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 A￿lit 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 finan￿al 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 Tru*e88 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 unive￿ity
and Nobel Lau￿￿e, 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 perf0m￿r*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 rn￿gate 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 CraWf￿d
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 Char￿aS SORP,.
make judggrnents and estimates that aro reasonable and prudent.,
state whethgr applicable accounting standards have b￿rn 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 reasonal￿e ac￿raCY 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 rag1st￿d 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 ne8￿8t £.
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,
R￿tricted 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•
Ex￿n￿lture 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$￿, induding support costs inVo￿ed in undertaking oach activity. Dir8Ct (xJ$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& ¢￿d￿l¥d or charged to the St8t8m8nt of Finonclol A¢tlvili85 as they rise.
InV￿tments
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 ramuner0￿0￿ 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$8esl on InvèJ*ments
Icontlnu•dl
Flxod assot Invè¥tm•nts
Ir7ve8tm•nts
Cost or valuatlon
Al 1 Apr412021
Additlon$
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•ValLia￿0lll
O•lan¢• at
•xp•nd•d
galt)* and 1 Aprll 2021
ReBour¢o• R•valuatlon#
*K￿ndId
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 pern￿nent 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
r1*our￿6 •xp•ndod
8il•m¢o at
1 A¥Yll 2020
Bzlonco at
•xp•rtd•d l Aprfl 2021
8¥l*n¢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 ass8tsllllab1l￿lesI
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.