2025-04-05-accounts - N Sethia Foundation

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N SETHIA FOUNDATION

FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2025

Registered Charity Number: 1049481

N SETHIA FOUNDATION

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 5 APRIL 2025

TRUST Established by trust deed on 22 August 1995 and registered on 27 September 1995.

BANKERS Barclays Bank plc

INDEPENDENT AUDITOR

Boydell & Co Statutory Auditor Chartered Accountants 146B Chiswick High Road London W4 1PU

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|||||| |---|---|---|---|---| |ACCOUNTS|Report|of the trustees|Pages|2-5| |Independent auditor’s report to the trustees|Pages|6-9| |Statement of financial|activities|Page|10| |Balance|sheet|Page|11| |Statement|of cashflows|Page|12| |Notes to the financial|statements|Pages|13-21|

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N SETHIA FOUNDATION

REPORT OF THE TRUSTEES

FOR THE YEAR ENDED 5 APRIL 2025

The trustees present their report together with the annual financial statements for the year ended 5 April 2025. The financial statements have been prepared in accordance with the accounting policies set out in Note 1 to the accounts and comply with the charity’s trust deed, the Charities Act 2011 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.

Objectives and activities

The N Sethia Foundation (“the Trust”) was established to express the charitable intentions of Mr Nirmal Kumar Sethia and his family. The income and the capital of the Trust is to be used exclusively for the benefit of charitable purposes at the discretion of the trustees.

The legally permitted objectives are wide and cover generally accepted charitable objects.

The main charitable activities funded by the Foundation are for medical research and U.K. heritage conservation.

The Foundation offers assistance and services without any discrimination of caste, creed, gender or religion. It also provides financial assistance to the unfortunate, serving them in all possible ways. The Foundation funds valuable medical research which will have a positive impact on people’s health and well-being.

The trustees have referred to the Charity Commission’s guidance on public benefit with due regard when reviewing the type of activities the Trust should undertake.

Achievements and performance

The main charitable activities funded by the Trust during the year were for the advancement of education. The list of grants provided during the year is included in note 4 to the financial statements. The Trust does not directly perform charitable activities.

The amount of donation received from Sethia London Limited and Newby Teas (UK) Limited is expected to vary from year to year. During the year the Trust received £293,856 (2024: £39,399) from Newby Teas (UK) Limited. The Trust also received museum item worth f£nil from Mr N K Sethia who is a trustee of the charity (2024: £22,820).

Fund raising activities

The charity does not raise finance through fund raising activities. It’s main source of donation receipts is under a deed of covenant with Sethia London Limited and Newby Teas (UK) Limited.

Financial review

The charity’s financial activities are shown on page 10 of these financial statements. The trustees regard the state of affairs of the charity to be satisfactory. The trustees aim to maximise growth and income from the investments without taking undue risks.

N SETHIA FOUNDATION

REPORT OF THE TRUSTEES (CONTINUED)

FOR THE YEAR ENDED 5 APRIL 2025

Financial review (continued)

The net income/(expenditure) for the year was £244,951 (2024: £1,989,732- net expenditure). Charitable activities amounted to £37,129 (2024: £2,028,800 ).

The fund balance as at year ended 5 April 2025 was £7,498,776 (2024: £7,235,224) and consisted primarily of heritage assets in the Chitra Collection (see https://nsethiafoundation.com/).

Structure, governance and management

The Trust was established by trust deed on 22 August 1995 and registered as a charity on 27 September 1995 under registration number 1049481.

The Trust does not invite donation from members of the general public. The Trust achieves its objectives mainly by making grants to other charitable institutions and deserving causes.

New trustees are appointed by the settlor of the Trust, Mr Nirmal Kumar Sethia, during his lifetime, and thereafter by unanimous approval of the trustees. On appointment of the new trustees, one of the existing trustees explains to the new trustee the decision-making process of the Trust and provides an overview of the administrative procedures employed by the Trust.

Plans for the future periods and going concern

The Trust has adequate funds to meet the Trust’s commitments for the coming year. The trustees will seek similar long-term projects that will accord with the objectives of the Foundation. The trustees continue to consider proposals for major projects mainly in the field of medicine and education.

Risks and principal uncertainties

The trustees have reviewed the charity’s activities and they have considered the risks to which it is exposed and systems have been established to enable reports to be produced so that the necessary steps can be taken to lessen those risks. They are mindful that the main source of income is from Sethia London Limited and Newby Teas (UK) Limited.

Reserves policy

Given the fluctuation in donations received, the Trust's policy is to retain sufficient funds to meet its grant commitments. The trustees recognise the need to maintain sufficient reserves to continue their operations. At the year end the Trust is holding £7.5m in reserves to cover its financial commitments of £2m.

N SETHIA FOUNDATION

REPORT OF THE TRUSTEES (CONTINUED)

FOR THE YEAR ENDED 5 APRIL 2025

The trustees have regular meetings to discuss and consider the status of the Trust’s funding, reserves, risks, investments and grant making. The administration of grants and the processing and handling of applications is carried out by the employees of Sethia London Limited as the Trust has no paid staff.

The trustees throughout the year were as follows:

Mr Nirmal Kumar Sethia-Founding trustee

Ms Richa Sethia

Mr Amrao Jain Mr Arun Bhattacharya Lord Ara Darzi

Statement of responsibilities of the trustees of N Sethia Foundation in respect of the trustees’annual report and the financial statements

The charity trustees are responsible for preparing a trustees’ annual report and financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). The law applicable to charities in England and Wales requires the charity trustees to prepare financial statements for each year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, of the charity for that period. In preparing the financial statements, the trustees are required to:

° select suitable accounting policies and then apply them consistently; ° observe the methods and principles in the applicable Charities SORP;
. make judgements and estimates that are reasonable and prudent;
. state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
bd prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

N SETHIA FOUNDATION

REPORT OF THE TRUSTEES (CONTINUED)

FOR THE YEAR ENDED 5 APRIL 2025

Statement of responsibilities of the trustees of N Sethia Foundation in respect of the trustees’ annual report and the financial statements (continued)

The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with the Charities Act 2011, the applicable Charities (Accounts and Reports) Regulations, and the provisions of the Trust deed. They are also responsible for safeguarding the assets of the charity and taking reasonable steps for the prevention and detection of fraud and other irregularities.

The trustees are responsible for the maintenance and integrity of the charity and financial information included on the charity’s website in accordance with legislation in the United Kingdom governing the preparation and dissemination of financial statements.

On behalf of the Board of Trustees

Mr Nirmaleee Trustee

25June 2025

N SETHIA FOUNDATION

INDEPENDENT AUDITORS REPORT TO THE TRUSTEES OF N SETHIA FOUNDATION

Opinion

We have audited the financial statements of N. Sethia Foundation (“the charity”) for the year ended 5 April 2025, shown on pages 10 to 21, which comprise the Statement of Financial Activities, the Balance Sheet, Statement of Cashflows and related notes, including the accounting policies in note 1. 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 ofIreland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements,

e give a true and fair view of the state ot the charity’s affairs as at 5 April 2025 and of its incoming resources and applications of resources, including its income and expenditure, for the year then ended;
e have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice, including FRS 102 the Financial Reporting Standard applicable in the UK and Republic of Ireland and
e have been prepared in accordance with the Charities Act 2011.

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 Auditors’ 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 the audit of the financial statements in the UK, including the Financial Reporting Council’s Ethical Standard - Provisions Available for Audits of Small Entities, 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.

Going concern

We are required to report to you if we have concluded that the use of the going concern basis of accounting is inappropriate or there is an undisclosed material uncertainty that may cast significant doubt over the use of that basis for a period of at least twelve months from the date of approval of the financial statements. We have nothing to report in these respects.

N SETHIA FOUNDATION

INDEPENDENT AUDITORS REPORT TO THE TRUSTEES OF N SETHIA FOUNDATION

Other information

The other information comprises the information included in the annual report, other than the financial statements and our Report of the Independent Auditors thereon. The trustees are responsible for the other information. Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether, based on our financial statements audit work, the information therein is materially inconsistent with the financial statements or our knowledge obtained in 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 there is a material misstatement in the financial statements or a material misstatement of the other information. 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.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion:

e the information given in the trustees’ report is inconsistent in any material respect with the financial statements; or
e sufficient accounting records have not been kept; or
e the financial statements are not in agreement with the accounting records; or e we have not received all the information and explanations we require for our audit.

Trustees’ responsibilities

As explained more fully in the Statement of Trustees’ Responsibilities set out on page 4 and page 5, the trustees 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 tor assessing the charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concen and using, the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.

Auditors’ responsibilities

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.

N SETHIA FOUNDATION

INDEPENDENT AUDITORS REPORT TO THE TRUSTEES OF N SETHIA FOUNDATION

Auditors’ responsibilities (continued)

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 our Report of the Independent Auditors 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.

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 Report of the Independent Auditors.

Extent to which the audit was considered capable of detecting irregularities, including fraud

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:

As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. In addition, we:

¢ Identify and assess the risks of material misstatement of the financial statements, whether due

fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

¢ Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the charitable company’s internal controls.

¢ Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management.

N SETHIA FOUNDATION

INDEPENDENT AUDITORS REPORT TO THE TRUSTEES OF N SETHIA FOUNDATION

Conclude on the appropriateness of management's use of the going concern basis of accounting

and, based on the audit evidence obtained, whether a material uncertainty exists related to events

or conditions that may cast significant doubt on the charitable company’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the charitable company to cease to continue as a going concern.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

Use of our report

This report is made solely to the charity’s trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity’s trustees 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 charity and the charity’s trustees as a body, for our audit work, for this report, or for the opinions we have formed.

Pratl i Boydell & Co Statutory Auditor 146B Chiswick High Road London W41PU

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N SETHIA FOUNDATION

STATEMENT OF FINANCIAL ACTIVITIES

FOR THE YEAR ENDED 5 APRIL 2025

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||||||| |---|---|---|---|---|---| |Unrestricted|Total|Total| |funds|2025|2024| |£|£|£| |Income|and|endowments|from:| |Donations and grants|(3)|293,856|293,856|62,219| |Total|income|293,856|293,856|62,219| |Expenditure|on:| |Charitable|activities|(4)|37,129|37,129|2,028,800| |Other expenditure|(5)|11,776|11,776|23,151| |Total|expenditure|48,905|48,905|2,051,951| |Net income /(expenditure)|244,951|244,951|=|(1,989,732)| |Other recognised|gains/(losses)| |on investment|assets| |Realised|gains|18,601|18,601|-| |Net movements in funds|263,552|263,552|= (1,989,732)| |Reconciliation|of funds:| |Total funds brought forward|7,290,224|7,230,224|9,224,956| |Total funds carried forward|7,498,776|7,498,776|7,235,224|

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The notes on pages 13 to 21 form an integral part of these financial statements.

11,

N SETHIA FOUNDATION

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|||||| |---|---|---|---|---| |BALANCE SHEET AT|5 APRIL|2025| |2025|2024.| |£| |£| |Fixed|assets| |Heritage|assets|(7)|9,797,526|9,817,925| |Investments|(8)|350,000|350,000| |10,147,526|10,167,925| |Current|assets| |Cash at bank and on deposit|4,310|104,462| |Debtors|(9)|293,856|39,399| |298,166|143,861| |Creditors: amounts|falling due| |within one year|(10)|(1,446,916)|(1,076,562)| |Net current|(liabilities)/assets|(1,148,750)|(932,701)| |Net assets less|current liabilities|8,998,776|9,235,224| |Creditors:|amounts|falling due| |after one year|(11)|(1,500,000)|(2,000,000)| |Net assets|7,498,776|7,235,224| |Funds| |Restricted|(1)|-|-| |Unrestricted|(1)|7,498,776|7,230,224| |Total funds|(1)|7,498,776|7,230,224|

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Approved by the Board of Trustees on 25 June 2025 and authorised for issue on its behalf by: Mrmae Trustee

The notes on pages 13 to 21 form an integral part of these financial statements.

N SETHIA FOUNDATION

STATEMENT OF CASHFLOWS AT 5 APRIL 2025

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|||||| |---|---|---|---|---| |Notes|2025|2024| |£|£| |Cash flows from operating|activities| |Net cash (outflow)/inflow from operating activities|17|(139,152)|29,124| |Cash flows from|investing|activities| |Payments|to acquire heritage|assets|-|(22,820)| |Proceeds on disposal|of heritage|assets|39,000|-| |Net cash used in investing activities|39,000|(22,820)| |Change in cash and cash equivalents|in the year|(100,152)|(6,304)| |Cash and cash equivalents at the beginning of the year|104,462|98,158| |Cash and cash equivalents|at the end of the year|4,310|104,462|

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The notes on pages 13 to 21 form an integral part of these financial statements.

N SETHIA FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 5 APRIL 2025

Statutory information

N. Sethia Foundation is an unincorporated charity, domiciled in England and Wales, established by trust deed on 22 August 1995. The charity was registered with the Charities’ Commission on 27 September 1995 and has the registered charity number 1049481. Accordingly, it should be exempt from tax in respect of its charitable activities, gains and investment income.

The registered office is N Sethia House, 105 St John Street, London, EC1M 4AS.

Statement of compliance

The financial statements have been prepared in accordance with 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) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (as amended by SORP update bulletin 1 concerning the non disclosure of a cashflow statement) and the Charities Act 2011.

There were no material departures from the standard.

N. Sethia 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 note(s).

The financial statements are prepared in sterling which is the functional currency of the charity.

Accounting policies

Basis of preparation

The financial statements have been prepared in accordance with Financial Reporting Standard 102 (‘FRS 102’). The presentation currency of these financial statements is sterling. In preparing the financial statements the charity follows best practice as laid down in the “Statement of Recommended Practice Accounting and Reporting by Charities” SORP 2019.

The accounting policies set out below have, unless otherwise stated, been applied consistently to all periods presented in these financial statements. The financial statements are prepared on the historical cost basis.

Judgements made by the trustees, in the application of these accounting policies that have significant effect on the financial statements and estimates with a significant risk of material adjustment in the next year are discussed below.

The trustees have reviewed the charity’s financial position and considered the impact of future activities, to ensure it is appropriate to produce the accounts on a going concern basis.

14,

N_ SETHIA FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 5 APRIL 2025 (CONTINUED)

1. Accounting policies (continued) Income recognition

Income is accounted for at the point at which the charity earns the right to its consideration by its performance. All income is derived from activities carried out in the UK.

All income is included in the SOFA when the charity is legally entitled to the income and the amount can be quantified with reasonable accuracy. The following specific policies apply to categories of income:

Donations are reported gross on a receivable basis.

Grants receivable income, where related to performance and specific deliverables, is accounted for as the charity earns the right to consideration by its performance. Where income is received in advance of performance, its recognition is deferred and included in creditors. Where entitlement occurs before income is received, the income is accrued.

Investment income is accounted for when receivable and includes the related tax recoverable.

Expenditure recognition

All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to that category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.

Grants payable are charged in the year when the offer is conveyed to the recipient, except in cases where the offer is conditional, such grants being recognised as expenditure when the conditions are fulfilled.

Governance costs are the costs associated with the running of the charity, as opposed to the direct management functions inherent in generating funds, service delivery and programme or project work. These include such items as external audit, legal advice for trustees and costs associated with legal and statutory requirements.

Administration expenditure comprises all costs incurred in running the charity which cannot be directly allocated to the charity’s projects or to fund raising.

Support cost allocation

Support costs, which include office functions such as general management, budgeting and accounting, information technology, human resources and financing, are allocated across the categories of charitable expenditure, governance costs and the costs of generating funds.

Heritage assets

Heritage assets are initially recognised at cost and carried at historical cost subject to any depreciation or impairment. Heritage assets that are donated are shown at valuation. Due to the nature of the heritage assets, (the Chitra Collection), which have indefinite lives and are therefore not depreciated. As a result, the heritage assets are reviewed at the reporting date for impairment.

N SETHIA FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 5 APRIL 2025 (CONTINUED)

1. Accounting policies (continued) Investments

Listed investments are included in the financial statements at market value as at the year end and unlisted investments are included at cost. Gains and losses on investment asset disposals are taken to the accounts on which the investments are held as disclosed in the financial statements.

The charity accounts for its investments in associates at cost less impairment.

Basic financial instruments

Other debtors are recognised initially at transaction price less attributable transaction costs. Other creditors are recognised initially at transaction price plus attributable transaction costs. Subsequent to initial recognition they are measured at amortised cost using the effective interest method, less any impairment losses in the case of trade debtors. If the arrangement constitutes a financing transaction, for example if payment is deferred beyond normal business terms, then it is measured at the present value of future payments discounted at a market rate of instrument for a similar debt instrument.

Cash and cash equivalents

Cash and cash equivalents comprise cash balances and bank deposits.

Funds

Unrestricted funds represent the funds of the charity that are not subject to any restrictions regarding their use and are available for application for the aims of the charity.

Restricted funds may be expended only on the specific object for which they were given. The charity had no restricted funds either in the current year nor in the previous year.

Foreign currencies

Assets and liabilities denominated in foreign currencies are translated at the rate of exchange ruling at the balance sheet date. Transactions in foreign currencies are recorded at the average rate for the year.

Judgements and key sources of estimation uncertainty In the application of the charity's accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to’ accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

The trustees do not consider there to be any estimates or judgements that are critical to the financial statements.

N SETHIA FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 5 APRIL 2025 (CONTINUED)

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||||||| |---|---|---|---|---|---| |3.|Incoming resources|-|donations|2025|2024| |Donations from Newby Teas UK Limited|293,856|39,399| |Donations from Trustee|-|22,820| |£293,856|£62,219| |4,|Direct|charitable|expenditure| |2025|2024| |Museum|of London|-|2,000,000| |OCD|Action|-|20,000| |Help to Ukrainian Family|-|6,398| |Refuge|Donation|10,000|-| |YOG|Foundation|21,001|-| |Grants|less £5,000|6,128|2,442| |£37,129|2,028,800| |5.|Other|expenditure/(income)|2025|2024| |Independent auditor’s|report|6,160|5,070| |Advertising|2,001|10,000| |Financial|charges and interest|277|88| |Printing, postage and|stationery|60|430| |Legal and professional|1,636|6309| |Subscription|100|-| |Foreign exchange losses/ (gains)|1,542|1,254| |£11,776|£23,151| |6.|Average number|of employees| |During the year,|the Foundation had no employees|(2024:|nil).|

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N SETHIA FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 5 APRIL 2025 (CONTINUED)

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|||||| |---|---|---|---|---| |7.|Heritage|assets| |At|valuation|At|cost|Total| |£|£|£| |Carrying amount at 6 April 2024|2,271,867|7,046,058|9,817,925| |Disposals|-|(20,399)|(20,399)| |Carrying amount at 5 April 2025|2,271,867|7,525,659|9,797,526|

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The heritage assets comprise the Chitra Collection (see https://chitracollection.com/), a collection of over three thousand, historic, tea-related artefacts from all over the world.

The Chitra Collection’s statement of purpose is to record and preserve tea cultures of the past, reflecting the importance of tea and the diversity of tea-drinking customs across the world, and to hold its collections in trust for the benefit of the public. It aims to document, explore, record and preserve the past and present histories and cultures of tea and to act as a tool in educating and presenting tea history by collecting exquisite, innovative and historically significant teawares.

By following our practices staff can ensure that the historic objects in the Collection are preserved and maintained for the use and enjoyment of present and future generations. It aims to ensure that all decisions concerning the collection will be made effectively, ensuring continuity of practice and regulation of procedures, following best practice standards and ethics, in line with the charity’s purpose.

The Chitra Collection is committed to sustaining and improving its collection in accordance with its mission statement. The fundamental criteria for proposing an acquisition to the governing body of the Foundation are the following:

Itis a positive addition to the collection and satisfies the mission statement; 2. ofa high quality and meets the standards set by the existing collection;
has a secure provenance;
is inasufficiently good condition;
can be acquired at a cost that is not in excess of its market value and are purchased from recognised auction houses such as Christies and Sotheby’s Auction House.

N SETHIA FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 5 APRIL 2025 (CONTINUED)

7. Heritage assets (continued)

The Foundation will consider lending objects from across the collection to other notable museums and exhibitions subject to approval by the Board of Trustees. Presently the Collection is accessible by invitation only which is approved by the Board of Trustees. The Foundation has its own website showcasing some important items with their history and provenance for the public. The Board of Trustees will endeavour to open the doors of the Collection to the public at large in coming years.

Day to day management of the Collection is through a bespoke customised software which stores index of all the items, their pictures, location, history, price and provenance along with scans of other relevant documents.

The Foundation understands its ongoing role in preventative and interventive methods of conserving objects, with environmental conditions, Integrated Pest Management, maintenance and cleaning procedures in place, with all objects stored in custom made storage facilities which are airtight, lockable and have security, cctv and fire alarm systems.

The decision regarding deaccession and disposal of objects will be the formal decision of the Board of Trustees where objects do not meet the values of the collection’s aims. Once it is agreed that objects will be deaccessioned from the main collection, an agreed method of deaccession will commence. The full guidelines for the Collection can be found in the Policy handbook.

Included in the collection as a donation is the Egoist teapot, designed by Mr Sethia the Chairman of the board of trustees, which was valued for insurance purposes at US$ 3 million by William Holbech, of David Morris the London Jeweller and external valuer, on 13 July 2016.

In the opinion of the trustees the value of the heritage assets is equal to or greater than the carrying value at the year end.

N SETHIA FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 5 APRIL 2025 (CONTINUED)

Heritage assets (continued)

Summary analysis of heritage asset transactions (all included in the statement of financial position)

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|||||||| |---|---|---|---|---|---|---| |2025|2024|2023|2022|2021| |Purchases|at cost|-|:|250,076|291,072|-| |Purchases|at valuation|-|-|-|-|-| |Donations|at cost|-|22,820|-|-|:| |Disposals|(20,399)|-|-|-|-| |At valuation|-|-|-|=| |Total| |(disposals)/additions|(20,399)|22,820|250,076|291,072|-|

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8. Investment

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|||||| |---|---|---|---|---| |Investment| |ina| |private| |company| |Cost|__()|___| |at 6 April 2024|350,000| |Addition|of unlisted|investment|at cost|-| |Cost at 5 April 2025|350,000|

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Had the investment in associate been accounted for using the equity method, its carrying value would have been £510,319 (2024: £510,319) rather than the historic cost of £350,000.

9. Debtors

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||||| |---|---|---|---| |2025|2024| |(£)|(£)| |Other|debtors|293,856|£39,399|

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N SETHIA FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 5 APRIL 2025 (CONTINUED)

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||||||| |---|---|---|---|---|---| |10.|Creditors:|amounts|falling due| |within one year|2025|2024| |Accruals|5,430|4,700| |Grant commitments|500,000|500,000| |Other|creditors|941,486|571,862| |£1,446,916|£1,076,562| |11.|Creditors: amounts|falling due| |after one year|2025|2024| |Grant commitments|due|greater|than five years|£ 1,500,000|£ 2,000,000|

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12. Related party transactions

The trustees were not paid any remuneration or expenses during the year (2024: £nil).

Other creditors of £941,486 (2024: £571,862) relates to amounts due to Sethia London Limited.

Donations received for the year ended 31 March 2025 from related entities were as follows:

Newby Teas (U.K.) Limited and Sethia London Limited £293,856 (2024: £39,399).

Additionally, a trustee donated £nil (2024: £22,280) worth of museum items to the charity.

The companies are related parties by virtue of the fact that; they are ultimately owned by both the Sethia Family and Sethia Family Trusts.

There are no additional related party transactions to report.

13. Contingent liabilities

At 5 April 2025 the charity had no contingent liabilities.

)

21,

N SETHIA FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 5 APRIL 2025 (CONTINUED)

14. Off balance sheet arrangements

There are no material off-balance sheet arrangements to disclose.

Events since the balance sheet date

There are no events on which to report.

16. Financial instruments

The charity has no other financial instruments than basic financial instruments.

Reconciliation ofnetincome/(expenditure) tonetcashflowfrom	Reconciliation ofnetincome/(expenditure) tonetcashflowfrom	Reconciliation ofnetincome/(expenditure) tonetcashflowfrom	Reconciliation ofnetincome/(expenditure) tonetcashflowfrom	fromoperatingactivities	fromoperatingactivities	fromoperatingactivities
					2025		2024
Netincome/(expenditure) forthereporting
period (as per statementofthefinancial
activities)				£263,552		£(1,989,732)
Adjustments for:
Gainoninvestments				£ (18,601)			£ -
(Increase)/decrease indebtors				£ (254,457)		£136,931
(Decrease)/increase	in creditors			£(129,646)		_£1,881,925
Net cash (used	in)/provided	by	operating
activities				£(139,152)		£29,124