Cotnpany registration nurnber.. 13678016 Charity registration number.. 1197420 The Natasha PoonawalIa Foundation {A compony limited by guarantee) Annllal Report and Financial Siatement5 for the Year Ended 31 December 2023 KNA V Limited Statutory Auditors Flygeia Building Ground Floor 66-68 College Road Harrow Middlesex HAI IBE
The Natasha Poonawalla Foundation Contents RefeTence and Administrative Details TTUStees' Report 2to4 Siatement of Tru5tees' Responsibilities Independent Auditors, Reptsrt 6t08 Slaietnent of Financial Activities Balance Sheet 10 Stateinent of Cash Flows Notes to the Financial StateTnents 12to 18 Detailed Stat¢tnent of Financial Activities 19to21
The Natasha Poonawalla Foundation Reference and Administrative Details Trustees MrAPColl Mr P M Sinel Charity Registration Number 1197420 Company Registration Nurnber 13678016 Registered Office 15 Grosvenor Street London WIK4QZ Auditor KNAV Limited Statutory Auditors Hygeia Building Ground Floor 66-68 College Road Harrow Middlesex HAI IBE Bankers HSBC PLC 60 Queen Victoria Street, London. EC4N 4TR Page I
The Natasha Poonawalla Foundation Trustees, Report The trustees, who are directors for the purposes of the Companies Act 2006, present the annual report together with the fancial statements and auditors. report of the charity for year ending 31 DeCebEr 2023. The trustees confm that the fInancial ststements comply with the Charities Act 2011 and Accountin¥ and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their fmancial Statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 102) (effective l January 2019). Objeetives and activities The charitable objects of the foundation are.. the advancement of health and the prevention or relief of sickness and the relief of those in need by rea50n of ill- health in particular through the provision of financial and other support, assistan¢e and advice, in order to save and enhance the lives of individu215; the advancement of education and learniEJg in relation to medical science and in particular the promotion of vaccine research and dissemination of the useful results thereof, in order to save and enhance the lives of individuals; and such other incidental and ancillary exclusively charitable activity as the tTU5tees from time to time think fit. During the year, the Foundation provided ndIng to other charities that align with and support th¢ Foundation's objectives. The Trustees have complied with the duty in section 17(51 of the Charities Act 2011 to have due regard to the public benefit guidance published by the Charity Commission. Grant-making poliey Donations made by the charity are decided upon by the trustees in accordance with the charity's objectives. FinaThci#l review and future plans Resullsfor iheperiod The financial activities of the charity are outlined in the Statement of Financial Activities on page 9. Th¢ trnstees are satisfied with the results for the period. which show a surplus in fiinds of £1.948.101. The principal funding source for the charity was a donation in 2022 from Senlln Life Sciences Lirnited. Donations granted in line with the Foundation's objectives, were the main expenditure for the year. Fulureplans The trustee5 will consider fiu1her distributions to chaTities in accordance with its objects in England and Wales and elsewhere. Page 2
The Natasha Poonawalla Foundation Trustees, Report Reserves policy and going concer The Trustees periodically review the Reserves Policy, recognising that the Foundation's income varies from year to year. To enable the Foundation to effectively plan its activities. the charity holds reserves with an appropriate level of liquidity. ensuritig they are adequate to meet current and medium-terni needs. As of the year-end. there were no restricted or designated reserves, and the charity had access to sutTicient cash to cover the wnning COSES of its charitable a¢tiYities. even in excess of the income generated. Ai the end of the cutTent period, the unrestricted general fund was in surplu5 by £1,948,101. The Trustees consider the going concern basis of preparation to be appropriate for the financial statement5, given that the Foundatiot) has a simple organisational structure, no long-tern) fJnan¢ial commitments, and sufficient ndS to meet its liabilities as they fall due over the next twelve months, frorn the date these fancial siatements were approved. Structure, governanee, #Dd management Siru¢ture The foundation was established on 13 October 2021 and is registered with the Charty Commission. Charity Registration Number 1197420. The Foundation is a charitable company limited by guarantee, registered with Companies House and the Clwity Commission. Trusiee5 The trustees serving during the year and up to the date of signature of the fmancial statelnents were as follows.. MrAPColl Mr P M Sinel Governa*ce and management The Natasha Poonawalla Foundation is goY¢rned by its Artiele5 ofAssociation. As set out in the Articles of Association, there should be a minitnum of Trustees, who are a150 directors for the purpose of company law. The trnstees can be appointed and relnoved by the Founders of the charity, Mr Adar Poonawalla and Mrs Natasha Poonawalla. Trustees are appointed based upon an appraisal of the skills and experience r¢quired by the Charity. New trustees are to be given an induction and guidance by the existing Board members. The trustees are ultimately responsible for the policies. activities and assets of the charity. They ]neet regularly tr> administer the charity and all decisions affecting the ]nanageTn¢nt of the foundation and its assets are taken by the trustees jointly. The llstees ensure that they are aware of development5 to governance and best practice in the charity sector. The trustees have had due regard to the guidance on public benefit issued by the Charity Commission in exerci5llJg their powers and duties. All tnjstees have given their time voluntarily and receive no benefits from the charity. Page 3
The Iyatasha Poonawalla Foundation Trustees, Report Mit5g#tioN of risks The trustees have ident2fi¢d the mn risk to th¢ Foundation as being the inappropriate granting of fijnds to third parties and the possible misuse of those fund5 by the recipients. The tyustee5 confirm that systems have bee eslabli5h¢d to tnable steps to be taken tts lessen these risks, guch as vetting procedures and undeT$tsnding of the PTOP05ed usage of funds. The trllste¢s do not believe that the identified risk poses a threat to the ability of the charity to continu¢ operating a$ 8 going concern. Public benefit statement The trustees have had due regard to the guidan¢e on public benefit issued by the Charity Commission in exercising their power5 and dutie5 and confirm that they have complied with the requirements of section 17 of the CharitiesAct 2011 to havedue re8ard to the publir benefit guidance published by the Charity Commission for England and Wales. Diselosure of information to &llditor The trust¢e5 confirm that so far as they are aware. there is no relevant audit inforn]ation of which the charitable ¢ompany'5 auditors are unawar¢. They have taken all the steps that they ought to have tsken as Irusfees in order to make themselves aware of any relEvant audit inforniation and to esiabli5h that the charitable company'5 auditor5 are aware of that infomation. Rtappointment of guditor The auditors KNAV Limited are deemed to be reappoit)ted under section 48712) of the Companies AGt 2006. The allnual report was approved by the trustce5 of the charity on 2.¥. and signed on tts behalf by-. MrAPColl Trustee Page 4
The Natasha Poonawalla Foundation Statement of Trustees, Responsibilities The trustees Iwho are also the directors of The Natasha Poonawalla Foundation for the purposes of company lawl are responsible for preparing the tru5tees' report and the fInancial statements in accordance with applicable law and regulations. Company law requires the trustees to prepare financial State¢t5 for each fJnan¢ial year. Under company law the trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affaiTS of th¢ charitable company and of the incoming resources and application of resources, irt¢luding its income and expenditure, of the charitable company for that period. In preparing these financial statements, the trustees ar¢ required to.. select suitable accounting policies and appty them consist¢ntlyy observe the tnethods and principles in the Charities SORP.. mak¢ judgements and estimates that are reasonable and prudent. State whether applicable accounting standard5. comprising FRS 102 have been followed, subject to any mateTial departures disclosed and explaed in the financial statements., and prepare th¢ fjnancial statements on the going concern basis unless It is inappropriate to presume that the ¢haTitable company will continue in business. The trustees are responsibl¢ for keepit]g proper a¢¢ounting records that Can disclose Wjth reasonable accuracy at any time the financial position of the charitable cornpany and enable them to ensure that the fJnart¢ial statements comply with the Companies Act 2006. They are also responsible for safegllarding the assets of the charitable comp2ny and hence for taking reasonable steps for the pr¢ventitsn and detectiot) of fraud and other irregularitie5. The trustees aTe responsible for the maintenance and integrity of the corporate and financial information includd on the charitable company's w¢b51te. Legislation governing the preparation and dissemination of financial statements may differ from legislation in other jurisdiction5. Approved by th¢ trustee5 of the charity on stgned on its behalf by.. MrAPColl Trustee Pag¢ 5
The Natasha Poonawalla Foundation Independent Auditor's Report to the Members of Tbe Natasha Poonawalla Foundation Opinion We have audited the financial statements of The Natasha Poonawalla Foundation (the'charity'i for the year etjded 31 December 2023. which comprise the Statertjent of Financial Activities, Balance Sheet. Statement of Cash Flows, and Notes to the Financial Statements. including a sumtnary of significant accounting policies. The financial reporting fralnework that has been applied in the prepaTation United Kingdom Accounting Standards, comprising Charities SORP- FRS 102'The Financial Reporting Standard applicable in the UK and Republic of Ireland. and applicable law (United KingdoTn Generally Accepted Accounting Practice). In our opinion the r]nancial ststements.. give a true and fair view of the state of the charity's affairs as at 31 December 2023 and of its incoming resource5 and application of resources, llicluding its incotne and expendiÈure. 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 Companies A¢t 2006. Basis for opinion We conducted our audit in accordance with Jnternational Standards on Auditing (UK) (ISAS (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor responsibilities for the audit of the fll)ancial statement5 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 reqUBents. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. CoDcIusioRS relating to going concern In auditing the f]nancial statements, we have con¢luded that the trustees use of the goillg collcern basi5 of accounting in the preparation of the fancial statements is appropriate. Based on the work we have perfornied, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast slgnificant doubt on the charity's ability to continue as a going concern for a period of at least twelve months from when the original fsnancial Statements were authorised for issue. Our responsibilities and the responsibilitie5 of the trust¢¢s with respect to going concem are described in the Televant sections of this report. Other inforrnation The trustees are responsible for the other information. The oth¢r infomiation Comprises the inforniation lljcluded tn the annual report. other than the financial Statements and our auditor's report thereon. Our opinion on the financia] statements does not cover the other infoTmation aniL except to th¢ ¢xt¢nt otherwise explicitly stated in our report, we do not express any fomi of assurance conclusion thereon. In connection with our &udit of the financial ststements. our responsibility is to read the other infomiation and. in doing so, con5ideT whether the other inforn)ation is materially inconsistent with the financial statements. or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material incon51Stencies or apparent material misstatements. we are required to detemine whether there is a material misststement in the financial stateTnent5 or a material misstatement of the other infomation. If, based on the WOTk we have perforn)ed. we conclude that there is a material misstatement of this other infomiation. we are required to report that fatt. We have nothing to report in this regard. Opinion on other matter preseribtd by the Companies Act 2006 In our opinion, based on the work undertaken in the course of the audit.. the information given in the Trustees, Report for the financial year for which the fancial statements are prepared 15 consistent with the financial statements., and th¢ Trustees, Report has been prepared in accordance with applicable legal requirelnents. Page 6
The Natasha Poonawalla Foundation Independent Auditor's Report to the Members of The Natasha Poonawalla Foundation Matters on which we are required to report by exception In the light of our knowledge and understanding of the charity and its envirotllnent obtained in the eoune of the audit, we have not identified material misstatements En the Trustees, Report. We haye nothing to report respect of the following matter5 where the Companies Act 2006 requires us to report to you if, our opinion.. adequate accounting records have not been kept. or returns adequate for our audit haye not been received from branches not visited by us; or the financial statements are not in agreement with the a¢counting records and returns. or certain disclosures ottrustee5 reuneratIOn specified by law are not made,. or we have not received all the information and explanations we require for our audit. Responsibilities of trustees As explained more fvlly in the Statelnent of Trustees, Responsibilities (set out on page 5}. the trustees are responsible for the preparation of the r]nancial statements and for being satisfied that they give a trne and fair view, and for such internal eontrol as the trustee5 determine is necessary to enable the preparation of fancial ststements that are free from material misstatement. whether due to fraud or error. In preparing the f]nancial statements, the trustees are responsible for asse55ing the eharity'5 ability to continue as a going concern, di5c105ing, as applicable. matters related to going concern and using the going concern basis of accounting unles5 the trnstees either intend to liquidate the charity or to cease operations, or hav¢ no realistic alternative but to do so. Auditor responsibilities for the audit of the fin3ncial statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misststement. whether due to fraud or eOr, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level tsf assurance, but is not a guarantee that an audit conducted in accordance with ISAS (UK} will always detect a material mi55tstement when it exists. Misstatements can arise from fvaud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to inf]uence the economic decisions of users taken on the basis of these f]nancial statements. Extellt to which our procedures are capable of detecting irregularities, ineluding fraud We design our procedures so as to obtain sufficient appropriate audit evidence that the fmancial statements are not materially misstated due to non-compliance with law5 and regulations or due to fraud or error. We are not responsible for preventing non-compliance and catll)Ot be expected io detect noncojnpliance with all laws and regulations- this responsibility lies with management with the oversight of the Directtsr5. Based on our understanding of the Charity, discussions with managemenL we identified Companie5 Act 2006, the Charitie5 Act 201 l Financial Reporting Standard 102, Charities SORP, the charity's governtijg document and UK t&xation legislation 25 having a direct effect on the amounts and disclosures in the financial statements As parE of the engagement team discussion about how and where the Charity's financial statements may be materially misstated due to fraud. we did noi identify any area5 with an increased risk of fraud. Page 7
The Natashyd Poonawalla Foundation Independent Auditor's Report to the Members of The Natasha Poonawalla Foundation Our audst procedures included.. enquiry of trustees about the Chaiity's policies, procedures and related controls regarding cotnpliance with law5 and regulations and if there are any known instances of non-compliance., examining supporting documents for all material balances. tratJ5actions and disclosures.. * review of the trustee mlliutes: enquiry of trnstees of any legal matter5 and review of relevant correspondence with any legal firms; • evaluation of the selection and application of accounting policies related to subjective measurements and complex transactions. testing the appropriateness of journal entries recorded in the general ledger and other adjustsnents made in the preparation of the fInancial statements- and • review of accounting estimates for biases Owing to the inherent li]nitations of an audi( there is an unavoidable risk that some rnaterial misstatements of the f]naneial statements may not be detected, even though the audit is properly planned and perfonned in accordance with the ISAS (UK). The potential effects of tttherent limitations are particularly significant in the case of misstatetnent resulting from fraud because fraud ]nay involve sophisticated and carefully organised hemeS designed to conceal it. including deliberate failure to record transactions. collusion or intentional misrepresentations being made to us. A further description of our responsibilities is available on the Finantial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. Thi5 description forms part of our auditor'5 report. Use of our report This report is made solely to the charitable company's trustees, as a body, ll) accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we mighi state to the charity's trustees those tnatters we are required to state to them in an auditor's rq)ort and for no other purpose. To the fullest extent pemitted by law, we do not accept or assume responsibility to anyone other than the charitable company and it5 trnstees as a body, for our audit work. for this report, or for the opinions we have formed. an ndon FCA (Senior Statutory Au alf of KNAV Limited, Sta tor) tory Auditor Hygeia Building Ground Floor 66-68 College Road HaTrow Middlesex HAI IBE Date.. 2024-71-UK Page 8
The Natasha Poonawalla Foundg4tion Statement of Financial Activities for the Year Ended 31 Deeember 2023 Unrestrieted funds Total 2023 Note Income fro.. Investment income 55,895 55.895 Total incom¢ 55,895 Expenditure on: Raising ndS Charitable aclivities (9,102) 85,356 (9,102) 85.356 Total expenditure 94.458 94.458 Net expenditure 38.563 Net Tnovement in funds {38,563) (38,563) Reconciliation of funds Total funds brought forward 1,986,664 1986 664 Total funds carried forward 13 1,948.101 1948 101 Unrestricted funds Total 2022 Note Income from: Donations receiv¢d 2.000.000 2 000,000 Total income 2.000.000 Expenditure on: Raising funds 13.336 13,336 Total expenditure 13.336 13.336 Net income 1986 664 1.986,664 Net movement in funds 1986 664 1.986,664 Reeonciliation offunds Total funds carried forward 13 1.986.66A 1.986.664 All of the charity's activities derive from continuing operations during the above two periods. The notes on pages 12 to 18 foTm an integral part of these financial statelnents. Page 9
The Natasha Poonawalla Foundation (Registration number: 13678016) Balance Sheet as at 31 December 2023 2023 2022 Note CurreDt assets Debtors Cash at bank and in hand io 2.154 1951.287 1.953.441 5.000 2 000 000 2.005,000 Creditors: Amounts falling due withln ofte year Net as5et5 12 5.340 18.336 1948.101 1986,664 Funds of the eh*Tity'. UDrestri¢ted income funds Utlrestricted funds 1948.101 1986,664 Totgl fuDds 13 ,948,101 1,986 664 signed on their behalf by.. MrAPColl Trustee The notes on pages 12 to 18 form an integral part of these fitlancial statements. Page 10
The Natasha Poonaivalla Foundation Statement of Cash Flows for the Year Ended 31 December 2023 2023 2022 Note CAsh flows from operating activities Net moveTnent in funds 138,5631 1,986,664 Adlu$tmeDt5 to eash flows from non-cash items Investmeni in¢orne 55.895 194.4581 1,980,664 Working tgpital &dJustment5 EkGrea5¢11incTease) in debtors (Decreasel/i2)¢rease in ¢T¢ditors io 5.000 12,996 15,0001 12 Net cash flows from operating activitie5 1102.4541 2,000,QOO Cash flows from investing actlvities Interest r¢¢eivable and similar in¢ome 53,741 Net increase in cash and ¢ash equivalents 148,7131 2,000.000 Cash and ¢ash equivalents at l January Cash and cash equÈvalents at 31 D¢cetnb¢r 2 000 QOO 1.95 1.287 2,000,000 All of the cash flows are derived from continuing operatjtsT15 duriTL8 the above two peri(xJs. The notes page5 12 to 18 fomj an inl¢gral part of these flnancial statements. Page 11
The Natasha PoonaTrvalla Foundation Notes to the Financial Statements for the Year Ended 31 December 2023 I Charity st*tu$ The charity is limited by guarnntte. incorporated in England and WalES, and conseqllently does not have share capital. In the event of the charity being wound up, the liability in respect of th¢ guarantee is limited to £ I peT member of the charity. The address of lis registered office is.. 15 Grosvenor Street London WIK4QZ 2 Accounting poll¢les Summgry of Significant actoullting policies key accountiDg e$tirnates Th¢ principal accounting policies applied in th¢ preparation of these finan¢i#l statements are Set out below. These policies have been ¢on515tently applied to all the years pre5¢nted. unless otheTWi5e stated. BASIS of preparatlOD The financial statements have been prepared in accordance with Accounting and Reporting by Charities.. Statement of Re¢oTnmended Practice applicable to ch2rities preparing theiT accounts in a¢¢oTdance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 1021 (effective l January 2019- Charities SORP IFRS 10211. the Financial Reporting Standard applicable in the UK and RepubliG of Ireland (FRS 102) and the Companies Act 2006. The Foundation meets the definititsn of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at histOTical cost or transaction VUe. Th¢ futtctional and presentational cuentY is GBP Sterling (£}, being the cyrrency of the primary economic envirot)ment in which the charity operates in. The amounts are p¢ted rounited to the Th¢st pound. Going ¢ooeer Th¢ tru5t¢e5 have assessed the charity's ability to continue as a going coneern and have concluded that there are no material uncertainties related to this matter. Additionally, IheT¢ are no signifi¢ant areas of un¢ertainty that could materially affect ihe Carrying value of the charity's assets. The charity maintain5 sufficient cash balances to Cover overhead expenditure5 for a period of no less than 12 month5 from the date these financi ststements are approved. Consequenrly, thes¢ funCIal StateentS have b¢en pT¢par on a going concem basis. IDeome gnd endowments All io¢ome is rccognised ontt the charity has et)till¢Ct to the funds. any performance conditions atta¢hed to the ttemlsl of income have been met. it is probable that the it)¢ome will be received and the amount of the incom¢ receivable can be measured reliably. Page 12
The Natasha Poonawalla Foundation Note5 to the Financial Statements for the Year Ended 31 December 2023 Dontttiofts undlegocies Donations are recognised when the charity has been notified in Writing of both the amount and settlement date. In the event that a donation is sub ect to conditions that require a level of perfortnance by the charity before the charity is entitled to the thnds, the income is deferred and not recognised until either those eonditions are fijlly met, or the fulfilment of those ¢onditions is wholly within the control of ihe charity and it is probable that these eondition5 will be fulfilled in the reporting period. Inve51menl in£othe Interest on ndS held on deposit is included when rcceivable and the amount can be measured reliabty by the charity this is normally upon notification of the int¢Test paEd or payable by the bank. E penditure and irrecoverable AT Expendiiure is recogllised once there i5 a legal or constwctive obllgation to tnake a payment to a third party, it is probable that settlement will be required, and the amount of the obligation can be measured reliably. All expenditur¢ is a¢¢ounted for on an accrual's basi5 under the following headings. Cost5 of raising funds ¢ompri5es fundraissng ¢osts incurred in seeking donations, grants and legacies and costs of fundraising activiti¢s. Expenditure tsn charitsble activiti¢S Includes those costs inGurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nawre necessary to support in furthering the purpos¢5 of the charity and their associated support ¢05ts. Support cost5 comprise those costs wh2ch are incllrred directly in support of expenditure on the ob eGts of the charity and include governance cost, finance. and office ¢05ts. Govemance ¢osts are those costs incurred in connection with Ihe compliance with constitutional and statutory reqUire¢ts of the chaTity. Irrecoverable AT is charged as a cost against the activity for which the expenditure was incurred. These costs have been allocated between c05t of raising funds and expenditure on ¢hariiable activlIes. All r¢sour¢es expended are inclusive of irrecoverable AT. Ta atlOD The ¢otnpany i5 considered to pass the te5t5 set out in Sch. 6. para. l of the Finance Act 2010 and therefore it meets the defjnitiot) of a charitable comparty for UK COOration tax purposes. Accordingly. the company is potentially exempt frotn taxation in respect of income or capital gains received within ¢ategoTi¢S covered by Pt. I l. Ch. 3 of the Corporation Tax Act 2010 or s. 256 of the T&xation of Chargeable Gains Act 1992. to the extent thai such incom¢ or gain5 are applied exclusively to charitable purposes. Debtors Debtors are recogDiSEd at fair value when it is probable that fllture economic benefits will flow into the charity and the value can be measured reliably. They are subsequently TnEa5uT at amortised ctsst less any provisions for impairment. AccTu¢d income 1$ included at the best estimate of the amount's re¢eivable at the balance sheet date. Page 13
The Natasha Poonajvalla Foundation Notes to the Financial Statetnent5 for the Year Ended 31 December 2023 Cgsh cash e uivalent5 Cash and cash equivalent5 consist of ¢ash on hand, call deposits, and other short-term, highly liquid Investcnts. These investments have a maturiry of the months OT le55 from the date of acquisitjon QT opening of the deposit or similar account, are readily convertible to a known arnount of cash, and are sub ect to an insignificat)t risk of changes in value. Creditor5 Creditors are recognised where the charity has a Present obligation resulting from a past event that will probably result in the transfer of funds to a third paty and the amount due to settle the obligation can be measured or estimAted reliably. Creditors are nollnally recognised at their settlement a]nount after loWing for any trade discounts due. Fund 5trllcture Unre5tTlCted funds are available to Spend on activities that further any of the purposes of ¢haTity at the discretion of the trust¢e5 and are those funds which have not been designated for other purposes. Designated funds are unrestricted fund5 of the chartry which the tn2stees have decided at their discretiojj to set aside to use for a specific purpose. The aim and purpose of each designated fund is set out in the notes to the financial 5tat¢ments. Restricted fvnds are funds of the charity restricted for specifi¢ Purposes being undertaken by the Charity. The cost of raising and administering such funds ar¢ Charged against the specific thnd. The aim and use of each Mala1 designated, and restricted fund is set out in th¢ notes to the financial statements. Crttical &ctountillg estimates #nd judgements Judgments in applying accounting policie5 and key sollr¢e5 of estimation uncertaiTrty The PTeparation of financial statements in conforniity with FRS102 requiTE5 management to make estimates atld assumptions that affect the re]x)rted amounts of liabilities and expenses that are repoTted and disc105ed in the fJn3n¢ial statements and atcotnpanying notes. The estimates and underlyin8 assumptions are reviewed on an ottgoing basis. Revisions to afj¢ounting estimates arc recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if th¢ revision afftcts both cllryent and fubjre p¢riod5. Signifjcant ¢stirnates and assumptions are used as follow5.. Ac¢ru*l$: Accrua15 represent liabilities to pay for goods or services that have been received or supplied but have not been paid, invoiced. or fomiajly agreed with the supplier. These are estimated bed on historical experience. GOntractU teTTn5. ?r)d other evidence, such a5 communication with suppliers and service provtder5. The actual aTnounts may differ from the estimated amounts depending on the final terms agreed upon or any dispute5 that may arise. Management rEviews the accruals on a periodic basis to ensure they are r¢fle¢tive of the besi estimate of the amount5 that will be paid based on the most recent inforniation available. Page 14
The Natasha Poonaivalla Foundation Notes to the Financial Statement5 for the Year Ended 31 De¢ember 2023 3 Ineome from dott#t10115 and legacies Unre$trieted fulld5 CeDeral TotAI 2023 Total 2022 Donation5 received 2 000 000 2,000 000 All donations in the previou5 year relate to utJrestriGted funds. 4 Jllv¢$tmtnt income Unrestricted futtds General Total 2023 Total 2022 Bank interest 55.985 5 Costs of rai$lng funds UJ)re$tri¢ted funds General Total 2023 Total 2022 Support costs: Legal and professional fees Accoutjtancy fees Auditors remuneration Other costs Bank charges 1.200 3.300 1,800 2J04 498 1,200 3,300 1.81)0 2.304 498 8,236 3,300 1,800 9.102 13 36 6 Charltable aetivities UDrestricted funds Ceneral Total 2023 Totgl 2022 Charitable donations 85J56 85 56 Page 15
The Natasha Poon#walig Foundation Notes to the Financial Statements for the Year Ended 31 December 2023 7 Trustees remuneration expense5 During the current and prior periods. no trustees received any remuneration or other beneft¢s and no trustee expenses have been incurred. 8 Staff costs There were no employces in the current or prior period. 9 Taxjtlon Th¢ charity is considered lo pa5S the tests set out it) Sch. 6. pard. l of the Finance Act 2010 and therefore it meets the definition of a charitable ¢OTnpany for UK COTPQT&tion t&Y puryoses. Accordingly, th¢ ¢OTnpany is exempt from t&Kation in respect of in¢ome or capital gaios rEceived within categorie5 covered by Pt. I l. Ch. 3 of the Corporatio Tax Act 2010 or s. 256 of the Taxation of Chargeable Gains Act 1992. to the extent that such income or gains are applied exclusively to ¢haritable purposes. 10 Debtors 2023 2022 Other debtors A¢¢rued interest incom¢ 5.000 2.154 2,154 5,000 I I Cash and 8b equivaltots 2023 2022 Cash at bank Short term deposits 397.546 1,553,741 2,000.000 1.95 1.287 2,000.000 12 Creditors: &mounts falllng due With1 one yeAr 2023 2022 Trade Creditors Amounts due to related parties Accruals 1.140 13.236 18,336 Page 16
The Nata$ha Poonawalla Foundation Notes to the Financial Statements for the Year Ended 31 December 2023 13 Funds 2023: Balance at I J*Duary 2023 Incoming resources Resourees expended Balance at 31 December 2023 Uthrestricted funds General 1,986.664 1948,101 2022: Ineoming resources Resources expended BalaDC¢ at 31 December 2022 Unrestricted fund5 General 2.000.000 13.336 1,986 664 14 Net assets by fund5 2023.. Unrestricted funds G¢J)¢ral Total 2023 Current assets Current liabilities 1,953,441 5,340 1.953.441 5.340 ioi 1948 101 2022.. Unrestricted funds General Totsl 2022 Current assets Current liabilities 2,005.000 18,336 2,005,000 18.336 1,986.664 Page 17
The Natasha Poonawalla Foundation Notes to the Financial Statement5 for the Year Ended 31 December 2023 IS Related party transaetions During the period, the charity engaged in transactions with Serum Life Sciences Limited (SLS). a company in which Natasha Poonawalla. a founder of the charity. also serves as a director. The details of these transactions are as follows". SLS donated £2.000,000 to the Foundation in the prior period. During the Current period. SLS paid £42.764 on behalf of the Fgundatitsn for donations (2022.. £13236 was paid by SLS on behalf of the Foundation for flnancial and legal services). These amounts, including the brought fonvard balan¢e of £13,236. were fully repaid to SLS during the CUTrent year. As of the period end. there were no outstanding balances due to or from SLS. Page 18