Registered number: 14454377 Charity number: 1202030
SHAHCIRCLE FOUNDATION
(A Company Limited by Guarantee)
UNAUDITED
TRUSTEES' REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
SHAHCIRCLE FOUNDATION
(A Company Limited by Guarantee)
| CONTENTS | |
|---|---|
| Page | |
| Reference and Administrative Details of the Charity, its Trustees and Advisers | 1 |
| Trustees' Report | 2 - 6 |
| Independent Examiner's Report | 7 |
| Statement of Financial Activities | 8 |
| Balance Sheet | 9 |
| Notes to the Financial Statements | 10 - 15 |
SHAHCIRCLE FOUNDATION
(A Company Limited by Guarantee)
REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 MARCH 2025
| Trustees | Deep Shah, Chair |
|---|---|
| Trishna Shah, Trustee | |
| Roy Fu, Trustee | |
| Company registered number 14454377 Charity registered number 1202030 Registered office 14th Floor 33 Cavendish Square London W1G 0PW Independent examiners Nicholas Weller FCCA Simmons Gainsford Professional Services Limited Chartered Accountants 14th Floor 33 Cavendish Square London W1G 0PW |
Page 1
SHAHCIRCLE FOUNDATION
(A Company Limited by Guarantee)
TRUSTEES' REPORT FOR THE YEAR ENDED 31 MARCH 2025
The Trustees present their annual report together with the financial statements of the ShahCircle Foundation for the year 1 April 2024 to 31 March 2025.
The Trustees confirm that the Annual report and financial statements of the charitable company comply with the current statutory requirements, the requirements of the charitable company's governing document and the provisions of the Statement of Recommended Practice (SORP) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (effective 1 January 2019).
Objectives and activities
a. Policies and objectives
ShahCircle Foundation was established on 1 November 2022 and under the articles of association the objects of the Charity are for such charitable purposes for the public benefit as the Trustees may in their absolute discretion determine.
The Charity seeks to champion both established organisations and grassroots causes focused on empowering, enabling and uplifting women, children and vulnerable people in communities around the world. The initial objectives and principal activities are to be pursued worldwide and will focus on:
-
The advancement of education
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The relief of sickness
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The relief of poverty and improvement of conditions in socially disadvantaged communities
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The improvement of rights and welfare for women and children
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The provision of social welfare facilities for the benefit of those who may require them by reason of their age, health, disability, financial hardship or social circumstances with the objective of improving their conditions
In setting objectives and planning for activities, the Trustees have given due consideration to general guidance published by the Charity Commission relating to public benefit, including the guidance 'Public benefit: running a charity (PB2)'.
Page 2
SHAHCIRCLE FOUNDATION
(A Company Limited by Guarantee)
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025
(continued)
Achievements and performance
a. Main achievements of the Charity
Transition to Active Grant-Making
In the financial year ending 31 March 2025, the ShahCircle Foundation transitioned from its initial establishment phase to active philanthropic engagement. We disbursed a total of £217,484 in grants to five organizations aligned with our mission to empower women, children, and vulnerable communities globally. These grants supported initiatives in education, health, economic empowerment, and community resilience across various regions.
Overview of Supported Charities
• Maher
Inspired by Sister Lucy Kurien of Pune, Maher is an interfaith Indian NGO offering shelter and support to destitute women, children, and men. Our funding supported the construction of a new shelter home currently underway, and provided for ongoing support and maintenance of existing facilities that serve some of the most marginalized in society.
• UCSF HEAL Initiative
A global fellowship training healthcare professionals to serve in resource-denied communities. HEAL emphasizes equity and long-term partnerships to improve healthcare delivery for vulnerable populations.
• ServiceSpace
A volunteer-driven platform leveraging technology and community to promote generosity, service, and inner transformation. ServiceSpace supports grassroots projects that nurture values-based ecosystems.
• Empty Hands Music
Founded by Nimo Patel, this initiative blends music and grassroots education to spread messages of kindness and empathy, while supporting underprivileged children through arts and service-led programs.
• The Resurgence Trust
A UK charity championing ethical living and environmental consciousness through publishing, events, and thought leadership. It produces Resurgence & Ecologist, a long-standing publication in the sustainability space.
Page 3
SHAHCIRCLE FOUNDATION
(A Company Limited by Guarantee)
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025
(continued)
a. Investment Strategy and Impact Investment
Recognizing the importance of prudent financial stewardship, the Foundation has adopted a conservative investment approach, placing funds in interest-bearing deposits to preserve capital and ensure liquidity amidst high-risk-free rates. We intend to pursue higher-returning investments in the future, consistent with our mandate to deploy capital in a mission-aligned yet financially responsible manner.
In alignment with our long-term vision to deploy capital for social good, the Foundation made its first impact investment on 23 August 2024, allocating £19,231 in equity to Dot Glasses. Dot Glasses is a social enterprise dedicated to providing affordable eyeglasses to underserved populations through:
-
One-size-fits-all adjustable eyewear
-
Portable Vision Kits for micro-entrepreneurs
-
Training programs enabling women and others to run sustainable vision-care businesses
This investment represents our commitment to innovations that enhance healthcare accessibility while promoting economic self-sufficiency.
Financial review
a. Going concern
After making appropriate enquiries, the Trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements.
b. Reserves policy
The Charity's policy is to set aside funds for special purposes or as reserves against future expenditure.
c. Principal risks and uncertainties
The Trustees have considered the risks faced by the Charity. They consider the main risks to be:
a. Capital losses as a result of investment activity: the risk is mitigated by following a consistent investment policy and having regard to the suitability of investments and sufficient diversification.
b. The misuse of grants by third parties: the risk is mitigated through a robust diligence and monitoring process that is being implemented prior to any donations being made.
d. Financial review
During the period to 31 March 2025 the Charity recieved income of £242,314. This amount solely related to bank interest. Whilst there is no guarantee that the Charity will attract donations in the future, it has received verbal commitments from a founding Trustee that he intends to continue to donate in sufficient amounts to fund the charity’s need should it be required.
The Charity made grants of £217,484 and incurred support costs of £10,191 during the year.
Page 4
SHAHCIRCLE FOUNDATION
(A Company Limited by Guarantee)
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025
e. Investment policy
The Trustees may deposit or invest its funds in any manner as may be thought fit (including, but not limited to, the establishment of trading or other subsidiaries of any kind), but only after obtaining such advice from a Financial Expert as the Trustees consider necessary and having regard to the suitability of investments and the need for diversification.
Structure, governance and management
a. Constitution
ShahCircle Foundation is registered as a charitable company limited by guarantee, incorporated on 1st November 2022. The company was set up by a memorandum of association.
b. Organisational structure and decision-making policies
The management of the Charity is the responsibility of the Trustees (who are also directors of ShahCircle Foundation for the purposes of company law). The Trustees, who have general control and management of the administration of the Charity and its property and funds, are elected and co-opted under the terms of the articles of association. They are responsible for the governance, strategic direction and policy making of the Charity.
The Trustees serve for such term as the Members may determine by notice to the Trustees. Subsequent Trustees are appointed by the Members by way of an ordinary resolution or by way of a notice in writing signed by all of the Members and delivered to the Trustees.
There shall be at least three Trustees. If the number of Trustees falls below three, the remaining Trustees may act only to circulate a written resolution to the Members and/or call a general meeting for the purpose of appointing one or more Trustees.
The Trustees will enlist the support of other advisors such as legal, tax and accounting specialists, as the need occurs and operate a grant management system for all grants.
No decision may be made by a meeting of the Trustees unless a quorum is present at the time when the decision is made. A quorum at a meeting of the Trustees may be fixed by the Trustees and unless so fixed shall be the greater of two or one-third of the Trustees.
Procedures have been implemented which are designed to identify and manage conflicts of interest and in the event that one or more Trustees is a Conflicted Trustee, if there is only one Trustee in office other than the Conflicted Trustee, the quorum for such meeting (or any part of a meeting) shall be one Trustee.
c. Financial risk management
The Trustees have assessed the major risks to which the Charity is exposed, in particular those related to the operations and finances of the Charity, and are satisfied that systems and procedures are in place to mitigate exposure to the major risks.
As at the close of the year, given the contemplated grant activity and the fact these grants are discretionary, the Trustees are satisfied that sufficient reserves are maintained.
Page 5
SHAHCIRCLE FOUNDATION (A Company Limited by Guarantee)
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025
Statement of Trustees' responsibilities
The Trustees (who are also the directors of the Charity for the purposes of company law) are responsible for preparing the Trustees' 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. Under company law, the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Charity and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the Trustees are required to:
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles of the Charities SORP (FRS 102);
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make judgements and accounting estimates that are reasonable and prudent;
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state whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any material departures disclosed and explained in the financial statements;
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Charity will continue in business.
The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Charity's transactions and disclose with reasonable accuracy at any time the financial position of the Charity and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Approved by order of the members of the board of Trustees and signed on their behalf by:
Deep Shah
Date: 10/9/2025 | 16:39 BST
Page 6
SHAHCIRCLE FOUNDATION (A Company Limited by Guarantee)
INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 MARCH 2025
Independent Examiner's Report to the Trustees of ShahCircle Foundation ('the Charity')
I report to the charity Trustees on my examination of the accounts of the Charity for the year ended 31 March 2025.
Responsibilities and Basis of Report
As the Trustees of the Charity (and its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act').
Having satisfied myself that the accounts of the Charity are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of the Charity's accounts carried out under section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
Independent Examiner's Statement
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:
-
accounting records were not kept in respect of the Charity as required by section 386 of the 2006 Act; or
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the accounts do not accord with those records; or
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the accounts do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a 'true and fair' view which is not a matter considered as part of an independent examination; or
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the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities [applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)].
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. This report is made solely to the Charity's Trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. My work has been undertaken so that I might state to the Charity's Trustees those matters I am required to state to them in an Independent Examiner's Report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the Charity and the Charity's Trustees as a body, for my work or for this report.
10/9/2025 | 16:39 BST Signed: Dated: Nicholas Weller FCCA Simmons Gainsford Professional Services Limited Chartered Accountants 14th Floor 33 Cavendish Square London W1G 0PW
Page 7
SHAHCIRCLE FOUNDATION
(A Company Limited by Guarantee)
STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 MARCH 2025
| Note Income from: Donations and legacies 3 Investments 4 Total income Expenditure on: Charitable activities 5 Total expenditure Net movement in funds Reconciliation of funds: Total funds brought forward Net movement in funds Total funds carried forward |
Unrestricted funds 2025 £ - 242,314 242,314 227,675 227,675 14,639 5,082,923 14,639 5,097,562 |
Total funds 2025 £ - 242,314 242,314 227,675 227,675 14,639 5,082,923 14,639 5,097,562 |
Total funds 2024 £ 4,962,625 136,384 |
|---|---|---|---|
| 5,099,009 | |||
| 16,086 | |||
| 16,086 | |||
| 5,082,923 | |||
| - 5,082,923 |
|||
| 5,082,923 |
The Statement of Financial Activities includes all gains and losses recognised in the year.
The notes on pages 10 to 15 form part of these financial statements.
Page 8
SHAHCIRCLE FOUNDATION
(A Company Limited by Guarantee) REGISTERED NUMBER: 14454377
BALANCE SHEET AS AT 31 MARCH 2025
| Note Fixed assets Investments 8 Current assets Debtors 9 Cash at bank and in hand Current liabilities Creditors: amounts falling due within one year 10 Net current assets Total net assets Charity funds Unrestricted funds 11 Total funds |
4,507 5,077,323 5,081,830 (3,500) |
2025 £ 19,232 19,232 5,078,330 5,097,562 5,097,562 5,097,562 |
4,693 5,086,030 5,090,723 (7,800) |
2024 £ - |
|---|---|---|---|---|
| - 5,082,923 |
||||
| 5,082,923 | ||||
| 5,082,923 | ||||
| 5,082,923 |
The Charity was entitled to exemption from audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit for the year in question in accordance with section 476 of Companies Act 2006.
The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements.
The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small companies regime.
The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:
Deep Shah
Date: 10/9/2025 | 16:39 BST
The notes on pages 10 to 15 form part of these financial statements.
Page 9
SHAHCIRCLE FOUNDATION
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
1. General information
The company is a private charitable company limited by guarantee, and is incorporated in England and Wales. The registered office is 14th Floor, 33 Cavendish Square, London, W1G 0PW.
The principal accounting policies adopted, judgements and key sources of estimation uncertainty in the preparation of the financial statements are as follows:
2. Accounting policies
2.1 Basis of preparation of financial statements
The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - 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) (effective 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.
ShahCircle Foundation meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.
2.2 Company status
The company is a company limited by guarantee and has no share capital. The members of the company are two of the Trustees named on page 1. In the event of the company being would up, the liability in respect of the guarantee is limited to £1 per member of the company.
2.3 Income
All income is recognised once the Charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.
Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable.
2.4 Expenditure
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use.
Expenditure on charitable activities is incurred on directly undertaking the activities which further the Charity's objectives, as well as any associated support costs.
Page 10
(A Company Limited by Guarantee)
SHAHCIRCLE FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
2. Accounting policies (continued)
2.4 Expenditure (continued)
Grants payable are charged in the year when the offer is made except in those cases where the offer is conditional, such grants being recognised as expenditure when the conditions attaching are fulfilled. Grants offered subject to conditions which have not been met at the year end are noted as a commitment, but not accrued as expenditure.
All expenditure is inclusive of irrecoverable VAT.
2.5 Interest receivable
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.
2.6 Investments
Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the Balance Sheet date, unless the value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as ‘Gains/(Losses) on investments’ in the Statement of Financial Activities.
2.7 Debtors
Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.
2.8 Cash at bank and in hand
Cash at bank and 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.
2.9 Liabilities and provisions
Liabilities are recognised when there is an obligation at the Balance Sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.
2.10 Financial instruments
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.
Page 11
SHAHCIRCLE FOUNDATION
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
3. Income from donations and legacies
| Unrestricted | Total | Total | |
|---|---|---|---|
| funds | funds | funds | |
| 2025 | 2025 | 2024 | |
| £ | £ | £ | |
| Donations | - | - | 4,962,625 |
Donations from trustees and other related parties during the year amounted to £nil (2024: £4,962,625). No conditions were placed on these donations.
4. Investment income
| Unrestricted | Total | Total | |
|---|---|---|---|
| funds | funds | funds | |
| 2025 | 2025 | 2024 | |
| £ | £ | £ | |
| Interest receivable | 242,314 | 242,314 | 136,384 |
5. Analysis of expenditure
| Direct charitable expenditure |
Support costs |
Total funds |
Total funds |
|
|---|---|---|---|---|
| 2025 | 2025 | 2025 | 2024 | |
| £ | £ | £ | £ | |
| Grants to institutions | 217,484 | - | 217,484 | - |
| Legal & Professional fees | - | 181 | 181 | 7,578 |
| Audit & Accountancy fees | - | 4,169 | 4,169 | 7,951 |
| IT Software | - | 5,266 | 5,266 | 507 |
| Bank fees | - | 60 | 60 | 50 |
| Bank revaluations | - | 515 | 515 | - |
| Total 2025 | 217,484 | 10,191 | 227,675 | 16,086 |
Page 12
(A Company Limited by Guarantee)
SHAHCIRCLE FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
| 6. Independent examiner's remuneration 2025 £ Fees payable to the Charity's independent examiner for the independent examination of the Charity's annual accounts 1,500 7. Trustees' remuneration and expenses During the year, no Trustees received any remuneration or other benefits (2024 - £NIL). 8. Fixed asset investments Cost or valuation Additions At 31 March 2025 Net book value At 31 March 2025 9. Debtors 2025 £ Due within one year Prepayments and accrued income 4,507 10. Creditors: Amounts falling due within one year 2025 £ Accruals and deferred income 3,500 |
2024 £ - Unlisted investments £ 19,231 |
|---|---|
| 19,231 | |
| 19,231 | |
| 2024 £ 4,693 2024 £ 7,800 |
Page 13
(A Company Limited by Guarantee)
SHAHCIRCLE FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
| 11. Statement of funds Statement of funds - current year Balance at 1 April 2024 £ Unrestricted funds General Funds - all funds 5,082,923 Statement of funds - prior year Unrestricted funds General Funds - all funds 12. Analysis of net assets between funds Analysis of net assets between funds - current year Fixed asset investments Current assets Creditors due within one year Total |
Income £ Expenditure £ 242,314 (227,675) Income £ Expenditure £ 5,099,009 (16,086) Unrestricted funds 2025 £ 19,231 5,081,831 (3,500) 5,097,562 |
Balance at 31 March 2025 £ 5,097,562 Balance at 31 March 2024 £ 5,082,923 Total funds 2025 £ 19,231 5,081,831 (3,500) 5,097,562 |
|---|---|---|
Page 14
(A Company Limited by Guarantee)
SHAHCIRCLE FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
12. Analysis of net assets between funds (continued)
Analysis of net assets between funds - prior year
| Unrestricted funds 2024 £ Current assets 5,090,723 Creditors due within one year (7,800) Total 5,082,923 |
Total funds 2024 £ 5,090,723 (7,800) 5,082,923 |
|---|---|
Included in grants to institutions is an amount of £163,000, donated to Maher.
Page 15