## **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