**Charity number: 1158178**
## **LODHA FOUNDATION**
**UNAUDITED FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2020**
**LUBBOCK FINE LLP Chartered Accountants Paternoster House 65 St Paul's Churchyard London EC4M 8AB**
## **LODHA FOUNDATION**
## **CONTENTS**
||Page|
|---|---|
|**Reference and Administrative Details of the Charity, its Trustees and Advisers**|1|
|**Trustees' Report**|2 - 3|
|**Statement of Financial Activities**|4|
|**Balance Sheet**|5|
|**Notes to the Financial Statements**|6 - 10|
## **LODHA FOUNDATION**
## **REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 MARCH 2020**
|**Trustees**|Mangal Prabhat Lodha|
|---|---|
||Shashi Vekaria|
||Manjula Lodha|
||Rohin Shah|
|**Charity registered**
**number**
1158178
**Principal office**
18 Portugal Street
London
WC2A 2AT
**Accountants**
Lubbock Fine LLP
Chartered Accountants & Statutory Auditors
Paternoster House
65 St Paul's Churchyard
London
EC4M 8AB||
Page 1
## **LODHA FOUNDATION**
## **TRUSTEES' REPORT**
## **FOR THE YEAR ENDED 31 MARCH 2020**
The Trustees present their annual report together with the financial statements of Lodha Foundation (the Charity) for the year ended 31 March 2020. The Trustees confirm that the Annual Report and the financial statements of the Charity comply with the current statutory requirements, the requirements of the Charity's governing document and the provisions of the Statement of Recommended Practice (SORP), applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).
## **Structure, governance and management**
Lodha Foundation is a Charitable Incorporated Organisation (CIO), incorporated on 8 August 2014, governed by its constitution. It registered as a Charity with the Charity Commission for England & Wales on 8 August 2014. The management of the Charity is the responsibility of the Trustees.
New Trustees are appointed by the existing Trustees. The Trustees may appoint a person who is willing to act to be a Trustee, either to fill a vacancy or as an additional Trustee. There must be at least three Charity Trustees at any time.
New Trustees are briefed on their legal obligation under Charity Law, the content of the constitution, the committee and decision making processes and the recent financial performance of the Charity.
The Trustees have assessed the major risks to which the Charity is exposed, in particular those related to the operations and finances of the Charity, and are satisfied that systems and procedures are in place to mitigate our exposure to the major risks.
The Trustees who served during the year were:
Mangal Prabhat Lodha Shashi Vekaria Manjula Lodha Rohin Shah
## **Objectives and activities**
The Charity's aim is to provide financial support for the following:
- to help individuals pursue their education;
- to help individuals pay their rent or buying a home;
- to support charities involved with arts, culture and urban activities;
- the relief of poverty;
- to promote education of individuals;
- to support organisations which promote good citizenship;
- to advance education of the general public; and
- the relief of financial hardship of people in need.
In setting the objectives and planning the activity of the Charity, the Trustees have given careful consideration to the Charity Commission's general guidance on public benefit.
Page 2
LODHA FOUNDATION
TRUSTEES. REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2020
Golng concern
After making 4propriale enquiries, the Tntslees have a reasonable expeclation that the Charity ha5 ad&quale
resources lo con11nL in c4)eralional existef lor the foreseeable fulure on the basis that the foundation has no
ongoing financial obligalron5 For this reason they crmtinue lo adopt the go¥y concern basi5 in preparing the
financial statements. Further details regardin9 the adoptw of the CDncem basis can be foursd hi the
Accounting Polic5.
Financlal revlew and achlevemefftts and perfornwice
During Ihe year ended 31 Mwch 2020. the Chaity received donations lolalling £1,500 12019 - £1.500) arKI
Incurred charitable aclsvrty costs lolalirKJ £1.50012019 - £1.500). Th15 re5ulled in carne(I forw¥d reserves of
£251. The Charity aims lo use donations eeIed to charilable aclNitss soon after receipt therefore
the level of reserve5 as al 31 March 2020 15 in kne wlh expecialions.
Approved by order of the rneMbe ofthe board of Trustees signed on the¥ behalf by.
Tiustee
Name
Dale. 291, I
Page 3
## **LODHA FOUNDATION**
## **STATEMENT OF FINANCIAL ACTIVITIES INCORPORATING INCOME AND EXPENDITURE ACCOUNT**
## **FOR THE YEAR ENDED 31 MARCH 2020**
|**Note**
**INCOME FROM:**
Donations
2
**TOTAL INCOME**
**EXPENDITURE ON:**
Charitable activities
3
**TOTAL EXPENDITURE**
**NET MOVEMENT IN FUNDS**
**RECONCILIATION OF FUNDS:**
Total funds brought forward
**TOTAL FUNDS CARRIED FORWARD**|**Unrestricted**
**funds**
**2020**
**£**
1,500
1,500
1,500
1,500
-
251
251|**Total**
**funds**
**2020**
**£**
1,500
1,500
1,500
1,500
-
251
251|**Total**
**funds**
**2019**
**£**
1,500|
|---|---|---|---|
||||1,500|
||||1,500|
||||1,500|
|||||
||||-|
||||251|
||||251|
The notes on pages 6 to 10 form part of these financial statements.
Page 4
LODHA FOUNDATION
BALANCE SHEEr
AS AT 31 DECEMBER 2019
2020
2019
CURRENT ASSETS
Cash al bank and in hd
251
251
NET CURRENT ASSETS
251
251
TOTAL NET ASSETS
251
251
CHARITY FUNDS
Restricted funds
Unieslricled fund5
251
251
TOTAL FUNDS
251
251
The finala1 **emenls wwe approved for i5W8 by th8 Trustees and signed (m their behall by..
Trustee
Name.
Dale. 2plI I
The notes on pages 6 to 10 fomi part of these finartial SL*1$.
Page 5
**FOR THE YEAR ENDED 31 MARCH 2020**
## **LODHA FOUNDATION**
## **NOTES TO THE FINANCIAL STATEMENTS**
## **1. ACCOUNTING POLICIES**
## **1.1 Basis of preparation of financial statements**
The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2015), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.
Lodha Foundation meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.
## **1.2 Going concern**
The Charity is in the main reliant upon donations to raise revenue to meet future expenditure. The Trustees consider that it is appropriate to prepare the financial statements on a going concern basis on the assumption that sufficient donation income will be raised after the year end.
## **1.3 Fund accounting**
General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Charity and which have not been designated for other purposes.
## **1.4 Income**
All income is recognised once the Charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.
Donations are recognised as income when received, except in circumstances where the donor specifies the time period that the donation relates to, in which case they are recognised as income in that period.
On receipt, donated professional services are recognised on the basis of the value of the gift to the charity which is the amount the Charity would have been willing to pay to obtain services of equivalent economic benefit on the open market; a corresponding amount is then recognised in expenditure in the period of receipt
## **1.5 Interest receivable**
Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Charity; this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited.
Page 6
**FOR THE YEAR ENDED 31 MARCH 2020**
## **LODHA FOUNDATION**
## **NOTES TO THE FINANCIAL STATEMENTS**
## **1. ACCOUNTING POLICIES (CONTINUED)**
## **1.6 Expenditure**
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources.
Charitable activities costs are costs incurred on the Charity's operations, including support costs and costs relating to the governance of the Charity apportioned to charitable activities.
Donations payable are charged in the year when the offer is made except in those cases where the offer is conditional, such donations being recognised as expenditure when the conditions attaching are fulfilled. Donations offered subject to conditions which have not been met at the year end are noted as a commitment, but not accrued as expenditure.
All expenditure is inclusive of irrecoverable VAT.
## **1.7 Cash at bank and in hand**
Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.
## **1.8 Liabilities and provisions**
Liabilities are recognised when there is an obligation at the Balance Sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably. Liabilities are recognised at the amount that the Charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide. Provisions are measured at the best estimate of the amounts required to settle the obligation.
## **1.9 Financial instruments**
The Charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.
## **1.10 Cashflow exemption**
The Charity has taken advantage of the exemption from preparing a cash flow statement under Update Bulletin 1, on the basis that the Charity does not qualify as a larger charity for financial reporting purposes.
Page 7
## **LODHA FOUNDATION**
## **NOTES TO THE FINANCIAL STATEMENTS**
## **FOR THE YEAR ENDED 31 MARCH 2020**
## **2. INCOME FROM DONATIONS AND LEGACIES**
|**Unrestricted**
**funds**
**2020**
**£**
Donated services
1,500
**Unrestricted**
**funds**
**2019**
**£**
Donated services
1,500
**3.**
**ANALYSIS OF EXPENDITURE BY ACTIVITIES**
**Support**
**costs**
**2020**
**£**
Student scholarships and donations
1,500
**Support**
**costs**
**2019**
**£**
Student scholarships and donations
1,500|**Total**
**funds**
**2020**
**£**
1,500|
|---|---|
||**Total**
**funds**
**2019**
**£**
1,500|
||**Total**
**funds**
**2020**
**£**
1,500|
||**Total**
**funds**
**2019**
**£**
1,500|
Page 8
## **LODHA FOUNDATION**
## **NOTES TO THE FINANCIAL STATEMENTS**
## **FOR THE YEAR ENDED 31 MARCH 2020**
## **3. ANALYSIS OF EXPENDITURE BY ACTIVITIES (CONTINUED)**
## **Analysis of support costs**
|Accountancy fees
Accountancy fees|**Activities**
**2020**
**£**
1,500
**Activities**
**2019**
**£**
1,500|**Total**
**funds**
**2020**
**£**
1,500|
|---|---|---|
|||**Total**
**funds**
**2019**
**£**
1,500|
## **4. STATEMENT OF FUNDS**
## **Statement of funds - current year**
|**Unrestricted funds**
General Funds
**Statement of funds - prior year**
**Unrestricted funds**
General Funds|**Balance at 1**
**April 2019**
**£**
251
**Balance at**
**1 April 2018**
**£**
251|**Income**
**£**
1,500
**Income**
**£**
1,500|**Expenditure**
**£**
(1,500)
**Expenditure**
**£**
(1,500)|**Balance at**
**31 March**
**2020**
**£**
251|
|---|---|---|---|---|
|||||**Balance at**
**31 March**
**2019**
**£**
251|
Page 9
## **LODHA FOUNDATION**
## **NOTES TO THE FINANCIAL STATEMENTS**
## **FOR THE YEAR ENDED 31 MARCH 2020**
## **5. ANALYSIS OF NET ASSETS BETWEEN FUNDS**
## **Analysis of net assets between funds - current year**
|**Unrestricted**
**funds**
**2020**
**£**
Current assets
251
**Analysis of net assets between funds - prior year**
**Unrestricted**
**funds**
**2019**
**£**
Current assets
251|**Total**
**funds**
**2020**
**£**
251|
|---|---|
||**Total**
**funds**
**2019**
**£**
251|
## **6. RELATED PARTY TRANSACTIONS**
The Charity has not entered into any related party transaction during the current or prior year, nor are there any outstanding balances owing between related parties and the Charity at 31 March 2020.
During the current and prior year none of the Trustees, who are also considered to be the Charity's key management personnel, received no remuneration, benefits in kind or reimbursed expenses.
## **7. MEMBERS' LIABILITY**
If the Charitable Incorporated Organisation is wound up, its members have no liability to contribute to its assets and no personal responsibility for settling its debts and liabilities.
Page 10