The Trustees present their annual report and financial statements for the year ended 31 December 2024.
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:
South London Fine Art (SLG) £50,000- The donation was made for the purpose of presenting a new exhibition by artist Nairy Baghramian across all gallery spaces. The exhibition will feature new large-scale sculptural works and existing pieces being shown in London for the first time, continuing Baghramian’s recent artistic explorations.
South London Fine Art (SLG) £10,000 - The donation was made to support the exhibition “Lagos, Peckham, Repeat: Pilgrimage to the Lakes” at the South London Gallery.
Seva Grant (Wanadri Foundation) £12,247.37 - The donation was made for the purpose of implementing the Integrated Coastal Development Program.
British Council £47,000 - The donation was made for the sole purpose of supporting the Council’s charitable activities, including £27,000 for general charitable work and £20,000 for the 2024 commission for the British Pavilion at the Venice Biennale.
The Royal Institute of International Affairs £10,000 - the grant was made to help Chatham House carry out its mission: supporting governments and societies in building a secure, prosperous, and fair world. This flexible funding allows the Institute to remain independent and continue producing impactful research and public programmes.
Tinker Tailor £96,168 - Grant is provided for a documentary called Chess in Jail. The Grant is made to the Recipient to support the development of a documentary (the Documentary) pertaining to the use of chess as a means of promoting behavioural changes in prisoners in US federal prisons as a means of reducing the rate of reoffending amongst the prison population, rehabilitating the prison population through their education and participation in the game of chess, promoting their mental health and well-being and enhancing their opportunity to more meaningfully participate in their communities.
Prajna Scholar £30,999.48 - 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
The London Clinic Limited £500,000 – This donation was designated for the Endoscopy Unit at 20 Devonshire Place.
Icahn School of Medicine at Mount Sinai £785,240 – 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.
The Trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the foundation should undertake.
The Nairy Baghramian: Jumbled Alphabet exhibition at South London Gallery was a major success, attracting 60,790 visitors, a 19% increase from the previous year, with most attendees aged 16–29 and 41% from Global Majority backgrounds. It fostered inclusivity and creativity through interactive installations and the Communities & Learning programme, which engaged 187 students and introduced the first Teacher CPDL Study Day on anti-racist practices. The exhibition received significant press coverage, including features in The Guardian, The Art Newspaper, and Art Monthly, while also being spotlighted during Frieze Week London. Digital engagement was strong, with 21,773 webpage views, over 31,000 social media reel views, and influencer collaborations reaching a potential 139,000 people. Collectively, these achievements strengthened SLG’s audience reach, enhanced its educational mission, and secured lasting impact across cultural, academic, and digital sphere.
The Lagos, Peckham, Repeat: Pilgrimage to the Lakes exhibition at South London Gallery was a remarkable success, welcoming over 101,000 visitors, the gallery’s highest attendance in four years. It featured 13 Nigerian and British-Nigerian artists, new commissions, and community projects such as the Diaspora Garden and Little Lagos Family Day, which engaged hundreds of local families and schools. The show gained wide recognition, receiving 4-star reviews in The Guardian and Evening Standard, and international coverage including CNN’s Inside Africa and Artforum. Its digital reach was equally strong, with the exhibition webpage attracting 56,383 views and social media campaigns reaching hundreds of thousands worldwide.
The SEVA 2024 Grant program in Subang, West Java, achieved strong results through three main initiatives. A 2,400-tree mangrove plantation was completed, enhancing conservation and community involvement. Local fish farmers in Mayangan and Tegalurung received 10 VENJET aerators and pond renovations, improving resilience against tidal floods and supporting catfish, crab, and shrimp cultivation. In addition, a water desalination unit with an 8,000-liter daily capacity was successfully installed and certified, now supplying safe drinking water for up to 152 people per day. Together, these efforts advanced environmental sustainability, food security, and access to clean water.
British Council £47,000: Supporting the UK’s commission for the 60th International Art Exhibition – La Biennale di Venezia, this donation enables Sir John Akomfrah RA to realise his most ambitious work to date, Listening all Night to the Rain. The immersive multimedia installation explores migration, diasporic identity, colonial legacies, and climate change through eight interwoven sound and video environments. The commission is expected to reach major international audiences, spark debate, and inspire emerging artists globally. A key element of the work will be acquired into the British Council Collection, ensuring its long-term legacy and continued public engagement.
The Royal Institute of International Affairs: A grant from the SP Lohia Foundation, as part of the Lionel Curtis Group, supports the ongoing work of Chatham House (The Royal Institute of International Affairs). The funding helps the Institute continue its mission to build a secure, prosperous, and just world by supporting independent research, public engagement, and policy discussions. The donation contributes to maintaining Chatham House’s ability to host events, explore new areas of research, and reach broader, more diverse audiences. A key part of the support is ensuring the Institute’s work remains accessible to the public, with much of its output freely available online and through outreach programs.
Prajna Scholar £30,999.48 – The scholarship was awarded to Humoyun Umarov of Uzbekistan in 2023 for the study in Arizona University in the USA. As per the condition of Prajna Scholarship program, the student needs to achieve a grade 4 or above to secure the grant for the next year he has done well and achieve the grade 4 in his first year to secure the grant for second year.
The London Clinic £500,000: A donation from The SP Lohia Foundation will support the Endoscopy Unit at 20 Devonshire Place. Phase 1 of the renovation has now been completed, with the first newly renovated patient cubicles officially opened on 23rd September 2024. This marks a major milestone in our efforts to enhance the patient experience and improve working conditions for our dedicated staff.
Icahn School of Medicine at Mount Sinai £785,240 – achieved top Cath Lab Quality, Safety, and Volume in NYS and USA, further YELLOW-III Genetic sub-study; A LBCT presentation at AHA, Continued Cath Lab Innovation, Growth in Transcatheter Valve Interventions; 500+TAVR (Transcatheter Aortic Valve Replacement)/100+MEER (Mitral Transcatheter Edge-to-Edge Repair)/50+TTEER (Tricuspid Transcatheter Edge-to-Edge Repair), Great Success of CCC Webcasts & Annual Symposia; 25000+ monthly hits/CME.
The Foundation reported a deficit of £122,549 (2023: £86,382 surplus) for the year as set out on page 9 of these accounts.
The deficit is reflected by charitable activities exceeding donations received. There were sufficient brought forward reserves to cover this deficit.
The Statement of Financial Activity shows the extent of, and movement on, all charitable funds during the year.
Reserves Policy
Reserves as at 31 December 2024 totalled £235,883 (2023: £358,432) and are mainly represented by cash at bank.
The Foundation has free reserves of £235,883 (2023: £358,432) which is considered adequate.
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 circa three 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.
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 Trustees have the following plans for the future of the foundation:
The foundation is currently working with US Elite Education organisations such as Babson College and Wharton University to develop a Scholarship programme to support scholars.
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.
Support displaced Sudanese in the UK through the charity called UNHCR.
The S P Lohia Foundation is registered in England and Wales with the charity registration number 1195432. Its registered office address is 6th Floor, 86 Jermyn Street, London, SW1Y 6JD
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 has any beneficial interest in the company. All of the Trustees are members of the company and guarantee to contribute a combined total of £10 in the event of a winding up.
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;
- state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the 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 2024 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
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.
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.
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 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 or grantors 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.
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 and deposits held at call with banks.
The foundation has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the foundation's balance sheet when the foundation becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally 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.
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.
Basic financial liabilities, including creditors are initially recognised at transaction price.
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
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 remuneration of key management personnel was as follows:
The foundation operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the foundation in an independently administered fund.
The restricted funds of the charity comprise the unexpended balances of donations and grants held on trust subject to specific conditions by donors as to how they may be used.
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.
The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used.
There were no disclosable related party transactions during the year.
The foundation had no material debt during the year.