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 re￿Ipt 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 rese￿eS 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 con￿rn 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 a￿ayS 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
i￿egUlar1ties, 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".
Un￿SIr￿led 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