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
LUbb￿k 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 th￿r 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 fina￿81 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 re￿1v￿ 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 dISad￿ntaged 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 rese￿e$ 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 mil￿ale 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 A￿pIed 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 Charit￿9 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 con￿rn 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 cOMp￿ted 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 wh￿h
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 finan￿al 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 PraCt￿e 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 definIt￿n of 3 public benefit entty under FRS 102. Assets
and liabilities are initially recognised al historical cost or transaction value unless othe￿iSe staled in
the relevant accounting pdicy.
1.2 Golng Concern
The accounts have been prepared under the going con￿r￿ basis. which assurnes that current and
future sources of fvnding will be adequate for the charitys needs.
The charity meets ils running ¢(k8ts from donat￿nS 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 act￿lI1e$ 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 gL￿dS 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 e￿ption 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[V￿￿S
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