**Charity registration number 1114236** ## **THE SANDHU CHARITABLE FOUNDATION** **ANNUAL REPORT AND FINANCIAL STATEMENTS** **FOR THE YEAR ENDED 31 MARCH 2023** ## **THE SANDHU CHARITABLE FOUNDATION** ## **LEGAL AND ADMINISTRATIVE INFORMATION** |**Trustees**
**Administrator and Secretary to the**
**Trustees**
**Charity number**
**Principal address**
**Website**
**Independent Auditors**
**Bankers**
**Stockbrokers**|B. S. Sandhu (Chairman and Founder)
P Sandhu (Co-founder)
N Steele
1114236
c/o The Santon Group
Santon House
53-55 Uxbridge Road
Ealing, London W5 5SA
www.thesantongroup.com/charity
Gerald Edelman LLP
73 Cornhill
London
EC3V 3QQ
CAF Bank Limited
25 Kings Hill Avenue
Kings Hilll
West Malling
Kent ME19 4JQ
Interactive Investor
One Embankment
Neville Street
Leeds
HP21 8ZB
Julius Baer International Ltd
1 St Martin's Le Grand
London
EC1A 4AS| |---|---| ## **THE SANDHU CHARITABLE FOUNDATION** ## **CONTENTS** ||**Page**| |---|---| |Trustees report|1 - 4| |Statement of Trustees responsibilities|5| |Independent auditor's report|6 - 8| |Statement of financial activities|9| |Balance sheet|10| |Notes to the financial statements|11 - 23| ## **THE SANDHU CHARITABLE FOUNDATION** ## **TRUSTEES REPORT** _**FOR THE YEAR ENDED 31 MARCH 2023**_ The Trustees present their annual report and accounts for the year ended 31 March 2023. The accounts have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with the charity's governing document, the Charities Act 2011 and the 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 Charity was established as the long term focus for the philanthropic activities of Bim and Pardeep Sandhu and their family. It is anticipated that they will remain the prime donors of the Foundation for the foreseeable future as the Foundation does not actively fund-raise. It will seek to continue the charitable work desired by the funders through the stewardship of its existing resources and by any further donations made by the funders and their related parties. The Foundation does not currently undertake any direct charitable activity but meets its charitable objectives by making grants to such charitable purposes, in any part of the world, as the Trustees in their absolute discretion determine. Where activities are carried out in the rest of the world, other than in exceptional circumstances, the Foundation makes donations to other UK charities that oversee that work directly or indirectly in those countries. During the year no payments were made direct to overseas charities. The Trustees confirm that they have referred to the guidance contained in the Charity Commission’s general guidance on public benefit when reviewing the Foundation’s aims and objectives and setting the grant policy for the year. It is the Trustee’s current desire to support a variety of charities in line with the public benefit requirement. It is the short term policy of the Trustees to support individual charities or charitable causes in line with the grant policy set. There are a limited number of charities that are beginning to receive regular annual funding grants. Donations are generally made to charitable institutions with very limited restrictions currently being applied as to activity or geographical area. In particular, unlike many other charities, the Foundation is willing to provide unrestricted funding as this is often the most valuable form of funding from a recipient’s perspective. The merits of each application are considered and, if required, further research carried out prior to a grant being made. Given the size of the Board, the Trustees meet on an informal basis to consider such donations. It is expected that the Foundation will continue to fund a variety of charitable causes although the focus is likely to continue to be those dealing with children, with education and health. In the short term the policy of the Trustees is to expend a minimum of two-thirds of the net income arising per year by way of charitable donations and where that ratio is exceeded to be supplemented, where necessary, from the capital of the Foundation. The Trustees are currently making donations significantly above this minimum balance. It remains the longer term intent of the Trustees to: 1. Formulate a more focused charitable strategy which will make a fundamental and long term difference to the lives of the recipients; and 2. Become more directly involved in charitable work at the “grass roots” level and/or to identify and support partners on the specific objectives identified in 1 above on a more regular basis. All Trustees give freely of their time and no Trustees’ remuneration or other benefits were paid in the year under review. Any general administration costs, other than audit fees and bank charges are met by the Santon Capital Plc group (“The Santon Group”) which is controlled by B.S. Sandhu. - 1 - ## **THE SANDHU CHARITABLE FOUNDATION** ## **TRUSTEES REPORT (CONTINUED)** _**FOR THE YEAR ENDED 31 MARCH 2023**_ ## **ACHIEVEMENTS AND PERFORMANCE** The Foundation undertakes its work through making direct financial contributions to the charitable activities it supports as well as providing indirect support by assisting certain charities in their wider fundraising activities. Since inception the Foundation has made cash contributions of £3.478m and charitable commitments of £0.532m totalling £4.010m. ## **1. Direct Financial Support** In the year under review the Trustees made grants and commitments totalling £327,000 (2022: £326,500) as detailed in Note 6 to the Accounts. The Trustees note that the Foundation has now granted or committed £4.010 million of donations since it was established to 160 different charitable organisations and causes. During the year the Trustees made cash donations of £333,000 (2022: £346,500) to 18 different charities (2022: 19) averaging £18,500 (2022: £18,237) per donation. Of the cash payments made, £249,000 (2022: £190,000) was in respect of donation commitments made in prior years to 9 charities (2022: 7). The Trustees also made £243,000 (2022: £170,000) of new commitments to 8 charities (2022: 3), averaging £30,375 (2022: £56,667) per charity. Many of the donations were made on a “matched” funding basis enabling the recipient charities to raise additional funds. The Trustees made a variety of donations during the year but given the ever more fractious nature of our world would like to emphasise the work of The Anne Frank Trust as well as those of The Ehlers Danloss Support UK which supports people with rare syndromes in a much-neglected area. ## T **he Anne Frank Trust UK – Cash paid £100,000 (2022 - £50,000)** www.annefranktrust.org.uk The Trust uses the life and work of Anne Frank as a platform for education about antisemitism and all forms of prejudice. The Trusts work in breaking down prejudice is more important than ever. The Trust focuses its work on 9-15-year-olds because it believes that ‘this age group can relate to Anne Frank, who was aged 13-15 when writing her diary, and because research evidences that these years are crucial to the formation of individuals’ beliefs and values for life’. In 2022 the Trust’s schools programme reached 52,596 young people in 232 schools. A further 36,164 young people from 494 schools participated in online learning events. Th University of Kent makes an annual assessment of the effectiveness of the work of the Trust. As a result of the programme there was 84.4% progress in students’ pro-social attitudes, rising to 92.2% of pupils in primary schools. As a result of workshops undertaken 73.1% made significant progress in their knowledge about prejudice, rising to 89.2% among those with a lower starting point. Furthermore, 67.6% became better able to recognise prejudice and 53.2% developed greater empathy towards victims of prejudice. More generally the conclusions of the University of Kent’s 2022 report were that The Anne Frank Trust’s education programme continues to be highly effective in addressing prejudice and that young people of different ages, ethnicities, genders and religions all make significant progress, and the impact is notably consistent across Asian, Black and White ethnic groups. The Foundation provided support to the Trust in a few ways, including: - i. Promoting, providing funding for and hosting the 2023 Holocaust Memorial Day lunch which brings together several hundred people to remember the 6 million lives lost in the Holocaust as well as victims of subsequent genocides such as the Rawandan genocide, hate crimes and prejudice. The event is the main fundraiser for the Trust and raised several hundred thousand pounds. - ii. Providing matched funding for the Trusts participation in The Big Give fundraising campaign which helped to raise over £75,000 in 2012 and over £100,000 in 2013. - iii. Promoting the Trust as one of the beneficiaries of the annual Michael Josephson Ball fundraiser which secured over £100,000 for the Trust. - 2 - ## **THE SANDHU CHARITABLE FOUNDATION** ## **TRUSTEES REPORT (CONTINUED)** _**FOR THE YEAR ENDED 31 MARCH 2023**_ ## **The Ehlers-Danloss Support UK – Cash paid £74,000 (2022 - £75,000)** www.ehlers-danloss.org EDS UK is set up to support, advise and inform those living with Ehlers-Danlos syndromes. EDS are a group of 13 individual genetic conditions, all of which affect the body’s connective tissue. EDS UK seeks to minimise the impact of EDS by making its diagnosis, treatment, and management accessible to everyone when they need it. They provide support through local physical and virtual support groups as well as providing a free helpline. They maintain a website, issue regular newsletters and publish materials to inform the EDS community as well the wider public as well as acting as advocates at a local and national level. The Foundation supports EDS UK in two main ways: - i. Providing unrestricted funding of £2,500 a month to assist with the day to day running costs of the charity as well as ad hoc funding from time to time. - ii. Providing the majority funding for the Comprehensive Assessment of Nutrition and Dietary Intervention in Hypermobile Ehlers-Danlos Syndrome (the CANDI-hEDS study) being undertaken by the Wingate Institute at QMC, London University and Monash University in Melbourne. We are currently awaiting the results of the study. The Foundation will be seeking to fund cutting edge research into EDS in the coming years. ## **2. Non-Financial and Indirect Support** The Trustees have been actively involved in helping with fundraising from third parties on behalf of a number of charities to whom the Foundation has also donated funds. Bim Sandhu is an Ambassador to Magic Bus UK and a Member of the YE Entrepreneurs Club. Pardeep Sandhu is a member of and former Chair of the lunch committee of The Anne Frank Trust Holocaust Memorial Day Lunch as well as one of the Vice Chairs of The Bursary Appeal, part of the Inspiring Minds Campaign which is close to raising £40 million at Latymer Upper School. ## **FINANCIAL REVIEW** The net expenditure in the year was £337,409 (2022: £342,832). The Foundation is currently reliant largely on income and investment returns from its investments. Investment income decreased to £154,211 from £219,406 in 2022 largely caused by the decision of Raven Property Group not to pay quarterly Preference dividend and from a fall in interest income. Dividend income from other listed companies however increased from £110,423 to £114,473. Despite this the Trustees increased grant funding marginally to £327,000 in 2023 from £326,500 in 2022. The Trustees consider that the fixed assets investments of the Foundation are held to provide the annual income to finance expenditure in line with the grant policy set. Reserves are normally considered to be represented by net current assets. The Trustees are confident that all the future commitments will be met out of future income or by disposing of its highly liquid listed investments. However, it is more likely that if there was a short term cash flow issue and the Trustees felt that it was not appropriate to dispose of its investments interest free loans would be sought from The Santon Group as they have been in the past. ## **RISK ASSESSMENT** The Trustees have assessed the major risks to which the Foundation is exposed, in particular those related to the operations and finance of the Foundation, and have developed a risk management strategy which involves the following: 1. An Annual review of the principal risks and uncertainties that the Foundation faces; 2. The establishment of policies, systems and procedure to mitigate risks identified; 3. The implementation of procedures designed to minimise or manage any potential impact on the Foundation should those risks materialise. - 3 - THE SANDHU CHARITABLE FOUNDATION TRUSTEES REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 The prin¢ipal iisk fa*Y by the Foundation I￿S in Ihe perf￿na￿ of its investmth. The Trustees consider that Ihe Foundation should airn to seek a return ol base late plus 4% pa on its investments in the medium tèm. This target was not achieved during the year largety as a iesult of the dei¥ease in gener￿ market valu6 01 investments since the last year ènd. The FoundalK)n seeks lo inve51 its fvnds in a diversified p￿f￿#} of lthed a￿1 unlisted securities. Another major risk 15 Ihe reliance of the Foundation on the founders.. trM)Ih from a funding perspeclve and an opeialN)nal perspective. It is thè medium temi intention of the Truslees lo seek a wider famity inv(Avemenl and in the short twm il is the intention of the Iruslees lo convert the Foundation into a CIO and to appoitt a suitable non farnily memberlsl lo the Board. STRUCTURE, GOVERNANCE AND MANAGEMENT The Charty was estsblished by a Chaiitable Trust Deed on 29th March. 20C￿ and registered as a charity with the Charlty Commission on 16th May. 2(MJ6. The Board ol Trustees who serve(I during Ihe year and subsequenty were.. B S Sandhu {Chaiman and Founder) P Sandhu Tha Boaid as a body have the pcwer to appjint Trustees al th8ir disuebon. AN Trustee5 are required to keep up lo dale with ongoing developments in charity law and practice. 11 is the policy of the Board to prowde new Trustees with all relevant inf￿matI)n appertaining to Ihe Foundation and its affairs. Deasions ￿93rding ¢h8rtty affair5 are made at Trustee meetings which takè place a5 and when required. The day to day admtnistralion of the F￿Jndati0n is (arried OLrt by Ni(*y Steek. under the Su￿Nis1on of Ihe Trustees. Auditor In accordance with the companys artides. a resolution wopo$ty that Gwald Edelman LLP be reappointèd as auditor of the tharity and will be pul 818 General MeelwvJ. Dls¢losur¢ of Infomiation to auditor Each of the Trusiees has confin¥*d that there is no information of whth Ihey are aware whid) Is relevant lo the audit, but ofwhich the audrtor is unaware. They have furiher confinned that thèy have tsken appropriate sleps to identify such relevant inforrnat￿ and to establish that the audit￿ is awa￿ of suth infoimation. The Truslees reM was approve11 by the Board of Trustees. Sandhu Chairman Dated.. 4 January 2024 P Sandhu Truslee Dated.'4 January 21r24 ## **THE SANDHU CHARITABLE FOUNDATION** ## **STATEMENT OF TRUSTEES RESPONSIBILITIES** ## _**FOR THE YEAR ENDED 31 MARCH 2023**_ The Trustees are responsible for preparing the Trustees Report and the accounts 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 Trustees to prepare accounts for each financial 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 year. In preparing these accounts, the Trustees are required to: - select suitable accounting policies and then apply them consistently; - observe the methods and principles in the Charities SORP; - make judgements and estimates that are reasonable and prudent; - state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the accounts; and - prepare the accounts on the going concern basis unless it is inappropriate to presume that the charity will continue in operation. The Trustees are responsible for keeping sufficient accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the accounts comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. - 5 - ## **THE SANDHU CHARITABLE FOUNDATION** ## **INDEPENDENT AUDITOR'S REPORT** ## **TO THE TRUSTEES OF THE SANDHU CHARITABLE FOUNDATION** ## **Opinion** We have audited the financial statements of The Sandhu Charitable Foundation (the ‘charity’) for the year ended 31 March 2023 which comprise the statement of financial activities, the balance sheet and the notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 _The Financial Reporting Standard applicable in the UK and Republic of Ireland_ (United Kingdom Generally Accepted Accounting Practice). - In our opinion, the financial statements: - give a true and fair view of the state of the charity’s affairs as at 31 March 2023 and of its incoming resources and application of resources, for the year then ended; - have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and - have been prepared in accordance with the requirements of the 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 _Auditor's responsibilities for the audit of the financial statements_ section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. ## **Conclusions relating to going concern** In auditing the financial statements, we have concluded that the Trustees use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report. ## **Other information** The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The Trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. ## **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 require us to report to you if, in our opinion: - the information given in the financial statements is inconsistent in any material respect with the Trustees report; or - sufficient accounting records have not been kept; or - the financial statements are not in agreement with the accounting records; or - we have not received all the information and explanations we require for our audit. - 6 - ## **THE SANDHU CHARITABLE FOUNDATION** ## **INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF THE SANDHU CHARITABLE FOUNDATION** ## **Responsibilities of Trustees** As explained more fully in the statement of Trustees responsibilities, 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 for assessing the charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to cease operations, or have no realistic alternative but to do so. ## **Auditor's responsibilities for the audit of the financial statements** We have been appointed as auditor under section 145 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder. We have been appointed as auditors under section 145 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder. Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below. Our audit procedures were primarily directed towards testing the accounting systems in operation which we have based our assessment of the financial statements for the year ended 31 March 2023. We planned our audit so that we have a reasonable expectation of detecting material misstatements in the financial statements resulting from irregularities, fraud or non-compliance with law or regulations. ## **Extent to which the audit was considered capable of detecting irregularities, including fraud** In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and noncompliance with laws and regulations, our procedures included the following: - The engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations. - Enquiring of management of whether they are aware of any non-compliance with laws and regulations. - Enquiring of management whether they have knowledge of any actual, suspected or alleged fraud. - Enquiring of management their internal controls established to mitigate risk related to fraud or noncompliance with laws and regulations. - Discussions amongst the engagement team on how and where fraud might occur in the financial statements and any potential indicators of fraud. As part of this discussion, we identified potential for fraud in the following areas; posting of unusual journals. - Obtaining understanding of the legal and regulatory framework the company operates in focusing on those laws and regulations that had a direct effect on the financial statements or that had a fundamental effect on the operations. The key laws and regulations we considered in this context included UK Companies Act, tax legislation,data protection, anti-bribery, employment and health and safety. - 7 - ## ## ## ## ## ## ## ## ## **THE SANDHU CHARITABLE FOUNDATION** ## **STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT** ## _**FOR THE YEAR ENDED 31 MARCH 2023**_ |**Notes**
**Income from:**
Donations and legacies
**3**
Investment income
**4**
**Total income**
**Expenditure on:**
Charitable activities
**5**
**Net (expenditure)/income before investment returns**
Net gain/(loss) on investments
**9**
**Net income/(expenditure) for the year/Net movement in funds**
Fund balances at 1 April 2022
**Fund balances at 31 March 2023**|**2023**
**2022**
**£**
**£**
30,000
296,387
154,211
219,406
184,211
515,793
337,409
342,832
(153,198)
172,961
(390,743)
(1,372,133)
(543,941)
(1,199,172)
3,029,790
4,228,962
2,485,849
3,029,790| |---|---| - 9 - THE SANDHU CHARITABLE FOUNDATION BALANCE SHEET ASAT31 MARCH2023 2023 2022 Notes Flxed assets Investments 10 2.712.828 3.573.520 Current assets Debtor5 Cash al bank and in hand 12 222,551 S6,470 253.534 49.556 319.1721 303.092 Creditorn: amounts falling due withln one year 13 (201.(KM)) 1638,8221 Net ¢urr•nt a$s•tsllllabllllle$l 118.021 1335.7301 Total assets less current liabilities 2.830.849 3,237,7 Creditorn: amounts falling after mr• than one year 14 (345,IXM)) I208.0￿) N•t assets 2.485.849 3.029,7 In¢omÈ funds Unrestricted fvnds 2.485.849 3.029,79) The a¢￿UnIS were 8pprov81I by the Board of Truslee$ and authorised for issue on 4 January 2024 and signed on ils behaw by.. Sandhu Trustee P Sandhu Trustee 10- **THE SANDHU CHARITABLE FOUNDATION** ## **NOTES TO THE FINANCIAL STATEMENTS** _**FOR THE YEAR ENDED 31 MARCH 2023**_ ## **1 Accounting policies** ## **Company information** The Sandhu Charitable Foundation is a charity registered by a Charitable Trust Deed in England and Wales with the Charity Commission. The principal address is First floor, Santon House, 53-55 Uxbridge Road, Ealing, London, W5 5SA. ## **1.1 Accounting convention** These accounts have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”), “Accounting and Reporting by Charities” the Statement of Recommended Practice for charities applying FRS 102, the Charities Act 2011 and UK Generally Accepted Accounting Practice as it applies from 1 January 2019. The charity Sandhu Charitable Foundation is a Public Benefit Entity as defined by FRS 102. The accounts have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a true and fair view. This departure has involved following the Statement of Recommended Practice for charities applying FRS 102 rather than the version of the Statement of Recommended Practice which is referred to in the Regulations but which has since been withdrawn. The accounts are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £. The accounts have been prepared under the historical cost convention, modified to include the revaluation and certain financial instruments at fair value. The principal accounting policies adopted are set out below. ## **1.2 Going concern** At the time of approving the accounts, the Trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus, the Trustees continue to adopt the going concern basis of accounting in preparing the accounts. ## **1.3 Charitable funds** Endowment funds are subject to specific conditions by donors that the capital must be maintained by the Charity. Unrestricted funds are available for use at the discretion of the Trustees in furtherance of their charitable objectives unless the funds have been designated for other purposes. ## **1.4 Incoming resources** Income is recognised when the Foundation is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received. Donations and other forms of voluntary income are recognised as income when receivable except insofar as they are incapable of financial measurement. Assets donated to charities are included as income at their open market value. Income from investments is included in the accounts on a receivable basis. ## **1.5 Resources expended** Liabilities are recognised as soon as there is a constructive obligation committing the charity to the expenditure. All resources expended are accounted for on an accrual basis. Irrecoverable VAT is charged to the expense to what it relates. The cost of charitable activities is represented by grants made directly to institutions. Also included in charitable expenditure are governance costs incurred primarily in meeting with constitutional and statutory requirements. - 11 - ## **THE SANDHU CHARITABLE FOUNDATION** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 MARCH 2023**_ ## **1 Accounting policies** ## **(Continued)** ## **1.6 Cash and cash equivalents** Cash and cash equivalents include cash in hand and deposits held at call with banks. ## **1.7 Financial instruments** The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments. Financial instruments are recognised in the charity's balance sheet when charity becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. ## _**Basic financial assets**_ Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised. ## _**Basic financial liabilities**_ Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised. ## _**Derecognition of financial liabilities**_ Financial liabilities are derecognised when the charitycharity’s contractual obligations expire or are discharged or cancelled. ## **1.8 Taxation** As a registered charity the Society is exempt from taxation on its activities which fall within the scope of Part 10 ITA2007 and section 256 of the Taxation of Chargeable Gains Act 1992. ## **2 Critical accounting estimates and judgements** 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. - 12 - ## **THE SANDHU CHARITABLE FOUNDATION** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 MARCH 2023**_ ## **3 Donations and legacies** |**Gifts made by B.S. Sandhu, P. Sandhu and related parties**
Donations and gifts
Voluntary income brought forward
Voluntary income carried forward|**2023**
**£**
30,000
5,300,429
5,330,429|2022
£
296,387
5,004,042| |---|---|---| |||5,300,429| Since the Charity was established, Mr. and Mrs. Sandhu and their related parties have made in total donations to the Charity of £5.330 million (2022: £5.300 million) comprising £1.302 million in cash (2022: £1.272 million) and £4.028 million in quoted investments (2022: £4.028 million). B.S. Sandhu, P. Sandhu and The Santon Group also donate directly to some of the charities with which the Foundation works and The Santon Group provides logistical, administrative, travel and subsistence support to the Foundation on an ex-gratia basis. ## **4 Investment income** |Income from listed investments
Income from Raven Property Group investment
Other interest receivable
Interest receivable|**2023**
**£**
147,055
-
2,605
4,551
154,211|**2022**
**£**
110,423
96,492
9,047
3,444| |---|---|---| |||219,406| ## **5 Charitable activities** |Grant funding of activities (see note 6)
Support costs including governance costs|**2023**
**£**
327,000
10,409
337,409|**2022**
**£**
326,500
16,332| |---|---|---| |||342,832| Governance costs include a provision of £9,000 (2022: £3,000) for audit and accounting fees. The balance of the governance costs each year comprised investment management and bank charges. - 13 - **THE SANDHU CHARITABLE FOUNDATION** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 MARCH 2023**_ ## **6 Grants payable** ||**2023**|**2022**| |---|---|---| ||**£**|**£**| |**Grants: Cash Paid**||| |Anne Frank Trust UK|100,000|50,000| |The Ehlers-Danlos Support UK|74,000|75,000| |Variety, The Children's Charity|35,000|28,000| |The Latymer Foundation|21,500|26,500| |Young Enterprise|18,000|-| |Magic Bus UK|15,000|25,000| |Pitshanger Manor & Gallery Trust|15,000|-| |Helena Kennedy Foundation|15,000|15,000| |Turkey Mozaic Foundation|10,000|-| |The Kalgidhar Trust|5,000|10,000| |Downs Syndrome Association|5,000|-| |Mahdlo Oldham Youth Zone|5,000|-| |Shooting Stars Chase|4,000|-| |The Elifar Foundation|3,500|5,000| |Epilepsy Research UK|3,000|3,000| |NHS Cragmore|2,000|-| |Mayor's Music Fund|1,000|1,000| |Secret Santa Fort Augustus|1,000|-| |Dasra|-|25,000| |Lullaby Trust|-|25,000| |CASS Business School; City, University of London|-|15,000| |DEC Committee - India|-|15,000| |Akshaya Patra Charity re The Childhood Trust|-|10,000| |The Pace Trust|-|10,000| |The Bike Project|-|3,000| |CALM|-|3,000| |Cancer Research UK|-|2,000| |**Cash paid in year carried forward**|333,000|346,500| |**Commitments utilised in the year:**||| |Anne Frank Trust UK|(100,000)|(50,000)| |The Ehlers-Danlos Support UK|(44,000)|(45,000)| |Variety, The Children's Charity|(35,000)|(25,000)| |Magic Bus UK|(15,000)|(25,000)| |Henna Kennedy Foundation|(15,000)|(15,000)| |The Latymer Foundation|(15,000)|(15,000)| |Pitshanger Manor & Gallery Trust|(15,000)|-| |Downs Syndrome Association|(5,000)|-| |Young Enterprise|(5,000)|-| |Cass Business School; City, University of London|-|(15,000)| |**Cash paid in year carried forward**|**(249,000)**|**(190,000)**| - 14 - ## **THE SANDHU CHARITABLE FOUNDATION** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 MARCH 2023**_ ## **6 Grants payable** |**Grants payable**||**(Continued)**| |---|---|---| ||**2023**|**2022**| ||**£**|**£**| |Cash paid in the year brought forward|(249,000)|(190,000)| |**Commitments made in year:**||| |Anne Frank Trust UK|50,000|150,000| |Variety, The Children's Charity|45,000|-| |Helena Kennedy Foundation|45,000|-| |Magic Bus UK|30,000|-| |Cass Business School; City, University of London|30,000|-| |The Ehlers Danloss Support UK|25,000|-| |University of West London|15,000|-| |Mayors' Music Fund|3,000|-| |Pitzhanger Manor & Gallery Trust|-|15,000| |Downs Syndrome Association|-|5,000| ||**243,000**|**170,000**| |Total Grants payable in the year|**327,000**|**326,500**| Since the Foundation was set up it has made donations or commitments to 158 (2022: 153) different charities totalling £4,009,661 (2022: £3,682,661). A significant number of donations are made on a matched funding basis as one of the aims of the Foundation is to encourage and incentivise others to give. ## **7 Trustees** None of the Trustees (or any persons connected with them) received any remuneration during the year. No expenses were charged to the Foundation by the Trustees. Donations made by B.S. Sandhu and related parties are shown in Note 3. The Santon Capital plc group, which is owned by B.S. Sandhu, provides offices, staff and administrative support to the Foundation without charge. Santon Capital Plc provided an interest free loan £Nil (2022: £300,000) during the year. B.S. Sandhu provided an interest free loan of £5,000 (2022: £5,000) to the Foundation, balance remained outstanding as at 31 March 2023. Contributions totalling £21,500 (2022: £26,500) were paid to The Latymer Foundation to fund a Class of 2026 Bursary, the STEM Academy (for local state primary schools) and general support for its charitable activities. Mr. and Mrs. Sandhu's children attend Latymer Upper School on a full fee paying basis. ## **8 Employees** There were no employees during the year. The Santon Capital plc group provides administrative support to the Foundation without charge. - 15 - ## **THE SANDHU CHARITABLE FOUNDATION** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 MARCH 2023**_ ## **9 Net gains/(losses) on investments** |Revaluation of investments
Gain/loss on sale of investments
**Movement in 31 March 2023 and 31 March 2022**|**2023**
**2022**
**£**
**£**
(426,891)
(1,403,619)
36,148
31,486
(390,743)
(1,372,133)| |---|---| - 16 - ## **THE SANDHU CHARITABLE FOUNDATION** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 MARCH 2023**_ ## **10 Fixed asset investments** |Listed investments
Unlisted investments
Investment cash retained
Historical cost as at 31 March 2023 and 31 March 2022
Investments held are allocated as follows:
Equity instruments
Other
Cash|**2023**
**£**
1,557,205
926,438
229,185
2,712,828
**2023**
**£**
3,155,034
1,557,205
926,438
229,185
2,712,828|**2022**
**£**
1,989,943
576,096
1,007,481| |---|---|---| |||3,573,520| |||**2022**
**£**
5,969,096| |||1,989,943
576,096
1,007,481| |||3,573,520| Listed investments comprise holdings in ordinary shares, warrants and preference shares in Main Listed Stocks on the London Stock Exchange. ## **Movements in fixed asset investments** |**Cost or valuation**
Brought forward
Additions
Valuation changes
Gifts made to charity at market value
Change in brokers' cash accounts
Disposals
Carried forward
**Carrying amount**
At 31 March 2023
At 31 March 2022|**2023**
**2022**
**£**
**£**
3,573,520
4,857,011
497,423
182,090
(426,891)
(1,403,619)
-
296,387
(778,296)
933,383
(152,928)
(1,291,732)
2,712,828
3,573,520
2,712,828
3,573,520
3,573,520
4,857,011|**2023**
**2022**
**£**
**£**
3,573,520
4,857,011
497,423
182,090
(426,891)
(1,403,619)
-
296,387
(778,296)
933,383
(152,928)
(1,291,732)
2,712,828
3,573,520
2,712,828
3,573,520
3,573,520
4,857,011| |---|---|---| |||3,573,520| |||3,573,520| |||4,857,011| - 17 - ## **THE SANDHU CHARITABLE FOUNDATION** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 MARCH 2023**_ |**11**
**Financial instruments**
**Carrying amount of financial assets**
Debt instruments measured at amortised cost
Instruments measured at fair value
**Carrying amount of financial liabilities**
Measured at amortised cost
**12**
**Debtors**
**Amounts falling due within one year:**
Short term loan
Other debtors|**2023**
**£**
222,551
2,712,828
546,000
**2023**
**£**
212,214
10,337
222,551|**2022**
**£**
253,534
3,573,520| |---|---|---| |||846,822| |||**2022**
**£**
232,216
21,318| |||253,534| - 18 - ## **THE SANDHU CHARITABLE FOUNDATION** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 MARCH 2023**_ ## **13 Creditors: amounts falling due within one year** |**2023**
**£**
Donations commitments (see below)
187,000
Connected party loans (see Note 7)
5,000
Accruals and deferred income
9,000
201,000
Donation Commitments comprise:
**Less than**
**More than**
**One Year**
**One Year**
**£**
**£**
The Ehlers-Danlos Support UK
61,000
25,000
Anne Frank Trust UK
25,000
75,000
Variety Club, The Children's Charity
15,000
40,000
Magic Bus UK
15,000
38,000
Helena Kennedy Foundation
15,000
30,000
The Scar Free Foundation
10,000
10,000
Cass Business School; City,
University of London
15,000
45,000
The Latymer Foundation
15,000
60,000
Prostate Cancer UK
5,000
10,000
University of West London
5,000
10,000
Scouts
5,000
Mayors Music Fund
1,000
2,000
Total Commitments - 31 March 2023
187,000
345,000
Total Commitments - 31 March 2022
330,000
208,000
**14**
**Creditors: amounts falling due after more than one year**
**2023**
**£**
Donation commitments
(see note 13)
345,000|**2022**
**£**
330,000
305,000
3,822| |---|---| ||638,822| ||**Total**
**£**
86,000
100,000
55,000
53,000
45,000
20,000
60,000
75,000
15,000
15,000
5,000
3,000| ||532,000| ||538,000| ||**2022**
**£**
208,000| - 19 - ## **THE SANDHU CHARITABLE FOUNDATION** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 MARCH 2023**_ ## **15 Donations to date (2006-2023)** |Anne Frank Trust UK
Variety, The Children’s Charity
Ehlers-Danlos Support UK
Magic Bus UK
The Latymer Foundation
Helena Kennedy Foundation
CASS Business School; City, University of London
Young Enterprise
Dasra UK
Prostate Cancer UK
The Scar Free Foundation
Orbis UK
Kew Foundation
Lullaby Trust
Street Child UK
The Family & Relationship Crisis Centre
Akshaya Patra Foundation UK
LNWH Corona-19
Pancreatic Cancer UK
Williams Syndrome Foundation
Jubilee Box Hill School
Coram Beanstalk
Durston House Educational Trust
Erskine
Find Your Feet
Happy Days Children's Charity
Leicestershire County Cricket Club
DEC Committee - India/Phillipines
The Stroke Association
Leukemia & Lymphoma Research
The Elifar Foundation
British Heart Foundation
Befriend
Ealing Food Bank
Epilepsy Research UK
Pitshanger Manor & Gallery Trust
The Kalgidhar Trust
University of West London
Carers UK
CAFPH
Shooting Star Chase
Global Gift Foundation re Variety
Soundseekers
GB Childrens Home
Beefy Foundation re Yuva Unstoppable
DEC Coronavirus Appeal
DEC Haiti Appeal
Subtotal of donations c/f|**Cash**
**Commitments**
**£**
**£**
440,500
100,000
434,750
55,000
314,000
86,000
256,979
53,000
165,874
75,000
152,000
45,000
120,000
60,000
93,000
76,000
60,000
15,000
35,000
20,000
51,000
50,000
46,000
45,000
38,000
36,000
25,000
25,000
25,000
24,083
22,500
22,500
20,000
20,000
20,000
20,000
20,000
18,000
17,000
17,000
15,225
15,000
15,000
15,000
15,000
15,000
15,000
12,500
12,000
11,500
11,000
11,000
10,500
10,000
10,000
10,000
3,018,911
524,000|**Total**
**£**
540,500
489,750
400,000
309,979
240,874
197,000
180,000
93,000
76,000
75,000
55,000
51,000
50,000
46,000
45,000
38,000
36,000
25,000
25,000
25,000
24,083
22,500
22,500
20,000
20,000
20,000
20,000
20,000
18,000
17,000
17,000
15,225
15,000
15,000
15,000
15,000
15,000
15,000
12,500
12,000
11,500
11,000
11,000
10,500
10,000
10,000
10,000| |---|---|---| |||3,542,911| - 20 - ## **THE SANDHU CHARITABLE FOUNDATION** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 MARCH 2023**_ |**15**
**Donations to date (2006-2023)**
Subtotal of donations b/f
LSE Annual Fund
Marie Curie
Multiple Sclerosis Society
OCD Action
OOSO
The Pace Trust
Turkey Mozaic Foundation
JET (Joint Educational Trust)
Mayor's Music Fund
Bobath Centre for Children with Cerebal Palsy
Dyspraxia Foundation
McMillan Cancer Support
Hera
British Lung Foundation
Blackfriars Settlement
Genetics Disorders
Lochaber Foodbank
Oval Cricket Relief Trust
Ruth Strauss Foundation
Sands
Sightsavers
Cure Parkinson Trust
Bliss
Brainstorm
Choices Ealing
Coram
Cystic Fibrosis
Downs Syndrome Association
Ealing Soup Kitchen
Ealing Stroke Club
Emmaus Hampshire
Enterprise Education Trust
Evelina
Foundation for The Study of Infant Deaths
Friendship Works
Give Smart UK
Harrow Aphasia Self Help
Interact Reading Limited
LEPRA
Listening Books
Localgiving re Grenfell Tower Appeal
Maharaj Duleep Singh Centenary Trust
Mahdlo oldham Youth Zone (MJ Ball)
Northwick Park Institute for Medical Research
Scouts
Shelter
Smile Train UK
Subtotal of donations c/f|3,018,911
10,000
10,000
10,000
10,000
10,000
10,000
10,000
9,000
6,000
8,000
8,000
8,000
7,500
7,000
6,502
6,000
6,000
6,000
6,000
6,000
6,000
5,600
5,000
5,000
5,000
5,000
5,000
5,000
5,000
5,000
5,000
5,000
5,000
5,000
5,000
5,000
5,000
5,000
5,000
5,000
5,000
5,000
5,000
5,000
5,000
5,000
3,335,513|**(Continued)**
524,000
3,542,911
10,000
10,000
10,000
10,000
10,000
10,000
10,000
9,000
3,000
9,000
8,000
8,000
8,000
7,500
7,000
6,502
6,000
6,000
6,000
6,000
6,000
6,000
5,600
5,000
5,000
5,000
5,000
5,000
5,000
5,000
5,000
5,000
5,000
5,000
5,000
5,000
5,000
5,000
5,000
5,000
5,000
5,000
5,000
5,000
5,000
5,000
5,000
5,000
5,000
532,000
3,867,513|**(Continued)**
524,000
3,542,911
10,000
10,000
10,000
10,000
10,000
10,000
10,000
9,000
3,000
9,000
8,000
8,000
8,000
7,500
7,000
6,502
6,000
6,000
6,000
6,000
6,000
6,000
5,600
5,000
5,000
5,000
5,000
5,000
5,000
5,000
5,000
5,000
5,000
5,000
5,000
5,000
5,000
5,000
5,000
5,000
5,000
5,000
5,000
5,000
5,000
5,000
5,000
5,000
5,000
532,000
3,867,513| |---|---|---|---| ||||10,000
10,000
10,000
10,000
10,000
10,000
10,000
9,000
9,000
8,000
8,000
8,000
7,500
7,000
6,502
6,000
6,000
6,000
6,000
6,000
6,000
5,600
5,000
5,000
5,000
5,000
5,000
5,000
5,000
5,000
5,000
5,000
5,000
5,000
5,000
5,000
5,000
5,000
5,000
5,000
5,000
5,000
5,000
5,000
5,000
5,000
5,000| ||||3,867,513| - 21 - ## **THE SANDHU CHARITABLE FOUNDATION** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 MARCH 2023**_ |**15**
**Donations to date (2006-2023)**
Subtotal of donations b/f
St John Southall Green
Starfish Greathearts Foundation
Starlight Children’s Foundation
The Big Give Trust re East Africa Appeal
The Ear Foundation
The Haven
The Helping Hands International
Tree of Hope Children's Charity
Cancer Rearch UK
Connect
RNLI
Interact Worldwide
Motor Neurine Disease Association
BIBIC
CALM
Community Radio Limited
Concious Ball re Mental Health Charities
London Vision Clinic Foundation
MIND
Movember
Royal Wanstead Children’s Hospital
Save the Children
SBSA
Self Injury Support
St. Christopher’s Church
The Amy May Trust
The Bike Project
Alive & Kicking
Hatters Explorers Scout Unit
Land Aid
Anna Wallace re cancer fundraising
Ecology Trust
MissWorld re Variety Club
NHS Cragmore
Outward Bound
William Wates Memorial Fund
Children’s Hospital Trust South Africa
Holy Family PTA
Right to Play
The Streets Ahead Children’s Charity
William Wates Memorial Fund
Berry's Court School
Anaphylaxis Campaign
Crisis
Georgie's Fund
Subtotal of donations c/f|3,335,513
5,000
5,000
5,000
5,000
5,000
5,000
5,000
5,000
4,000
4,000
4,000
3,500
3,500
3,000
3,000
3,000
3,000
3,000
3,000
3,000
3,000
3,000
3,000
3,000
3,000
3,000
3,000
2,500
2,500
2,500
2,000
2,000
2,000
2,000
2,000
2,000
1,500
1,500
1,500
1,500
1,500
1,049
1,000
1,000
1,000
3,467,562|**(Continued)**
532,000
3,867,513
5,000
5,000
5,000
5,000
5,000
5,000
5,000
5,000
4,000
4,000
4,000
3,500
3,500
3,000
3,000
3,000
3,000
3,000
3,000
3,000
3,000
3,000
3,000
3,000
3,000
3,000
3,000
2,500
2,500
2,500
2,000
2,000
2,000
2,000
2,000
2,000
1,500
1,500
1,500
1,500
1,500
1,049
1,000
1,000
1,000
532,000
3,999,562|**(Continued)**
532,000
3,867,513
5,000
5,000
5,000
5,000
5,000
5,000
5,000
5,000
4,000
4,000
4,000
3,500
3,500
3,000
3,000
3,000
3,000
3,000
3,000
3,000
3,000
3,000
3,000
3,000
3,000
3,000
3,000
2,500
2,500
2,500
2,000
2,000
2,000
2,000
2,000
2,000
1,500
1,500
1,500
1,500
1,500
1,049
1,000
1,000
1,000
532,000
3,999,562| |---|---|---|---| ||||5,000
5,000
5,000
5,000
5,000
5,000
5,000
5,000
4,000
4,000
4,000
3,500
3,500
3,000
3,000
3,000
3,000
3,000
3,000
3,000
3,000
3,000
3,000
3,000
3,000
3,000
3,000
2,500
2,500
2,500
2,000
2,000
2,000
2,000
2,000
2,000
1,500
1,500
1,500
1,500
1,500
1,049
1,000
1,000
1,000| ||||3,999,562| - 22 - ## **THE SANDHU CHARITABLE FOUNDATION** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 MARCH 2023**_ |**15**
**Donations to date (2006-2023)**
Subtotal of donations b/f
Guy's & St Thomas's Charity
Harvest India
London Legal Trust
Matt Hampson Foundation
Maytree Respite centre
MK Dons Sports Foundation Trust
Mums for Babas
Pseur (PSP)
Secret Santa Fort Augustus
Sightsavers
Lord Mayor’s Appeal
Total donations to date|3,467,562
1,000
1,000
1,000
1,000
1,000
1,000
1,000
1,000
1,000
1,000
100
3,477,661|**(Continued)**
532,000
3,999,562
1,000
1,000
1,000
1,000
1,000
1,000
1,000
1,000
1,000
1,000
100
532,000
4,009,662|**(Continued)**
532,000
3,999,562
1,000
1,000
1,000
1,000
1,000
1,000
1,000
1,000
1,000
1,000
100
532,000
4,009,662| |---|---|---|---| ||||1,000
1,000
1,000
1,000
1,000
1,000
1,000
1,000
1,000
1,000
100| ||||4,009,662| ## **16 Related party transactions** Bim Sandhu was an Independent Non-Executive director of AEW UK Reit plc in which the charity holds 350,000 Ordinary shares until 31 October, 2023 and an Independent Non-Executive director of Africa Logistics Properties Holdings Limited in which the charity holds 457,983 US$ 0.10 Ordinary shares. Both holdings represent less than a 3% interest in the respective companies. During the year an interest free loan of £Nil (2022: £300,000) was received from Santon Capital Plc and the Foundation received a donation of £25,000 from Santon Industrial Properties Limited. There is an interest free loan of £5,000 (2022: £5,000) outstanding from Bim Sandhu throughout the year. - 23 -