Charity number. 1182723 MUKUL DHAv FOUNDATION UK FINANCIAL STATEMENTS YEAR ENDED 1 AUGUST 2022 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 Chaiity, its Trustees and Advisers Trnstees. Report Independent Examlnerfs Report Statement of Financial Activities Balance Sheat Notes to the Financial Statements 7-13
MUKUL MADHAV FOUNDATION UK REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARrrY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 1 AUGUST 2022 Trustees Ritu Prakash Chhabria Gayatri Prakash Chhabria Baroness Sandip Vem)a Vijay G(*1 Charity registered number 1182723 Principal office 12 Charfes11 Street 1 st Floor London SW1Y 4QU Independent Examiner LUbbk Fine LLP Chartered Accountants & StatutoryAuditoys Patemoster House 65 St Paufs Churd)yard London EC4M 8AB Psge 1
MUKUL MADHAV FOUNDATION UK TRUSTEES. REPORT FOR THE YEAR ENDED q AUGUST 2022 The Trustees present thr annual report together with the finanaal statements of Mukul Madhav Foundation UK (the Charilyl for the year ended 1 August 2022. The TTuslee5 confirm that the Annual Report and financial slalemenls of the Charity comply with the current stalulory requirements, the requirements of the Charit¥s governing document, the Charities A¢t, and Ihe provisions of the Slalement of Recommended Practice ISORPI, applicable to charities preparing their accounis in accordance with the Financial Rewrb"ng Standard applKable in the UK and Republic of Ireland IFRS 102) (effective 1 January 2019). Objectives The Charity's objectives are to SUPFrf)rt Causes in India, UK and around the world wilh grants and donations which relieve and improve education and healthcare for poorer and disadvantaged families, social welfare, empowerment and the environmenL Organisation The Trustees who seived during the year and since the year end are sel on page 1. The power to appoint Trustees is vested in e$ing Trltslees. In accordan wrth the charills ConslilJli(>n, all Trustees wlh the exception of the first Trustees musl serve for a minimum of 3 years and there musl always be 3 Tiuslees serving for the charity. During the year the Mukul Madhav Foundation UK was managed by the Trusl*s who are assisted by Michael Uwck, its Director. The Trustees continuously review their compelen¢ies and are conscious of the need lo maintain a balance of skills. Periodically additional members may be invited to become Trustees and this would involve a careful vètting process by the curTenl Truslees lo ensure any new member is aware of histher Sponsibl1111eS towards the Charity. New Trustees would be briefed on their legal obligations under ¢harty law, the Gonlenl of the goveTning document, the decision-making prwesses and the recent fina81 performance of the Charity. Publlc Benefit In setting objectives and planning the activty of the Charity in 2022-2023 and beyond, the Trustees continue lo give careful consideration lo the Charity Commission's general guidance on public benefit. Revlew of the Foundation's activities During the year the TTU51ees of the Mukul Madhav Foundation UK approved donations lotalling £56,63812021- £314,505). The largest donation paid was made lo Caudwell Childreri for £25.000 {2021 - £137,000 to Mukul Madhav Foundation India). As al 1 st August 2022, 8fter allowtng for all amounts owed, 8 surplus of £101,664 {2021-£153,8741 for the year remained. The Mukul Madhav Foltndation UK antiapales that sufficient funding wll continue lo be re1v lo enable them to make fltrther donations and maintain its administration. Future Plans The Charity will continue to provide fvnding to various charities and bodies in accordance urilh the objectives of the Charity as stated above. Grants Poli The Mukul Madhav FoundatK)n UK grants donations lo causes and charifies in line with the objectwes slated above including those advocating to improve education and heamhcare f poorer and dISadntaged familias, SIK181 welfare, emrx)wermenl arKi the environmenl. Page 2
MUKUL MADHAV FOUNDATION UK TRUSTEES, REPORT ICONTENUEDI FOR THE YEAR ENDED 1 AUGUST 2022 ReseNes Policy It is the policy of Ihe MukLtI Madhav Foundation UK to maintain funds, which are free resee$ of the Cha¥ily, at a level which covers administrative costs and grant applKalions Ihroughoul the year. As al 1 August 2022 the Charity's free reserves were £101.86412021- £153.8741. which leqUate Covers the charitys reserves policy. Risk Management The principal risk of the Charty is whether Ihe Charity ts able to secure sufficient donations lo funé ils charitable actwilies. This risk is mitigated by the Trnslees ensuiing that it only enters into commitments lo provide donations when there 8re sufficielll funds available lo do so. orwhether further donations can be secured lo fund such commitments. The Trtjstees have ensured prttedures are in place to identty the business and operalltsnal risks facing the Chartty and have ensured action is taken lo milale those risks. Connected organisations Mrs R Chhabria is also a Trustee of Mukul Madhav Foundation India. The principle ¢onlacl address of the connected organisation is as follows= Mukul Madhav Foundation India. Harmony, 5, 1.C.S Colony. Off Ganeshkhind Road, Pune, 4110077 Trustees, responsibiliti8s statement The Trustees are responsible for preparTng the Tnjslees. Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards Iuniled KingdcTh Generally ApIed AGcounting Praclicel. The 18w applicablè lo charities in England & Wales requires the Trustees lo prepare linancial statements for each financial year which gwe a true and fair of the stsle of affairs of the Charity antj ol the incoming resources and application of resources of the Chafity for that period. In preparing these financial slalemenls, the TNstees are required lo-. select suitable accounting policies and then apply theFn consistently, observe the methods and principles of the Charit9 SORP IFRS 1021.. make jvdgmenls and accounting estimates that are reasonable and prudent., stale whether applicable UK Accounting Standards {FRS 102) have been lollowed, subject to any material departures disdosed and explained in the fin8nctal slalernents,. and prepare the financial statements on the going conrn basis unless il is inappropriate lo presume that the charity will continue in business. The T¥uslees are responsible for keeping proper accounting records that are sufficient lo show and explain the Charitys transactions and disclose reasonable accuracy al any time the financial posffion of the Charity and enable them lo ensure that the financial slalemenls Comp with the Chaitttes Act 2011. the Charity IA¢wunls and Reports) Regulation5 2008 and the prowsions of the trust dead. They are also responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention and detection of ffaud and other irregularities. Approved by order of the members of the board of Trustees and signed on their behalf by. Ritu Prakash Chhabria Gayatri Prakash Chhabria Dale.. Page 3
MUKUL MADHAV FOUNDATION UK INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 1 AUGUST 2022 Indepondent Examinerfs Report to the Trustees of klukul Madhav Foundation UK {'the Charity'l I reFlOrt lo Ihe charity Trustees on my examination of the acLounts ot the Charily for the year ended 1 August 2022. Responsibilities and 8asls of Report As the Trustees of the Charity you are rtssponsible for the preyaralion of the accounts in accordance with the requirements of the Charities Act 2011 Cthe 2011 ACYI. I report in respect of my examination of the Charivs accfjunts ¢atried out under section 145 of the 2011 Ad and in carrying out my examinalion I have followed Ihe applicable Directions given by the Charity Commission under sedion 14515)Ib) of the 2011 Act. Independent Examiner's Statement I have cOMpted my examination. I confimi that no material matters have come lo my attention in connection with the examination giving me cause lo believe that in any material respect cnunting records weTe nol kept in resped of the Chariiy as required by section 130 of the 2011 Act., or the accounts do not accord with those records" or the aGGounls do not compty wlh the applicable requirements conceming the form and content of accounts sel out in the Charities (Accounts and Reports) Regulations 2008 other Ih8n any requirement that the accounts give a 'lrue and fai¢ vith¥ which is not a matter considered as part of an independent examination. I have no concems and have come across fK) olhet matters in Connection with the examinab'on to whh 2tlenlion should be drawn in this report in order to enab a proper understanding of the accounts to be reached. This report is made solely lo the Charity's Trustees, as a bcdy. in accordanee wrth Psrt 4 of Ihe Charit$ {A¢counls and Reports) Regulations 2008. My work has l)een undertaken so that I might slate to the Charitys Trustees those matters l am reqsjired to stale lo them in an Independent Examinerfs Report and for no other purpose. To the fullest exlent permilled by law, I do rK>t accepl or 855urne responsibility lo anyone other than the Charity and the Chanty's Ttuslees as a body, for my work or for this report. Signed.. Pth£ Dated". 30 May 2023 Hazra Patel ACA Lubbock Fine LLP Chartered Accountants and StatLrtoryAudi(ors Palernosler Hous8 65 St Paurs Churchyard London EC4M 8AB Page 4
MUKUL MADHAV FOUNDATION UK STATEMENT OF FINANCIAL ACTIVITIES INCORPORAnNG INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 1 AUGUST 2022 Unrestri¢ted funds 2022 Total funds 2022 Total funds 2021 Note Income from: Donations 8nd legacies 6,436 6.436 470,257 Total income 6,436 6,436 470,257 Expenditure on.. Charitable activities 58,646 58,646 316,383 Total expenditure 58,646 58,646 316.383 Net movement in funds {52,2101 152,2101 153.874 Reconciliation of funds: Total funds brotjghl foiward Nel movement in funds 153,874 {52,210} 153.874 152.210) 153,874 Total funds carried forward 101,664 101.664 153.874 The Statement of Financial Activities includes all gains and105ses recognised in the year. The notes on pages 7 10 13 form part of these financial statements. Page 5
MUKUL MADHAV FOUNDATION UK BALANCE SHEET AS AT I AUGUST 2022 2022 2021 Note Cuwent assets Cash al bank and in hand 128,261 169,319 Creditors.. amounts falling due wthin one year 126,597) 115.445) Net current assets 101,664 153,874 Total net assets 101,664 153,874 Charity funds Reslricled funds Unrestricted funds 101,664 153,874 Total funds 101,6S4 153,874 The finanal statements were appToved and authorised for issue by the Trustees and signed on their behalf by.. Rltu Chhabria Trustee Dale.. Gayatri Prakash Chhabrla Trustee 4T al JDa3 The notes on pages 7 10 13 form part of these financial statements. Page 6
MUKUL MADHAV FOUNDATION UK NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED I AUGUST 2022 Accounting policies 1.1 Basls of preparation of financial statements The financial slalements have been prepared in ac£ordance wrth the Charities SORP (FRS 1 L121 Accounting and Reporting by Chanh"es." Statement of Recommended PraCte 8ppli¢able to ¢harities preparing their accounts in accordan wlh the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 leffeclive 1 January 20191, the Financial Reporting Standard applicable in Ihe UK and Republic of Ireland IFRS 1021 and the Charities AGt 2011. Mukul Madhav Foundation UK meets the definItn of 3 public benefit entty under FRS 102. Assets and liabilities are initially recognised al historical cost or transaction value unless otheiSe staled in the relevant accounting pdicy. 1.2 Golng Concern The accounts have been prepared under the going conr basis. which assurnes that current and future sources of fvnding will be adequate for the charitys needs. The charity meets ils running ¢(k8ts from donatnS teceNed. The Trustees continuously rewew the funding prospeds and expenditure levels and lake action should funding expectations and reserves appear inadequale. On the basis of this policy, the Trustees eonsider that the charity will continue in operational existen lor Ihe forseeable future. 1.3 Fund accounting General funds are unrestricled funds which are avaiLoble for use al the discretion of the Trustees in furtherance of the general objedNes of the Charity and which have not been designated for other purposes. 1.4 Income All income is recognised on¢e the Charity has entitlement to the income, it is probable that the Income will be received and the amounl ol Income receivable Gan be measured reliably. Donations receNed wth imposed restrictions are dassified as restrrcted funds. 1.5 Expénditure Expenditure is re¢ognised On thefe is a kgal or constructive oblualion to make payment lo a third party, il is probable thal sdtlement wll be required and Ihe amount of the obligalton can be measured reliab5y. All expendiiure is accounted for on an accruals basis. All expenses including support costs are allocated lo the applicable expenditure headings and actlI1e$ of the charity. Grants payable are charg8d in the year when the offer is made except in those c8ses 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. Support costs are those costs incurred direclly in support ot expenditute on the objects of the charity and include govetnance costs. Page7
MUKUL MADHAV FOUNDATION UK NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 1 AUGUST 2022 Accounting policies Icontlnued) 1.6 Cash at bank and in hand Cash al bank an¢J in hand includes cash and short4emi highly liquid investments wlh a short maturrty of three months or less from the dale of acquisition or opening of the deposit or similar account. 1.7 Liabllities and provisions Liabilities are recognised when there is an obligalK)n al the Balance Sheet date as a resull of a past event, it is piobable that a transfer of economic benefit wsll be required in selllement, and the amount of the settlement can be eslim*ed reliably. Liabilities are recognised at the amount that the Charity antiupales il VAII pay to sellle the debt or the amount il has received as advanced payments for the gLdS or seNices il must prowde. 1.8 Flnanctal instruments The Charity only has financial assets and financial Ivabililies of a kind that qualify as basic financial instruments. Basic financia1 instwments are initially recognised al transaction value and Subsequently measured al their selllement value wtth the eption of bank loans which are subsequently measured al amortised cost using the effectwe interest method. 1.9 Taxatlon The Mukul Madhav Foundation UK is a registered Charily and based on the activtties undertaken is not liable for UK corporation tax. The charity was Aol VAT registered during the year and therefoTe all expenses are inclusive of any VAT which cannot be [4)Vered. Income from donations and legacies Unrestricted funds 2022 Total funds 2022 Donations 6,436 6,436 Unrestricted funds 2021 Total funds 2021 Donations 470,257 470,2S7 Page 8
MUKUL MADHAV FOUNDATION UK NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 4 AUGUST 2022 Analysis of expenditure on charitable actlvllles Summary byfund type Unrestrlcted funds 2022 Total 2022 Charitable activity costs 58,646 58,646 Unrestricted funds 2021 Total 2021 Chartsble adivity cosls 316,383 316,383 Analysis of expenditure by aCt[VS Grant fvnding of activitiès 2022 Support costs 2022 Total funds 2022 Granlmaking activities 56.638 2,008 58,646 Grant funding of activities 2021 Support ¢osts 2021 Total funds 2021 Grantmaking adivitses 314.505 1,878 316,383 Page 9
MUKUL MADHAV FOUNDATION UK NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 1 AUGUST 2022 Analysls of expendlture by activitses Icontinuedl Analysis of support Costs Total funds 2022 Actlvllles 2022 Accountancy fees Bank Charges 1.800 208 1,800 208 2,008 2,008 Total funds 2021 Activities 2021 Accountancy fees Bank Charges 1.800 78 1,800 78 1.878 1.878 Analysls of grants Grants to Institutions 2022 Grants to Individuals 2022 Total funds 2022 Grantmaking 56,638 56.838 Grdnts to Grants to Institutions Indlviduals 2021 2021 Total funds 2021 Grantmaking 310.360 4.145 314,505 Page 10
MUKUL MADHAV FOUNDATION UK NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 1 AUGUST 2022 The Gharsty has made the following grants to institutK)ns during the year. 2022 2021 Action Aid Akshaya Palra Foltndation Akshaya Palra UK BAPIO Ltd Cancer Research & Teenage Cancer Trust Caudwell Children Mukul Madhav Foundation India Path lo Success PG Paper Company Pratham UK The Prince'5 Trust Sada Foundation The Savfiri Waney Chartt8ble Trust University College London Other donations 2,340 4,000 101 5,000 250 25,000 947 1.0 21,000 137,000 142,860 2,500 6.000 2.000 2.000 5,500 13,645 56,638 314,505 Independent eyaminerfs remunerntion The independent examinèffs remuneRtion amcwnts lo an independent examiner féÈ of £1,200 (2021 £1,200). TTUStees' remuneration and expenses During the year. no Trustees receThied any remuneration or other benefits {2021 - £NIL). During the year ended 1 August 2022. no Trustee expenses have been incurred12021- ZNILI. Page11
MUKUL MADHAV FOUNDATION UK NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED I AUGUST 2022 Crèditors: Amounts falling due wthin one year 2022 2021 Trade creditofs AccTuals and deferred income 14,846 11,751 11,060 4,385 26,597 15,445 Statement of funds Statement of funds- current year Balance at 2 August 2021 Balance at 1 Income Expethdlture August 2022 Unrestrictèd funds Reserves 153,874 6,436 158,646) 101,664 Statement of funds - prior year Balance at l August 2021 Incom8 Expenditure Unrestricted funds Unreslrided funds 470,257 1316,3831 153,874 10. Analysis of net assets between funds Analysis of net assets between funds- current year Unrestricted funds 2022 Total funds 2022 Current assets Creditors Llue within one year 128,261 (26.5971 128,261 {26.597} Totsl 101,664 101,664 Page12
MUKUL MADHAV FOUNDATION UK NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 1 AUGLFST 2022 10. Analysis of net assets between funds Icontinuedl Analysls of net assets between funds- prtor year Unrestrlcted funds 2021 Total funds 2021 CuTrent assets 169.319 (15,4451 169,319 {15,445} Creditors due wlhin one year Total 153,874 153,874 11. Related party transactions Donations recetved from related parties for the year ended 1 August 2022 lotalled £nil {2021- £130.OIX)I and grants made lo related partieg toialled £2,94712021- £137,OLXJI. During the year donations lotalling £5.0(NJ12021 - £2.585) were paxl on behalf of the Charity by HindLJja Aulomatives Lirniled, a company In which multiple directors are Close family members of a Trustee of the Charity. Al the end year, an amount of £5.000 {2021- £2,585) was payable lo the company. The amount is inlelesl free, unsecured and repayable on demantl. Page 13