Registered number: 07662565
Charity number: 1142788
(A company limited by guarantee)
TRUSTEES' REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 JUNE 2024
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KHOO TECK PUAT UK FOUNDATION
(A company limited by guarantee)
CONTENTS
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KHOO TECK PUAT UK FOUNDATION
(A company limited by guarantee)
REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS
FOR THE YEAR ENDED 29 JUNE 2024
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KHOO TECK PUAT UK FOUNDATION
(A company limited by guarantee)
TRUSTEES' REPORT
FOR THE YEAR ENDED 29 JUNE 2024
The trustees present their annual report together with the audited financial statements of the Khoo Teck Puat UK Foundation for the year 30 June 2023 to 29 June 2024. The annual report serves the purposes of both a trustees' report and a directors' report under company law. The trustees confirm that the annual report and financial statements of the charitable company comply with the current statutory requirements, the requirements of the charitable company's governing document and the provisions of the Statement of Recommended Practice (SORP) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (effective 1 January 2019).
Since the charity qualifies as small under section 382 of the Companies Act 2006, the strategic report required of medium and large companies under the Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013 has been omitted.
Objectives and activities
a. Policies and objectives
The charity's objectives are:
- the advancement of the education of the public - the relief of sickness and the preservation and advancement of healthcare and medical research.
In setting objectives and planning for activities, the trustees have given due consideration to general guidance published by the Charity Commission relating to public benefit, including the guidance 'Public benefit: running a charity (PB2)'.
b. Grant-making policies
The trustees have paid due regard to guidance on public benefit issued by the Charity Commission in deciding what activities the foundation should undertake. The trustees consider that any reader would be satisfied the actions of the foundation work towards its objectives.
c. Main activities undertaken to further the charity's purposes for the public benefit
During the current period, the foundation has derived rental income from its income generating assets, the investment properties. One property was purchased in 2011 using an unrestricted donation from Khoo Teck Puat Foundation. The funds generated through rental income from this property are therefore unrestricted.
In 2016, following receipt of a £60,000,000 loan, the foundation acquired a second investment property to be used as an income generating unit. The loan was from the Estate of Khoo Teck Puat. The funds generated through rental income from this property are also unrestricted.
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KHOO TECK PUAT UK FOUNDATION
(A company limited by guarantee)
Achievements and performance
a. Review of activities
The foundation has expended some resources on the maintenance and running of the investment properties and these are categorised as fundraising costs. There has also been expenditure on the management of the foundation which are categorised as governance costs.
During the year, the foundation has made grants totalling £200,000 (2023: £1,905,000). No additional grants have been committed at the year end. Outstanding grant commitment of £405,000 (2023: £905,000) has been paid to Chelsea and Westminster Hospital after the year-end. The Khoo Teck Puat UK Foundation has committed £1.905 million to create a brand-new Young People’s Rapid Assessment Unit at Chelsea and Westminster Hospital. The brand-new Khoo Teck Puat UK Foundation Rapid Assessment Unit will be the UK’s first 72-hour assessment space for young people in mental health crisis. The unit will form part of the state-of-the-art Reuben Young People’s Centre, which will be staffed by a multidisciplinary team and will integrate medical care with mental health care to quickly and seamlessly assess, transfer, and treat young people requiring help. Included in the grant is a contribution of £405,000 to support a three-year programme of Arts in Health activities and therapeutic interventions, as well as digital interventions to provide the best possible support and environment for young people. The grant disbursements schedule is as follows: Payment Amount: Due Date: (month and year) £1,000,000 December 2022 (paid during the prior year) £500,000 December 2023 (paid during the year) Paid after the year end: £405,000 December 2024
b. Fundraising activities and income generation
The foundation's funds are generated through the collection of rental income from its investment properties. No fundraising activities from third parties are undertaken.
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KHOO TECK PUAT UK FOUNDATION
(A company limited by guarantee)
Financial review
a. Summary
During the year the foundation saw an increase in income to £5,741,742 (2023: £5,338,902), along with a reduction in its expenditure to £3,140,056 (2023: £4,428,007). There has been an increase in the fair value of the investment properties held of £12,522,803 (2023: loss on fair value £23,100,565). Resulting in a net incoming of funds in the current financial year of £15,124,492 (2023: net outgoing of funds £22,189,670). The statement of financial position set out on page 13 of the financial statements shows the financial position of the foundation at 29 June 2024. The foundation has investment properties with a fair value of £107,622,803 (2023: £95,100,000) Net current assets of £10,604,242 (2023: £16,348,553), includes tenant deposits held more than one year of £1,861,235 (2023: £1.703.800). Current assets also includes trade debtors of £367,175 (2023: £486,924), rent free period balance of £714,342 (2023: £812,854). Cash at bank and notice deposits of £10,732,656 (2023: £16,417,122). Current liabilities includes trade creditors of £416,703 (2023: £577,337), a donation commitment of £405,000 (2023: £500,000). Also within current liabilities is deferred rental income of £1,103,929 (2023: £1,054,738). Non current liabilities of £33,891,793 (2023: £42,237,793) is represented by principal loans of £32,030,558 (2023: £40,128,993). The resulting net assets amount to £84,335,252 (2023: £69,210,760) which is represented by unrestricted fund of £84,335,252 (2023: £69,210,760).
b. Going concern
c. Reserves policy
It is the policy of the foundation that unrestricted funds which have not been designated for a specific use should be maintained at a minimum level equivalent to between three and six months' 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. Free reserves are in excess of that figure and currently total £8,743,007 (2023: £14,644,753). The trustees are considering plans for the excess free reserves including any additional investments.
d. Principal funding
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KHOO TECK PUAT UK FOUNDATION
(A company limited by guarantee)
Financial review (continued)
e. Unrestricted funds
At the year end, all of the funds of the foundation are considered to be unrestricted. The investment properties of the foundation are maintained in line with the foundation's conservative attitude to risk, which aims to conserve the value of its income generating investments, but any realised gains on the valuation of this could be used to fund grants as with the investment income of the foundation. Unrestricted funds are to be used for the charitable objectives of the foundation as the trustees consider appropriate. At the year end these are £84,335,252 (2023: £69,210,760), which includes an unrestricted reserve balance in relation to loan discounting of £3,969,442 (2023: £5,871,007).
Structure, governance and management
a. Constitution
Khoo Teck Puat UK Foundation is registered as a charitable company limited by guarantee and was set up by a Memorandum of Association dated 8 June 2011.
b. Methods of appointment or election of trustees
c. Organisational structure and decision-making policies
d. Policies adopted for the induction and training of trustees
e. Related party relationships
As at the balance sheet date, Khoo Teck Puat UK Foundation owed £32,030,558 (2023: £40,128,993) to the Estate of Khoo Teck Puat. During the year the foundation received rental income of £148,500 (2023: £110,800) from Royal Garden Hotel Limited, a company under the common control of the Trustees. As at the balance sheet date, Khoo Teck Puat UK Foundation was owed £44,550 (2023: £Nil) by Royal Garden Hotel Limited.
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KHOO TECK PUAT UK FOUNDATION
(A company limited by guarantee)
Structure, governance and management (continued)
f. Risk management
The trustees have assessed the major risks to which the charity is exposed, in particular those related to the operations and finances of the charity, and are satisfied that systems and procedures are in place to mitigate exposure to the major risks. The foundation actively manages its property assets to ensure the foundation receives long term secure investment income, providing the foundation with cash resources from which to make grants whilst protecting the foundation's capital asset.
Plans for future periods
Disclosure of information to auditor
Each of the persons who are trustees at the time when this trustees' report is approved has confirmed that:
∙so far as that trustee is aware, there is no relevant audit information of which the charity's auditor is unaware, and
∙that trustee has taken all the steps that ought to have been taken as a trustee in order to be aware of any relevant audit information and to establish that the charity's auditor is aware of that information.
Approved by order of the members of the board of trustees and signed on their behalf by:
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KHOO TECK PUAT UK FOUNDATION
(A company limited by guarantee)
STATEMENT OF TRUSTEES' RESPONSIBILITIES
FOR THE YEAR ENDED 29 JUNE 2024
Page 7
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KHOO TECK PUAT UK FOUNDATION
(A company limited by guarantee)
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF KHOO TECK PUAT UK FOUNDATION
We have audited the financial statements of Khoo Teck Puat UK Foundation (the 'charity') for the year ended
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 charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council'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 charitable company'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.
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KHOO TECK PUAT UK FOUNDATION
(A company limited by guarantee)
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF KHOO TECK PUAT UK FOUNDATION (CONTINUED)
The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The trustees are responsible for the other information contained within the annual 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.
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Trustees' Report for the financial year for which the financial statements are prepared is consistent with the financial statements.
∙the Trustees' Report has been prepared in accordance with applicable legal requirements.
In the light of our 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.
We have nothing to report in respect of the following matters in relation to which 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
∙certain disclosures of trustees' remuneration specified by law are not made; 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.
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KHOO TECK PUAT UK FOUNDATION
(A company limited by guarantee)
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF KHOO TECK PUAT UK FOUNDATION (CONTINUED)
As explained more fully in the trustees' responsibilities statement, the trustees (who are also the directors of the charitable company for the purposes 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.
We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.
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:
∙the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
∙we identified the laws and regulations applicable to the charity through discussions with trustees and other management, and from our commercial knowledge and experience of the charity and investment property sector;
∙we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the charitable company, including the Companies Act 2006, and taxation legislation;
∙we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management; and
∙identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.
We assessed the susceptibility of the charity’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:
∙making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and
∙considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.
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KHOO TECK PUAT UK FOUNDATION
(A company limited by guarantee)
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF KHOO TECK PUAT UK FOUNDATION (CONTINUED)
Auditor's responsibilities for the audit of the financial statements (continued)
To address the risk of fraud through management bias and override of controls, we:
∙performed analytical procedures to identify any unusual or unexpected relationships;
∙tested a sample of journal entries to identify unusual transactions;
∙assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and
∙investigated the rationale behind significant or unusual transactions.
In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:
∙agreeing financial statement disclosures to underlying supporting documentation;
∙reading the minutes of meetings of those charged with governance; and
∙enquiring of management as to actual and potential litigation and claims;
There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance.
Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any. Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's 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 auditor's 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 its members, as a body, for our audit work, for this report, or for the opinions we have formed.
for and on behalf of
Chartered Accountants
Statutory Auditor
16 Great Queen Street
Covent Garden
London
WC2B 5AH
6 May 2025
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KHOO TECK PUAT UK FOUNDATION
(A company limited by guarantee)
STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT)
FOR THE YEAR ENDED 29 JUNE 2024
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KHOO TECK PUAT UK FOUNDATION
(A company limited by guarantee)
REGISTERED NUMBER: 07662565
BALANCE SHEET
AS AT 29 JUNE 2024
The financial statements were approved and authorised for issue by the trustees and signed on their behalf by:
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KHOO TECK PUAT UK FOUNDATION
(A company limited by guarantee)
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 29 JUNE 2024
Page 14
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KHOO TECK PUAT UK FOUNDATION
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 JUNE 2024
Khoo Teck Puat UK Foundation is a company limited by guarantee incorporated in England and Wales. The charity's registered number is 1142788 and the registered office is The Scapel, 18th Floor, 52 Lime Street, London, EC3M 7AF.
The member of the charity is Khoo Teck Puat Foundation. In the event of the foundation being wound up, the liability in respect of the guarantee is limited to £1 per member of the foundation.
The financial statements are presented in Sterling (£).
2.Accounting policies
After making enquiries, the trustees have a reasonable expectation that the foundation has adequate resources to continue in operational existence and meet its liabilities as they fall due for the foreseeable future, being a period of at least twelve months from the date these financial statements were approved. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.
All income is recognised once the charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.
Investment income comprises rental income, service charges and other recoveries from tenants of the charity's investment properties. Rental income is recognised on an accruals basis in the period in which it is earned, in accordance with the terms of the lease. Inducements offered to tenants as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.
Other income is recognised in the period in which it is receivable and to the extent the goods have been provided or on completion of the service.
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KHOO TECK PUAT UK FOUNDATION
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 JUNE 2024
2.Accounting policies (continued)
Governance costs are those incurred in connection with administration of the charity and compliance with constitutional and statutory requirements. Costs of generating funds comprise the property maintenance and running costs. Charitable activities and governance costs are cost incurred on the charity's operations, including support costs and costs relating to the governance of the charity apportioned to charitable activities.
Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited.
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KHOO TECK PUAT UK FOUNDATION
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 JUNE 2024
2.Accounting policies (continued)
Financial assets and financial liabilities are recognised when the charity becomes party to the contractual provisions of the instrument. Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. The charity’s policies for its major classes of financial assets and financial liabilities are set out below. Financial assets Basic financial assets, including trade and other debtors, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest for a similar debt instrument. Financing transactions are those in which payment is deferred beyond normal business terms or is financed at a rate of interest that is not a market rate. Such assets are subsequently carried at amortised cost using the effective interest rate method, less any impairment. Financial liabilities Basic financial liabilities, including trade and other creditors and other loans are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Financing transactions are those in which payment is deferred beyond normal business terms or is financed at a rate of interest that is not a market rate. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. Impairment of financial assets Financial assets measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the profit and loss account. For financial assets measured at cost less impairment, the impairment loss is measured as the difference between the asset's carrying amount and the best estimate of the amount the company would receive for the asset if it were to be sold at the reporting date. For financial assets measured at amortised cost, the impairment loss is measured as the difference between the asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If the financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.
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KHOO TECK PUAT UK FOUNDATION
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 JUNE 2024
2.Accounting policies (continued)
Derecognition of financial assets and financial liabilities Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) despite having retained some significant risks and rewards of ownership, control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions. Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires. Offsetting of financial assets and financial liabilities Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously
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KHOO TECK PUAT UK FOUNDATION
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 JUNE 2024
Estimates and judgments are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Critical accounting estimates and assumptions:
The charity makes estimates and assumptions concerning the future. The resulting accounting estimates and assumptions will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below.
Investment property valuations
Investment properties in the current year have been valued by the trustees based on an open market value for existing use basis. This uses market rental values capitalised at a market rate but there is an inevitable degree of judgement involved in that each property is unique and value can only be ultimately be reliably tested in the market itself.
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KHOO TECK PUAT UK FOUNDATION
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 JUNE 2024
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KHOO TECK PUAT UK FOUNDATION
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 JUNE 2024
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KHOO TECK PUAT UK FOUNDATION
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 JUNE 2024
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KHOO TECK PUAT UK FOUNDATION
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 JUNE 2024
The 2024 valuations were made by the trustees based on an open market value for existing use basis.
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KHOO TECK PUAT UK FOUNDATION
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 JUNE 2024
Income has been deferred for rent received for the upcoming year.
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KHOO TECK PUAT UK FOUNDATION
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 JUNE 2024
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KHOO TECK PUAT UK FOUNDATION
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 JUNE 2024
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KHOO TECK PUAT UK FOUNDATION
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 JUNE 2024
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KHOO TECK PUAT UK FOUNDATION
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 JUNE 2024
Details of the grants made and paid during the year can be found in the Trustee's Report.
The ultimate parent undertaking is Khoo Teck Puat Foundation, a company limited by guarantee and incorporated in Singapore. The registered office address is 21 Mount Elizabeth, #02-00 York Hotel, Singapore 228516. Consolidated financial statements are not prepared.
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