Charity registration number 1121352 (England and Wales) THE SANJAYA LALL MEMORIAL FUND ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 THE SANJAYA LALL MEMORIAL FUND LEGAL AND ADMINISTRATIVE INFORMATION Trustees Mrs R Lall Professor W Mattli Sir R Peto Mr R Lall Professor V Crawford Professor B Javorcik Charity number 1121352 Independent examiner CritchleysAudit LLP First Floor, Park Central 4041 Park End Street Oxford OX1 1JD Banker5 Royal Bank of Scotland PIC Drummond House (EW) Branch. Gogarbum 175 Glasgow Road Edinburgh EH12 1HQ SoliGitors Blake Morgan LLP Seacourt Tower West Way Oxford OX2 OFB THE SANJAYA LALL MEMORIAL FUND CONTENTS Page Trustees report Statement of Trustees responsibilities Independent examinerfs report statement of financial activibes Balance sheet Notes to the financial statements 7-12 THE SANJAYA LALL MEMORIAL FUND TRUSTEES REPORT FOR THE YEAR ENDED 31 MARCH 2024 The Trustees present their annual report and financial ststements for the year ended 31 March 2024. The financial ststements have been prepared in accordan￿ with the accountng policies set out in nole 1 to the financial statements and comply with the Chartvs governing document, the Charities Act 2011 and "Accounting and Reporting by Charities. 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 actlvittes The objective of the charity is to advance the education of the public in the subject of economics in relation to the developing world by the establishment of a Professorial Chair at Oxford University or at such other equivalent prominent academic institution in England as the Trustees determine. The charity aims to establish and fvnd a Professorial Chair in Technology and Business Development at a College at the University of Oxford. The Chair is in place to advance knovledge, understanding, and education of development economics, technology, and business, to the public's benefit, in line with Charity Commission guidan￿. Public benefrf The Trustees have paid due regard to guidance issued by Ihe Charity Commission in deciding what activitie5 the Charity should undertake. Achievements and perfomiance Significant activities and achievements against objectNes The Memorial Fund enjoyed one of its most successful and memorable years. In Trinity Term 2023. the Fund hosted Raj Chetty. William A. Ackman Professor of Economics of Harvard Universty (and winner of the John Bates Clark Medal), as the Sanjaya Lail Visiting Professor, and Joseph Stiglitt, University Professor at Columbia University (and Nobel Laureate in Economic Sciences}. as the Disb'nguished Saniaya Lail Visiting Fellow. Both visits were extremely productive, wth Professors Chetty and Stiglitz giving numerous talks, participating in a variety of academic and public events, and meeting wrth numerous graduate and undergraduate students. Professor Chetty delivered an insightful Sanjaya Lall Lecture on "Creating Equality of Opportunity.. New Insights from Big Data"; Professor Stiglitz addressed the topic of 'Freedom and Liberty. Perspectives from 21 st Century Economics. in his thought-provoking Sanjaya Lall Lecture. They also participated in high-profile and hugely popular panel events organised by the Fund.. Professor Chety joined Professor Stiglitz and Anneliese Dodds MP for a stimulating discussion on 'lnequality and Social Mobility in the 21sI Century.. New Challenges and Opportunrties". Professor Stiglilz reflected on 'Green Industrial Policy.. Saving the World witt)out a Trade IASarf in conversats.on wtth Professor Sir Nicholas Stern, Ed Miliband MP, and Michael Liebreich. Financial review The Trustees are satisfied with the financial perfomiance of the charity. Any excess fijnds over working capital are invested on money markets and administered by Charles Stanley in order to maximise retums while minimising risk. Reserves policy The Trustees have ¢onsidered the level of reserves with the aim of ensuring that the cost of planned ftrture visiting professorships can be funded through income from investments and donations. The Trustees aim to obtain ftjrther donations such that the capital of the fund is maintsined withoui requiring significant drawdowns. Major risks The Trustees have assessed the major risks to which the Charty is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks. THE SANJAYA LALL MEMORIAL FUND TRUSTEES REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Structu￿. governance and management The Sanjaya Lall Memorial Fund is registered as a charity under the Charities Act. The charity is governed by a Trust Deed dated 29 August 2007 and was registered by the Charity Commission on 23 October 2007 (charity number 11213521. en the Board of Trustees look for a new Board member, rt makes a selection based on a potential member's academic excellen￿, expertise in the research area related to Sanjaya Lall. and excellent knowledge and experience relevant of the charity's objectives and activrties. Day to day administration of Ihe charty is delegated to Mrs Lall under the supervision of the Board of Trustees. Decision-making powers are retained by the TrUSt￿S and exercAsed at their regular meetings. The Trustees who served during the year and up to the date of signature of the financial ststements were.. Mrs R Lall Professor W Mattli Sir R Peto Mr R Lall Professor V Crawtord Professor B Javorcik The Trustees report was approved by the Board of Trustees. Mrs R Lall Trustee THE SANJAYA LALL MEMORIAL FUND STATEMENT OF TRUSTEES RESPONSIBILITIES FOR THE YEAR ENDED 31 MARCH 2024 The Trustees are responsible for preparing the Trustees Report and the financial statements 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 Tnjstees to prepare financial ststements for each financial year which give a true and fair view of the sLgte of affairs of the Charity and of the incoming resour￿$ and application of resources of the Charity for that year. In preparing these financial statements. the Trustees are required to.. select suitable accounting policies and then apply them consistently.. observe the methods and principles in the Charities SORP., make 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 financial statements., and prepare the financial statements 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 ￿￿th reasonable accuracy at any time the financial position of the Charity and enable them to ensure thal the financial statements comply with the Charities Act 2011, the Charty (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the Chanty and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. 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 examination of the financial statements of The Sanjaya Lall Memorial Fund for the year ended 31 March 2024. Responsibilities and basis of report As the Trustees of the Charity you are responsible for the preparats'on of the financial ststements in accordan￿ wtth the requirements of the CharitiesAct 2011 (the 2011 Act). I report in respect of my examination of the Charity's financial statements carried out under section 145 of the Charities Act 2011. In carying out my examination I have followed the Directions given by the Charity Commission under section 14515llb) of the Charities Act 2011. Independent examinerfs statement I have completed my examination. I confim that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect.. a¢xounting records were not kept in respect of the Charity as required by section 130 of the Charities Act 2011. the financial statements do not accord with those records.. or the financial statements do not comply with the applicable requirements concerning the form and content of financial statements set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the financial statements give a true and fair view. which is not a matter considered as part of an independent examination. I 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. Gary Pready FCA crftchlays Audit LLP First Floor, Park Central 40-41 Park End Street Oxford OX11JD THE SANJAYA LALL MEMORIAL FUND STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2024 Restricted Endowment funds funds 2024 2024 Total Restricted Endowment funds funds 2023 2023 Total 2024 2023 Notes Income from: Charitable activities Investments 41,977 41,977 42.464 42,464 enditure on: Raising funds Investment management costs 9,979 9,979 9,628 9.628 Charitable activities Expenditure on charitable activities 100.589 100,589 2,304 2,304 Total charftable expendlture 100,589 100,589 2,304 2,304 Total expenditure 100.589 9,979 110.568 2,304 9,628 11,932 Net gainslllosses) on investments 213.897 213.897 {183.066) (183.066) Net movement in funds (58.612) 203.918 145,306 40,160 (192,694) {152,534) Fund balances at 1 April 2023 191.546 1,413.773 1,605,319 151.386 1,606,467 1,757,853 Fund balances at 31 March 2024 132,934 1,617,691 1,750,625 191,546 1,413,773 1,605,319 The statement of financial activib'es includes als gains and losses recognised in the year. The statement of financial activikn'es includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities. THE SANJAYA LALL MEMORIAL FUND BALANCE SHEET ASAT31 MARCH 2024 2024 2023 Notes Flxed assets Investments 10 1.720.379 1,500,080 Current assets Cash at bank and in hand 41.435 113,836 Creditors: amounts falling due wlthin one year 11 {11.189) (8,597) Net current assets 30,246 105,239 Total assets less current liabllltles 1,750.625 1,605,319 The funds of the Charity Endowment funds Restricted income fvnds 12 13 1,617,691 132,934 1,413,773 191,546 1,750,625 1,605,319 The financial statements were approved by the Trustees on .2Q1121.2Q24 kL L>LU rs R Lall Trustee THE SANJAYA LALL MEMORIAL FUND NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Accounting policies Charity Inforniation The Sanjaya Lall Memorial Fund is an unincorporated charity. It is governed by a trust deed dated 29 August 2007. 1.1 Accounting convention The financial statements have been p￿pared in accordance with the Charity's goveming document. the Charities Act 2011, FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland. {'FRS 102.1 and the Charities SORP "A¢counting and Reporting by Charities: Ststement of Recommended Practice applicable to eharrties preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)" (effective 1 January 2019). The Charity is a Public Benefrt Entity as defined by FRS 102. The Charity has taken advantsge of the provisions in the SORP for charities not to prepare a Statement of Cash Flows. The financial statements are prepared in sterling. which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £. The financial statements have been prepared under the historical ￿st conventi¢)n. The principal accounting policies adopted are set out below. 1.2 Golng concern Al the time of approving the financial statements, 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 cOn￿M basis of accounling in preparing the financial statements. 1.3 Charltsble funds Unrestricted funds are available for use at the discrekn'on of the Trustees in furtherance of their charitable objectives. Restricted funds are subject to specrfic conditions by donors or grantors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements. Endowment funds are subject to spe¢ifi¢ Conditions by donors that the Gapital must be maintained by the Charity. 1.4 Income Income is recognised when the Chanty is legally entilled to it after any perf0rrnan￿ conditions have been met, the amounts can be measured reliably. and it is probable that income will be received. Cash donations are recognised on receipt. Other donations a￿ recognised once the Charity has been notified of the donation, unless performan￿ conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the ts'me of the donation. THE SANJAYA LALL MEMORIAL FUND NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Accountlng policies (Continued) 1.5 Expenditure Expenditure is recognised once there is a legal ￿ constructive obligation to transfer economic benefit to third party, it is probable that a transfer of economic benefits will be required in settlement, and the amount of the obligation can be measured reliabty. Expenditure is classified by activty. The costs of each activity are made up of the total of direct costs and shared costs, including 5UPPOrt costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activty. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned be￿een those activities on a basis consistent with the use of resources. 1.6 Flxed asset Investments Investments are included in the balance sheet at market value. Gains or losses arising on revaluation to market value are credited or charged to the Slatement of Financial Activities as they rise. Crltlcal accounting estlmates and judgements In the application of the Charity's accounting poliaes, the Trustees are required to make judgements, estimates and assumptions about the carying 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. Aciual 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. Income from investments Restrlcted funds 2024 Restrlcted funds 2023 Other income Interest receivable 41.292 685 42,072 392 41,977 42,464 Raising funds Endowment Endowment funds funds general general 2024 2023 Investment management costs 9.979 9,628 9,979 9,628 THE SANJAYA LALL MEMORIAL FUND NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Charitable activities Expenditure Expenditure on on charitable charitable activities activities 2024 2023 Bank Charges Independent Examination fee Visiling Professor 3,696 96,889 2,304 100,589 2,304 100.589 2,304 Trustees None of the Trustees (or any persons Connected wth them) re￿IVed any remuneratton Of beneffts from the Charity during the year. At the year end, the charity owed Mrs. Ramnique Lall, an amount of £5.881 {2023.' £3,888). Employees The average monthly number of employees durtng the year was: 2024 Number 2023 Number Total There were no employees whose annual remunerab.on was more than £60,000. Remuneration of key management personnel The remuneration of key management personnel was as follows: Remuneration of key management personnel in 2024 was nil (2023: nil). Net gainsl(losses) on investments Endowment Endowment funds funds general general 2024 2023 Movement in fair value of investments 213.897 (183,066) THE SANJAYA LALL MEMORIAL FUND NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Net gainsl{losses) on investments (Continued) Taxatlon The charity is exempt from tax on income and gains falling within section 505 of the Taxes Ad 1988 or section 252 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects. 10 Fixed asset Investments Investments Cost or valuation At 1 April 2023 Additions Valuation changes Amounts depositedl(withdrawn) Disposals 1,500,080 240,898 213,897 {4,812) {229,684} At 31 March 2024 1,720.379 Carrylng amount At 31 March 2024 1,720,379 At 31 March 2023 1,500,080 11 Credltors: amounts falllng due wlthin one year 2024 2023 Borrowings Other creditors 8,241 4,948 3,888 4,709 11,189 8,597 12 Endowment funds At 1 April 2023 Resources expended Gains and At 31 March losses 2024 Pemlanent endON￿nents 1.413,773 (9.979) 213,897 1,617,691 10- ## **THE SANJAYA LALL MEMORIAL FUND** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 MARCH 2024**_ |**12**|**Endowment funds**||||**(Continued)**| |---|---|---|---|---|---| ||**Previous year:**|**At 1 April**|**Resources**|**Gains and**|**At 31 March**| |||**2022**|**expended**|**losses**|**2023**| |||**£**|**£**|**£**|**£**| ||**Permanent endowments**||||| |||1,606,467|(9,628)|(183,066)|1,413,773| The endowment fund was set up with an initial permanent endowment receipt of £1 million, followed by two further receipts. The purpose of the fund is for the establishment and support of Professorial Chair in Technology and Business Development at a college at the University of Oxford. ## **13 Restricted funds** |**Previous year:**
Restricted fund|**At 1 April**
**2023**
**Incoming**
**resources**
**Resources**
**expended**
**At 31 March**
**2024**
**£**
**£**
**£**
**£**
191,546
41,977
(100,589)
132,934
**At 1 April**
**2022**
**Incoming**
**resources**
**Resources**
**expended**
**At 31 March**
**2023**
**£**
**£**
**£**
**£**
151,386
42,464
(2,304)
191,546| |---|---| The restricted fund has been set up in order to fund and promote the professorial Chair in Technology and Business Development at a college at the University of Oxford. It comprises the investment income received from the endowment fund invested,and any other relevant donations. ## **14 Analysis of net assets between funds** |**Restricted**
**Endowment**
**funds**
**funds**
**2024**
**2024**
**£**
**£**
**At 31 March 2024:**
Investments
-
1,720,379
Current assets/(liabilities)
132,934
(102,688)
132,934
1,617,691|**Total**
**2024**
**£**
1,720,379
30,246| |---|---| ||1,750,625| - 11 - ## **THE SANJAYA LALL MEMORIAL FUND** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** ## _**FOR THE YEAR ENDED 31 MARCH 2024**_ |**14**|**Analysis of net assets between funds**|||**(Continued)**| |---|---|---|---|---| |||**Restricted**|**Endowment**|**Total**| |||**funds**|**funds**|| |||**2023**|**2023**|**2023**| |||**£**|**£**|**£**| ||**At 31 March 2023:**|||| ||Investments|-|1,500,080|1,500,080| ||Current assets/(liabilities)|191,546|(86,307)|105,239| |||191,546|1,413,773|1,605,319| ## **15 Related party transactions** There were no disclosable related party transactions during the year (2023 - none). - 12 -