Charity Number: 1064988 SIIRIMATI PUSHPA WATI LOOMBA MEMORIAL FOUNDATION REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 ARCH 2024
SHRIMATI PUSHPA WATI LOOLWIBA MEMO]UAL FOUlATIoN CONfENTS Page Trustees, report Independent auditor's rq)ort Statement of Financial Activities 10 Balanct Sheet 11 Notes to the finl¢la1 statements 12-17
SHRIMATI PUSHPA WATI LOOMBA IVIEMORIAL FOUNDATIOIY LEGAL AND ADMINISTIIATtVE INFORMATION Presidellt Lady Cherie Blair CBE KC Patron-iTh-rhief Sir Richard Branson Founder and Chairman Trustee Lord Loomba CBE Honourees Laura Bush H E Paul Kagame, President of Rwanda Lady Cherie Blair CBE KC Yoko Ono Craig Barrett Rachel Mayanja Raj Nooyi Patrons Lord Icaran Bilimoria CBE DL Dame Joanna Ltllnley OBE Baroness Helena Kennedy of the Shaws KC Baroness Jay of Paddington Rt Hon Sir Tony Baldry Graham Tobbell Susall Tobbell Lord Rana MBE JP Rt Hon Patricia Hewitt Shamin Lalji (Patron from 23.2.2023) Lord Jeffery Archer (Patroll from 20.8.24) Trnstees Lord Loomba CBE (Chair) Lady Veena Loomba Reeta Sarkar Roma Loomba Rin1 Loomba Shamin Lalji (Tetired 21.2,2023) Friends of the Loomba Foundation Mike Tobin OBE (Chair) Advisory Council (UK) Alpesh Patel OBE (Cknir) Sheetal Kapoor Ricky Kapoor John Athwal OBE Vijay Goel Champion of the LL)omba Foundation Chris Parsons
SHRIMATI PUSHPA WATI LOOMBA MEMORIAL FOUNDATION LEGAL AND ADMINISTRATIVE INFORMATION Governing Document and Constitution association Foundation Deed dated 26 June 1997 as an unincorporated Charity Number 1064988 Charity Otyice Loomba House 622 Western Avenu¢ London W3 OTF Solicitors Bates, Wells 10 Queen Street Place London EC4R IBE Auditors Goldwins CILartexed Accountants 75 Maygrove Road London NW6 2EG Bankers HSBC Bank plc 60 Queen Victoria Street London EC4N 4T
SHRIMATI PUSHPA WATI LOOMBA IVJEMORIAL FOUNDATION LEGAL AND ADMINISTRATIVE INFORMATION The Loomba Foundation has a sister Charity registered in India. India Patrons Sir Mark Tully OBE Dr Aruna Abhey Oswal Padma Shri Vikramjit Singh Sahni Dr Rajinder Singh Chadba Balbir Singh Kakar AshislL Chauhan Trustees Lord Loomba CBE (Chair) Lady Veena Loomba Harjiv Singh Amit Chaudhry
SHRIMATI PUSHPA WATI LOOMBA MEMORIAL FOUNDATION TRUSTEES, REPORT FOR THE ENDED 31 MARCH 2024 Tlie Trustees present diekr Report and the fmancial statements for the year ended 31 March 2024. Foundalloll PrOre 26 June 1997: The Foundation was establi8h&l in the UK by Raj and V¢ena IA)omba by a charitable Trust De¢d on 26 June 1997 and has sister charities registered in India and the USA, The inspiration came from Raj's late mothcr, Shn'mati l)ushpa Wati Loomba, who became a widow at the early age of 37 and succeeded in educating her seven children single-handed. The Foundation was officially launched in LA)ndon on 25 March 1998, ill the presence of the Prime Minister, The Rt. Hon. Tony Blair MP, and his wife Cherie Blair. The Foundation also received the support of the Honourable Prime Minister of Jndia, Sl]ri Atal Behari Vajpayee, who inaugurated the Foundation in New Dell]i on 31 March 1999, by lighting a cercmonial lamp at his residence. The cerejnony was attended by Sir Rob Young GCMC, British High Commissioner. Th¢ Loomba Foundation was also officially launched in Scotland in 2003, in the USA in 2005, in South Africa in 2006, in Kenya and Rwanda in 2008 and in Canada in 2009. Ob'ectives and Actlvlties: The Foundation is constituted by Tru8t Deed and its objeots and aims are to promote the welfare and cducation of the children of poor widows, orphaned children and children who have lost their others as a result of natural disaster and for other auxiliary purpoges as the Trustees may detennine. In accordancc with its grant-rnalcing policy, the Foundation currently makes grants to its S18ter cknrity in India, the Shrimati Pusbpa Wati IA)omba Foundation, to fifIll its aforesaid aim8. This sister cbarity distributes funds to support children in India. The Board of TNstees has decided to include empowerment of impoverished widows in IndAa and around the world. Cherie Blair CBE QC, wife of the formerBriti8h Prime MinRsttt, who b¢came the ftrst Patron of the Foundation in 1998, agrecd to become the Prcsident and officially inaugurated Loomba House in London on 8 September 2004. Over the years, Mrs Blair has continued to travel to various countries to attend the Foundation's events in order to raise awareness of tlic plight of widows and their children around the world. Sir Richard Bran50n agreed to become Patron-in-chief fill 2004. He has attended the Foundation's ftmthising events ill India and South Africa. He bas also supported tbe Foundation by making an appeal on BBC Radio 4 in 2004, and he raised over £500,000 through threc 'Changc for Children, appeals on Virgin Atlantic flights worldwide. Internation&1 Widows Day- Flagship.. The Loomba Foundation launched International Widows Day, which takes place each year on 23 June, to highlight the plight of widows and their children all over the world and to provide a focus for effective action. The date of 23 June was cbosen b¢cause it was on this day that Lord Loomba's mother, Shrimati Pushpa Wati Loomba, the inspiration for the Foundation, becamc a widow in 1954, This flagship of the Foundation was amiounced at the Trlouse of Lords in the UK on 26 May 2005, which was followed by launches in India on 7 September 2005 and the USA on 21 October 2005, respectively. The US laullch was attended by His Excellency Kofi Annan, Secretary General of the United Nations.
SHRIMATI PUSHPA WATI LOOMBA MEMORIAL FOUNDATION TRUSTEES, REPORT FOR THE YEAR ENDED 31 MARCH 2024 The Loomba Foundation is proud that through its tireless campaign over five years, the Unlted Natlons declared 23, June as UN International Wldows Day at Its 65th General Assembly kn 2010. The first UN recognised International Widows day was marlced on 23rd Julle 2011, at the United Nations, Headquarters in New York hnd chaired by Madame Ban Soon, wife of the UN General Secretary, His Excellency Ban Ki Moon. The second UN recognised International Widows Day was marked on 23 June 2012, atNo l O Downing Street in London by the Deputy Prime Minister, Rt, Hon, Nick Cl¢gg MP, and his wife, Ms Miriam Durantez Gonzalez, 30 June 2008: The Loomba Foundation became An Associate of the Dep&rtment of Pub]ie Informatlon (DPI) of the United Nations. Through the United Nations accreditation, th¢ Loomba Foundation is cominittedto raising public awareness about thepurpose and actLVities of the United Nations and issues of globaL concerns, gnd especially about the plight of widows and their children who are suffeiing through poverty, illiteracy, diseases such as HIVIAIDS and Malaria, conflict and violence and social iiijustice. 2012: The Economlc and Soclfdl Council of the United Nations recommended the Loomba Foundation for Special Consultative Status in 201 l and anted it in 2012. "Special Consultative Status" is conferred upon those non-governmental organizations that demonstrate a special competence in a select field of concern. This desIatIon allows the Foundation to send otyicial representatives to participate in events and conferences at the United Nations. Research and Publications INVISIBLE, FoRGoN SUFFERERS - PLIGHT OF WIDOWS AROUND THE WORLD: In 2010, the IA)omba Fourtdation publisbed a Cc>mprehensive Research Study Book - 'Invisible, Forgotten Sufferers.. The Plight of Widows Around the World,. The first edition was presenÉed to theUN Secretary General, H.E. Ban Ki Moon, by tb¢ Presidcnt of the Foundation, Cherie Blair, and Founder and Chairman Trustee, Lord IA)omba CBE. The book was subsequently presented to the Hon'ble President of India and the US S¢cretary of State, Hilary Clinton. A IZIDDEN CALAMrfY- THE PLIGHT OF WIDOWS: The LA)omba Foundation has also published a book of oil and acrylic paintings highlighting the plight widows around the world by London-based artist Reeta Sarkar. Entitled 'A Hidden Calamity: The Plight of Widows,, the book illcludes 17 of Reeta's Okls and acrylics paintings based on three key themes - South Asia, Africa and Confiict. Thes¢ paintings wcre exhibited at the UN Headquarters from 23rd June to 15th July 2011 to celebrate International Widows Day. The exhibition was Énaugurated by Yoko Ono, widow of Beatle Jolm Lennon and a supporter of the Loomba Foundation. These paintitigs were exhibited at 10 Downing Stre¢t in London to cojnmemorate Inteniational Widows Day in 2012. ONE MAN WALKtNG- A WALK FOR WMOWS: li This book is Chris Parsons's inspiring story captured in a blog he dictated every evening of his walk and accompanied by comments from all over the world and some anZIng pictures- depicting his 30 x 30 Marathon Walk from Mumbai to Bangalore to raise money for the Loomba FoundatLOn.
SHRIMATI PUSHPA WATI LOOMBA MEMORIAL FOUI¥DATION TRUSTEES, REPORT FOR I'IIE YEAR ENDED 31 MARCH 2024 li WORLD MIIDOWS REPORT: Durillg 2015, the Loomba Foundation commissioned Mr. Harnia Risto to update the iesearcli study wliich was published in 2010. Tlie Loomba Foundation's World Widows Report is the only authoritative comprehensive data source about the discrimination and injustic¢ fared by widows and their dependents country by country and worldwide, informing policy formulatioll by the United Nations and national governments. It was published on16l Fcbruary, 2016. The World Widows Report is publishedto coincide with th¢ UN'S adoption of the Sustainabl¢ Development Goals and provides a basis for researchers, aid agencies, governmellts alld others to develop evidence-basedpolicy for a better World, Key findings include: The affected population is 259m widows with 584m children worldwide. 3 8m widows live in extreme poverty, Since 201 O there has been a significant exacerbation in confjict areas in th¢Middle East and North Africa, rtotably the Syrian civil war. Wor8t affected by conflict and insurgency are widows in Afghanistan, Iraq, South Sudan, Central Afrioan Republic, Syria, nortlleast Nigeria, southeast Niger, west Chad and north Catlleroon. In Sub-saharan Africa the worst coiiditions are facedby evicted and abandolledwidows with deNdents and by those caught up in Ebola areas, exacerbated by traditional 'cleansing' rituals. Widows with only female children and child widowsaged between IQ and 17 face severe discrimination in many developing countries. Social nonns around sexual behaviour remain counterproductive with extreme poverty as a driver of 'exchange sex, and '8urvival sex, relationships and poor quality healthcare, Widows in developed countries are also affected by welfare cuts and increased insecurity. Customary 'clean8ing' rituals, where widows arerequired to drink the water with which their dead husband's body kns becn washed and to have Sex with a relative, sprcad disease and violate the dignity of widows in many Sub-saharan countrics. Widows are r¢gularly accused of killillg their husbands either delibcTately or through neglect- including by transmitting HIVIAIDS - in Indi4 Nepal, Papua New Guinea and Sub-Sahar&n Africa. Systematic Seizure of propety and evictions by the late husband's family remains widespread in Angola, •• Bangladesh, Botswana, Republic of Congo, DR Congo, India, Ivory Coas( Ghana, I<ellya, Lesotho, Malawi, Namibil Nigeria, Rwanda, S¢n¢gal, Swaziland, Tanzania, Uganda, Zambia and Zimbabwe. 20th Anniversary Book Loomba Foundation published book to celebrate its 20tb anniversary, detailing twenty successftll years flghting injustice against widows, on the occasion of our Annual Gala Ball, which was held at the Dorchester Hotel in London on 23rd June, 2017. 25 Anniversary Book 2022 has been a momentous year for the Loomba Foundation, as we completed 25 successAI years since the Foundation was established in 1997. During these years, tlie Loomba Foundation focused on uplitbng the status and welfare of widows around the world through educatio empowerment and advocacy. The Loomba Foundation published a book to celebrate its 25th anniversary on International Widows Day, 23rd June, which took place at the Banqueting House, London.
SHRIMATI PUSHPA WATI LOO1vA IEMO1uAL FOUNDATION TRUSTEES, REPORT FOR THE YEAR ENDED 31 TrLdRCH 2024 Activity Report 2023-24 The Loomba Foundation has contiiiued its Ini58ion of education, empowerment, and advocacy for widows, their youths, and singl¢ moth¢rs. A key highlight of the year was our observance of UN Int¢niational Widows Day on 23rd June, both in the UK and acTOSS several cities in India. UN Inl'ernational Widoivs DYdy- 23rd June Tlie Loomba FoLmdation marked this importallt day with a flagshAP event at the House of Lords in London. The tlieme for 2023 was "Prosperity and Dignity.for Ifidows in Riiral Indio, ' Attendees included the High Coinmissioner for India, His ExcellerLCy Shri Vit(rain Doraiswami,. UIC'S fonner First Lady, Lady Cheiie Blair, CBE, KC, Presidcnt of thc Loomba Foundation. and a host of dignitaries alld biisiness leaders. A special address was delivered via live video link by Mr. Mehta, the Law Minister of India. Lord Raj Loomba, CBE, Founder alld Chairman Trnstee of the Foundation, delivered the vote of thank8. Simultaneously, we organized events Èn I I cities across India-varanasi, Lucknow, Muinbai, Thane, Jaipur, Udaipur, Ludhialla, Dhilwan (Punjab), Jammu, Bengaluru, and Ahmedabad-to rai8e awareness about the plight of widows alld their families. Debate at the House of Lords On 6th July 2023, Lord LoottLba initiated a debate ill the House of Lords, questioning His Majesty's Gov¢rnment li on the steps being taken in response to UN International Widows Day. He emphasized the need to empower widow8 economically, addressing the discriinination and prejudice that adversely llnpact their opportunities and tliose of dieir dependents. The Rt. Hon. Ird Mott, Minister, responded: "In many countries, womell &re disadvalltag by laws and custoills that restrict tlieiI riglits to inlieritallce, land ownersliip, employment, and access to Credit. This inequality lias a partiCLLlarly bruising impact on widows and dieir cliildren, perpeluating intergeneratioiial poverty." Tlie debate rec¢ived contributions from several peers, including Lord Collins ot"Highbury, now Depiity Leader of the Housc of Lords. Empowerment Projects: The Loomba Foundation implemented several initiatives to empow¢r widows and tlieir depend¢nts in Uttar Pradesh, Haryalla, and Punjab, . Uttar Pradesh: In partnership witli the US India Strategic Partnership Forum, llie Foundation laiinclied a project to empower 5,000 widows and their youths in Varanasi, Gorakhpur, Amethi, Lucknow, and Cbandauli. Skill training was provided in areas such as hospitality, tourisin, tailoring, beaiity and Iiealthcare, and food processing. By December 2023, tlie fllst phase of the project was completed, t'raining 2,500 beneficiaries and seciuing job placements forl ,934 of them, The second phase, ain]ing to einpower the remaining 2,500 bcneficiaries, is on track for completion by the end of 2024. . Haryanvd A project to empower 100 widow8 in rural areas of Rohtak District coininenced in late 2023. Following an Mou signed with the LL)k Bharti Education Society oll 15th December 2023, skill training in Iiospitality and IT-ITES was condiicted itk FebrLWy and March 2024,
SHRIIIIATI PUSHPA WATI LOOMBA IVIEMORIAL FOUNDATION TRUSTEES, REPORT FOR THE YEAR EIYDLD 31 MARCH 2024 Punjab: A similar project for 50 widows and their cliildren in Ludhiana District began in late 2023. ALI Mou witli Lok Bliarti Education Society wa8 signed on 15tli December 2023, and training ill hospitality and IT-ITES ran from February to March 2024. Educatlon Programme: The Loolliba Foundation distributed scbolarsliips worth <159,800 (approxiiiiately £1,600) to 68 students at Sbri Jagiri Lal Loomba Memorial Government Senior Secondary School and Government Gllls Smart High School in Dhilwan. Bharat Widows Empowerment Fund: On 21 st October 2023, tbe Loojnba Foundation launched the Bharat WidowsEmpowermentFund atthe residence of the British High Commissioner in New De]hi. The event was liosted by His Excellency Alex Ellis, British Higli Con]missioner to tndia, and attellded by over 250 distinguished guests. Notable attendees included Lady Cheric Blakr, CBE, KC,. Lord Raj Loomba, CBE. Lady Veena Loojnba; Mr, llitabh Kant, G20 Sherpa. and Dr. D. Mulay, Meinber of tlie NHRC. This ambitious initiative aims to cmpower 100,000. Future Plans 2024-25 We are plaDJLing to commemorate two significant milestones.. the 15th anniversary ofthe United Nations, adoption of International Widows Day and the 20th anniversary of its launch by the Loomba Foulldation in 2005. Additionally, we will participate in the 69th session of the Commission on the Status of Women (CSW69) at the United Nation8 in New York in March 2025. During this event, we will launch the International Widows Day PrOeSS and Impact Studyg titled "LKaving No Widows Behind,, conductcd by researchers at Cambridge University. FinanclAI Revlew During the year the charity achieved an unr¢stricted surplus of £20,226 (2U23: deficit £23,772). The total funds carried forward were £362,071 (2023: £341,845) all of which was unrestricted funds. Reserves The Cllent reserves policy is to build up and maintain free reserves of at least 3 months average expenditure, This is to provide a fund for future charitable activities. FTee reserves are defmed as that part of the charity's unrestricted funds tliat 18 freely available to spend on any of the clwity, s pwposes, Risk Management The Board of Trustees recognise that the charity is subject to operational and financial risks and these are monitored regularly. The charity makntains a fornial risk-management process in accordance witb guidance from the Charity Commission, Publlc benetit runlling the charity, the Trnstees have complied with their duty under Section 17 Chariti¢s Act 2011 to have regard to the public benefit guidance publislicd by the CILarity Commission. By empowering widows and educating their children, the charity perfornis an enonnous public benefit. The activities that the charity has carried out to achieve this have b¢cn covered in dctail earlier in tlii8 report.
SHRIMATI PUSHPA WATI LOOMBA MEI MORIAL FOUNDATIOIY TRUSTEES? REPORT riOR THE YEAR ENDED 31 MARCH 2024 Statement of Trustees responsibilities The trustees are respottsible for preparing the Trustees, Report and the fmancial statements in accordance with applicable law and United l(ingdom Accounting Standards including Financial Reporting Standard 102 The Fxnancial Reportingstandard applicable in the UKandRepublic ofIre/and (United Kingdom Generally Accepted Accounting Practice). The law applicable to charities in England & Wales requires the trustees to prepare fmancial statements for each financial year which give a te and fair view of the state of affairs of the charity and of the income and expenditure of the charity for that period. tn preparing these fanCIaL 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 judgmcnts and accounting estimates that are reasonable and prndent. stale whether applicabl¢ accounting standards have been followed, subject to any nydterial cfy)artures disclosed and explained in the fmancial statements, and prepare the fmancial statements on the going concern basis unless it 18 inappropriate to prc8UmC that tbe charity will continue in business. The tlustees are responsible for maintainingproper accountingrecords which disclose withreasonable accuracy at any time the fmancial po8ltion of the charity and enable them to ensure that the fllwicial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed/constitution. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularitie8. The trustees are responsible for the mailltenance and integrity of the charity and fancIal inFonnation included on the charity's website. Legislation in the United Kingdom governing the preparation anddissemination of fanCIal statements may differ from legislation in otber jurisdictions. Auditor information In the case of each of thepersons who were Trustees during the finan¢iaL year andw¢ Trustee8 at the time when the Trnstees, Report is approved: so far as the Trn8tee is aware, there is llo relevant audit information (inforniation needed by the charity's auditors in connection with preparing their report) of which the charity's auditors are unaware, and each Trustee has taken alL the st¢ps tbat he ought to have taken as a Trustee in order to make himself aware of any relevant audit infonnation and to establish that the ¢Ilty,8 auditors are aware of tknt infornution. Approved This report was approved by the Trustecs on .,........ and sign¢d on their behalf by:_ Lord Loomba CBE (Chairman Trustee)
SHRI1]. PUSHPA WATI LOOMBA MEMORIAL FOUNDATION JNDEI PENDENT AUDITORS, REI PORT TO THE TRUSTEES OF SHRIMATI PUSHPA WATI LOOMBA MEMORIAL FOUNDATION Oplnlon We hav¢ audit¢dthe fmancial statements of Slirimati Pushpa Wati Loomba Memorial Foundation (the 'Charity') for the year ended 31 March 2024 which comprise the Statement of Financial Activities, the Balance Sheet and notes to the financial statenLents, including a summary of significant accounting policies. The fjnancial reporting framework that has been applied in their preparation is applicable law and United Kingdoin Accounting Standards, including Financial Reporting Standard102: Th¢ Financial Reporting Standard applicable in the UKandRepublic of Treland (United Kingdom Generally Accepted Accounting Praotice). In our opllllon, the tlnanclal statements: 'give a tsue and fair view of the state of the Charity's affairs as at 31 March 2024 and of its income and expenditure for the year then ended. .have been properly prepared in accordance with United Kingdoin Generally Accq)tcd Accounting Practice. .have beell Prepar in acoordance with the requiremellts of the Charitie8 Act 2011, Basfis for opin£oll We conducted our audit in accordance with International Standards onAuditillg (UK) (ISAS (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit oftbe fanCIal statements section of ourreport. We are independent of the Charity in accordance with the ethical requirements that are relevant to our audit of the fmancial statements in the UK, including the FRC'S Ethical Standard and we knve fulfllled our other ethical responsibilities in accordance with thes¢requir¢ments. W¢believe that the audit evidence we have obtained is sufficit and appropriate to provide a basis for our opinion. Conclusions relating to going concern In auditing th¢ fmancial statements, we have concluded that the trustee8' use of the going concern basis of accounting ill the preparation of the financial statcments is appropriate. Based on th¢ work w¢ have perfornied, we have not identified any material uncertainties relating to events or onditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going roncern for a period of at least twelve months from when the fanCial statements are authorised for issue. Our responsibilitxes and the respollsibilities of the directors with respect to going concern are described in the relevant sections of this Tepo Other information The trustees are responsible for the other infornlalion. The other information comprises the information included in the annual report other than thc fmancial statements and our auditor's report thereon. Our opinion on the flnancial statem¢nt8 does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do llot express any form of assurance conclusion thereon, In connection witlL our audit of the financial statements, our responsibility is to read the otELer infomatioll and, in doing so, consider whether the other inforniation is materially inconsistent with the fmancial statements or our knowledge obtained in thc audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatanents, we ar¢ required to d¢tennine whether there is a material misstatement in the fiJi¢la1 statements or a material misstatement of the other inforn]ation. Lf, based on the work we luve performed, we required to determine whether there is a mateLYdl misstatement in the finallcial statements or a material misstatement of the other information. If, based on the work we have perfoned, 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.
SIIRIMATI PUSHPA WATI LOOMBA MEMORIAL FOUNDATION II¥DLI PENDENT AUDITORS? REPORT TO THE TRUSTEES OF SHRIMATI PUSHPA WATI LOOMBA MEMORIAL FOUNDATION Matters on whlch we are required to report by exception In &e light of the knowledge and understanding of the Charity and environment obtained in the course of the audit, we have not identified material misstatements in the Trustees, Annual Report, We have nothing to report in respect of the following matters in relation to which the Charities Act 2011 requires U5 to report to you if, in our opinion". •suffici¢nt accounting records bave not been kept; •the financial stat¢mcnts arc not in agreement with the accounting records and returns. or •we have not obtained all the infonnation and explanations necessary for tlie purposes of our audit, Responsibillties of the trustees As explained more llY in the trustees, responsibilities statement, the trustees are responsible for the preparation of the fmancial statements aiid for being satisfied that they give a true and fair view, and for such internal control as they deterniine is necessary to enable the preparation of fancIal statements that are free from material misstatement, whether du¢ to fraud or error. In preparing the fll]ancial statem¢nt8, the trustees are responsible for assessing the Charity's &bility to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concenL basis of accoulltillg unless the trustees either intend to tiquidate the Charity or to ceas¢ operations, or have no reali8tLC alternative but to do so. Our responslbllltles for the audlt of the financlal statemellts Our objectives are to obtain reasonable assuranc¢ about whether the fancial statcments as a whole are free from material mi8Statement, whetlier due to fraud or error, and to issuc an auditor's report that includes our opinion. Reasonable assurance is a high level of a8surance, but is not a guarantee that an audit conducted in accordance with ISAS (UK) will always detect a llterIal misstatement when il exists. Misstatements can arise from fraud or error and are considered inaterial if, individually or in the aggregate, they could reasonably be expected to inlluence the cconomic decisions of users taken on the basis of these fancial statements. Irregularities, including frau(L are instances of non-compliance with laws and regulations. We d¢sign procedures in line with our responsibilities, outlined above, to detect nuterial misstatement8 ill respect of Iegular1tie8, including fraud. The extent to which our procedures are capablc of detecting iegularLties, including fraud are set out below. In identifying and assessing risks of material mÉsstatement in respcct of irregularities, including fraud and non- colllpliance with laws and regulations, our procedures included the following,, We enquired of management, which illcluded obtaining and reviewing supporting documentation, concerning the charity's policies and procedures relating to: identifying, evaluating, and complying with laws and regulations alld whether they were aware of any instances of non-compliance.
SHRIMATI PUSHPA WATI LOOMBA NIEMORIAL FOUNDATION INDEPENDEKT AUDITORS, REPORT TO THE TRUSTEES OF SIIRIMATI PUSHPA WATI LOOMBA MEMOIIIAL FOUNDATION Detecting and responding to the risks of fraud and whether they hav¢ knowledge of ally actual, suspected, or alleged fraud, The internal controls established to mitigate risks related to fraud. We obtailled an understanding of the environment that th¢ charity op¢rate8 in, focusing on those laws and regulations that had a material effect on the financial statements. We reviewed thc fmancial statement disclosures and tested these to supporting documentationto assess compliance with applicablc accounting standard. We perfornied analytical procedures to identify any unusual or unexpected relationships that may indicatc risks of material misstatement due to fraud. In adthessing the risk of fraud through managemcllt override of controls, we tested the appropriateTL¢SS ofjournal entries and other adjustments, assessed whether the judgements made in making accounting estimates are indi¢ativ¢ of a potential bias and tested sigllificant transactions that are unusual or those outside the normal course of business. Use of our report This report is made solely to the Charity's tNst¢es, as a body, in accordance with section 144 of the Charities Act 2011 and the regulations Inade under section 154 of that Act. Our audit work has been und¢rtaken 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 pu4)ose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Charity and the Cliarity's trLlStees as a body, for our audit worK for this repor¢ or for the opinions we have formed, 24 December 2024 GOLDWINS LIMITED 75 Maygrove Road West Hampstead London NW6 2EG CHARTERED ACCOUNTAIYTS AND REGISTERED AUDITORS Goldwinb Limited 1£ eligible for appointmeiit as audi lor Df the charity by virtue of ils eligibility for appointment as auilitor of a coThipany undersection l?1? of the Companie5 ACL 2006.
SHRIMATI PUSHPA WATI LOOMBA MEMORIAL FOUNDATION STATEMENT OF FINANCIAL ACTIVITtES FOR TIIE TrTAR ENDED 31 MARCH 2024 Unrestricted funds 2024 Total fullds 2024 Unrestrlcted funds 2023 Total funds 2023 Income from: Donations and Legacies Donations Incomc tax recoverable Charitable Aetlvities Fundraising, event & project Investments Interest income-UK Note 12,139 412 12,139 412 143,570 24,568 143,570 24,568 1,118 1,118 34,931 34,931 16,988 16,988 3,841 3,841 Other General donation from The Loomba Group of Companie8 (TLGOC) 100,119 100,119 98,610 98,610 Total Income 130,776 130 776 305,520 305 520 Expendlture on: Charltable Activities LF25 anniversary celebrations InternatlDnal Widows Day & Advooa¢y Publication Assistance to Widows - India Fundraising, event & project Donations to Barnardo's re Ukrainian refugees Donations 94,650 33,609 11,090 loo,000 24,447 94,650 33,609 11,090 100,000 24,447 24,234 5,447 9,610 59,499 24,234 5,447 9,610 59,499 11,760 11,760 64,046 1,450 64,046 1,450 Total expenditure 110,550 110 550 329 Net (deficit)Isurplus for the year Transfer between fimds 20,226 20,226 (23,772) (23,772) Net (deficit)Isurplus in funds 20,226 20,226 (23,772) (23,772) Re¢oDciliation of funds.. Total funds brought forward Total funds carried forward 341,845 341,845 365,617 365 617 362,071 362 071 341845 34J,845 All of the above results are derived from continuing activities. There were no other recognised gains or losses other than those stated above. Movements in funds are disclosed in Note I I to the financial statements. 10
SHRIMATI PUSHPA WATI LOOMBA MEMORIAL FOUNDATION BALANCE SHLI ET AS AT 31 MARCH2024 2024 2023 Note Current assets: Other debtor8 Casli at bank and in hand 150 365,121 150 344,895 365,271 345,045 Liabilities: Creditors.. Amounts falling due within one year 10 (3,200) (3,200) Net Current Asset8 362,071 341,845 Net Assets 362,071 341,845 The funds of the charity: Restricted Funds Unrestrictcd Funds 11 362,071 341,845 Total charKty fullds 362,071 341,845 Approved by the Trustees on and signed on their behalf by". - Lord Loomba CBE (Chairman Trustee) 19 December 2024 Thc attached notes form part of these Finallcial Statements,
SHIUMATI PUSHPA WATI LOOMBA MEMORIAL f4OUIIIDATIOIY NOTEI S TO THE FINANCIAL STATEMENTS FOR THEI YEAR ENDED 31 IVIARCH 2024 Accountin Policies a) Basi5 of Preparation The financial staternents have been prepared in a¢oordan¢¢ with Accounting andReporting by ChaTities: Statement of Reoommended PraGtice applicable to ¢haTitie8 preparing their ac¢ounts in accordance with tbe Financial Reporting Standard applicable in the UIC and Repiiblic of Ireland (FRS 102) (¢ffeotiv¢ l January 2015)- (Charities SORP FRS 102). Asset8 and liabilitie8 are initiallyrecognised at historioal wstortr8ll8actionvalue unless otheThvi8e statsd in the relevant accounting policy or note. b) Public benefit enllty The charitable company eets the defmition of a public benefit etttity under FRS EO2. c) GoLng concern The tnteeS consider that thore 'e no material uncertainties about the charitable ability to continue as a going con¢em. Key judgetnents that the clwity has made which have a significant effect on the accounts include estimating the liability from multi-year grant commitentS. The trustees do not considerthatthere areanysouTce8 of estimation un¢ertainty at tho reporting date tbat have a Significant risk of causing a material adjusttnent to the carying amounts of a8gets and liabilities within the next reporting period. d) Income Income 18 recognised when the ¢harAty has entilEetnent to the fLmd8, any perfornGe conditions attached to the incoMe havebeen met, it 18 probable that the income will be received &lld thatthe amount can be tneasured reliably. Income frotn goven)ment alld other grants, whether 'capilal' grants or 'revertue' grants, is recognised when the ¢hanty has entitlement to tho fimds, anyperforniance conditions attached to ihe grants have been meL it is pmbable tbat the illcotne will be received and the amount can be measured reliably and is not defenrd. Forlegacies, entitletnent is tat(en as the earlier of the date on which either., the charity is aware thatprobatehas been granted, the e8tate has been finalised and notification h&s been rllade by the executor(s) to the charity that a distribution will be made, or when a distribution is receivedfrom the estate. Receipt ot a legacy, in whole or inparL is only considered probable when the atnount can be measured reliably and the charity has been notified of the executor's intention to make a distribution. Where legacies have been notified to the charity orthe charity ts aware of the granting of probate, and the criteria for income recognition have not been mel then the legacy is a treated as a contingent asset and disclosed if rnaterial. Income received in advance of the provision of a 8pecified service is defetTed until the criteria for inc0e recognition are meL e) DonAtions of gifts, servlees and facllltles Donated professional services and donated facilities are recoEnised as Illco¢ when the charity ha8 control overthe item or received the service, any Conditions associated with the donation have been met, the receipt of economic benefit ftDn] the use by the charity of the item is probable and that economic benefit can be measured Teliably. In accordance with the Charities SORJ) (FRS 102), volunteer time is not recognised so refer to the tru8te¢s' annual report for more inforniation about their contribution. On receipt, donated gifts, professional servi¢es and donated facilities are recognised ortthe basis of the value of the gift to the charity which is the amount the clwity wouldhave been willing to pay to obtain services or faGilities of equivalent economic benefit on the open marlcet. a conesponding amount 18 then recognised in expenditure in the period of receipt, fj Interest recelvable Interest on fid8 held on deposit is included when receivable and the amount can be measured reliably by tbe charity. this is norn]ally upon notification of the interest paid or payable by tbe bank, 12
SIIRIMATI PUSHPA WATI LOOMBA IVIEMOIUAL FOUNDATION NO'fES TO THE FtNANCIAL STATEI MEI NTS FOR THE YEARENDED 31 MARCH 2024 Accoiintin Poiicles continued g) Fund accountlng Restricted ndS are to be used for specific puoseS as laid down by the donor. Expenditure which meets these criteria AS charged ¢0 the Ojnd. Unrestricted ndS are donations and other incoming resources r¢¢eived or generated for the charitable purpose8. Designated fld$ are unrestricted ndS earnwked by the trustee8 for particular puryoses. h) Expenditure and irrecoverable VAT Expendikne is re¢ognisea once there is a legal or constrnctiv¢ obligation to make a payttKnt to a third paty, it 18 probabl¢ that settlement will be required and the amount of the obligatioL catt be meagured reliably. Expenditure 18 ola8sifi¢d under the following activity heading8', Costs of raising fund8 relate to the costs incurred by the charity in inducing third parties to ]Jak¢ voluntary contributions to it, &s well as the cost of any activities with a ndraISing purp08e Expenditure on charitable activities includes the costs ofdeliveritig services undertaken to furtherthepurposes of the charity and their a8so¢iated support costs Other expenditure represents those items not falling into any other headiog Irrecoverable VA'f IS Gharged as a cost against the a¢¢ivity for whioh tbe expenditure wa8 incurre(L l) Allocation of support costs ResouTce8 expended are allocated to the particular activity wher¢ the costrelate8 directly to that actsvity. However, the cost of overnll direction and administration of ea¢h aotivity, oomprising the 8taff c08t8 and overhead c08t8 of the G¥nlral function, is apportioned between raising fLmds &ttd charitable activities. j) Debtors Trade and other debtors ar¢ recogni8ed at the settlement amoullt due after any trade discount offered. Prepayments are valu¢d at the amount prepaid rtet of any trade discounts due. k) Ca8h at ba] alld in hand C¥4sh atbank and cash in hand illclude8 cash and thort tennhighly liquid investments with a shortmaknrity of three months or less fron the date of acquisition or opening of the deposit or gimilar account. Ca8h balances exclude any fLmds held on behalf of service users. l) Creditors and provlslon8 Creditors and piovisions are re¢ogntsed where the charity has a present obligation resulting frottL a past event that will probably result ill the transfer of funds to a third paty and the amount due to settle tbe obligation can be tneasured or estimated reliably. Creditors and provisions are rkornially recognised at their settlement amount after allowing for any trade discounts due. m) Penslons The Charity has no petlOn liabiliti¢8. 13
sItRIMATI PUSIIPA WATI LOOMBA MEMORIAL FOUNDATION NOTES TO THE FINANCIAL STATEME4 NTS FOR THE YEAR EIWED 31 MARCH 2024 2. Illcome from donatlons and legacies 2024 2023 Unrestricted fulld Donations Dollations- Ukrainian refugecs 12,139 82,720 60,850 12,139 143,570 Income from chatable actlvitles 2024 2023 Unrestricted fund Fundraising, event & project 1,118 34,931 1,118 34,931 4. Investment Income 2024 2023 Interest receivablfr- (within the UI<) 16,988 3,841 16,988 3,841 5. Cweneral Donation. 2024 2023 The Loomba Group of Companies (TLGOC) 100,119 98,610 *See note I I regarding amounts includ¢d which are from related parties. 14
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SHRIMATI PUSHPA WATI LOOMBA MEMORIAL FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (Continued) FOR THE YEAR ENDEI D 31 MARCH 2024 7. Trn8tees' Remuneration and Expenses None of the trustees (OT any person8 connected witb them) reoeiv¢d any remuneration or were reimbursed expenses during the year {2023 - Nil). 8. Staff Costs The rharity does not employ during the year. 9. Debtor8 2024 2023 Income tax recoverable 150 150 150 150 l O. Creditors Amounts falllng due wAthln one year 2024 2023 Accruals 3,200 3,200 3,200 3,200 16
SHRLWIATI PUSIIPA WATI LOOMBA MEMORIAL FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (Continued) FOR IHE YLI AR NDED 31 MARCH 2024 I l. Movements in funds Restrlcted Fund Unrestricted Fund Total Balance at 31 March 2023 In¢ommg resources Outgoing resources 341,845 341,845 132,279 132,279 (110,550) (110,550) Balance at 31 March 2024 362,071 362,071 12. Related Parties Lord Raj Loomba CBE, a trustee of the charity, is also CILairmall of The Loomba Group of Companies (TLGOC). Durkng th¢ year, TLGOC Provided firLancial assistance to the charity of £100,119 {2023- £98,610). 13. Financilll commitments At the balance sheet date, the charity had no futLwe fmancAal conllnitments. (2023: £Nil). 17