Charlty rnglstratSon numbor 1121352 THE SANJAYA LALL MEMORIAL FUND ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022
THE SANJAYA LALL MEMORIAL FUND LEGAL AND ADMINISTRATIVE INFORMATION Trustses Mrs R Lall Professor W M8tt11 Sir R Peto Mr R L811 Prolesscir V Crawford Professor A Dixrt Prolassor B Javorclk Mr D Hamdan Charlty number 1121352 Indewnd•nt •xamln•r Critchleys Alit LLP B8av8r Housa 23-38 Hylha 8rkla8 Slroet Oxford OX12EP Bank•r• Royal Bank of Scot18nd PIC 32 St Giles Oxford Oxfordshiro OX13ND 8ollcltor• Blake Morg8n LLP Sèacourt Tower West Way Oxford OX2 OFB
THE SANJAYA LALL MEMORIAL FUND CONTENTS Page Trustetrs report Statement of Trustses responsiknlitie5 Independent examinels report Stat8m8nt of financ4al activities Balance sheet Notes to the flnancial gtataments 7-11
THE SANJAYA LALL MEMORIAL FUND TRUSTEES REPORT FOR THE YEAR ENDED 31 MARCH 2022 Th8 Trustees present their annual report and financial statements for the year ended 31 Mari 2022. Th8 finanal staternenls hava been prepared in a(tvdance with th8 accounting pdicies set out in note 1 to the financial st8temsnts and comply with the Charity's gov8ming document. the CharitiesAct 2011 and"Accounting and Reporting by Charities.. Statemènt of Recommended Practice applicable to charities preparing their accouTrts in accordance with the Financial Rewrting Standard applicable in the UK and Republic of Ireland IFRS 1021. 18lfective 1 January 20191. Obieclives and activitles The objective of the charity is to advanee the educats'on of thg public in the sublecl of 8conomics In r&laUon to the developing wortd by thè establishment of a Piofessorial Chair at Oxford Univarsty OT at such other eouNBlent prominent academic institution in England as the Trustees detemine. The charity aims to establish and fund a Professorial Chair in Technology and Busingss D9vÈlopmènt at a College at the Univ8Tsity of Oxford. The Chair is in p5aeè to advance knowledge, und8T5tanding, and education of development erK)nomics. tethnology, and business, to the public's benefit. In line with Charity Commission guidance. The True88 have paid due regard to guidancg i$suèd by the Charity Commission in dgciding what activitie5 the Charity should undertake. Aehlovomonts and performJn¢e A visiting professor was not in place during the year-ended 31 March 2022 as explained bolow. The Memorial Fund was looking forward to W81coming Raj Chotty. William A. Ackman Professor of Economics of Harvard University, to Oxford as the Sanjaya Lall V1Slting Professor in Trinity Term 2019. Professor Chetty is a rising st8r in the di5¢ipline and a fomer winner of the John B8tes Clark Medal of th& American Economic Association. Unfortunatsly. Profèssor Chetty was unable to take up th8 chair due to an unexpected health i5SUè affecting his partner and Covi(¥related restrictions. It rthi looks likely that Professor Chgtty will be Coming in the Spring 012023 as the Sanjaya Lall Visiting Professor. The Trustees have also invited Prof8S50r Joseph Stiglitz, University Professor at Columbia univeity and Nobel Laue, to eonie to Oxford as Distinguished SL Visiting Fellow. His vi51t wi15 takg place in May 2023. The Trustees are delighted that the Fund remains capabl& of attracting such disbnguished scholars to Oxford to honoLJr Sanjay8 Lall's legacy. No visiting professor was in pl8c8 during the year, which means that expenditure for the charity was limiied. Flnanelal r•vi•w Th8 TrustaÈs arè satlsfied wlth the financial perf0mr*ce of th8 charlty. Any axcess funds over working capital are invested on money markets and administered by Chartes Stanley in order to maximise returns while rninimising risk. The Trustee5 have considered the rev of reserves wth the aim of ensuring that the ctsst ol planned future siting professorships can b8 fund9d through income from investments and donations. The Trustees aim to obtain further donations such that the capital of the fund is maintained withtsirt requiring significant drawdowns. The Trust88s havè assessed the major risks to which the Charity is exposed, and are 88tisfied that systems a in place to rngate exposure to the major risks.
THE SANJAYA LALL MEMORIAL FUND TRUSTEES REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022 Stru¢ture, governance and manag•ment The Sanjaya Lall Memorial Fund is registered as a charity under the Charities Art. The charity is govemed by a Trust Deed dated 29 AugLSSt 2007 and was registered by the Charity Commission on 23 October 2007 (charity number 11213521. When the Board ol Trustees look for a naw Board rnember. it makes a sele¢tion based on a potential m8mber's acad8mic excellence, expertise in the research area ralated to Sanjaya Lall, and excellent knowledge and experienc* relevant of the eharws objèctives 8nd activty'es. Day to day administration of thg charity is delegated to Mrs Lall under the supervision of th& Board of Trust8e8. Decision-making powers are retained by the Trustees and exercised at their regular meetings. The Trustees who setved durlng the year and up to the dète of signaturè of th8 fin8w81 st8tÈmènts werg.. Mrs R Lall Professor W Mattli Sir R Peto Mr R Lall Professor V CraWfd Prof85$0rA Dixit Professor B JavoTcAk Mr D Hamdan The Trustees rerK)rt was approved by the Board ofTrust8es. Mrs R Lall Trustèè
THE SANJAYA LALL MEMORIAL FUND STATEMENT OF TRUSTEES RESPONSIBILITIES FOR THE YEAR ENDED 31 MARCH 2022 The Trustees are responsible lor preparing thè Trust8es Rgport and thè financial statements in accordance with applicable law and United Kingdom A(thunting Standards Iunited Kingdom Generally Acoeplgd Accounting practi>. The law applicabl8 to charities in England and Wales requSr6s thg Trustees to prgpar* financial ststements for each financial year which givg a tnje and lair view of the state of affaits of the Charity and of th8 incorning r&stsur¢8s and 8ppli¢ation of resources of the Charity for that year. In preparing th8se finanaal statemants, the Truste are Tequlr6d to.. Select 5Uitab18 accounting policies and thgn apply them conwstonly., - observe the m8thods and princlples in tha CharaS SORP,. make judggrnents and estimates that aro reasonable and prudent., state whethgr applicable accounting standards have brn followed. subject to any material departures disclosed and Èxplained in the financial statements", and prepare the financial stat8ments on the going concem basis unless it is Inappropriate to presum8 Ih8t th8 charity will continue in operation. The Trustees are responsibl8 for kgeping sufficjent accounting records that dp8dose with reasonale acraCY at any time the financial position of the Charity and enable th8m to 8nsur8 that the finan¢ial ststernents comply with the Charities Act 2011, the Charlty (Accounts and Reports) Regulatlons 2008 and the provisions of the tnJ5t deed. They ara also responsibl8 for safeguarding the ass8ts of the Charity and hence for takin9 r8asonable stgps for the prevention and d&t8ction of fraud and other irregularitles.
THE SANJAYA LALL MEMORIAL FUND CRITCHLEYS INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE SANJAYA LALL MEMORIAL FUND I report to the Trustees on my axamination of the finanaal statem8nts of The Sanjaya Lall MerTK)ri81 Fund for the year ènded 31 March 2022. Responslbllltl•s and basis of report As the Trustees of the Charity YOU 8r6 responsible lor the preparatiorl of the financial statem&nts in accordance with roquirern8n of the Charid8s Act 2011 (the 2011 Aeti. I roport in rtr$ of my examination of the Charfty's finanelal stat8ments carried out under section 145 of th8 2011 ACL In carying out my examination I hav¢ followed all the applicable Dir6ctions giv8n by the Charity Commisslon Ur¢r s8Ction 14515llbl of the 2011 Aci. Independ?nt examlngrfs stat8m•nt I have completed my examination. I confirm that no matters have Come lo my attention in connectioft with the examination giwng ma caus8 to believe that in any material respact.. accounting records We not kept in raspect of th8 Charity as rgquired by secty'on 130 of the 2011 Act., or the financial statements do not accord with thos8 records.. or the financial statements do not comply with the appliGqble requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 otherth8n any requirement that the accounts giv8 8 tru8 and fair view which 18 not a Matter Conside as part ol an independent examinètion. I hav8 no concerns and have come across no other matters in CCTrnnection wrth the examinatitsn to which attention should be drawn in th reptsrt in order to enable a proper understanding ol the financial statements to be reached. Gary Preaty FCA Crit¢hltys Audlt LLP Beavèr Hou$¥ 23-38 Hyth• Brldge Str8•1 Oxford OX12EP 15 December 2022 Dat..
THE SANJAYA LALL MEMORIAL FUND STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2022 Restrlcted Endowment fund5 funds 2022 2022 Total Rostricted Endowment funds funds 2021 2021 Total 2022 2021 Notes ncome from- Charitable activibes Investments 63,749 63,749 46.136 46,136 8nditur• Raising funds Investrnent management costs 10,516 10,516 9,337 9,337 Chari lea Expenditure on eharitabl& actNities 1,152 1,152 Tolal charitable expenditure 1,152 1.152 Total •xpgndlture 10,516 10,600 1,152 9,337 10.489 N8t gains]Ilossesl on investmgnts 38.036 38,036 222,221 222.221 Net movement sn funds 63,665 27,520 91,185 44,984 212,884 257,868 Fund balane&s at 1 April 2021 87,721 7,578.947 1.666,668 42,737 1,366.063 1,408.800 Fuytd balances at 31 Marc 2022 151.386 1,606,467 1,757,853 87,721 1,578,947 1.666,668 The statement of ffin8ncial activities indLJdes all galns and losses recognised in the year. l incomè and 8xpèndtture derive from continuing activitie8.
THE SANJAYA LALL MEMORIAL FUND BALANCE SHEET ASAT 31 AIARCH 2022 2022 2021 Note8 Fixed assets Investmants 1,693,061 1,478,140 Current as$èts Cash at bank and in hand 72.512 197,010 Credltofs: amounts falllng wlthin ono y•ar 17,7201 18.4821 Net currant assats 64.792 188,528 Totsl a$sgts le88 Gurr•nt Ilablllties 1,757,853 1.666,668 Capltsl funds Endowm8nt funds- general Income funds Restricted funds Unrestr¢t?d lunds 10 1,606,467 1.578.947 11 151,386 87,721 1,757.853 1,666,668 The financial statemants were approved by the Trustees th ......................... Mrs R Lall Trustee
THE SANJAYA LALL MEMORIAL FUND NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 Aeeounting F>olicl¥$ Charfty Inforniatlon The Sanjaya Lall M9mori81 Fund is a charity Incorporatad In Eng18nd and Walos. Tho rag1std olfice is Be8ver Hou8e. 23-28 HyLhe Brfdge Str¢et, Oxftsrd, OX12EP. 1.1 Ac¢ounllng ¢onventSon Th8 financiBI ststerr8nts have b8&n propored In a¢¢ordanc8 with th8 Chartty's gov•rnlng docurnent, the Chanlias Act 2011, FRS 102 "The Financial Reporting Standard applicabl8 in th8 UK and Republlc of Iro18nd" I'FRS 102.1 and thg Charllies SORP 'Acwunting and Reporting by Charrtig$.' Stslemenl ol Recomm&nd8d Practice applicable to charitlas prapadng th8ir 8c¢ounls in accordance wlth tha Flnanaal Reportlng Standard applicable in the UK and Republic of Iraland IFRS 1021" 1gtte¢tlV8 1 January 20191. Th• Ch8rily Is 8 Public B8n8fit EntSty 85 defingd by FRS 102. The Charlty has taken advantage ol th8 provlslons sn thg SORP lor ¢h8rftles not to proparo a St8tamènt ¢f C*sh Flow¥. Thè ffnantsal slalements are prepared in 8tfrrling. which Is thts lun¢tional currency ol the charfty. Mon&lgry amounts In th8s8 fln8nclal 8t8t•marnt8 are rounded to th8 ne88t £. 1.2 Golng conc•rn At the timè ol approvlng tho flnancial $tat8mont$, th& Trusl•as h8Vg a r8ason8ble expeclatlon that tha Charlty has adequato Trsoure¥s lo continue in operation81 existence for Ihe fores8•0bl6 futur0. Thu$ the Trustaos ¢onllnu& to adopt the golng concern bas1$ of ac¢ountlng In praparlng Ihg flnanci81 stalernents. 1.3 Charttsbl• lund8 Unrestrlctod funds ore ovallable lor u$8 at tho dls¢retSon of the Tru$tg&s In furtheranca of th81r ¢h8rltablo objectlV8S, Rtricted lunds are subjecl lo spgcifc condition8 by donors a8 to how they may be us8d. Tho purposas gnd usas of the restrlcte(I funds are s&t out In the notes to the fip)anclal statemtsnl$. Endowmant fvnd8 are sublect io speclflc condltlona by donors that tho pItal mvjt be maln¢aln•d by the Charity. 1A Incom• Incom8 is recognised when the Charity is legally entitled to it after any perforrnance conditlong hav8 b••n mot. tha 8mounts can be m885ured rèlisbly, ond il Is probable that incoma wlll bè ractrlvgd. Cash donations are recognlsed on recelpt. Other donations are recognised once the Charlty hè$ been notified of Ihe donation, unless performance conditions Tequire deferral ol the amount. Income tax recoverabl& In relation lo donations r8¢8ived undtrr Gift Ald or deeds of ¢x)V8nanl is rgwgnised 81 the time of the don81ion.
THE SANJAYA LALL MEMORIAL FUND NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022 A¢countlng pollcl•s IContlnu•dl 1.$ Expenditur• Exnlture 13 recognlsed oncè Ihgre 1$ a Iggal or constructivg oblig8tion to transfer economic benefit to a third party. It 19 probable that a Iransf&i of Èconomic b8n8fits will be requirad in settlement, and tha amount of th8 obligation can b8 measurad rgliably. Expenditura Is cl858ified by activlty. Th8 Costs of 88eh 8Ctivity are mad& up of th6 tot81 of direct costs and sharad co$, induding support costs inVoed in undertaking oach activity. Dir8Ct (xJ$ts artributab16 to a slngle actlvlty are allo¢aled directly to that a¢dvlty. Sh8r8d costs which contribut8 lo more than one activity and support costs which arè ntst attributsble to a singla activity ar? apports'oned betweon thos& aetivities on a basis con$l$tent with the us& ol resour. 1.6 Flx•d aJ80t Invo8tm•nts Investments are Included In the balance shaot at markot valu¥. Gain5 or los388 arisSrrfJ on ravalu8llon to markgt valua ar& ¢dl¥d or charged to the St8t8m8nt of Finonclol A¢tlvili85 as they rise. InVtments Re*trlcted Rastrfet•d fund• lund8 2022 2021 Dividends r8c8ived Intgrest r•¢eiv8blo 83,742 46,073 83,749 46,138 RJl¥lno fund• Endowm•nt Endowrnent funds funds g•neral general 2022 2021 Inv8strnenl rnanagement Costs 10,516 9,337 10,516 9.337
THE SANJAYA LALL MEMORIAL FUND NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022 Charitable actlvltles Expgndltur• Expgndltu on ¢harllabl8 charltablo Jctlvlti•$ actlvltles 2022 2021 B8nk Ch8rg*s Ind9Pgndant Examlnatlon f80 38 46 1,130 1,152 1,152 Tho Indepandant èxamlnatlon 188 In 2022 w38 £980 + VAT. Thè amount dlsclos•d above is less than thi8 dug tts th• •ff8ct of corraclio of a prevlous over-accrual. Trust•o8 Nona of tho Trustees lor any persons connectsd with thaml rgcalv8d any ramuner00 or ben8frts from the Charity durlng the year. At tha yèar end, the charity owed Mrs. Ramnlque Lall. an omount of £3,88812021'. £3,888). Employ••8 avgrago monthly number of employeeB dudng the year w88.. 2022 Numb•r 2021 Numb•r Totyi Thtrro w•r8 no employoas whoso aTrnual remuneratlon was mcye than £60,(X)O. N•t galn8111088881 on InvoStm•rrts Endowmont Endowmorit fund8 fund8 gèneral general 2022 2021 Geinlllos81 on sale of investments 38.036 222,221
THE SANJAYA LALL MEMORIAL FUND NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022 Net galnslllo$8esl on InvèJments Icontlnu•dl Flxod assot Invè¥tm•nts Ir7ve8tm•nts Cost or valuatlon Al 1 Apr412021 Additlon$ Valuation changes Amounts d8positedllwithdr8wnl DIsp0881s 1,478.140 799,623 38,036 23.068 1645,8061 At 31 March 2022 1,693,061 Carrylng amount At 31 March 2022 1,693,081 Al 31 Marth 2021 1.478.140 Cr•dltorn'. amounts talllng due wlthln onè yoar 2022 2021 Borrowings Othar ¢rgdltors 3,888 3,832 3,888 4,594 7,720 8.482 10 Endowmènt fvnd• B•laN¢• •t 1 Apdl 2020 R••our¢•• R•ValLia0lll O•lan¢• at •xp•nd•d galt) and 1 Aprll 2021 ReBour¢o• R•valuatlon# *KndId g•lrb8 •nd 19$8•8 B•l•n¢• at 31 Morch 2022 1,366,063 19.3371 222,221 1.578.947 110,5161 38,036 1,606,467 1,366,(X$3 19.3371 222,221 1,578,947 110,5161 38,036 1,606.467 The endowmènt fund was set up with an initi81 pernnent endowment receipt of £1 million, followed by tsvo ftjrther receipts. Th& purpose of the fund is for the estsblishment and support gf Professorlal Chalr in Technology and Business Developm8nt 8t a college al the University of Oxford. 10
THE SANJAYA LALL MEMORIAL FUND NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022 11 Restrict•d funds Movement In funds In¢omlno r••ource Movement In funds In¢omlng R•BourceB r1our6 •xp•ndod 8il•m¢o at 1 A¥Yll 2020 Bzlonco at •xp•rtd•d l Aprfl 2021 8¥ln¢o It 31 March 204 R&strtcted fund 42,737 46.136 11.1521 87,721 63,749 1841 151,386 The re8trlcled fund has boen s8t up In ordtrr to lund and promote th8 professorial Chair in Tachnology and 8usinass Dav81opm8nl at a college al thtr Univarslly of Oxford. 11 cornpris•$ th& invastmant Income rec8ived from the 6ndowment fund Invested,Bnd any other re18vanl dtsn8tlon$. 12 Analy$ls of n•t 8980ts bgtween fund8 R•8trlctod Endowm8rtt fund• funds 2022 2022 Total R8Stdct8d Endowment fvnds funds 2021 2021 Totsl 2022 2021 Fund balanc * 31 March 2022 arè raprasonled by,. Investm8nts Currant ass8tsllllab1llesI 1,693,081 188,5941 1,693.061 64.792 1,478,140 100,807 1,478,140 188,528 151,366 87,721 151,386 1,608,467 1,757,853 87,721 1.578,947 1,668,668 13 R•lat•d party tran8actlons Th•r8 w•r8 no dls¢lo8Jbl8 rel8ted party transacuons during thè Or{2021- nonal.