**Trustees' Annual Report for the period**
Period start date Period end date 01 04 2021 31 03 2022
**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**
_TO RELIEVE FINANCIAL HARDSHIP FOR THE PUBLIC BENEFIT BY PROVIDING VITAL HUMANITARIAN AID AND EDUCATION TO_ **Summary of the objects of the** _CHILDREN, YOUNG ADULTS AND PEOPLE AFFECTED BY_ **charity set out in its** _CONFLICT._ **governing document**
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)**||For the majority of the year the Mangalakara Foundation (the
“Foundation”) has focused on working the Mangalakara Education Trust
(“MET”), India. 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 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. On the Trust’s 13-acre site there are a further 800 students in the
Junior College and 741 in the Degree College.
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. In
particular, MET has been working for some years on a model that allows
it to self-finance and maintain the provision of affordable education in the
area and fully funded places for orphans and destitute children. MET
expects to be fully self-funded by 2023.
In March 2022 it was decided that the Foundation would focus on
alleviating hardship for those affected by Russia’s invasion of Ukraine.
On 29 March 2022 the Trustees adopted a resolution to change the
objects of the Foundation as follows:
_TO RELIEVE FINANCIAL HARDSHIP FOR THE PUBLIC BENEFIT BY_
_PROVIDING_**_VITAL HUMANITARIAN AID AND_**_EDUCATION TO_
_CHILDREN,_~~_AND_~~_YOUNG ADULTS,_**_AND PEOPLE AFFECTED BY_**
**_CONFLICT _**~~_THAT WOULD NOT OTHERWISE BE AVAILABLE TO_~~
~~_THEM_~~_._
Furthermore, the Foundation adopted a working name “We Help
Ukrainians”.|
|---|---|---|
## **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
40,809.00. Grants totaling GBP 15,000.00 were provided to the
Mangalakara Education Trust (“MET”) in India. GBP 25,809 was raised
within the first 19 days that the Foundation began supporting those
affected by the war in Ukraine.|
|---|---|
## **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**
**----- Start of picture text -----**
Signature(s) KELLY PRICE
Wendy Hart Kelly Price
Full name(s) James Hart
Position (eg Trustee Trustee Trustee
Secretary, Chair, etc)
**----- End of picture text -----**
6
Charity registration number: 1184779
## The Mangalakara Foundation
Annual Report and Financial Statements
for the Year Ended 31 March 2022
## **The Mangalakara Foundation**
## **Contents (continued)**
|Reference and Administrative Details|1|
|---|---|
|Trustees' Report|2|
|Statement of Trustees' Responsibilities|3|
|Independent Examiner's Report|4|
|Statement of Financial Activities|5|
|Balance Sheet|6|
|Notes to the Financial Statements|7 to 10|
## **The Mangalakara Foundation**
## **Reference and Administrative Details**
**Trustees** Mr J G J Hart Ms K E Price Ms W S B Hart **Charity Registration Number** 1184779 **Principal Office** Unit 5 St John's Court Foster Road Ashford Business Park Ashford Kent TN24 0SJ **Independent Examiner** Beresfords Chartered Certified Accountants 1-2 Rhodium Point Spindle Close Hawkinge Folkestone Kent CT18 7TQ
Page 1
## **The Mangalakara Foundation**
## **Trustees' Report**
The trustees present the annual report together with the financial statements of the charity for the year ended 31 March 2022.
## **Objectives and activities**
## _**Objects and aims**_
To relieve financial hardship for the public benefit by providing education to children and young adults that would not otherwise be available to them.
## _**Public benefit**_
The trustees confirm that they have complied with the requirements of section 17 of the Charities Act 2011 to have due regard to the public benefit guidance published by the Charity Commission for England and Wales.
## **Structure, governance and management**
## _**Nature of governing document**_
The charity is a charitable incorporated organisation - foundation registered on 6th August 2019.
The annual report was approved by the trustees of the charity on .................... and signed on its behalf by: 25.01.2023
......................................... Mr J G J Hart Trustee
Page 2
## **The Mangalakara Foundation**
## **Statement of Trustees' Responsibilities**
The trustees are responsible for preparing the trustees' report and the financial statements in accordance with the United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) and applicable law and regulations.
The law applicable to charities 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 in the Charities SORP;
- make judgements and estimates that are reasonable and prudent;
- state whether applicable accounting standards 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 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 Charities (Accounts and Reports) Regulations 2008, and the provisions of the constitution. The trustees 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.
The trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company's website. Legislation governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
Approved by the trustees of the charity on .................... and signed on its behalf by:25.01.2023
......................................... Mr J G J Hart Trustee
Page 3
## **The Mangalakara Foundation**
## **Independent Examiner's Report to the trustees of The Mangalakara Foundation**
I report to the trustees on my examination of the accounts of The Mangalakara Foundation for the year ended 31 March 2022.
## **Responsibilities and basis of report**
As the charity trustees of The Mangalakara Foundation you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (‘the Act’).
I report in respect of my examination of the The Mangalakara Foundation's accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 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 Mangalakara Foundation as required by section 130 of the Act; or
2. the accounts do not accord with those records; or
3. the accounts do not comply with the accounting 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.
...................................... Daniel Payne FCCA Beresfords Chartered Certified Accountants 1-2 Rhodium Point Spindle Close Hawkinge Folkestone Kent CT18 7TQ
Date:............................. 25th January 2023
Page 4
## **The Mangalakara Foundation**
## **Statement of Financial Activities for the Year Ended 31 March 2022**
|**Note**
**Income and Endowments from:**
Donations and legacies
2
Total income
**Expenditure on:**
Charitable activities
3
Total expenditure
Net income
Net movement in funds
**Reconciliation of funds**
Total funds brought forward
Total funds carried forward
9
**Note**
**Income and Endowments from:**
Donations and legacies
2
Total income
**Expenditure on:**
Charitable activities
3
Total expenditure
Net income
Net movement in funds
**Reconciliation of funds**
Total funds carried forward
9|**Unrestricted**
**funds**
**£**
40,809
40,809
(20,743)
(20,743)
20,066
20,066
401
20,467
**Unrestricted**
**funds**
**£**
25,800
25,800
(25,399)
(25,399)
401
401
401|**Total**
**2022**
**£**
40,809|
|---|---|---|
|||40,809|
|||(20,743)|
|||(20,743)|
|||20,066|
|||20,066
401|
|||20,467|
|||**Total**
**2021**
**£**
25,800|
|||25,800|
|||(25,399)|
|||(25,399)|
|||401|
|||401|
|||401|
All of the charity's activities derive from continuing operations during the above two periods. The funds breakdown for 2021 is shown in note 9.
The notes on pages 7 to 10 form an integral part of these financial statements. Page 5
## **The Mangalakara Foundation**
## **(Registration number: 1184779) Balance Sheet as at 31 March 2022**
|**Note**
**Current assets**
Cash at bank and in hand
**Creditors: Amounts falling due within one year**
8
**Net assets**
**Funds of the charity:**
**Unrestricted income funds**
Unrestricted funds
**Total funds**
9|**2022**
**£**
26,556
(6,089)
20,467
20,467
20,467|**2021**
**£**
761
(360)|
|---|---|---|
|||401|
|||401|
|||401|
The financial statements on pages 5 to 10 were approved by the trustees, and authorised for issue on 25.01.2023.................... and signed on their behalf by:
......................................... Mr J G J Hart Trustee
The notes on pages 7 to 10 form an integral part of these financial statements. Page 6
## **The Mangalakara Foundation**
## **Notes to the Financial Statements for the Year Ended 31 March 2022**
## **1 Accounting policies**
## **Statement of compliance**
The financial statements have been prepared in accordance with the second edition of the Charities Statement of Recommended Practice issued in October 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and the Charities Act 2011.
## **Basis of preparation**
The Mangalakara Foundation meets the definition of a public benefit entity under FRS 102. The accounts (financial statements) have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant note(s) to these accounts.
## **Going concern**
The trustees consider that there are no material uncertainties about the charity's ability to continue as a going concern.
## **Income and endowments**
Voluntary income including donations, gifts, legacies and grants that provide core funding or are of a general nature is recognised when the charity has entitlement to the income, it is probable that the income will be received and the amount can be measured with sufficient reliability.
## _**Donations and legacies**_
Donations and legacies are recognised on a receivable basis when receipt is probable and the amount can be reliably measured.
## **Expenditure**
All expenditure is recognised once there is a legal or constructive obligation to that expenditure, it is probable settlement is required and the amount can be measured reliably. All costs are allocated to the applicable expenditure heading that aggregate similar costs to that category. Where costs cannot be directly attributed to particular headings they have been allocated on a basis consistent with the use of resources, with central staff costs allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use. Other support costs are allocated based on the spread of staff costs.
## _**Charitable activities**_
Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.
## **Governance costs**
These include the costs attributable to the charity’s compliance with constitutional and statutory requirements, including audit, strategic management and trustees meetings and reimbursed expenses.
Page 7
## **The Mangalakara Foundation**
## **Notes to the Financial Statements for the Year Ended 31 March 2022 (continued)**
## **Taxation**
The charity is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the charity is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes.
## **Cash and cash equivalents**
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
## **Trade creditors**
are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
## **Fund structure**
Unrestricted income funds are general funds that are available for use at the trustees discretion in furtherance of the objectives of the charity.
## **2 Income from donations and legacies**
|Donations and legacies;
Donations from individuals|**Unrestricted**
**funds**
**General**
**£**
40,809
40,809|**Total**
**2022**
**£**
40,809
40,809|**Total**
**2021**
**£**
25,800|
|---|---|---|---|
||||25,800|
## **3 Expenditure on charitable activities**
|**Note**
Donations made
Bank charges
Governance costs
4|**Unrestricted**
**funds**
**General**
**£**
20,383
-
360
20,743|**Total**
**2022**
**£**
20,383
-
360
20,743|**Total**
**2021**
**£**
25,000
39
360|
|---|---|---|---|
||||25,399|
Page 8
## **The Mangalakara Foundation**
## **Notes to the Financial Statements for the Year Ended 31 March 2022 (continued)**
## **4 Analysis of governance and support costs**
## **Governance costs**
|Independent examiner fees
Examination of the financial statements|**Unrestricted**
**funds**
**General**
**£**
360
360|**Total**
**2022**
**£**
360
360|**Total**
**2021**
**£**
360|
|---|---|---|---|
||||360|
## **5 Trustees remuneration and expenses**
No trustees, nor any persons connected with them, have received any remuneration from the charity during the year.
No trustees have received any reimbursed expenses or any other benefits from the charity during the year.
## **6 Independent examiner's remuneration**
|**6**
**Independent examiner's remuneration**|||
|---|---|---|
|Examination of the financial statements
**7**
**Taxation**
The charity is a registered charity and is therefore exempt from taxation.
**8**
**Creditors: amounts falling due within one year**
Trade creditors
Accruals|**2022**
**£**
360
**2022**
**£**
5,729
360
6,089|**2021**
**£**
360|
|||**2021**
**£**
-
360|
|||360|
Page 9
## **The Mangalakara Foundation**
## **Notes to the Financial Statements for the Year Ended 31 March 2022 (continued)**
|**9**
**Funds**
**Balance at 1**
**April 2021**
**£**
**Unrestricted funds**
General
401
**Unrestricted funds**
General
**10 Analysis of net assets between funds**
Current assets
Current liabilities
Total net assets
Current assets
Current liabilities
Total net assets|**Incoming**
**resources**
**£**
40,809
**Incoming**
**resources**
**£**
25,800|**Resources**
**expended**
**£**
(20,743)
**Resources**
**expended**
**£**
(25,399)
**Unrestricted**
**funds**
**General**
**£**
26,556
(6,089)
20,467
**Unrestricted**
**funds**
**General**
**£**
761
(360)
401|**Balance at 31**
**March 2022**
**£**
20,467|
|---|---|---|---|
||||**Balance at 31**
**March 2021**
**£**
401|
||||**Total funds at**
**31 March**
**2022**
**£**
26,556
(6,089)|
||||20,467|
||||**Total funds at**
**31 March**
**2021**
**£**
761
(360)|
||||401|
Page 10
Charity registration number: 1184779
## The Mangalakara Foundation
Annual Report and Financial Statements
for the Year Ended 31 March 2022
## **The Mangalakara Foundation**
## **Contents (continued)**
|Reference and Administrative Details|1|
|---|---|
|Trustees' Report|2|
|Statement of Trustees' Responsibilities|3|
|Independent Examiner's Report|4|
|Statement of Financial Activities|5|
|Balance Sheet|6|
|Notes to the Financial Statements|7 to 10|
## **The Mangalakara Foundation**
## **Reference and Administrative Details**
**Trustees** Mr J G J Hart Ms K E Price Ms W S B Hart **Charity Registration Number** 1184779 **Principal Office** Unit 5 St John's Court Foster Road Ashford Business Park Ashford Kent TN24 0SJ **Independent Examiner** Beresfords Chartered Certified Accountants 1-2 Rhodium Point Spindle Close Hawkinge Folkestone Kent CT18 7TQ
Page 1
## **The Mangalakara Foundation**
## **Trustees' Report**
The trustees present the annual report together with the financial statements of the charity for the year ended 31 March 2022.
## **Objectives and activities**
## _**Objects and aims**_
To relieve financial hardship for the public benefit by providing education to children and young adults that would not otherwise be available to them.
## _**Public benefit**_
The trustees confirm that they have complied with the requirements of section 17 of the Charities Act 2011 to have due regard to the public benefit guidance published by the Charity Commission for England and Wales.
## **Structure, governance and management**
## _**Nature of governing document**_
The charity is a charitable incorporated organisation - foundation registered on 6th August 2019.
The annual report was approved by the trustees of the charity on .................... and signed on its behalf by: 25.01.2023
......................................... Mr J G J Hart Trustee
Page 2
## **The Mangalakara Foundation**
## **Statement of Trustees' Responsibilities**
The trustees are responsible for preparing the trustees' report and the financial statements in accordance with the United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) and applicable law and regulations.
The law applicable to charities 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 in the Charities SORP;
- make judgements and estimates that are reasonable and prudent;
- state whether applicable accounting standards 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 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 Charities (Accounts and Reports) Regulations 2008, and the provisions of the constitution. The trustees 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.
The trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company's website. Legislation governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
Approved by the trustees of the charity on .................... and signed on its behalf by:25.01.2023
......................................... Mr J G J Hart Trustee
Page 3
## **The Mangalakara Foundation**
## **Independent Examiner's Report to the trustees of The Mangalakara Foundation**
I report to the trustees on my examination of the accounts of The Mangalakara Foundation for the year ended 31 March 2022.
## **Responsibilities and basis of report**
As the charity trustees of The Mangalakara Foundation you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (‘the Act’).
I report in respect of my examination of the The Mangalakara Foundation's accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 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 Mangalakara Foundation as required by section 130 of the Act; or
2. the accounts do not accord with those records; or
3. the accounts do not comply with the accounting 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.
...................................... Daniel Payne FCCA Beresfords Chartered Certified Accountants 1-2 Rhodium Point Spindle Close Hawkinge Folkestone Kent CT18 7TQ
Date:............................. 25th January 2023
Page 4
## **The Mangalakara Foundation**
## **Statement of Financial Activities for the Year Ended 31 March 2022**
|**Note**
**Income and Endowments from:**
Donations and legacies
2
Total income
**Expenditure on:**
Charitable activities
3
Total expenditure
Net income
Net movement in funds
**Reconciliation of funds**
Total funds brought forward
Total funds carried forward
9
**Note**
**Income and Endowments from:**
Donations and legacies
2
Total income
**Expenditure on:**
Charitable activities
3
Total expenditure
Net income
Net movement in funds
**Reconciliation of funds**
Total funds carried forward
9|**Unrestricted**
**funds**
**£**
40,809
40,809
(20,743)
(20,743)
20,066
20,066
401
20,467
**Unrestricted**
**funds**
**£**
25,800
25,800
(25,399)
(25,399)
401
401
401|**Total**
**2022**
**£**
40,809|
|---|---|---|
|||40,809|
|||(20,743)|
|||(20,743)|
|||20,066|
|||20,066
401|
|||20,467|
|||**Total**
**2021**
**£**
25,800|
|||25,800|
|||(25,399)|
|||(25,399)|
|||401|
|||401|
|||401|
All of the charity's activities derive from continuing operations during the above two periods. The funds breakdown for 2021 is shown in note 9.
The notes on pages 7 to 10 form an integral part of these financial statements. Page 5
## **The Mangalakara Foundation**
## **(Registration number: 1184779) Balance Sheet as at 31 March 2022**
|**Note**
**Current assets**
Cash at bank and in hand
**Creditors: Amounts falling due within one year**
8
**Net assets**
**Funds of the charity:**
**Unrestricted income funds**
Unrestricted funds
**Total funds**
9|**2022**
**£**
26,556
(6,089)
20,467
20,467
20,467|**2021**
**£**
761
(360)|
|---|---|---|
|||401|
|||401|
|||401|
The financial statements on pages 5 to 10 were approved by the trustees, and authorised for issue on 25.01.2023.................... and signed on their behalf by:
......................................... Mr J G J Hart Trustee
The notes on pages 7 to 10 form an integral part of these financial statements. Page 6
## **The Mangalakara Foundation**
## **Notes to the Financial Statements for the Year Ended 31 March 2022**
## **1 Accounting policies**
## **Statement of compliance**
The financial statements have been prepared in accordance with the second edition of the Charities Statement of Recommended Practice issued in October 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and the Charities Act 2011.
## **Basis of preparation**
The Mangalakara Foundation meets the definition of a public benefit entity under FRS 102. The accounts (financial statements) have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant note(s) to these accounts.
## **Going concern**
The trustees consider that there are no material uncertainties about the charity's ability to continue as a going concern.
## **Income and endowments**
Voluntary income including donations, gifts, legacies and grants that provide core funding or are of a general nature is recognised when the charity has entitlement to the income, it is probable that the income will be received and the amount can be measured with sufficient reliability.
## _**Donations and legacies**_
Donations and legacies are recognised on a receivable basis when receipt is probable and the amount can be reliably measured.
## **Expenditure**
All expenditure is recognised once there is a legal or constructive obligation to that expenditure, it is probable settlement is required and the amount can be measured reliably. All costs are allocated to the applicable expenditure heading that aggregate similar costs to that category. Where costs cannot be directly attributed to particular headings they have been allocated on a basis consistent with the use of resources, with central staff costs allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use. Other support costs are allocated based on the spread of staff costs.
## _**Charitable activities**_
Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.
## **Governance costs**
These include the costs attributable to the charity’s compliance with constitutional and statutory requirements, including audit, strategic management and trustees meetings and reimbursed expenses.
Page 7
## **The Mangalakara Foundation**
## **Notes to the Financial Statements for the Year Ended 31 March 2022 (continued)**
## **Taxation**
The charity is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the charity is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes.
## **Cash and cash equivalents**
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
## **Trade creditors**
are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
## **Fund structure**
Unrestricted income funds are general funds that are available for use at the trustees discretion in furtherance of the objectives of the charity.
## **2 Income from donations and legacies**
|Donations and legacies;
Donations from individuals|**Unrestricted**
**funds**
**General**
**£**
40,809
40,809|**Total**
**2022**
**£**
40,809
40,809|**Total**
**2021**
**£**
25,800|
|---|---|---|---|
||||25,800|
## **3 Expenditure on charitable activities**
|**Note**
Donations made
Bank charges
Governance costs
4|**Unrestricted**
**funds**
**General**
**£**
20,383
-
360
20,743|**Total**
**2022**
**£**
20,383
-
360
20,743|**Total**
**2021**
**£**
25,000
39
360|
|---|---|---|---|
||||25,399|
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## **The Mangalakara Foundation**
## **Notes to the Financial Statements for the Year Ended 31 March 2022 (continued)**
## **4 Analysis of governance and support costs**
## **Governance costs**
|Independent examiner fees
Examination of the financial statements|**Unrestricted**
**funds**
**General**
**£**
360
360|**Total**
**2022**
**£**
360
360|**Total**
**2021**
**£**
360|
|---|---|---|---|
||||360|
## **5 Trustees remuneration and expenses**
No trustees, nor any persons connected with them, have received any remuneration from the charity during the year.
No trustees have received any reimbursed expenses or any other benefits from the charity during the year.
## **6 Independent examiner's remuneration**
|**6**
**Independent examiner's remuneration**|||
|---|---|---|
|Examination of the financial statements
**7**
**Taxation**
The charity is a registered charity and is therefore exempt from taxation.
**8**
**Creditors: amounts falling due within one year**
Trade creditors
Accruals|**2022**
**£**
360
**2022**
**£**
5,729
360
6,089|**2021**
**£**
360|
|||**2021**
**£**
-
360|
|||360|
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## **The Mangalakara Foundation**
## **Notes to the Financial Statements for the Year Ended 31 March 2022 (continued)**
|**9**
**Funds**
**Balance at 1**
**April 2021**
**£**
**Unrestricted funds**
General
401
**Unrestricted funds**
General
**10 Analysis of net assets between funds**
Current assets
Current liabilities
Total net assets
Current assets
Current liabilities
Total net assets|**Incoming**
**resources**
**£**
40,809
**Incoming**
**resources**
**£**
25,800|**Resources**
**expended**
**£**
(20,743)
**Resources**
**expended**
**£**
(25,399)
**Unrestricted**
**funds**
**General**
**£**
26,556
(6,089)
20,467
**Unrestricted**
**funds**
**General**
**£**
761
(360)
401|**Balance at 31**
**March 2022**
**£**
20,467|
|---|---|---|---|
||||**Balance at 31**
**March 2021**
**£**
401|
||||**Total funds at**
**31 March**
**2022**
**£**
26,556
(6,089)|
||||20,467|
||||**Total funds at**
**31 March**
**2021**
**£**
761
(360)|
||||401|
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