 2021**
**£**
**£**
(316,383)
153,874
**Unrestricted**
**Total**
**funds**
**funds**
**2021**
**2021**
**£**
**£**
169,319
169,319
(15,445)
(15,445)
153,874
153,874
**Total**
**Unrestricted**
**funds**
**2020**
**£**
-
-
~~-~~| |---|---|---| **MUKUL MADHAV FOUNDATION UK** ## **NOTES TO THE FINANCIAL STATEMENTS** ## **FOR THE YEAR ENDED 1 AUGUST 2021** ## **11. Related party transactions** Donations received from related parties for the year ended 1 August 2021 totalled £130,000 (2021 - £nil) and grants made to related parties totalled £137,000 (2020 - £nil). Page 12