**Charity number: 1182723**
**MUKUL MADHAV FOUNDATION UK FINANCIAL STATEMENTS YEAR ENDED 1 AUGUST 2024**
**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 - 4|
|**Independent Examiner's Report**|5|
|**Statement of Financial Activities**|6|
|**Balance Sheet**|7|
|**Notes to the Financial Statements**|8 - 14|
## **MUKUL MADHAV FOUNDATION UK**
## **REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS**
## **FOR THE YEAR ENDED 1 AUGUST 2024**
|**Trustees**|Ritu Prakash Chhabria|
|---|---|
||Gayatri Prakash Chhabria|
||Baroness Sandip Verma|
||Vijay Goel|
|**Charity registered**
**number**
1182723
**Principal office**
12 Charles II Street
1st Floor
London
SW1Y 4QU
**Independent Examiner**
Lubbock Fine LLP
Chartered Accountants & Statutory Auditors
Paternoster House
65 St Paul's Churchyard
London
EC4M 8AB||
Page 1
## **MUKUL MADHAV FOUNDATION UK**
## **TRUSTEES' REPORT**
## **FOR THE YEAR ENDED 1 AUGUST 2024**
The Trustees present their annual report together with the financial statements of Mukul Madhav Foundation UK (the Charity) for the year ended 1 August 2024. 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, the Charities Act, 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, UK and around the world 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 be 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.
## **Public Benefit**
In setting objectives and planning the activity of the Charity in 2024-2025 and beyond, the Trustees continue to give careful consideration to the Charity Commission's general guidance on public benefit.
## **Review of the Foundation’s activities**
During the year the Trustees of the Mukul Madhav Foundation UK approved donations totalling £194,949 (2023 - £178,804). The largest donation paid was made to the University of Warwick for £49,000 (2023 - £90,000 to King's College London).
As at 1st August 2024, after allowing for all amounts owed unrestricted reserves of £25,778 (2023 – £131,449) 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.
Page 2
## **MUKUL MADHAV FOUNDATION UK**
## **TRUSTEES' REPORT (CONTINUED)**
## **FOR THE YEAR ENDED 1 AUGUST 2024**
## **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 2024 the Charity’s free reserves were in a surplus of £25,778 (2023 - £131,449). The level of free reserves are reviewed and set at the start of the financial year. Therefore whilst the free reserves may not meet the reserves policy at the balance sheet date, sufficient income will be received to cover grant expenditure and administrative costs over the next year.
## **Risk Management**
The principal risk of the Charity is whether the Charity is able to secure sufficient donations to fund its charitable activities. This risk is mitigated by the Trustees ensuring that it only enters into commitments to provide donations when there are sufficient funds available to do so, or whether further donations can be secured to fund such commitments.
The Trustees have ensured procedures are in place to identify the business and operational risks facing the Charity and have ensured action is taken to mitigate those risks.
## **Connected organisations**
Mrs R Chhabria is also a Trustee of Mukul Madhav Foundation India. The principle contact address of the connected organisation is as follows: Mukul Madhav Foundation India, Harmony, 5, I.C.S Colony, Off Ganeshkhind Road, Pune, 4110077
## **Trustees’ responsibilities statement**
The Trustees are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
The law applicable to charities in England & Wales requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the Charity and of the incoming resources and application of resources of the Charity for that period. In preparing these financial statements, the Trustees are required to:
- select suitable accounting policies and then apply them consistently;
- observe the methods and principles of the Charities SORP (FRS 102);
- make judgments and accounting estimates that are reasonable and prudent;
- state whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any material departures disclosed and explained in the financial statements; and
- 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 responsible for keeping proper accounting records that are sufficient to show and explain the Charity's transactions and disclose with reasonable accuracy at any time the financial position of the Charity and enable them to ensure that the financial statements comply with the 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.
Page 3
## **MUKUL MADHAV FOUNDATION UK**
## **TRUSTEES' REPORT (CONTINUED)**
**FOR THE YEAR ENDED 1 AUGUST 2024**
Approved by order of the members of the board of Trustees and signed on their behalf by:
**Ritu Prakash Chhabria** Trustee Date:22/5/2025
**Gayatri Prakash Chhabria** Trustee Date:22/5/2025
Page 4
## **MUKUL MADHAV FOUNDATION UK**
## **INDEPENDENT EXAMINER'S REPORT**
## **FOR THE YEAR ENDED 1 AUGUST 2024**
## **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 2024.
## **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**
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: Dated: 23 May 2025
Hazra Patel ACA
## **Lubbock Fine LLP**
Chartered Accountants and Statutory Auditors Paternoster House 65 St Paul's Churchyard London EC4M 8AB
Page 5
## **MUKUL MADHAV FOUNDATION UK**
## **STATEMENT OF FINANCIAL ACTIVITIES INCORPORATING INCOME AND EXPENDITURE ACCOUNT**
## **FOR THE YEAR ENDED 1 AUGUST 2024**
|**Note**
**Income from:**
Donations and legacies
2
**Total income**
**Expenditure on:**
Charitable activities
3
**Total expenditure**
**Net movement in funds**
**Reconciliation of funds:**
Total funds brought forward
Net movement in funds
**Total funds carried forward**|**Unrestricted**
**funds**
**2024**
**£**
91,246
91,246
196,917
196,917
(105,671)
131,449
(105,671)
25,778|**Total**
**funds**
**2024**
**£**
91,246
91,246
196,917
196,917
(105,671)
131,449
(105,671)
25,778|**Total**
**funds**
**2023**
**£**
211,301|
|---|---|---|---|
||||211,301|
||||181,516|
||||181,516|
||||29,785|
||||101,664
29,785|
||||131,449|
The Statement of Financial Activities includes all gains and losses recognised in the year.
The notes on pages 8 to 14 form part of these financial statements.
Page 6
## **MUKUL MADHAV FOUNDATION UK**
## **BALANCE SHEET**
## **AS AT 1 AUGUST 2024**
|**Note**
**Current assets**
Cash at bank and in hand
Creditors: amounts falling due within one
year
8
**Net current assets**
**Total net assets**
**Charity funds**
Restricted funds
9
Unrestricted funds
9
**Total funds**|62,524
(36,746)|**2024**
**£**
25,778
25,778
-
25,778
25,778|193,110
(61,661)|**2023**
**£**
131,449|
|---|---|---|---|---|
||||||
|||||131,449|
|||||-
131,449|
||||||
|||||131,449|
The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:
**Ritu Chhabria** Trustee Date: 22/5/2025
**Gayatri Prakash Chhabria** Trustee
The notes on pages 8 to 14 form part of these financial statements.
Page 7
## **MUKUL MADHAV FOUNDATION UK**
## **NOTES TO THE FINANCIAL STATEMENTS**
## **FOR THE YEAR ENDED 1 AUGUST 2024**
## **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.
## **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.
## **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**
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.
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.
Support costs are those costs incurred directly in support of expenditure on the objects of the charity and include governance costs.
Expenditure on charitable activities is incurred on directly undertaking the activities which further the Charity's objectives, as well as any associated support costs.
Page 8
## **MUKUL MADHAV FOUNDATION UK**
## **NOTES TO THE FINANCIAL STATEMENTS**
## **FOR THE YEAR ENDED 1 AUGUST 2024**
## **1. Accounting policies (continued)**
## **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 UK 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**
**funds**
**2024**
**£**
Donations
91,246
**Unrestricted**
**funds**
**2023**
**£**
Donations
211,301|**Total**
**funds**
**2024**
**£**
91,246|
|---|---|
||**Total**
**funds**
**2023**
**£**
211,301|
Page 9
## **MUKUL MADHAV FOUNDATION UK**
## **NOTES TO THE FINANCIAL STATEMENTS**
## **FOR THE YEAR ENDED 1 AUGUST 2024**
## **3. Analysis of expenditure on charitable activities**
## **Summary by fund type**
|**Unrestricted**
**funds**
**2024**
**£**
Charitable activity costs
196,917
**Unrestricted**
**funds**
**2023**
**£**
Charitable activity costs
181,516|**Total**
**2024**
**£**
196,917|
|---|---|
||**Total**
**2023**
**£**
181,516|
## **4. Analysis of expenditure by activities**
|Grantmaking activities
Grantmaking activities|**Grant**
**funding of**
**activities**
**2024**
**£**
194,950
**Grant**
**funding of**
**activities**
**2023**
**£**
178,804|**Support**
**costs**
**2024**
**£**
1,967
**Support**
**costs**
**2023**
**£**
2,712|**Total**
**funds**
**2024**
**£**
196,917|
|---|---|---|---|
||||**Total**
**funds**
**2023**
**£**
181,516|
Page 10
## **MUKUL MADHAV FOUNDATION UK**
## **NOTES TO THE FINANCIAL STATEMENTS**
## **FOR THE YEAR ENDED 1 AUGUST 2024**
## **4. Analysis of expenditure by activities (continued)**
## **Analysis of support costs**
|Accountancy fees
Bank Charges
Accountancy fees
Bank Charges
Subscription costs|**Activities**
**2024**
**£**
1,920
47
1,967
**Activities**
**2023**
**£**
2,160
20
532
2,712|**Total**
**funds**
**2024**
**£**
1,920
47|
|---|---|---|
|||1,967|
|||**Total**
**funds**
**2023**
**£**
2,160
20
532|
|||2,712|
## **5. Analysis of grants**
|Grantmaking activities
Grantmaking activities|**Grants to**
**Institutions**
**2024**
**£**
194,450|**Grants to**
**Individuals**
**2024**
**£**
500
**Grants to**
**Institutions**
**2023**
**£**
178,804|**Total**
**funds**
**2024**
**£**
194,950|
|---|---|---|---|
||||**Total**
**funds**
**2023**
**£**
178,804|
Page 11
## **MUKUL MADHAV FOUNDATION UK**
## **NOTES TO THE FINANCIAL STATEMENTS**
## **FOR THE YEAR ENDED 1 AUGUST 2024**
|The charity has made the following grants to institutions during the year:
Action Aid
Akshaya Patra Foundation (2 donations)
Barnardo's
Cancer Research & Teenage Cancer Trust
Caudwell Children
The British Asian Trust
National College of Ireland
Pratham UK
Path to Success
Friends of Charlton Mackrell School
The British Diabetic Association
Thames Hospice
The Felix Project
British Heart Foundation
Sinfonia Verdi Limited - Alchemic Sonic Environment
Venkatakrushna Vrundavana UK Limited
King's College London - scholarship
King's College London - tuition fees
St James's Church
St James's Church - The Wren Project
Street Talk
Better Lives Foundation
Brazil Football Foundation
Hemraj Goyal Foundation
Little Lions Communication Ltd
Global Fund for Widows
Zarach
University of Warwick
Trustees of The London Clinic Ltd
Ellis Island Honor's Society
Royal Albert Hall|**2024**
**£**
-
10,000
10,000
2,500
-
-
-
-
1,000
-
5,000
-
12,000
-
-
-
-
3,918
1,000
5,000
10,345
1,500
5,000
10,000
2,500
9,695
5,000
49,000
36,000
3,992
11,000
194,450|**2023**
**£**
5,000
11,500
2,500
2,000
20,000
5,000
1,104
5,000
-
1,700
5,000
5,000
10,000
5,000
2,500
2,500
90,000
-
5,000
-
-
-
-
-
-
-
-
-
-
-
-|
|---|---|---|
|||178,804|
## **6. Independent examiner's remuneration**
The independent examiner's remuneration amounts to an independent examiner fee of £1,200 (2023 - £1,200).
Page 12
## **MUKUL MADHAV FOUNDATION UK**
## **NOTES TO THE FINANCIAL STATEMENTS**
## **FOR THE YEAR ENDED 1 AUGUST 2024**
## **7. Trustees' remuneration and expenses**
During the year, no Trustees received any remuneration or other benefits (2023 - £NIL).
During the year ended 1 August 2024, no Trustee expenses have been incurred (2023 - £NIL).
## **8. Creditors: Amounts falling due within one year**
|Trade creditors
Accruals and deferred income
Grants payable|**2024**
**£**
2,160
1,920
32,666
36,746|**2023**
**£**
7,384
3,360
50,917|
|---|---|---|
||||
|||61,661|
## **9. Statement of funds**
## **Statement of funds - current year**
|**Balance at 2**
**August 2023**
**£**
**Unrestricted funds**
Reserves
131,449
**Statement of funds - prior year**
**Balance at**
**2 August**
**2022**
**£**
**Unrestricted funds**
Reserves
101,664|**Income**
**£**
91,246
**Income**
**£**
211,301|**Expenditure**
**£**
**Balance at 1**
**August 2024**
**£**
(196,917)
25,778
**Expenditure**
**£**
**Balance at**
**1 August**
**2023**
**£**
(181,516)
131,449|**Expenditure**
**£**
**Balance at 1**
**August 2024**
**£**
(196,917)
25,778
**Expenditure**
**£**
**Balance at**
**1 August**
**2023**
**£**
(181,516)
131,449|
|---|---|---|---|
||||**Balance at**
**1 August**
**2023**
**£**
131,449|
Page 13
## **MUKUL MADHAV FOUNDATION UK**
## **NOTES TO THE FINANCIAL STATEMENTS**
## **FOR THE YEAR ENDED 1 AUGUST 2024**
## **10. Analysis of net assets between funds**
## **Analysis of net assets between funds - current period**
|Current assets
Creditors due within one year
**Total**|**Unrestricted**
**funds**
**2024**
**£**
62,524
(36,746)
25,778|**Total**
**funds**
**2024**
**£**
62,524
(36,746)|
|---|---|---|
|||25,778|
## **Analysis of net assets between funds - prior period**
|Current assets
Creditors due within one year
**Total**|**Unrestricted**
**funds**
**2023**
**£**
193,110
(61,661)
131,449|**Total**
**funds**
**2023**
**£**
193,110
(61,661)|
|---|---|---|
|||131,449|
## **11. Related party transactions**
Unrestricted donations received from related parties for the year ended 1 August 2024 totalled £82,500 (2023 - £200,000) and grants made to related parties totalled £nil (2023 - £nil).
At the end year, amounts of £nil (2023 - £1,167) were due to related parties. The amounts are interest free, unsecured and repayable on demand.
Page 14