Caseware UK (AP4) 2024.0.164 2024.0.164 Caseware UK (AP4) 2024.0.164 2024.0.164 2024-06-292025-05-052025-05-061384215201384215201686705041686705041384215202025-05-052024-06-292024-06-292023-06-30falseNo description of principal activity33 07662565 2023-06-30 2024-06-29 07662565 2022-07-01 2023-06-29 07662565 2024-06-29 07662565 2023-06-29 07662565 2023-06-30 07662565 2022-07-01 07662565 c:CompanySecretary1 2023-06-30 2024-06-29 07662565 c:RegisteredOffice 2023-06-30 2024-06-29 07662565 d:FreeholdInvestmentProperty 2024-06-29 07662565 d:FreeholdInvestmentProperty 2023-06-29 07662565 d:FreeholdInvestmentProperty 1 2023-06-30 2024-06-29 07662565 d:CurrentFinancialInstruments 2024-06-29 07662565 d:CurrentFinancialInstruments 2023-06-29 07662565 d:Non-currentFinancialInstruments 2024-06-29 07662565 d:Non-currentFinancialInstruments 2023-06-29 07662565 d:Non-currentFinancialInstruments 1 2024-06-29 07662565 d:Non-currentFinancialInstruments 1 2023-06-29 07662565 c:FRS102 2023-06-30 2024-06-29 07662565 c:Audited 2023-06-30 2024-06-29 07662565 c:PrivateLimitedCompanyLtd 2023-06-30 2024-06-29 07662565 b:Trustee1 2023-06-30 2024-06-29 07662565 b:Trustee2 2023-06-30 2024-06-29 07662565 b:Trustee3 2023-06-30 2024-06-29 07662565 b:UnrestrictedFundsGeneral 2023-06-30 2024-06-29 07662565 b:UnrestrictedFundsGeneral 2024-06-29 07662565 b:UnrestrictedFundsGeneral 2023-06-29 07662565 d:WithinOneYear 2024-06-29 07662565 d:WithinOneYear 2023-06-29 07662565 d:BetweenOneFiveYears 2024-06-29 07662565 d:BetweenOneFiveYears 2023-06-29 07662565 d:MoreThanFiveYears 2024-06-29 07662565 d:MoreThanFiveYears 2023-06-29 07662565 b:TotalUnrestrictedFunds 2024-06-29 07662565 b:TotalUnrestrictedFunds 2023-06-29 07662565 c:FullAccounts 2023-06-30 2024-06-29 iso4217:GBP xbrli:pure
Registered number: 07662565
Charity number: 1142788




KHOO TECK PUAT UK FOUNDATION
(A company limited by guarantee)
TRUSTEES' REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 JUNE 2024

 
KHOO TECK PUAT UK FOUNDATION
 
(A company limited by guarantee)
 

CONTENTS



Page
Reference and administrative details of the charity, its trustees and advisers
 
1
Trustees' report
 
2 - 6
Trustees' responsibilities statement
 
7
Independent auditor's report on the financial statements
 
8 - 11
Statement of financial activities
 
12
Balance sheet
 
13
Statement of cash flows
 
14
Notes to the financial statements
 
15 - 28

 
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



Trustees
Mavis Khoo
Elizabeth Khoo
Eric Khoo Kim Hai

Company registered number
07662565

Charity registered number
1142788

Registered office
The Scalpel
18th Floor
52 Lime Street
London
EC3M 7AF

Company secretary
JTC (UK) Limited

Independent auditor
Blick Rothenberg Audit LLP
Chartered Accountants
Statutory Auditor
16 Great Queen Street
Covent Garden
London
WC2B 5AH

Page 1

 
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 2024The 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 foundation will make grants to other registered charities to support projects that further the foundation's objectives and there has been no change in this policy during the period.
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.
 

Page 2

 
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)
P
aid 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.
 

Page 3

 
KHOO TECK PUAT UK FOUNDATION
 
(A company limited by guarantee)
 
Financial review
 

a. Summary
 

The Statement of financial activities set out on page 12 of the financial statements shows how the foundation's incoming resources have been expended in the year ended 30 June 2024.
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
 

After making appropriate enquiries, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the accounting policies.
 

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
 

In 2022, the loan balance payable to, the Estate of Khoo Teck Puat for £48,000,000 was renewed, for a further five years to May 2026. The loan is secured on the investment property and is interest free. The loan is to be repaid on the earlier of the 5th year anniversary of the amendment or the date when the properties are sold. During the year, there was a repayment against this loan balance of £10,000,000 (2023: £Nil)
 

Page 4

 
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
 

The management of the charity is the responsibility of the trustees who are appointed by resolution of the sole member, Khoo Teck Puat Foundation. None of the trustees has any beneficial interest in the foundation.
 

c. Organisational structure and decision-making policies
 

The board of trustees is the body responsible for the management of the foundation. The board meets periodically as needed but not less than annually. All major decisions regarding the foundation are approved by the board of trustees.
 

d. Policies adopted for the induction and training of trustees
 

New trustees undergo an orientation day to brief them on their legal obligations under charity and company law, the content of the Memorandum and Articles of Association, the committee, the decision making process, the business plan and recent financial performance of the foundation. Trustees are encouraged to attend appropriate external training events where these will facilitate the undertaking of their role. As disclosed in note 12 no Trustees received remuneration or reimbursement of expenses from the foundation.
 

e. Related party relationships
 

The foundation is the UK subsidiary of Khoo Teck Puat Foundation, a charitable organisation founded by Khoo Teck Puat which is incorporated in Singapore. The trustees work to ensure the foundation fulfils Khoo Teck Puat's philanthropic goals. Of the trustees; Mavis Khoo, Elizabeth Khoo and Eric Khoo Kim Hai are trustees of the parent charity.
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.
 

Page 5

 
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
 

The foundation will continue to contribute to the healthcare sector, with a focus on the needy and underserved communities.
 

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:



Mavis Khoo
Trustee

Date: 5 May 2025


Page 6

 
KHOO TECK PUAT UK FOUNDATION
 
(A company limited by guarantee)
 

STATEMENT OF TRUSTEES' RESPONSIBILITIES
FOR THE YEAR ENDED 29 JUNE 2024

The trustees (who are also the directors of the charity for the purposes 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. Under company law, the trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charity and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the trustees are required to:

select suitable accounting policies and then apply them consistently;
observe the methods and principles of the Charities SORP (FRS 102);
make judgments and accounting estimates that are reasonable and prudent;
state whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any material departures disclosed and explained in the financial statements;
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.


The trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charity's transactions and disclose with reasonable accuracy at any time the financial position of the charity 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 charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.


Page 7

 
KHOO TECK PUAT UK FOUNDATION

(A company limited by guarantee)
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF KHOO TECK PUAT UK FOUNDATION
 

Opinion


We have audited the financial statements of Khoo Teck Puat UK Foundation (the 'charity') for the year ended 29 June 2024 which comprise the statement of financial activities, the balance sheet, the statement of cash flows and the related notes, including a summary of 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:

give a true and fair view of the state of the charitable company's affairs as at 29 June 2024 and of its incoming resources and application of resources, including its income and expenditure for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


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 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.


Conclusions relating to going concern


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.


Page 8

 
KHOO TECK PUAT UK FOUNDATION

(A company limited by guarantee)
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF KHOO TECK PUAT UK FOUNDATION (CONTINUED)


Other information


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 reportOur 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.


Opinion on other matters prescribed by the Companies Act 2006
 

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.


Matters on which we are required to report by exception


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.


Page 9

 
KHOO TECK PUAT UK FOUNDATION

(A company limited by guarantee)
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF KHOO TECK PUAT UK FOUNDATION (CONTINUED)


Responsibilities of trustees


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.


In preparing the financial statements, the trustees are responsible for assessing the charitable company'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.
 

Auditor's responsibilities for the audit of the financial statements


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.
 
Page 10

 
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.


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 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.


Mark Hart (senior statutory auditor)
for and on behalf of
Blick Rothenberg Audit LLP
Chartered Accountants
Statutory Auditor
16 Great Queen Street
Covent Garden
London
WC2B 5AH

6 May 2025
Page 11

 
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

Unrestricted funds
2024
Total
funds
2024
Total
funds
2023
Note
        £
        £
        £

Income from:






Investments

4

5,741,742

5,741,742

5,163,902
 
Other income

5

-

-

175,000
 
Total income
5,741,742
5,741,742
5,338,902
Expenditure on:






Raising funds

6

799,236

799,236

711,909
 
Charitable activities

8

439,252

439,252

1,925,985
 
Other expenditure

9

1,901,565

1,901,565

1,790,113
 
Total expenditure
3,140,053
3,140,053
4,428,007

Net income before net gains/(losses) on investments

  

2,601,689

2,601,689

910,895
 
Net gains/(losses) on investments

 13 

12,522,803

12,522,803

(23,100,565)
 
Net movement in funds
  
15,124,492
15,124,492
(22,189,670)

Reconciliation of funds:

  




Total funds brought forward

  

69,210,760

69,210,760

91,400,430
 
Net movement in funds

  

15,124,492

15,124,492

(22,189,670)
 
Total funds carried forward
  
84,335,252
84,335,252
69,210,760

The statement of financial activities includes all gains and losses recognised in the year.

The notes on pages 15 to 28 form part of these financial statements.

Page 12

 
KHOO TECK PUAT UK FOUNDATION
 
(A company limited by guarantee)
REGISTERED NUMBER: 07662565
 
 
BALANCE SHEET
AS AT 29 JUNE 2024

2024
2023
Note
£
£

Fixed assets
  

Investment property
 13 
107,622,803
95,100,000

Current assets
  

Debtors due after more than 1 year
 14 
1,861,235
1,703,800

Debtors due within 1 year
 14 
1,305,060
1,498,351

Cash at bank and in hand
 20 
10,732,656
16,417,122

  
13,898,951
19,619,273

Creditors: amounts falling due within one year
 15 
(3,294,709)
(3,270,720)

Net current assets 
  
 
 
10,604,242
 
 
16,348,553

Total assets less current liabilities
  
118,227,045
111,448,553

Creditors: amounts falling due after more than one year
 16 
(33,891,793)
(42,237,793)

Total net assets 
  
84,335,252
69,210,760


Charity funds
  

Unrestricted funds
 17 
84,335,252
69,210,760

Total funds
  
84,335,252
69,210,760

The trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small companies regime.

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

Mavis Khoo
Trustee

Date: 5 May 2025


The notes on pages 15 to 28 form part of these financial statements.

Page 13

 
KHOO TECK PUAT UK FOUNDATION
 
(A company limited by guarantee)

 
 
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 29 JUNE 2024

2024
2023
Note
£
£

Cash flows from operating activities
  

Net cash used in operating activities

 19 

3,856,342
4,027,847

Cash flows from investing activities
  

Interest income
  
459,192
384,656

Net cash provided by investing activities

  

459,192
384,656

Cash flows from financing activities
  

Repayment of loan
  
(10,000,000)
-

Net cash used in financing activities

  

(10,000,000)
-

Change in cash and cash equivalents in the year
  
 
(5,684,466)
 
4,412,503

Cash and cash equivalents at the beginning of the year
  
16,417,122
12,004,619

Cash and cash equivalents at the end of the year
 20 
10,732,656
16,417,122

The notes on pages 15 to 28 form part of these financial statements

Page 14

 
KHOO TECK PUAT UK FOUNDATION

(A company limited by guarantee)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 JUNE 2024

1.


General information

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

  
2.1

Basis of preparation of financial statements

The financial statements 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), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

Khoo Teck Puat UK Foundation meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.

  
2.2

Going concern

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.

  
2.3

Income

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.

Page 15

 
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)

  
2.4

Expenditure

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 allocated on the portion of the asset’s use.
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.

Expenditure on raising funds includes all expenditure incurred by the charity to raise funds for its charitable purposes and includes costs of all fundraising activities events and non-charitable trading.

Expenditure on charitable activities is incurred on directly undertaking the activities which further the charity's objectives, as well as any associated support costs.

Grants payable are charged in the year when the offer is made except in those cases where the offer is conditional, such grants being recognised as expenditure when the conditions attaching are fulfilled. Grants offered subject to conditions which have not been met at the year end are noted as a commitment, but not accrued as expenditure.

  
2.5

Interest receivable

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.

  
2.6

Investment properties

Investment property is carried at fair value determined annually and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in the statement of financial activities incorporating income and expenditure account.

  
2.7

Cash at bank and in hand

Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

Page 16

 
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)

  
2.8

Financial instruments

The company has elected to apply Sections 11 and 12 of FRS 102 in respect of financial instruments.
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.
I
mpairment 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. 

 
Page 17

 
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)

2.8

Financial instruments (continued)

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.
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

  
2.9

Fund accounting

General funds are unrestricted funds which are available for use at the discretion of the trustees in furtherance of the general objectives of the charity and which have not been designated for other purposes.

Investment income, gains and losses are allocated to the appropriate fund. 

Included within unrestricted funds, is a capital contribution fund. The fund represents the deemed contribution on the interest free loan provided to the charity. The notional interest is unwound every year, within other expenditure of the statement of financial activities. The notional interest expense, is then transferred from the capital contribution fund into the general funds. In order to reduce the capital contribution fund balance up to the date of repayment. The fair value fund for the movements of the investment properties fair value movements are included within the unrestricted funds.

Page 18

 
KHOO TECK PUAT UK FOUNDATION

(A company limited by guarantee)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 JUNE 2024

3.

Critical accounting estimates and areas of judgment

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. 


4.

Investment income




Unrestricted funds
2024
Total
funds
2024
Total
funds
2023
        £
        £
        £




Rental income from investment properties

5,282,550

5,282,550

4,779,246
 
Interest income

459,192

459,192

384,656
 


5,741,742
5,741,742
5,163,902


5.

Other incoming resources




Unrestricted funds
2024
Total
funds
2024
Total
funds
2023
        £
        £
        £




Other incoming resources

-

-

175,000
 

Page 19

 
KHOO TECK PUAT UK FOUNDATION

(A company limited by guarantee)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 JUNE 2024

6.

Investment management costs




Unrestricted funds
2024
Total
funds
2024
Total
funds
2023
        £
        £
        £




Property costs

761,042

761,042

614,766
 
Investment management expenditure

38,194

38,194

97,143
 


799,236
799,236
711,909


7.

Analysis of grants




Grants to Institutions
2024
Total
funds
2024
Total
funds
2023
        £
        £
        £




Institutional grants

200,000

200,000

1,905,000
 
Total 2023


1,905,000
1,905,000

The charity has made the following material grants to institutions during the year:

2024
2023
£
£

Name of institution

Starlight Children's Foundation
200,000
-

CW+
-
1,905,000

200,000
1,905,000

Page 20

 
KHOO TECK PUAT UK FOUNDATION

(A company limited by guarantee)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 JUNE 2024

8.

Analysis of expenditure on charitable activities


Summary by fund type




Unrestricted funds
2024
Total
2024
Total
2023
        £
        £
        £




Auditor's remuneration

9,100

9,100

17,600
 
Institutional grants

200,000

200,000

1,905,000
 
Premises expenses

230,090

230,090

3,342
 
Bank charges

62

62

43
 


439,252
439,252
1,925,985


9.

Other expenditure




Unrestricted funds
2024
Total
funds
2024
Total
funds
2023
        £
        £
        £




Other interest payable

1,901,565

1,901,565

1,790,113
 

Page 21

 
KHOO TECK PUAT UK FOUNDATION

(A company limited by guarantee)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 JUNE 2024

10.

Analysis of expenditure by activities





Grant funding of activities
2024
Support costs
2024
Total
funds
2024
Total
funds
2023
        £
        £
        £
        £





Auditor's remuneration

-

9,100

9,100

17,600
 
Institutional grants

200,000

-

200,000

1,905,000
 
Premises expenses

-

230,090

230,090

3,342
 
Bank charges

-

62

62

43
 


200,000
239,252
439,252
1,925,985
Total 2023


1,905,000
20,985
1,925,985



11.

Auditor's remuneration

2024
2023
£
£

Fees payable to the charity's auditor for the audit of the charity's annual accounts
10,750
15,000

Fees payable to the charity's auditor in respect of:

All non-audit services not included above
3,250
2,600


12.


Trustees' remuneration and expenses

During the year, no trustees received any remuneration or other benefits (2023 - £Nil).

During the year ended 29 June 2024, no trustee expenses have been incurred (2023 - £Nil).

Page 22

 
KHOO TECK PUAT UK FOUNDATION

(A company limited by guarantee)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 JUNE 2024

13.


Investment property




Freehold investment property

£


Valuation

At 30 June 2023
95,100,000

Revaluations
12,522,803


At 29 June 2024
107,622,803

The 2024 valuations were made by the trustees based on an open market value for existing use basis.


14.



Debtors


2024
2023
£
£

Due after more than one year

Other debtors
1,861,235
1,703,800

1,861,235
1,703,800

Due within one year

Trade debtors
367,175
486,924

Prepayments and accrued income
937,885
1,011,427

3,166,295
3,202,151

Page 23

 
KHOO TECK PUAT UK FOUNDATION

(A company limited by guarantee)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 JUNE 2024

15.



Creditors: amounts falling due within one year


2024
2023
£
£


Trade creditors
416,703
577,337

Other taxation and social security
354,259
378,267

Other creditors
1,254,343
1,229,988

Accruals and deferred income
1,269,404
1,085,128

3,294,709
3,270,720

2024
2023
£
£


Deferred income at beginning of financial year
1,054,738
1,047,225

Resources deferred during the year
1,103,929
1,054,738

Amounts released from previous periods
(1,054,738)
(1,047,225)

1,103,929
1,054,738

Income has been deferred for rent received for the upcoming year.


16.



Creditors: amounts falling due after more than one year


2024
2023
£
£


Other loans
32,030,558
40,128,993

Tenant deposits
1,861,235
2,108,800

33,891,793
42,237,793

Page 24

 
KHOO TECK PUAT UK FOUNDATION

(A company limited by guarantee)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 JUNE 2024

17.

Statement of funds


Statement of funds - current year

Balance at 30 June 2023
£
Income
£
Expenditure
£
Transfers in/out
£
Gains/
(Losses)
£
Balance at 29 June 2024
£

Unrestricted funds







General Funds - all funds

63,339,753

5,741,742

(3,140,053)

1,901,565

12,522,803

80,365,810
 
Capital contribution

5,871,007

-

-

(1,901,565)

-

3,969,442
 


69,210,760
5,741,742
(3,140,053)
-
12,522,803
84,335,252



Statement of funds - prior year

Balance at
1 July 2022
£
Income
£
Expenditure
£
Transfers in/out
£
Gains/
(Losses)
£
Balance at
29 June 2023
£

Unrestricted funds







General Funds - all funds

83,739,310

5,338,902

(4,428,007)

1,790,113

(23,100,565)

63,339,753
 
Capital contribution

7,661,120

-

-

(1,790,113)

-

5,871,007
 


91,400,430
5,338,902
(4,428,007)
-
(23,100,565)
69,210,760

The transfer between funds represents the transfer equal to the unwinding of the discount on the loan from The Trustees of the Estate of Tan Sri Khoo Teck Puat.




Page 25

 
KHOO TECK PUAT UK FOUNDATION

(A company limited by guarantee)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 JUNE 2024

18.

Analysis of net assets between funds

Analysis of net assets between funds - current period

Unrestricted funds
2024
Total
funds
2024
        £
        £


Investment property

107,622,803

107,622,803

Debtors due after more than one year

1,861,235

1,861,235

Current assets

12,037,716

12,037,716

Creditors due within one year

(3,294,709)

(3,294,709)

Creditors due in more than one year

(33,891,793)

(33,891,793)

Total 


84,335,252
84,335,252



Analysis of net assets between funds - prior period

Unrestricted funds
2023

Total
funds
2023
        £
        £


Investment property

95,100,000

95,100,000

Debtors due after more than one year

1,703,800

1,703,800

Current assets

17,915,473

17,915,473

Creditors due within one year

(3,270,720)

(3,270,720)

Creditors due in more than one year

(42,237,793)

(42,237,793)

Total 

69,210,760
69,210,760

Page 26

 
KHOO TECK PUAT UK FOUNDATION

(A company limited by guarantee)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 JUNE 2024

19.



Reconciliation of net movement in funds to net cash flow from operating activities


2024
2023
£
£

Net income/(expenditure) for the year (as per statement of financial activities)



15,124,492

(22,189,670)

Adjustments for:

Interest paid
1,901,565
1,790,113

Interest income
(459,192)
(384,656)

Decrease in debtors
35,856
422,045

(Decrease)/increase in creditors
(272,767)
1,281,937

Increase in deferred income
49,191
7,513

Net fair value (gains)/losses recognised in SOFA
(12,522,803)
23,100,565

Net cash provided by operating activities
3,856,342
4,027,847



20.



Analysis of cash and cash equivalents


2024
2023
£
£

Cash in hand
1,552,251
1,745,952

Notice deposits (less than 3 months)
9,180,405
14,671,170

Total cash and cash equivalents
10,732,656
16,417,122


21.



Analysis of changes in net debt






At 30 June 2023
Cash flows
Other non-cash changes
At 29 June 2024
£
£

£

£

Cash at bank and in hand

16,417,122

(5,684,466)

-

10,732,656

Debt due after 1 year

(40,128,993)

10,000,000

(1,901,565)

(32,030,558)


(23,711,871)
4,315,534
(1,901,565)
(21,297,902)

Page 27

 
KHOO TECK PUAT UK FOUNDATION

(A company limited by guarantee)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 JUNE 2024

22.


Grant commitments

Details of the grants made and paid during the year can be found in the Trustee's Report.


23.


Operating lease commitments

At 29 June 2024 the charity had commitments to make future minimum lease payments under non-cancellable operating leases as follows:

2024
2023
£
£


Not later than 1 year
372,449
372,449

Later than 1 year and not later than 5 years
1,489,795
1,489,795

Later than 5 years
38,941,814
39,315,283

40,804,058
41,177,527




24.


Related party transactions

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. The loan is for five years, interest is charged at 4.75% and secured on the investment property held by the Foundation.
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.


25.


Controlling party

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.

Page 28