Docusign Envelope ID: 3BDB343B-781C-441D-8B05-B662630789A8 Charity Registration Number 1194381 ## **EARTH CHARITABLE FOUNDATION** **ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS** **FOR THE YEAR ENDED 31st MARCH 2024** Docusign Envelope ID: 3BDB343B-781C-441D-8B05-B662630789A8 ## **EARTH CHARITABLE FOUNDATION** ## **LEGAL AND ADMINISTRATIVE INFORMATION** ## **TRUSTEES** Shilpa Chheda Shalet Gupta Sachin Nanda ## **INDEPENDENT EXAMINER** Harsheel Dodhia 3rd Floor, Amba House 15 College Road Harrow Middlesex HA1 1BA ## **BANKERS** Natwest Bank Plc ## **PRINCIPAL ADDRESS** Kalamu House 11 Coldbath Square London EC1R 5HL 0 Docusign Envelope ID: 3BDB343B-781C-441D-8B05-B662630789A8 ## **EARTH CHARITABLE FOUNDATION** ## **CONTENTS** |Report of the Trustees'|2| |---|---| |Report of the Independent Examiners'|4| |Statement of Financial Activities|5| |Balance Sheet|6| |Notes to the Accounts|7| 1 Docusign Envelope ID: 3BDB343B-781C-441D-8B05-B662630789A8 ## **EARTH CHARITABLE FOUNDATION** ## **REPORT OF THE TRUSTEES'** _**FOR THE YEAR ENDED 31ST MARCH 2024**_ On behalf of the Earth Charitable Foundation (the "Charity"), the Trustees' present their Annual Report and financial statements for the year ended 31st March 2024. The Financial Statements have been prepared in accordance with the accounting policies set out in Note 1 to the financial statements and comply with the Charity's Constitution, the Charities Act 2011 and comply with "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)" (effective 1 January 2019). ## **Objectives and activities** The Charity, which is registered in England and Wales as a Charitable Incorporated Organisation and as a registered charity, is governed by its Constitution. The Constitution sets out its aim & objectives. The Trustees have also paid due regard to guidance issued by the Charities Commission in deciding what activities the charity should undertake. The objective of the Earth Charitable Foundation is to fund pioneering research, innovative institutes, and influential organisations which are dedicated to tackling some of the hardest challenges facing humanity. We will support financially, and through ever expanding networks of influence, sustainable ideas that matter (including the contribution that the Hindu Civilisation and culture can make to the modern global society) and promote the collective good. The Charity's main activities are to 1. Raise funds from donors and well wishers 2. Invest funds to generate a financial return that will fund projects 3. Allocate the financial return earned or the funds raised to projects that are aligned with the Charity's objectives. ## **Achievements and Performance** During the year the Charity entered into a lease on a property in Central London which is intended to be used as a place to support selected projects to carry out activities that are aligned to the Charity objectives. The Charity also obtained donations to fit out the property. The Charity considered a number of projects to fund and during the year selected a project to establish an International Centre for Sustainability in Central London towards which most of its available funding was directed at. This project is based at the property mentioned above and will gather thought leaders and influencers, develop sustainable ideas and foster a deeper alliance between the United Kingdom and India. This project will work with both British and Indian government officials, political leaders, and businesses to build trust, cooperation, and market access. A Trustee of the Charity is also a director of this project and consequently, in accordance with the Charity's policies, the Trustee is not permitted to vote on any matters in relation to this project to reduce the risk of a conflict of interest. It is expected that funding for this project will stop in 2025 after the centre is established. The Charity continued with its outreach programmes and awareness building events, to both raise funds and to create an increased understanding of its activities. The Trustees are pleased with the progress made by the Charity and expect the Charity to continue to progress over the next financial year. ## **Financial Review** The unrestricted funds as at 31st March 2024 stands at £342,695 (2023 - £265,989). During the year £244,904 (2023 - £82,124) donations and income was generated and £82,233 (2023 - £11,865) was allocated to projects. The Trustees consider that the position is satisfactory. It is the policy of the Charity that unrestricted funds which have not been designated for a specific use should be maintained at a level equivalent to between 3 to 6 month's expenditure. The Trustees consider that reserves of this level will ensure that, in the event of a significant reduction in funding, the Charity will be able to continue its current activities while consideration is given to ways in which additional funds may be raised. This minimum level of reserves has been maintained throughout the year. The Trustees have assessed the major risks to which the Charity is exposed to, and are satisfied that systems and controls are in place to mitigate exposures to such risks. 2 Docusign Envelope ID: 3BDB343B-781C-441D-8B05-B662630789A8 ## **EARTH CHARITABLE FOUNDATION** ## **REPORT OF THE TRUSTEES' (continued)** _**FOR THE YEAR ENDED 31ST MARCH 2024**_ ## **Structure, Governance and Management** The Trustees who have been in office during the year were: Shilpa Chheda Shalet Gupta Sachin Nanda The Trustees were appointed by the Members of the Charity for a period of 6 years initially. Any trustees are selected having regard to their personal and professional expertise and having regard to their personal and professional expertise in the activities of the charity. All decision making is undertaken by the Trustees. The Trustee seek advice from other specialists and professionals when required. The Trustees are also fortunate to benefit from assistance given by volunteers. The charity has no staff and there is, therefore, no requirement to delegate decision making further. ## **Statement of Trustees Responsibilities** The Board of Trustees are responsible for preparing the Trustee 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 and Wales requires the Board of 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 Earth Charitable Foundation for that year. In preparing these financial statements, the Board of 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 operation The Board of Trustees are responsible for keeping sufficient accounting records that disclose with reasonable accuracy at any time the financial position of the Earth Charitable Foundation 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 Earth Charitable Foundation and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. The Trustees' report was approved but the Board of Trustees. …………………………………………. ## **Ms. Shilpa Chheda 19th December 2024** 3 Docusign Envelope ID: 3BDB343B-781C-441D-8B05-B662630789A8 ## **EARTH CHARITABLE FOUNDATION** ## **INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF EARTH CHARITABLE FOUNDATION** I report to the Charity Trustees on my examination of the accounts of the Earth Charitable Foundation (the Charity) for the year ended 31 March 2024 ## **Responsibilities and basis of report** As the Trustees of the Charity you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 (the 2011 Act). I report in respect of my examination of the Charity's financial statements carried out under section 145 of the 2011 Act. In carrying out my examination I have followed all the applicable Directions given by the Charity Commission under Section 145(5)(b) of the 2011 Act. ## **Independent Examiners Report** Your attention is drawn to the fact that the Charity has prepared financial statements in accordance with the "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)" in preference to the "Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005" which is referred to in the extant regulation but has now been withdrawn. I understand that this has been done for Financial Statements to provide a true and fair view in accordance with Generally Accepted Accounting Practice. In have completed my examination, I confirm no 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 financial statements do not accord with those records; or 3 the financial statements 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 intendent 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 financial statements to be reached. Harsheel Dodhia 3rd Floor, Amba House 15 College Road Harrow Middlesex HA1 1BA Dated: 19th December 2024 4 Docusign Envelope ID: 3BDB343B-781C-441D-8B05-B662630789A8 ## **EARTH CHARITABLE FOUNDATION STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT** ## _**FOR THE YEAR ENDED 31ST MARCH 2024**_ |**Unrestricted**
**Funds**
**2024**
**Note**
**£**
**Incoming from:**
Donations
**2**
217,503
Gift aid receivable
**2**
17,536
Bank interest
**3**
3,893
Gains unrealised on financial assets
**3**
972
Rental income
**3**
5,000
**Total Income**
244,904
**Expenditure on:**
_Costs of generating funds:_
General charges
**4**
(60,038)
Depreciation
**4**
(25,928)
_Specific support to projects:_
Charitable activities
**4**
(82,233)
**Total Expenditure**
(168,198)
**Net Income for the year/ Net Movement of funds**
76,706
Funds brought forward
265,989
**Funds carried forward at 31st March 2024**
342,695|**Unrestricted**
**Funds**
**2023**
**£**
57,002
24,716
406
-
-| |---|---| ||82,124| ||(35)
-
(11,865)| ||(11,900)| ||70,224
195,765| ||265,989| The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure relate to ongoing activities. 5 Docusign Envelope ID: 3BDB343B-781C-441D-8B05-B662630789A8 ## **EARTH CHARITABLE FOUNDATION BALANCE SHEET** ## _**AS AT 31ST MARCH 2024**_ |**Note**
**NON CURRENT ASSETS**
Property Plant & Equipment
**5**
**CURRENT ASSETS**
Debtors
**6**
Current asset investment
**7**
Cash at Bank
**CURRENT LIABILITIES**
Creditors
**8**
**NET CURRENT ASSETS**
**NET ASSETS**
**INCOME FUNDS**
Unrestricted Funds|**31 March**
**2024**
**£**
209,672
53,336
50,972
185,424
289,732
(156,709)
133,023
342,695
342,695|**31 March**
**2023**
**£**
-| |---|---|---| |||-
-
265,989| |||265,989| |||-| |||265,989| |||265,989| |||265,989| These financial statements were approved by the Board of Trustees on 19th December 2024. …………………………………………. **Mr Shalet Gupta** Trustee 6 Docusign Envelope ID: 3BDB343B-781C-441D-8B05-B662630789A8 ## **EARTH CHARITABLE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS** ## _**FOR THE YEAR ENDED 31ST MARCH 2024**_ ## **1. Accounting Policies** ## _**Charity information**_ Earth Charitable Foundation is a Charitable Organisation registered in England and Wales at Companies House, Registration number CE026063 and a registered charity number 1194381. The principal office address is Kalamu House, 11 Coldbath Square, London EC1R 5HL. ## _**1.1 Accounting convention**_ The financial statements have been prepared in accordance with the Charity's constitution, the Charities Act 2011 and the Charities SORP "Accounting and Reporting by Charities: Statement of Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019). The Charity is a Public Benefit Entity as defined by FRS 102. The Charity has taken advantage of the provisions in the SORP for charities not to prepare a Statement of Cash Flows. The financial statements are prepared in Sterling, which is the functional currency of the Charity. Monetary amounts in these financial statements are rounded to the nearest £. The financial statements have been prepared under the historical cost convention, The principal accounting polices are set out below: ## _**1.2 Going Concern**_ At the time of approving the financial statements, the Trustees have a reasonable expectations that the Charity has adequate resources to continue in operational existence for the foreseeable future. Therefore the Trustees continue to adopt the going concern basis of accounting in preparing these financial statements. ## _**1.3 Charitable funds**_ Unrestricted funds are available for use at the discretion of the Trustees in furtherance of their charitable objectives. Restricted funds are subject to specific conditions by donors as to how they may be used. The Charity did not have any restricted funds. ## _**1.4 Income**_ Income is recognised when the Charity is legally entitled to it after any performance conditions have been met, the amounts can be reliably measured, and it is probable that income will be received. Cash donations are recognised on receipt. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the receipt of the donation. Legacies are recognised on receipt or otherwise if the Charity has been notified of an impending distribution, the amount is known and receipt is expected. If the amount is not know, the legacy is treated as a contingent asset. There were no legacies receivable in the period. ## _**1.5 Expenditure**_ Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement, and the amount of obligation can be reliably measured. ## _**1.6 Property, Plant and Equipment**_ Tangible fixed assets are included at cost less depreciation and impairment. Depreciation has been computed to write off the cost of tangible fixed assets over their expected useful lives as follows: Leasehold property - equal instalments over the period of the lease, 5 years Fixtures & Fittings - equal instalments over 4 years An impairment review is only performed if there is an indication of impairment. There are no indicators of impairment. ## _**1.7 Financial Instruments**_ Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares (including managed funds) which are measured at fair value, with changes recognised in profit or loss. ## _**1.8 Cash and cash equivalents**_ Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities. ## _**1.9 Basic financial assets**_ Basic financial assets, which include debtors and cash and banak balances, are initially measured at transaction price and including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets are classified as receivable within one year. 7 Docusign Envelope ID: 3BDB343B-781C-441D-8B05-B662630789A8 ## **EARTH CHARITABLE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS** ## _**FOR THE YEAR ENDED 31ST MARCH 2024**_ ## _**Accounting Policies (continued)**_ ## _**1.10 Basic financial liabilities**_ Basic financial liabilities, including creditors and bank loans, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities are classified as payable within one year are not amortised. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method. Financial liabilities are derecognised when the Charity's contractual obligations expire or are discharged or cancelled. ## **2. Analysis of income** |**2. Analysis of income**||| |---|---|---| |Donations
Gift aid receivable
**3. Investments**
Bank interest
Gains unrealised on financial assets
Rental income
**4. Charitable activities**
Governance costs - professional services
Governance costs - rent of offices
Governance costs - Depreciation on leasehold improvements
Charitable donations -Conference projects
Charitable donations - Research projects
(including establishing a centre for research projects)|Year ended
**2024**
**£**
217,503
17,536
Year ended
**2024**
**£**
3,893
972
5,000
Year ended
**2024**
**£**
2,271
57,767
25,928
85,966
82,233
-
82,233|Year ended
**2023**
**£**
57,002
24,716| |||Year ended
**2023**
**£**
406
-
-| |||Year ended
**2023**
**£**
35
-
-| |||35| |||-
11,865| |||11,865| 8 Docusign Envelope ID: 3BDB343B-781C-441D-8B05-B662630789A8 ## **EARTH CHARITABLE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS** ## _**FOR THE YEAR ENDED 31ST MARCH 2024**_ ## **5. Property, Plant and Equipment** |Cost
At 1 April
Additions in the year
At 31 March
Depreciation
At 1 April
Depreciation in the year
At 31 March
Net Book value|**Total**
**£**
-
235,599
235,599
-
25,928
25,928
209,672|**Leasehold**
**improvements**
**£**
-
140,886
140,886
-
14,089
14,089
126,798|**Fixtures &**
**Fittings**
**£**
-
94,713| |---|---|---|---| ||||94,713| ||||-
11,839| ||||11,839| ||||| ||||82,874| During the year the Charity obtained donations to fund the fit out of a building in Central London and incurred £140,865 (2023 - £nil) in leasehold improvements. ## **6. Debtors** |**6. Debtors**||| |---|---|---| |VAT recoverable
Prepyaments
**7. Current asset investment**
Financial Instrument - deposit in managed funds
**8. Creditors**
Accruals|At 31 March
**2024**
**£**
45,669
7,668
53,336
At 31 March
**2024**
**£**
50,972
50,972
At 31 March
**2024**
**£**
156,709
156,709|At 31 March
**2023**
**£**
-
-| |||-| |||At 31 March
**2023**
**£**
-| |||-| |||At 31 March
**2023**
**£**
-| |||-| ## **9. Trustees** None of the Trustees (or any persons connected with them) received any remuneration or benefits (2023 - £nil). None of the Trustees were reimbursed any expenses (2023 - £nil). The Trustees gave donations in the year of £20,001 (2023 - £nil). During the year Charitable donations (note 4) included £47,000 (2023: £nil) for a project, which a director of the company undertaking the project is also a trustee of the Charity. ## **10. Employees** The Charity did not have any employees in the year (2023: nil). ## **11. Taxation** The Charity is exempt from tax on income and gains falling within section 505 of the Taxes Act 1988 or section 252 of the Taxation of Chargeable Gains Act 1992 to the extent these are applied to its charitable objectives. 9