The Trustees present their annual report and financial statements for the year ended 31 December 2023.
The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the foundation's Memorandum and Articles of Association, the Companies Act 2006 and "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 only object for which the foundation was established is for the public benefit to further such exclusively charitable purposes according to the laws of England and Wales as the Trustees in their absolute discretion from time to time determine.
Grants
Icahn School of Medicine at Mount Sinai £1,610,600 – The donation was made for the sole purpose of creating a cardiovascular clinical institute consisting of nationally recognized physicians and researchers who conduct clinical trials and incorporate the latest scientific guidelines into their practice.
Vogue World (Charities Aid Foundation) £60,000 - We aim to specifically support work that speaks to Vogue's commitment to inclusivity, supporting marginalised voices, providing pathways into the arts and seeing a section of the funds going directly to organisations who represent freelancers who of course make up the beating heart of the city's creative community.
Seva Grant £24,000 - An annual grant that provides seed capital for a new philanthropic venture, supports existing charities and helps sustain grassroots community projects.
Make-A-Wish Foundation UK £15,000 - The contribution was made towards the charity’s mission to grant magical wishes to children and young people fighting life-threatening illnesses.
The Royal Institute of International Affairs £10,000 – The donation provided the Institute with its mission to help governments and societies build a sustainably secure, prosperous and just world.
The Children's Trust £9,600 – This grant assisted the charity in purchasing specialist equipment required to assist children with brain injury and neuro disability.
Prajna Scholar £24,740 - A scholarship programme supports children of Indorama’s extended family of employees to attend top universities globally. The scholarship will cover tuition fees and living expenses for students who demonstrate exceptional academic performance.
Venkatakrushna £11,000 – The donation was made to support the buying of land to build the Temple once the land has been acquired.
The Trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the foundation should undertake.
Icahn School of Medicine at Mount Sinai £1,610,600 – Through cross-departmental collaboration, the Institute offers the latest treatment modalities, protocols, and cutting-edge medication regimens, giving patients the top-quality, evidence-based care necessary to improve their health. A key example of pioneering research within the CVCl is the Yellow IV study, which is aimed at reducing high levels of low-density lipoprotein cholesterol (LDL-C) in patients with very high LDL-C levels, and those who experience side effects to high-dose statins.
Under the direction of Dr Annapoorna Kini, MD, the Yellow IV trial will study the effect of a lipid-lowering medication on high-risk patients with stable coronary artery disease (CAD).The trial will enrol patients on the highest dose of a statin who have persistently high LDL-C levels. Dr. Kini hopes the trial will help improve our understanding of the mechanisms responsible for "no-response" to lipid-lowering while identifying patients at high risk for adverse health outcomes.
Vough World (Charities Aid Foundation) £60,000 - London Fund for the Performing Arts, with the support of grant making organisation CAF. Conde Nast has already committed to donate the net revenue from ticket sales and we are inviting a selected group of organisations to join us in supporting the performing arts in London.
Seva Grant £24,000 - There were three grantees who received seed money to support charitable causes:
Mr. Abdul Haris Fitri in Indonesia received a grant in collaboration with the Pejuang Cancer Foundation in Indonesia to provide patients with the cost of medication, doctor check-ups and nutrition. During the 3 months covered by the grant, over 30 patients under the age of 14 received support through the grant which enabled access to basic groceries as well as the necessary procedures, treatments a medical support.
Mr. Samchuks Valentine Chikwadom in Nigeria received aid in providing training for Eleme Community youth to develop entrepreneurship skills. Many of the youth are orphans, physically disabled and less privileged. Through the partnership with Samchuks Entrepreneurship Foundation, the project provided foundational and practical skills for over 100 participants. The Foundation aims to provide a range of practical training including shoemaking, farming, baking, and furniture making. Each training module incorporated a blend of theoretical knowledge and practical application, ensuring participants gained a well-rounded understanding of their chosen field. A total of 127 participants successfully enrolled and completed the program, demonstrating their commitment to self-improvement and economic empowerment. The project ended with a closing ceremony in which certificate of completion and Empowerment starter packages were issued to all the beneficiaries.
Together with the non-profit organisations Kenneth Johnson Foundation and Wiiyaakara Community Development Council in Nigeria, the grant aided in community sensitisation, site mobilisation, removal of the old market structure and laying the foundational blocks for the new market, as well as electrical re-wiring and repainting of the market.
Make-A-Wish Foundation UK £15,000 - On average Make-A-Wish grants approximately 1,000 wishes per year. In 2023, they granted over 1,200 wishes. An example of the wishes that were delivered successfully are Izzy was training to be a ballet dancer and completed her chemotherapy during a period where she completed in the All England National ballet finals. Her wish was to spend the day at a ballet company, and she also attended the Nutcracker at the National Opera House.
The Royal Institute of International Affairs £10,000 (Chatham House) – The S.P. Lohia Foundation provided much needed unrestricted funding in the amount of £10,000 in 2022/23. The Foundation grant has been used, alongside other restricted donations, to ensure the sustainable future of Chatham House; maintaining our ability to convene meetings, explore new and emerging areas of research, and to reach and engage a more diverse audience.
The Children's Trust £9,600 – This will help charity to buy specialist equipment to help children with brain injury or neurodisability. It has funded a range of sensory equipment alongside fun feature wallpaper and blinds to create an under the water theme! The eight children who live in Chestnut House are now benefiting from a lovely interactive environment.
Prajna Scholar £24,740 - The scholarship was awarded to Humoyun Umarov of Uzbekistan at Arizona University.
It is the policy of the foundation that unrestricted funds which have not been designated for a specific use should be maintained at a level equivalent to between three and six month’s expenditure. The Trustees consider that reserves at this level will ensure that, in the event of a significant drop in funding, they will be able to continue the foundation’s current activities while consideration is given to ways in which additional funds may be raised.
The Trustees have assessed the major risks to which the foundation is exposed and are satisfied that systems are in place to mitigate those major risks.
The Trustess have the following plans for the future of the foundation:
The foundation is currently working with a US philanthropic organisation to develop a programme to support sustainability in fashion.
The foundation is looking into supporting a film project to spread the positive impact chess has as an amateur sport on mental health. The film will focus on the story of an inmate in a high-security prison who has benefited from chess and will be released for an early parole.
The foundation will continue to support the cardiovascular programme at the Mt Sinai Cardiovascular Institute.
The foundation will continue its support for visual art programmes at UK public art institutions.
The foundation plans to continue with the Seva Grant and Prajña Scholarship programmes.
The foundation is a company limited by guarantee and is governed by its Memorandum and Articles of Association. The foundation was incorporated on 27 February 2021 and was registered as a charity on 6 August 2021.
The Trustees, who are also the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements were:
None of the Trustees have any beneficial interest in the foundation.
Unless otherwise determined by the Trustees, the number of Trustees shall not be less than three but shall not be subject to any maximum.
The first Trustees shall be the persons who consent to be appointed as Trustees on incorporation of the Foundation.
The Trustees shall have the power at any time to appoint any person who is able and willing to do so to be a Trustee.
In accordance with the company's articles, a resolution proposing that Berkeley Finch Limited be reappointed as auditor of the company will be put at a General Meeting.
This report has been prepared in accordance with the small companies regime under the Companies Act 2006. Approved by the Trustees and signed on their behalf.
The Trustees, who are also the directors of S P Lohia Foundation for the purpose 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 which give a true and fair view of the state of affairs of the foundation and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that year.
In preparing these financial statements, the Trustees are required to:
- select suitable accounting policies and then apply them consistently;
- observe the methods and principles in the Charities SORP;
- make judgements and estimates that are reasonable and prudent; and
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the foundation will continue in operation.
The Trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the foundation 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 foundation and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Opinion
We have audited the financial statements of S P Lohia Foundation (the ‘foundation’) for the year ended 31 December 2023 which comprise the statement of financial activities, the balance sheet, the statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion, the financial statements:
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the foundation in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
In auditing the financial statements, we have concluded that the Trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the foundation’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report.
Other information
The other information comprises the information included in the Trustees' report other than the financial statements and our auditor's report thereon. The Trustees are responsible for the other information contained within the Trustees' report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our audit:
the information given in the Trustees' report for the financial year for which the financial statements are prepared, which includes the directors' report prepared for the purposes of company law, is consistent with the financial statements; and
the directors' report included within the Trustees' report has been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustees' report (including the directors' report).
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
we have not received all the information and explanations we require for our audit; or
the Trustees were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemptions in preparing the Trustees' report and from the requirement to prepare a strategic report.
As explained more fully in the statement of Trustees' responsibilities, the Trustees, who are also the directors of the foundation for the purpose of company law, are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the Trustees are responsible for assessing the foundation’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.
Based on our understanding of the charity and the industry in which it operates, we identified the principal laws and regulations that directly affect the financial statements to be the Charities Act, Employment Act and Trustee Act. We assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items.
In addition, the charity is subject to many other laws and regulations where the consequences of non-compliance could have a material effect on amounts or disclosures in the financial statements, for instance through the imposition of fines or litigation. Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the Trustees and other management and inspection of regulatory and legal correspondence if any.
Audit procedures performed by the engagement team included:
- Enquiry of management, those charged with governance around actual and potential litigation and claims;
- Enquiry of entity staff to identify any instances of noncompliance with laws and regulations;
- Reviewing minutes of meetings of those charged with governance;
- Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations;
- Performing audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or noncompliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
Other matters
The prior year financial statements were unaudited. Sufficient appropriate audit evidence was obtained to ensure that the opening balances were free from material misstatement that may affect the current period's financial statements.
Use of our report
This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company’s members as a body, for our audit work, for this report, or for the opinions we have formed.
The statement of financial activities includes all gains and losses recognised in the year.
All income and expenditure derive from continuing activities.
S P Lohia Foundation is a private company limited by guarantee incorporated in England and Wales. The registered office and principal address is 6th Floor, 86 Jermyn Street, London, SW1Y 6JD.
The financial statements have been prepared in accordance with the foundation's Memorandum and Articles of Association, the Companies Act 2006, FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the Charities SORP "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 foundation is a Public Benefit Entity as defined by FRS 102.
The financial statements are prepared in sterling, which is the functional currency of the foundation. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
At the time of approving the financial statements, the Trustees have a reasonable expectation that the foundation 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.
Unrestricted funds are available for use at the discretion of the Trustees in furtherance of their charitable objectives.
Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.
Cash donations are recognised on receipt. Other donations are recognised once the foundation has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.
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 are allocated on the portion of the asset’s use.
Governance costs comprise all costs incurred in running the foundation itself as an organisation and its compliance with regulation and good practice.
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
Charitable Expenditure
Charitable Expenditure
Travel and subsistence
Advertising and public relations
Charitable Expenditure
Charitable Expenditure
Independent examiner's fees
Accountancy and payroll fees
Other costs
Insurance
None of the Trustees (or any persons connected with them) received any reimbursed expenses from the foundation during the year.
The average monthly number of employees during the year was:
The donation was made for the sole purpose of creating a cardiovascular clinical institute consisting of nationally recognized physicians and researchers who conduct clinical trials and incorporate the latest scientific guidelines into their practice.
There were no disclosable related party transactions during the year.
The foundation had no debt during the year.