**Trustees' Annual Report for the period** Period start date Period end date 01 04 2020 31 03 2021 **From** **To** ## Section A Reference and administration details **Charity name** The Mangalakara Foundation **Other names charity is known by Registered charity number (if any)** 1184779 **Charity's principal address** Unit 5, St John’s Court, Foster Road, Ashford Business Park, Ashford Kent **Postcode TN24 0SJ** **Names of the charity trustees who manage the charity** **Dates acted if not for whole Name of person (or body) entitled Trustee name Office (if any) year to appoint trustee (if any)** 1 James Hart 2 Wendy Hart 3 Kelly Price 4 5 6 7 8 9 10 11 12 13 14 15 16 17 **Names of the trustees for the charity, if any, (for example, any custodian trustees)** **Name Dates acted if not for whole year** 1 ## **Names and addresses of advisers (Optional information)** **Type of adviser Name Address** ## **Name of chief executive or names of senior staff members (Optional information)** ## **Section B Structure, governance and management** ## **Description of the charity’s trusts** Type of governing document Constitution - (eg. trust deed, constitution) Charitable Incorporated Organization How the charity is constituted - (eg. trust, association, company) Appointed by unanimous decision of existing trustees Trustee selection methods - (eg. appointed by, elected by) ## **Additional governance issues (Optional information)** You **may choose** to include additional information, where relevant, about: - policies and procedures adopted for the induction and training of trustees; - the charity’s organisational structure and any wider network with which the charity works; - relationship with any related parties; - trustees’ consideration of major risks and the system and procedures to manage them. ## **Section C Objectives and activities** **Summary of the objects of the charity set out in its governing document** To provide children and young adults living in abject poverty with good education, leading to lifetime opportunities that would otherwise be unavailable to them. 2 **Summary of the main activities undertaken for the public benefit in relation to these objects (include within this section the statutory declaration that trustees have had regard to the guidance issued by the Charity Commission on public benefit)** The charity supports a charitable project in India, The Mangalakara Education Trust (“MET”). MET’s mission is to fight poverty through education. It is located in one of the poorest and most drought-ridden parts of India and provides primary education to 230 orphans and other destitute children who have often suffered terrible domestic abuse. It provides these children with a peaceful, secure and stimulating environment in which to live and learn. It is run with complete integrity by a team of three Trustees who share responsibility for the needs of all the children, many of whom arrive at MET completely undernourished and traumatised. The loving and healthy environment that embraces them from day one ensures they quickly settle into their new lives and grow in confidence and ability. On the Trust’s 13-acre site there are a further 800 students in the Junior College and 741 in the Degree College. Of these 1,541 secondary and tertiary education students, 70 are from the primary school and the Trust continues to be their home and family. All of the other secondary and tertiary education students are from the surrounding area and would otherwise not have access to affordable further education. The Trust’s alumni are proof that the organization’s mission is succeeding. They are able to easily find employment upon graduation in a variety of professional industries, and many work as far afield as China, Dubai, Australia and the USA in prestigious companies such as Kia, WIPRO, Oracle and Andhra Bank. The trustees monitor the activities of MET and have had regard to the guidance issued by the Charity Commission on public benefit. ## **Additional details of objectives and activities (Optional information)** 3 You **may choose** to include further statements, where relevant, about: - policy on grantmaking; - policy programme related investment; - contribution made by volunteers. ## Section D Achievements and performance 4 Section D Achievements and performance |**Summary of the main**
**achievements of the charity**
**during the year**|During the period the charity received donations amounting to GBP
25,800.00. Grants totaling GBP 25,399.00 were provided to the
Mangalakara Education Trust (“MET”) in India. MET successfully
navigated the Covid crisis and provided support to the local community
including provisions, masks, and medical supplies. Virtual classes were
also organized as children with next of kin were required to return home
by the government.| |---|---| ## **Section E Financial review** 5 The charity ensures it has sufficient reserves to carry out its activities. **Brief statement of the** The charity does not borrow funds. **charity’s policy on reserves** **Details of any funds materially in deficit** ## **Further financial review details (Optional information)** You **may choose** to include additional information, where relevant about: - the charity’s principal sources of funds (including any fundraising); - how expenditure has supported the key objectives of the charity; - investment policy and objectives including any ethical investment policy adopted. - **Section F Other optional information** ## **Section G Declaration** **The trustees declare that they have approved the trustees’ report above.** **Signed on behalf of the charity’s trustees** **Signature(s)** Wendy Hart Kelly Price **Full name(s)** James Hart **Position (eg** Trustee Trustee Trustee **Secretary, Chair, etc)** 6 Charity registration number.. 1184779 The Mangalakara Foundation Annual Rew>rt and Financial Stat£meThts for the Year End￿ 31 March 2021 The Mangalakara Foundation Contents Refer¢n¢e and Administrative Details Trusiees, Rewrt Statement of Trusttts, Responsibilities Independent Examinerfs EIt￿rt stst¢rn¢nt of Fina￿la1 Activities Balanc¢ Sheet Notes to the Financial Statements 71010 The Mangalakara Foundation Reference And Administrative Details MrJGJHart MsKEPri MsWSBHart Prthel￿] Ofllee Unit 5 St John's Court Foster Road Ashford Business Park Ashford Kent TN24 OSJ Charity Registration Number I184779 Independent Ex¥JmlDer Beresfords Charter¢d Certified A¢counlants 1-2 Rthcdium Point Spindle Close Hawkinge Folke5tone Kent CT18 7TQ Page I The Mangalakara Foundation Tru$t¢e8' R¢port The trustees present the annual report together with the flnancial Statements of the charity for the year ended 31 March 2021. Objectfves 8nd actlyitles Objects andolnL* To T¢li¢v¢ f]nan¢ial hardship for the publi¢ benefit by providing education to children and young adulis that would not otherwise b¢ available to them. Publle beft The Intstees confimi that they have complied with the requirements of section 17 of the Chorities Act 2011 to have due regard to the public benefit guidance published by the Charity Commission for England and Wales. Structure? governallce and maDHgeJnenl of¥overning documEnl The ciwity is a tharitsble incorporated organi5ation - foundation registered on 6th August 2019. Z?/J?/Z/ The ODnual report wa5 approved by The tru51ees of the ¢hariry on .................... and signed on lis bel￿f by: MrJGJHart Trustee Page 2 The Mr4ngalakarg4 Foundation Statement olTru5tees' Responsibilities Th¢ trustees are responsible for preparing the trustees, report and the flnancial statements in accordance with the United Kingdom Accounting Standards (United Kingdom Genera]ly Accepted Accounting Practice) and applicable law and regulations. The law applicable to charities requires the trustees to prepare financial statetnents for each financial year which giv¢ a tru¢ and fair view of th¢ state of affairs of the charity and of th¢ in¢oming TesouTC¢5 and application of resources of the charity for that period. In prepfiring these financial statements, the trustees are required io.. select Sultable accoullting policie5 and then apply them consistently- obseThe the meihods and principles in the Charities SORP. make jud8emetLts and estimate5 that are reasonable and PTudent- state whether applicable accounting 5tsndaTds have bteTL followed, subject to any material departures disclosed and explained in the financial statetnents., and prepare the financial sthtemenis on the going CODCern ba515 unless it is inappropriate to presume that the charity wtll continu¢ in business. The tru5tee5 are re5TX)nsible for keepin8 proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial $￿eMentS comply with the Charities Act 201 I, the applicable Charitie5 {Accounts and Rtportsl Regulation5. and the provisions of the onstitution. The trust¢es are a150 responsible for safeguardin8 the assets of the ¢harty a[￿ hence for takin8 r￿onable Steps for the prevention and detection of fraud and other irregularities. ApprDvcd by the tru5t¢C5 of the charity on 2 7/gF/7Ld signed on its behalf by.. MrJGJHart Trust¢e Page 3 The Mangalakara Foundation Ind¢pend¢nt Examin¢r's R¢port to th¢ trust¢¢s of The Mangalakara Foundation I report to the charity trustees on my examination of tk accounts of thc charity for thc year ended 31 March 2021 which are set out on P￿eS 5 to 10. Resptttfve respon51bilities of trustees and examlner As ¢he ¢harity's trustees of The Mangalakara Foundation you are responsible for the preparation of the accowits in ac￿rdanCe with the requirernents of the Charitie5 Act 2011 I'the Act'l. I report in respect of my examination of the The mang￿akara Foundation's accounts carried out under sertson 145 of the 2011 Ad and in ¢arrying out my examination I have followed all the applicable DIr￿tionS given by the Charity Commission under section 145(5Xbl of the ACL IDdependellt ex&miner s stAtement I have wmpletrd my examinaiion. l o)nfirni that no mat¢Tia] matters have Come to my ottention in connedion with th¢ examination giving me cause to beli¢v¢ that in ony mat¢rial r¢spxt.' l. ￿cOUnting records ￿re not k¢pt Itt r¢sp¢d of Th¢ Man8alakaTa Foundation as required by sedion 130 of th¢ Act. or 2. the accounts do not accord with those Tecords; or 3. the account5 do not comply with the accounting rryuirements concerning the folm ar￿ content of accounts set out in the Ch4ritie5 (Account5 and Report51 Regulation5 2008 other than any requirement that the aceounts give a 'trne and fair view, which is n(rt a matter considered as part of an independent exaffllj￿tlO I have no concerns and have come across no other matters in connection with the ¢Karnination to which &ttention should b¢ drawn in this r¢port in order to enabl¢ a proper un¢krstanding of the ￿counts io be rea¢hed. t)aniel Payne FCCA Beresfords Chartered Certified Accounthnts 1-2 Rhodium Point Spindlt Close Hawkinge Folkestone Kent CT18 7TQ 27th July 2021 Page 4 The MangalakAra Foundation Statement of Financial Activities for the Year Ended 31 March 2021 Unrestrldtd funds Total 21)21 Note Income 8lld Endowments from: Donations and le￿￿1¢5 25.800 25.800 Total iTtcome 25,800 25.800 Expenditure on: Charitsble a￿1vitIeS 125.3991 125,399) Total expendittlre Net income 125,399) (25,3991 401 401 Net movemetrt in fiJnd$ 401 401 RecooclllatloD offuDds Totsl ffjjnds carried forward 401 All of the charlty's activiues derive from wntinuing operations during the above ¢wo period$. The filnds bre4kdown for 2020 15 shown in note 9. The notes on pages 7 to 10 forni an integral part of ihese financial statements. Page 5 The Mangalakarn Foundation (Registration number: 1184779) B&lanee Sheet as at 31 March 2021 2021 Note Current 9S8ets Cash at bank aNi in hand 761 Cr¢dltorJ". Amounts falllNg due wlthln ¢we year (360) Net agsets 401 F￿lld$ of¢h¢ ¢hgrlty: Unrestricted ineome funds UnrEStricted funds 401 Totsl fu•ds 401 The financial statements on pages 5 to 10 were approved by the trustee& and authorised for issue on 1.7./o..?/fknd 5isned on their beh￿f by: MrJGJHart Trustee The notes on pages 7 to 10 forni an Int¢gr￿ part of these financial 5tstements. Page 6 The MaDgaiakar2 Foundation Notes to the Financial Statements for the Year Ended 31 March 2021 l Accoullting policie$ Sigt¢meDt of ¢ompll&nce The financial 51atetnents have been prepared in accordance with A￿untIng and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reportin8 Standard applicable in the UK and Republic of Ireland (FRS 1021 leffeciive l January 20151- (Charities SORP IFRS 1021). the Financial Reporhng Standard applicable in ihe UK and Republic of [rel￿d {FRS 102) and th¢ Charities Act 2011. B*sis Dfpreparxtio The Mangalakara Foundation meets the definition of a public benefit entity under FRS 102. A55ets a￿1 liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accouming policy notes. EAtmption from prtpxrlng a tasb flow ststement The charity opted to early adopt Bulletin I published on 2 February 2016 and have therefore not included a cash flow statement in these financial statements. Golng concern Th¢ trustet5 Consider that there are no material uncertainties aFx)ut the charity's ability to continue &5 a going Co￿¢¢m. IDeom¢ •nd endowments Voluntary incomt includhng donation5. gifts. lega¢ies and grants that provid¢ ¢or¢ thnding or are of a general nature is reLognised when ihe LhariLy hds ¥nliLlvffj¥nl ILI lh¢ inwTn¥. il is pioblible lI￿L the in￿e will b¢ received and the amount can be measured with sufTi¢ient reliability. Donations andlegucie5 Donations and legacie5 are ￿08ft]sed on a receivable b&sis when receipt is probable and the amount Can be reliably measured. Exptlldlthre All expendityr¢ is recognised once there is a legal or tonsiructive obligatiort to that expenditure. it IS Probable settlement is required and the amouTJt can be measured reliably. All cost5 are allocated to the applicable txpendiwr¢ heading aggTegat¢ similar ¢osts to that ¢al¢gory. Wh¢r¢ costs ¢annot be directty attributed to particular headings they have ￿en allocated on a basis wnsist¢nt with th¢ use of r¢s¢)urces, with ¢entral staff costs allocated on the ba5i5 of tlme 5PttLt. and depreciation charges allocated on the wrtion of the asset's use. Othcr sUPPOrt costs are allocated based on the spread of st&ff costs. Charitsble expenditure comprises those costs inturred by ihe charity in the delivery of its aciiviiies and services for its beneficiaries. It includes both costs thai be allocated directly to such activities thos¢ Costs of an indirect nature n￿esSary to 5UPPOrt them. Page 7 The Mangalakara Foundation Notes to the Financial Statements for the Year Ended 31 March 2021 Governance eosts Thes¢ include the costs attributable to the charity's Compliance with constitutional and stawtory requirements, including audiL strategi¢ management and tnJste¢s's Th￿ting5 and Teitnbur5¢d ¢xp¢ns¢5. Taxatio The ¢haTity is ¢onsider¢d to P&SS the tests 5¢t out in Paragraph I Schedule 6 of the Finance Act 2010 arKi therefore ti meets ihe definition of a charitable comp8ny for UK corporation tax purposes. Accordingly. the CI￿lty 15 IK>tentially exempt from taxation in respect of income or ¢apital gains receiv￿ within ¢at¢gori¢s covered by Chapter 3 Part I l of the co￿oration Tax Act 2010 or Seuion 256 of ihe Taxation of Chargeable Gains Act 1992. to the extent that such income or g￿ll5 are applied exclusively to charitable pU￿oSe$. Cash and cash eqyivalents Cash and eash equivalents comprise cash on hand and call dew)sits, and other short-terni highly liquid inve51ment5 that ate readily convertible to a known atnount of cash and are subject to an insigoifi¢ant risk of change in value. Fllnd structure Unrestri¢ted in¢om¢ fijnds are generaj fund5 that are available for use at the tru5tees'5 discretion in furtherdnce of the objectives of the charity. 2 Illeome from don*tiOnS And It￿£1*$ Unrestricted *unds GenerAI Tot*1 tknDd5 Donotions and legacies; Dooatioths from individuals 25,800 25,800 Tot&1 for p¢riod ended 31 M8rth 2021 25.800 25,800 3 Expenditure on th8ritsble ictivitits Uorestrieted fund5 Gtnernl Total funds Note GovernatKe costs Donations made Bank charges 360 25,000 39 360 25,000 39 Totsl for per1￿1 eoded 31 Mireh 2021 25.399 25.399 Page 8 The Mangalakarn Foundation Notes to th¢ Financial Statem¢nts for th¢ Year Ended 31 M4r¢h 2021 4 An4tys1g of govern*nc¢ And sllPPOrt costs Govern*llce costs Unre5trieted funds General Tot81 ds In**achievements of the charity**
**during the year**|During the period the charity received donations amounting to GBP
25,800.00. Grants totaling GBP 25,399.00 were provided to the
Mangalakara Education Trust (“MET”) in India. MET successfully
navigated the Covid crisis and provided support to the local community
including provisions, masks, and medical supplies. Virtual classes were
also organized as children with next of kin were required to return home
by the government.| |---|---| ## **Section E Financial review** 5 The charity ensures it has sufficient reserves to carry out its activities. **Brief statement of the** The charity does not borrow funds. **charity’s policy on reserves** **Details of any funds materially in deficit** ## **Further financial review details (Optional information)** You **may choose** to include additional information, where relevant about: - the charity’s principal sources of funds (including any fundraising); - how expenditure has supported the key objectives of the charity; - investment policy and objectives including any ethical investment policy adopted. - **Section F Other optional information** ## **Section G Declaration** **The trustees declare that they have approved the trustees’ report above.** **Signed on behalf of the charity’s trustees** **Signature(s)** Wendy Hart Kelly Price **Full name(s)** James Hart **Position (eg** Trustee Trustee Trustee **Secretary, Chair, etc)** 6