Company registration numbeT-. 13678016 ChaTsty registration nutnber.. 1197420 The Natasha Poonawalla Foundation IA company limited by guarantee) Annual Report and Finan¢i#l Statements for the Year Ended 31 December 2024 KNAV Limited Statutory Auditor Hygeia Building Ground Floor 66-68 College Road Harrow Middlesex HAI IBE
The Natasha Poonawalla Foundation Contents Reference and Administrative Detail$ Twstees, Report 2to4 Siatemetit of Trustees, Responsibilities Independent Auditor5, Report 6t08 Statement of Financial Activities Balance Sheel LO Statement of Cash Flows Notes to the Finattcial Statements 12to 18
The Natasha Poonawalla Foundation Reference and Administrative Details Trustees MrAPColl Mr P M Sinel Charity Reglstratlon Nuber 1197420 CompaDy Reglstr*tion Number 13678016 Registered Offi¢e 15 GT05venor Street London WIK4QZ Audltor KNAV Limit Slaiutory Audttors Hygeia Butlding Ground Floor 66-68 College Road HaoW Middlesex HAL IBE Bankers HSBC PLC 60 Qtteell Victoria StreeL Lortdon, EC4N 4TR Page I
The Natasha Poonawalla Foundation Trustees, Report The tru5te¢5. who are directois for the purposes of the Companies Act 2006, present the allnual report togeiher with the finallcial statenienls and auditors, report of tbe charity for year ending 3 1 December 2024. The Irusiees confjrni that the fJll2ncial statements comply with the Charities Aci 2011 and A¢¢oun¢ing and Reporting by Charities.. Statement of Recommended PTaclice applitable to charities prq)aring their financial statements it] accordance with th¢ Financial Reporting Stxndard appli¢#ble in the UK and Republic of Ireland {FRS 102) {effective l January 20191. Objectlves 2Ctlvltlts The charitable objects of the foundation are= the advancement of health and the preverttion or Teli¢f of si¢kness and the relief of those in need by Teason of ill- health In particular through the PTovision of financial and other supporL asssstance alld advice. in order to saye and enhance the lives of individuals., the advancement of education and learning in relation to medical science and in particular the promotion of vaccine research and diSsemitli0ll of the useful results thei'eof, in order to save artd enhance the lives of individuals., and such other incidental aud ancillary exclusively charitsble activity a5 the trustees frotn time to time think fIt. The TTUStee5 have cortjplied with the duty in section 1715) of the Charities Act 2011 to have due regard to the public benefit guidance published by the Charity Commission. Gr311t-making policy Donations made by the charity are decided upon by the ttustees in accordance with the charity's objectives. Financial review and future plans Resultsfor theIlod The fjnancial activities of the charity are outlined in the Sialemellt of Financial Activities on page 9. The trnstees are satisfied with the r¢sults for the period, which show a surplus in fimds of £1,997,556. The principal funding source for the charity was a donatioll in 2022 from Serum Life Science5 Limited. Professional fee5 wa5 the main expenditure for the year. Future plans The tStee$ will consider further distributions to charities in accordance with its objects. Page 2
The Natasha Poonaw&lla Foundation Trustees, Report Re$eryes poll¢y and gtbing ¢oneer The Trustees periodically review the Reserve5 Policy. recogni5ing that the FoundatlOIi'5 income varies from yeai to year. To enable the Foundation to effectively plan its activities, the charity holds reserves With an appropriate level of liquidity, ensuring they are adequate to meet current and medium-teirn need5. As of the year-en(L there were DO restricted or desigttated reserves, and the etwity had access to sufficient cash lo cover the running costs of its charitable activities, evert in excess of the income generated At the end of the eurrertt per2od, the unrestricted general fund was in Surplus by £1,997,556. The Tn]stees Collsider the going coJcern basis of preparation to be appropriate for the r]nallcial 5tatement5, give that the Foundation has a simple org2nisational strncture, t]0 long-terni financial commitments, and sufficient funds to meet its liabilities as they fall due over the next twelve mODths, from the date these fjnallcial statements were appToved. Struetur< governance. and m2nkgetnent The foull¢tstion was ¢st2blished on 13 October 2021 and is re8lStered with the Charity Comn)ission, Cbarity Registration Number 1197420. The Foundation is a charitable company limited by guarantee, registered with Companies House and the Charity Commission. Tpu&le The tTusle¢s ryIng during the year were as follows.. MrAPColl Mr P M Sinel Governance and The Natasha Poonawalla Foutmlation is governed by its Artieles of Association. As set out in th¢ Articles of Association, there should be a minimum of two Trustees, who are also directors for the putpose of company law. The trustees can be app(iinted and removed by the Founders of the ¢hanty, Mi Adar Poonawalla andmrs NatashaPoonawalla. Trustees are appointed based upott an appraisal ofthe skills and experience required by the ChaTity. New trustees are to be given an inductiort and guidance by the existing Board members. The trnstees are llltimalely responsible for the policie5, activities and assets of the charity. They Tneet regularly to administer the charity and a]1 decisions affecting the rllallageent of the foundation arld its assets are taken by tbe trustees jointly. The tTU%tee% en8ure that they are aware of developmenLS to gnvemance and b&%t prACti¢e in the charity sector_ The trustces have had due regard to the guidance on publsc benefit Issued by th¢ Charity Commission in exercising their powers alld duties. Ail trll8tees have given their time voluntarily and receive no benefjts from the chariry. Page 3
The Natasha Poonawalla Foundation Trustees, Report Mitigation of risks The tsvstees have Idenlifjed the main risk lo the Foundation as being the inappropiiate grallting of funds to thii'd pailies and the possible misuse of those funds by the ie¢ipients. The trustees confim that system5 have beell established to enable steps to be taken to lessen these risks, such as vetting procedures and urtderslanding of the proposed usage of funds. The trustees do notbelieve thatthe identfIed risk pose5 a threatto the ability of the charity to corttijjue operating as a going concern. Publlc ben¢llt statement The tnteeS have had due regard to the guidallce on publi¢ benefit issued by the Charity Commi&8ion i exercising their powers and duties and confinn that they have Complied with the requirements of section 17 of the CharitiesAct2011 to have due regard to the publlc benefit guidance publishedby th¢ Charity Commission for England and Wales. Diselosllre of information to auditor The trustees confllin that so far as they are aware, there is no relevant audit InforntIo of which the Ch1tble company'5 auditors are unaware. They have taketj all the steps that they ought to have taken as trustees in Order to Jnake themselves aware of any relevant audit information and to establish that the charitable company's auditors are awar¢ of that ijrforniation. R¢&ppointment of auditor The auditors KNAV Limited are deemed to be reappointed uoder sectiorl 487(21 of the Coillpanie5 Act 2006. The annual report was approved by the tswtees of the charity on .. and Signed on its behalf by.. MrAPColl Truste¢ Page 4
The Natasha Poonawalla Foundation Statement of Trustees, Responsibilities The trustees (who arc also the directors of Tbe Natasha PoonAw2lla FoundatIort for the pujposes of company law) are r¢5ponsible torpreparing the trustees, report and the financial statements in 2ccordance wtih applic2ble law and United Kingdom Accoun1ng Standards (United Kingdom Generally Accepted Accounting Ptacti¢el, iN¢luding FRS 102"The Financial Reporting Standard Jpplicable in thc UK and Republic of Ireland" Cotnpany law requires the tntee5 to prepare financial statements for each finantial year. Under company law the trustees musl not approve the finallcial statements unless they are 5at15fied that they give a irne and fair view of the stste of affairs of the Lharitable company and of the incoming resources and appli¢#tion of resour¢es, Including its income and expenditur¢, of the charitable company for thatperiod. Inpreparing these financial statements, Ihe tsustees are i'eqllired to.. select suitable accounting policies and apply them consistetLtIy- observe the methods and principles in the Charities SORP,. make judgements And estimates that are reasonable and prudent. stat¢ whether applicable accounting stand2rds, comprising FRS 102 have been followed, subject to any aterial depa[re$ disclosed and explained in the finan¢281 statements., and prepare the finaThcixl statemertts on the going concern basis unles5 It is inappropriaie to piesume that the ¢haritable company will continue in business. The trustee5 are respun$ible for keeping proper accounting records that can di705¢ With reasonable atcllracy at any time the fancial position of the charitable company and enable th¢m to ensure that the financisl statements comply with the Companies Act 2006. They are also responsible for safeguarding the a55ets of the charitable company aNI hence for taking reasonable steps for the prevention and detection of fraud and other IgU[aTitIeS. Approved by thc trustees of the charity on .... .. atsd signed on its behalf by-. MrAPColl Trustee Page 5
The Natasha Poonawalla Foundation Independent Auditor's Report to the Members of The Natasha Poonawalla Foundation Opinion We have audited the fJnan¢ial staletnents of The Natasha Poonawalla Foundatjoll lthe'charity'l for the year ended 31 December 2024. which ¢ompTise the Statement of Financial Activities, Balance Sheet. Statement of Cash Flows, and Note5 to the Financial Statements, including a summary of significant accounting polieieg. The finantial reporting fralnework that has been applied ill their preparaliott is United Kittgdom A¢counting Standaids. COmPTising Charities SORP - FRS 102'The Financial Reporting St2mdard applicable tn the UK and Republic of Ireland, and applicable law (United Kingdom Generally Accepted Accounting Practice). Iii our opinioll the fjnancial statemeiits.. give a trne and fair view of the state of the charitys affair5 as at 31 Dccember 2024 and of its incomin8 resources and application Of resources, including its income and expellditure, for the year then et)ded. have been properly prepared in accordance with United Kingdom Generally A¢¢epted Aceoullting Practice. and have been ppared in a¢¢ordan¢e with the requiremeijts of the Companies Act 2(K)6. BAsl$ for oplnion We collducted our audit in accoi'dance with International Standards on Auditing (UK) (ISAS {UKI) and applicable law. Our responsibilitics under those standai'ds are fi]rther des¢ribed in the audiloT r¢5ponsibilities for the audit of the finane121 $tateTnents section of OUT Teport. We are independent of the charity in accordance with the ethical requirements that are levant to our auditof the financial statements in the UK. including the FRC'S Ethical Standard, swd we have fulfill¢d our othei ethica] Tebponsibilities in accordance with these requirement5. We believe thai the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Conclusions relating to golng ¢on¢ern In auditing the fll)allcial statements, we have concluded that the trnstee$ use of the going concern basis of accounting in thc preparation of thc financial statements is appropriate. Bosed on the work we have peifomie(L we have not i(kntified any terIal uncertainties relatin8 to eyellts or conditions that, individually or collectively, Tnay cast signifjcant doubt on the chariry's ability to continue as a going cot]cern for a period of at least twelve onthS from when the original fancIal statements were authorised for issue. Our responsibilities and the responsibilities of the trustees with respe¢t to going Concern are described in the relevant sections of this reporL Other information The trustees are responsible for the other ittfom)ation. The other infomatioll Comprises the inforniation included in the 2nnual report, other than the finattcial stat¢entS aDd our auditor's reporÈ thereou. Our opinion on the financial staiements does not cover the oiher infomiation and, except to the extent otherwise explicitly slated in our report, we do not express any fomi of assuran¢e conclu5EOTh thereon. In connection with our audit of the financial stalemettts, our responsibility IS to read the other infotmation alld, in doing so, consider whether the other information is materially incon55Stent with the fjnancial 5tatenient5. or our knowledge obtained in the audit or otherwise appears to be mateTially misstated. If we identify such materi21 IllCOn515tencie5 or apparent material mi55tatements, we are required to (kterniine whether there is a material misstatement in the finallcial Statements or a material misstatement of the other infomation. If, based ott the work we have performed, we conclude that there is a material mis$lalement of this other infornjation, we are required to report that fatt. We have nothing to report In this regard. Page 6
The Natasha Poonawalla Foundation Independent Audltor's Report to the Members of The Natasha Poonawalla Foundation Opinion on other matter pres¢rÉbed by the Companies Act 2006 In our opinion. based on the work undertaken in the course of the audit.. the information given in the TTUStees' Report for the financial year for which the financial statements are prepared is consistent with the financial statements,. 2nd the Trustees, Report has been prepared in a¢cordance with applicable legal requirejnents. Matters on whfftch we are required to report by exception In the light of our knowledge and understanding of the charity and it5 environment obtained in the tourse of the audit. we have not identified material misstatements in the Trust¢es' Report. We have nothing to report in respect of the following matters where the Companies A¢t 2006 requires us to report to you if. in our opinion.. adequate accoullting records have not been kep( or returns adequate for our audit have not been received from branches not visited by us- or the flnancial state]nents are not in a8reemellt with the a¢¢ounting records and returns. or certain disclosures of trustees remuneration Specified by law are not made. or we have not received all the InfomtiOn and ¢xp12nations we require for our audit. RespoN5ibilitie5 of trustee5 As explained more fully itj the Statement of Trte$, Responsibilities (set out on page 51, the ituste¢s are responsible for the preparation of the financial slalements and for being satisfied that they give a ¢Tue and faiT view, and for such internal control 2S the ttUSte¢s detennine is nec£ssary to enable the preparation of financial state¢llts that are free fro]n material mi55tatement, whether due to fraud or error. In preparing the financial statements, the trustees are Tesponsible for assessing the charity's ability to continue as a goittg COAtem, dis¢losing. a5 applicable. matters related to going cotjcem and using the going concern basis of 8c¢ounlin¥ unle55 the trustees either intelld to liquidate the charity or to cease operations. or have no realisti¢ alternative but to do so. Auditor responsibilities for the audit of the fJnanci21 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 etTor, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, bllt is not a guarantee that an audit conducted in accordance with ISAS IUKI will always detect a material misstatement when it exists. Misstatements can arise from fraud or eTroi alld are considered material if, individually or in the aggregate, they could reasonably be expected lo influence the economic decisions of user5 takcn oll the basis of these flnancial 8latem¢nts. Extent to whlch our proeedurts are eapable of detecting irregllIArftles, In¢lud5nÈ fraud We design our Procedures 50 as to obtain sufficient appropriate audit evidence tiiat tlie fllianctal statetjienis are nol tnaterially misstated due to non-compliance with law5 and regulations or due to fraud or error. We are not responsible for preventing non-cojnpliance and cannot be expected to detect not]compliance with all laws alld re8ulatiot]s- this responsibility lies with management with the oversight of the Directors. Page 7
The Natasha Poonawalla Foundation Independent Auditor's Report to the Members of The Natasha Poonawalla Foundation Based on oui. understanding of the charity and discussions with maDagemenL we idetttified the Cotnpanies Act 2006. the Charities A¢¢ 2011, Financial Reporting Standard 102, the Charities SORP, 2nd Ihe charity's goveming document as having a direct effect on the aTnounts and disclosures in the fjllancial 5tatemenl5. As part of the engagement team's discussion on how and where the chaTity'S financial statements could be materially isstated due to fi"aud. no aTeas were identified as having an increased risk of fTaud. Our audit procedures illcluded.. enquiry of trustees about the Charity's policies. procedures and related controls regarding colnpliance with laws and iegulations and if there are any known instances of non-compliance. . examining sUppOrtg documents for all material balanees, trallsactions and disclosures- • review of the trustee minutes. * enquiry of trnstees of any legal matters and review of relevant correspondence with any legal fims. • evaluation of the selection and application of accounting policies related to subjective and COTnplex transactions. t¢sting the appropriateness of journal entries recoTded in the general ledger and otheT adju5ttnents made in th¢ preparation of the fjnancial slatemellt5' and review of accounting estimates for biases Owing to the inherent limitations of an audit. there is an unavoidable risk that sorne Tnaterial misstat¢menls of the rjnancial statemellts may not be detected, even though the audit is properly planlled perfornied in accordance with the ISAS (l). The po(la1 effects of inherent limitations are particularly significantin the case of misstatement resultillg from fraud because fraud may involve sophisticated and carefully organis¢d schemes designed to conceal it, including deliber&te failure to record tran$4¢tions, collllsion or intentional misrepresentations beiijg made to us. A further description of our responsibilities is available on the Financial Reporting Coun¢il's web$ite at.. ww.fr¢.org.llWauditorsresponsibilities. This descnption fomis part of our auditor's Teport. Use of our report Tbis report is made solely to the charitsble company'5 trustees, as a body, in a¢cordance with Cbapter 3 of Part 16 Of the Colnpanies Act 2006. 0r audit work has been undertaken 50 that we might slate to the charity's trustees those matters we are rtquircd 10 state to them in an auditor's report and for no othei purpose. To the filllest extent pern]itted by law, we do not accept or assume resportsibiliry to anyone other thall the charitable COTnpany 2nd its trnstees as a body, r our audit work, for this report, or for the opinions we have fomied. FCA (Senior Statuto half of KNAV Limited, Auditor) tatory Auditor For an ort Hygeia Building Ground Floor.66-68 College Road Harrow Middlesex HAI IBE Date.. 2025-84-UK Page 8
The Natasha Poonawalla Foundation Statement of Financial Activities for the Year Ended 31 December 2024 Unrestricted fund$ TotAI 2024 Note Income from: Illvestment income 62,451 62,451 Total income Expenditure OD: Raising funds ChaTitable activities {12.9961 (12,996) Total eXpendire Net Income lexpeDditure) Net moveffteNt iu funds 49.455 49,455 Reconeili#tffioTh of funds Total fund5 brought forward 1.948.101 1948 101 Total funds Carried forward 12 1997 556 1997 556 Unrestricted funds Total 2023 P4ote Income from: Investment inco¢ 55.895 Total income Expenditure on: Raising funds Charitsble actlVLties {9,102) (9,1021 Total expenditure Net Into¢ (expenditUTel 38,563 Net movement In funds (38,5631 {38,563) Reconcili2tlon of funds Total rtd$ brought forward 1986 664 1986 664 Total funds carried folward 12 1 948 101 1948 101 All of the charitys activities deTive from ¢ontinuing operatiotts during the above two perio(ts. The notes on pages 12 to 18 forni an integral part of these financial statemettis. Page 9
The Natasha Poonawalla Foundation (Registration number: 13678016) Balance Sheet as at 31 December 2024 2024 2023 Note Curr¥Rt assets Debtors Cash at bank and in halld 2,154 1951,287 1,953,441 10 2 006 L06 2,006,106 Creditors: Amounts falling due within one year Net a&sets 1997.556 1948 101 Fund$ of the charity: Unrestrl¢ted Income funds UtJrestri¢ted funds 1997 556 1948 101 Total funds 12 1997 556 ,948,101 The financial st2tetnellts on pages 9 to 18 weie approved by the trustees, and authorised for issue o signed on their behalf by.. .. and Mr Andrew Patrick Coll Trustee The notes on pages 12 to 18 forfft an integral part of these finalleial staternents. Page 10
The Nat&sha Poonawalla Foundation Statement of Cash Flows for the Year Ended 31 December 2024 2024 2023 Note Cash flows from operating actities Net movement in funds 49.455 {38,5631 Adjustments to ¢#sh flows from non-operatlng 2¢tlvltles Jnvestment income 55,895 (94,458} {12,9961 Worklhg cxpltjl adjustments Deereasellirtcreasc) in debtors (Decreasellincrease in creditors 2,154 5,000 io Net casb flows from operating activities {7,632) 1102,4541 Cash nows from investing activities Interest received Net increaselldecrease) in cash and cash equivalents 54,819 {48,7131 Cash and cash equivalents at l January 1,951287 Cash and cash equivalents at 31 December 2006 106 1951287 All of the cash flows are derived from continuing operatiolls during the above two pei'iods. The notes on pages 12 to 18 fotm integral part of these financial statemeE)ts. Pagell
The Natasha Poonawalla Foundation Notes to the Financial Statements for the Year Ended 31 December 2024 I Charlty statss The charity is litnited by guaranlec, incotporaled in England and Wales, and consequently does rtot have share capital. In the event of the cbarity beillg wound up, tbe liabiLity in respect of the guarantee is lirnsted lo £1 per member ofthe Ch'lty. The address of its r¢Stered office is.. 15 Gr05venoT Stteet London WIK4QZ 2 Accounting policies Summary of significant accounting policies and key accounting estim•tes The priocipal accouniing policies applied in the pi'eparation of these fjnancial statetnents are set out below. Th¢5e policie5 have been consistently applied to all th¢ years presertted, unless otherwise sialed. Bas15 of prtpar#tion The fjnaneial statements have been prepared in accordance with Accounting and Reporting by Charit2es.' Statement of Recommended Practiee applicable to charities preparillg their accoullt5 in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ire12nd (FRS 102) (effective l January 2019- Charities SORP (FRS 1021). the Finan¢ial Reporting Standard applicable in the UK and Republic of IrelaDd IFRS 102) alld the Compallies Act 2006. The Foundatiorl meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initiAIIy recognised at historical cost or transaction value. The functional and presentati0rt21 eurrency is GBP Sterling (£1, being the currency of the primary economic environlnent in which the chaTity operates in. The aJnounts are presented rounded to the rtearest pound. Going Concern The tnjstees have assessed the charity's abtlity to continue as a going concern and have concluded that there gre no Tnaterial UDcertainties related to this matter. Additionally, there are no sigllifjcant areas of uncertainty that could materially affect the carrying value of the charity's assets. The Charity mainlaitts suffjcient cash bal2tJces to cover overhead expenditures for a period of no less than 12 month5 from the date these finan¢ial statements are approved. Consequ¢rttly, Ihese financial statements have been prepared on a going concern basis. Income and endowrnents All incom¢ is rccognised once the thatity has entitlement to the funds, atty perf0mnCe conditions attached to the itetn{s) of income have bcen met. it IS Probable that the iEL¢ome will be received and th¢ amount of the income receivable can be mc35urcd rcliably. Page 12
The Natasha Poonawalla Foundation Notes to the Financial Statements for the Year Ended 31 December 2024 Doiiatioiis andlÉgAciés DollaliL)ns are recognised when the charity ha5 been notified irt rItIng of both th¢ atnount and settlement dale. In ihe event that a donation is subject to conditions that requiL"e a level of peLfonnance by the charity befoi'e the chaiity is entitled to the thThds, the income is deferred alld not recognised until either those conditiotss are fully met, 01 the fulfilment of those conditions is wholly within thc control of the charity and it ks probable that these conditions will be fulfilled in the reporting pcriod. Investnienl inconie Intert on thnds held on dq)osi¢ is in¢luded when receivable and the amount c4n be easUred reliably by the charity,. this is Domially upon notification of the interest paid or payable by the bank. Expenditure and Irr¢coYerable VAT Fxpenditure is recogtJi5ed on¢e there is a legal or ¢ortstw¢tive obligation to make a payment to a third party, It is probable that settletnent will be required, and the atnount of the obligation can be measured reliably. All expenditure is accounted for on an accrual'5 bxsis under the following h¢adirtg$. Costs of raising funds comprises fundraising costs incunEd in seeking donations, antS and legacies alld costs of fundraising activities. Expenditure on charitable activities includes those costs incurred by the charity in the delivery of its activities and seivices for its betteficiaries. It includes both costs that call be allocated directly to such activities and those costs of an indirect nature necessary to support in furthering the purp05e5 of the ¢harity and their associated support costs. Support costs ¢omprise tbose costs which are irLcurr¢d directly in support of expenditure ort the objects of the charity alld include govemance cosL finance. and office costs. Govern8Dce costs are those costs incued ill comiection with the complianLe with conStili0al and stattLtory requiremetJts of the charity. ItTecoverable VAT 1$ charged as a c05t against the activity for which the expenditure was incurred. These costs have been allocated between cost of raising funds and expenditure on charitable activities. All resources expended are inclusive of inecoverable VAT. Taxation The comparty is cot)sidered to pass the tests set out in Sch. 6, para. l of the Finance A¢t 2010 and therefore it etts the defjnition of a charitable company for UK corpotation tax purposes. Accordingly, the company is potelltially exempt fitsm tsxation in respect of income or Capital gains received within categorie5 covered by Pt. I I, Ch. 3 of the Corporation Tax Act 2010 or s. 256 of the Taxatiott of Chargeable Gains Act 1992, to the extellt thai sl income ar gains are applied exclu5Lvely to charitable purposes. Debtor5 Debtors are recognised at fair value when it is probable tbat future economic benefits will flow into the charity and the value can be tneasuted reliably. They are subseqlletttly measured at amortised cost les5 ally pi'ovssions for impaimient. Accrued income is included at the best estimate of the amount's ieceivable ai the balance sheet date. Page 13
The Natasha Poonawalla Foundation Notes to the Flnancial Statements for the Year Ended 31 December 2024 CY4sh and cash equiv*lent$ Cash and tash equivalents consjst of cash on hand. call deposits, and other short-term, highly liquid investments. These investtnellts have a ynaturity of three montbs or less frotn the date of acquisition or opening of the deposit or similar account, are readily convertible to a known amount of cash, and are subject to an insiEnificanl risk of ¢hanges in value. Creditors Cr¢ditOT5 are recognised where the ¢harity ha5 a present obligation resulting frotn a past event thatwill probably Fesult in the transfer of funds to a third party and the amount due to settle the obligation can be measured or e5tirnated reliably. Creditors are nolinally recogjised at their settlement amount after allowin8 for any tt'ade dis¢ount5 due. Fund Structure Unrestricted funds are available to spend ort activities that further any of the puOseS of charity at the discretion of the tMste¢5 alld al'e those funds which have not been designated for other PUTpose5. Designated funds are unrestricted fund5 of the charity which the trustees have decided at their discretion to set aside to use for a specific pUOse. The aitn and purpose of eacb designated fund is set out in the llotes to the financial statements. Restricted funds are funds of the charity restricted for specific purposes being undertaken by the charity. The c05t ol raising and administcrittg su¢h fund5 are charged agaitJ$t the specifIc fund. The aim alld use of each material designated, and restricted fund is Set out jll the notes to the financial statements. CrRtical accounting estimate$ 2nd judgemetkts ludgments in applying accounting policies and key sourees of estimation un¢ettainty Tbe preparation of fJn2n¢ial statements in confonnity with FRS102 requires management to Jnake estimates and assutnptions that affect the reported atnoullt5 of liabilities and expenses that are reported and disclosed in the fjnancial slatemertts and accompanyiDg notes. The estimates and underlyin8 assumptions are Teviewed oll an ongoing basis. Revisions to accounting estimates are recogni5ed in the period in which the ¢Stinte is revised if the revision affects only that period, or in the period of the revision and tUre periods if the ievision affects both current and TIods. Significant estimates and assumptions are used a5 follows.. Accruals: A¢¢rLllls represent liabilities to pay for goods or services that haye be¢n received or supplied but have not been paid, invoiced. or folinally agEed with the supplier. These are estimated based on historical experience, contractt]al temis, and other evidence, such as communication with suppliers and setvice provide15. The actual amounts may differ from the estimated amounts depending on the final tern agreed upon or any disputes that may arise. Management reviews the accnlS on a periodic ba5]5 to ensure they are reflective of the best estitnate of the amounts that will be paid based on the most recent information available. Page 14
The Natasha Poonawalla Foundation Notes to the Financial Statements for the Year Ended 31 December 2024 3 Investment income Unrestricted funds General Total 2024 Totgl 2023 Batjk interest 62,451 62,451 62,451 55,895 55,895 62.451 4 Costs of r&l$lng fund$ UreStrICted funds General Totsl 2024 Total 2023 Support Costs". Lcgal and professional fees Accountancy fees Auditors rernuneration towards the statutory al11 of these fjnancial statement5 Other costs Bank charges 3,900 3.240 3,900 3,240 1,200 3.300 1,800 1,800 1,800 3,240 816 3.240 816 2,304 498 12.996 12,996 9,102 5 Charttable Activities Unrestrieted funds General Total 21124 Total 2023 Charitable dotlations 85,356 85,356 Page 15
The Natasha Poonawalla Foundation Notes to the Financial Statements for the Year Ended 31 December 2024 6 Trustees remuneratioD 2nd expcnses During th¢ Current and prior p¢rii)ds, no Iruslees received any Temuneration or other benefits and no Iruslee expenses have been incurred. No trnstee or other person ielated to the charity had any personal interest in Any contract or transaction entered into by the Charity during the year ended 31 Dccember 2024 {2023." None). 7 Staff costs Other than the two trustees, the chariry had no eEnployee5 during the current or prior period. 8 TAiatffion The charity is considered to pass the tests set out in Sch. 6. para. l of the Fillance Act 2010 and therefor¢ it rnecls the definition of a clwilable company for UK con)oi?tion tax puOseS. Accordingly, the Company is exempt fro taxation in respect of itttome or capital gains received within categories covered by Pt. I l. Ch. 3 of the Corporation Tax Act 2010 tsr s. 256 of the Taxation of Chargeable Gains Act 1992, 10 the extent that such income or gains arc applied exclusively to charitable purposes. 9 Debtors 2024 2023 Accrued income 2.154 2,154 2,154 10 Cash and cash equivalents 2024 2023 Cash at bank Short term deposits 389,407 1.616699 2,006,106 397,546 553,741 1,951,287 11 Creditor$: amounts f&lllng due within One year 2024 2023 Trade ¢reditors AccrnYJs 1,140 4,200 5.340 8,550 8,550 Page 16
The Natasha Poonawalla Foundation Notes to the Financial Statements for the Year Ended 31 December 2024 A2 Funds 2024: Balance at I JAnuary 2024 Incoming resourtes Resources expended Balanee 2t 31 Decelnber 2024 Urtrtstricted funds General 1,948,101 62,451 (12,9961 1,997,556 2023: Balance at I January 2023 Incomlng re50urees Resources expended Balance at 31 December 2023 Unrestricted funds General 1.986,664 55,895 (94,4581 1,94&101 14 Net #sstts by funds 2024: Unrestricted funds Genero1 Total 2024 Current assets CukTent liabilities 2,006,106 2,006,106 1,997,556 1,997,556 2023: Unrestricted funds GenerAI Totgl 2023 Current 2ssels CuJr¢nt liabilities 1,953,441 1.953,441 5,340 1,948,101 1,948,101 Page 17
The Natasha Poonawalla Foundatio Notes to the Financlal Statements for the Year Ended 31 December 2024 13 Related party transactions During the prior period. the charity engaged in transactions with SeNm Life Sciences Limited ISLSI, a eompany tn which N#t28ha Poonawalla, a founder of the charity, also serves as a director. In 2023, SLS paid £42,764 on behalf of the Foundation foi donations, which was ]lY repaid within the same year. No such transactions occurred in the cU¢t year, and there were no outstanding balances due to or from SLS at either 31 December 2024 or 31 Deceznbcr 2023. Page 18