About Randal Foundation
Our values
Our mission
Resourcing our impact
Themes and pillars Chairman’s statement
Financial review
Structure, governance & management
Auditor’s report
Statement of financial activities
Balance sheet
Randal Charitable Foundation Annual Report & Accounts January 2023 - December 2023 Registered charity number 1176129
Statement of cash flows
Notes to the financial statements
About the Randal Foundation
About Randal Foundation
What we do
We are a family foundation with a focus on saving lives and significantly improving lives, through a life-saving and life-transforming portfolio of supported programmes, led by our Foundation - not just in our lifetime but far beyond.
----- Start of picture text -----
1
----- End of picture text -----
----- Start of picture text -----
2
----- End of picture text -----
----- Start of picture text -----
3
----- End of picture text -----
Our values
Our mission
Introduction
In establishing the Randal Foundation in 2017, our Founders were clear in both their focus and the level of their ambition - passionate about making a difference in the world we live in - today. Our vision, to save and significantly improve 1 million lives, is one which directly reflects the goals of our Founders, Dr Nik and Mrs Moni Kotecha.
The need for our intervention through our life-saving work has never been greater. Right now, lives are being lost around the world - lives which could be saved, often, by simple and readily available interventions. Lives are also being destroyed and can be significantly improved - usually by measures which have already been proven to work, and by support which can be made available. Saving and significantly improving lives now, through careful and targeted investment, remains our firm goal.
We are a values-driven Foundation and we aim to encourage organisations and individuals who share our values to work with us; indeed we make an open invitation for this collaboration.
Our ambitions are clear. In the years ahead, we will:
Resourcing our impact
Themes and pillars
Chairman’s statement
-
Ensure powerful alignment with our core purpose as instilled by our Founders
-
Build strongly on our impact to date
-
Grow our network of partners and delivery organisations with whom we can collaborate and achieve our goals
Financial review
-
Remain open to and excited by, new and innovative ways through which to deliver our objectives; and
-
Be the catalyst for real, significant and positive change which saves lives, today.
Structure, governance & management
Auditor’s report
Statement of financial activities Balance sheet
Statement of cash flows
Notes to the financial statements
Randal Foundation - Annual Report & Accounts January 2023 - December 2023
Page 2
About Randal Foundation
About the Randal Foundation
Our vision
Our vision directly reflects the ambitions of our Founders, Dr Nik and Mrs Moni Kotecha. It reflects the core purpose of our Foundation and importantly, the fundamental, driving ethos of our Founders.
----- Start of picture text -----
1
----- End of picture text -----
----- Start of picture text -----
2
----- End of picture text -----
----- Start of picture text -----
3
----- End of picture text -----
Our vision
Our vision, to save and significantly improve 1 million lives, is one which directly reflects the ambitions of our Founders, Dr Nik and Mrs Moni Kotecha. In the development of our strategy during 2023, Trustees have resolved that this continues to reflect the core purpose of our Foundation and importantly, the fundamental, driving ethos of our Founders.
Our values
----- Start of picture text -----
Our mission
----- End of picture text -----
Resourcing our impact
This vision drives all we do:
“Our aspiration is to save, and significantly improve, the lives of 1 million people globally.”
Our vision is:
- a distinctive goal - our goal is clear, ambitious and challenging for our Foundation to achieve - this will positively drive decision making and delivery with pace
Themes and pillars
Chairman’s statement
-
a differentiator - powerfully describes a distinctive “character” of our Foundation
-
clear and unambiguous - our vision is easy to articulate and easy to understand
-
compelling - achieving Foundation targets will depend on co-investment and strong partnership; our vision is attractive and compelling in support of this
-
able to be defined - we have developed and can share a clear, accountable definition underpinning our vision, which is robust and meaningful
-
able to be celebrated - we can quantify, promote and champion our achievements
Financial review
Structure, governance & management
Auditor’s report
Statement of financial activities Balance sheet
Statement of cash flows
Notes to the financial statements
Randal Foundation - Annual Report & Accounts January 2023 - December 2023
Page 3
About the Randal Foundation
About Randal Foundation
Our vision
Our vision directly reflects the ambitions of our Founders, Dr Nik and Mrs Moni Kotecha. It reflects the core purpose of our Foundation and importantly, the fundamental, driving ethos of our Founders.
2
3
1
Our values
Our mission
Progress in achieving our vision
We recognise that our vision is most ambitious, but we are already making real progress towards achieving our goals. In the six years since establishing our Foundation, over 192,000 lives have been saved and well over 558,000 lives have been significantly improved through our work. This impact has been enabled through 143 grants throughout 2018 - 2023.
Resourcing our impact
Defining our outcomes and measuring our impact
Our definitions for ‘lives saved’ and ‘lives significantly improved’ are responsive definitions. These are:
Themes and pillars
Lives directly saved:
-
“An individual whose life is directly saved is a life that was at serious and credible risk of loss before the
-
provision of grant funding and, as a result of expenditure of the grant funding directly or indirectly for the benefit of the individual, has significantly lowered the risk of loss of life”.
Chairman’s statement
Lives significantly improved:
“A significant improvement in the quality of life of an individual is achieved where grant funded expenditure directly enables a long term or permanent betterment of an individual’s life chances, personal circumstances or physical or mental health.”
Our approach to evidencing our impact is robust and is informed by the following:
- our work is wide ranging and Trustees have considered that the broad scope of our grant making means our impact is also wide ranging - lives are both saved and significantly improved in a vast variety of ways
Financial review
Structure, governance & management
-
integrity in our approach - our due diligence and Trustee challenge processes prior to grant making provide for interrogation of grantee assertions that lives are saved or significantly improved
-
a flexible approach provides scope for our Foundation - we can work to maintain our desire for diverse grant making and making impact in wide ranging ways, responding to both need and opportunity
-
we can continue to review and adapt our processes - remaining flexible means we can continue to ensure and stay alert to the fact that lives are saved and significantly improved as a direct result of our charitable activities with each grant award or project decision.
Prospective grantees are required to clearly demonstrate how lives are saved or significantly improved as part of the grant application process. Due diligence undertaken during the application assessment provides challenge to this grantee definition, and further challenge is applied at the point of Trustee consideration and decision making.
Attribution
Integrity in our approach to attribution is essential, so we consider attribution carefully. Clear evidence for our impact is central to our approach. The range of ways in which lives saved and significantly improved can be attributed robustly through our work include:
- Indirectly - sector support and influencing policy change
Auditor’s report
Statement of financial activities
Balance sheet
Statement of cash flows
- Directly - project specific support and strategic partnership investment
Notes to the financial statements
Randal Foundation - Annual Report & Accounts January 2023 - December 2023
Page 4
Our values
About Randal Foundation
Our values reflect the core beliefs of our Foundation, the principles to which we work and the approach we take in delivering our mission.
Our values
----- Start of picture text -----
1
----- End of picture text -----
Our mission
A values-driven organisation
Our values reflect the core beliefs of our Foundation, the principles to which we work and the approach we take in delivering our mission.
We have set out our values as a Board of Trustees, to ensure they are visible and our work remains relevant to the vision of our Founders. Our values underpin our journey to deliver our vision. In delivering our work to save and significantly improve lives, we are keen to work with organisations and individuals whose values reflect the values we hold.
As a Foundation, we have five organisational values.
Resourcing our impact
Themes and pillars
Chairman’s statement
Financial review
Our Trustees embody our organisational values, and bring these to the fore in guiding and directing the work of our Foundation. Our values are visible in our planning, our decision making, our partner and grantee organisation selection and many more areas of our operation.
Structure, governance & management
Auditor’s report
Statement of financial activities
Balance sheet
Statement of cash flows
Notes to the financial statements
Randal Foundation - Annual Report & Accounts January 2023 - December 2023
Page 5
About Randal Foundation
Our mission
During 2023, as part of our strategy planning process, a refreshed mission statement has been prepared to reflect Trustee ambitions as to how we will achieve our vision.
Our values
----- Start of picture text -----
1
----- End of picture text -----
Our mission
Our mission
Our core charitable objectives, our vision, our Foundation values and our delivery themes have all shaped how we articulate our mission statement. This sets out how we will achieve our vision, including:
Resourcing our impact
-
what we do (our delivery themes)
-
how we do this (our core function as a grant-making foundation)
-
where we do this (U.K. and globally) and
Themes and pillars
- who we work with to achieve it (from grass roots organisations to strategic partners)
Our Board of Trustees has narrated our mission statement as follows:
Chairman’s statement
“The Randal Foundation works to deliver the vision of our Founders, Dr Nik and Moni Kotecha - saving and significantly improving 1 million lives.
Working at scale and with pace, we work with aligned and entrepreneurial partner organisations in our grant making, our strategic programmes of charitable investment and in our thought leadership.
We pursue alleviation of poverty and mental ill-health, we seek to avert risk of harm to women and children, we enable prisoner rehabilitation and we work to improve access to quality healthcare, sanitation and education, in particular for children and the most vulnerable.
We are active across the U.K. and throughout the world, determined to ensure we achieve our vision, doing this with passion and creativity.”
Financial review
Structure, governance & management
Auditor’s report
Statement of financial activities
Balance sheet
Statement of cash flows
Notes to the financial statements
Randal Foundation - Annual Report & Accounts January 2023 - December 2023
Page 6
Resourcing our impact
About Randal Foundation
Resourcing our impact
Trustees have considered carefully the resources needed to deliver their vision, both in term of financial capability and human resources to enable the work of our Foundation.
----- Start of picture text -----
1
----- End of picture text -----
Our values
Our mission
Resourcing our impact - funds to deliver
As a family Foundation, the resources we have through which to deliver our grant making and manage our organisation have been gifted by our Founders. In establishing our Foundation, the donations they made, and continue to make, are with the sole purpose of enabling our live saving work and achieving our vision.
We recognise that our ambitions for impact could be scaled further, through collaboration with partner institutions, individuals and organisations who share our values and wish to help deliver programmes, with coinvestment around identified initiatives. We will remain alert to this important opportunity and have a goal to grow influential partnerships, through which to achieve greater impact, with greater pace, than would be possible with family funds alone.
Resourcing our impact
Themes and pillars
Enabling capacity
Specialist service providers have supported the operation of our Foundation since inception, including teams from the following areas:
- Investment management
Chairman’s statement
-
Accountancy
-
Audit
-
Legal advisory
-
Other (including specialists in areas such as IT, philanthropy specialists, charity advisors, cyber security)
Financial review
During 2022 and 2023, steps were taken by the Board of Trustees to establish a dedicated Executive Team, to manage the day-to-day affairs of our Foundation. By summer 2023, this comprised dedicated capacity with responsibility for:
-
Leadership, relationship management and strategic partner engagement
-
Financial management and reporting
-
Executive administration and support to the Board in all relevant matters
-
Communications (all channels including website) and Foundation events
Structure, governance & management
- Operational delivery and grantee relations
The Executive Team has responsibility to support the Chairman and Board of Trustees, deliver day-to-day operations and have oversight of (and contract manage) our retained, specialist service providers.
Auditor’s report
Resourcing the long-term
As a first generation family Foundation, we’re alert to the need to conserve and protect the resources which enable our work. We know too, that we must be proactive in the development of our leadership and growing our assets. Both aspects are central if we are to ensure long term continuity for our Foundation. A focus on leadership, operational and investment planning, including clear goals to enable giving by others to drive the work of our Foundation, will assure the long term, and ‘future proof’ our capacity for our philanthropic work.
Statement of financial activities
Balance sheet
Statement of cash flows
Notes to the financial statements
Randal Foundation - Annual Report & Accounts January 2023 - December 2023
Page 7
About Randal Foundation
Themes and pillars
Our charitable objectives
Underpinned by our charitable objectives, and through comprehenisve work during the year to define a strategy for the period 2024 - 2027, we have reaffirmed the themes for our charitable investments. Our Trustees recognise that ensuring good understanding of our themes by co-investors and prospective grantees is important, if we are to achieve our goal of focusing our work on those in greatest need.
1 2
3
Our values
Our mission
Leadership and our charitable objectives
The Randal Foundation is a Charitable Incorporated Organisation (CIO) with closed membership, registered in England and Wales with the Charity Commission (registration number 1176129), within the provisions of the Charities Act 2011.
Our Foundation is led by a Board of Trustees from a wide range of professional backgrounds, and includes two Trustee Founder Board Members. Five Trustees comprise the Trustee membership in 2023.
In establishing our Foundation, selecting our charitable purposes (“Objects”) to ensure these match the inspiration of our Founders was a central tenet, and these are articulated within our governing document as follows:
The Objects of the CIO are the advancement of such charitable purpose or purposes for the Public Benefit according to the laws of England and Wales in the United Kingdom and elsewhere in the world as the Trustees decide, in particular but not exclusively:
Resourcing our impact
Themes and pillars
Chairman’s statement
A) The relief of sickness and preservation and protection of good health, in particular: I. The advancement of healthcare in the Developing World II. The treatment of addiction linked to alcohol, drugs or gambling in the UK
B) The prevention and relief of poverty, in particular: I. Tackling of financial hardship and social disadvantage in the UK due to poor mental/ physical health, homelessness, age or disability II. Supporting specific projects world-wide focused on improving communities’ standard of living
C) The advancement of education, in particular: I. Addressing poverty in the Developing World, through the power of education II. Ending the ‘poverty of opportunity’ in the UK
Information within our governing document reflects requirements for use of language and ‘category’ types, for purposes which are deemed charitable, and encompasses activity which organisations assuming charitable status can legally deliver.
Financial review
Structure, governance & management
Auditor’s report
Statement of financial activities
Balance sheet
Statement of cash flows
Notes to the financial statements
Randal Foundation - Annual Report & Accounts January 2023 - December 2023
Page 8
Themes and pillars
About Randal Foundation
Themes for our charitable investments
Underpinned by our charitable objectives, and through comprehenisve work during the year to define a strategy for the period 2024 - 2027, we have reaffirmed the themes for our charitable investments. Our Trustees recognise that ensuring good understanding of our themes by co-investors and prospective grantees is important, if we are to achieve our goal of focusing our work on those in greatest need.
----- Start of picture text -----
2
----- End of picture text -----
3
1
Our values
Our mission
Our themes for charitable investment
Resourcing our impact
Themes and pillars
Chairman’s statement
Financial review
Structure, governance & management
Auditor’s report
Statement of financial activities
Balance sheet
Statement of cash flows
Notes to the financial statements
Randal Foundation - Annual Report & Accounts January 2023 - December 2023
Page 9
Themes and pillars
Pillars for our charitable investments
Underpinned by our charitable objectives, and through comprehenisve work during the year to define a strategy for the period 2024 - 2027, we have reaffirmed the themes for our charitable investments. Our Trustees recognise that ensuring good understanding of our themes by co-investors and prospective grantees is important, if we are to achieve our goal of focusing our work on those in greatest need. 1 2 3
3
----- Start of picture text -----
About Randal
Foundation
----- End of picture text -----
Our values
Our mission
The 5 pillars of giving for our Foundation
Throughout 2023, Trustees have reviewed and revised our approach to making charitable investments and this has resulted in the development of 5 pillars of giving. This approach, together with the implementation of a strategy in which we have reviewed and re-asserted our themes and focus areas, set out earlier in this document, has been underpinned by a desire from our Trustees to:
-
Offer increased clarity to prospective applicants and invited partners regarding criteria for our grant making
-
Reduce the overall volume of unsuitable incoming applications - further limiting these by now making structured calls for applications or approaching partners by invitation only, rather than being permanently open for grant enquiries
Resourcing our impact
Themes and pillars
-
Reduce ineffective resource deployment, previously committed to assessing many poorly matched applications
-
Enable continued giving to UK based and UK led organisations, and those operating around the world
Our five pillars of giving are:
Chairman’s statement
Pillars of giving
Pillar 1 - UK only, evidence-led unrestricted funding for grass-roots organisations with turnover less than £50,000p/a, collective impact accrues against goals for lives saved and significantly improved. Usually work through partner organisations to make small grants, not by general application.
Pillar 2 - Evidence-led, restricted grants supporting organisations delivering life-saving / significantly improving works. Includes novel, innovative or disruptive work, for organisations operating in the UK and worldwide. Typically grantees have a turnover less than £500,000p/a. Periodic calls made via the website to invite applications only.
Pillar 3 - Major support interventions, actively saving and significantly improving lives. Medium term partnerships with multi-year support. High level impact, UK and worldwide. Typically larger organisations supported - we invest at scale to achieve impact at scale. Trustees identified potential partnerships, not open for general application.
Pillar 4 - Investment to catalyse and drive thought leadership and subsequent delivery, across the focus areas of our Foundation. UK only. Trustee-led investments, by invitation only.
Financial review
Structure, governance & management
Auditor’s report
Pillar 5 - Flexible pillar for supporting projects in the UK and worldwide, which are valued by our Board and include responding to immediate need, or projects to save lives, ‘just because we must’. Trustee-led investments, by invitation only
Statement of financial activities Balance sheet
Statement of cash flows
Notes to the financial statements
Randal Foundation - Annual Report & Accounts January 2023 - December 2023
Page 10
About Randal Foundation
Chairman’s statement
Chairman’s statement
Throughout the year, our Foundation delivered funding to a wide range of remarkable organisations, in pursuit of our vision to save and significantly improve lives in the UK, and around the world - wherever there are people in need.
----- Start of picture text -----
1
----- End of picture text -----
----- Start of picture text -----
2
----- End of picture text -----
Our values
Our mission
Chairman’s statement for the year ended 31 December 2023
2023 has been a year of positive change for the Foundation, with Trustees taking the bold decision to markedly increase the management and co-ordination resources available to the Foundation, with the goals of driving a step change in our organisational infrastructure, helping bring forward an ambitious strategy to shape the path ahead, and much more.
This considerable shift has in turn made additional demands of our Board of Trustees - with an increase in leadership contribution needed to support the step change underway. This increased investment of time and expert advice has been openly made by each Trustee, meaning grant making, together with lives saved and significantly improved has remained at a high level throughout this year, despite the additional activities taken on. Moreover, our Board’s ambition for creating impact through this busy year is not unchanged, rather it is underlined.
Our definitions for ‘lives saved’ and ‘lives significantly improved’, are responsive definitions which have been reviewed and tested through our strategy process - and we remain committed to these definitions. Throughout the year, Trustees have been focused on supporting applications and enquiries which enable our Foundation to deliver against these goals. They have been re-visited for fitness for purpose, during the year - as part of our strategy planning work.
Resourcing our impact
Themes and pillars
Chairman’s statement
A year of investment in achieving our vision
During the year to December 2023, despite a sustained focus on organisational development, a wide range of grants have been given, with our vision for saving and significantly improving 1,000,000 lives in continual focus by our Trustees. Saving and significantly improving lives today has been achieved through a diverse range of programmes and projects, from supporting IntoUniversity with our largest single grant this year, to supporting small grassroot organisations offering help to those with mental ill-health, and children’s health organisations.
There have been many significant moments within the last year of operation of our Foundation. It is a period in which we have achieved both an increase in awareness of our Foundation, and importantly, significant social impact through our charitable investments.
Countries supported within this period have included in-year and past year grant giving which has delivered programmes the UK, Chad, India, Myanmar, Nepal, Tanzania, Thailand, Uganda and Zambia. In terms of focus areas for our support, health was the leading support area for the year, followed by mental health and education.
Financial review
Structure, governance & management
Auditor’s report
Statement of financial activities
Balance sheet
Statement of cash flows
Notes to the financial statements
Randal Foundation - Annual Report & Accounts January 2023 - December 2023
Page 11
About Randal Foundation
Chairman’s statement
Chairman’s statement
Throughout the year, our Foundation delivered funding to a wide range of remarkable organisations, in pursuit of our vision to save and significantly improve lives in the UK, and around the world - wherever there are people in need.
----- Start of picture text -----
1
----- End of picture text -----
2
Our values
Our mission
Chairman’s statement for the year ended 31 December 2023 cont’d
I continue to be proud of the impact that our Foundation is having - and during 2023 we’ve tackled a major strategic review, underlined our ambitions, strengthened the resources that our Foundation has to hand in order that we can achieve elevated goals for impact, and most of all, we continued to save lives and significantly improve lives in the UK and globally at pace.
We’ve been able to work with many inspirational partner organisations, both as grantees and as co-collaborators in projects where there are shared values and purpose. And looking forward, we’re clear that partnership delivery and partnership development will remain in firm focus. Working together with like-minded organisations, we can achieve so much more, with greater pace and even greater impact. Something each of our Trustees is committed to do.
Achieving this won’t happen just because we wish it to, we know this. So we have maintained and grown our investment in internal processes, systems, policies, core infrastructure and talent within our wider team. We’ve increased our reach and the visibility of our brand through a concerted focus on our communications and public relations. And we have collaborated with new partners and old, underlining our commitment to collaborate so that we can scale our work, raise our voice and bring positive influence to bear, wherever we can.
Creating impact at scale, which we do and seek to continue to do, also needs clear, decisive and supportive leadership. Our Board of Trustees provides this - through their time, expert guidance and their parallel passion for our Foundation, which I am proud to note is just as deep as my own.
Considerable and sustained investment across all these areas in 2023 positions us strongly for a positive year in 2024 and beyond. Through the framework of our strategy, adopted in January 2024, we will drive forward our impact with pace, passion and purpose.
Resourcing our impact
Themes and pillars
Chairman’s statement
Financial review
Structure, governance & management
Auditor’s report
Statement of financial activities
Balance sheet
Statement of cash flows
Notes to the financial statements
Randal Foundation - Annual Report & Accounts January 2023 - December 2023
Page 12
About Randal Foundation
Financial review
Financial position
At the period end, the charity had total reserves of £10,490,780, composed of unrestricted funds.
----- Start of picture text -----
1
----- End of picture text -----
----- Start of picture text -----
2
----- End of picture text -----
Financial review
Going concern
After making appropriate enquiries, the Trustees have a reasonable expectation that the Foundation has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the accounting policies.
Our values
----- Start of picture text -----
Our mission
----- End of picture text -----
Resourcing our impact
Themes and pillars
Reserves policy
The balance on reserves at 31 December 2023 was £10,490,780 (2022: £8,597,895), which are all unrestricted funds at the year end. The Foundation will ensure that it holds sufficient reserves to cover the costs of running the Foundation. The net assets of the Foundation’s are regarded as free reserves and the funds will be retained to make grants and donations in accordance with the Foundation charitable objectives. The Trustees consider that the freely expendable funds are appropriate and sufficient taking account of plans for grants and donations under consideration and in the future.
The Trustees have not designated any specific reserves, but this is kept under review by the Trustees with a view to creating specific reserves and introducing a specific reserves policy if necessary.
Chairman’s statement
Financial review
Investment policy
The Trustees have implemented an investment policy for the Foundation, with the primary objective of achieving a long-term rate of return in excess of the rate of inflation in order to preserve the purchasing power of the Foundation’s assets and support the perpetual nature of the Foundation’s mission. The performance of, and the target return on, investments is reviewed annually.
Investments are made on a relatively conservative basis to meet the objectives of income and capital appreciation over a full market cycle, although some portion of the funds are available for investments with increased risk in order to generate a potentially greater rate of return.
As part of the investment strategy of the Foundation, the Trustees have agreed that it is important to have a proportion of the funds invested in environmental, social and governance focused investments and that the funds are invested in a manner that is responsible and consistent with the Foundation’s grant making focus to directly save lives, help the socially disadvantaged and improved the quality of life of those in the UK and around the world. Securities of organisations whose business practices are known to have interests adverse to those of the Foundation (as defined by the Trustees) are prohibited from being investments of the Foundation.
Principle risks and uncertainties
A risk assessment has been carried out which comprises of:
Structure, governance & management
Auditor’s report
Statement of financial activities Balance sheet
-
an annual review of the risks the Foundation might face;
-
the establishment of systems and procedures to mitigate those risks; and
-
the implementation of procedures designed to minimise any potential impact on the Foundation should those risks materialise.
The continuing process will identify risk areas to which the Foundation is vulnerable and highlight any necessary safeguards that will need to be put in place.
No major risks were identified at the date of these financial statements.
Statement of cash flows
Notes to the financial statements
Randal Foundation - Annual Report & Accounts January 2023 - December 2023
Page 13
About Randal Foundation
Financial review
Financial position
At the period end, the charity had total reserves of £10,490,780, composed of unrestricted funds.
----- Start of picture text -----
1
----- End of picture text -----
----- Start of picture text -----
2
----- End of picture text -----
Our values
Our mission
Financial review cont’d
Principle funding
Resourcing our impact
During the year, the income received consisted of total donations of £2,000,000 inclusive of gift aid recovered (2022: £Nil) and investment income of £199,957 (2022: £90,386).
Constitution
The Randal Charitable Foundation is a registered Charitable Incorporated Organisation in England & Wales, number 1176129, and is constituted under a Foundation Constitution.
Methods of appointment or election of Trustees
Themes and pillars
Chairman’s statement
The management of the Foundation is the responsibility of the Trustees who are elected and co-opted under the terms of the Foundation Constitution.
The Trustees, who have been in office for the entire period covered by these financial statements are noted within this report.
Trustees are appointed for a term of three years and may be subsequently reappointed.
The number of Trustees is a minimum of three and not more than twelve. Suitably qualified and/or experienced additional Trustees are expected to be appointed over time following personal invitation, by majority resolution of the existing Trustees. A skills matrix is in place to ascertain the required skills for appointment of new Trustees.
Organisational structure and decision making policies
The management of the Foundation is conducted by the Trustees, supported by an Executive Team who have responsibility for operational matters, and report to the Board.
Policies adopted for the induction and training of Trustees
If any new Trustee is appointed the Trustees will undertake to provide or arrange to be provided any necessary training. The Trustees expect to undertake training when needs are identified. The Trustees are aware of their legal obligations and duties in respect of the management of the Foundation, including in relation to the protection of its assets.
Financial review
Structure, governance & management
Auditor’s report
Statement of financial activities
Financial risk management
The Trustees have assessed the major risks to which the Foundation is exposed, in particular those related to the operations and finances of the Foundation, and are satisfied that systems and procedures are in place to mitigate exposure to the major risks.
Balance sheet
Statement of cash flows
Notes to the financial statements
Randal Foundation - Annual Report & Accounts January 2023 - December 2023
Page 14
Structure, governance & management
About Randal Foundation
The legal form of the charity is that of a Charitable Incorporated Organisation (CIO) which is controlled by its governing document, its constitution, which was amended by resolution on 10 June 2020.
Our values
1
Our mission
Reference and administrative details
Registered charity number
1176129
Resourcing our impact
Principal address
Nene House, 4 Rushmills, Northampton, NN4 7YB
Themes and pillars
Trustees
Dr NR Kotecha OBE DL, Mrs MN Kotecha FBDO, Mrs M Huang, Mr M Thompson, Mr C Hobson
Auditor
Chairman’s statement
UHY Hacker Young LLP Chartered Accountants, 14 Park Row, Nottingham, NG1 6GR
Leadership recruitment
Prior to mapping out our selection process for Trustees joining our Foundation, Trustees are alerted to, and informed of existing and new rules regarding eligibility and automatic disqualification of charity Trustees. Any amendments to these provisions are circulated automatically to Trustees, and the most up to date guidance will be consulted at each point a recruitment process is considered (and always before commencement).
Trustees are aware of the need for a balance of skills and abilities on our Board - as well as the need for available capacity in all Trustees if we are to achieve our objectives as a charity. A “hands-on” role is expected from all Trustees as we guide our Foundation and grow our impact. In determining the need for additional Trustees therefore we consider current skills, abilities and capacity - as well as horizon scanning for the skill sets and capacity we will need in order to achieve current and future plans. The procedures for electing or appointing new Trustees is set out in overview in our Constitution.
Financial review
Structure, governance & management
Auditor’s report
Appointment
Information on prospective Trustees including professional biographies and/or the findings from formal recruitment processes and/ or references taken up will inform the appointment process. Trustees will make a majority decision on the appointment of any new Trustee(s) at a formally convened meeting of the Board of Trustees - whether within or outside of the cycle of planned meetings.
Statement of financial activities
Induction and training of new Trustees
We recognise that an appropriately organised induction for all new Trustees is vital. It is a gateway for both new Trustees - helping them to get up to speed with the role, our Foundation and its work, and their legal responsibilities.
Trustees are alert to the need for a strong induction which ensures we can provide evidence that the people in our organisation have an awareness and understanding of our ambitions and aims - but also, essentially, key policies and procedures such as health and safety and data protection. Our Trustee induction programme includes a variety of activities over a period.
Executive team
Balance sheet
Statement of cash flows
An executive team supports the Board and the Trustees as they direct, lead and ensure the work of our Foundation is delivered.
Notes to the financial statements
Randal Foundation - Annual Report & Accounts January 2023 - December 2023
Page 15
About Randal Foundation
Auditor’s report
The auditor’s report to the Trustees of Randal Foundation is shown for the year January to December 2023.
Our values
----- Start of picture text -----
1 2
----- End of picture text -----
----- Start of picture text -----
3
----- End of picture text -----
Our mission
Auditor’s report to the Trustees
Opinion
We have audited the financial statements of The Randal Charitable Foundation (the ‘charity’) for the year ended 31 December 2023 which comprise the Statement of Financial Activities, the Balance Sheet, the Statement of Cash Flows and notes to the financial 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 FRS 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 31 December 2023 and of its incoming resources and application of resources for the year then ended;
-
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-
have been prepared in accordance with the requirements of the Charities Act 2011.
Resourcing our impact
Themes and pillars
Chairman’s statement
Basis for opinion
We have been appointed as auditors under section 144 of the Charities Act 2011 and report in accordance with regulations made under section 154 of that Act.
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.
Financial review
Structure, governance & management
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the Trustees’ use of the going concern 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 twelve 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 information
The other information comprises the information included in the Trustees’ Report other than the financial statements and our auditor’s report thereon. The Trustees are responsible for the other information contained within the Trustees’ Report. Our opinion on the financial statements does not cover the other information and, 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.
Auditor’s report
Statement of financial activities Balance sheet
Statement of cash flows
Notes to the financial statements
Randal Foundation - Annual Report & Accounts January 2023 - December 2023
Page 16
Auditor’s report
About Randal Foundation
The auditor’s report to the Trustees of Randal Foundation is shown for the year January to December 2023.
Our values
----- Start of picture text -----
1 2 3
----- End of picture text -----
Our mission
Auditor’s report to the Trustees cont’d
Matters on which we are required to report by exception
We have nothing to report in respect of the following matters where the Charities Act 2011 requires 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
-
sufficient accounting records have not been kept; or
Resourcing our impact
Themes and pillars
-
the financial statements are not in agreement with the accounting records and returns; or
-
we have not received all the information and explanations we require for our audit.
Responsibilities of trustees
As explained more fully in the Statement of Trustees’ responsibilities set out on page 13, 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 internal 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 concern 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
Our 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 always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
The extent to which the audit was considered capable of detecting irregularities, including fraud
Irregularities are instances of non-compliance with laws and regulations. The objectives of our audit are to obtain sufficient appropriate audit evidence regarding compliance with laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements, to perform audit procedures to help identify instances of non-compliance with other laws and regulations that may have a material effect on the financial statements, and to respond appropriately to identified or suspected noncompliance with laws and regulations identified during the audit.
In relation to fraud, the objectives of our audit are to identify and assess the risk of material misstatement of the financial statements due to fraud, to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud through designing and implementing appropriate responses and to respond appropriately to fraud or suspected fraud identified during the audit.
However, it is the primary responsibility of management, with the oversight of those charged with governance, to ensure that the entity’s operations are conducted in accordance with the provisions of laws and regulations and for the prevention and detection of fraud.
Chairman’s statement
Financial review
Structure, governance & management
Auditor’s report
Statement of financial activities Balance sheet
Statement of cash flows
Notes to the financial statements
Randal Foundation - Annual Report & Accounts January 2023 - December 2023
Page 17
About Randal Foundation
Auditor’s report
The auditor’s report to the Trustees of Randal Foundation is shown for the year January to December 2023.
Our values
----- Start of picture text -----
1
----- End of picture text -----
----- Start of picture text -----
2 3
----- End of picture text -----
Our mission
Auditor’s report to the Trustees cont’d
In identifying and assessing risks of material misstatement in respect of irregularities, including fraud, the audit engagement team:
-
obtained an understanding of the nature of the sector, including the legal and regulatory framework, that the charity operate in and how the charity is complying with the legal and regulatory framework;
-
inquired of management, and those charged with governance, about their own identification and assessment of the risks of irregularities, including any known actual, suspected or alleged instances of fraud;
-
discussed matters about non-compliance with laws and regulations and how fraud might occur including assessment of how and where the financial statements may be susceptible to fraud.
As a result of these procedures we consider the most significant laws and regulations that have a direct impact on the financial statements are FRS 102, Charities SORP (FRS 102), Charities Act 2011 and the charity’s governing document. We performed audit procedures to detect non-compliances which may have a material impact on the financial statements which included reviewing the financial statements including the Trustees’ Report and remaining alert to new or unusual transactions which may not be in accordance with the governing documents.
The audit engagement team identified the risk of management override of controls as the area where the financial statements were most susceptible to material misstatement due to fraud. Audit procedures performed included but were not limited to testing manual journal entries and other adjustments, evaluating the business rationale in relation to significant, unusual transactions and transactions entered into outside the normal course of business, challenging judgments and estimates.
A further description of our responsibilities for the audit of the financial statements is provided on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. 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 the Charities Act 2011. 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 permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity’s trustees as a body, for our audit work, for this report, or for the opinions we have formed.
Resourcing our impact
Themes and pillars
Chairman’s statement
Financial review
Structure, governance & management
Auditor’s report
UHY Hacker Young LLP
Statutory Auditor Chartered Accountants 14 Park Row Nottingham NG1 6GR Date: 06 September 2024
UHY Hacker Young LLP is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006.
Statement of financial activities
Balance sheet
Statement of cash flows
Notes to the financial statements
Randal Foundation - Annual Report & Accounts January 2023 - December 2023
Page 18
Statement of financial activities
About Randal Foundation
For the year ended 31 December 2023
Our values
----- Start of picture text -----
1
----- End of picture text -----
| Note | Unrestricted funds 2023 £ |
Total funds 2023 £ |
Total funds 2022 £ |
|---|---|---|---|
| Income from: Donations 4 Investments 5 Total income Expenditure on: Charitable activities 6 Other expenditure 7 Total expenditure Net income/(expenditure) before net gains/(losses) on investments Net gains/(losses) on investments Net movement in funds Reconciliation of funds: Total funds brought forward Net movement in funds Total funds carried forward |
2,000,000 199,957 |
2,000,000 199,957 |
- 90,386 |
| 2,199,957 | 2,199,957 | 90,386 | |
| 709,495 994 |
709,495 994 |
816,110 - |
|
| 710,489 1,489,468 403,417 |
710,489 1,489,468 403,417 |
816,110 (725,724) (387,722) |
|
| 1,892,885 | 1,892,885 | (1,113,446) | |
| 8,597,895 1,892,885 |
8,597,895 1,892,885 |
9,711,341 (1,113,446) |
|
| 10,490,780 | 10,490,780 | 8,597,895 |
The Statement of Financial Activities includes all gains and losses recognised in the year. The notes on pages 22 to 33 form part of these financial statements.
Our mission
Resourcing our impact
Themes and pillars
Chairman’s statement
Financial review
Structure, governance & management
Auditor’s report
Statement of financial activities
Balance sheet
Statement of cash flows
Notes to the financial statements
Randal Foundation - Annual Report & Accounts January 2023 - December 2023
Page 19
Balance sheet
About Randal Foundation
As at 31 December 2023
Our values
----- Start of picture text -----
1
----- End of picture text -----
| Note | 2023 £ |
2022 £ |
||
|---|---|---|---|---|
| Fixed assets Investments 12 Current assets Cash at bank and in hand Liabilities Creditors: amounts falling due within one year 13 Net current assets Total assets less current liabilities Creditors: amounts falling due after more than one year 14 Total net assets Foundation funds Unrestricted funds - general funds Total funds |
478,857 (118,568) |
10,130,491 360,289 |
2,040,293 (63,958) |
6,641,560 1,976,335 |
| 10,490,780 - |
8,617,895 (20,000) |
|||
| 10,490,780 | 8,597,895 | |||
| 10,490,780 | 8,597,895 | |||
| 10,490,780 | 8,597,895 |
The financial statements were approved and authorised for issue by the Trustees on their behalf by:
Our mission
Resourcing our impact
Themes and pillars
Chairman’s statement
Financial review
Structure, governance & management
Auditor’s report
Dr N R Kotecha OBE DL
Date: 01September 2024 The notes on pages 22 to 33 form part of these financial statements.
Statement of financial activities
Balance sheet
Statement of cash flows
Notes to the financial statements
Randal Foundation - Annual Report & Accounts January 2023 - December 2023
Page 20
Statement of cash flows
About Randal Foundation
For the year ended 31 December 2023
Our values
----- Start of picture text -----
1
----- End of picture text -----
| Note | 2023 £ 2022 £ |
|---|---|
| Cash fows from operating activities Net cash (used in) / provided by operating activities 18 Cash fows from investing activities Cash transfer from investments Purchase of investments Investment income Net cash used in investing activities Change in cash and cash equivalents in the year Cash and cash equivalents at the beginning of the year Cash and cash equivalents at the end of the year 19 |
1,363,860 (778,380) |
| 3,489,834 - (6,500,000) (7,000,000) 84,870 35,403 |
|
| (2,925,296) (6,964,597) |
|
| (1,561,436) (7,742,977) 2,040,293 9,783,270 |
|
| 478,857 2,040,293 |
Our mission
Resourcing our impact
Themes and pillars
Chairman’s statement
Financial review
The notes on pages 22 to 33 form part of these financial statements
Structure, governance & management
Auditor’s report
Statement of financial activities
Balance sheet
Statement of cash flows
Notes to the financial statements
Randal Foundation - Annual Report & Accounts January 2023 - December 2023
Page 21
Notes to the financial statements
About Randal Foundation
For the year ended 31 December 2023
Our values
----- Start of picture text -----
1 2 3 4 5 6 7 8 9 10 11 12
----- End of picture text -----
Our mission
1. General information
The Randal Charitable Foundation (the “Foundation”) is a Charitable Incorporated Organisation registered with the Charity Commission for England & Wales, registered number 1176129. Its principal address is Nene House, 4 Rushmills, Northampton, NN4 7YB.
Resourcing our impact
The objectives of Foundation are set out in clause 3 of its constitution (amended by resolution on 10 June 2020) and are as follows:
- The advancement of such charitable purpose or purposes for the Public Benefit according to the laws of England and Wales in the United Kingdom and elsewhere in the world as the Trustees decide, in particular but not exclusively:
Themes and pillars
-
The relief of sickness and preservation and protection of good health, in particular:
-
The advancement of healthcare in the Developing World;
-
The treatment of addiction linked to alcohol, drugs or gambling in the UK.
Chairman’s statement
-
The prevention and relief of poverty, in particular:
-
Tackling of financial hardship and social disadvantage in the UK due to poor mental/physical health, homelessness, age or disability;
-
Supporting specific projects world-wide focused on improving communities standard of living.
Financial review
-
The advancement of education, in particular:
-
Addressing poverty in the Developing World, through the power of education;
-
Ending the ‘poverty of opportunity’ in the UK.
Structure, governance & management
Auditor’s report
Statement of financial activities
Balance sheet
Statement of cash flows
Notes to the financial statements
Randal Foundation - Annual Report & Accounts January 2023 - December 2023
Page 22
Notes to the financial statements
About Randal Foundation
For the year ended 31 December 2023
Our values
----- Start of picture text -----
1
----- End of picture text -----
----- Start of picture text -----
2 3 4 5 6 7 8 9 10 11 12
----- End of picture text -----
Our mission
2. Accounting policies
2.1 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 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.
The financial statements have been prepared to give a ‘true and fair’ view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a ‘true and fair’ view. This departure has involved following the Charities SORP (FRS 102) published in October 2019 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.
The Randal Charitable Foundation meets the definition of a public benefit entity under FRS 102.
Resourcing our impact
Themes and pillars
Chairman’s statement
Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.
The financial statements are prepared in Pounds Sterling, which is the functional currency of the Foundation. Monetary amounts in these financial statements are rounded to the nearest Pound Sterling.
Financial review
2.2 Going concern
The accounts have been prepared on a going concern basis. Having carried out a detailed review of the Foundation’s resources and the challenges presented by the current economic climate, the Trustees are satisfied that the Foundation has sufficient cash flows to meet its liabilities as they fall due for at least one year from the date of approval of the accounts. The Trustees are also not aware of any material uncertainty that will prevent the Foundation continuing as a going concern.
2.3 Income
All income is recognised once the Foundation has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.
Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable.
Structure, governance & management
Auditor’s report
Statement of financial activities
Balance sheet
Statement of cash flows
Notes to the financial statements
Randal Foundation - Annual Report & Accounts January 2023 - December 2023
Page 23
Notes to the financial statements
About Randal Foundation
For the year ended 31 December 2023
Our values
----- Start of picture text -----
1 2 3 4 5 6 7 8 9 10 11 12
----- End of picture text -----
Our mission
2. Accounting policies cont’d
2.4 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. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use.
Expenditure on charitable activities is incurred on directly undertaking the activities which further the Foundation’s objectives, as well as any associated support costs.
Resourcing our impact
Themes and pillars
Chairman’s statement
Grants payable are charged in the year when the offer is made except in those cases where the offer is conditional, such grants being recognised as expenditure when the conditions attaching are fulfilled. Grants 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.
Financial review
2.5 Interest receivable
Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Foundation; this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited.
2.6 Taxation
The Foundation is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the Foundation is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes.
2.7 Investments
Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the Balance Sheet date, unless the value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as ‘Gains/ (Losses) on investments’ in the Statement of Financial Activities.
2.8 Cash at bank and in hand
Structure, governance & management
Auditor’s report
Statement of financial activities
Balance sheet
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.
2.9 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 Foundation 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.
Statement of cash flows
Notes to the financial statements
Randal Foundation - Annual Report & Accounts January 2023 - December 2023
Page 24
Notes to the financial statements
About Randal Foundation
For the year ended 31 December 2023
Our values
----- Start of picture text -----
1 2 3 4 5 6 7 8 9 10 11 12
----- End of picture text -----
Our mission
2. Accounting policies cont’d
2.10 Financial instruments
The Foundation 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 or market value as appropriate.
2.11 Fund accounting
Resourcing our impact
Themes and pillars
General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Foundation and which have not been designated for other purposes.
3. Critical accounting estimates and areas of judgement
Chairman’s statement
Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
The Foundation makes estimates and assumptions concerning the future. The resulting accounting estimates and assumptions will, by definition, seldom equal the related actual results. There are no critical accounting estimates or areas of judgement that affect these financial statements.
Financial review
Structure, governance & management
Auditor’s report
Statement of financial activities
Balance sheet
Statement of cash flows
Notes to the financial statements
Randal Foundation - Annual Report & Accounts January 2023 - December 2023
Page 25
Notes to the financial statements
About Randal Foundation
For the year ended 31 December 2023
Our values
----- Start of picture text -----
1
----- End of picture text -----
----- Start of picture text -----
2 3 4 5 6 7 8 9 10 11 12
----- End of picture text -----
Our mission
4. Income from donations and legacies
| Unrestricted funds 2023 £ Total funds 2023 £ Total funds 2022 £ |
|
|---|---|
| Donations 5. Investment income |
2,000,000 2,000,000 - |
| Unrestricted funds 2023 £ Total funds 2023 £ Total funds 2022 £ |
|
| Dividends Interest Foreign exchange gains |
29,578 29,578 25,396 170,379 170,379 55,234 - - 9,756 |
| 199,957 199,957 90,386 |
Resourcing our impact
Themes and pillars
Chairman’s statement
Financial review
6. Analysis of expenditure on charitable activities
Summary by fund type
----- Start of picture text -----
Unrestricted funds Total funds Total funds
2023 2023 2022
£ £ £
Provision of grants 709,495 709,495 816,110
7. Other expenditure
Unrestricted funds Total funds Total funds
2023 2023 2022
£ £ £
Interest payable 994 994 -
----- End of picture text -----
Structure, governance & management
Auditor’s report
Statement of financial activities
Balance sheet
Statement of cash flows
Notes to the financial statements
Randal Foundation - Annual Report & Accounts January 2023 - December 2023
Page 26
Notes to the financial statements
About Randal Foundation
For the year ended 31 December 2023
Our values
----- Start of picture text -----
1 2 3 4 5 6 7 8 9 10 11 12
----- End of picture text -----
Our mission
8. Analysis of expenditure by activities
| Grant funding of activities 2023 £ Support costs 2023 £ Total funds 2023 £ Total funds 2022 £ |
|
|---|---|
| Provision of grants Total 2022 |
546,994 162,501 709,495 816,110 |
| 760,226 55,884 816,110 |
Analysis of support costs
| Total funds 2023 £ Total funds 2022 £ |
|
|---|---|
| Accountancy fees Investment management fees Advertising and marketing Professional fees Consulting fees Other costs Audit fees |
7,200 7,200 39,739 25,701 1,500 - 1,386 - 87,538 - 7,918 6,225 17,220 16,758 |
| 162,501 55,884 |
The Foundation did not employ any staff or incur any staff costs (2022: £nil) in the year.
Resourcing our impact
Themes and pillars
Chairman’s statement
Financial review
Structure, governance & management
Auditor’s report
Statement of financial activities
Balance sheet
Statement of cash flows
Notes to the financial statements
Randal Foundation - Annual Report & Accounts January 2023 - December 2023
Page 27
Notes to the financial statements
About Randal Foundation
For the year ended 31 December 2023
Our values
----- Start of picture text -----
1 2 3 4 5 6 7 8 9 10 11 12
----- End of picture text -----
Our mission
9. Analysis of grants
| Grant to insitutions 2023 £ |
Total funds 2023 £ |
Total funds 2022 £ |
|
|---|---|---|---|
| Grants made | 546,994 | 546,994 | 760,226 |
Resourcing our impact
Themes and pillars
The Foundation has made the following grants to institutions during the year:
| 2023 £ |
2022 £ |
|
|---|---|---|
| OCD Action | 12,000 | - |
| Community Action | 12,213 | - |
| East Kent Rape Crisis Centre | 15,000 | - |
| Medic Assist International | 11,720 | - |
| Healthbus | 30,000 | - |
| Into University | 250,000 | - |
| Search & Rescue | 20,915 | - |
| Voluntary Action | 29,000 | - |
| Sharewear Clothing Scheme | 29,298 | - |
| Grace Enterprises | 30,000 | - |
| Centre For Social Justice | 75,000 | 65,000 |
| Shama Women’s Centre | 16,848 | 2,500 |
| British Asian Trust | 15,000 | 15,000 |
| Emergency UK | - | 100,000 |
| Sreepur Village, Bangladesh | - | 10,000 |
| Medair UK | - | 14,283 |
| Hope for Tomorrow | - | 17,374 |
| South London Cares | - | 10,000 |
| Henfeld Area Response Team | - | 3,000 |
| Battle Scars | - | 4,050 |
| PAPYRUS Prevention of Young Suicide | - | 28,447 |
| Ripple Suicide Prevention | - | 10,000 |
| The Listening Place | - | 25,000 |
Chairman’s statement
Financial review
Structure, governance & management
Auditor’s report
Statement of financial activities Balance sheet
Statement of cash flows Notes to the financial statements
Randal Foundation - Annual Report & Accounts January 2023 - December 2023
Page 28
Notes to the financial statements
For the year ended 31 December 2023
About Randal Foundation Our values
1 2 3 4 5 6 7 8 9 10 11 12
Our mission
Analysis of grants cont’d
| 2023 £ |
2022 £ |
|
|---|---|---|
| The Z.S.V Trust - 6,000 Refuge - 29,622 Great Western Air Ambulance Charity - 5,000 The Hands Up Foundation - 9,864 Aspirations Program - 7,572 Ashanti Development - 9,996 Five Talents UK - 9,300 United World School - 15,000 Compass Children’s Charity - 13,536 ForAfrika - 25,530 Healing Little Hearts - 51,000 The Citizens Foundation (UK) - 15,833 Action in Africa - 5,000 The Karen Hilltribes Trust - 18,389 Deki Limited - 3,000 Uganda Red Cross - 150,010 UK-Med - 50,000 Village Water - 20,920 World Child Cancer - 20,000 Total grants to institutions 546,994 770,226 Less: previous grant awards returned - (10,000) Grants to institutions recognised in year 546,994 760,226 Further details of all grants awarded by the Foundation can be found on its website - www.randalfoundation.org.uk/grant-giving. 10. Auditor’s remuneration |
- - - - - - - - - - - - - - - - - - - |
6,000 29,622 5,000 9,864 7,572 9,996 9,300 15,000 13,536 25,530 51,000 15,833 5,000 18,389 3,000 150,010 50,000 20,920 20,000 |
| 546,994 - |
770,226 (10,000) |
|
| 546,994 | 760,226 | |
| 2023 £ 2022 £ |
||
| Fees payable to the Foundation’s auditor for the audit of the Foundation’s annual accounts 10,000 16,578 |
Resourcing our impact
Themes and pillars
Chairman’s statement
Financial review
Structure, governance & management
Auditor’s report
Statement of financial activities
Balance sheet
Statement of cash flows
Notes to the financial statements
Randal Foundation - Annual Report & Accounts January 2023 - December 2023
Page 29
Notes to the financial statements
About Randal Foundation
For the year ended 31 December 2023
Our values
----- Start of picture text -----
1 2 3 4 5 6 7 8 9 10 11 12
----- End of picture text -----
Our mission
11. Trustees’ remuneration and expenses and costs of key management personnel
During the year, no Trustees received any remuneration or other benefits (2022 - £NIL).
The Foundation considers that key management is provided by the Trustees, and these personnel have not been remunerated during the year by the Foundation.
Resourcing our impact
During the year ended 31 December 2023, no Trustee expenses have been incurred (2022 - £NIL).
12. Investments
| Listed investments £ Cash balances £ Total £ |
|
|---|---|
| Valuation At 1 January 2023 Cash investment Additions Disposals Cash moved to Randal Charitable Foundation bank Gains & losses Investment management fees Investment income Cash movement At 31 December 2023 |
5,717,558 924,002 6,641,560 - 6,500,000 6,500,000 43,457,754 - 43,457,754 (46,009,341) - (46,009,341) - (3,489,834) (3,489,834) 403,417 - 403,417 - (39,739) (39,739) - 115,087 115,087 - 2,551,587 2,551,587 |
| 3,569,388 6,561,103 10,130,491 |
Themes and pillars
Chairman’s statement
Financial review
Structure, governance & management
Auditor’s report
13. Creditors: Amounts falling due within one year
| 2023 £ 2022 £ |
|
|---|---|
| Trade creditors Accruals Accrued grants payable to institutions 14. Creditors: Amounts falling due after more than one year |
11,670 - 12,600 23,958 94,298 40,000 |
| 118,568 63,958 |
|
| 2023 £ 2022 £ |
|
| Accrued grants payable to institutions | - 20,000 |
Statement of financial activities
Balance sheet
Statement of cash flows
Notes to the financial statements
Randal Foundation - Annual Report & Accounts January 2023 - December 2023
Page 30
Notes to the financial statements
About Randal Foundation
For the year ended 31 December 2023
Our values
1 2 3 4 5 6 7 8 9 10 11 12
Our mission
15. Financial instruments
2023 2022 £ £ Financial assets Financial assets measured at fair value through income and expenditure 3,569,388 5,717,558
| 2023 £ |
2022 £ |
|
|---|---|---|
| Financial liabilities | ||
| Financial liabilities measured at amortised cost | 118,568 | 83,958 |
Resourcing our impact
Themes and pillars
Chairman’s statement
Financial assets measured at fair value through income and expenditure comprise of listed investments.
Financial liabilities measured at amortised cost comprise of accruals and accrued grants payable to institutions.
Financial review
16. Summary of funds
Summary of funds - current year
----- Start of picture text -----
Balance at
Balance at 1 Gains/ 31 December
January 2023 Income Expenditure (Losses) 2023
£ £ £ £ £
General funds 8,597,895 2,199,957 (710,489) 403,417 10,490,780
----- End of picture text -----
Summary of funds - prior year
| Balance at 1 January 2022 £ |
Income £ |
Expenditure £ |
Gains/ (Losses) £ |
Balance at 31 December 2022 £ |
|
|---|---|---|---|---|---|
| General funds | 9,711,341 | 90,386 | (816,110) | (387,722) | 8,597,895 |
Structure, governance & management
Auditor’s report
Statement of financial activities
Balance sheet
Statement of cash flows
Notes to the financial statements
Randal Foundation - Annual Report & Accounts January 2023 - December 2023
Page 31
Notes to the financial statements
About Randal Foundation
For the year ended 31 December 2023
Our values
----- Start of picture text -----
1
----- End of picture text -----
----- Start of picture text -----
2 3 4 5 6 7 8 9 10 11 12
----- End of picture text -----
Our mission
17. Analysis of net assets between funds
Analysis of net assets between funds - current year
| Unrestricted funds 2023 £ Total funds 2023 £ |
|
|---|---|
| Fixed asset investments Current assets Creditors due within one year Total |
10,130,491 10,130,491 478,857 478,857 (118,568) (118,568) |
| 10,490,780 10,490,780 |
Resourcing our impact
Themes and pillars
Chairman’s statement
Analysis of net assets between funds - prior year
| Unrestricted funds 2022 £ Total funds 2022 £ |
|
|---|---|
| Fixed asset investments Current assets Creditors due within one year Creditors due in more than one year Total |
6,641,560 6,641,560 2,040,293 2,040,293 (63,958) (63,958) (20,000) (20,000) |
| 8,597,895 8,597,895 |
Financial review
Structure, governance & management
Auditor’s report
Statement of financial activities
Balance sheet
Statement of cash flows
Notes to the financial statements
Randal Foundation - Annual Report & Accounts January 2023 - December 2023
Page 32
Notes to the financial statements
About Randal Foundation
For the year ended 31 December 2023
Our values
----- Start of picture text -----
1 2 3 4 5 6 7 8 9 10 11 12
----- End of picture text -----
Our mission
18. Reconciliation of net movement in funds to net cash flow from operating activities
| 2023 £ 2022 £ |
|
|---|---|
| Net income/expenditure for the year (as per Statement of Financial Activities) Adjustments for: (Gains)/losses on investments Foreign exchange gains on investment cash Investment management fees Investment income Increase in creditors Net cash provided by/(used in) operating activities 19. Analysis of cash and cash equivalents |
1,892,885 (1,113,446) |
| (403,417) 387,722 - (9,756) 39,739 25,701 (199,957) (80,630) 34,610 12,029 |
|
| 1,363,860 (778,380) |
|
| 2023 £ 2022 £ |
|
| Cash in hand 20. Analysis of changes in cash fows |
478,857 2,040,293 |
| At 1 January 2023 £ |
Cash fows £ At 31 December 2023 £ |
| Cash at bank and in hand 2,040,293 |
(1,561,436) 478,857 |
21. Related party transactions
The principal source of income of the Foundation in the year ended 31 December 2023 was donations from companies controlled at that point in time by two of the Trustees. The total value of donations received from these companies during the year was £2,000,000 (2022: £Nil) and there was £nil due to or from the related parties at 31 December 2023 (2022: £nil).
Dr N R Kotecha, the Chairman of the Foundation, is a board member for the Centre For Social Justice. During the year, the Foundation made grants to the Centre For Social Justice totalling £75,000 (2022: £65,000).
22. Controlling party
The Trustees do not consider that there is any one controlling party.
Resourcing our impact
Themes and pillars
Chairman’s statement
Financial review
Structure, governance & management
Auditor’s report
Statement of financial activities
Balance sheet
Statement of cash flows
Notes to the financial statements
Randal Foundation - Annual Report & Accounts January 2023 - December 2023
Page 33
About Randal Foundation
Our values
Our mission
Resourcing our impact
Themes and pillars
Chairman’s statement
Financial review
Structure, governance & management
Auditor’s report
Statement of financial activities
Balance sheet
“Our aspiration is to save, and significantly improve, the lives of 1 million people globally.”
Statement of cash flows
Registered charity number: 1176129
Notes to the financial statements