N SETHIA FOUNDATION
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 5 APRIL 2024
RL'gi.stered Charity Number: IIH9481

N SETHIA FOUNDATION
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 5 APRIL 2024
TRUST
EstablishLL4 by trust 14eeLI on 22 August1995 anLI registerecl ()ii
27 Septeinber 1995.
BANKERS
Barclays Baiik plc
INDEPENDENT AUDITOR
Boydcll & Co
Stcltutory Aullitor
CliartL'i'eLq Acc()uiitaiits
146B Clii.4wick Higyli R()ad
L()iiil()ii
W4 IPU
ACCOUNTS
IIL'pcirt of tliLJ ti'ustees
Pages 2-5
IIiLILpLiILILnt auilitor's rLport to tIIL' trustLL'S
Pages 6-9
StatLmLiit ()f fiiianci<l1 activitiL)S
10
Balaiicc slicLJt
Pabye 11
StatLmLnt of casliflows
Page 12
Notes to tlie finaiicial statemLnts
Pages 13_21

N SETHIA FOUNDATION
REPORT OF THE TRUSTEES
FOR THE YEAR ENDED 5 APRIL 2024
Tlie trustees preseiit tlieir report together witli tlie aiinual fiiiaiicial statements for the year
eiidcd 5 April 2024. Tlie finaiicial statements have beeii prepared iii accordance with tlie
accountiiig policies set out in NotL' I to tEie accouiits anLI comply with the charity's trust deeLI,
tlie Charities Act 2011 aiid Accouiiting anLI Reportiiig by Charities: StatL)Inent of Recommeiiiled
Practice applicable to charities preparing tlieir accouiits iii accordaiice with tlie Fiiiancial
RLpc)rting StaiidarLI applicable in the UK anLI Republic of Irelaiid (FRS 102) effective l January
2019.
Objectives and activities
Tlie N SL)thia Fouiidatioii ("tlie Trust") was establi.slieil tc) express the cliaritablL' illteiitioiis of
Mr Nirmal Kuinar Setliia aiiLI his faniily. Tlie iiicoine aiii1 tlie capital of tlie Trust is to bL usecl
exclusively for the beiiefit of cliaritable pui'pi)ses at the discretion of the trustees.
The legally permittecl objectives are wide aiiLI cover bYLJiierally acceptLLI cliaritablL ()bjects.
Tlie maiii cliai'itable activities fuiiLleLI by the FounL4ation are for meilical researcli aiid U.K.
IIL'I'itage consLI'vatioii.
I'lie FouiiLlati()ii offer.s clSSi8tance aiiLI services witliout any Lliscriminatioii of caste, crL)eLI,
XLIILler or rLligiion. It also prc)vides fiiiancial as.%i%taiice t() tlie uiif()rtuiiatL, SL'rviiiby tIILin iii all
PC)ssible way.s. TIIL FouiiLlatioii fuiiils valuablL mL,dical i'LSL'arcli wliicli will liclVL a p()sitivL
imptlct on PLople'% liL.)altli aiicl wLII-bL>jiig.
Tlie trustees have rLferrecl to tlie Cliarity Cominissic)ii's guLL4ance on public beiiefit witli LIUL
rLgarc4 wheii rLviewiiig tlie type of activities tlie Trust .sli()ulil unolertake.
Achievements and performance
Tlie main charitable activities fuiideLI by the Trust duriiig the year were for tlie advaiicement (If
eLlucation. The list of grants provicled cturiiig tlie year is iiicludeLI in iiote 4 to the fiiiancial
statLJments. The Trust does iiot directly perform charitable activitiL)s.
The amount of doiiatioii receiveLI from Sethia Lonilon Limited and Newby Teas (UK) limiteil is
expectLd to vary from ycar to year. Duringy tlie year the Trust received L39,399 (2023: £176,8.30)
froin bcitli companies. Tlie Trust also received museuin itern worth £22,820 from Mr N K Sethia
who is a trustee of the charity (2023: £niI).
Fund raising activities
TIILJ charity does iiot raise finaiice tlirough funil raising activitiLS, It's maiii source of doiiatioii
rL)ceipts is uiider a deed of coveiiaiit with Sethia Loiidoii Lirnited and Newby Teas (UK)
LiinitL,d.
Financial review
Tlie charity's financial activities are sliown on page 10 of these financial statements. The trustees
regard tlie state of affairs of tlie charity to be satisfactory. The trustees aims to maximise growth
aiid iiicome from tlie investinents without takiiig uiiduL) risks.

N SETHIA FOUNDATION
REPORT OF THE TRUSTEES
CONTINUED
FOR THE YEAR ENDED 5 APRIL 2024
Financial review (continued)
Tlie net expeiiditure for the year was £1,989,732 (202,3.. £143,976- net incc)me). Cliai'itable
activities ainouiited to £2,028,800 (2023.. £66,9.33).
Tlie fuiicl biiIance as at year enLlei4 5 April 2024 was £7,2.35,224 (2023: £9,224,956) anLI con.sistcd
priinarily of lieritage assets in the Cliitra CollLJCtion (see litt )s:/liiscilii<11oiiiiclLIIi()11. LoiiI/).
Structurei governace and management
TIIL Trust was establisheLI by trust dLL'LI 011 22 August 1995 aiicl rLgisterecl as a cliarity on 27
SLptL'mber 1995 uiiLler rLgistration nuinbei. 1049481.
Tlie Trust Llocs not invite 1loiiati()11 from mL)iiibers of the general public. TIIL Trust acliieves its
objectiVLJS maiiily by inakiiig grants to ()tliei' cliaritable institutions aiicl clesL)rviiig causes.
New trustees are appoiiiteLI by the settlor of the Trust, Mr Nirmal Kuinar Setlii<l, Lquriiig lil.
lifLtiiiie, aiiLI tliL'fLaftLr by unaiiiinous appr()val c)f tliL trustL'es. Oli appc)iiitinL)Ilt ()f tliL IILW
trustLes, (iiie of tliL' LXiStin&y trustLJLSS L'xplaiiis t() tIIL iiew ti'usteL' tlie dLCiSi()11-Illcikiiig prc)cess of
tIIL Tru.8t clllLI providL's ali OVL'rview of tliL' cidiniiiistratlvL procedurL.S LimpI()yL'Il by tlie "frust.
Plans for the future periods and going concern
I'IIL. Trust lias adLqUcltL fuiii4s to mL'L't tliL. Trust's c()Inmitimeiits for tlie coiniiiL )iear. The
trustLes will seLk %imilcir loiig tLrin pr()jLCts tliat will accorLI witli tliL' ()bjL'CtivL's of tliL'
Fc)unLlati()n. TIIL trustLLS C(IntillULS t() C()118iilei' pr()posals for major projLCts rnaiiily iii tIIL, fielLI
()f InL,diciiie aiiLI eLlucati()ii.
Risks and principal uncertainties
TIIL trusteL.)s have reviewed tliL) cliarity's activities anLI they have considered the risks to wliicli
it is exposed and systeins Eiave been establisheil to enable rLports to be proL4uceLI so tliat tlie
IILcessary steps cali be takeii to lessen those risks. They are minLqful tliat tlie iiiain sourcL' of
iiicoiiie is from Sethia Lonllon LimitLd anLI Newby Teas (UK) Limited.
Reserves policy
GivL)11 the fluctuation in doiiatic)iis receiveLI, tlie Trust's policy is to retain sufficieiit fuiicqs to
Ineet it's gyraiit coininitmLJnts. The trustees recognise the need to maiiitaiii sufficieiit reserves to
cc)iitiiiue their operations. At tlie year eiid the Trust i.s holdiiig £7.2m in reserves to cover its
financial coinmitmeiits of £2.5m.

N SETHIA FOUNDATION
REPORT OF THE TRUSTEES
CONTINUED
FOR THE YEAR ENDED 5 APRIL 2024
Tlie trustees have regular meetiiigs to discuss aiiLI consiller the statu.s of the Trust's fuiidiiig,
reserves, risks, iiivestmeiits and graiit inaking. The aLlministratioii of graiits aiid tlie processiii
and hclllLl1iiig of application.s is carrielq out b}, the employees of Setliia Loiicl()ii Limited as tlie
Trust has iio paid staff,
The trustLes tlirougliout the year were as foll()ws:
Mr Nirnial Kumar SL)tliia-FouiiLqiiig trustLe
M.5 Riclia Setliia
Mr Ami'ao Jain
Mi. Arun Bliattacliarya
Lc)rLI Ara Dar£i
Statement of responsibilities of the trustees of N Sethia Foundation in respect of the trustees
annual report and the f iiiancial statements
Tlie charity trustees are re8ponsiblL for prepariiiby cl trustLes' aiiiiual repc)rt cillLI finaiicicil
statL)lliL)Ilts iii accc)rdaiicL Witli applicablL, Illw ¢lllil UiiitL'LI Kiiigyi]()In Accouiitiiiby StaiiilarLIs
(Uiiitecl KinbyLlcim GL'IILfcilly AccLPtLII Accouiitiiigy Pi'actice). TIIL Iclw IipplicablL' t() cliaritiL)s in
Eii&ylcillLI anil WalLs rL'quifLS tIILJ cliarity trustLL'S t() prL'pcll'L. fiiiaiicial stcltL'inLiits fc)r Lacli yLJar
wliicli givL a true aiiLI f<iir view of tliL' .StatL' C)f cl(fairs ()f tliLb cliiirity aiiLI c)f tliL illCC)Iniiib
rL)S()ufcL'S aiicl applicati()ii of i'esourcL'S, (if tliL) cliarity for tliat PLJriod. Iii prLpariiig tIiL, (iiiaiicial
.statL)l]IL)Iits, thL) trustees are reL]uirLLI to:
sLlect suitable accc)uiitiiig policies aiiLI tliLll (ipply them coiisisteiitly.
DbsLJrve the metlioL4s aiiLI principle.s iii the applicable CliaritiLS SORP.
make jUL4byemeiits aiiLI estimates that are reasoiiablL) aiid pruLlent'
state whetlier applicable accountinb7 StanilarLls have beeii followed, subject to aiiy
material Lqepartures LlisclosLcI aiid explaineil iii the financial statements. aiid
preparL) the fiiiaiicial statemLnts oli tlie going coiicerii basis uiiless it is inappi'()priate to
presume that the compaiiy will coiitiiiue iii busiiiess.

N SETHIA FOUNDATION
REPORT OF THE TRUSTEES
CONTINUED
FOR THE YEAR ENDED 5 APRIL 2024
Statement of responsibilities of the trustees of N Sethia Foundation in respect of the trustees
annual report and the financial statements (continued)
Tlie trustees are responsible fc)r keepiiig proper accouiiting recorLls tliat cli,8clc)se with
reasonable accuracy at aiiy tiine the fiiiaiicial position of tlie cliarity aiid to enablL> them to
eiisure that tlie financial statements comply with tliL' Chi1rities Act 2011, tlie applicablL' CharitlLS
(Accouiit.s aiiLI Reports) Regulatioiis, aiid tlie provisions of tlie Trust deed. Tliey are also
respoiisibIe for .%afLguariling the assets of tlie cliarity anil taking reasoiiablL steps for the
preveiitioii aiiLI LIL>tL'Ctioii of frauLI anLI otlier irresyulai'ities.
TIIL) tru.4tLL's arL I'esp()iisible for tlie Inaiiitenaiice aiiLI iiitL'grity (If tliL cli<qrity aiiLI fiiiaiicial
iiifariiiati()11 iiicIuLlecl oli thL' cliarity's wL,b.%itL' iii accorilaiicL Wlth legyi8latioii iii tlie UnitL'L4
Kiiibyiloiii gy()veriiing tIiL pfLparatioii aiiil iqi.SSL)Iniiiatioii of fin¢iiicial statemLJlItS.
Oli bLhalf of thL
oard of Trustees
Mr Nirnial K
Ti'ustL'L'
mar SLtliia
11 OctobLr 2024

N SETHIA FOUNDATION
INDEPENDENT AUDITORS REPORT TO THE TRUSTEES OF N SETHIA FOUNDATION
Opinion
We have auLlited tlie fiiiancial statements of N. Sethia Founclation ("the charity") for the year
ended 5 April 2024, showii oli pages 10 to 21, wliich comprise tlie Statement of Fiiiancial
Activities, the Balance Slieet, Stateineiit of Cashflows aiiLI relatecl notes, iiicluLling the
accouiiting policies iii iiote l. The financial reporting fi'ainework tliat has beeii appliL'LI in tlieir
preparation is applicable law anLI Uiiited Kiiigd()In accounting stanLqards, iiicIuLlingy Fiiiancial
Reportiiig StandarLI 102 IIIL, Fiiiniicifil Reportiiis Stfiiidfird apyliLnble iii Ilie UK fiiid Rt'yiililic of Ireliiiid
(Uiiited KingLloin Geiierally AccepteLI Accouiitiiig PractlCL).
In our opiiiioii the fiiiaiicial statements,
give a true aiid fair view of the state of the cliarity's affairs as at 5 April 2024 aiiLI of its
incc)Iniiig resources and applications of resourcL'S, iiiclucliiig its incoine aiiLq
expLiiditure, fc)r the year theii eiideLI.
liave bLLii properly preparLd iii acc()rdaiice witli United KiiigyLI()m GLinei'ally
AccL'PteLI Accountiiig Pi'actice, iiicluLling FRS 102 tlie Fiiiancial Reportiiig Staiidard
appilictible iii tliL' UK aiiLI Republic of Irelaiid'aiid
liave beeii prLpared in accordaiice with thL CharitiLS Act 2011,
Basis for opinion
WL, C()IILluctLLI ()ur auclit iii accorLlaiicL With liitcriiclti()iial Standarils oli Auditing UK (ISAS
(UK)) aiiLI applicablL, law. Our rL'SP()1isibilitlL'S UllIlL'r thosL staiiLlcirLls arL furtlier clesci'ibeLI iii
tIIL. Aui4it()i'%' rL'SPC)iisibilitlL)s fi)r tIiL clULlit ()f tliL fiiiiincial stiltLmeiitS SL'Ction of our report. We
are iiiilL'PLIILILJlIt of tliL cliilritablL CC)IMpiaiiy iii acc()I'iliince witli the etliiccll requirLmLnts tliclt are
rL,ILvaiit tc) thL) auol it of tliL fiiiaiicicil statLinLiits iii tIiL UK, iiiclu(liiig tIiL 14iiiancial Rcp()rtiiig
Cc)uiicil's Etliical Staiiilaril Provisi01i5 AvaililblL for AuLlits of Sinall Eiitities, aniq we liave
fulfilleLI our otlier Lthical resp()nsibilitiL's in accc)rclaiicL) Wltli tliese rL'quifL)IIILllts. WL, believe
tliat tl)e audit evilleiice WL liavL obtaiiiLLq is %ufficiL)Ilt aiii4 Ilppropriate to proviLle a basis for our
opinion.
Going concern
We are required to report to you if we have coiicluded tliat tlie use of the going concern basis of
accountiiig is inappropriate or there is an undisclosed matLJrial UliCLrtaiiity that may Cilst
sigyiiificaiit doubt over the use of that basis for a period of at least tWLlve moiitlis froin tlie date
of approval of tlie fiiiancial stateinents. We liave nothliigy to rLport in tliese respects.

N SETHIA FOUNDATION
INDEPENDENT AUDITORS REPORT TO THE TRUSTEES OF N SETHIA FOUNDATION
Other information
The otlier iii(ormatioii comprises the information incluiled in the aiinual report, otlier than tlie
finaiicial statLmeiits anLI our RLport of the I1I14epenLleiit Auclitors thereoi). The tru.stees are
respoiisible for the other inforinatioii. Our ()piiiioii oli the fiiiaiicial statLillL)ntS Lloes iiot cover
tlie c)ther inforinatioii aiicl WL, Llo iiot LXPI'ess aiiy furiii of assuraiice coiiclusioii tliereon.
Iii coniiection witli our audit of the fiiiaiicial statemeiits, our responsibility is to reaLI the other
information and, in Lloing so, coiisider wlietlier, baseLI on our financial statLJmeiits auclit woi'k,
tlie informatic)ii thereiii is materially inconsistent with the fiiiancial statemLllt8 or our
kiiowleLlge obtaiiieLI iii tlie aullit or otliLJrwise appear.s to be materially rnisstateil. If we idL)ntify
such matL>rial incoiisistencies or appareiit material Inisstaterneiits, we are requirei1 tc) Lleteriniiie
whetlier there is a material misstatemeiit iii tlie fiiiaiicial staterneiits or a inatei'ial InisstatL'ineiit
of tlie otlier iiiformatic)n. If, baseLI on the work WL liave pei'formecl, we coiiclude tliat tliere is a
Inaterial misstateinent of tliis otlier information WL) are requirL'LI to i'eport that fact.
WL, havL notliing to report in this regarLI.
Matters on which we are required to report by exception
We liavL IlOtliin&y tc) I'LPOI't iii re8pLCt of tlie fc)Ilowiiig matters in rLlatioii to whicli tlie CharitlL)S
(Acc()uiits aiiLI Rcports) Regulations 2008 requires us to report to you if, iii our opiiiioii..
tIIL iiif()rincltiC)11 gTiVLlI 111 tIIL' trustL)es' rLport is inc()1isistL)Ilt iii any matL)rial respL'Ct
witli tlic fiiiaiici£l1 stcltLillL>llts' or
sufficiLlIt acc()uiitiiigy rLcofils liave licit bLLii kLPt' or
thL. fiiiaiicial statL'illLlItS (iro not iii agrLCIIIL>lIt witli tlie accouiitiiisy rLcords,' or
we liave not received all the iiifc)rmati()ii aiiil explaiiatioiis we require for our auLlit,
Trustees, responsibilities
As Lxpl£lillLLq in()rL fully in thL St<ltcmont of Trustee8' Rcspoiisibilities set out oli page 4 aiiL4
pabye 5, tliLJ trustLL'S arL' fLspoiisiblL, fc)r tlie prLparati()n c)f thL, fiiiaiicial statcme11ts aiicl for beiii
satisfiLoq that tliLy gyiyL) a true clllLI fair view, aiiLq for such iiitLrnal contr()l as the trustees
LILteriniiiL' i.s neces,sary tc) eiiable the prLparation of finaiicial .stateiiieiits tliat ai'L. free frc)m
iiiaterial niisstateinent, wliL)tlier due to fraud oi. error.
In preparing tlie fiiiaiicial ,statL)Ineiits, the trustees are responsible for assessingy tlie cliarity's
ability to contiiiue as a gyoiiig coiicern, disclosiiig, as appliccible, Inatters relateil tc) goingy concL)rn
aiid using tEie going concerii basib of accouiitiiig unles.s the trustees Litlier inteiid to liquidatL tIIc
charity or to cease operations, or have no realistic alternative but to do so.
Auditors, responsibilities
We have beeii appoiiited as auclitor under section 144 of the Charities Act 2011 aiiLI report in
accordance witli the Act and relevaiit regiilatioiis made or liaviiig effect thereuncler.

N SETHIA FOUNDATION
INDEPENDENT AUDITORS REPORT TO THE TRUSTEES OF N SETHIA FOUNDATION
Auditors, responsibilities (continued)
Our objectives are to obtaiii reasonable assurance about whether the financial statements as a
wliole are free froin material misstateineiit, wliether Llue to fraud or error, aiid to issue our
Report of the IiiL4epenLleiit AuLlit()rs tliat includes our opiiiion. Reiisoiiable assuraIice is a high
level of assuraiice, but is iiot a guaraiitee tliat ali auilit conducted iii accordaiice with ISAS (UK)
will always iletect a material Inisstatemeiit when it exists. Misstateinents cali arise froin frauLI
or error anLI are consiLlereLI inaterial if, iiiLlividually or in the aggregyate, tliey could i'easoiiably
be expLJCted to iiifluence tlie ecoiiomic Llecisions of users takc'n oli tlie basis of tliesL fiiiaiicial
stateinents.
A further Llescriptioii of our responsibilities for tlie audit of the finaiicial statLsmeiits is located
oil the Financial RLP()rtiiig Couiicil's website at: www.fi'c.(ii'
au ill Èc)I'Sl"L'8
)()1isibili tiL'%. TIIIS
descriptioii foriiis part of our Report of tlie IiiL1epeiiLleiit Au(litc)rs.
Extent to which the audit was considered capable of detecting irregularities, including fraud
li'regularitlL'S, iiicluding frauLq, are instaiices of noii-cc)mpliaiicL' witli laws ancl regulations. We
LILSlg71I prc)cedures iii liiie with our respL)iisibilitie.g, OUtlinLLI abovL', to Lletect Inaterial
1lllSStateinL)Ilts iii rLSPLCt of irrL'gul<2ritie.s, incluiliiig fraucl. Tlic extL)Ilt to wliich our procLilures
are capable ()f ilLJtectiiig irregularities, iiicluLliiig fraud is dLtailed below:
As part of <111 tiuiqit in accorcltiiice with ISAS (UK), we exercise profL>ssioiial jULlginent aiid
Inaiiitaiii prc)fL)%SiC)llc11 scepticisin tlirougyliout the auLlit. Iii aLILI itioii, we:
IdL)Iltify anL4 assess tlie risks of material inisstatLment of tlie fiiiaiicial statemLnts, wliethLJf Llue
ti)
frauL4 or error, LIL'sigyii aiiLI perform auLlit prc)CLdures resp()iisive to tli().SLJ risks, aiiLI obtaiii auclit
eviLleiice tliat is sufficient anLI appi'opriate ti) providLJ ti basis for our c)piiiioii. ThL risk (IF ii()t
dctectinL? a material misstatLment resultinby from frauil is liisylier tlian fc)r one resulting fr()m
error, as frauLI may iiivolve collusion, forbyeryi Illteiitioiial oinissions, InisrLpfLJseiitatioiis, or tliL'
overriLle of iiitLrnal control.
Obtaiii ali uii£lerstaiiding of iiitL)rnal control relevant to the audit in orLler to dLJsign audit
proceilures that are apprc)priate in tlie circumstaiices, but iiot for tlie purpose of Lxprcssiiig ali
opinion on the effectiveiiess of tlie charitablL) company's internal controls.
Evaluate the appropriateness of accounting policies useLq and tlie reasoiiableness of
accounting
estimates and relatLd disclosures maile by maiiagement.

N SETHIA FOUNDATION
INDEPENDENT AUDITORS REPORT TO THE TRUSTEES OF N SETHIA FOUNDATION
ConcluLle oli tlie appropriateness of manageinent's use of the going concern basis of
accouiiting
aiiL4, baseL1 on the audit evideiice obtaiiied, whetlier a material uncertainty exists related to
eveiits
or conditions tliat mciy cast significant clc)ubt on tlie charitable compaiiy's ability to contiiiue as
goiiig coiicerii, If we coiiclude tliat a Inaterial uncertainty exists, we are required to Llraw
atteiition in our auclitor's report to tlie relateLI ilisclosures iii tlie fiiiaiicial stateinL)Ilts or, if such
Iliscl()sures are inaLlequate, to inoili(y our opiiiion. Our coiiclusioiis are based on thL audit
evidL)nce obtaiiied up to tlie ilate of our auilitor's report. HowevL)r, futurL eveiits or COliiliti()ns
Inay cause the cliaritable company to cease to cc)ntiiiue as a goiiig coiicerii.
We coimmuiiicate with those cliarged with governance i'egardiiig, ainoiig other inatters, the
planiieil scope anL4 tiining of the auilit aiiil significant auLlit fiiiL1iiigys, iiiclulling aiiy sibyiiificaiit
Lleficiencies in intLI'iial contr()I that we iclentify Lquriiig our auLqit.
Use of our report
Tliis rLport is Inade solL,ly to the charity's trustLes, as a body, in accorilaiice witli Part 4 ()( tlie
Cliai'itlL.)s (Accouiits anil RL'POI'ts) Reg7ulati()iis 2008. Our audit work lias bL'eii uiiclertakeii so
tliat we migylit statL' to tlie charity s trustLes tlio.sL) mattLrs we are requireLI to .state to tliem in an
auLliti)r's rep()rt aiiil for n() otlier purpose. To tIiL fullest L'xteiit permittLcI by law, we do iiot
accept or clSSUI]IL' fL)SP()iisibility to aiiyc)iie c)tlier tliaii tlie cl)arity aiiLI tliL cliarity's trustL'LS as a
bolly, fc)r our auLlit work, for tliis report, or fc)r tIIL opiiiicins we have fc)rmeLI.
,iJ( VQ
B()yilLII & Co
Statutc)ry Auditor
146B Cliiswick Hibyli Road
LonLIoii
W4 IPU

10.
N SETHIA FOUNDATION
STATEMENT OF FINANCIAL ACTIVITIES
FOR THE YEAR ENDED 5 APRIL 2024
UnrestricteL1
fuiiL45
Total
2024
Totiil
2023
Income and endowments from:
Dc)natioii.s aiid graiits
(.i)
62,219
62,219
176,330
Total income
62,219
62,219
176,830
Expenditure on:
Cliaritable activities
Other expeiicliturL/ (iiicoinL'
(4)
(5)
2,028,800
2.3,151
2,()28,800
2,3,151
(34,579)
Total expenditure
2,051,951
2,()51,951
Net (expL)iiditure)/ iiicome
(1,989,782)
(1,989,732)
143,976
Net movenients in funds
Reconciliation of f unds:
(1,989,732)
(1,989,7.32)
143,976
Total fuiids brougylit fc)rward
9,224,956
9,224,956
9,080,980
Total funds carried forward
7,235,224
7,235,224
9,224,956
The notLS on pages 13 to 21 fc)rm an iiitegral part of these fiiiancial statemciits.

11.
N SETHIA FOUNDATION
BALANCE SHEET AT 5 APRIL 2024
2024
2023
Fixed assets
HL'ritagL' assests
IIivL'StIllL)nts
(7)
(8)
9,817,925
-350,000
9,795,105
.350,000
10,167,925
10,145,1()5
Current assets
Casli at baiik aiiil oli 11LPOSit
Debtors
104,462
98,158
176,380
(9)
143,861
274,488
Creditors: amounts falling due
within one year
(10) {1,()76,562)
(194,687)
Net current (liabilities)/assets
(932,7(11)
79,851
Net assets less current liabilitics
Creditors: aniounts falling due
after one year
9,235,224
10,224,956
(11)
(2,()()i),D()o)
(1,(100,I)00)
Net assets
7,235,224
9,224,956
Funds
IIL'%trictLLI
UiirestrictL.d
(i)
(i)
7,235,224
9,224,956
Total funds
(i)
7,235,224
9,224,956
ApproveL4 by tlie BoarLI of TrustL)e5 on 11 Octobei. 2024 aiiL4 autlioriseLI f()r ISSUL) ()n its belialf by..
Mr Nirinal Kumai. Setliia
Trustee
The notLS 011 Pciges 13 to 21 forni ali iiitegral part of these fiiiaiicial statLJineiits.

12.
N SETHIA FOUNDATION
STATEMENT OF CASHFLOWS AT 5 APRIL 2024
Notes
2024
2023
Cash flows from operating activities
Net cash proviLled by ()pei'ating activities
17
29,124
123,255
Cash flows from investing activities
Paymeiits to acquire hertitage assets
(22,820) (250,076)
Net cash used in investing activities
22,820
250,076
Change in cash and cash equivalents in the year
6,,304 (126,821)
Casli aiiLI casli equivaleiits at thL bL'giiiiiiiig of tlie yLJar
98,158
224,979
Cash and cash equivalents at the end of the year
104,462
98,158
Tlie iiotes on pages 13 to 21 form an intLgral part of tliese financial statements.

13.
N SETHIA FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 5 APRIL 2024
Statutory information
N. Setliia Foundatioii is an uniiicorpc)rated charity, domicileil iii Eiiglani4 ani4 Wales, establislieLI
by trust Lleed on 22 August 1995. Tlie cliarity wa.s rLgi.stered with the Cl)arities' Cominission oli
27 September 1995 and has the re8lStereLI cliarity iiumber 1049481. AccorLliiigly, it should be
exempt from tax in respect of its charitable activities, gains aiid iiivestmeiit income.
Tlie registered office is N Sethia House, 105 St J()hn StrL)et, Loiidoii, ECI M 4AS.
Statement of compliance
The fiiiancial stateinL>nts liavL. bL'L'lI pfLpared in accorilance with Accouiiting aiiLI Repc)rtiiig by
CharitiL)s.' StatL)mLint of RecommLsllLqeL4 PractlCL applicablL' to charities prepariiig tIiLir accc)uiits iii
accori4aiicL With tlie Financial RLportingy StandarLI applicable in tlie UK aiid Republic of IrelcillLq
(FRS 102) (Lffective l Jaiiuary 2019) - (Charities SORP (FRS I()2)), the Fiiiaiicial Reportiiigy StclllLlard
applicable iii tlie UK and Republic of Ireland (FRS 102) (as ainL)iiilecl by SORP UPLlate bullLtiii I
conceriiiiig tlie noii disclosure of a casliflow stateineiit) and tlie Cliarities Act 2011.
TlILre were no inatLrial LleparturLS froin the standard.
N. Setliia FouiiLlatiaii niLets thL dLfiiiitioii of a public bLiiefit LJlltity unLIL)I' FRS 102. AssLts anL4
liabilitlL'S are iiiitially rLC()giiisLLI at historical cost or transactioii value uiiless otherwise statecl in
tEIL fLlevaiit accounting policy iiotL{s).
TIIL financial 5tatL)mL)nts are prLpareLI in sterliiig wliicli is tlie functioiial curreiicy of tliL> cliarity.
Accountin
olicies
Basis of
re
aration
Tlie fiiiaiicial stateineiits liave beeii preparLiq in acc()rLlance witEI Fiiiancial Reportiiig Standaril
102 ('FRS 102,). Tlie pi'esentatioii currL)iicy of thLSL financial statLinents is sterliiig. In prepariiig
tlie finaiicial stateineiits tlie cliarity follows bLSt practice as laicl Llowii iii the 'Stateineiit of
Recomrneiided Practice Accountiiig aiid Reportiiig by Charities" SORP 2019.
Tlie accountinb policics sct out below liave, unless otherwise stated, been applied consistLntly
to all pLiriods preseiitLLI iii tIiLse fiiiaiicial stateineiits. Tlie finaiicial statcniciits are preparLd on
thL historical cc)st basis.
Juclgements maLle by the trustees, iii the application of these accouiiting policies that have
sigiiificaiit effect on the financial statemeiits aiiil estimates with a sibynificant risk of inaterial
aLljustmLnt in the next year are LliscusseLI below.
Tlie trustees liave reviewed tlie cliarity's financial positioii and coiisidered tlie impact of future
activities, to ensure it is appropriate to produce the accouiits on a going coiicern basis.

14.
N SETHIA FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 5 APRIL 2024
CONTINUED
Accountin
olicies
Income reco
nition
IncomL> is acc()unted for at tlie point at which the charity earns the riglit to its consiileratioii by
its perforinance. All iiicome is derived fi'oin activities carried out in the UK.
All iiicome is incluL4ed in the SOFA wlieii the charity is legally eiititled to the incoiiie ancl tlie
amount can be quantifieLI with reasonable accuracy. Tlie following specific policies apply to
categories of iiicome:
continued
Donations are reporteLI gross on a receivable basis.
Graiits receivable income, wliere relatecl to performaiice ancl specific LqL,livL)rables, is accounteLI
for as the cliarity Larns tlie riglit to COllSiLleratioii by its perforrnance. Wliere iiicomL i.s receiveLI
in aLlvancc of PLJrfc)rmaiicL', its rLJcogiiiti()ii is LILferreLI anLI incluLled in creditors. WherL
L'iititlemeiit c)ccurs before iiic()Ine is receivLIl, tlie iiicoiiie is accruecl,
Investmeiit income is accountell for wlien receivablL aiilq iiicludes thL) relatL,d tax recoverable.
enditure reco
nition
AII L'XPL'lliliturL is accounteLI for oli an accruals basis anLI has beeii cla8%ifieil UliLler heailiiigs
tliat abyLyrL'gyate all co.sts relclteLI to tliclt Ci1tLg()ry. WIIL'fL' Costs canii()t bL Llirectly attributLLI t()
particular IILclLliiigs tIiLy liavL. bceii all()catL'II to activities oli a basis cc)nsistL'iit witli tIiL' USL of
rL'S()ufcLS.
Gi'clllt% payablL) al'e cliargyL'II iii the year whLii the offer is coiiveyed to tlie recipiciit, L.IXCCPt in
C<lSL)8 whL're tlie offLr is coiillitioiial, such b7raiits bLJiiig recogiiiseol as expeniliture wliL)ii thL'
cc)IILlitic)n.s ai'L fulfilleLI.
GovL'riiancL C()sts are tlie costs associated witli the ruiiniiig of tlie charity, as opposed to thL
L4irLCt mana&yLinent functioiis inhLJrLJiit in geiiLratingy funlls, servicc delivLry aiiLq probyriimine or
project work. Tliese iiicluile such items as exteriial auclit, legal aLlvice for trustecs anLI costs
associated witli ILgal aiiLI statutory requiremeiits.
AL4ministratioii expLiiditure comprises all costs incurred iii runiiiiig tlie cliarity which caiinot bL
directly allocateLI to the charity's projects or to funLI raisiiig.
ort cost allocation
Support costs, wliicli iiiclude officL, fuiictions sucli as general managLment, budgetiiiby and
accouiiting, iiiforniation technology, liuman resources and financing, are allocated across tlie
categories of charitable expenditure, governaiice costs aiid the costs OE generatiiig funds.
Ilcrita
e assets
Heritage assets arc initially recognised at cost anLI carrieLI at historical cost subject to any
depreciation or iinpairment, Heritage assets tliat are donated are shown at valuation. DULJ to
the nature of the heritage assets, (the Cliitra Collection), whicli hclve indefinitL lives aiid are
therefore not dL'preciated. As a result, the heritage assets are reviewed at the repiortiiig (late for
impairiTLeiit.

15.
N SETHIA FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 5 APRIL 2024
CONTINUED
Accountin
Investments
ListL'II iliVL'5tineiits are includeLI in tlie finaiicial 8tatemeiits at market value as at tlie year end
anLI uiilisteil iiivestineiits are iiicluL4ed at cost, Gains and losses oli investinent asset disposals
are taken to tlie accoullts c)ii whicli the investmeiits are lield as clisclosed in the fiiiaiicial
statements.
olicies
continued
The cliarity accc)uiits fc)r its investineiits iii associates at cost less iinpairinL)IIt.
Basic financial instruments
Otlier Llebt()rs are recogiiisod iiiitially at transactioii price ILJSS attributable traiisaction costs.
Otlier creditors are recogiiiseLI iiiitially at traiisaction price plus attributable transaction costs.
Subsequeiit to initial recognition tliey are measured at amc)rtise(I cost using the effL'Ctive iiitercst
metlioLI, less aiiy impairmeiit losses iii the case of trade Llebtors. If the arraiigement coiistitutes a
fiiiaiicing transacticiii, for example if payment is deferred beyoiid iiormal busiiiess terins, theii it
is mL>asurL,d at thL prLJSL)Ilt valuLJ of future paymeiits Lqiscountc'il at a inarket rate of iiistruinent
for a .sirnilar debt iiistrumeiit.
Cash and cash e
uivalents
Casli anLI cash equivalent&* coinprise casli balaiices anLI baiik ilepo)sits.
Funds
Uiii'L'StrictL'LI funils represent thc fuiicls of the charity that are not subjc'ct to any re.strictioiis
rL'gai'(liiibr tIiL'if USL aiiLI cifL' available for applicati()ii for tlie aiims of tlie cliarity.
RLStricteLI fuiiLls may be expenLleL4 only 011 tlie specific object for wliicl) tIILy WLJfL givL)ii. TIIL
cliarity Iiad no rLJStL'ictLLI fuiids LJltIILJr iii tlie currciit ycai. nor iii tIiL' prcvious yLar.
Forei
n currencies
Assets aiiL1 liabilities denomiiiateil in foreign currencies are traiislated at thL) rate of excliaiige
ruling at the balance slieet Llate. Transactioiis iii forL)igii curreiiciLJS are rL)corLILo1 at tlie avL'ragL
ratL, for the year.
ements and ke
sources of estimation uncertaint
lii the applicatioii of the charity's accountiiig policies, the trustees are required to make
jULlgements, estimates aiid assumptions about the carrying anount of assets and liabilities that
are not readily appareiit from other sources. The estimates and associated assumptions are
based on historical experience and other factors that are considered to be relevaiit. Actual
results iiiay differ from these estimates.
Tlie estimates aiid uiiderlyiiig assumptions are reiiiewed oli ali oiigoing basis. Revisioiis to
accouiiting estimates are recogiiiseLI iii tlie period in which the estimate is rL>viseLI wliere tlie
revisioii affects only that period, or in the PLJrioLI of the revision and future periods where thL
revision affects botli current and future periods.
The trustees do not consider tliere to be aiiy estiniates or judgements that are critical to tlie
financial statements.

16,
N SETHIA FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 5 APRIL 2024
CONTINUED
Incornin
resources - donations
2024
Doiiatioiis from Newby Teas UK Limiteil
Doiiations from Trustee
.39,.399
22,820
176,330
£ 62,219
£ 176,330
Direct charitable ex
enditure
2024
Museuin of LoiiLI011
OCD Actioii
Asian MeLlia Gr()up
HLIP to Uki'aiiii<l1i Fainily
FrieiiLls Of TIIL, Natioiial Libraries
St. Mary tlie Vii'gyiii Cliurcli
Graiits IL)%.4 £5,()0()
2,000,000
2(),000
5,000
11,9()8
39,76()
i 0,000
259
2,442
£ 2,a28,800
£ 66,933
Other ex
enditur
income
2024
IIiLILpeiicleiit auL4itor's report
ALIvL'rtisiiig
Fiiiancial charges anLI interLJSt
Printiiis, postage aiiiq statioiiery
Legal clnil professioiial
Foreigii excliangL IossLJs/(gains)
5,070
10,000
88
7,099
69
78
1,254
{41,825)
£ 23,151
£ (.34,579)
Avera
e number of em
ees
During the year, tlie Foundatioii had iio L)mployees (202,3: nil),

17.
N SETHIA FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 5 APRIL 2024
CONTINUED
Herita
e assets
At valuatioii
At cost
Total
Carryiiig amouiit at 6 April 2023
ALlditioiis
2,271,867
7,52.1,238
22,820
9,795,105
22,820
Carryiiig ainc)uiit at 5 April 2024
2,271,867
7,546,058
9,817,925
Tlie lieritage assets coinprise tlie Cliitra C()IIL.)ctioii (see litt
cliitl'clC()I IL'Cti()ii.c()111
cc)Ilectioii of over three tliousaiid, historic, tea-rLlateLI artLfacts from all c)VL'I' tIIL) worlLI,
Tlie Cliitra Collectic)ii's stateineiit of purpose is to recorLI aiid preserve tea cultui'es of tlie
past, reflectiiigy tlie iiiipc)rtancL) of tea aiiLI tliL LIivL>rsity of tea-Llriiiking customs across tlie
w()rlLI, ancl to liolLI its c()Ilectioiis iii tru,st for the bL)nefit c)f tliL public. It aiins to Llocumeiit,
explore, recorLI aiid presLrve tlie past aiiLI preseiit liistoriLS aiiL1 cultures of tL)a and to act as
a tool iii L'iqucatiiig aiiLq preseiitiiig tea liistory by collectiiig L￿X(lUIs1te, iiinovative anLI
Iiistorically sihyiiificaiit teawares.
By foll()winbY our practices staff cali eiisure that thL liistoric object.s iii the CollLJCtic)ii are
prL'SLrveLI aiiLI maintlc IIILLI for tIIL USL aiiLI eiijoymLlIt of prL'.seiit cllliq futurL' gL)IIL)i'atioiis. It
airns to eiisurL tliat all L4ecisioiis conceriiiiigy tIiL C()Ilectioii will bL) malle effL)ctlVLEy,
eii.sui'iiig coiitiiiuity of practice aiid regulatioii of prc)ceclures, following best practice
standarils aiiil Ljthics, iii liiie witli tlie cliarity's purposL',
Thc Chitra Cc)Ilectioii is committecl tc) sustainiiig and improviiigT its collection iii
acc()rilaiicL' Wltli its Inissic)1i Stateineiit, TIIL, funilameiital criteria for proposiiig an
acquisitioii to tIiL g(IVLrniiig body of the Foundatioii are the followiiig:
It is a positive aclclitioii to tlie collection and Siltisfies the mission stateinent;
of a higFh quality anLI meets the stanLlards set by tIiL) existing collLlCtioii;
3. has a secure provenaiice;
is iii a sufficieiitly 8OOLI coni1ition,'
can be acquired at a cost tliat is not in excess of its InarkLJt value anLI are purcliased
from recognised auction houses such as Christies aiid S()tlieby s Auctioii House.

18.
N SETHIA FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 5 APRIL 2024
CONTINUED
Herita
e assets
continued
The Fouiidati()ii will consiller lending objects from across the collectioii to c)ther notable
Inuseums (11111 exliibitioiis subject to approval by the BoarLI of I'rustees. PresLlltly tlie
CollLCtic)ii is accessible by iiivitc1tioii ()iily wliicli is clpproved by tlie Boai'LI of Ti'usteL%. ThL'
Founilatioii has its owii wL,bsite showcasiiig somL' important itLJins witli tlieir Iiistory aiiil
proveiiaiice foi. tlie public. The BoarLI of Trustees will eiideavour to open tIiL Llo()rs of tlie
Collection to tlIL' public at largye in comiiig yL)ars.
Day to Llay maiiagemeiit of tliL Cc)Ilectioii is thi'c)ugli a bespoke cust()Jnisecl software
wliicli sti)res iiiLlex o( all tlie items, tlieir pictures, locatioii, history, pi'ice anL4 prc)veiiaiice
along witli scans c)f c)tIILJr relevant clocuments.
The FouiiLlatll)11 UllLlei'staiiL4s its ongoiiig role iii prevL>ntative aiid iiiterventive metlioLls of
c()nsLrving c)bjects, witli eiivironineiitcil conLlitic)Iis, Iiiter&Tri'atLLI Pest MaiiagLinent,
niaiiitLiiiancL' anLI clLJaiiinb prc)ceLlures iii place, witli all object.s .storLd in custoin Inalle
storagye facilitlLS wliicli arL) airtight, lockable anLI have security, cctv aiicl firLJ alarm
systeins.
Tlie L1LJClSiC)ii fLigyai'Lliii&i LILaccLJssioii aiiLI LIispc)Scl1 of ()bjects will bL> tIIL f()rinal Llecisic)ii c)f
tlie Bo<11'il c)f TrusteL'S wlILJrLJ objL>CtS Llo not meLJt tliL valuLS C)f tliL) coIILCtioii's aim%. OIicLJ it
is abyfLL'II tliat ()bjL)Cts will bL' LIL'accLSSiC)iILd fi'oin thL inain collLctl()Ili clll cl&yfL'LiI mLtlic)Ll c)f
IIL'accL>SSi()n will commeiice. The full guidLlinL,s f()r tlie Cc)Ilectioii cali be fouiiil in tIiL
Policy handbc)ok.
IiicluLleLI in thL) collectioii as cl ilonatioii is the Fgoist teapot, Llesigiieil by Mr Sethia tlie
Chairinan of tlie b()arLI of trusteL)s, wliicli was valueL4 for iiisuraiicL purposes at US$ I
InilliL)n by Williain Holbecli, of David Morris tIiL London JLwellLJr aiid exteriial valuLir, oli
13 July 2016.
In the opinion of the trustees the value of tliL lieritage assets 15 equal to or greater tlian tlie
carrying value at the year enLI,

19,
N SETHIA FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 5 APRIL 2024
CONTINUED
Herita
e assets
continued
Summary aiialysis of IiLJritage asset transactions (all iiicludeL4 iii tlie statLJLneiit of fiiiaiicial
positioii)
2024
2022
2021
202()
Purcliases at cost
Pui'cliases at valuati()n
Dc)iiatioiis at cost
Doiiatioiis at
valuatioii
At valuatioii
Tc)tal aLILliti01is
250,()76
291,072
1,167,689
22,820
22,820
250,076
291,072
1,167,689
Investnient
InvLJStmLJlIt
ilia
private
company
Cc)5t at 6 April 2023
ALliliticiii of uiilistLcI invLStinent at CC)St
Cost at 5 April 2024
350,000
350,000
Had tlie iiivestmeiit in a.%s()ciatL beeli accounteL4 foi. usinby tlie equity mcthoLI, its cai'rying
value would have been £510,319 (2023: £508,919) rather than the liistoric cost of £350,000.
Debtors
2024
Other dcbtors
89,399 £176,330

20.
N SETHIA FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 5 APRIL 2024
CONTINUED
10. Creditors: amounts fallin
within one
ear
due
2024
2023
Accruals
Graiit coinmitinents
Otlier creLlitors
4,700
500,000
571,862
4,700
189,937
£1,076,562
£ 194,637
11. Creditors: amounts f allin
after one
ear
due
2024
202.3
Grant cc)mmitmeiitS Llue greater tlian (IVL, yeai's
£ 2,00(),000
£ I,000,00(I
12. Related
art transactions
The trustees were iiot paid aiiy i'emuiieration or expeiises duriiig the year (202.3.. £iiil),
Otlier creLlitors of £571,864 (202.3: £189,937) relates to amouiits due to Setliia Londoii
LiiniteLI.
Doiiatioiis rLJCL>iVLLI for tIiL year eiideil 31 Marcli 2024 frorn rL,lateLI eiititlLS were as follows..
Newby Teas (U.K.) Limiteil aiiLI SL'thia Loncluii LimitL'LI L39,399 (202.3: U76,330),
Adilitioiially, tlie charity purcliaseLI tea-relateil investineiits of £nil (202,3: £251,629) from
SLtliia Loni4011 LimitLd aiiL4 a trustee Lloiiateil £22,820 (2023: £nil) wc)rtli of museum items
to tlie charity.
The companiLJ5 are rLlated parties by virtue of the fact tliat tliLy are ultiinately ownLiI by
both the Sethia Family anil Setliia Family Trusts.
There arL) iio aolclitional related party transactions to repcirt.
13. Contin
ent liabilities
At 5 April 2024 the cliarity Eiad no contingent liabilities.

21.
N SETHIA FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS
CONTINUED
FOR THE YEAR ENDED 5 APRIL 2024
14. Off balance sheet arran
ements
There are no material off-balance sheet arraiigements to disclose.
15. Events since the balance sheet date
Tliere are iio eveiits on wliich to report.
16. Financial instruments
The charity has iio otlier fiiiancial iiistruments tliaii basic financial instruments.
activities
17. Reconciliation of net income to net cash flow from o
eratin
2024
Net (expenditure)/ income for the reporting
period (as per statement of the financial activitie8)
(1,989,732)
143,976
Adjustments for:
DL)creasL/ (ii)crL.iase) in Llebtors
Increase in crLL1itor8
Net cash provided by operating activities
136,911 (176,73())
1,881,925
155,6()9
29,124
128,255