REGISTERED COMPANY NUMBER: |
REGISTERED CHARITY NUMBER: |
REPORT OF THE TRUSTEES AND |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST OCTOBER 2024 |
FOR |
THE RAJVIR FOUNDATION |
REGISTERED COMPANY NUMBER: |
REGISTERED CHARITY NUMBER: |
REPORT OF THE TRUSTEES AND |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST OCTOBER 2024 |
FOR |
THE RAJVIR FOUNDATION |
THE RAJVIR FOUNDATION |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31ST OCTOBER 2024 |
Page |
Report of the Trustees | 1 | to | 2 |
Independent Examiner's Report | 3 |
Statement of Financial Activities | 4 |
Balance Sheet | 5 |
Notes to the Financial Statements | 6 | to | 10 |
THE RAJVIR FOUNDATION (REGISTERED NUMBER: 13689941) |
REPORT OF THE TRUSTEES |
FOR THE YEAR ENDED 31ST OCTOBER 2024 |
The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31st October 2024. The trustees have adopted the provisions 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 Republic of Ireland (FRS 102) (effective 1 January 2019). |
OBJECTIVES AND ACTIVITIES |
Objectives and aims |
The Charity Trustees are keen to support activities that advance the Objects in an effective way. However, they recognise that a limited amount of funds is available to distribute each year. The Charity Trustees' current funding priorities are: |
- the preservation of health; |
- the advancement of education; |
- the support of children; |
- the support of women; |
- tribal care; |
- the support of communities; |
- humanitarian support; |
- the advancement of animal welfare; |
- the conservation of the environment; |
- the support of emergency reliefs; and |
- the advancement of religion. |
ACHIEVEMENT AND PERFORMANCE |
Charitable activities |
This is the third year for the Foundation. A total of £172,825 grants were paid. A lot of requests are regularly being received by mail and some of them are entertained matching Foundations objectives and availability of funds. |
FINANCIAL REVIEW |
Financial review and results for the year |
One of the primary objectives of the Foundation is to preserve the Corpus and issue grants on earnings. For the current year the investment returned unrealised gain of £143,442, this will provide more opportunities to enhance grant issuing for the forthcoming year and thus serve the objectives of the Foundation. |
FUTURE PLANS |
The Trustees regularly scrutinize various grant applications, review them and execute accordingly. |
STRUCTURE, GOVERNANCE AND MANAGEMENT |
Governing document |
The charity is controlled by its governing document, a deed of trust, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006. |
Recruitment and appointment of trustees |
The existing Trustees are responsible for the appointment/removal of the Trustees in accordance with the charity deed of trust. New Trustees are briefed about their responsibilities by the existing Trustees. The Trustees are appointed for a term of three years by a resolution of the Trustees passed at a special meeting. |
Organisational structure |
The Charity Trustees are responsible for the general control and management of the charity. The Trustees give their time freely and receive no remuneration or other financial benefits. The ordinary meetings of the Trustees as a body take place at least twice per annum, additional meetings take place when required. The activities of the Trust are managed by the Trustees. |
Risk management |
The trustees have a duty to identify and review the risks to which the charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error. |
The Trustees are satisfied that there are appropriate controls in place to provide reasonable assurance against fraud or error and to deal with risks identified. All the Grants are issued by a cheque written signed by two Trustees. |
REFERENCE AND ADMINISTRATIVE DETAILS |
Registered Company number |
THE RAJVIR FOUNDATION (REGISTERED NUMBER: 13689941) |
REPORT OF THE TRUSTEES |
FOR THE YEAR ENDED 31ST OCTOBER 2024 |
Registered Charity number |
Registered office |
Trustees |
Independent Examiner |
PSJ Alexander & Co |
Chartered Accountants |
1 Doughty Street |
London |
WC1N 2PH |
Approved by order of the board of trustees on |
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF |
THE RAJVIR FOUNDATION |
Independent examiner's report to the trustees of The RajVir Foundation ('the Company') |
I report to the charity trustees on my examination of the accounts of the Company for the year ended 31st October 2024. |
Responsibilities and basis of report |
As the charity's trustees of the Company (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 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: |
1. | accounting records were not kept in respect of the Company as required by Section 386 of the 2006 Act; or |
2. | the accounts do not accord with those records; or |
3. | 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 |
4. | 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. |
Mr Vimal Shah FCA |
PSJ Alexander & Co |
Chartered Accountants |
1 Doughty Street |
London |
WC1N 2PH |
21st November 2024 |
THE RAJVIR FOUNDATION |
STATEMENT OF FINANCIAL ACTIVITIES |
FOR THE YEAR ENDED 31ST OCTOBER 2024 |
2024 | 2023 |
Unrestricted | Total |
fund | funds |
Notes | £ | £ |
INCOME AND ENDOWMENTS FROM |
Donations and legacies |
Other income |
Total |
EXPENDITURE ON |
Charitable activities |
Other |
Total |
Net gains on investments |
NET INCOME |
RECONCILIATION OF FUNDS |
Total funds brought forward |
TOTAL FUNDS CARRIED FORWARD | 1,252,318 |
THE RAJVIR FOUNDATION (REGISTERED NUMBER: 13689941) |
BALANCE SHEET |
31ST OCTOBER 2024 |
2024 | 2023 |
Unrestricted | Total |
fund | funds |
Notes | £ | £ |
FIXED ASSETS |
Investments | 5 |
CURRENT ASSETS |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 6 | ( |
) | ( |
) |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
NET ASSETS |
FUNDS | 7 |
Unrestricted funds | 1,252,318 |
TOTAL FUNDS | 1,252,318 |
The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st October 2024. |
The members have not required the company to obtain an audit of its financial statements for the year ended 31st October 2024 in accordance with Section 476 of the Companies Act 2006. |
The trustees acknowledge their responsibilities for |
(a) | ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company. |
These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime. |
The financial statements were approved by the Board of Trustees and authorised for issue on |
THE RAJVIR FOUNDATION |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31ST OCTOBER 2024 |
1. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The financial statements of the charitable company, which is a public benefit entity under FRS 102, 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)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value, as modified by the revaluation of certain assets. |
Going concern |
At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements. |
Income |
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably. |
Expenditure |
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, 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 accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources. |
Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure. |
Taxation |
The charity is exempt from corporation tax on its charitable activities. |
Fund accounting |
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees. |
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes. |
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements. |
Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
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. |
Cash at bank and in hand |
Cash at bank and cash in hand includes immediate access and overnight bank deposits. All other deposits are included as term deposits. |
Creditors and provisions |
Creditors and provisions are recognised where the charity has a present obligation resulting 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. |
Financial instruments |
THE RAJVIR FOUNDATION |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST OCTOBER 2024 |
1. | ACCOUNTING POLICIES - continued |
The Charity only has financial assets and financial liabilities of a kind that qualify as basic financial instuments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method. |
2. | NET INCOME/(EXPENDITURE) |
Net income/(expenditure) is stated after charging/(crediting): |
2024 | 2023 |
£ | £ |
Auditors' remuneration | - | 3,180 |
3. | TRUSTEES' REMUNERATION AND BENEFITS |
There were no trustees' remuneration or other benefits for the year ended 31st October 2024 nor for the year ended 31st October 2023. |
Trustees' expenses |
There were no trustees' expenses paid for the year ended 31st October 2024 nor for the year ended 31st October 2023. |
4. | COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES |
Unrestricted |
fund |
£ |
INCOME AND ENDOWMENTS FROM |
Donations and legacies |
Other income |
Total |
EXPENDITURE ON |
Charitable activities |
Other |
Total |
Net gains on investments |
NET INCOME |
RECONCILIATION OF FUNDS |
Total funds brought forward |
TOTAL FUNDS CARRIED FORWARD | 1,252,318 |
THE RAJVIR FOUNDATION |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST OCTOBER 2024 |
5. | FIXED ASSET INVESTMENTS |
Listed |
investments |
£ |
MARKET VALUE |
At 1st November 2023 |
Disposals | ( |
) |
Revaluations |
At 31st October 2024 |
NET BOOK VALUE |
At 31st October 2024 | 1,217,420 |
At 31st October 2023 | 1,137,606 |
There were no investment assets outside the UK. |
Cost or valuation at 31st October 2024 is represented by: |
Listed |
investments |
£ |
Valuation in 2022 | (61,857 | ) |
Valuation in 2023 | 49,463 |
Valuation in 2024 | 143,501 |
Cost | 1,086,313 |
1,217,420 |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Accrued expenses |
7. | MOVEMENT IN FUNDS |
Net |
At | movement | At |
1/11/23 | in funds | 31/10/24 |
£ | £ | £ |
Unrestricted funds |
General fund | 1,252,318 | 44 | 1,252,362 |
TOTAL FUNDS | 44 | 1,252,362 |
Net movement in funds, included in the above are as follows: |
Incoming | Resources | Gains and | Movement |
resources | expended | losses | in funds |
£ | £ | £ | £ |
Unrestricted funds |
General fund | 35,630 | (179,028 | ) | 143,442 | 44 |
TOTAL FUNDS | ( |
) | 44 |
THE RAJVIR FOUNDATION |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST OCTOBER 2024 |
7. | MOVEMENT IN FUNDS - continued |
Comparatives for movement in funds |
Net |
At | movement | At |
1/11/22 | in funds | 31/10/23 |
£ | £ | £ |
Unrestricted funds |
General fund | 1,205,531 | 46,787 | 1,252,318 |
TOTAL FUNDS | 1,205,531 | 46,787 | 1,252,318 |
Comparative net movement in funds, included in the above are as follows: |
Incoming | Resources | Gains and | Movement |
resources | expended | losses | in funds |
£ | £ | £ | £ |
Unrestricted funds |
General fund | 25,756 | (31,845 | ) | 52,876 | 46,787 |
TOTAL FUNDS | 25,756 | (31,845 | ) | 52,876 | 46,787 |
A current year 12 months and prior year 12 months combined position is as follows: |
Net |
At | movement | At |
1/11/22 | in funds | 31/10/24 |
£ | £ | £ |
Unrestricted funds |
General fund | 1,205,531 | 46,831 | 1,252,362 |
TOTAL FUNDS | 1,205,531 | 46,831 | 1,252,362 |
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows: |
Incoming | Resources | Gains and | Movement |
resources | expended | losses | in funds |
£ | £ | £ | £ |
Unrestricted funds |
General fund | 61,386 | (210,873 | ) | 196,318 | 46,831 |
TOTAL FUNDS | 61,386 | (210,873 | ) | 196,318 | 46,831 |
THE RAJVIR FOUNDATION |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST OCTOBER 2024 |
8. | RELATED PARTY DISCLOSURES |
- The charity made donations during the year to the following beneficiaries. The RajVir Foundation and the following beneficiaries have a trustee in common (Shailesh Virani). |
1. 25.06.24 - SRMD UK - 20 years celebration - £50,000 |
2. 31.07.24 - SRMD UK - 20 years celebration - £25,000 |
3. 06.09.24 - SRMD UK - 20 years celebration - £3,500 |
4. 08.10.24 - SRMD UK - Promotion of nutrition bar - £1,000 |