Company number.. 14333798 Charity number- 1201051 Manan Trust Report and financial statements For the period ended 31 December 2023 LCLS 3110512024 COl•lPANleS HOUSE
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SAYER 00000 VINCENT 0000000 0000000 00000
Manan Trust Contents For the perlod ended 31 December 2023 Reference and administrative information Trustees, annual report Independent audiior's report Statement of financial activities {incorporating an income and expenditure account) Balance sheet Statement of cash flows Notes to the financlal statements io
Manan Trust Reference and admlnlstratlve Inf0mtIon For the perlod ended 31 December 2023 Company number Couniry of Incorporatlon 14333798 United Kingdom Charlty number Country of reglstratlon 1201051 England & Wales Reglstered offlce Veale Wa5brough Vizards LLP King William Street London EC4R 9AT Trustees The Trusiees. who are also direaors under company law, who served during the period and up to the date of ihis report were as follows- Naren Gonhy Richard Jones Scott McNab Shivika Srimal Michael Stapleton Alistair Thompson Appoinied 27 September 2022 Appointed 27 September 2022 Appointed 2 September 2022 Appointed 2 7 September 2022 Appointed 27 September 2022 Appointed 2 September 2022 Bankers SG Kleinwort Hambros Bank Limited 8 Sr James's Square Lon(Jon SWIY 4JU Solicitors Veale Wasbrough Vizards LLP King William Street London EC4R 9AT Audltor Sayer Vinceni LLP Chartered Accountants and Statutory Auditor I l O Golden Lane LONDON ECIY OTG
Manan Trust Tru5tees' annual report For the perlod ended 31 December 2023 The Trusiees preseni iheir report and the audited financial statements for the period ended 31 December 2023. Reference and administrative inforrnation Set out on page I forms part of this report. The financial Statements comply wTrth current staiutory requirements. the rnemorandum and articles of a550ciation. the requiremenis of a diiectors. report as required under company law. and the statement of Recommended Practice Accounting and Reporting by Charities.. SORP applicable to charities preparing their accounts in accordance with FRS 102. Objectives and activities Objects of the charity Manan Trust I'the Trustl is a 9rant-making charity which aims to improve the lives of disadvantaged people and communiiies in Asia. particularly those affected by poverty. The objecis of the Trust are sei out in its articles of association and. in summary. are.. the prevention andlor relief of povetTY- Ihe advancement of educaiion.. the relief of sickness and the preseThation of the health of the public.. the conservaiion. preser¥ation. prorection and improvement of the physical and natural environment.. to promote susiainable development.. and to advance such other objects or purposes which are exclusively charitable according to ihe law of England and Wales for the benefit of the public anywhere in the world and in such manner as the Tru5tee5 may in their absolute discretion think fit. In order to achieve these objects, the Trust= will provide grants and support to chariiies that aim to prevent and relieve poverty. advance education. advance health, promote basic rights and social inclusion. and empower marginalised and disadvantaged groups outside the UK. particularly those which work in Asia. will support work that strengthens non-profit organisations and helps them become more resilient and sustainable. The Trustees revrew the aims. objectives and activiiies of the Trust each year. This reporr looks at what the Trust has achieved and the outcomes of its work in the reporting period. The Trustee5 report the success of each key activity and the benefits the Trust has brought to those groups of people that it is set up to help. The review also helps the Trustees ensure the Trus1'5 aims. objeciives and activities remained focused on its charitable objects. The Trustee5 have referred to the guidance contained in rhe Charity Commission's genera 9uidance on public benefii when reviewing ihe Tru5t'5 aims and charitable objectives and in planning its future activities. In particular. the Trustees consider how planned activities will contribute to ihose aims and objectives.
Manan Trusi Trustees, annual report For the perfod Ènded 31 December 2023 Grant-making policy The Trustees are keen to provide grant funding to promote the Trust's charitable objects and aims in an effective way. and they have ultimate responsibility for all grant-making decisions. The Trustees have set a straiegy and grant-making policy to ensure that grants are awarded to organisations ihat promote and further the Trust's charitable objects and aims. After initial contact made by rhe Trust. the Trustees will invite applications for funding from regisiered charities and non-profit or9anisations whose activitie5 advance the Trust's charitable objects. Most organisations will be invited io apply for three year. unrestricted grant5, as the Trusiees, experience is ihar this Iype of funding promotes the long-term susrainability of charitable non-profit organisations. Some organisations will be inviied to apply for projett- specific grants if restrictions are needed to ensure funds are spent in alignment with charitable objects. Because grants are long-term and are supporttve of all of an organisation's operatiOn5, the Trusiee's undertake extensive and holistic due diligence. Due diligence will vary according to the nature of an organisation's work and the Trustees, assessment of any risks associated with the application. The Trusiees will consider informaiion provided by the applicani. published third party research. references from third parties that have exisiing knowledge of the applicant's work. and the Trustees, existing knowledge and skills. All grant proposals must explain in detail the charitable activities of the organisation and put fonyard a strong case for support for its activities by the Trust. All grant proposals must include a range of information including Ibut noi limiied to)= Ihe charitable activities of the organisation: how the activiiies funded by the grant will benefit the intended beneficiarie5 and advance one or more of the chariiable objects of the Trust- how the application of the grant will be managed., details of the key indi¥iduallsl who will be responsible for the management of the grant. delivering the proposed actr¥itie5. and monitoring results of the proposed activities- The Trustees recognise that mosi grants will be made to overseas organisations and will iherefore ensure ihat lin line with relevant Charity Commission and HMRC guidance) reasonable steps are taken to ensure that all grants must be applied solety and exclusrvely for activities which advance the Trust's charitable objects. and in accordance with a grant agreement which includes appropriate provisions for due diligence. monitoring, reporting and. in cases of breach of those provision5. the repayment of the grant. The Trustees and those io whom Ihey delegate responsibility for managin9 grants will seek 10 conduct in-person site visits with organisaiions during the due diligence process. This in-person inspection of programs and ihe organisation helps further ensure that activities which are grant funded lor being considered for funding) will advance ihe chariiable objects of the Trusr. When awarding funding. the Trustees will consider the quality and impaci of an organisation's charitable activities and how it furthers the Trust's objects. its governance and leadership,
Manafi Trust Trustees, annual report For the period ended 31 December 2023 organisational structures and the financial health of ihe organisation. The Trustee5 will give particular consideration to areas of need where limited funding is currently available or where projects are at an early stage and are not yet able to access funding. Applicants will be inforrned of the Trustee's decision in writing. and must agree to the terms and conditions of a grant agreement before funding is provided. Once selected. graniees will subrnii annual writien update5 and will provide regular verbal updates. These report5 and updates will demonstrate how grantees are making progre55 on both short-term and Ion9-term aims. Grant payment5 will normally be disbursed evenly over a three vear period. wilh the second and third year payments subject to a rigorou5 review of the grant con(litions and approval by ihe Trusiees. Achievements and performance The Twsr's main activities and the beneficiaries it aims to 5UPPOrt are described below. All of its grant funding focuses on the preventron and relief of poverty. advancing education. advancing healthcare. promoting basic right5 and social inclusion. and empowering marginalised and disadvantaged groups, and are undertaken to further the Trust's charitable objects for the public benefit. This reponing period cover5 the Trust's first year of operations. Therefore. over this reporting period. the Strategic focus of the Trustees has been on buildin9 up funds. developing an approach to grant-making and ideniifyin9 poieniial grant partners. No granis were made in the period under review. but the Trustees approved grant commitments totalling USD 2,125,000 in March 2024. Additionally. the Trusi achieved the followin9 Strategic priorities for this reporting period.. Donations totalling USD 7 4.194.957 were received. A grant-rnaking policy was developed. The Trust met with charitable non-profit organisations and other stakeholders le.g. other funders) throughout the reporting period. Three organisaiions were invited to submit grant proposals. which were considered and approved by the Trustees in the subsequeni reporting period. The Trust Is now able to commence awarding granTS. At Ihe lime of writing this report, the Trustees have now approved 3 9rant commitments totalling USD 2,12 5.000. And throughout the 2024 reporting period they expect to approve more granis io non-profit organisations thai further the Trust's charitable objects. The exact number and amounts of grants awarded will be decided by the Trustees depending on the application and due dili9ence process.
Manan Trust Trustees. annual report For ihe perlod ended 31 December 2023 Financial review During the reporting period. the Trust received unrestricted donations of USD 14.184.002 from First Sentier Invesiors. USD 5.95 5 from one of the Trustees. and donaied services of USD 5,000. The Trust's only other source of income was interest income on bank deposits. The Trust held unresiricted funds of USD 14,245,760at ihe end of the reporting period. Furtd5 are held in a range of notice deposlt accounts to maximise returns, but also manage the cash requiremenis of the Trust. Principal risks and uncertainties The Trustees have conducied a review of the major risks to which the Trust is exposed. Risks are assessed on the basis of their likelihood and potential impact. and mitigaiion strategies are put in place to manage them in line with the board's risk appeiite. The Tru5tee5 review these risks regularly and are sat15fied that systems have been established to mitigate the possible impact of such risks on the Trusi. The Trustees consider the following to be key risks for the Trust= Risk l.. Grantee misuses funds. Likelihood.. Low lif mitigaiedl Possible effects: Grani doesn't have intended impaci- Reputaiional damage to the Trust. Mitigationlsl.. rhe Trust conducts extensive due diligence before making any grant. This includes a review of financial policies and procedures. operational systems. how the organisation manages situations of bribery and corruption. and character evaluaiion. a legally bFnding grant agreement 15 required for all grants. This includes provisions in relation to anti-bribery and safeguarding. a iermination provision that can be exercised at the Trustees. discretion. and reporting requirements. Ihe Trustees and iheir delegates conduct ongotng moniioring visits. Risk 2.. Graniee performance andior impact is unsatisfactory. Likelihood.. Medium (if mitigated). The Trustees have concluded that making progress when it comes to complex social issues 15 often non-linear and graniees. especially those operating in developing countries, are certain to come up against challenge5 in the regular course of operations. The Trustees do noi believe organisations facing such challenges are nece55arily showing unsatisfactory performance. but rather that responsible gr3nt-maker5 should take tirne to understand the challenges grantees face and. where appropriaie. offer non-financial support to help them keep working iowards iheir desired impact. If grantees are unable to address challenges satisfactorily. adapi io changing operating environments. and respond posltively 10 non-financial support from the Trust. the Trustees might then deem iheir performance andlor impact unsatisfactory.
Manan Trust Trustees. annual report For the perlod ended 31 December 20Z3 Possible effects: The grant doesn'r have intended impact.. Reputational damage to the Trust Mitigation{s>.' the Trust conducts extensive due diligence before making any grant. Including a review of the organisaiion's strategic plans and priorities. impact measurement plans and priorities. and risk management plans and priorilies. the Trust conducts monitoring visiis on an ongoing basis. when appropriate. the Trust provides non-financial support such as advice and access to third-party resources to further support the grantee. grant agreements include reportlng requirements to keep the Trustees updated on progress. and a terminaiion clause should impact continue to be unsatlsfaciory. Risk 3.. The Trust ha5 insufficient funds andlor income to fulfil commitmenis over 3 years. Likelihood- Low (if mitigated) Possible effects.. Grantees do not have sufficient funding to implement their charitable activitres. Mitigationls).. the Trustees will not approve grant proposals if the Charity does not have sufficient funds io fulfil the commitment in full. the priority for investment activity is mainiaining capiial value. Risk 4.. Internal fraud and misuse or theft of Manan's funds. Likelihood-. Low (if mitigated) Possible effects.. The Trusi suffers from a shortfall of funds Mitigaiion{s)-. the Trust's funds are kept wilh a regulated UK bank. all payments are subject to the Trust's internal financial policies and procedures, which require multiple individuals io provide approvallauthorisation for all payment5. Resenies policy and going concern The Trustees intend to keep sufficieni funds in reserve to enable the Trust to meet ongoing grant commitmen15 and operating expenses of the Trust. No commitmenis are entered into which are not fully covered by known resources. The Trustees do not currently target a particular level of reserve, bui wlll formally esrablish a policy once the Trusi is fully operational. No material uncertainties that cas1 significani doubt about the ability of the Trust to coniinue a5 a going concern have been identified by the Trustees.
Manan Trust Trustees, annual report For the perlod ended 31 December 2023 Fundraising The Trust does not raise funds from the public or use any professional fundraiser5 or commercial participators. Therefore the Trust is noi registered with the Fundraising Regulator and received no complaints in this reporting period. As the Trust does not approach indNiduals for the purpose of raising fund5. It does not have specific requirements related to fundraising activities. nor does it consider it necessary to de51gn specific procedures to moniior Such activities. Plans for the future In 2024, the Trust intends to commence making grants to charities and non-profit or9anisations that furrher its charitable objects in Ihe manner described above. These grants will focus on organisation5 that aim to prevent and relieve poverty. advance education. advance health. empower marginalised and disadvantaged groups ouiside ihe UK. particularly those which work in Asia. Structure, governance and management The Trusi is a charitable company limited by guarantee. incorporaied on 2 September 2022 and registered as a charity in En9land and Wales on 17 November 2022. The Trust IS governed by it5 articles of association. which set out the Trust's charitable objects and its governance arrangements. including provisions for the appoiniment of the Trusiees. The Trust's members (for the purposes of company law) are its Trustees from time to lime. The Trustees are responsible for the management and conrrol of the Trust and set irs sirategy and approve the policie5 and procedures required in order to ensure that the Trust can achieve lis aims and advance its objects. All Trustees give their time voluntarily and receive no benefits from ihe Trust. The Trustees delegate day to day management of the Trust to the Executive Direcior of Manan Limrted. Amanda Clarke. and her team (see Related parties and relationships with orher organisationsl. They ensure the effective running of the Trust. manage relationships with partner organisations. conduct due diligence. and make grant recommendations to the Trustees in accordance with the Trust's grant-making policies and procedures. The Trustees make gTant- making and other strategic decisions at board meetings. which are typically held twice per year. Appointment of Trustees The Trust's articles require that there shall be no fewer than Th¥0 Tru5tee5. There is no maximum number of Trustees. The Trustees are responsible for appointments to the board of Trustees.
Manan Trust Tru5tees' annual report For the perlod ended 31 December 2023 Trustee induction and training When a new Trustee is appointed, they are provided with a copy of key documents (Including Ihe Trust's articles, policies and other relevant documents) and an introduction to the work of the Trust. Management and existing Trustees provide suitable induction and training so they are able to fulfil their role as a Trustee. Related parties and relationships with other organisations The Trust receives the significant majority of irs income from Firs1 Sentier Investors, and four out of six current Trustees are employees of First Sentier Investors. The Trustees recognise their duties as trusiees and that the Trust's activities must advance it5 charitable objects within the requirement that this is for the public benefit. The Trustees are satisfied that any private benefit to First Sentier Investors as the Trus1'5 principal donor arising from ihe Trusi's activities (if any) will be incidental to ihe Trust'5 charitable objectives. Please See noie 6 for further Related Party Iransaction details. The Trust is connected ro a charitable entity in Hong Kong, Manan Limited. which also receives donations from First Sentier Invesiors. Manan Limited is governed separately from the Trust. neither entity holds control over the other. and there are no financial transactions between the two eniities. During the reporting period, the trio entities entered into a shared resource5 agreemeni which enables the Trust 10 acce55 some services provided by Manan Limited lincludin9 the services of Manan Limiied's siaff). Manan Limited does not charge Manan Trust for these Services, however thi5 15 recognised as a donated service as detailed in note 2. Remuneration policy for key management personnel The Trust did not have any employees in the reporting period. Day to day management was provided by the Executive Director of Manan Limrted, Amanda Clarke, and her team under the shared resources agreement mentioned above. Statement of responsibilities of the Trustees The Trustees (who are also directors of Manan Trusi for the purposes of company lawl are responsible for preparing the Trustees. annual report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards {United Kingdom Generally Accepted Accounting Practice). Company law requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the slate of affairs of the chariiable company and of the incoming resources and applicaiion of resources, including the iniome and expendiiure. of the charitable company for that period. In preparing these financial statements. the Trustees are required io.. Select suitable accounting policies and then apply them consistently Observe the meihods and principles in the Charities SORP Make judgements and estimates that are reasonable and prudent
Manan Trust Trustees, annual report For the perSod ended 31 December 2023 State wheiher applicable UK Accountlng Standards and statements of recommended Practice have been followed. subject to any material depanures disc105ed and explained in the financial statements Prepare rhe financial statements on ihe going concern basi5 unless it is inappropriate to presume that the charity will continue in operaiion The Trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy ai any time the financial position of the charitable company and enable them to ensure that the financral statements comply with the Corrrpanies Act 2006. They are a150 responsible for safeguarding ihe assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. In 50 far a5 ihe Trustees are aware.. There is no relevant audit information of which the charitable company's auditor 15 unaware The Tru5tee5 have taken all steps that they ought to have taken to make ihemselves aware of any relevant audit information and to establish that the auditor is aware of that information The Trustees are responsible for the maintenance and iniegrity of the corporate and financial information included on ihe charitable company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions. Auditor Sayer Vincent LLP was appointed as the charitable companws auditor during ihe period and has expre55ed its willingness to continue in that capacity. The directors. annual report has been prepared in accordance with the special provision5 applicable to companies subject to the small companies, regime. The Trystees, annual report has been approved by the Trustees on 23 May 2024 and signed on their behalf by Alistair Thompson Trustee
Independeffti auditorfs report To the members of Manan Trusi Opinion We have audited the financial siaiements of Manan Trust Ithe 'charitable company'l for the period ended 31 December 2023 which comprise the statement of financial activities. balance 5heÈt. staiement of cash flows and noies to the financial statements. including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accountin9 Standards. including FRS 102 The FinancMI Reporting Standard appllcable in rhe UKandRepublic of Irelandlunited Kingdom Generally Accepted Accouniing Praciicel. In our opinion. the financial 51atementS-. Cive a true and fair view of the state of the charitable company's affairs as at 31 December 2023 and of 115 incoming resources and application of resources, including Its income and expenditure for the period then ended Have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice Have been prepared in accordance with the requirements of the Companies Aa 2006 Basis for opinion We conducted our audit in accordance with International Standards on Auditing IUKI IISAS (UK)) and applicable law. Our re5ponsibiliiies under ihose standards are further described in the Auditor's re5ponsibilitie5 for the audit of the financial statements section of our report. We are independent of rhe charirable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK. including the FRC'S Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Conclusions relating to going concern In audiling the flnancial statements. we have concluded thar the trustees, use of the 90ing concern basis of accounting in ihe preparation of the financial statements is appropriate. Based on the work we have performed. we have not ideniified any material uncertainties relating to events or conditions thar. individually or collectively. may cast significant doubt on Manan Trust's ability to continue a5 a going concern for a period of at least tsvelve monihs from when the financial siatements are auihorised for issue. Our responsibilities and the responsibilities of the tnjstees Wlth respect to going concern are described in the relevant sertions of ihis report.
Independent audltor's report To the members of Manan Trust Other Information The other information cofflprise5 the information included in the tru5tees' annual report other than the financial 5taternents and our auditor'5 report thereon. The trustees are responsible for the other informaiion coniained wiihin the annual report. Our opinion on the financial statements does not cover the other inforrnation and. except to the extent otherwise explicitly 51ated in our repoii, we do not express any form of assurance conclusion thereon. Our responsibilitv 15 to read the other information and. in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially missiaied. If we identify such maierial incon5151encies or apparent material misstatements. we are required to deiermine whether this gives rise to a material missratement in the financial siatements ihemselves. If, based on the work we have performed, we conclude that ihere is a material misstatement of this oiher information. we are required to report that fact. We have nothing to report in th45 regard. Opinions on other matters prescribed by the Companies Act 2006 In our opinion. based on ihe work undertaken in the course of the audit= The information given in the trustees, annual repori for ihe financial year for which the financial statements are prepared is consistent with ihe financial statements". and The Irustees, annual repon has been prepared in accordance with applicable legal requirements. Matters on which we are required to report by exception In the light of the knowledge and understandin9 of the charitable company and its environment obtained in the course of the audit. we have not identifTred material misstatemenis in the trustees, annual report. We have nothing to report in respect of the following matters in relation io which the Companies Act 2006 requires us to report to you if, in our opinion.. Adequate accounting records have not been kepi. or returns adequate for our audir have not been received from branches not Vlsiied by us- or The financial siatements are not in agreement with the accounting records and returns., or Certain disclosures of trustees. remuneration specified by law are not made- or We have noi received all the informarion and explanations we require for our audit.. or The directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advaniage of the small companies, exempiions in preparing the trustees, annual report and from the requirement to prepare a strategic report.
Independenl audltor's report To the members.of Manan Trust Responsibilities of trustees As explained more fully in the statement of trustees, responsibiliiies set oui in the trustees. annual report, the trusiees (who are also the direciors of the charitable company for rhe purposes of company lawl are responsible for the preparation of the financial staiemenis and for being satisfied that they give a true and fair view. and for such internal control as the trustees determine Is necessary to enable the preparation of financiaf statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements. the trustees are responsible for assessing the charitable company'5 ability to continue as a going concern. disclosing. as applicable. maiters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations. or have no realistic alternative but to do 50. Auditor's responsibilities for the audit of the financial statements Our objectives are to obiain reasonable assurance about whether ihe financial statements as a whole are free from material misstatement, whether due to fraud or error. and to Issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee thai an audit conducted in accordance with ISAS IUK) will always detect a material mi5siatement when it exists. Misstatemenis can arise from fraud or error and are considered material if, individually or in the aggregate. they could reasonably be expected to influence the economic decisions of users taken on ihe basis of these financial statements. Irregularities. including fraud. are instances of non-compliance with laws and regularions. We design procedures in line with our responsibilities. outlined above. to deteci mateTial misstatements in respert of irguIar1ties. including fraud. The extent to which our procedures are capable of detecting irregularities. including fraud are set out below. Capability of the audit in detecting irregularities In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations. our procedures included the following.. We enquired of management and the board of irusiee5. which included obtaining and reviewing supporting documentation. concerning the Trust's policies and procedures relating to.. Identifying. evaluating. and complying wilh laws and regulalions and whether they were aware of any in51ance5 of non-complianie- Detecting and respondin9 to the risks of fraud and whether they have knowledge of any actual, suspected. or alleged fraud- • The iniernal conirols e51ablished to mitigate risks related io fraud or non-compliance with laws and regulations. We inspected the minutes of meetings of those charged wilh governance.
Independent audltorfs report To the members of Manan Trust We obtained an understanding of the legal and regulatory framework that the Trust operates in, focusing on those laws and regulations that had a material effect on the financial statements or that had a fundamental effect on the operations of the Trust from our professional and sector experience. We communicated applicable laws and regulation5 throughoui the audit team and remained alert to any indications of non-compliance throughout the audit. We reviewed any reports made to regulators. We reviewed ihe financial staiement di5cIosures and tested these io supporting documentation to assess compliance with applicable laws and regulations. We performed analytical procedures to identify any unusual or unexpected relationships thai may indicate risks of material misstatement due to fraud. In addressing the risk of fraud ihrough management override of controls. we iested Ihe appropriateness of journal entries and oiher adjustmenis, assessed whether the judgements made in making accouniing estimaies are indicative of a potential bias and te51ed significant rransactions that are unusual or those outside the normal course of busrnes5. Because of the inhereni limitations of an audit. there is a risk thai we will not delect all Irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulaiion. This risk increases the more that iompliance with a law or regulation is removed from the events and transactions reflected in the financial statements. as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularitie5 occurring due to fraud raiher than error. as fraud involves intentional concealment, forgery. collusion, omission or misrepresentation. A further description of our responsibblities is available on the Financial Reportin9 Council's website at.. www.frc.or auditor5re5 on5ibilities. This descriprion forms pan of our auditor's report. Use of our report This report is made solely io the charitable company's fflembers as a body, in accordance wilh Chapter 3 of Part 16 of the Companie5 Act 2006. Our audit work has been undertaken so thai we mighi State to the charilable compan5 member5 those maners we are required to state to them in an audltor's report and for no other purpose. To the fullest extent permitted by law. we do not accept or assume responsibiliry to anyone other than the charitable company and the charitable company's members as a body. for our audit work. for rhis report. or for the opinions we have formed. Jonathan Orchard (Senior statutory auditor) Date 30 May 2024 for and on behalf of Sayer Vincent LLP. Statutory Auditor I l O Golden Lane. LONDON. ECI Y OTG
Manan Trust Statement of financial artivities (incorporating an income and expendiiure account) For the erlod ended 31 December 2023 For the 16 month perlod ended 31 December 2023 Total Note Income from: Donations Investments 14.194.957 80,502 Total Income 14.275.459 Expendlture on: Charitable aciivities 29.699 Total expendltuie 29.699 Total income and net movement In funds 14.245.760 Reconclllatlon of funds.. Total funds brought forward Total fund5 carrled forward 14.245,760 All income and expenditure relates to unrestricted funds All of ihe above results are derived from continuing aaivitits. There were no other recognised galns or losses other than those stated above.
Manan Trust Balance sheet Company no. 14333798 As ai 31 December 2023 2023 Note Current assets: Short term deposit5 Cash ai bank and in hand i 1.000.000 3.264.482 14.264,482 Llabllltles: Creditors.. amounts falling due within one year (18.722) Net curwent assets 14.245.760 Total net assets 14.245.760 The fund5 Of the charity- Unrestricted income fund5= General funds 14.245.760 Total unrestricted funds 14.245.760 Total charfty funds 14.245.760 Approved by ihe trustees on 23 May 2024 and signed on thelr behalf bv Alistair Thompson Trustee
Manan Trusl Ststemeni of cash flows For the eriod ended 31 December 2023 2023 Cash flows from operatlng actlvltles Net income for the reporting period (as per the statement of financial activitiesl Increase in crediiors 14.245.760 18.722 Net cash provlded by operatlng actlvltles 14.264.482 Change in cash and cash equfvalents In the yyar Cash and cash equivalents ai the beginning of the year 14.264.482 Cash and cash equlvalents at the end of the year 14.264.482 Anatysls of cash and cash equSvalents and of net debt At2 Sepiember 2022 At31 December 2023 Other non- Cash flows cash change5 Cash at bank and in hand Short term deposlts 3.264.482 i 1.000,000 3.264.482 I i.000.ooo Total cash and cash equlvalents 14.264.482 14.264.482
Manan Trust Notes to the financlal statements For the eriod ended 31 December 2023 l Accountlng pollcles al Statutory Informatlon Manan Trust is a charitable company limited by guarantee and is incorporated in England & Wales. The regisiered office address is clo Veale Wasbrough Vizards LLP. King William Street, London. EC4R 9AT. The Trust operates remotely and therefore has no principal place of business. b) Basis of preparatlon The financial statements have been prepared in accordance with Accounting and Reporting by Charities.. Statement of Recornmended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in ihe UK and Republic of Ireland IFRS 102) - Icharities SORP FRS 1021, The Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 and the Companies Act 2006. Assets and liabilities are iniiially recognised at historical cost or transaction value unless OtheThvise stated in the relevant accounting policy or note. In applying ihe financial reporting framework. Ihe trustees have made a number of subjeciive Judgernents, for example in respect of significant accounting estimaies. Estimates and judgemenis are continually evaluaied and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The nature of the estimation means the actual outcomes could differ from those estimates. Any significant estimaies and judgemenis affecting these financial Statements are detailed within the relevant accounting policy below. Functlonal currency The Trust's functional currency is considered to be US dollars ($1 as this is the currency that most accurately reflects the primary economic environment in which the Trust operates. c) Publlc beneflt entlty The charity meet5 the definiiion of a public benefit entity under FRS 102. d) Going concern The trustees consider that the are no material uncertainties about ihe Trust's ability ro continue as a going concern. e) Income Income is recognised when the charity has eniitlement to the funds. any performance condiiions attached to the incovne have been met. it is probable that the income will be received and that the amount can be measured reliably. Income from government and other grants, wheiher 'iapital' grants or 'revenue' granls, is recognised when the charity has entitlement to ihe funds. any performance conditions attached to the grants have been met, it is probable that the income will be received and ihe amount can be measured reliably and is not deferred. Income received in advance of the provision of a specified service is deferred until the criteria for income recognition are met.
Manan Trust Notes to the flnanclal 5tatementS For the eriod ended 31 December 2023 l Accountln9 pollcles (Continued) f) Donatlons of glfts. ser¥lcts and facllltles Donated profe55ioftal services and donated facilities are (0915ed as income when the charity has control over the iiem or received the service. any conditions associated with the donation have been met, Ihe receipt of economic benefit from the use by the charity of the item is probable and thai economic benefii can be measured reliably. In accordance wilh the Charities SORP IFRS 1021. volunteer time is not recognised so refer to the trustees, annual report for more information about their coniribution. On receipt. donate(i gifts. professional services and donated facilities are recognised on the basis of the value of the gift io the charity which is ihe amount ihe charity would have been willing to pay to obtain services or facilities of equivalent economic benefit on the open market- a corresponding amount is then recognised in expenditure in the period of receipt. g) Interest recelvable Interest on funds held on deposit is included when receivable and ihe amount can be measured reliably by the charity". this rs normally upon notification of the interest paid or payable by rhe bank. h) Fund accountlng Unrestricted funds are donations and orher incoming resources received or generaied for Ihe charitable purposes. Designated funds are unrestricted funds earmarked by the trustees for particular purposes. l) Expendfture and Irrecoverable VAT Expenditure 15 recogni5ed once there is a legal or construcitve obligation to make a payment to a third party. li is probable thai seiilemeni will be required and the amount of the obligaiion can be MeasUd reliably. Expenditure is classified under the following activity headings.. Expenditure on charitable activiiies includes the costs of grant making activities undertaken to further the purposes of the chariiv and their ass¢xiated support cost5 Other expenditure represents those iiems not falling into any other heading Irrecoverable VAT is charged a5 a cost against the activity fof which the expenditure was incurred. J) Allocatlon of support costs Support costs have been allocated between governance costs and other support costs. Governance costs are those costs related to the governance of the charity including meeiing constitutional and statutory requirements and any costs associated with the strategic management of the charity's activilies. These include siaiutory audif and governance-related legal fees. and cost5 relaied to Board meeting5.
Manan Trust Notes to ihe flnanclal statements For the Tied ended 31 December 2023 l Accountlng polkles (conilnued) k) Tanglble flxed assets Items of equipment are capitalised where the purchase price exceeds $2.000. l) Debtors Trade and other debtors are recogni5ed at the settlement amount tlue after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due. m) Short term deposits Short ierm deposits includes cash balances that are invested in accounts with a maturity date of between 3 and 12 months. n) Cash ai bank and In hand Cash at bank and cash in hand includes cash and short term highly liquid investmenis with a short maturity of three month5 or le55 from the date of acquisition or opening of the deposit or similar account. o) Credltors and provlslon5 Creditors and provisions are recogni5ed where the charity ha5 a present obligation resulting from a past eveni that will probably result in the transfer of funds to a Ihird party and the amount due to seitle ihe obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their Settlement amouni after allowing for any trade discounts due. p) Financlal Instruments The chariiy only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaciion value and subsequently measured at their settlement value. q) Forelgn currency Transactions denominaied in foreign currency are translaied into US dollars at ihe exchange rates ruling at the date of transactions. Monetary assets and liabilities denominaied in foreign currencies are translated into US dollars at the rate ruling at the balance sheet date. All foreign exchange gains and losses. realised and unrealised. are recognised in the siatement of financial activities. 2 Income from donatlons 2023 Total Donations Donated services 14,189.957 5.000 14,194.957 All income from donations is unrestricted. Donated services represents time spent by employees of Manan Limited on Manan Trust affairs.
Manan Trust Notes to the ftnancial siatements For the rk)d ended 31 December 2023 3 Analysis of expenditure For the 16 month perlod ended 31 December 2023 Charitable activities Governance costs Support cosis Administrative services Legal and professional fees Bank fees Revaluation losses 5.000 4.972 131 158 5,000 24.410 19,438 158 19,438 10.261 29,699 Support costs 10.261 110,261) Covernance costs 19.438 {7 9.4381 Total expendlture 2023 29.699 29.699 The charitable activities costs inCurd in the period relate primarily to set up costs ahead of the Trust becoming fully operational in the year ended 31 December 2024. 20
Manan Trust Notes to the flnanclal statements For the erlod ended 31 December 2023 Net Income l (expenditure) for the year This is stated after charging 1 {creditingl= 2023 Auditor's remuneration {excluding VAT).. Audit Oiher services Foreign exchange 10sse5 11.459 3.310 158 Analysls of staff costs. trustee remuneratlon and expenses. and the cost of key management Throughout the period the Trust had no employees. The toial employee benefits (including pension contributions and employerfs national insurance) of the key management personnel. including trustees, were Snil. The charity rrusiees were neither paid nor received any other benefi15 from employment with the charity in the period. No charity trustee received payment for professional or oiher SeICeS supplied to the charity. Trusiee expenses. either reimbursed or incurred directly by the Trust. were $nil. Related party transacrlon5 During the period. the Trust received a donation of administrative services. as detailed in note 2, from Manan Limited, a company incorporated in Hong Kong. Manan Limited and the Trust have contracted for Manan Limited to provide these services to the Trust via a shared resources agreement whereby Manan Limited will make available its staff to provide services to the Trust withoui charge. The directors of the Trust have determined that thi5 arrangement solely and exclusi¥ely benefits the Trust. The directors of ihe Trust are also directors of Manan Limited. and the two entities have similar but not identical objeciives. Each entity has its own financial and operating policies and each controls the appointment of their own directors thereby preserving independence. Four out of six trustees are employed by First Sentier Investors, a global asset mana9ement business. and work on the FSSA Invesiment Managers team within ihe company. During the period. First Sentier Investors IHong Kongl Ltd. which is part of Firsi Sentier Investors. made unrestricted donations of $14.184.002 to the Trus1. Aggregaie donations from related panies were $14.189.957. Taxatlon The charity is exempi from corporation tax as all 115 income is charitable and is applied for charitable purposes.
Manan Trust Note5 lo the flnanclal statements For ihe erlod ended 31 December 2023 Creditors: amounts falllng due within one year 2023 Accruals 18.722 18.722 Post balance sheei evenis Since ihe pertod-end and up to the point of approval of these financial statements, grant commitments totalling $2.125 million have been made. l O Legal statu5 of ihe charlty The charity is a company limired by guarantee and has no share capital. The liability of each member in the event of winding up is limited to S l. 22