2025-12-31-accounts - Friends Of Ludhiana

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FRIENDS OF LUDHIANA FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST DECEMBER 2025

Company Number: 497421 Charity Registered Number: 314148

FRIENDS OF LUDHIANA

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST DECEMBER 2025

Contents	Page
Report of the Council of Management	1-5
Report of the Independent Examiner	6
Statement of Financial Activities	7
Balance Sheet	8
Notes to the Financial Statements	9-15

FRIENDS OF LUDHIANA

REPORT OF THE COUNCIL OF MANAGEMENT FOR THE YEAR ENDED 31ST DECEMBER 2025

The Council of Management have pleasure in presenting their report and the accounts for the year ended 31st December 2025, which have been prepared in accordance with the Charities Act 2011, and the Charities Statement of Recommended Practice (Charities SORP (FRS 102)) and Financial Reporting Standard 102 (FRS 102).

Objects of the charity

The principal activity of the Friends of Ludhiana is to carry on charitable work for the benefit of the Christian Medical College (CMC) in Ludhiana, India, comprising a medical college, dental college, college of nursing, college of physiotherapy, Institute of Allied Health Services and hospital. The charity does this through the dissemination of news of the work of the institution, recruiting of volunteers with medical expertise and facilitating student elective placements in various disciplines, as well as raising funds in support of CMC’s activities.

Organisation

The charity is a company limited by guarantee and governed by its Memorandum and Articles of Association.

The activity of the Friends of Ludhiana is controlled by the Council of Management for policy decisions. The members of the Council are also trustees.

During 2025 the Friends of Ludhiana operated essentially out of the home offices of the Chairman and other Trustees.

Council of Management

The Council of Management is elected from the membership of the Friends of Ludhiana, proposed by the members of the Company or by the Council of Management in accordance with the provisions of its Memorandum and Articles of Association.

The following persons have served as members of the Council of Management:

Dr K R Hine President and Chairman until 16 June 2025 Dr M Hoskin President and Chairman from 16 June 2025 Mr D Forbes Honorary Treasurer Miss A R Tootle Mr N Watts Company Secretary Mrs U Hyde Dr J V Sumitra Rev J P Mall Dr S Mullick Dr A Thomas Dr Kapil Sanghi Dr R O Paul Miss T A Allen

Key Management Personnel

The key management personnel of the charity include the above and are in charge of directing, controlling, running and operating the charity on a day-to-day basis. All trustees give of their time freely and no trustee received any remuneration in the year. Any expenses reimbursed are shown in note 3 to the Financial Statements.

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FRIENDS OF LUDHIANA

REPORT OF THE COUNCIL OF MANAGEMENT FOR THE YEAR ENDED 31ST DECEMBER 2025 (continued)

Risk

The Trustees undertake ongoing reviews of all areas, but especially of those areas where risk has been identified and have implemented systems to mitigate these risks.

The Trustees consider the principal risks and uncertainties facing the charity and concluded that the main risk is that of the reputation of the teaching hospital in India that we support and that there is little the UK trustees can do to manage this risk.

Responsibilities of Council of Management

The Council of Management is responsible for preparing the Report of the Council and the financial statements in accordance with applicable law and regulations. Company law requires the Council of Management to prepare financial statements for each financial year in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). The financial statements are required by law to give a true and fair view of the state of affairs of the company and of the surplus or deficit of the company for the period. In preparing those financial statements, the Council of Management is required to:

select suitable accounting policies and apply them consistently;
observe the methods and principles in the Charities SORP;
make judgements and estimates that are reasonable and prudent;
state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
Prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue its operations.

The Council of Management is responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the company and which enable it to ensure that the financial statements comply with the Companies Act 2006. It is also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Review of activities

Friends of Ludhiana has continued its strong support of CMC Ludhiana which is seen as an institution of care and compassion with opportunities to serve people from all walks of life - rich and poor, urban and rural. Since the Covid Pandemic, the in-patient bed occupancy rates have remained low which has impacted on the institution’s income.

The Friends of Ludhiana Council of Management has met three times during the year via Zoom. The Council has been strengthened and encouraged by the interest of Ludhiana alumni in both medicine and dentistry, five of whom subsequently joined the Council in 2024.

The Governing Body of CMC met twice during the year. These were hybrid meetings with local members joining face-to-face and those from further away participated in the meetings via Zoom. Friends of Ludhiana were represented on Zoom by Trustees at both meetings.

Fund-raising CMC Ludhiana has a continuing need for the input of both voluntary support and financial resources from Friends of Ludhiana. Many projects have focused on providing free or highly subsidised treatment for poor patients and scholarships for student nurses and it is hoped that through its continued UK support base, Friends of Ludhiana will be able to support projects which seek to help the poor, needy and underprivileged people of Ludhiana, as well as CMC’s own outreach programmes. In addition, we will consider support for capital projects identified by the Director. Our publicity material continues to remind members of the benefits of legacies to charities such as Friends of Ludhiana.

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FRIENDS OF LUDHIANA

REPORT OF THE COUNCIL OF MANAGEMENT FOR THE YEAR ENDED 31ST DECEMBER 2025 (continued)

Review of activities (continued)

Practical Support Contributions of £46,040 were received by Friends of Ludhiana towards Unrestricted funds . This included a very large Legacy of £30,500.

CMC made specific requests for equipment. The charity was able to provide the necessary funds for the purchase of Laparoscopic equipment (£31,500 in February 2025) which will be used in the Obstetrics and Gynaecology and Urology departments. In April 2025, £9,200 was provided for Urodynamic equipment plus accessories.

Contributions of £20,502 were received for Restricted purposes .

During 2025, Friends of Ludhiana’s Good Samaritan Fund was provided with further donations totaling £5,320. The ‘Good Samaritan Fund’ (GSF) provides financial assistance for those patients who come through the hospital doors requiring treatment, but who are unable to pay for it themselves. These patients are carefully assessed by a group of doctors at CMC and financial support from GSF is authorised appropriately. The trustees are greatly encouraged by feedback received from CMC regarding the patients treated with financial support from the GSF. We were able to provide £10,000 of further support in February 2025.

The Dental College in Ludhiana had requested funding towards a new Dental Van. The charity was able to provide £11,000 to the Dental College in July 2025 for the completion of this purchase. This was possible due to the large contributions from three individuals.

The CMC Batch of 1975 had a Project to Fund the purchase of an Ultrasound machine We were able to forward £900 as a result of a large donation from one supporter.

Supporter base The Council continues to keep its mailing list under review and developing links with supporters through e-mail and our website to keep them informed of events at CMC and the work of Friends of Ludhiana in supporting them.

Financial Review

Overall income amounted to £66,987 including interest receipts (£16,382 in the previous year). The increase was due to a large legacy received.

The continued financial support of CMC by Friends of Ludhiana is entirely dependent on the ongoing support from the members and other contacts and charitable institutions within the UK. The Trustees are however confident that the charity has within the meaning of the Charities Act, sufficient support for those current commitments and support projects.

The Council of Management has considered carefully issues surrounding donations of all kinds and agreed a policy which would seek to welcome donations from different sources, although to discourage certain conditions being placed on donations wherever possible. As part of its fund-raising programme the Friends of Ludhiana has continued to seek to identify charitable trusts within the United Kingdom that might be approached to consider making a contribution to essential and worthwhile projects at CMC.

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FRIENDS OF LUDHIANA

REPORT OF THE COUNCIL OF MANAGEMENT FOR THE YEAR ENDED 31ST DECEMBER 2025 (continued)

Financial Review (continued)

The Council of Management would like to thank the members of the Friends of Ludhiana for their prayerful support and interest in 2025 and trust that it may continue.

Investment policy

The Trustees, having taken note of their commitments and funding position, have researched the market. Having considered their findings, they have placed monies on short-term deposits at the best rates available.

Reserves policy

It is the policy of the charity to maintain this fund at a level which equates to approximately twelve months’ unrestricted expenditure. This provides sufficient funds to cover management and administration and support costs. The fund was maintained at this level throughout the year.

It is the policy of the charity to maintain unrestricted funds, which are the free reserves of the charity. The trustees will review the level of this reserve to cover support costs and to respond to emergency applications for grants which may arise from time to time.

Total funds at the year-end were £100,205 (£96,004). Restricted funds and endowment funds that are not available for general purposes were £42,788 (£44,143).

Public Benefit

We have referred to the guidance in the Charity Commission’s general guidance on public benefit when reviewing our aims and objectives and in planning our future activities. The trustees believe that the Charity's financial support of Christian Medical College Ludhiana for any person in need of medical attention and the sponsorship of individual nurses in training meets the criteria of public benefit.

Commitments

The Council has not entered into any legally or morally binding charitable commitments or guarantees which might require separate disclosure.

In the view of the Council, its assets are fully available and adequate to meet its obligations.

Use of Donations

The trustees engage with CMC’s management to ensure that funds provided are used for the purpose they were requested.

Future Developments

At present we are assessing a number of requests from the CMC management team.

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FRIENDS OF LUDHIANA

REPORT OF THE COUNCIL OF MANAGEMENT FOR THE YEAR ENDED 31ST DECEMBER 2025 (continued)

Professional advisers

Bankers

CAF Bank Limited Kings Hill West Malling Kent ME19 4TA

Independent Examiner

Mr M Morrison Braikley Tulloch Ave Dingwall IV15 9TU

Small company

This report is prepared in accordance with Part 15 of the Companies Act 2006 relating to small companies.

BY ORDER OF THE COUNCIL

Reynards Ledborough Gate Beaconsfield Buckinghamshire HP9 2DQ

Mr D Forbes Council Member 14[th] April 2026

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REPORT OF THE INDEPENDENT EXAMINER TO THE MEMBERS OF FRIENDS OF LUDHIANA (the Company)

I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 December 2025, which are set out on pages 7 to 15.

Responsibilities and basis of report

As the charity’s trustees (and also 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 Company 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 your charity’s accounts as carried out under section 145 of the Charites 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 Company as required by section 386 of the 2006 Act; or
the accounts do not accord with those records; or
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
the accounts have not been prepared in accordance with the methods and principles of 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 the 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.

27[th] April 2026 Mr M Morrison CGMA Braikley Tulloch Ave Dingwall IV15 9TU

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FRIENDS OF LUDHIANA

STATEMENT OF FINANCIAL ACTIVITIES (Including Income and Expenditure account) FOR THE YEAR ENDED 31ST DECEMBER 2025

_ _ 2025 ___ *Unrestricted Restricted Endowment* *Funds* *Funds* *Funds* *Note* £ £ £ Income from: Donations and legacies 46,040 20,502 - Investments 401 - 44 Other income - - - Total income 46,441 20,502 44 Expenditure on: Charitable activities 40,886 21,900 - Total expenditure 4 40,886 21,900 - Net income/(expenditure) for the year 5 5,555`(`1,398) 44 Transfers between funds - - - Net movement in funds 5,555 `(`1,398) 44 Total funds brought forward 51,862 41,895 2,248 Total funds carried forward 57,417 40,497 2,291	_ _ 2025 ___ *Unrestricted Restricted Endowment* *Funds* *Funds* *Funds* *Note* £ £ £ Income from: Donations and legacies 46,040 20,502 - Investments 401 - 44 Other income - - - Total income 46,441 20,502 44 Expenditure on: Charitable activities 40,886 21,900 - Total expenditure 4 40,886 21,900 - Net income/(expenditure) for the year 5 5,555`(`1,398) 44 Transfers between funds - - - Net movement in funds 5,555 `(`1,398) 44 Total funds brought forward 51,862 41,895 2,248 Total funds carried forward 57,417 40,497 2,291	___	_ __ 2024 ______ *Unrestricted* *Restricted* *Endowment* *Funds* *Funds* *Funds* £ £ £ 6,425 9,502 - 400 - 55 - - -	_ __ 2024 ______ *Unrestricted* *Restricted* *Endowment* *Funds* *Funds* *Funds* £ £ £ 6,425 9,502 - 400 - 55 - - -	_ __ 2024 ______ *Unrestricted* *Restricted* *Endowment* *Funds* *Funds* *Funds* £ £ £ 6,425 9,502 - 400 - 55 - - -	_ __ 2024 ______ *Unrestricted* *Restricted* *Endowment* *Funds* *Funds* *Funds* £ £ £ 6,425 9,502 - 400 - 55 - - -
					*Endowment* *Funds* £ - 55 -
20,502 21,900 21,900 `(`1,398) - `(`1,398) 41,895 40,497	44 - - 44 - 44 2,248 2,291	66,987 62,786 62,786 4,200 - 4,200 96,004 100,205	6,825 11,878 11,878 (5,053) - (5,053) 56,915 51,862	9,502 - - 9,502 - 9,502 32,392 41,894		55 - - 55 - 55 2,193 2,248

All recognised gains and losses are reflected through the Statement of Financial Activities and no separate Statement of Total Recognised Gains or Losses is presented. There were no discontinued or acquired activities during the current or preceding year.

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Company Number: 497421

FRIENDS OF LUDHIANA

BALANCE SHEET AT 31ST DECEMBER 2025

*Note* Current assets Debtors 6 Cash at bank Creditors: Amounts falling due within one year 7 Net current assets Net assets 8 Funds Unrestricted 9 Restricted 10 Endowment 10	*2025* £ - 100,205 100,205 -	£ 100,205 100,205 57,417 40,497 2,291 100,205	*2024* £ 10,133 86,871 97,004 (1,000)	£ 96,004 96,004 51,862 41,895 2,248 96,004

For the year ending 31 December 2025, the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibility for complying with the requirements of the Act with respect to accounting records and for the preparation of accounts.

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

Approved by the Council of Management on 14[th] April 2026 and signed in its behalf by:

Mr D Forbes

Council member

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FRIENDS OF LUDHIANA

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2025

1 ACCOUNTING POLICIES

The principal accounting policies adopted, judgements and key sources of estimation uncertainty in the preparation of the financial statements are as follows:

(a) Basis of preparation

The financial statements have been prepared under the Companies Act 2006 and in accordance with the Charities Statement of Recommended Practice (Charities SORP (FRS 102)) and Financial Reporting Standard 102 (FRS 102). The financial statements are drawn up on the historical cost basis of accounting, as modified by the revaluation of investments.

Friends of Ludhiana meets the definition of a public benefit entity under FRS 102.

The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.

(b) Income

Voluntary income and donations (including legacies) are accounted for once the charity has entitlement to the income, it is probable the income will be received, and the amount of income receivable can be reliably measured. The income from fundraising is shown gross, with the associated costs included in fundraising costs. Where material assets are donated to the company for its use, these are capitalised at the estimated market value at the date of the gift and included under income. Assets given for distribution by the charity are received as income when distributed and stated in the accounts at the directors’ estimated market value at the time of receipt.

(c) Investment Income
This, and any associated tax credits, is included in the financial statements when receivable.

(d) Charitable activities

Expenditure is accrued as soon as a liability is considered probable, discounted to present value for longer term liabilities.

The majority of costs are directly attributable to specific activities. Staff costs are allocated on the basis of time spent by staff on each activity. Office costs, including governance costs, are charged directly to the activity when incurred.

(e) Restricted funds

These are funds which are restricted when given by the donor as to the purpose for which they can be used. The Council of Management is obliged to follow the donor’s wishes or return the monies to the donor if they are unable to do so.

Unrestricted funds

Unrestricted funds are given free of restriction by the donor and are to be used by the Council of Management in accordance with the objects of the charity generally.

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FRIENDS OF LUDHIANA

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2025 (continued)

1 ACCOUNTING POLICIES (continued)

(f) Debtors

Other debtors are included at the settlement amount due. Prepayments are valued at the amount prepaid.

(g) 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 opening of the deposit.

(h) Creditors and provisions

Creditors and provisions are recognised where the charity has a present obligation arising from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are recognised at their settlement amount.

(i) Financial instruments

The charity only has financial assets and 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.

(j) Grants payable

Grants payable are payments made to third parties in the furtherance of the charitable objects of the charity. In the case of an unconditional grant offer this is accrued once the recipient has been notified of the grant award. The notification gives the recipient a reasonable expectation that they will receive the one or multiyear grant. Grants awards that are subject to the recipient fulfilling performance conditions are only accrued when the recipient has been notified of the grant and any remaining unfulfilled conditions attaching to that grant are outside the control of the charity.

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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2025 (continued)

FRIENDS OF LUDHIANA

2 CONSTITUTION OF THE COMPANY AND MEMBERSHIP

The company is limited by guarantee, and each member is under covenant to contribute a sum not exceeding £1 in certain circumstances as set out in clause 8 of the Memorandum of Association.

At 31st December 2025, the Friends of Ludhiana had 59 members (2024: 148).

3 COUNCIL MEMBERS

No remuneration was paid to Council Members.

During the year travel and other expenses of £171 (2024: £355) were reimbursed to trustees. These had been accrued for in the previous year.

There were no other related party transactions.

4 EXPENDITURE Direct Charitable activities Support funds to India Other costs Governance costs Accountancy and other costs Total expenditure 5 NET INCOME/(EXPENDITURE) This is stated after charging: Independent Examination 6 DEBTORS Other debtors	*Unrestricted* *Funds* £ 40,700 186 40,886 - - 40,886		*Restricted* *Funds* £ 21,900 - 21,900 - - 21,900	*Endowment* *Total* *Funds* *2025* £ £ - 62,600 - 186 - 62,786 - - - - - 62,786 *2025* £ - *2025* £ -	*Total* *2024* £ 10,400 478 10,878 1,000 1,000 11,878 *2024* £ 750 *2024* £ 10,133

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FRIENDS OF LUDHIANA

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2025 (continued)

7 CREDITORS : Amounts falling due within one year:

CREDITORS: Amounts falling due within one year: Accruals	*2025* £ -	*2024* £ 1,000

8 NET ASSETS

The balances carried forward on the various funds are held as follows:

*Net current* *2025* *assets* £ Unrestricted funds 57,417 Restricted funds 40,497 Endowment funds 2,291 100,205 *Net current* *2024* *assets* £ Unrestricted funds 51,862 Restricted funds 41,895 Endowment funds 2,248 96,004	*Total* *2025* £ 57,417 40,497 2,291 100,205 *Total* *2024* £ 51,862 41,895 2,248 96,004

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FRIENDS OF LUDHIANA

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2025 (continued)

9 UNRESTRICTED FUNDS

NRESTRICTED FUNDS
*Balance at* *1st Jan* *2025* *2025* £ General 46,862 Closure Costs 5,000 51,862 *Balance at* *1st Jan* *2024* *2024* £ General 51,915 Closure Costs 5,000 56,915	*Balance at* *31st Dec* *Income* *Expenditure* *Transfers* *2025* £ £ £ £ 46,441 (40,886) - 52,417 - - - 5,000 46,441 (41,873) - 57,417 *Balance at* *31st Dec* *Income* *Expenditure* *Transfers* *2024* £ £ £ £ 6,825 (11,878) - 46,862 - - - 5,000 6,825 (11,878) - 51,862

Closure Costs – The Trustees have set aside £5,000 to meet on going commitments in the eventuality of the charity closing its UK activities.

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FRIENDS OF LUDHIANA

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2025 (continued)

10 RESTRICTED & ENDOWMENT FUNDS

	Balance	Income	Expenditure	Expenditure	Gains,	Balance
	at 1				Losses &	at 31
*2025*	January				Transfers	December
	2025					2025
	£	£	£		£	£
Poor Patients
Poor Cancer Patients	17,247	-		-	-	17,247
Good Samaritan	16,153	5,320	10,000		-	11,472
Student Sponsorship	4,834	-		-	-	4,834
Other funds
Dental	-	14,120	11,000			3,120
Equipment & related projects	-	1,063	900		-	163
Fellowship Department	1,161	-		-	-	1,161
Saurabh Thomas	2,500	-		-	-	2,500
Subtotal	41,895	20,502	21,900		-	40,497
Pushpa Bhatti Memorial Fund	2,248	43		-	-	2,291
(endowment)
Total	44,142	20,546	21,900		-	42,788
	Balance	Income	Expenditure		Gains,	Balance
	at 1				Losses &	at 31
	January				Transfers	December
	2024					2024
*2024*
	£	£	£		£	£
Poor Patients
Poor Cancer Patients	17,247	-		-	-	17,247
Good Samaritan	6,650	9,502		-	-	16,152
Student Sponsorship	4,834	-		-	-	4,834
Other funds
Equipment & related projects	-	-		-	-	-
Fellowship Department	1,161	-		-	-	1,161
Saurabh Thomas	2,500	-		-	-	2,500
Subtotal	32,392	9,502		-	-	41,894
Pushpa Bhatti Memorial Fund	2,193	55		-	-	2,248
(endowment)
Total	34,585	9,557		-	-	44,142

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FRIENDS OF LUDHIANA

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2025(continued)

10 RESTRICTED & ENDOWMENT FUNDS (continued)

These funds are maintained for the following purposes:

Poor Patients’ Funds and related projects – For the benefit of poor and needy patients treated by CMC Ludhiana, either in the hospital itself or through outreach camps and clinics in both the surrounding urban and rural community.
Student Sponsorship – For the tuition and other fees of BSc (N) and GNM nursing students at CMC Ludhiana.
Equipment and related projects – Towards the purchase of equipment and donation of equipment for upgrade of facilities in CMC’s colleges and hospital departments.
Fellowship Dept – To support the chaplaincy team in CMC Ludhiana in equipping the chapel and reaching out to hospital patients with specific needs at the discretion of the Chaplain
Saurabh Thomas – To support Paediatric Intensive Care in grateful recognition of their care for one patient
Dental – for use by the Dental Hospital in improving patient care.
Pushpa Bhatti Fund – Capital amount held on deposit in the UK, and the interest to be used for the benefit of pupils at St Thomas’ School, Ludhiana.

11 TAXATION

The company is exempt from corporation tax on its charitable activities.

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