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2024-12-31-accounts

Company number: 14333798 Charity number: 1201051

Manan Trust

Report and financial statements For the year ended 31 December 2024

Manan Trust

Contents

For the year ended 31 December 2024

Reference and administrative information ...................................................................................... 1 Trustees’ annual report .................................................................................................................. 2 Independent auditor’s report ....................................................................................................... 13 Statement of financial activities (incorporating an income and expenditure account) ................... 17 Balance sheet ............................................................................................................................... 18 Statement of cash flows ................................................................................................................ 19 Notes to the financial statements ................................................................................................. 20

Manan Trust

Reference and administrative information

For the period ended 31 December 2024

Company number 14333798
Country of incorporation
United Kingdom
Charity number 1201051
Country of registration
England & Wales
Registered office Veale Wasbrough Vizards LLP
King William Street
London
EC4R 9AT
Operational address 24 King William Street, London, UK, EC4R 9AT
Trustees The Trustees, who are also directors under company law, who served during
the period and up to the date of this report were as follows:
Naren Gorthy (resigned 27 November 2024)
Richard Jones
Scott McNab
Shivika Srimal (resigned 27 November 2024)
Michael Stapleton
Alistair Thompson
Bankers SG Kleinwort Hambros Bank Limited
8 St James’s Square
London
SW1Y 4JU
Solicitors Veale Wasbrough Vizards LLP
24 King William Street
London
EC4R 9AT
Auditor Sayer Vincent LLP
Chartered Accountants and Statutory Auditor
110 Golden Lane
London
EC1Y 0TG

1

Manan Trust

Trustees’ annual report

For the year ended 31 December 2024

The Trustees present their report and the audited financial statements for the year ended 31 December 2024.

Reference and administrative information set out on page 1 forms part of this report. The financial statements comply with current statutory requirements, the memorandum and articles of association, the requirements of a directors’ 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 (“the Trust ”) is a grant-making charity which aims to improve the lives of disadvantaged people and communities in Asia, particularly those affected by poverty.

The objects of the Trust are set out in its articles of association and, in summary, are:

In order to achieve these objects, the Trust:

This reporting period was the Trust’s first year of grant-making following operational set up. Therefore, over this reporting period, the strategic focus of the Trustees has been identifying potential grant partners, conducting due diligence, approving new grantees, disbursing the Trust’s first grant payments, monitoring grantees and building up funds.

The Trustees review the aims, objectives and activities of the Trust each year. This report looks at what the Trust has achieved and the outcomes of its work in the reporting period. The Trustees 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 Trust's aims, objectives and activities remained focused on its charitable objects.

2

Manan Trust

Trustees’ annual report

For the year ended 31 December 2024

The Trustees have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the Trust's aims and charitable objectives and in planning its future activities. In particular, the Trustees consider how planned activities will contribute to those aims and objectives.

Grant-making policy

The Trustees intend to use 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 strategy and grant-making policy to ensure that grants are awarded to organisations that promote and further the Trust’s charitable objects and aims.

After initial contact made by the Trust, the Trustees will invite applications for funding from registered charities and non-profit organisations whose activities advance the Trust’s charitable objects. Most organisations will be invited to apply for three year, unrestricted grants, as the Trustees’ experience is that this type of funding promotes the long-term sustainability of nonprofit organisations.

Because grants are long-term and are supportive of all of an organisation’s operations, the Trustee’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 Trustees will consider information provided by the applicant, published third party research, references from third parties that have existing 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 forward a strong case for support for its activities by the Trust. All grant proposals must include a range of information including (but not limited to):

The Trustees recognise that most grants will be made to overseas organisations and will therefore ensure that (in line with relevant Charity Commission and HMRC guidance) reasonable steps are taken to ensure that all grants must be applied solely and exclusively 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 provisions, the repayment of the grant. The Trustees and those to whom they delegate responsibility for managing grants will seek to conduct in-person site visits with organisations during the due diligence process. This in-person inspection of programmes and the organisation helps further ensure that activities which are grant funded (or being considered for funding) will advance the charitable objects of the Trust.

3

Manan Trust

Trustees’ annual report

For the year ended 31 December 2024

When awarding funding, the Trustees will consider the quality and impact of an organisation’s charitable activities and how it furthers the Trust’s objects, its governance and leadership, organisational structures and the financial health of the organisation. The Trustees 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 informed 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, grantees will submit annual written updates and will provide regular verbal updates. These reports and updates will demonstrate how grantees are making progress on both short-term and long-term aims. Grant payments will normally be disbursed evenly over a three year period, with the second and third year payments subject to a rigorous review of the grant conditions and approval by the Trustees. The Trust works closely with grantees to ensure the greatest impact of the funds it invests.

Achievements and performance

The Trust's main activities and the beneficiaries it aims to support are described below. All of its grant funding focuses on the prevention and relief of poverty, advancing education, advancing healthcare, promoting basic rights and social inclusion, and empowering marginalised and disadvantaged groups, and are undertaken to further the Trust’s charitable objects for the public benefit.

The Trust achieved the following strategic priorities for this reporting period:

This reporting period was the Trust’s first year of grant-making following operational set up. The Trustees approved unrestricted grants totalling USD 3,829,465 to five non-profit organisations (see details below). In 2024, grant disbursements of USD 1,512,965 were approved.

Following their approval, the Trust has maintained regular communications with all grantees to monitor progress and performance, and provide guidance and advice where appropriate. Year one progress reports have been received for three grantees; updates have been given to the Trustees

4

Manan Trust

Trustees’ annual report

For the year ended 31 December 2024

and their year two payments are complete. One grantee is due to submit their year one progress report in October 2025. One grantee partnership has been terminated (see details below).

Organisation Total grant
approved		 Project
Fortify Inc, Asia USD 750,000
(USD 250,000
paid in 2024)		 Supporting a rights-based approach to sustainable
development in Asia
Fortify works to ensure protection of the rights of refugees
and other marginalised groups by building capacity within
communities and advocating for more equitable practices.
This three year grant was to provide stable core funding to
continue work with Myanmar refugees/migrants, start new
work ensuring rights for survivors of domestic violence in
Thailand, and explore ways to help other organisations adopt
some of their operational practices.
During 2025, close monitoring has revealed a significant
change in Fortify’s strategic direction which is not aligned
with the scope of work approved by the Trustees and
formalised by the grant agreement. Therefore, the Trustees
have decided to terminate the grant agreement and will not
make any further payments. Future payments are not
included within the contingent liability disclosure.
M'Lop Tapang,
Cambodia		 USD 750,000 Improving livelihoods and well-being of children and low-
income families in Cambodia
M'Lop Tapang improves the livelihood and well-being of
vulnerable families through a comprehensive network of child
protection, education, employment and medical services.
This three year grant will support programme and
operational costs, enabling them to continue providing vital
support to vulnerable children and families in Sihanoukville.
Good progress during year one. They provided holistic
support to over 6,500 children and 4,000 families. They are
improving the distribution of leadership responsibilities, and
we will continue to engage on this topic. Year one updates
given to the Trustees and year two payment complete.
Partners Asia,
Thailand /
Myanmar		 USD 954,000 Support for three organisations strengthening civil society
Partners Asia supports small, locally led non-governmental
organisations in Myanmar and Thailand with both direct
financial support and capacity building work.

5

Manan Trust

Trustees’ annual report

For the year ended 31 December 2024

This three year grant will provide support to three grassroots
organisations as they develop and professionalise;
-
Progressive Voice: Amplifies voices of overlooked
groups through research and policy advocacy.
-
HURFOM: Empowers communities through education
about basic rights and work to inform policy.
-
Burmese Women’s Union: Promotes women’s
leadership through leadership training and media
programmes.
Safe Haven,
Cambodia		 USD 600,000 Multidisciplinary services for children with disabilities
Safe Haven improves the health, safety and quality of life for
children with disabilities through access to comprehensive
rehabilitation services.
This three year grant will support programme and
operational costs, improving the health, safety and quality of
life for Cambodian children with disabilities. It will also
improve Safe Haven’s long-term sustainability as an
organisation.
Good progress during year one. They provided 3,400+
multidisciplinary sessions to 200 children/families, and
trained other professionals that work with disabled children.
They are preparing for a transition to Cambodian leadership
in 2025 - we will continue to monitor and support this. Year
one updates given to the Trustees and year two payment
complete.
Society for
Nutrition,
Education, &
Health Action
(SNEHA), India		 INR
64,119,346
(revised to
USD 775,465)		 Promoting adolescent health in informal settlements
SNEHA improves health and well-being for vulnerable women
and children in Mumbai. Programmes include child and
maternal nutrition, adolescent health and sexuality, and
working with police to address gender-based violence.
This three year grant will support SNEHA's adolescent
programme, promoting the physical, mental and sexual
health of 1,000 adolescents. It will also support a study
evaluating the impact of their integrated model, generating
rigorous data and valuable findings to advocate for wider
adoption of the model in the system.
Good progress during year one. They educated 1,100 teens
and 760 parents on health and nutrition, and another 550

6

Manan Trust

Trustees’ annual report

For the year ended 31 December 2024

parents on social protection. They also completed a health assessment of 2,400 adolescents. Organisationally stable, and we continue to learn from their practices. Year one updates given to the Trustees and year two payment complete. Due to issues making INR payments to SNEHA, Trustees approved the 2nd and 3rd instalments be paid in USD.

Financial review

During the reporting period, the Trust received an unrestricted donation of USD 2,707,750 from First Sentier Investors. This income has been used to build up funds for grant-making activities. The Trust also received donated services through a Shared Resources Agreement with Manan Limited. The estimated value of services in this reporting period is USD 77,000.

The Trust's other source of income was interest income on bank deposits. Interest income for the period ended 31 December 2024 was USD 663,965.

Expenditure during the period was USD 1,639,988, comprising of USD 1,512,965 in grants and USD 127,023 of operating expenses. During the period the Trustees approved Manan Trust’s first grants to five organisations (as detailed in the Achievements and Performance section) with an expected total outgoing of USD 3,829,465 (subsequently revised to USD 3,329,465 as a result of the strategic change at Fortify Inc, as detailed above). These grants will be disbursed over a period of three years, with second and third year payments subject to a rigorous review of the grant conditions and grantee performance. The total amount authorised but not accrued as expenditure at 31 December 2024 was USD 1,816,500. Our cash balances are sufficient to cover the remaining payments.

As at 31 December 2024 Manan Trust has cash (and fixed and notice deposits with a maturity/notice period of less than one year) of USD 16,276,301. The bulk of these cash balances are placed on fixed deposit at a well-capitalised UK bank with staggered tenures to ensure that there will be sufficient liquidity to meet expenses whilst maximising the return on cash balances. In 2025 the Trustees have decided to invest some of Manan Trust's funds in the iShares $ Treasury Bond 0-1yr UCITS Exchange Traded Fund. This fund offers exposure to US Dollar denominated short term government bonds issued by the US Treasury. This is a very low risk fund, and it offers liquidity in two days allowing ready access to funds.

Principal risks and uncertainties

The Trustees have conducted 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 mitigation strategies are put in place to manage them in line with the board’s risk appetite. They are recorded in a Risk Register which is updated and approved annually by Trustees.

7

Manan Trust

Trustees’ annual report

For the year ended 31 December 2024

The Trustees have identified eighteen risks which fall into three categories: Financial, Operational and Governance. Trustees are satisfied that systems have been established to mitigate the possible impact of such risks on the Trust.

The Trustees consider the following to be key risks for the Trust.

Risk Likelihood Possible effects Mitigations
Grantee
misuses
funds		 Low (if
mitigated)		 Grant doesn’t
have intended
impact;
Reputational
damage to the
Trust.		 The 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 evaluation.
A legally binding grant agreement is required
for all grants. This includes provisions in
relation to anti-bribery and safeguarding, a
termination provision that can be exercised at
the Trustees’ discretion, and reporting
requirements.
The Trustees and their delegates conduct
ongoing monitoring visits.
Grantee
performance
and/or
impact is
unsatisfactory		 Medium (if
mitigated) *		 The grant
doesn’t have
intended
impact;
Reputational
damage to the
Trust.		 The Trust conducts extensive due diligence
before making any grant. Including a review of
the organisation’s strategic plans and
priorities, impact measurement plans and
priorities, and risk management plans and
priorities.
The Trust conducts monitoring visits 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 reporting
requirements to keep the Trustees updated on
progress, and a termination clause should
impact continue to be unsatisfactory.

8

Manan Trust

Trustees’ annual report

For the year ended 31 December 2024

The Trust has
insufficient
funds and/or
income to
fulfil
commitments
over 3 years		 Low (if
mitigated)		 Grantees do not
have sufficient
funding to
implement their
charitable
activities.		 The Trustees will not approve grant proposals
if the Charity does not have sufficient funds to
fulfil the commitment in full.
The priority for investment activity is
maintaining capital value.
Internal fraud
and misuse
or theft of
Manan’s
funds.		 Low (if
mitigated)		 The Trust
suffers from a
shortfall of
funds.		 The Trust’s funds are kept with a regulated UK
bank.
All payments are subject to the Trust’s internal
financial policies and procedures, which
require multiple individuals to provide
approval/authorisation for all payments.
The Trust conducts regular security reviews to
prevent fraudulent activity or theft.

Reserves policy and going concern

The Trustees have considered a suitable reserves policy for Manan Trust and concluded that the Trust will maintain cash (or liquid asset) reserves to meet grant-making commitments that have been approved as well as to enable the Trust to operate for two years. No commitments are entered into which are not fully covered by known resources.

This policy requires the Trust to maintain reserves of USD 2,100,000, while the Trust held actual reserves of USD 16,054,487 at 31 December 2024. To maintain reserves the Trust invests only in low risk assets. Looking ahead, the Trust plans to increase grant-making to utilise excess reserves.

Upon review, the Trustees believe the Trust has adequate resources to continue its operations and are not aware of any material uncertainties that would prevent the financial statements from being prepared on a going concern basis.

9

Manan Trust

Trustees’ annual report

For the year ended 31 December 2024

Fundraising

The Trust does not raise funds from the public or use any professional fundraisers or commercial participators. Therefore the Trust is not registered with the Fundraising Regulator and received no complaints in this reporting period. As the Trust does not approach individuals for the purpose of raising funds, it does not have specific requirements related to fundraising activities, nor does it consider it necessary to design specific procedures to monitor such activities.

Plans for the future

In 2025, the Trust intends to continue making grants to charities and non-profit organisations that further its charitable objects in the manner described above. These grants will focus on organisations that aim to prevent and relieve poverty, advance education, advance health, empower marginalised and disadvantaged groups outside the UK, particularly those which work in Asia. In particular, the Trust will;

Structure, governance and management

The Trust is a charitable company limited by guarantee, incorporated on 2 September 2022 and registered as a charity in England and Wales on 17 November 2022.

The Trust is governed by its articles of association, which set out the Trust's charitable objects and its governance arrangements, including provisions for the appointment of the Trustees. The Trust's members (for the purposes of company law) are its Trustees from time to time.

The Trustees are responsible for the management and control of the Trust and set its strategy and approve the policies and procedures required in order to ensure that the Trust can achieve its aims and advance its objects.

All Trustees give their time voluntarily and receive no benefits from the Trust.

The Trustees delegate day to day management of the Trust to the Executive Director of Manan Limited, Amanda Clarke, and her team (see Related parties and relationships with other organisations). They ensure the effective running of the Trust, manage relationships with partner organisations, monitor performance of grantees, conduct due diligence, and make grant recommendations to the Trustees in accordance with the Trust's grant-making policies and procedures. The Trustees make grant-making and other strategic decisions at board meetings, which are typically held twice per year.

10

Manan Trust

Trustees’ annual report

For the year ended 31 December 2024

Appointment of Trustees

The Trust's articles require that there shall be no fewer than two Trustees. There is no maximum number of Trustees. The Trustees are responsible for appointments to the board of Trustees.

Trustee induction and training

When a new Trustee is appointed, they are provided with a copy of key documents (including the 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 its income from First Sentier Investors, and four out of six Trustees were employees of First Sentier Investors during the reporting period. The Trustees recognise their duties as Trustees and that the Trust's activities must advance its 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 Trust's principal donor arising from the Trust’s activities (if any) will be incidental to the Trust’s charitable objectives. Please see note 7 for further Related Party transaction details.

The Trust is connected to a charitable entity in Hong Kong, Manan Limited, which also receives donations from First Sentier Investors. Manan Limited is governed separately from the Trust, neither entity holds control over the other, and there are no financial transactions between the two entities. During the reporting period, the two entities were party to a shared resources agreement which enables the Trust to access some services provided by Manan Limited (including the services of Manan Limited's staff) but Manan Limited does not charge Manan Trust for these services.

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 Limited, 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 Trust for the purposes of company law) 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 state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing these financial statements, the Trustees are required to:

11

Manan Trust

Trustees’ annual report

For the year ended 31 December 2024

The Trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

In so far as the Trustees are aware:

The Trustees are responsible for the maintenance and integrity of the corporate and financial information included on the 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 re-appointed as the charitable company's auditor during the period and has expressed its willingness to continue in that capacity.

The directors’ annual report has been prepared in accordance with the special provisions applicable to companies subject to the small companies' regime.

The Trustees’ annual report has been approved by the Trustees on 25 September 2025 and signed on their behalf by

Name: Alistair Thompson Title: Trustee

12

Independent auditor’s report

To the members of

Manan Trust

Opinion

We have audited the financial statements of Manan Trust (the ‘charitable company’) for the year ended 31 December 2024 which comprise the statement of financial activities, balance sheet, statement of cash flows and notes 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 Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the charitable 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 auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on Manan Trust’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

13

Independent auditor’s report

To the members of

Manan Trust

Other Information

The other information comprises the information included in the trustees’ annual report, other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is 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 misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the trustees’ annual report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the statement of trustees’ responsibilities set out in the trustees’ annual report, the trustees (who are also the directors of the charitable company for the purposes of

14

Independent auditor’s report

To the members of

Manan Trust

company law) are responsible for the preparation of the financial statements 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 financial 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’s ability to continue as a going concern, disclosing, as applicable, matters 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 so.

Auditor’s responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the 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 that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements 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 the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, 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:

15

Independent auditor’s report

To the members of

Manan Trust

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance 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 irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Use of our report

This report is made solely to the charitable company's members as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Jonathan Coyle (Senior statutory auditor)

Date 25 September 2025

for and on behalf of Sayer Vincent LLP, Statutory Auditor 110 Golden Lane, LONDON, EC1Y 0TG

16

Manan Trust

Statement of financial activities (incorporating an income and expenditure account)

For the year ended 31 December 2024

Note
Income from:
2
3
Reconciliation of funds:
Total funds carried forward
Total income and net movement in funds
Total funds brought forward
Donations
Total expenditure
Charitable activities
Investments
Total income
Expenditure on:		 For the 12 month
period ended 31
December 2024
Total
$ 2,784,750
663,965
3,448,715
1,639,988
1,639,988
1,808,727
14,245,760
16,054,487		 For the 16 month
period ended 31
December 2023
Total
$ 14,194,957
80,502
14,275,459
29,699
29,699
14,245,760
-
14,245,760

All income and expenditure relates to unrestricted funds

All of the above results are derived from continuing activities. There were no other recognised gains or losses other than those stated above.

17

Manan Trust

Balance sheet

Balance sheet Balance sheet
As at 31 December 2024 Company no. 14333798
Note
$ Current assets:
9
463
15,795,787
480,514
16,276,764
Liabilities:
10
(222,277)
16,054,487
Total unrestricted funds
Unrestricted income funds:
The funds of the charity:
Creditors: amounts falling due within one year
Net current assets
Total net assets
General funds
Cash at bank and in hand
Short term deposits
Debtors
Total charity funds		 2024
$ 16,054,487		 $ -
11,000,000
3,264,482		 2023
$ 14,245,760
16,276,764
(222,277)		 14,264,482
(18,722)
16,054,487 14,245,760
16,054,487 14,245,760
16,054,487 14,245,760
16,054,487 14,245,760

Approved by the trustees on 25 September 2025 and signed on their behalf by

Alistair Thompson Trustee

18

Manan Trust

Statement of cash flows

For the year ended 31 December 2024

Cash flows from operating activities
Net income for the reporting period
(as per the statement of financial activities)
(Increase) in debtors
Increase in creditors
Net cash provided by operating activities
Change in cash and cash equivalents in the year
Cash and cash equivalents at the beginning of the year
Cash and cash equivalents at the end of the year
Analysis of cash and cash equivalents and of net debt
At 31
December
2023
$ Cash at bank and in hand
3,264,482
Short term deposits
11,000,000
Total cash and cash equivalents
14,264,482		 Cash flows from operating activities
Net income for the reporting period
(as per the statement of financial activities)
(Increase) in debtors
Increase in creditors
Net cash provided by operating activities
Change in cash and cash equivalents in the year
Cash and cash equivalents at the beginning of the year
Cash and cash equivalents at the end of the year
Analysis of cash and cash equivalents and of net debt
At 31
December
2023
$ Cash at bank and in hand
3,264,482
Short term deposits
11,000,000
Total cash and cash equivalents
14,264,482		 Cash flows
$ (2,783,968)
4,795,787		 $ $ $ $ 1,808,727
14,245,760
(463)
-
203,555
18,722
2,011,819
14,264,482
2,011,819
14,264,482
14,264,482
-
16,276,301
14,264,482
Other non-
cash changes
At 31
December
2024
$ $ -
480,514
-
15,795,787
-
16,276,301
2024
2023		 $ $ $ $ 1,808,727
14,245,760
(463)
-
203,555
18,722
2,011,819
14,264,482
2,011,819
14,264,482
14,264,482
-
16,276,301
14,264,482
Other non-
cash changes
At 31
December
2024
$ $ -
480,514
-
15,795,787
-
16,276,301
2024
2023
14,264,482
14,264,482
-
14,264,482
14,264,482 2,011,819 -

19

Manan Trust

Notes to the financial statements

For the year ended 31 December 2024

1 Accounting policies

a) Statutory information

Manan Trust is a charitable company limited by guarantee and is incorporated in England & Wales.

The registered office address is c/o 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 preparation

The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) - (Charities SORP FRS 102), The Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy or note.

In applying the financial reporting framework, the trustees have made a number of subjective judgements, for example in respect of significant accounting estimates. Estimates and judgements are continually evaluated 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 estimates and judgements affecting these financial statements are detailed within the relevant accounting policy below.

Functional currency

The Trust's functional currency is considered to be US dollars ($) as this is the currency that most accurately reflects the primary economic environment in which the Trust operates.

c) Public benefit entity

The charity meets the definition of a public benefit entity under FRS 102.

d) Going concern

The trustees consider that there are no material uncertainties about the Trust's ability to continue as a going concern.

e) Income

Income is recognised when the charity has entitlement to the funds, any performance conditions attached to the income 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, whether ‘capital’ grants or ‘revenue’ grants, is recognised when the charity has entitlement to the funds, any performance conditions attached to the grants have been met, it is probable that the income will be received and the 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.

f) Donations of gifts, services and facilities

Donated professional services and donated facilities are recognised as income when the charity has control over the item or received the service, any conditions associated with the donation have been met, the receipt of economic benefit from the use by the charity of the item is probable and that economic benefit can be measured reliably. In accordance with the Charities SORP (FRS 102), volunteer time is not recognised so refer to the trustees’ annual report for more information about their contribution.

On receipt, donated gifts, professional services and donated facilities are recognised on the basis of the value of the gift to the charity which is the amount the 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.

20

Manan Trust

Notes to the financial statements

For the year ended 31 December 2024

1 Accounting policies (continued)

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the bank.

Unrestricted funds are donations and other incoming resources received or generated for the charitable purposes.

Designated funds are unrestricted funds earmarked by the trustees for particular purposes.

Irrecoverable VAT is charged as a cost against the activity for which the expenditure was incurred.

j) Grants payable

Grants payable are made to third parties in furtherance of the charity's objects. Single or multi-year grants are accounted for when either the recipient has a reasonable expectation that they will receive a grant and the trustees have agreed to pay the grant without condition, or the recipient has a reasonable expectation that they will receive a grant and that any condition attaching to the grant is outside of the control of the charity.

Provisions for grants are made when the intention to make a grant has been communicated to the recipient but there is uncertainty about either the timing of the grant or the amount of grant payable.

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 meeting constitutional and statutory requirements and any costs associated with the strategic management of the charity’s activities. These include statutory audit and governancerelated legal fees, and costs related to Board meetings.

Items of equipment are capitalised where the purchase price exceeds $2,000.

m) Debtors

Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

n) Short term deposits

Short term deposits includes cash balances that are invested in accounts with a maturity date of between 3 and 12 months.

Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

21

Manan Trust

Notes to the financial statements

For the year ended 31 December 2024

1 Accounting policies (continued)

p) Creditors and provisions

The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.

r) Foreign currency

2 Income from donations

Donations
Donated services		 For the 12
month period
ended 31
December
2024
Total
$ 2,707,750
77,000		 For the 16
month period
ended 31
December
2023
Total
$ 14,189,957
5,000
2,784,750 14,194,957

All income from donations is unrestricted.

Donated services represents time spent by employees of Manan Limited on Manan Trust affairs.

22

Manan Trust

Notes to the financial statements

For the year ended 31 December 2024

3a Analysis of expenditure

Administrative services
Legal and Professional Fees
Bank fees
Revaluation Losses
Grants (see note 4)
Support costs
Governance costs
Total expenditure 2024		 Charitable
activities
$ -
-
-
-
1,512,965		 Governance
costs
$ -
34,909
-
-
-		 Support
costs
$ 77,000
7,974
44
7,096
-		 For the 12 month
period ended 31
December 2024
$ 77,000
42,883
44
7,096
1,512,965
1,512,965
92,114
34,909		 34,909
-
(34,909)		 92,114
(92,114)
-		 1,639,988
-
-
1,639,988 - - 1,639,988

3b Analysis of expenditure (prior year)

Administrative services
Legal and Professional Fees
Bank fees
Revaluation Losses
Support costs
Governance costs
Total expenditure 2023		 Charitable
activities
$ -
-
-
-		 Governance
costs
$ -
19,438
-
-		 Support
costs
$ 5,000
4,972
131
158		 For the 16 month
period ended 31
December 2023
5,000
24,410
131
158
-
10,261
19,438		 19,438
-
(19,438)		 10,261
(10,261)
-		 29,699
-
-
29,699 - - 29,699

The charitable activities costs incurred in the period relate primarily to set up costs ahead of the Trust becoming fully operational in the year ended 31 December 2024.

23

Manan Trust

Notes to the financial statements

For the year ended 31 December 2024

4 Grant making

Fortify Inc
M'Lop Tapang
Partners Asia
Total
Safe Haven
Society for Nutrition, Education, & Health Action (SNEHA)		 2024
$ 250,000
300,000
322,500
400,000
240,465		 2023
$ -
-
-
-
-
1,512,965 -

All grants were awarded to institutions.

In addition to the amounts committed and accrued above, the trustees have also authorised certain grants which are subject to the recipients fulfilling certain conditions relating to the delivery of the grant-funded activities. The total amount authorised but not accrued as expenditure at 31 December 2024 was $1,816,500 (2023: $nil).

5 Net income for the year

This is stated after charging:

This is stated after charging:
For the 12 For the 16
month period month period
ended 31 ended 31
December December
2024 2023
$ $
Auditor's remuneration (excluding VAT):
Audit 11,895 11,459
Other services 1,880 3,310
Foreign exchange losses 7,096 158

The Trust had no employees (2023: none).

The total employee benefits (including pension contributions and employer's national insurance) of the key management personnel, including trustees, were $nil (2023: $nil).

The charity trustees were neither paid nor received any other benefits from employment with the charity in the period (2023: none). No charity trustee received payment for professional or other services supplied to the charity (2023: none).

Trustee expenses, either reimbursed or incurred directly by the Trust, were $nil (2023: $nil).

7 Related party transactions

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 without charge. The directors of the Trust have determined that this arrangement solely and exclusively benefits the Trust. The directors of the Trust are also directors of Manan Limited, and the two entities have similar but not identical objectives. 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 management business, and work on the FSSA Investment Managers team within the company. During the period, First Sentier Investors (Hong Kong) Ltd, which is part of First Sentier Investors, made unrestricted donations of $2,707,750 (2023: $14,184,002) to the Trust.

Aggregate donations from related parties were $2,707,750 (2023: $14,189,957).

24

Manan Trust

Notes to the financial statements

For the year ended 31 December 2024

8 Taxation

The charity is exempt from corporation tax as all its income is charitable and is applied for charitable purposes.

9 Debtors

Debtors
Prepayments 2024
$ 463		 2023
$ -
463 -

10 Creditors: amounts falling due within one year

Trade creditors
Grants payable
Accruals		 2024
$ 678
21,599
200,000		 2023
$ -
18,722
-
222,277 18,722

11 Legal status of the charity

The charity is a company limited by guarantee and has no share capital. The liability of each member in the event of winding up is limited to $1.

25