Company number.. 14333798
Charity number- 1201051
Manan Trust
Report and financial statements
For the period ended 31 December 2023
LCLS
3110512024
COl•lPANleS HOUSE
#107
SAYER
00000
VINCENT
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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 Inf0m￿tIon
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 ir￿guIar1ties. 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 compan￿5 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 ￿(09￿15ed 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 MeasU￿d
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 inCur￿d 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 Se￿ICeS 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