2025-03-31-accounts

Project Mala Charitable Trust

(Charity Registration Number 801953)

Trustees' Annual Report & Financial Statements for the year ended

31st March 2025

Charity accounts preparation & independent examination service

Project Mala Charitable Trust

(Charity Registration Number 801953)

Contents
Index	Page
Annual Report of the Trustees	1
Independent Examiner's Report	4
Statement of Financial Activities	5
Balance Sheet	6
Statement of Cashflows	7
Notes to the Accounts	8

Trustees' Annual Report

For the year ended:

31st March 2025

Reference and administration details

Charity name Project Mala Charitable Trust Other names the charity is known by None Registered charity number (if any) 801953 Charity's principal address Model Farm The Green, Upper Poppleton York, YO26 6DP

Names of the charity trustees who manage the charity

Trustee Name	Office (if any)	Dates acted if not for whole year	Name of person (or body) entitled to appoint trustee (if any)
Treasurer Names of the trustees for the charity, if any Nupur Gandhi Robin Garland Chair Anne Gilmour Pujit Gandhi Graham Seager From 13 February 2025
Name		Dates acted if not for wholeyear
None

Reference and administration details (continued)

Names and addresses of advisers	Names and addresses of advisers
Type of adviser	Name	Address
Investment Advisor Hargreaves Lansdown Independent Examiner Karen Wood ACMA,		2 Galligap Lane, Osbaldwick, York, YO10 3NR

Structure, governance and management

Description of the charity's trusts Governing document: Trust Deed dated 7 August 1989 How the charity is constituted An unincorporated charity Trustee selection methods New trustees are appointed as needs arise and to ensure that an appropriate range of skills and experience is brought to the management of the trust. Appointment is by existing trustees.

Additional governance issues

The charity is administered by a board of trustees supported by volunteers plus remunerated administrative support as required.

1

Objectives and activities

Summary of the objects of the charity set out in its governing document

The principal objective of the charity is the advancement of education and the relief of poverty amongst children in India.

The trust supports The Children Emancipation Society which operates Project Mala schools in India. Currently there are 5 early primary schools , 5 primary, 4 middle, 2 secondary schools and 1 intermediate college in the state of Uttar Pradesh, India, supporting over 1,550 underprivileged children in full time education. The education covers up to 12 years and grades 1-12 of the national curriculum. Most of these children could have grown up illiterate without the benefit of our work. Health care is provided for all pupils.

Summary of the main activities undertaken for the public benefit in relation to these objects

The main beneficiaries at this stage are children in the Uttar Pradesh state of Northern India who receive education and health care through funding provided by the trust.

The trustees consider that they have complied with their duties to have due regard to the public benefit guidance published by the Charity Commission.

Achievements and performance

Summary of the main achievements of the charity during the year

Project Mala was founded in 1989 to provide basic literacy for children in the carpet-weaving belt of Mirzapur/Bhadohi district in India. At that time there were few government schools in rural India.

When the Indian Government embarked upon a school building programme to provide all children in rural India with an opportunity for education, we became affiliated to the Uttar Pradesh Board of Education. This allowed us to evaluate the ability of our schools against other schools.

It is a great credit to Anne Gilmour (Trustee responsible for education) and the education team in India that the Mala children performed well. More impressively is how some children have gone on to university and other opportunities to secure jobs that would have seemed impossible for these children previously.

During the year we had some management changes. In particular, we were sad to lose Neville Platt as CEO of Project Mala Inc. Neville has led the USA arm single handed since it’s foundation in 2008. Now Neville, having reached his 90th year, felt it was time to retire. We thank him for his devotion to PM and wish him a happy retirement.

We were fortunate to find Raj Mody, a past supporter of PM, to take over from Neville and he has enlisted a friend, Ash Pamani, to become Treasurer of PMInc.

Also, during the year, Graham Seager FCCA was appointed Trustee/Treasurer of PMCT in the UK. Graham’s family has long been associated with PM since its establishment in India. We are pleased to have someone with Graham’s qualifications in the position of Treasurer.

Financial review

Review of the charity’s financial position at the end of the period

A defecit of £23,986 before gain on revaluation of investments has been made this year, decreasing reserves to £127,822. In the balance sheet investment assets have increased by £15,582 from £75,495 to £91,077, current assets have decreased by £26,265 from £63,610 to £37,345 and current liabilities have remained the same at £600.

Amount of reserves held

£127,822 of unrestricted reserve

Reserves policy

The trustees adopt the advice of the Charity Commission in seeking to maintain an adequate level of unrestricted funds to support ongoing work.

Funds materially in deficit

None

Funds held as a custodian trustee

The schools in India are operated by The Children Emancipation Society which is a society registered in India. The society has it's own trustees. All schools operate under the 'Project Mala' name. Project Mala supplies approximately 80% of the costs incurred in India, the balance being raised within the country. Efforts continue to be made to increase the domestic funding so that in the longer term there is less reliance on grants from overseas.

2

Trustees' responsibilities in relation to the financial statements

Law applicable to charities in England and Wales requires the trustees to prepare financial statements for each financial year which give a true and fair view of the charity's financial activities during the year and of its financial position at the end of the year. In preparing financial statements giving a true and fair view, the trustees should follow best practice and:

• select suitable accounting policies and then apply them consistently;

• make judgements and estimates that are reasonable and prudent;

• state whether applicable accounting standards and statements of recommended practice have been followed, subject to any departures disclosed and explained in the financial statements; and

• prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.

The trustees are responsible for keeping accounting records which disclose with reasonable accuracy the financial position of the charity and which enable them to ascertain the financial position of the charity and which enable them to ensure that the financial statements comply with the Charities Act. 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.

Declaration

The trustees declare that they have approved the trustees' report above

Signed on behalf of the charity's trustees

Signature

Name

Position (e.g. Chair etc)

Date

3

~~PT~~ Independent examiner’s report to the trustees of Project Mala Charitable Trust

I report on the accounts of: Project Mala Charitable Trust for the year ended: 31st March 2025 which are set out on pages 5 to 14.

Responsibilities and basis of report

As the charity trustees of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (‘the Act’).

I report in respect of my examination of the Charity's accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.

Independent examiner's statement

I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:

• 1 accounting records were not kept in respect of the Trust as required by section 130 of the Act; or

• 2 the accounts do not accord with those records

• 3 the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 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.

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.

13/06/2025 ~~oe~~

Karen Wood (ACMA)

Date:

Outsource independent examination service 2 Galligap Lane Osbaldwick York YO10 3NR

4

Project Mala Charitable Trust

(Charity Registration Number 801953)

Statement of Financial Activities for the year ended:

31st March 2025

Note Income and endowments from: Donations and legacies 3.1 Investments 3.2 Other income 3.3 Total income 3 Expenditure on: Raising funds 4.1 Charitable activities 4.2 Other expenses 4.3 Total expenditure 4 Net incoming/ (outgoing)resources before other recognised gains/ (losses) Transfers between funds 10 Gains on investment assets 6 Net movement in funds Total funds brought forward Total funds carried forward	Note Income and endowments from: Donations and legacies 3.1 Investments 3.2 Other income 3.3 Total income 3 Expenditure on: Raising funds 4.1 Charitable activities 4.2 Other expenses 4.3 Total expenditure 4 Net incoming/ (outgoing)resources before other recognised gains/ (losses) Transfers between funds 10 Gains on investment assets 6 Net movement in funds Total funds brought forward Total funds carried forward	Unrestricted Restricted Total Total funds funds 2025 2024 £ £ £ £ 219,315 2,406 221,721 229,199 2,431 - 2,431 2,417 35 - 35 831
		221,781 2,406 224,187 232,447
		3,356 - 3,356 5,453 241,573 2,406 243,979 214,202 838 - 838 866
		245,767 2,406 248,173 220,521
		(23,986) - (23,986) 11,926
		- - - - 13,303 - 13,303 15,232
		(10,683) - (10,683) 27,158
		138,505 - 138,505 111,347
		127,822 - 127,822 138,505

5

Project Mala Charitable Trust

(Charity Registration Number 801953)

Balance Sheet as at:

31st March 2025

Note Fixed Assets Investments 6 Current Assets Cash at bank and in hand 7 Debtors & prepayments 8 Current Liabilities: Amounts falling due within one year Creditors and accruals 9 Funds of the Charity 10 Unrestricted Funds (General) Restricted Funds Total Funds Carried Forward Net Assets/(Liabilities) Total Fixed Assets Net Current Assets/(Liabilities) Total Current Assets	2025 £ 91,077 91,077 31,776 5,569 37,345 (600) 36,745 127,822 127,822 - 127,822	2024 £ 75,495
		75,495
		58,127 5,483
		63,610
		(600)
		63,010
		138,505
		138,505 -
		138,505

The financial statements were approved by the trustees and signed on their behalf by:

Signature

Name

Position (e.g. Chair etc)

6

Project Mala Charitable Trust

Statement of Cash Flows for the year ended:

31st March 2025

Note Cash flows from operating activities Net income/(expenditure) for the year (Gains)/losses on investments Working capital changes (Increase)/decrease in debtors Increase/(decrease) in creditors Cash flows used in investing activities Purchase of investments 6 Sale of investments 6 Cash from investing activities Change in cash and cash equivalents in the year Cash and cash equivalents at 1 April 2024 Cash and cash equivalents at 31 March 2025 Cash at bank at 31 March 2025 7 Cash equivalents at 31 March 2025 6 Net cash provided by/(used in) operating activities	Total 2025 £ (10,683 ) (13,303)	Total 2024 £ 27,158 (15,232)
	(23,986 ) (86 ) -	11,926 247 50
	(24,072)	12,223
	4,939 (2,477)	7,168 (9,500)
	2,462	(2,332)
	(21,610 ) 58,688	9,891 48,797
	37,078	58,688
	31,776 5,302	58,127 561
	37,078	58,688

7

Project Mala Charitable Trust

Notes to the accounts for the year ended:

31st March 2025

1.1 Basis of accounting

The financial statements are prepared under the historical cost convention and the 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 (Charities SORP (FRS 102)).

1.2 Change of basis of accounting

There has been no change to the accounting policies (valuation rules and methods of accounting) since last year.

1.3 Change to previous accounts

No changes have been made to accounts for previous years.

2 Accounting policies

2.1 Income

Recognition of income

Income is recognised in the Statement of Financial Activities (SoFA) when:

• the charity becomes entitled to the resources;

• receipt is probable; and

• the monetary value can be measured with sufficient reliability.

Incoming resources with related expenditure

Where incoming resources have related expenditure, the incoming resources and related expenditure are reported gross in the SoFA.

Grants and donations

Grants and donations are only included in the SoFA when the charity has evidence of entitlement to the resources and receipt is probable.

Investment income

This is included in the accounts when receivable.

2.2 Expenditure and Liabilities

Expenditure

Raising funds

Cost of raising funds comprises those costs associated with attracting voluntary income.

Charitable activities

Charitable activities expenditure comprises those costs incurred by the charity in the delivery of its activities and services. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.

Liability recognition

Liabilities are recognised as soon as there is a legal or constructive obligation committing the charity to pay out resources.

8

2.3 Assets

Tangible fixed assets for use by the charity

These are capitalised if they can be used for more than one year and cost at least £5,000. They are valued at cost or, if gifted, at the value to the charity on receipt, less depreciation. Assets are depreciated at 25% per annum on a straight line basis.

Foreign currencies

Assets and liabilities in foreign currencies at the year end have been translated into UK Sterling at the rate of exchange applicable at the date of the Balance Sheet. Transactions in foreign currencies during the financial year have been translated into sterling using the exchange rate on the day of the transaction. Exchange rate differences are taken into account in arriving at the operating result.

The total value of assets and liabilities held in foreign currencies at the year-end was £20,066 ($20,249 (US Dollars), $9,092 (AUS Dollars) calculated using applicable exchanges as of 31st March 2025 ($0.774 to £1 US Dollars, $0.483 to £1 AUS Dollars).

2.4 Fund accounting

Unrestricted funds are funds which are available for use at the discretion of the trustees in furtherance of the general objectives of the charity.

Restricted funds are funds which can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor.

9

Project Mala Charitable Trust

(Charity Registration Number 801953)

Notes to the accounts for the year ended: 31st March 2025

3 3.1 3.2 3.3 Donations and legacies Donations and gifts Gift aid Child sponsorship & scholarship Income and endowments Total income Investments Bank interest Dividends & interest from investments Other income Gain on exchange rates Sundry income	Unrestricted funds £ 34,019 162,378 22,918 219,315 83 2,348 2,431 35 35 221,781	Restricted funds £ 2,406 - -	Total 2025 £ 36,425 162,378 22,918 221,721 83 2,348 2,431 35 - 35 224,187	Unrestricted funds £ 48,781 146,761 23,105 218,647 85 2,332 2,417 831 831 221,895	Restricted Total funds 2024 £ £ 10,552 59,333 - 146,761 - 23,105 10,552 229,199 - 85 - 2,332 - 2,417 831 - - - 831
		2,406
		-
		-
		-
		2,406			10,552 232,447

10

4 Expenditure

4 Expenditure
4.1 4.2 4.3 Loss on exchange rates Bank transfer & management fees Total expenditure Other expenditure Raising funds Charitable activities Independent examiner's fees Direct school funding costs Travel & subsistance Finance & administration costs Communications & IT General office Incurred seeking donations & sponsorship Insurance & DBS checks Legal fees	Unrestricted funds £ 3,356 221,537 185 421 257 534 1,099 0 16,850 690 241,573 838 245,767	Restricted funds £ -	Total 2025 £ 3,356 223,943 185 421 257 534 1,099 - 16,850 690 243,979 838 248,173	Unrestricted funds 5,453 180,174 110 1,114 147 2,134 - 688 18,600 683 203,650 866 209,969	Restricted funds - 10,552 - - - - - - - - 10,552 - 10,552	Total 2024 £ 5,453
		2,406 - - - - - - -				190,726 110 1,114 147 2,134 - 688 18,600 683
		2,406				214,202
		-				866
		2,406				220,521

11

5 Expenses & fees

No trustees received a remuneration for services rendered during the year, nor were any trustees' out of pocket expenses reimbursed.

5.1 Fees for examination of the accounts

5.1 Fees for examination of the accounts Independent Examiner's fees Other charges paid to examiner	2025 £ 600 - 600	2024 £ 600 90
		690

6 Investment assets

Investments at fair value Comprising: Cash at cost Add/(deduct): net gain/(loss) on revaluation Sale of disposals Purchase of additions Dividends & interest Carrying (fair) value at end of year Carrying (fair) value at beginning of year Management fees	Cash & cash equivalents At cost £ 561 4,939 (2,477) 2,348 (69) - 5,302	Listed investments Total At fair value £ £ 74,934 75,495 (4,939 ) - 2,477 - - 2,348 (69) 13,303 13,303	Listed investments Total At fair value £ £ 74,934 75,495 (4,939 ) - 2,477 - - 2,348 (69) 13,303 13,303
		85,775	91,077
			5,302 85,775
			91,077

7 Cash at bank and in hand

Coop PayPal AUS dollars RBS current RBS deposit US dollars	£ 1,251 3,625 6,520 314 15,673 4,393 Unrestricted funds	£ - - - - - Restricted funds	Total Total 2025 2024 £ £ 1,251 9,688 3,625 5,542 6,520 27,766 314 272 15,673 3,123 4,393 11,736
	31,776		31,776 58,127

8 Debtors and prepayments

Debtors and prepayments Gift aid

2025	2024
£	£
5,569	5,483
5,569	5,483

12

9 Creditors and accruals Accruals & deferred income Analysis of creditors falling due within one year	2025 2024 £ £ 600 600
	600 600

10 Movement of funds

10.1 Movement of major funds

2025 Fund name Unrestricted funds Restricted Funds Equipment for schools Education Nutrition Total Funds 2024 Unrestricted Funds Restricted Funds Equipment for schools Education Nutrition Total Funds Fund Name	£ £ 138,505 221,781 Balance b/fwd Incoming resources	£ 245,767 Outgoing resources	£ - - - - - Transfers	£ £ 13,303 127,822 Balance c/fwd Gain/loss on invest
	- 50 - 1,824 - 532	50 1,824 532		- - - - - -
	- 2,406	2,406		- -
			- £ - - - - - - Transfers
	138,505 224,187	248,173		13,303 127,822
	£ £ 111,347 221,895 Incoming resources Balance b/fwd	£ 209,969 Outgoing resources		Balance c/fwd £ £ 15,232 138,505 Gain/loss on invest
	- 1,120 - 1,896 - 7,536	1,120 1,896 7,536		- - - - - -
	- 10,552	10,552		- -
	111,347 232,447	220,521		15,232 138,505

13

10.2 Details of Funds Held

Unrestricted Funds (General)

The general fund is unrestricted and available for general purposes.

Restricted Funds

The restricted funds are only available for the purposes specified for each fund, which are:

Equipment for schools

Donations given for equipment and uniforms in the schools

Education

Donations given towards education

Nutrition

A fund to enable the improvement in physical improvement through healthcare and nutrition.

11 Net assets between funds

Fixed assets Current assets Current liabilities Balance at 31st March 2025 Balance at 31st March 2024 Fixed assets Current assets	Unrestricted Funds £ 91,077 37,345 (600)	Restricted Funds £ - - - - Restricted Funds £ - - -	Total 2025 £ 91,077 37,345 (600)
	127,822		127,822
	Unrestricted Funds £ 75,495 63,610 (600)		Total 2024 £ 75,495 63,610 (600 )
	138,505		138,505

14