Charity Number. 1124939 THE CHELLARAM FOUNDATION ("the Foundatlon") ANNUAL REPORT AND FINANCIAL STATEMENTS YEAR ENDED S APRIL 2024
THE CHELLARAM FOUNDATION REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024 coirrENT -tégat ahtt admithgtrative infomation Inde ort Statement of Financial Activrties Balance sheet Notes to the accounts 9-11
THE CHELLARAM FOUNDATION REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024 TRUSTEES Lal Lokumal Chellaram (Chairman) Carole Cook LCF Trust Limited Sankara Narayanan Sankarasubramanian Shobhna Lal Chellaram PRINCIPALADDRESS Forsters LLP 31 Hill Street London W1J 5LS AUDITORS Azets Audit Services Regi$ House 45 King William Street London EC4R 9AN
THE CHELLARAM FOUNDATION TRUSTEES REPORT FOR THE YEAR ENDED S APRIL 2024 The trustees present their report along with the financial statements of The Chellaram Foundation for the year ended 5thApril 2024. The trustees have adopted the provision of the 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 {effective 1 January 2019). Structure Governance and Mana ement The Chellaram Foundation is an unincorporated registered charity, which was established by the Settlor, under a goveming deed of trust dated 3 July 2008 as amended by a supplemental deed dated 28 August 2008 and Deed ofAmendment dated 6 October 2020. Under the terms of the original deed, the trustees have an absolute discretion to pay Of apply the Trust Fund or the Income thereof for the benefit of. or in furtherance of, any charitable purpose. The minimum number of truslees, required by the governing deed, is not less than three except for a trust corporation which may act jointly or alone and the power of appointing new tnjstees (without restriction in number) shall be vested as per the trust deed. New trustees are appointed by the trustees having regard to their skills, knowledge, experience. and potential to advance the Chellaram Foundation's work. All trustees give of their time freely and no trustee received remuneration or was reimbursed expenses during the current or previous year. Trustees are required to disclose all relevant interests and in accordance with the Chellaram Foundation's policy withdraw from decisions where a conflict of interest arises. The Chellaram Foundation was in receipt of donations from a related party under the same Common control. All donation made were unrestricted to be used to meet the objects of the Chellaram Foundation as deemed suitable by the trustees. Ob'ects Ob-ectives and Princi al Activities for the Public Benefit The Chellaram Foundation's object is to promote any charitable purpose for the public benefit as is exclusively charitable according to the laws of England and Wales as the trustees may from time to time determine. The policies adopted in furtherance ofthese objects have not Changed during the year. The principal activty of The Chellaram Foundation is to achieve its objective for public benefit by relieving poverty, advancing education and health. and pursuing other philanthropic causes beneficial to the communty. In carrying out its activities the trustees of The Chellaram Foundation have had due regard to guidance on public benefit published by the Charity Commission Grant Makin Polic The Chellaram Foundation has established its grant making policy to achieve its objectives for the public benefrt to improve the lives of people suffering from financial hardship. Achievements and Performance The Chellaram Foundation received donations of £4,800,000 (2023.. £5,000,000) during the year. Funds in hand and new donations allowed The Chellaram Foundation to make donations totalling £4.251,364 (2023.. £448,344) towards the charitable objects.
THE CHELLARAM FOUNDATION TRUSTEES REPORT FOR THE YEAR ENDED 5 APRIL 2024 Financial Review The reIpt of donations enabled The Chellaram Foundation to increase the level of its donations and has left it with a strong base of reserves amounting to £6,753,318 to enabk it to continue its work into the future. Investment policy and objectives The surplus funds of The Chellaram Foundation are held in liquid securrties and cash deposits. Reserve Policy The Chellaram Foundation retains reseeS to enable donations to be made to fund causes which meet its charitable objects. Reserves held in liquid securities and deposits until such time as they are required to be deployed. Statement of trustees res onsibilities Charity law qUireS the trustees to-. prepare financial statements for each financial year, which gtve a true and fair view of the state of affairs of the charity and of incoming resources and application of resources of the charity for that year. select suitable accounting policies and apply them consistently in preparing these financial statements, make judgements and estimates that are reasonable and prudent and prepare the financial statement on the going concern basis unless it is inappropriate to do so. The trustees are responsible for keeping sufficient accounting records that disclose with reasonable accuracy at any time the financial position of the charty and enable them to ensure that the financial statements Comply with the Charities Act 2011. They are also responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. The Trustees Report was approved by the Board of Trustees. Approved by order of the Board of Trustees on 6 November 2024 and signed on its behalf by: Prakash R Bhoopatkar For LCF Trust Limited Trustee
THE CHELLARAM FOUNDATION INDEPENDENT AUDITORS REPORT FOR THE YEAR ENDED S APRIL 2024 Independent Auditor's Report to the Trustees of the Chellaram Foundation Opinion We have audited the financial statements of The Chellaram Foundation (the 'charity') for the year ended 5 April 2024 which comprise the Statement ofFinancialActivities, the Balance Sheet and notes to thefinancial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements.. give a true and fair view of the state of the charity's affairs as at 5 April 2024, and of its incoming resources and application of resources. including its income and expenditure. for the year then ended., have been properly prepared in accordance wrth United Kingdom Generally Accepted Accounting Practice., and have been prepared in accordance with the requirements of the Charities Ad 2011. Basis for opinion We conducted our audit in accordance with International Standards on Auditing (UK) (ISAS (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Conclusions relating to going concern In auditing the financial statements, we have concluded that the trustees. use of the going conrn basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or Collectively, may cast significant doubt on the charity's ability to continue as a going concern for a period of at least e1ve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report. Other inforniation The other infomation comprises the infoTmalion included in the trustees annual report, other than the financial statements and our auditor's report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent olhemise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so. consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.
THE CHELLARAM FOUNDATION INDEPENDENT AUDITORS REPORT FOR THE YEAR ENDED 5 APRIL 2024 Matters on which we are required to report by exception We have nothing to report in respect of the following matters in relation to which the Charrties (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion.. the information given in the financial statements is inconsistent in any material respect with the trustees, report., or the charity has not kept adequate accounting records., or the financial statements are not in agreement with the accounting records and returns., or we have not received all the infomation and explanations we require for our audit. Responsibilities of trustees As explained more fully in the trustees, responsibilrties statement, the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view. and for such intemal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements. the trustees are responsible for assessing the charity's ability to Continue as a going concern. disclosing. as applicable. matters related to going concern and using the going ¢on¢ern basis of accounting unless the trustees either intend to liquidate the charity or to Cease operations, or have no realistic alternative but to do so. Auditor's responsibilities for the audit of the financial statements We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with regulations made under section 154 of thatA¢t. OUT objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error. and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit Conducted in accordance with ISAS {UK} will aayS detect a material misstatement when rt exists. Misstatements can arise from fraud or error and are considered material rf, individually or in the aggregate, they could reasonably be expecled to influence the economic decisions of users taken on the basis of these financial statements. Irregularities. including fraud. are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of iegUlar1ties, including fraud. The specific procedures for this engagement and the extent to which these are capable of detecting irregularities, including fraud is detailed below.. Enquiry of management and those charged with governance around actual and potential liligalion and claims as well as actual. suspected and alleged fraud- Reviewing minutes of meetings ofthose charged with governance., Assessing the extent of compliance with the laws and regulations considered to have a direct material effect on the financial statements or the operations of the company through enquiry and inspe¢tion', Reviewing financial statement disclosures and testing to supporting documentation to assess Compliance with applicable laws and regulations; Performing audit work over the risk of management bias and override of controls. including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for indicators of potential bias. Because of the inherent limitations of an audit. there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This sk increasesthe more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non- compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
THE CHELLARAM FOUNDATION INDEPENDENT AUDITORS REPORT FOR THE YEAR ENDED 5 APRIL 2024 A further description of our responsibilities is available on the Financial Reporting Council's website at.. https.l.fr¢.Org.uk1our-worklAudiuAudI1-and-a$surancejSlandardS-and-guldance/st8ndards- andguidance-for-auditorslAuditors-responsibilities-for-auditlDescription-of-auditors-responsibilrties- foraudit.aspx. This description forms part of our auditor's report. Use of our report This report is made solely to the charity's trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent pemiitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity's trustees as a bi)dy, for our audit work, forthis report, orfor the opinions we have formed. Alft kn__ John Howard FCA (Senior Statutory Auditor) for and on behalf of Azets Audit Services statutory Auditors, Chartered Accountants 2nd Floor, Regis House 45 King William Street London EC4R 9AN Date: IS Q£)2Jy-
THE CHELLARAM FOUNDATION STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED S APRIL 2024 Unrestrlcted Income Fund 2024 Unrestricted Income Fund 2023 Notes Income from: Investments Donations 218,092 4 800 000 51,346 5 000 000 Total Income 5,018,092 5,051,346 Expendlture on: Raising funds Investment management costs Charitable activities Donations - Support costs {4,251,364) 44,217 (448,344) Totsi •xpendlture 4,299,678 Net operating surplus Net gainsl(losses) on investments 718,414 217,642 4,588,518 (19,961) Net movements In funds 936,056 4,568,557 Reconcillatlon of funds; Total funds brought forward 5 817.262 1248 705 Total funds carrled forward 6 753 318 5,817,262 All recognised gains during the year are included in the Statement of Financial Activities. The accompanying notes form part of this Statement of Financial Activities. The notes on pages 9 to 11 forni part of these accounts.
THE CHELLARAM FOUNDATION BALANCE SHEET FOR THE YEAR ENDEO 5 APRIL 2024 Total Funds 2024 Total Funds 2023 Notes Flxed assets Inveslnients 6.060,495 5.627.796 Current assets Deblofs Cash at bank and In hand 50,607 663,876 46,375 156.411 Total current assets 714,483 202,786 Liabllitles Credilors. Amovnls falling due within one year -121,660 13.320 Total net assots 6.753.318 5.817.262 Representod by". UnSIrled lunds 6.753,318 5,817,262 6.753,318 5.817.262 Approved by Ihe Trustees on 6 November 2024 and signed on their behall by-. Prakash R Bhoopatkar For LCF Trust Limited TrtJ51ee Sankara Narayanan Sanytar Trustee subramanlan The noles on pages 9 to 11 form part of these accounts.
THE CHELLARAM FOUNDATION NOTES TO THEACCOUNTS FOR THE YEAR ENDED S APRIL 2024 PRINCIPAL ACCOUNTING POLICIES (al Basis of preparation The accounts have been prepared in a¢¢ordance with the Statement of Re¢ommended Practice.. 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} SORP FRS 102 (effective 1 January 2019). The trustees consider that there are no material uncertainties about the Trust's ability to conlinue as a going concern. The financial statements are presented in Sterling and rounded to the nearest £. (b) Incoming resources Income is recognized when entitlement passes to the charity, receipt is probable. and amounts are measurable with sufficient reliabilty. Donations are included in full in the Statement of Financial Activities when receivable. (c) Resources expended Expenditure is recognized on an accruals basis when a legal or constructive obligation to pay arises. Charitable activities comprise of donations made and are charged to the Statement of Financial Activities in full when pledged. (d) Investments Inveslments are included in the accounts at market value at the balance sheet date and the surplus or deficit on this revaluation, together wrth realised gains and losses, is included within investment gains or losses on the face of the Statement of Financial Activities. le) Funds accounting Unrestricted funds can be used in accordance with the charitable objects al the discretion ofthe trustees. lfj Taxation The Chellaram Foundation is a registered Charity and therefore is not liable to Income Tax on Income derived from charitable activities. INVESTMENT INCOME 2024 2023 Inveslment income Interest on deposits 170,885 47,207 218,092 49,384 1,962 51,346
THE CHELLARAM FOUNDATION NOTES TO THEACCOUNTS FOR THE YEAR ENDED S APRIL 2024 RESOURCES EXPENDED 2024 2023 Ralslng funds: Investment management costs Charltable activities: Direct costs: Donations made Support costs: Audit and Accountancy Legal and Professional fees Bank charges Tr8vel charges Other expenses Foreign exchange 4,097 1,794 4.251.364 448,344 8.880 28.567 540 4.614 156 1.460 4 299.678 14.370 156 465 2.301 462,828 Included in support costs are governance related costs. analysed as follows.. 2024 2023 Audit fees Accountancy Independent examination 9.600 (720) 9,600 4,140 630 TRUSTEE REMUNERATION AND REIMBURSEMENT No trustees have received any remuneration or reimbursement of expenses for both periods. EMPLOYEES There were no employees in the year {2023: None). INVESTMENTS 2024 2023 Llsted Investments: Net investments brought forward Additions Disposals Unrealised & re81ised gainsl(losses) At 5 April 5.627,796 815,057 (600,000) 5.847,757 19,961 5 627 796 6,060 495 io
THE CHELLARAM FOUNDATION NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 5 APRIL 2024 DEBTORS 2024 2023 Accrued Income 50,607 50,607 46,375 46,375 CREDITORS: amounts falling due within one year 2024 2023 Accruals 21,660 13,320 13,320 ANALYSIS OF ASSETS BETWEEN FUNDS 2024 Inveslments Other assets & liabilities Total Unrestricted funds 6,060,495 6,060,495 692,823 692,823 6,753,318 6,753,318 2023 Investments Other assets & liabilities Total Unrestricted funds 5,627,796 5,627,796 189,466 189,466 5,817,262 5,817,262 10. RELATED PARTY TRANSACTIONS The Foundation received donations of £4.800,00012023.' £5,000,000) from a related paty during the year 11. CONTINGENT ASSET On 151h December 2023 the Foundation was assigned an interest-free loan of £3,825,000 provided to the owner of a property together with a charge securing the loan over the propety. No benefil from the loan will arise to the Foundation during the lifetime of the owner of the propety or on the earlier sale of the property. Accordingly, until such time, neither the loan nor any future benefits that may arise from il are recognised in the balance sheet or statement of financial activities of The Foundation. li