## **Soneva Foundation** Unaudited Financial Statements for the year ended 31 December 2020 **Registered Charity Number: 1138811** ## **Soneva Foundation** Statement of accounts for the year ended 31 December 2020 ___________________________________________________________________________ ## **Contents** ## **Page** - 1 Legal and administrative information 2 Trustees’ report 3 Independent examiner’s report 4 Statement of financial activities for the year ended 31 December 2020 5 Balance sheet as at 31 December 2020 6-8 Notes to the accounts ## **Soneva Foundation** Legal and administrative information _____________________________________________________________________________________ ## **Trustees** S Shivdasani E Shivdasani B Bromley ## **Registered Office** Level 1 Devonshire House One Mayfair Place London W1J 8AJ ## **Accountants** TC Group Level 1 Devonshire House One Mayfair Place London W1J 8AJ ## **Solicitors** Maxwell Winward LLP 100 Ludgate Hill London EC4M 7RE 1 ## **Soneva Foundation** Trustees’ Report ____________________________________________________________________________________ The Trustees submit their Trustees’ report for the year ended 31 December 2020. ## **Objects of the Company, Principal Activities and Organisation of our Work** The Trust is governed by the Trust Deed dated 26 October 2010. The objects of the Trust are: - to promote for the benefit of the public, the conservation, protection and improvement of the physical and natural environment, in particular by funding and otherwise assisting with clean energy projects; - the prevention and relief of poverty and financial hardship, in particular by providing grants to charities or other organisations working to relieve poverty; - the advance of education, in particular by constructing and otherwise supporting educational establishments in impoverished communities; - the relief of sickness and preservation of health in such ways as the Trustees at their absolute discretion determine; - the relief of children in need in such ways as the Trustees at their absolute discretion determine; - for such other purposes as are exclusively charitable in accordance with the laws of England and Wales as the Trustees may from time to time determine. ## **Trustees and other Relevant Persons** The names of the Trustees and other key personnel and relevant persons are listed on page 1. The result for the year is shown on page 4 and the position at the end of the year is shown on page 5. On behalf of the Trustees S Shivdasani Trustee 5 August 2021 2 ## **Soneva Foundation** Independent examiner’s report to the Trustees of the Soneva Foundation _____________________________________________________________________________________ I report on the accounts of the Soneva Foundation for the year ended 31 December 2020 which are set out on pages 4 to 8. ## **Respective responsibilities of trustees and examiner** The charity's trustees are responsible for the preparation of the accounts. The charity’s trustees consider that an audit is not required for this year under section 144 of the Charities Act 2011 (the Charities Act) and that an independent examination is needed. Having satisfied myself that the charity is not subject to audit under company law and is eligible for independent examination, it is my responsibility to: - examine the accounts under section 145 of the Act, - to follow the procedures laid down in the General Directions given by the Charity Commission (under section 145(5)(b) of the Act, and - to state whether particular matters have come to my attention. ## **Basis of independent examiner’s report** My examination was carried out in accordance with General Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from the trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently no opinion is given as to whether the accounts present a ‘true and fair’ view and the report is limited to those matters set out in the statement below. ## **Independent examiner’s statement** In connection with my examination, no matter has come to my attention which gives me reasonable cause to believe that in, any material respect, the requirements: - to keep accounting records in accordance with section 130 of the Charities Act; and - to prepare accounts which accord with the accounting records and comply with the accounting requirements of the Charities Act 2006 have not been met; or - to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached. Timothy L Saxton Bsc FCA TC Group Level 1 Devonshire House One Mayfair Place London W1J 8AJ 5 August 2021 3 ## **Soneva Foundation** Income and expenditure for the year ended 31 December 2020 _____________________________________________________________________________________ |**Incoming resources**
Grants and donations
Investment income
**Total incoming resources**
**Resources expended**
**Direct charitable expenditure**
Grants and donations
**Other expenditure**
Support costs
Travelling
Legal and professional
Bank charges
Accountancy
Profit/loss on foreign exchange
**Total resources expended**
Net movement in funds
Balance on income account at
beginning of the year
Balance on income account at
end of the year|**Note**
**2020**
**2019**
**£**
**£**
**£**
**£**
2
580,467
321,842
5,171
4,919
------------
------------
585,638
326,761
=======
=======
314,784
223,946
-
-
-
-
1,908
1,647
2,850
4,242
-
-
--------
--------
4,759
5,889
------------
------------
3
319,543
229,835
=======
=======
266,095
96,926
(328,725)
(425,651)
------------
------------
(62,630)
(328,725)
=======
=======| |---|---| **All incoming resources and resources expended derive from restricted activities.** **The statement of financial activities includes all gains and losses in the year.** **Soneva Foundation** 4 Balance sheet as at 31 December 2020 |_____________________________________________________________________________________|_____________________________________________________________________________________|_____________________________________________________________________________________|_____________________________________________________________________________________| |---|---|---|---| ||**Note**|**2020**|**2019**| ||**£**|
**£**
**£**|**£**| |**Current Assets**|||| |Debtors|4|-|-| |Cash at bank and in hand||495,611|233,784| |||------------|------------| |||495,611|233,784| |**Creditors**: Amounts falling due|||| |within one year|5|(4,200)|(4,200)| |||------------|------------| |**Total Assets Less Current Liabilities**||491,411|229,584| |||=======|=======| |Represented by:|||| |Unrestricted funds||-|-| |Restricted funds||491,411|229,584| |Unsecured loans||-|-| |||------------|------------| |||491,411|229,584| |||=======|=======| |S Shivdasani|||| |Trustee|||| |5 August 2021|||| 5 ## **Soneva Foundation** Notes forming part of the accounts for the year ended 31 December 2020 _____________________________________________________________________________________ ## 1 **ACCOUNTING POLICIES** ## **Basis of preparation and assessment of going concern** The financial statements have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK (FRS 102) published on 16 July 2014, the Financial Reporting Standard applicable in the UK (FRS 102), and the Charities Act 2011. The trust constitutes a public benefit entity as defined by FRS102. The accounts have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant notes to these accounts. The trustees consider that there are no material uncertainties about the Trust’s ability to continue as a going concern. ## **Reconciliation with previous Generally Accepted Accounting Practice** In preparing the accounts, the trustees have considered whether in applying the accounting policies required by FRS102 and the Charities SORP FRS 102 a restatement of comparative items was needed. No restatements were required. ## **Income recognition** Income is derived from grants, donations and investment income. All income is recognised once the Trust has entitlement to the income, there is sufficient certainty of receipt and so it is probable the income will be received, and the amount of income received can be measured reliably. Investment income is accounted for on the payment date for grants and donations, and for deposit account interest on the date it is credited by the bankers. ## **Expenditure recognition** Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that settlement will be required and the amount of obligation can be measured reliably. Grants – Grants with performance conditions are only recognised in the Statement of Financial Activities once the recipient of the grant has provided the specified service or output. Grants payable without performance conditions are recognised in the accounts when a commitment has been made and there are no conditions to be met relating to the grant which remain in the control of the charity. Support costs – Support costs include central functions and have been allocated to activity cost categories on a basis consistent with the use of the resources. 6 ## **Soneva Foundation** Notes forming part of the accounts for the year ended 31 December 2020 |Notes forming part of the accounts for the year ended 31 December 2020|Notes forming part of the accounts for the year ended 31 December 2020|Notes forming part of the accounts for the year ended 31 December 2020|Notes forming part of the accounts for the year ended 31 December 2020| |---|---|---|---| |_____________________________________________________________________________________|||| |||**2020**|**2019**| ||**£**|
**£**
**£**|**£**| |2.|**Incoming resources**||| ||**Grants and donations received in respect**||| ||**of the following projects:**||| ||Environment Fund|523,625|221,434| ||SERF Global|-|84,281| ||Care for Children|8,856|-| ||Clean Water Projects|1,260|1,553| ||Restaurants Against Hunger|6,280|14,574| ||Soneva Namoona|40,446|-| |||------------|------------| |||580,467|321,842| |||=======|=======| |3.|**Resources expended**||| ||**Grants and donations made in respect**||| ||**of the following projects:**||| ||Environment Fund|296,584|182,009| ||SERF Global|-|15,620| ||Care for Children|4,556|13,173| ||Clean Water Projects|29|32| ||Restaurants Against Hunger|18,345|19,001| ||Soneva Namoona|29|-| |||------------|------------| |||319,543|229,835| |||=======|=======| |4.|**Debtors**||| ||Other debtors|-|-| ||Prepayments and accrued income|-|-| |||------------|------------| |||-|-| |||=======|=======| 7 ## **Soneva Foundation** Notes forming part of the accounts for the year ended 31 December 2020 _____________________________________________________________________________________ ||||**2020**||**2019**| |---|---|---|---|---|---| |||**£**|
**£**|**£**|**£**| |5.|**Creditors:**amounts falling due within one year||||| ||Accruals||4,200||4,200| ||||------------||------------| ||||4,200||4,200| ||||=======||=======| ## 6. **Funds** The restricted fund is represented by grants and donations received for specific charitable expenditure. ## **7. Independent Examiner’s Remuneration** The independent examiner’s remuneration constituted an independent examination fees of £2,500 (2019: £2,500). ## **8. Related Party Transactions and Trustees’ Remuneration and Expenses** The trustees all give freely of their time and expertise without any form of remuneration or other benefit in cash or kind (2019: £nil). None of the trustees were paid expenses during the year (2019: £Nil). There were no related party transactions during the year (2019: £nil). 8