Charfty reglstratlon number 1114236 THE SANDHU CHARITABLE FOUNDATION ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
THE SANDHU CHARITABLE FOUNDATION LEGALANDADMINISTRATIVE INFORMATION Trustaes B. S. Sandhu (Chairman Founder) P Santhu (Co-founder) Admlnlstrator and Sécrèlary to the TNstses N Steele Charfty number 1114236 Prfnclpal address clo The Santon Group StOn House 5>55 Uxbridge Road Eallng, London W5 5SA bslte .thesanton rou .¢omlcha Independenl Examlner H Patel FCCA Gerd Edelman LLP 73 Comhlll London EC3V 3QQ Bankern CAF Bank Llmltèd 25 Klng5 Hlll Avenue Kings Hilll West Malling Kent ME19 4JQ Stookbrok•rs Intsractlve Investor One Embankment Nevllle Street Leeds HP218ZB
THE SANDHU CHARITABLE FOUNDATION CONTENTS Page Trustees report ststement ol Truste88 responbilitieS Independent exarnlnefs roport Statement ol financial activit'e8 8alanco sheet Note8 to the financlal ststements 9-21
THE SANDHU CHARITABLE FOUNDATION TrUSTEES REPORT FOR THE YEAR ENDED 31 MARCH 2024 The TteaS present their annud report and a¢¢ounts for the year ended 31 Marth 2024. The accounts have been prepared in accordance wilh Ihe accounting policies set out in note 1 to the coUnts and Comply with the charity's governing document, the Charitles Act 2011 and the Statement of Recommended Practice, applicable to charities prepaflng thelr accounts In accordance with the FIncIal Reporting stdard applicable in the UK and Republic of Ireland IFRS 1021 {effe¢tive 1 January 20191. OblecdYe> and actl¥ltl•s The Charity was established as the long term fws for the phllanthroplc actfvrtfes of Blm and Pardeep Sandhu 8nd their fanmly. It Is antscipated that they wlll remaln the pr6me donors of the Foundation for the foreseeabl8 fiJre 8S the Foundation does not adively fvndqaise. It wll seek to continue the Charitable work desired by the funders through the stewardship of its existino resources and by any futhor donations made by the fvnders and Ihelr related paTlies. The Foundatton does not currently undertake any dlrect charitable activity but meets its charitable objectives by making grants to such ¢h8ritable purp0$, in any part of the world, as the Trustees in their ab501ute dlscretion deternwne. Vyhere xts'vities are carried out in the rest ol the world, other than In exceptlonal clrcum5tances. the Foundation makes donations to other UK charities that OV8rs88 that work direcuy or inclire¢Uy in thou ¢ounth'e8. During the year no payments were made direct to overseas ch8rities. Publlc bentrfit The Trustee8 ¢onfim) that they have referred to trte gUIdae contalned In the Charlty Commlsslon's general guld8nce on publlc benefft when revl8wing the Foundation's aims and objectives and setting the grant policy lor the year. It18 the Trustee's current de8lre to support a varlety of chorlties in Ilne with the public benefft rewirement. Adlvitlei It Is the 8hort term pollcy ol tho Trustees to support In¢thvldual charloes or charftable causes In Ilne with the grant poli set. There a limited number of chwities that are beginning to receive regular annual funding grants. Oonations are generally made to charitable institulions with very Ilfflted restridons currently belng applled as to aclivty or 98ogr8phic81 aiea. In p8rbcular, unlik8 many other charities, the Foundation Is willing to provide unrestrlcted fijnding as this is often the mosl valuable form of lunding from a reclplenvs perspective. The merits of each appllcation are cOndered and, If requlred, further research Caled out prior to 8 grant being made. Glven the ze of the B08fd. the Trustees meet on an informal basls to consider such donations. It is expected th8t the Foundation wlll Conlnue to fund a varfety ol charitable causes although the focus Is Ilkety to continue to be those dealing wlth chlldren, wlth educallon and hedth. In the short term the pollcy of the Trust8981s to expend a rrinirNm of tsvo-thirds ol the net Income 8ri8lng per year by way of charItae donalons and where Ihat ratio is exceeded to be supplemented, where necessary, from the capit81 of the Foundation. The Trustees h8ve in recent years made conthbutions significanuy above this minlmum balance. During the year tho Trustees declded to reduce the 9rants made to 8 more sustain8ble18vel glven the rothced Income flow of the Foundation from Its Investments. It remalns the longer tem) Intent of the Trustees to.. l. Forniulate a more focused ¢hwitae strategy which wll make a fvndamentsl and long term dmlerence to b)e lives of the reciFNents,' and 2. Become more olredy involved in charitsble work at the 'gr8ss roi)ts' level andlor to Identify and support parlners on the specific objectives Identified in 1 above on a more regular bas. All Trustees give freely of Iheir time and no Trustees remuneration or benefits were paid in the year under review. Any general administration Costs, other than independent exanwnation fees or bank charges, are met by the Santon capi Ltd Group which is Controlled by B.S.Sandhu.
THE SANDHU CHARITABLE FOUNDATION TRUSTEES REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Achlevements and performanc• Signifi¢8nl a¢livities and a¢hievemenls againsf obje¢tives The Foundation undertakes its work Ihrough makng direct financ481 contributions to the tharitable 8¢tivits'es it Jpports as well as providing indirect support by as6isting certain charities in their wider fundraigng activities. Since Inception the Foundallon has made cash contrlbulions of £3.661 m and charitable commltments of £0.415m tot811ing £4.076m. 1. Dlract Flnanclal Support In tho year undor revlew Ihe Trustees made grants and commltm8nts totalllng £86,OW (2023.. £327,000) as detalled In Note 6 to the Accounts. The Trustees note that the Foundallon has now granted or commltted £4.076 nThlllon of donatson6 since it was established to 163 different Charitable organisations and causes. During the year the Trustees made cash donations of £183,00012023'. £333,000) to 13 different ch8rities12023.' 18) averaging £14,076 {2023.' £18,500) per donation. 01 the cash paymonts made, £117,00012023.' £249,000) was In respect of donation cornntMents made In prlor years to 7 Gharities12023.' 91. No addlttonal commitments were made thjring the year. The Trustees made 8 variety of donations during the year primarily to ch8rities it has previously supported, In parlculaf.. The Ehlers-Danlos Support UK 1£61,0001, V8nety, The Children's Charity {£33,0001, The Anne Frank Trust UK1£30,000), The Latymer Foundat5on {£18,0001 and the UnlveNty of West London, where we provlde 5 annual bur6aries through the H¢l¢na Kennedy Foundation (£15,000) a8 well as a direct Nursing Scholarship {£5,0001. 2. Non-Flnanclal and Indlrect Support The Trustee8 have been tivelY Involved In helng wlth fijndralslng from thlrd parties on behalf ol a number of charltles to whom the Foundatson has olso donated fvnds. Blm Sandhu Is an Ambassador to Maglc Bus UK a Member of tho YE Entrepreneurs Club. Pardtep Sandhu Is a member ol and former Chair of the lunch commlttee ol The Anne Frank Trust Holocaust Memori81 Day Lunch as well a8 one of the M¢e Chdrs of The Burswy Appe81, part of tho Insplrlng Minds Campaign whlch h88 ralsed over £40 million at Latymer Upper School. 2. Non4lnanclal and Indlrect 8upport The Trustees have been xtively involved in helping with fundraising from thlrd parties on behalf of a number of Charities to whom the Foundation has also donated funds. Bim Sandhu is an Ambassador to Maglc Bus UK and a Member of the YE Entrepreneurs Club. Pardeep Sandhu Is 8 member of 8nd former Chair of the lunch cOmfftte8 of The Anne Frank Trust Holocw8t Memorial Oay Lunch as well as one of the Vic8 Chairs of The Bursary Appeal, part of the Insplrfng Mlnds Campalgn which Is close to rai&ng £40 nllIon at Latymer Upper School.
THE SANDHU CHARITABLE FOUNDATION TRUSTEES REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Flnanclal revlew The net expendire in the year was £52,05412023'.£543,941). The Foundation is currenly reliant largely on income and Investment retums from its investments. Investment income decreased to £120,433 from £154.211 in 2023. The Trustees grant fvnding, tsking into ¥xount comnwtments utslized and made, has decreased to £68.000 from £327,000 in 2023. The Trustee8 consider that the fixed assets Investments of the Foundatton are held to provide the annud income to finance exp8ndibJre in line with Ihe gr8nt policy set. Reserves are nomalty COndered to be represented by net current assets. The Trustees are confident that all the future Commitments w411 be met out of fure Income or by disposing of Its hlghly Ilquld 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 8ppropriate to dispo of its inveslments Interest free loans would be sought from The Santon Group as they have been In the past. Going concem Having reviewed the charivs financl81 forecast and expected fure cash ilows , the Trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the loreseeable fvre. period of not less than 12 months from the date of approval of these fin¢181 statements. AcrdInglY, the Trustees conlnues to adopt the golng concem basls in preparing the financial statements for the year ended 31 March 2024. Further details regardlng adopb'on of the oolng concem basbs can be found in note 1.2 to the financlal statements. Major risks R18K A88E8SMENT The Trustees have assessed the major risk8 to whlch the Foundation18 8xpos8d, in particular those related to the operations and finance of the Foundation, and have developed a risk management strategy which involves the followlng: 3. An Annu81 review ol the prlnclpal rlsks and uncertaintles that the Foundalon face8', 4. The establishment of pollcles, systems and procedure to mltlgate risks Idenfitd,. 5. The implementation of PredureS dogned to ninSe or m8nage any potenlal Imp1 on the Foundallon should Ihose risks materialise. The Pflnclpal risk faced by the Foundation Ile5 In the performance of Its Investments. The Tnjstees cOnder that the Foundatlon should aim to seek 8 rebjm of base rate plus 4% pa on its investments in the medium term. This target was not achleved during the y6ar18rgely as a result of Ihe decrease In general market value ol investments slnce the last year end. The Foundation seeks to invest its funds in a dIVeed portfolio of listed unlisted se¢uritses. Factors likely to affect future finanu81 p8rfonn8nce Another major risk is the relian¢e of the Foundation on the founders; both from a fijnding perspective and an operational perspective. It is the medium term intention of the Trustees to seek 8 wider family involvement and in the short lerm it is Ihe intents'on of the trustees to convert the Foundatlon Into a CIO and to appoint a suitable non famlty memberls) to the Board. Stru¢Tel govemance and management The Charity was established by a Charitable Trust Deed on 29th March, 2006 and registered as a chwity vth Ihe Charity ComrrIson on 16th May, 2006.
THE SANDHU CHARITABLE FOUNDATION TRUSTEES REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 The Board of Trustees who served during the year and subsequently were.. Mr B S Santhu P Sandhu RaclIment and apwln¢ment of tnistees The Board as a boty have the power to appoint now Trustees at Iheir diKrets'on. All Trustees are rewired to keep up to date wlth ongoing developments in charlty law and practice. It is the policy of the Board to provide new Trustees vhth all relevant Irrformatton app8rtglning to the Foundation and Its affairs. Decisions regarding ¢harity affair8 are made at Trustee meellngs whlch take ple as and when required. The day to day adnlnistrallon of the Foundalion 18 Carried out by Nicky Steele, under the supeNi8ion of the Trustees. The Trustees report was approved by trTre Board of Trustees. Sandhu P Sandhu 23 December 2024
THE SANDHU CHARITABLE FOUNDATION STATEMENT OF TRUSTEES RESPONSIBILITIES FOR THE YEAR ENDED 31 MARCH 2024 The Trustees are responslble for preparing the Trustees Report and the accounts in accordance ¥th applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Pra¢ti¢el. The law applicable to Charities in England and Wales requires the Trustees to prepare OUnts for each financial year which 've 8 true and falr vlew of the slate of affairs of Ihe charity and of the incorrmng resources and application of resources of the charity for that year. In prepartng these a¢¢ounts, the Trustee5 are rewlr6d to.. - select suitable accounting polldes and then apply them con$t¢nI1y. - observe the mothods and princlples In the Charilies SORP: - make judgements and estimates that are reason8bl6 and prudent., - stale whether applicable accounting stAndards have been followed, subject to any mateflal departures disclosed and explained in the aOUnts,. - prepare the accounts on the golng cO¢M basls unless It Is Inapproprlate to presume that th8 charfty wlll conllnue in operation. The Trustees are re6ponsible for k8eplng sufficlont accounlng records th8t dlsclos8 wlth reasonable auraCY at any time the financid 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 gnd the provislons of the trust deed. They are 8180 responsible for safe9uardlng the 8ssets of Ihe Charity and hence for tang reasonable steps for the prev8nt6on and detecb'on of fraud and other Irregul8rit5es.
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THE SANDHU CHARITABLE FOUNDATION
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE SANDHU CHARITABLE FOUNDATION
| report to the Trustees on my examination of the financial statements of The Sandhu Charitable Foundation (the charity) for the year ended 31 March 2024.
Responsibilities and basis of report As the Trustees of the charity you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 (the 2011 Act).
| report in respect of my examination of the charity's financial statements carried out under section 145 of the 2014 Act. In carrying out my examination | have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
Independent examiner's statement
Since the charity's gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. | confirm that | am qualified to undertake the examination because | am a member of the Association of Chartered Certified Accountants, which is one of the listed bodies.
Your attention is drawn to the fact that the charity has prepared financial statements in accordance with Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has now been withdrawn.
| understand that this has been done in order for financial statements to provide a true and fair view in accordance with Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2019.
| have completed my examination. | confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
- 1 accounting records were not kept in respect of the charity as required by section 130 of the 2011 Act; or 2 __ the financial statements do not accord with those records; or 3 the financial statements do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination.
| have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the financial statements to be reached. HBex to7el
H Patel FCCA
Gerald Edelman LLP
73 Cornhill London EC3V 3QQ
Dated: 23 December 2024
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THE SANDHU CHARITABLE FOUNDATION STATEMENT OF FINANCIALACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2024 2024 2023 Notes Donations and legacies Investment income 5,000 120,433 30,000 154,211 Total Income 125,433 184.211 Ex ndltuie on: chw1tae activitlos 69,987 337,409 Nel Incomell•xpendlturel before Inv••tment r•tum8 55,448 (153.198) Net loss on Investments (107,5001 {390,743) Net eXpendIre for the yoarlNet movoment In fvnds (52,0541 {543,941) Fund balances at 1 April 2023 2.485,849 3,029.790 Fund balan9 at 31 March 2024 2,433,795 2,485,849 The 8talement of finan¢lal a¢tivits'88 Includes all galns and losses recognlsed In the year.
THE SANDHU CHARITABLE FOUNDATION BALANCE SHEET ASAT31 MARCH 2024 2024 2023 Notes Flxed assets Investments io 2,588,833 2,712,828 Current assets Debtors Cash at bank and in hond 12 212,214 51,348 222,551 96,470 283.562 319,021 Credltors: amounts falllng due wlthln one 13 1149,600) 1201,0001 Net current assets 113,962 118,021 Total assets less currenl Ilabllllles 2,702,795 2,830,849 Credltors: amounts falllng due after more than one year 14 {269,000) (345,000) Net assots 2.433,795 2,485,849 Income fvnds Unrestrid8d funds 2,433,795 2.485,849 Tho accounts were approved by the Board ol Trustee8 and authorised for Issue (Jn 23 December 2024 and signed on its behalf by.. S Sandhu Trusts8 P Sandhu Thiste•
THE SANDHU CHARITABLE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Accountlng pollcles Company Informatlon The Sandhu Charitable Foundation Is a charity r8glstered by 8 Charitable Tnt Deed in England and 1OJales wlth the Charity CommIsOn. The princlp81 address Is First lloor, Santon House. 5>55 Uxbridge Road. Ealing, London, W5 5SA. 1.1 Accountlng conventlon These accounts have been prepared in accordance with FRS 102 'The Financial Reporling Standard applicable in the UK and Republic of Ireland. {'FRS 102.1, 'Accounting and Reporting by Charities. Ihe Statement of Recommended Pr8ctic8 for charities applying FRS 102, Ihe Charities A¢t 2011 and UK Generally Accepted Accounting Practice as it applies Irom 1 Januwy 2019. The Charity Santhu Charitable Foundatlon Is Publlc Benefit Entity as defined by FRS 102. The accounts have departed from the Charittes (Accounts and Reports) R8gu18tions 2008 only to th8 extent required to provide a true and lair view. This departure has involved following the Statement of Recommended PrtiCe for Charities applying FRS 102 rather than the version of the Statement of Recommended Practlce whlch Is ref8tred to in the Regulatson8 but whlch h88 slnce been vlthdrawn. Thè accounts 8r• prepared In stsrllng, whlch Is the fundonal CuencY of the chwity. Monetsry amounts In these financlal statements are rounded to the nearest £. The xcounts have been prepared under the hlstortcal Cost ¢onventl¢)n, modlfied to Indude the revaluatson and certain financlal Instruments at falr value. The prlnclpal accounting pollcles adopted are set out below. 1.2 Golng conc•m At the Ime ol approvlng the accounts, the Trustees have 8 reasonable expectation that the charity has adequate resources to continue in operational 8XlStence for the foreseeable fulure. Thus, the Tru8tee8 continue to adopl the golng concem basis of accounting in preparing the accounts. 1.3 Charft4ble funds Endowment funds are subject to specKlc condltlons by donors that the capltal must be maintalned by the Ch8rity. Unrestricted fijnds are available for use at the discretion of the Twslees in fvtherance of thelr ch*ltable obJectlv•s unless the funds have beon desIgned for oth•r purposes. 1.4 Incomlng r•sourc•s Income Is reco9nised whèn the Foundatlon Is legalty entilled to It after any performance condillons have been met, the amounts can be measured rellably, and It 18 prob8ble that Income wll be recelved. Don8tlon8 and other forms of voluntwy income are recolsed as income when receivable except insofar as Ihgy are incapable of financial measurement. Assets donated to charlties are Included a5 Income 8t thelr open market vdue. Income from Investrnents Is Indud8d In the accounts on a recelvable ba8. 1.6 R•souKes expended Liabilities are recognised as soon a5 there is a constructive obligats'on committing the Ghanty to the expendIre. All resources expended are accounted for on an Ual b8. Irrecoverable VAT is char9ed to the expense to what it relates. The cost of tharitable actiwties is represented by ryants made directy to Institutions. Also included in charitable expendilure are governance costs in(#Jrred primarily in meetin9 with conStitional d statutory requlrements.
THE SANDHU CHARITABLE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Accountlng pollcles (Conllnuod) 1.6 Cash and cash equlvalents Cash cash 8quivalents include cash in hand and deposits held at call with banks. 1.7 Flnandal Instruments The Charity has elected to apply the provistons of Section 11 'B8&c Financlal Instruments, and Secllon 12 'other Financial Instruments IsGue$' of FRS 102 to all of its financial instruments. Flnandal Instruments are recogni8ed in the tharity's balance Sheet when charity becomes paty to the contracal provislons of the Instrument Flnancial assets and liabil.8$ are offse( wth Ihe net amounts presented In the fin8ncl81 statements, when there is a legally enforceable right to set off the recognised amounts and there Is intention to settle on a net basls or to re1$0 the asset and setue tha Ilablllty slmultsneously. Ba81¢ Ilnanclal a88el• Baslc financial assets, whlch In¢lude debtors and cash and bank balances, are Inltsally measured at transaction price induding transaction costs and are subsequenlly carrled at amortlsed cost Ung the effective Interest method unless the arr8ngement constitutes a financlng transaction, where the transaclion Is measured at th8 present value of the fvtrjro recelpts discounted at a market rate of interest. Financial assets dassified as rKeiv8ble within one year are not amortised. Ba8lc flnanclal Ilabllltles Basic financial liabilities, Includlng credltors and bank loans are Inltially recognlsed at trensadon prlce unless the arrangement con8tilutes a financlng tr8nsaction, where the debt Instrument is measured at the present value of the luture receipts diOunted at a market rate of Interest. Flnandal Ilablllttes dasslfied as payable within one year are not 8m(Jrtised. D•recognlilon of Ilnanclal Ilabllltlo• Flnancial liabilities are derecognis8d when the charitychaty.S contrathal obllgatlons explre or are discharged or cancelled. 1.8 Taxatlon A8 a registered eharlty the Soclety Is exempt trom taxauon on its activitles whlch fall withln the scope of Part 10 ITA2007 and se¢tson 256 ofthe Taxation of Chargeable GainsAct 1992. Crltlcal accountlng e¥tlmatss and ludgements In the opplication of the charity's accounting poll¢les, the Trustees are required lo make judgements. estimates and assumptions about the carying amount of assets and liabillts'es that are not readily apparent from other sources. The estimates and asswated assumptions are based on historical exp8rlenc6 and other factors that are Considered to be relev8nL Actual results may differ from these estimates. The estimates and underlying umptiOnS are reviewed on an ongoing basis. RevIOnS to accounting estimates are recognised in the period in which the estimate is revised where the revision affe¢ts only that period, or in the period of the revision and fvture periods where the revision affects both current and fvture perlods. The Charity holds a portlolio of unlistedllisted investments, which are primarily valued at fair value at the year-end date. These investments are valued by trle trustees, and the valuation process involves sionfficant judgment and estimation, r8ferenclng observable market pri$ for these investments. 10-
THE SANDHU CHARITABLE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Donatlons and legacles 2024 2023 Glfts made by B.S. Sandhu, P. Sandhu and related partles Donations and glfts Voluntary income brought forward 5,000 30,000 5,330.429 5,300.429 Voluntary income carried foNiard 5,335,429 5,330,429 Slnce th8 Charfty was establlshed, Mr. and Mrs. Sandhu and thelr related parles have made In tot donalons to the Charlty of £5.335 mlllion {2023: £5.330 million) Comprising £1.302 nNllion in cash {2023: £1.307 mllllonl and £4.028 mllllon in quoted investments12023'. £4.028 million}. B.S. Sandhu, P. Sandhu and The Santon Group 8160 donate direcly to some of the charities with which the Foundatson works and The Santon Group provides I0$tiCal, administrative, travel and subsistence support to the Foundation on an ex-gratia b8Si8. Investment Income 2024 2023 Income from Ilst8d Investments Other Inlertsst recelvable Interest receivable 100,443 19,990 147,055 2,605 4,551 120,433 154,211 Charftable acllvltlei 2024 2023 Grant fijndlng of aclivities (see note 6) Support costs incluithng govemance costs 68,000 3,987 327,000 10,409 69,987 337,409 Govemance Costs include a provison of £3,60012022'. £9.0001 for Independent examlnab'on fees. The balance of the govemance costs each year comprised Investment management and bank charges. 11
THE SANDHU CHARITABLE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Grants payable 2024 2023 Grants: Cash Pald The Ehlers-D8nlos Support UK Variety, The Children's Charity Anne Frank Trust UK The Latymer Foundation Helena Kennedy Foundallon UniveNty of West London Pulse of Luton Comnwnlty Cancer Research UK Build It The Ellfar Foundallon Nl*bt Llght CIC Mayorfs Music Fund Secret Sant8 FortAugustys Young Enterprise Magic Bus UK Pitshanger Manor & Gallery Trust Turkey Mozalc Foundation The Kalgidhar Trust Downs Syndrome Assoclatlon Mahdlo Oldham Youth Zone Shoots'ng Stsrs Chase Epilepsy Research UK NHS Cragmore 61,000 33,000 30,000 18,000 15.000 5,000 5,000 4,000 4,000 3.000 3.000 1,000 1,000 74,000 35,000 100,000 21,500 15.000 3.500 1,000 1,000 18,000 15,000 15,000 10,000 5,000 5,000 5,000 4,000 3,000 Cajh pald In year carrled foThwrd 183,000 333,000 Commltments utlllsed In the year: The Ehlers-D8nlos Support UK Anne Frank Trust UK Varièty, Tho Chlldren's Chethty Helena Kennedy Foundalion The Latymer Foundation University of West London Mayors, Music Fund Magic Bus UK Pltshanger Manor & Gallery Trust Dovms Syndrom8 Association Young Enterprise 131,000) (30,0001 {20,0001 (15,0001 {15,0001 (5,0001 (1,0001 {44,0001 1100,0001 {35,000) (15,000) (15,000) 115.000) (15,000) 15,000) 15,000) Cash pald In carrfed fomrd 1117,000) 1249,000) 12-
THE SANDHU CHARITABLE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Grants payable (Conllnued) 2024 2023 Cash paid in the year brought lOard {117,000) 1249,000) Commltments made In year: Anne Frank Trust UK Variety, The Children's Charity H8lena Kennedy Foundalion Magi¢ Bus UK Cass BupAness School., City, UnIvety of London The Ehlers Danloss Support UK University of West London Mayors. Muslc Fund PItrLhanger Manor & Gallery Trust Downs Syndrome Associatlon 50,000 45,000 45,000 30,000 30.000 25.000 15,000 3,000 243,000 Totsl Grants payable In the ye 327,000 Slnce the Foundation was set up it has made dOnaon8 or comnltments to 163 {2023'. 1581 different charitles totdling £4,075,66212023'. £4,009,861). Trusto0• None of the Trustees (or any persons connected wllh them) received any remuneration durfng the year. No expenses were charged to the Foundatson by the Trustees. Donatlons made by B.S. Sandhu and related parties are shown In Note 3. The Santon Capltal Ltd group, which is owned by B.S. Santhu, provldes offices, staff 8nd administralive support to the Foundation without charge. B.S. Sandhu provided an interest free lo of £NII12023.' £5,000) to the Foundation. No balance remalned outstanding as at 31 March 2024. Contributions tot811ing £18,00012023: £21,500) were paid to The Latymer Foundation to lund 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. Employees There were no employees (knring the year. The 8tOn Capital Ltd grijup provldes administrative support to the Foundation without charge. 13-
THE SANDHU CHARITABLE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Nellosses on Investments 2024 2023 Revduation of Investments G8inAoss on sale of investments 1107,628) 128 (426,891) 36,148 1107,500) (390.743) 14-
THE SANDHU CHARITABLE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 10 Flxed asset Investments 2024 2023 Listed investments Unlisted investments Investment ¢ash retained 1.498,185 1,075,656 14,992 1,557,205 926,438 229,185 2,588,833 2,712,828 2024 2023 HIstoric cost as at 31 March 2023 and 31 March 2024 3,056,001 3,155,034 Investments held are dlocated as follow8.. Equity Instruments Other unlisted Investments Cash 2,187,168 2,146,967 386,675 14,992 336,678 229,185 2,588,833 2,712,828 Llsted investments comprise holdings In ordlnary shares, warrants and preference Shares in Main Listed stks on the London Stock Exchange. Movements In flx•d ass•t Inve•tments 2024 2023 Cost or valuallon Brought foThvard Additions Valuats'on changes Change in brokers, cash ac¢ounts Dlsposals 2,712,828 535,166 {298.652) {214,978) {145,531) 3,573.520 497,423 (426,891) {778,296) (152,928} Carried fop+Yard 2,588.833 2,712,828 Carrylng amount At 31 March 2024 2,588,833 2,712,828 At 31 March 2023 2,712,828 3,573,520 15-
THE SANDHU CHARITABLE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 11 Flnanclal Instruments 2024 2023 Carrylng amount of flnanclal ass•ts Debt instruments measured at amortised cost Instruments measured at falr value 212,214 2.588,833 222,551 2,712,828 Carrylng amount of ilnanclal Ilabllltl•s M88sured at 8mortis8d cost 418,600 12 Dgbtorn 2024 2023 Amounts falllng duo thIn one year: Short tsm loan Other debtors 212,214 212,214 10,337 212,214 222,551 16-
THE SANDHU CHARITABLE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 13 Credltors: amounts falllng due wlthln one year 2024 2023 Donations commitments (see below) Connected party loans (see Noto 7) Accruals and deferred income 146,000 187.000 5,000 9,000 3.600 149.600 201,000 Donatlon Commllments compdse.. Less than One Yoar More than One Year Total The Ehler&Danlos Support UK Anne Frank Trust UK Maglc Bus UK Helena Kennedy Foundation The Scar Free Foundalion Cass Buslness School., Clty, Unlversity of London The Latymer Foundalon Prostate Cancer UK Variety Club, The Children's Chartty University of West London Scouts Mayors Muslc Fund 30.000 25,000 15.000 15,000 10,000 25,000 45,000 38,000 15,000 10,000 55,000 70,000 53,000 30,000 20.000 15,000 15,000 5,¢Joo 5,000 5,000 5,000 1,000 45,000 45,000 10,000 30.000 5,000 60,000 60,000 15,000 35,000 10,000 5,000 2,000 1,000 Totsl Commitments- 31 March 2024 146,000 269,000 415,000 Total Comwltments- 31 Mwch 2023 187,000 345,000 532,000 14 Credltors: amounts falllng due after morn than one yeai 2024 2023 Donatlon commitments (see note 13) 269,000 345.000 17-
THE SANDHU CHARITABLE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 16 Donatlons to dats (2006-2024 Cash Commltments Total Anne Frank Trust UK Variety, The Chlldren's Charlty Ehlers-Danlos Support UK Ma¢ 8us UK The Latymer Foundatlon Helena Kenn8(ty Foundation CASS Business School., Cty, University of London Young Entsrprise Dasra UK Prostate Cancer UK Orbls UK K•w Foundation Lullaby Trust Street Child UK OEC Commlttee- In(leJPhllllpines The Family & R8lation8hlp cri8 Centre Akshaya Patra Foundation UK Th8 Scar Free Foundation Famlly for Every Chlld Florenc8 Klelner Found8Oon ick Unlverity Pancreattc Cancer UK Illams Syndrome Foundation LNWH Corona-19 Jubilee Box Hill School Coram Beanstalk Dutston House Educational Trust Hoppy Days Children's Charity Find Your Feet Unl¢ef UK Lolceslorshlre County Crfcket Club ElSine The Elifar Foundatlon The Stroke Association Leukemia & Lymphoma Research British Heart Foundation Epilepsy Research UK Eding Food Bk Befriend The Kalgidhar Trust Pitshanger Manor & Gallery Twst UnIverty of West London Carers UK CAFPH Shooting Stsr Chase 470,500 467,750 375,000 258,979 183,874 167,000 120,000 93,000 76,000 60,000 51,000 50,000 46,000 45,000 20,000 38,IX)O 36.000 35.000 30,000 30,000 30,000 25,000 25,000 25,000 24,083 22,500 22,500 20,000 20,000 20,000 20,000 20,000 20,000 18,000 17,000 15,225 15,000 15,000 15,000 15,000 15,000 5,000 12,500 12,000 11,500 70,000 35,000 55,000 53,000 60,000 30,000 60,000 540.500 502,750 430,000 309,979 243,874 197,000 180.000 93,000 76,000 75,000 51,000 50,000 46,000 45,000 20,000 38,000 15.000 20,000 55,000 30,000 30,000 30,000 25,000 25,000 25,000 24,083 22,500 22.500 20,000 20.000 20,000 20,000 20,000 20,000 18,000 17,000 15,225 15,000 15,000 15,000 15,000 15,000 15,000 12,500 12,000 11,500 10,000 Subtotal of donallons CJY 3,111,411 408.000 3,519.411 18-
THE SANDHU CHARITABLE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 16 tlonatlons to date (2006-2024) (Canttnued) Subtotsl of donations blf 3,111,411 408,000 3.519,411 Soundseekers Global Gift Foundation re Variety GB Childrens Home DEC Haiti Appeal Multiple Sclerosis Sw8ty Unlcef UK re Girls edu¢ationlSyria LSEAnnual Fund Beefy Foundation re Yuva Unstoppable OCDAction Marie Curie DEC Coronavirus Appeal ooso The Pxe Trust Turkey Mozalc Foundafjon JET (Joint Educational Trust) Bobath Centre for Chlldren wth Cerebal Palsy Mcmillan Cancer Support Dyspraxla Foundadon Her8 Blsh Lung Foundalon Mayor's Muslc Fund Build It Bla¢kffiar8 Setuement Slghtsavers Sands Oval Crick8t Rellef Trust Cancer Rear¢h UK Ruth Strauss Foundatlon Lochaber Foodbank Genetlcs Disorders Cure ParnSOn Tnt Emmaus Hampshlre Evelina Bliss Cystic FIbroS Cholces Ealing Coram Enterprise Education Trust Foundation for The Sludy of Infant Oeaths Friendship Work Inter8¢ivet Readlng sor¢8 LEPRA Listening Books 11,000 11,000 10,500 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10.000 10,000 10,000 9,000 8,000 8,000 8,000 7,500 7,000 7,000 4,000 6,502 8.000 6,000 6,000 6,000 6,000 6,000 6,000 5,800 5,000 5.000 5,000 5,000 5,000 5,000 5,000 5,000 5,000 5,000 5.000 5,000 11,000 11,000 10,500 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 9,000 8,000 8,000 8,000 7,500 7,000 9,000 4,000 6,502 8.000 6,000 8,000 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 Subtotal of donatlons Grf 3,426,513 410,000 3,836,513 19-
THE SANDHU CHARITABLE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 16 Donattons to date12006-20241 {Contlnued) Subtotal of donalions blf 3,426,513 410,000 3,836.513 Smile Train UK Stsdight Childrens Foundation Tree of Hope Children's Charity The Ear Foundation The Helping Hands Intemational Maharaj Duleep Singh Ctsnteneary Trusl Northwick Park Institute for Medical Research Helen Rollason Cancer ch Heatth The Haven Rlchard House Chlldren's Hosplce Help for Heroes Oxfam re Ebola appeal Stsrfish Greathearts Foundation GNe Smart UK The Blg Trust re East Afrlca Appeal Eallng Soup Kitchen Scannappe81 {The Bucks Breast CancerAppeg11 Localgivlng re Grenfell TowerApp6 st John Southall Greem 8rolnstorm scouts Egllng Stroke Club Harrow Aphasia Self Help Shelter Downs Syndrome Assoclatton Mandlo Oldham Youth Zone {MJ Bdl) Pulse ol Luton Communty Connect Health RNLI Interact Worfthde Motor Neurone Disease A8818tion Royal Wanstead Chllthen's Hosplt81 Movember (Prostate Cancer Charlty) st Christophers Church BIBIC Save the Children SBSA Armed Forces Amy May Trust London Vislon Cllnlc Foundalion Concious B811 r8 Mental Helath Charities 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 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 4,000 4,000 3,500 5.000 5,000 5,000 5,000 5,000 5,000 5,000 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 3,000 3,000 3,000 3,000 Subtotal of donations CJY 3,598,513 415,000 4,013,513
THE SANDHU CHARITABLE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 15 Donatlons to dats (2(K16-2024) (Conllnued) Subtotsl ol donations blf 3,598.513 415,000 4.013,513 Mind Communlty Radlo Llmlted Self Injury Support The Bike Project CALM Secret Santa Fort Augusty8 Nite Light cic Hatters Explorers Scout Unlt L8ndAid AINe & li¢klng Ecology Trust Envlronment swodd re Variety Club Anna Wallace W411118m Wates M8modal Fund Jtsyard Bound Cancer Re8ear¢h UK NHS Cragmore The Streets Ahead Holy Family PTA Rlght to Play Children's Hospital Trust South Africa V¥llllam Wates Memori81 Fund Berrys Court School Georgles Fund An8phylaxls ¢ampalgn Pseur IPSP) London Legal Trust Harvest India UK Mums for Babas Sightsavers Crisls Guy's & St Thomas's Charity Matt Hampson Foundats'on Maytree Respite centre MK Oons Sports Foundation Trust Lord Mayors Appe81 3,000 3,000 3,000 3,000 3,000 2,000 3.000 2,500 2,500 2,500 2,000 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 1.000 1.000 1.000 1,000 1,000 1,000 1,000 1,000 1,000 100 3,000 3,000 3,000 3,000 3,000 2,000 3,000 2,500 2,500 2,500 2,000 2,000 2,000 2,000 2,000 1,5LIO 1.500 1,500 1.049 1,000 1,000 1.000 1.000 1.000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 100 Totd donations to date 3.880,662 415,000 4,075,882 18 Related party transactlons The Interest free loan of £5,000 {2023: £5,000) trom &'m Sandhu has been repaid during the yew. 21