Registered number: 07662565 Charlty numbor. 1142788 KHOO TECK PUAT UK FOUNDATION (A company limited by guarantee) TRUSTEES, REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2023
KHOO TECK PUAT UK FOUNDATION IA company limited by guaranteel CONTENTS Pag8 Reference and *dministsatlv• detalls of the charlty. Its In•$ and advlsers Trustees. report Ttee8. ponsIbIlItI0$ $tat8m•nt Indepenthnt audltorfs rnport on 1ho financial ststements 7-10 Statsm•nt of flnanclal activSti•s 11 Batsn¢• $hwt 12 ststom•nt of Cash flows 13 Notss to th• financial statets 14-26
KHOO TECK PUAT UK FOUNDATION IA ¢ompany limited by guaTrnteel REFERENCE AMD ADAIINISTRATIVE DEfAILS OF THE CHARITY. ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDEO 30 JUNE 2023 Trust••$ Ma74is Khoo Elvzabeth Khoo Enc Khoo lQ"m Hai Company r•gFst•rnd number 07565 Charlty rnglst•r•d number 1142788 Regist•rgd office The Scalpel 18th Floor 52 Lime Street London EC3M 7AF Company wretsry JTC (UK) LimTted Independent auditor BfKk Rothenberg ALtdit LLP Chartered A¢counlants Ststutory Audr(or 16 Great Queen Street Covenl Garden London WC28 SAH Page I
KHOO TECK PUAT UK FOUNDATIOM IA company limited by guarants•l TRUSTEES. REPORT FOR THE YEAR ENDED 30 JUNE 2023 Thè trustees present their annual port loyelhe¥ wth the audited finanual statements of the charty for the year 1 Juty 2022 10 30 June 2023. The annual report seryes the Pu)9•S of bolh a trustees. report and a director5. report under company law. The trustees confim that Ihe annual report and financial statemen(s of the charitable company comply with thè current Ststulory requirer¥wts. the requirements of the charitable companls goveming document and the pwsions of the Statement of Recommènded Pra¢ti¢e ISORPI applicable lo Charthes preparing their accounts in accordance wrth the Financial Rèwting Stsndard applicable in the UK and Republic of Ireland IFRS1021 leffective 1 January 2019). Since the charity qualffies as small under section 382 oflhe Companies Act 2Cth, the strategic report required of medium and large cornpantes under the Companies Acl 2(M]6 {Stratag Rèport and D1CtorS, Reporti Regulation5 2013 has teen omitted. Objectives and activities a. Policies and obiectives The charlS obj'ectives are." - the advancement oflhe edwtion ofthe publ - the relief of sickness and the preservakn and advarttment of healthca and meilical $arth. In seth.ng objectives and plannirvJ for actmtses. the trustees have gNen due ¢onsKJeralM)n lo general guidance published by the Charrty Commiss*)n Teltrj to benefft. induding the guidance 'Putlic benefit.. rlbnning charity IP82)'. b. Grnnt4Nking pollel•s The foundation will make grants to other wislered charibes to 5UPWt projects Ihat further the foundation's objectives and therè has been no thange in Ihis pcAicy during the persod. The IStee$ have paid due rega lo guidance on ptsb1 benefit issued by the Charity Comrnis5ion in deading what aclivities the foundation should undertakè_ The trustee5 consider that any reader would be satisfied the tions ofthe foundab.on work ttswards its obpctsves. ¢. Maln a¢tJvltle¥ undertaken to lurtherthe charitys purposes for th• publ1¢ b•n•fft During the current peiiod, the loundalion has detived rental inD)me from its irwme generab"roJ assets. the Irive51rnent properties. One property was purchased in 2011 using an nstriCted donation from Khoo Ted( Puat Foundation. The lunds genèrated through rèntsl ino)me from this property are iherefore uniestricted. In 2016. following receipt of a £80.rxo.i)Xl h)an. Ihe foundatM)n acqui a sec(N)d investment property lo be Used as an income generating un¢t. The loan was from the Eslale of Khoo Teck Puat. The funds generated through rental income from thbs pfoperty ale also Unrestted. Page 2
KHOO TECK PUAT UK FOUNDATION IA company Ilmfttd by guannt••l TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 30 JUNE 2023 Achl¢v•ments and rfole a. Review of activities Subs8quent lo the approval of the finawal statements for the year erHled 30 June 2022. the trustees identified a number of errors in relation lo the (zkyAalb of deferred incorne. the cost of lèase ineentNes offed and the double-counting of a tenant deposié. A$ a result, the impa¢t on the resutts for the ypar ended 30 ne 2022 is lo redu fijnds brought forward at 30 June 2021 by £395.129. The impact on the prior yeaf finawal $ for the year ended 30 June 2022 was to increase ntaI income by £52.062 and reduce othef debt0 by the same amount. lor the cost of lease incentivès offered. The adju$lmenl lo the tenant deposit creditor has the effect of reduang expenditure by £247,847 and duce <¥edilors by the same amount. The effed of the adjusbments to defened income. due to miscalculations is lo reducE deferred incomè by £372.257 and in(ease rentsl income by the same arnounl. In 2016 the Foundation receNed a klan of £60 million from The Trustees of the Estate of Tan Sri Khoo Teck Puat to Pufchase a property which is interest frée. The kjan temis were extended during June 2021, wth the loan being ¢Ji$U1ed frorn this date over the lo the repayment date. An adjuslment has been madè to take account of the unwnding of the discount in prewous years. The effect is to reftect a movement belween the capital contribution reserve and Ihe ger131 reseNe of £174,694 fw Ihe year ended 30 June 2021 and £1.810,261 for the year ended 30 June 2022. Overall from these adjustments. the foundat¥)n's totat fuThJs carried fOard as at 30 June 2022, has ineased by £277,038 to £91,400,430. The foundatk)n has expended some resources on the maintenance and njnning of the investment properties and these are categonsed as fvndTrising oists. teing the o)sts of receiving the income from the pioperties. Thwe has also been expendr(ure on the management of the foundation which are categorised as goveman¢e ¢osls. The fouThJation has made a grant ¢ommitmenl in the 1r1ent year. There was no grant expenditure in the prior year. The l(hoo Teck Puat UK FouThJation has commitled £1.905 mIln to ¢xeate a brand-new Young People's Rapid Assessmènt Unit at Chdsea and Westminster Ho$ts1. The brand-new Khoo Teck Puat UK Foundation Rapid Assessment Unrt wll be the UKS firsl 72-hour assessment space for young people in mental hearth cri5i$. Thg unit wll form part of the state-of-the-art Reuben Young Peoplè's Centr&. which will be staffed by a mukidisciplinary team and will integrate medical care with mental heatth care to quickty and searnlessly assess, transfer, and treat ywng people requiring help. Induded in the grant is a contribution of £405,000 to support a threyear programme of Arts in Heatth actmtses and therapeutic inteThent)n$. as well a$ digrtal interventions 10 provide the best possible support and en¥ironment lor young people. The grant disbursements sthedule is as f¢)II¢Ms'. PaYnt Amount £1,000,0 Dats: Imonlh and YrI De¢emter 2022 (paid during the year) To be paid after the year end.. £5CM),QOO £405,000 December 2023 December 2024 b. Fundrai$ing activities and income generation The foundation's funds are generated thiough the c(AleCtn of rental income from its investment propertie$. No fundraising actiwbes from third part5 a undertaken. Page 3
KHOO TECK PUAT UK FOUNDATION IA Company lÉmrted by guaTrnteg1 TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 30 JUNE 2023 Flnancial review a. Going concern After making appropriate enquiries, the tntstees have a reasonable exFclation that the charity has adequate resources to continue in operational estenCe for the foreseeable fijlure. For this reason. they continue lo adopt the going concern ba$ in preparing the finanryal stslements. Further detads garding the adoptton of Ihe going concem basis can be found in the accounting FdKies. b. ReseNes policy It is the policy of the foundation that unrestricted funds which have not been designated for a spe¢ifiG use should maintsineil al a minimum level equivalent to between thiee and srA months, expenditure. The trustees consider that reserves at this level will ensure that. in the event of a significanl drop in lunding. they wll bè able to continue the loUndatn,$ ojrrent activities whle c4Jnsideration is given to ways in whth add'On funds may be raised. Free serveS are in excess of th figure. The trustees are u)nsidering pt8ns for the excess free reserves induding any addrtw)nal investments. ¢. Prin¢ipal funding During the prior year. the loan bn payable to. the Estsle of Khoo Teck Pual for £48,000,000 was renewed, lor a further five Yea to May 2026. The loan is serJJred on the inveslmenl property and is interest free. The loan is to be repaid on the eartier of Ihe 5th year annNersary of Ihe amendment or the datè whèn the prop&rtl&s are sc4d. DLtring th¢ year. there was no repayment against this ban balan(2022.. repayment of £2.ClX).OWI. d. unrestrict funds Al the year end, all of the fvnds ol the foundation are considered to be ntriCted. The investment propgrtie$ ol the foundation are maintained in line with the foUndat'S conseryatwe athtude to risk, whth aims to ¢onserve the value of its fund generating investments, but any rèalised gains on the valuab.on of this could be used lo tund grants as wrfh the investment income of the foundab"on. Unre$tiicted fvnds are lo be used for the charitable objectives of the foundation as the trustees consider appropriate. At the year end these are £69,210,760 12022 restated.. £91.4,4301, of which indudes an uniestricied reseNe bance in relation to loan discounting of £5.871,007 (2022 rstslèd." £7.861.1201. Thèsè SLuplusés of lunds arè rtrtaird for luture planned grants. Structur•* gornan and manag•m•nt Con$tltutlon Teck Puat UK Foundatson is registered as 8 thaiitable company limrted by guarantee and was set up by a Mernorandum ofAssoaats'on dated 8 Je 2011. b. Methods of appolnlm•ftt orel•clion of trustws The management of the charity is the TesF¥)nsiMty of the tnJstees who are appointed by resolution of the sc4e member. Khoo Teck Puat Foundalion. None of the truslees has any beneficial interest in the fo¢Jndation. ¢. Organl$atlonal structure and decisi(king policies The board of trustees is the body responssble for the management of the foundation. The board meets period¢cally as needed bul not less Ihan annualty. Al maior deosions regarding thè foundation are approved by the board of tryslees. Page 4
KHOO TECK PUAT UK FOUNDATION IA company limited by guarnnteel TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 30 JUNE 2023 Stru¢tur•. gov•man¢e and manag8fflent {contlnuedl d. Policies adopled for the induction and tr•lnlng of trust New trustees undergo an onenlalion day to brief them on thw"r al otAgations under ¢hartty aThJ company w. the content ol the Memorandum and Artides of AssrKiation. the ¢ommrtlee. the decision making process, the bu5ine55 plan and recenl financial pèrfomiance of the foundation. Truslees ale encouraged lo attend appropriate extemal training events where these faulilate the undertaking of their fole. As disclosed in note 11 ) Trustees r8cetved remuneraln or reimbursem1 of experws from the Foundab"on. . R•latsd party rnlallonshlps The Foundation is the UK SUbdiary of KhC Teck Puat FcJndab'on, a dritsb oryani5ab.on founde¢J by Khoo Teck Puat which is incorporaleil in Singapore. The trustees work to ensure the foundation fujffls Khoo Teck Puat's philanthropic goals. Of the trustees". Ma5 Kh, Elttabeth Khoo and Eric Khoo Kim Hai are trustees of the parent thanty. f. Rl$k nmnagèmont The trustèes havè assessed the major risks to whith the ¢tsty is exFh)sed, in particular those lated to the operations and finances of the chanty. and are satisfied that Sy3tems and procedures are in place to mitigate exposure to the major risks. The foundation activety manages its prortY assets lo ensure the foundation receives long term sevjre inveslmenl income. provKliro the fotJndalK)n cash iesouTCSS from which to make grants whilst protecting the fcyJndat)n's pital asset. Plans for ftsiurn p•rlods The foundation will conlinuè to conlrityjte to the healihcare se(aor. a focu5 on the needy and underserved c0fflrnun.eS. Disclosure of information to auditor Eath of the persons who are trustees * thè time when this trustees. rewt is approved has confied that.. so far as that trustee is awa. lhe 1$ no rdewant audit information of which the charitys auditor is unaware. and thal trustee ha5 taken all the steps that ought to have been taken as a twstee in order to be aware of any relevant audit Information and lo establish that the charitys auditor is aware of that information. Approved by order of the membeTS of the board of trustees and wied on their behalf b. Mavls Khoo Twstee Date: 27 SEP 2024 Page 5
KHOO TECK PUAT UK FOUNDATION (A company limlted by guarantsel STATEMENT OF TRUSTEES. RESPONSIBILtnES FOR THE YEAR ENDED 30 JUNE 2023 The trustees (who are also the directOf5 of the charrty for the pury)oses of (x>mpany lawl are re5ponsibte for preparing the trustees, report and the financ1 statements in accordance wrth applicabte law and United Kingdom A¢¢oLEnting Strnda$ {United lQngdom Generalty Accepted Accounting Practice). Company law qUI$ the trustees lo kyepare fina31 slatements for each financial . Undec company Jaw. the trustees must not approve the financial statements unless Ihey a satisfied that they give a true and fair view of the state of affairs of the chanty and of its incoming resources and applicats.on of resources, including its income and expenditure, for that riod. In preparing these financial statements. the tnjstees a required lo.. seled suitable 8¢counling poloes and Ihen appty them consistenty.. observe the methods and prinryples of the CharitS SORP {FRS 1021". make judgments and accounting estsmates that are reasonable and sxudent: stste whether appli¢able UK Accounts'ng Standards IFRS 102) have been fc4lo*ed. subject to any material epartu$ discjosed and ewained in the financial slatements; piepare the finan(ial slalements on the 90iThJ concem basis unless tt 1$ inappropriate to prèsum¥ that Ihtr (J)anty 11 Continue in business. The trustee5 are responsible for keeping adequate accountwig records that are suffi¢ient to show and expin the charivs transactions and disdose wrth reasonable acujracy at any b.me the finanryal position of ttse charty and gnable them to ensurè that thè finarrial statements comply Mth the Companies Act 20(. They are also Sponsible for safeguardFng the assets of the charity and hen for taking reaSOnae steps lor the prèvention and detection of fraud and other irTegularits. Approved by order ofthe members of the board of trustees and signed on its behalfby. Mavis Khoo Tnjstee Date.. 2 7 SEP 2024 Page 6
KHOO TECK PUAT UK FOUNDATION IA company Ilmited by guaranteel IMDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF KHOO TECK PUAT UK FOUNDATION Oplnlon We have zudited thè finanual statements of Khoo Teck Pual UK Foundab"on (the '¢harrtable companll for the year ended 30 June 2023 whith comprise the statement ol financial activities. the balance sheet, the slalernenl of cash flows and the rdaled rte5. induding a summary of significant accounting poliaes. The financial reporting framework that has been applied in their preparation is appli¢able L4w and United Kingdom Accounting standards, induding Finawal Reportin9 Standard 102 The Financaal Reporting Standard apFAicable in the UK and RepLtblic of Ireland. (United "ngdorn Generalty Accepted Accounting Practice). In our ownion the financial sLments= Yè a true and fair view of the state of the charitable c¥)mpanl$ affairs as at 30 Junè 2023 and of its incoming So(trCeS and apptution of resource5. inr&Jding its inu)me and expenditure for the year thèn ended-, have been property prepared in accordance United lQngdom Generalty Accepted Accounting Practice,. and hav8 t>e8n prepared in accordance with the requirements ofthe Chartties Act 2011. B4$is ft>r opinion We ndUde1 our audrt in accordance wilh International Standards on AuditiAg (UK) IISAS {UKII and 8ppli(able Liw. Our responsibil"e5 under those stsndards are fijrther described in the Audit(5 responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with th• elhical requiremerrts that are relevant to our audrt of the finan¢ial statements in the United Kingdom, inctuding the Finantial Raporbng Councifs Ethical Standard. and we have futfilled our othèr èthical responsibilities in accordance wrth these requiiements. We believe that the audTt ewdence we have obtained 15 suffiuent and approwiate to probide a basis for (xlr 0n. Conclusions relating to going concern In auditing the ancIal statements. we have u)nduded that the trustees. use of the wng concem basis of accounting in Ihe preparation of the finanrAal statements is appropnato. Based on the work we have performed, we have not entell any maleri urtaintieS relating to events or o)ndilions that. indivKlualty or ¢oledNety. may cast signfficant doubl on the charrtable compan15 ablIty to ojntinue as a going concem for a period of at least h¥efve months from when ihe financial slalernen15 are authorised for issue. Our t$sponsibiliti&s and the responsiblrfies of the trustee5 wth SpeC# lo g¢ing nCern are descfited in the relevant sections of this reporL Pw7
KHOO TECK PUAT UK FOUNDAnoM IA company limited by guaranteol INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF KHOO TECK PUAT UK FOUNDATION {CONnNUEDI Other information The olhef information comprises the inlormatKJn irKluded in thè annual report other than the fina)cial statemènts and our auditorfs port thereon. The injslees are Te5pon5iWe for the other infomab.on ctsntained wrthin the annual repci. Our opinion on the finawal statements does not cover the other information and. except to the extent othenthise expltiatty stale<J in our report. wè do not axpress any fomi of assurance condusion thereon. Our responsibility is to read the other information and. in doirvj $0. (x)nsidÈr whether the other information is materially inconsistenl vmh the financaal slatements or our knovAedge obtsined in the course of the audit, or othe1$& appears to be mateftally misstated. If we identrfy such material inconsistenc4es or apparent material misslalemenls. we are required lo determine whether this gNes rise to a material misstatement in the financi81 statements themsefves. If. based on the work we have perfomwl. we conclude that there is a rnalerial misstatement of this other infomation. we are required to report that fact. We haw nothing to report in this regard. Oplnlon on othèr matt•rs prnSCrl by thè Companigs Act 2006 In our opinion, based on the work undertaken in the ctyjrse of thtr audTrl: the infomiation given in the Trusiees. Teport for Ihe financial year forvthith the finawal ststemenls are prepared is cons¢stent wilh the finanaal statements. the Trustees, report has been prepared in accg)rdan¢e with ¥plea 31 requirements. Matters on which arn rnquirnd to roport by exception We have nothing lo rewt reSt of the foluwHvJ malters where the chanb.es (Accounts 8nd Reports) Regulations 2008 requires us to report to you rf. in our opinion.. the infomiation given in the truslees. roport is MKonsisl in any malerial respect the finan(aal stalemènts,. or sufficient accounttn9 reeords have not been kept.. or thè financial statements are not in agreement wilh the accounting records and retums,. OT wè have not receNed thè infom)ation and expjanations we require for our audf(. R¢sponslbilities of tru$tee¥ A5 explained more fijlty in the InJ51ees' re5Frf)nsbilities statement. Ihe trustees (who arè also thè directors of the charitable company for the purposes of rnpanY lawl are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair wew. and for such intemal cL)ntrol as Ihe trustees delemine is necessary lo enable pr9parnll of financia statements that are free from material misstatement, whether due to fraud or emx. In preparing the finanual staternents, the tru51ees are respon5itle for assessing the thantable comp8nl5 ability to continue as a gong concem. disdosing. as applicable, matters TeLated to going concem and using the going concem basis of alxounling unless the Iruslees wthgr intgnd to IKiuidate the tharrtable rMpanY or to ¢8ase operations, or have no realistsc allematple but lo do 50. Page 8
KHOO TECK PUAT UK FOUNDATION IA cornpany limited by guarantee) INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF KHOO TECK PUAT UK FOUNDATION {CONTINUEDI Audltorfs rnsponslbllltl•s for th• audlt Of th• fjn•n¢ial slatsments We have been appointed as auditor under SeCtK 144 01 the Chawits Ad 2011 and report in aceordance with the A¢¢ and Fetevant iegulalKJns made or hav¥ effe(a thereundgr. Our objectives are lo obtain reasonable assurartce at)ut whether the finanaal statements as a whole are free from material misstatement. whether due to fraud or error, and to issue an audrtorf5 report that indudes our ow'nion. Reasonable assurance is a hwJh level of assurance. bul is not a guarantee that an audrt conducted in accordance with ISAS (UK) aNvays detect a matwia misstatemenl when it exists. Misstatemen15 can arise from fraud or error and are considered material rf, indiwdualty or in the aggrat. they could reasonably bo expected to Influen the economK deo"$ions ol usets taken on the basis of these financ4al statements. Irregularities. induding fraLtd. afe instances of non-compliance WTth law5 and regulations. We design procedures in line with our responsibil"e$. outhned above. to detect matwial misstatements in resped of irregularities. induding fraud. The extenl to which our prOdureS are capable of detectin9 iffegularib"es. induding traud is detailed bdow: the engagement partner ensured that the engagement team ¢ollecb"vely had the appropriate competence, capabilities and sknlls to identify or recognise norF¢omplian¢e wrth 3pplKable laws and regulations; we entIfied the laws and reguL4tions applicablè to the tharity through dis¢uss&¢)ns wth directors and other Management. and frorn our commeraal fjxwie of the charity and investment property 5ector'. we focused on specafic laws and regutalions which we considèred may have a direct maleIial effect on the finan¢i31 stslernenls or the operations of the company. induding the Companiè$ Act 2CI)6, taxation le9151ation and data proleclion. antbrknry and hearth and safety legislabon,. we assesseil the exlenl of cAJrnplance wilh the and regulations identified abov? through mak¢ng ènquiries of management-. and idèntified laws and regulation5 were communicated wilhin the audit team reguLarly and the team rernained alert to instanee$ of nofvo)mpknce throughr1 Ihe audit. We assessed the suscepts'bilty of the charitys finanoal $tements lo material misststemenl, induding obtaining an understanding of how fraud might occur, ty. making enquiries of management 85 to where they consNJered there wa5 susceptibilty lo fraud, their knowledge of actual. suspected and allèged fraud". and consdering the intemal ccmrtrds in rAa< to rn981e risks of fraud and non•cornpliance with laws and regulations. To address the rrsk of fraud through management bras and 0rride of controls, we: performed anatyiical procedures to identfy any unusual or unexpe(aert TdalH)nship$.' tested a Sample of joumal entries to wjentsfy unusual transa¢b"ons". assessed whether judgements and assumptions made in delemiiniNJ the 8rzounting estirnates were indicative of potential bias,. and investigated the rationale behiThJ sIgnthnt or unusu transacb"ons. Page 9
KHOO TECK PUAT UK FOUNDATION {A company limited by guaTrnteel INDEPENDENT AUDOR's REPORT TO THE MEIIJBERS OF KHOO TECK PUAT UK FOUNDATION ICONTINUEDI Audltorfs r•sponsibilltl•s forth• audtt of tho finan¢lal stst•m¢nts leonllnu¥dl In Tesponse lo the risk of irregularities and non-compfRnce th laws and regulations. we designed procedures which induded, but were not limited to". agreeing financ4al statement dtsdosures to undety"n9 sUppO.j dowmentstion.. reading the minutes ol meetings of those charyed goVemanr". enquiring of management as to actua and potsntsal lthgalion and daims." and reviewing c0rfespjnden with HMRC. There are inherent limitations in our au¢l procedures described atrw)¥e. The more removed that law5 and regulat¥)ns are from financial transactions, the less likety it is that we would becx)me awa of notFcompliance. Audib"ng standard5 8150 limrt the audrt prOdureS required to identjfy rHJn-compliance with Jaws and regulation5 to enquiry of the directors and other management and Ihe inSkdion of regulatory and legal rreSpondenCe. rf any. Material mi55tatefflents that arise due to fraud can b8 hardor to deted than those that arise from error as they may invofve deliberate ncealment or cdIusi. A fvrther des¢rrpts()n of our respon5ibilts.es for the audrt of the financ¢al statements is located on the Finanaal Reportj'ng Council's website al.. wwM.frc.or .ukJauditorsres nsibilities. This description fornis part tsf our auditorfs report. Usg of our rnport This report is made sow to th8 charitatrAe o)mpanls twslee$. a$ 8 tr. in 8(tMl8fice with Part 4 of the Charities (Accounts and Reports) Règulations 2008. Our audrt work has been undertaken 50 that we might state lo the tharrtable cornp8nls trustees those matters we are wuld to state to them in an auditorfs report and for no other purpose. To the fullest extent pemiitted by Lq4¥, we do not acLept or assume responsibility to anyone other than the charitable company and its m*nbèrs, as a boty, for our audit worl for this report, or for Ihe opinK)ns we have fomied. Qk,k KL'I LLP Oanlèl Burk• {senlor slathtory audilor) for and on behalTof Blick Rothenbery Audit LLP Chartered A¢countanls Statutory Auditor 16 Great Quegn Street Covenl Garderi London WC2B SAH Dale.. 27 September 2024 Page 10
KHOO TECK PUAT UK FOUNDATION IA company limited by guardnteel STATEMENT OF FINANCIAL ACTivmES IINCORPORATIIIG INCOME AND EXPENorruRE ACCOUNn FOR THE YEAR ENDED 30 JUNE 2023 As restated Total funds 2022 Unrestricted funds 2023 Totsl funds 2023 Note In¢om• from: Invèstments Other income 5,163.902 175.1 S.163,902 175.000 4.838,313 Totsl In¢om• 5.338,902 5,338.902 4.838,313 Exponditure on: Raising fvnds Charrtable 8thtieS Other expenditu 711,9119 1.925.985 1.790.113 711.909 1.925,985 1.790,113 703,357 10.160 1,810,261 Totsl gxpgnditurn 4428,IX17 4,428,007 2,523,778 Not income befor• n•t Ilossos)Igains on In¥è8tmÈnts Nel Ilosses)19ains ¢)n inbwlments 910,895 910.895 123.100.565} {23.100.5651 2,314.535 12,556,793 N•t mov•mènt In funds 122.189.6701 122,189,670) 14.871.326 Reconciliation of funds: Total lunds brought foiwafd Net movement in funds 91,400A30 91.400,430 122.189.6701 122,189.670) 76,529,102 14.871.328 Total fund¥ ¢¥rTied t0rd 69.210,760 69,210.760 91,400,430 The Ststemenl of FinanrAal Aclmiies indudes ai gains and losses recognised in the year. Th8 notès on pagès 14 to 26 fm part ol th$s& finan¢tal ststements. Page 11
KHOO TECK PUAT UK FOU14DATIOM {A company limltsd by guardnte•l REGISTERED NUMBER= 07662565 BALANCE SHEET AS AT 30 JUNE 2023 As Teslated 2022 2023 Note Flx•d as$¢ts Investment property Current assets 12 95.100.000 118,200,565 Debtors Cash at bank and in hand 13 3.202.151 16.417.122 3.624.196 12.004.619 19,619,273 15.628,815 Creditors.. arnounls falling due within ye 14 13.270.720 12,386,482) eurT¢nt assèts 16,348.553 13,242,333 Totsl a$$ets les$ current liabllilie¥ 111,448,S53 131.442.898 Credit$.. amounts falling due aftar morg than one year 15 142.237.793) 140,042,468) Total net assets 69.210,760 91,400.430 Charlty fund$ Unrostricled furl$ 17 69,210,760 91.400,430 Totsl lund$ 69.210,760 91,400,430 The trustees acknowledge their responsibilths for cirfnFlying Vilh the requirements of the Ad wrfh fesp8¢t lo accounting record3 and preparalion of financial statements. Thè financial $talement$ have been prepared in ar[dance with ihe p$lon5 applicab to entiiios subj8Ct to the small companies regime. The finanoal statèments wèrè approved and aulhorised for issue by Ihe trustees and signed on their behalf by. Mavls Khoo Tiuslee Date: 27 SEP 2024 The rte5 on pages 14 to 26 fo part of these financial statements. Page 12
KHOO TECK PUAT UK FOUNDATION IA company limited by guarantÈ•l STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 30 JUNE 2023 As restated 2022 2023 Cash flows from operating a¢li¥lll•s Net ¢ash used in operating *Slties 19 4,027,847 4.759.163 C•$h floTKa from Inv•stlng actlviti•s Interest income 384.656 19.789 Net cJ$h Provid by Investlng actlviti•s 384.656 19.789 Cash flfj Irom finanelng actlvltles Repayment of loans 12,000,CtlOI Net cash US In financing aclivities 12,000,000) Change in cash and cash •qul¥alo1ts In th• y•ar Cash and cash U]valen1$ at the beginning ofthe year 4.412.503 2.778,952 12.004.619 9,225,667 C•$h and ¢a$h •qul¥aknts atth• •nd ofthe y•ar 20 16A17.122 12,004,619 The notes on pages 14 to 26 form part of these ffinancial statements Page 13
KHOO TECK PUAT UK FOUNDATIOM IA company Ilmlted by guardnteel NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2023 General Information Khoo Teck Puat UK Foundalion is a rnpanY Mrted by guarantee iicorpofaled in Englan¢J and Wale5. The charity5 registered numbw i$ 1142788 and the registered office is The Scapel, 18th Floor. 52 me Street, London, EC3M 7AF. The member of the ¢harity is Kh Ted¢ Pu FourKlation. In the ebEnl of the foundation being wound up, the h'a'1ty in respect of the guarantee h'mited to £1 per member of the Foundation. The finanoal Statements are wesented in Sterfing {£}. Accounting pocie 2.1 Basls of pr•parntlon of financlal statwnonts The an(ya1 ststements have been prepared in acc4Jrdance with the Charities SORP IFRS 1021- Accounting and Reports'ng by Chants'es.. Statement of Recommended Practice applicable to charities preparing their accounts in accordance with Ihe Frnanoal Reporting Stan¢Jard applicable in the UK and Republic of Ireland IFRS 1021 leffe¢live 1 January 20191. the Finanrial Repoiting Standard applicabte in the UK and Repubb"c of Ireknd IFRS 1021 and the Companies Act 2006. l(hoo Teck Puat UK Foltndation meets the definrfion of a public benafft èntity undèr FRS 102. Assets and Itatmlibes are intb.alty recognised at histori¢J cost or transactk)n value unle55 otherwise Staled in the relevant aUntIng pcdry. 2.2 Golng coneern After rnth.ng enquwie5. the tru51ees have a reas1)nab expectatN)n that the foundalion has adequate resources to continue in operational esten and meet its liabilrties as they fall due for Ihe foreseeable future, being a period of at least months from Ihe date these financtal statèments were approved. A¢ctydiY, they cInUe to a(trJpt the going r4)n¢em basis in prepwing the finanThal statements. 13 Incom• All income ts re¢ognÈsed on¢e the ¢haTity ha5 entillemerrt to the incorne, it is probabk that the income 11 be received and the amount of income receivable can be measured Teliabty. Inveslmenl incimne o)mprise$ lontal in(. serve thafges and other recoveries from lenan15 of the chariivs investment prOperte5. Rentsl income is recognised on an aczruals basis in the period in whith it is eamed. in accordance with the teffns ofthe Eease. Page 14
KHOO TECK PUAT UK FOUNDATION IA company limitsd by guarnnteel NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2023 Accounting policies (continued 2.4 EXndItUrn Expendilure is recognised once Ihere is a legal or ¢onstm¢tive obhgation to transfer eeonornic benefit to a third party. it is probable that a transfer of economic bene)Its will be required in settlement and thè amount of the 0198"0n can be measured reliably. Expenditure is dassified by actiwty. The costs of each a¢tMty are ma¢Je up of Ihe lotal of direcl costs and shared $1$, indudiftg support ¢osts involved in undertak¢'ng eath acvity. Direct cosls attributable lo a single activity are allocated directly lo that activty. Shared costs whith contritHrte to more than one activity and support costs which are not tributable lo a single 8¢tivrty are apportioned behyeen those activibes on a basis consislenl with the use of resour5. Central staff costs are alocatsd the b85is Qf tsme Spent, and depreciation charges allocated on the portion of the asset's use. Govemanr costs a those inrTed in connecaion th administration of the charity and ¢ompliance with c¥)n5biutTronal and statutory wuirements. Costs of genèrab"NJ funds are costs irurred in atlracting ¥Ontary income. and thos& inwrred in trading activit$ that raise lunds. Charitable achwIS and Govemance costs are c051 in1rTed on the charitys operations, including support cosls and costs relating to the govemance of the charity apportioned to chantabSè activities. Expendiiure on Taising funds indvdes all expenditure infwrred by the tharity to raise fvnds for its charitable PLtrposes and indudes costs of al (undrai$uy a("¥ib"es events arNI norbcharitable trading. Expenditijre on chaiitable actmbes inojrrgj cffl diredy undertakiThJ thè acbvibes which further the charitys objecli¥es, as well as any associated support costs. Grants payab are charged in thè year when the offer 15 made except in those cases wherè thè offer is condrtional. such granis being fecognised as expendrture when the CondOn$ atts¢hing are TVlIed. Grants offered subject to conditions which have not been met al the year end are noted as commitment. bui not accrued as expenditLtrrè. 2.S Intsre8t re¢¢fv•b Interest on knnds held on deposrt. is indude(I when recerwJble and the amount can be measured reliably by the charity: thi$ is nomiaty un notification of ihe interest paid or pardble by the instiluts.on with whom the funds are dep05rted. 2.6 Investmgnt propertl•s Investrnenl propety is carried at fatr value detemiined anThJaty and derived from the Current rnarkel rents and investment property yiekls for comparable real estsle. adjusted rf necessary for any difference in the naturè. location or o)ndrtion of the speafic asset. No depreaab'on is prowded. Changes in lair value are re¢ognised in the ststement of finaal aclivilies incorporating income and expendsture accounf. 17 D¢bto Trade and other deblors are recognised at the setuemenl arnounl afier any trade diso)unt offered. Prepaents are valued al the amount prepaKI nel of any Itade discounts due. Page 15
KHOO TECK PUAT UK FOUNDATIOM IA company limited by guardnteel NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2023 Accounting policies Iconlinued) 2.8 Cash at bank and in hand Cash at bank and in hand IrUde$ ¢ash and short-lern highty fiquid investment5 wrth a short malurty of three nyjnlhs or less from Ihe date of acquisition or opening of the deposrt or similar account 2.9 Liabilltie8 ¥nd provlslons Ltaknlities are recc¥Jnised when there rs an ot4JatJn at the balanc£ sheet date as a result of a past event. it is probable thal a transfer of economic b&fil will be Quid bn settkment, and thè amount of the settlement can be esb"mated Teh"abty. Liabilthes ace reco9nised ai the amount that Ihe charity anlicipates it wll pay to settle thè dèbt or the amount rt has rerNed as a(fvanced payments for the goods or seThe$ il must prowdè. Provisions are measured at the best estimate of the amounts requifed to settk the obligation. Where the èffect of the time value of money is matertal, the provision is based on the present value of those amounts. dis¢ounled at the pre-tax discount rale th81 reflects the ri5k$ 5pe¢ific lo the liability. The unwinding of the discount 15 reo)gnised in the statement of financial actiwtles as a finance cost. 2.10 Flnanelal Instrumants The tharity onty has financaal assets and ffinanci liabilties of a kind that qualty as basic finanual instruments. BaC financial insiruments are inilralty recognised at transaction value and subsequendy mèasured at their setdement vafue Vith the exception of bank loans which arè subsequently measured at amort.tsèd cost using Ihè effeclivè interest method. 2.11 Fund accounting General fvNJ$ are unrestricted funds tAthKI) are avaiLable for use al the dI$tion of the Iruslees in furtheran ol the general obJe¢bves of the L*aity and wFMch have not been designated foT Other purposes. Investrnent income, gains and Iossos arg al19 lo the approkwiate fvnd. Induded within unrestTicaed funds, a capital contribution fund. The fvnd represents the deemed contribubon on the interest free h)an wovided to the charity. Thè notional interest is unwound every year. wlhin other expènditurè of the statèment of finan¢Aal actMts"es. The notn31 inlwesl Èxpense. is then transferred from Ihe capital oMth"bution fund into the gene fvnds. In order to ieduce the capital contribuion fvnd balance up lo the dale of repayrnent. Page 16
KHOO TECK PUAT UK FOUNDATIOM IA Company limit by guayanteel NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2023 In¥ont incom• As restated Totsl funds 2022 Unrestrictsd funds 202J Total fund5 2023 R¢ntsl income from investrnent proFerties Interest income 4.779.246 384.656 4,779.246 384.656 4,818,524 19,789 5.163.902 5,163.902 4,838.313 Other incoming resouT¢ Unrestricted funds 2023 Totsl funds 2023 Total funds 2022 Other incoming rescNJrces 175,orxi 175.000 InY¢slm¢nt manag•m8nt costs As restated Total fund5 2022 Unrestricted funds 2023 Total funds 2023 Propety costs Invesknent management expenditure 614.766 97,143 614,766 97,143 466,243 237,114 T11.9 711.909 703.357 Page 17
KHOO TE¢K PUAT UK FOUNDATION IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2023 Analys1$ of grants Grdnts to Institutions 2023 Total funds 2023 Total lunds 2022 InstrtLrtional grants 1.905.OCKJ 1,905.000 The foundation ha$ made the material grnnts to inslrtuts)ns during the r. 2023 2022 1,905.000 Analysls of •xp•ndlturn on ¢harNab a¢fj¥lllos Summary by lund type unstrICted funds 2023 Total 2023 Total 2022 Auditofs remunerab'on Institutional 9rant$ Premises expense$ Bank charges 17.600 1.9)5.IXJO 3.342 43 17,600 1.905,000 3.342 10.160 1.925.985 1,925.985 10.160 Other expendibj Unrestricted nds 2023 Total fund• 2023 Total funds 2022 Other interest payai4e 1,7,113 1,790.113 1.810.261 Page 18
KHOO TECK PUAT UK FOUMDATIOM IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2023 Anatysis of •xnditle by activitses Grant funding of activiti8S 2023 Support costs 2023 Total nds 2023 Total fijnds 2022 Audilorfs Temunerali InslrttrtiW81 grants Premises eenSeS Bank Charges 17.6LTh) 17,600 1.905,000 3,342 43 10,160 1,9)5.{) 3,342 1,9)5.(M)o 20,985 1,925,985 10,160 Total 2022 10.160 10,160 10. Auditorfs remUration 2023 2022 Fees payable to the chariws audilor for the wjdit of the thartys annual accounts 15,OlXI 10,000 Fees payable to Ihe charTVs auditor in respect ot. All non-aLKlit sef¥ices not induded above 2,600 11. Trustw. r•mun•ntion and expenses During Ihe year. no trustee5 receNed any remunernlK)n or other banèffts {2022- £NILI. Durin9 the year endéd 30 Junè 21r23. no Imstee expenses have been inraJThed12022- £NILI. Page 19
KHOO TECK PUAT UK FOUNDATION IA company15mltèd by guarnntso) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2023 12. Investment pro Frn8hold investment propèity Valuatlon At 1 2022 118.200.565 123,100.5651 Impaimient At 30 Jun8 2023 95,100.000 The 2023 valu*K)n$ were valuad on 30 June 2023 by CBRE, an independent and RICS qualffied valLser L15ing market based evidence for similar properties in the area. 13. Dèbtorn As reslaled 2022 2023 Due after morn than on• year Other debtors 1.703.800 1.703,588 1,703.800 1.703,588 Ou• wlthln one y•ar Trade debtors 486.924 812,854 198,573 1,004.691 852.701 63,216 Other deblo¥s Prepayments and accr1 Iorne 3.202,151 3,624,196 Page 20
KHOO TECK PUAT UK FOUNDAnON IA company limSted by guaftnteel NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2023 14. Creditors: amounts [alng duo wlthln on• ar AS Testated 2022 2023 Trade e[1rt0rs Other taxation and sooal security Other creditors 577,337 378,267 1.229,988 1,085.128 303,503 344,426 650,715 1,087,838 Accruals and deferred income 3,270.720 2,386,482 2023 2022 Deferred income at beginning offinala1 yw Resources deferred during the year Amounts released from preMoLts periods 1.047,225 1,094,949 11,047,225) 998,949 1.047.225 {998.949) 1.094,949 1,047,225 15. CY•ditors: amounts f•lling due after m¢xe than year 2023 2022 Other loans Other creditors 40.128.993 38,338,880 2.108,800 1.703.588 42,237.793 40,042,468 16. Flnancial instrum•ftts 2023 2022 Flnaneial assets Financial as5e15 measured at fair value thmugh incomg and expenditurg 16,417.122 12,004,619 Financial assets measuted at fair Val through incc#ne and expendrtuie comprise Short term deposils, ca3h al bank and in hand. Page 21
KHOO TECK PiIAT UK FOUNDATIOII IA ¢ompany Ilmited by guarnntsel NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2023 17. Statgment of funds Slatemont offvnds- ¢urrent year 8ol•n¢e at 30 June 2023 Balan¢¢ at 1 Juty 2022 Trnnsfèrs inlout Gainsl (Losses) Iorne Expendire UnTe¥tricted funds General Funds- all fijnds Capital contribution 83.739.310 5.338.902 14,428,007) 1.790.113 123,100.565) 63,339,753 7,661.120 {1.790.1131 5,871,007 91.41>0.430 S.338.902 14.428,0071 {23.100.56SI 69.210.760 Statsmont of lunds - prioryar As restated Balance al 30 June 2022 As restated 8aance * As fèstated As restated f Juty 2021 Income Expendrture Translers inlout Gainsj IL055esl Unrèstrlctsd fund3 General Funds- all Capitsl contribution 67.057.721 4.838.313 12,523.7781 1,810,261 12.556.793 83,739,310 9.471.381 11.810.267) 7.661.120 76.529.102 4.838,313 {2.523.7781 12.556,793 91.400.430 The transfer behveen fijnds represents the transfer equ to the urwindiThJ of the discount on the loan from The Trustees ofthe Este of Tan Sri Khoo Teck Puat. Pe 22
KHOO TECK PUAT UK FOUNDATION IA company limited by guarnntèèl NOTES TO THE FINANCIAL sTATEME1s FOR THE YEAR ENDED 30 JUNE 2023 18. An•ly¥ts of net assets between funds Analysis of net assets betwrt•n funds- currnnt year Unrgstrict•d fund$ 2023 Total funds 2023 Investrnenl prope Debtors due after more than Curient assets CreditOf5 due wthin one year Creditor5 due in more than one 95,100,)0 95.100.000 1.703,800 1.703.800 17,915.473 17.915.473 13,270.720} 13.270.720) 142,237.7931 142,237,793) Total 69.210.760 69,210,760 Anal1$ of net asg•ts between funds- prlor y•ar As reslaled Unrestricted As restated fijnds Total lund5 2022 2022 Investment property Debtors due after more than one year Current assets Creditors due vrithin one Cieditors due in mre tsn one year 118,2C(J,565 118,200,565 1.703,588 1,703,588 13.925,227 13,925,227 12.386.4821 12.386,4821 {40.042.468} {40,042,4681 Totsl 91.400.430 91,400,430 Page 23
KHOO TECK PUAT UK FOUNDATION IA company limited by guarantèe) NOTES TO THE FINANCIAL STATEMEIITS FOR THE YEAR ENDED 30 JUNE 2023 Re¢on¢ili•llon of n•t movement in fvnds to not cash fiow from operaltng activities As reslaled 2W22 2023 Net lexpenditurelltn¢omg for the JEar {as per ststement of finanual activities) {22.1B9,6701 14.871.328 Adjustments for. Intèrest paid Interest income 1.790.113 1.810,261 13B4.6561 119,789) 422.04S 990,549 1.289,450 1336,393) 23.100.565 112,556,793) Decrease in debtor5 Increaselldecrease) in ueditors Net fair value losse51lgains1 reo)gnised in P&L N¢t cash provided ty operatlng a¢tivltl•s 4.027.847 4,759,163 20. Anatysis of cash and ¢a$h •qulvalents 21123 2022 Cash in hand Notice deposits Ikss than 3 m(x)th$) 1,745,9S2 1,098,367 14671,170 10.906,252 Totsl ¢a$h and cash equivalents 16,417,122 12,004,619 21. Analysis of chang¢s In n•t d•bt Oth¢r non- cash At 30 Jun¥ changes 2023 At1Jufy 2022 Cash flows Cash at bank an(1 in hand Debt due after 1 ye81 12,004.619 {38,338.8801 4N12.6113 16,417,122 11.790.113) 140,128,993> {26.334.2611 4N12,503 11,790.1131 123,711,871) 22. Grant commllments Details of the grants m*Je and paid during the can be frmjnd in the Tnjslee's R¢kL Page 24
KHOO TECK PUAT UK FOUNDATION IA company limited by guarantee) NOTES TO THE F114ANCIAL STATEAIENTS FOR THE YEAR ENDED 30 JUNE 2023 23. Operating lease commitrnents At 30 June 2023 the charity had commitments to make futu minimum lease payTrents under non- carhcèllable operatinglèases a5 folknys: 2023 2022 Not later than 1 JEar Later than 1 year and not laterthan 5 years Later than 5 years 372,449 372.449 1,489,795 1.489.795 39,315.283 39.687.732 41.177,527 41,549,978 Related party transacllons As al the baJan¢e Sheet date. Khoo Teck Puat UK Foundalion owed £40.128,993 {2022.' £38,338,880110 the E5taie of Khoo Teck Puat. The loan is for five years, interest is chaf9ed at 4.75¢h and secured tsn the investment property hdd by the Foundation. During the year the F¢wndalK)n recaved rental income of £110.80012022'. £84,224) from Royal Gardèn Hotel LirnTted. a company under the commn ojntrol of the Trustees. As at the batance $heel dale, Khoo Teck Puat UK Foundation was owed £Nil12022.' £Nill by Royal Garden Hotèl Mrted. 25. Controlling party The ultimate parent undertaking i8 Khoo Teck Puat Foundats". a cornpany limited by guarantee and incorpor*ed in &ngapore. The registered office address is 21 Mount Elvzabeth. I410 York Hotel, Singapore 228516. Consolidated finanual statements are not prepared. Page 25
KHOO TECK PUAT UK FOUNDATION IA cojnpany limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2023 26. Prlor ar rtéMent Subsequent to the apwovJ of the fina>81 ststements for the yEar ended 30 June 2022, the trustee5 identffied a number of errors in relation lo the caluJlathJn of deferred income. the cost of lease incentives offere(l and the dOu1nting ol a tenant deposii. As a Tesutt, the impact on the re5utts for the ended 30 June 2022 15 to Teduce funds brougttt forward at 30 Jun8 2021 by £395.129. The impact on Ihe wior year ffinanli po$rf) as at 30 June 2022 was lo increase rental income by £52,062 and reduce other debtors by the same afflounl. for the 5t of lease incentive5 offered. The adjustment lo thè tenant deposrt uedttor has the effect of iedwng expenditt¢re by £247,847 and reduce ¢Teditors by the same amount. Thè èffect ofthe adjustments to defèrred incomè, duè to miscalculations is lo reduce deferred inrne by £372.257 and increase rentsl income by the Same amount. In 2016 thè Foundation recetved a loan of £60 mtllion from the The TrLtstees of the Estate of Tan Sri Khoo Teck Pual lo purchase a property whth 1$ Inte$t free. The ban lemis were extended dunng June 2021, vrith Ihe loan being discounted from this date over the pwiod to the repayment date. An adjustment ha5 been made to take account of the UnndIng of Ihe discount in OuS years. The effect is to reflect movement in reserves 01 £174,694 for the year ended 30 June 2021 and £1.810,261 for the year ended 30 June 2022. Overall from these adjustments. the foundalions total fvnd5 carried forward as at 30 June 2022, has increased by £277.038 to £91,4.430. Pa 26