## **The Sir Ratanji Dalal Scholarship Fund**
**Annual Report and Accounts for the year ended 30 June 2025**
**Charity No. 255768**
**THE SIR RATANJI DALAL SCHOLARSHIP FUND** Annual Report and Accounts for the year ended 30 June 2025
## **Reference and Administrative Details**
## **Address**
Royal College of Surgeons of England, 38-43 Lincoln's Inn Fields, London, WC2A 3PE
## **Governing Instrument**
The Will of Dr Sir Ratanji Dinshaw Dalal and two codicils, registered at Bombay on 11 October 1943 as amended by schemes approved by the Charity Commission on 23 September 1968 and 3 June 1996. The purpose of the fund is to provide research scholarships alternately in tropical medicine and tropical surgery.
## **Trustees**
The trustees as provided in the governing instrument are to be the Presidents of The Royal College of Physicians of London and The Royal College of Surgeons of England. The trustees during the year were:
President of The Royal College of Physicians of London
Dr Mumtaz Patel (from 20 June 2024)
President of The Royal College of Surgeons of England Mr Timothy Mitchell (from 13 July 2023)
## **Management**
The trustees meet annually to award the scholarships, and liaise as necessary to conduct other business. The affairs of the fund are managed by The Royal College of Surgeons of England.
## **Principal advisers**
Banker C Hoare & Co 37 Fleet Street, London, EC4P 4DQ Auditor Crowe U.K. LLP 55 Ludgate Hill, London, EC4M 7JW Solicitor BDB Pitmans LLP One Bartholomew Close, London, EC1A 7BL Investment Manager Cazenove Capital Management 31 Gresham Street, London, EC2V 7QA (a trading name of Schroder & Co Ltd)
## **Investment and Other Powers**
The investment powers of the fund are those laid down in the Trustee Act 2000. The investment objectives are to achieve a realistic income target, and thereafter to maximise total return.
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**THE SIR RATANJI DALAL SCHOLARSHIP FUND** Annual Report and Accounts for the year ended 30 June 2025
## **Trustees' Report**
The Trustees are pleased to present their report for the year ended 30 June 2025.
## **Objectives and Policies**
The objective of the fund is to provide scholarships alternately on tropical medicine and tropical surgery, and remains unchanged from previous years. These are advertised, and applied for, giving details of the applicant and the proposed project. The trustees review the applications and determine the best candidates to be awarded grants. At the trustees’ discretion, scholarships can be awarded either every year, or in alternate years, as they see fit.
## **Public Benefit**
The trustees confirm that they have had due regard to the guidance on public benefit issued by the Charity Commission. The activities of the charity are carried out for public benefit as the grants awarded support medical research and education.
## **Review of Activities**
During the period, the Sir Ratanji Dalal Research Scholarship Selection Committee agreed to award a scholarship of £49,295 to Michael Bath. One grant (£80,000) was awarded to Gerlin Naidoo in last period. Awards have historically involved work overseas and this was paused during the years 2020-21 and 2021-22 due to Covid-19.
## **Financial Review**
The Trust has reported an overall gain of £44k (2024: gain of £7k). The gain is primarily due to the gain recorded on investments of £72k compared to a gain of £60k 2023-24.
Investment income decreased slightly to £35k (2024: £39k), and remains well above the income target of £17k. As detailed above, one grant totalling £49,295 was awarded in the year (2024: one award of £80,000).
Net unrestricted expenditure for the year was £22k after accounting for administration fees and expenses, compared to net unrestricted expenditure in 2023-24 of £49k. Unrestricted funds now stand at £99k (2024: £121k) and endowed funds, after accounting for investment management fees, have increased by £67k to £838k.
## **Financial Outlook**
The investment portfolio has continued to generate income well above the target level of £17k over several years. Unrestricted reserves remain currently well in excess of the £30,000 target threshold. The trustees note the increase in value of the investment portfolio during 2024-25. The trustees will closely monitor the performance of the investment portfolio and consider whether the investment strategy remains appropriate in order to protect the value of the portfolio over the longer term as well as ensure that income remains sufficient to award scholarships on tropical medicine and tropical surgery.
## **Reserves Policy**
The policy is to maintain the unrestricted free reserves at no higher than £30k. These reserves currently stand at £99k, over three times this sum, and a £22k decrease compared to the prior year. The trustees will seek opportunities to increase the amount of grants awarded, subject to suitable applications being received, in order to reduce the level of unrestricted funds held. The trustees have reviewed the reserves of the charity and consider that the current level of reserves is sufficient to enable them to fund grants, investment management fees and support costs without eroding the longer term real value of the charity’s investment capital.
The trustees also monitor liquidity to ensure this is sufficient to cover ongoing expenditure. The trustees have reviewed the financial position and future obligations of the charity and have concluded that it is reasonable to expect The Sir Ratanji Dalal Research Scholarship Fund to have adequate resources to continue in operation for the foreseeable future. Accordingly, the going concern basis of accounting continues to be adopted in preparing the financial statements.
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**THE SIR RATANJI DALAL SCHOLARSHIP FUND** Annual Report and Accounts for the year ended 30 June 2025
## **Risk Management**
The trustees annually review the risks the fund faces. To date these have mainly related to the appropriateness of grant requests, and investment management, which has been mitigated by a diversified portfolio.
## **Statement of Trustees’ Responsibilities**
The Trustees are responsible for preparing the Trustees’ Report and the financial statements in accordance with applicable law and regulations.
Charity law requires the trustees to prepare financial statements for each financial year in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards) and applicable law.
Under charity 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 affairs of the charity and of its net incoming resources for that period. In preparing these financial statements, the trustees are required to:
- select suitable accounting policies and then apply them consistently;
- observe the methods and principles of the Charities Statement of Recommended Practice;
- make judgments and estimates that are reasonable and prudent;
- state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue to operate
The trustees are responsible for keeping proper accounting records that are sufficient to show and explain the charity’s transactions and disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Signed on behalf of the trustees:
## **Mr Timothy Mitchell**
President The Royal College of Surgeons of England
**Dr Mumtaz Patel** President The Royal College of Physicians of London
**Date: 25 April 2026**
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**THE SIR RATANJI DALAL SCHOLARSHIP FUND** Annual Report and Accounts for the year ended 30 June 2025
## **Independent Auditor’s Report to the Trustees of The Sir Ratanji Dalal Scholarship Fund**
## **Opinion**
We have audited the financial statements of The Sir Ratanji Dalal Research Scholarship Fund (‘the charity’) for the year ended 30 June 2025 which comprise statement of financial activities, balance sheet, 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 Financial Reporting Standard 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 30 June 2025 and of income and expenditure, 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.
## **Basis for opinion**
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.
## **Conclusions relating to going concern**
In auditing the financial statements, we have concluded that the trustee's 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 trustees are responsible for the other information contained within the annual report. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, 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 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.
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**THE SIR RATANJI DALAL SCHOLARSHIP FUND** Annual Report and Accounts for the year ended 30 June 2025
## **Matters on which we are required to report by exception**
We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 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;
- sufficient and proper accounting records have not been kept by the charity; or
- we have not received all the information and explanations we require for our audit.
## **Responsibilities of trustees**
As explained more fully in the trustees’ responsibilities statement set out on page 3, 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**
We have been appointed as auditor under section 152 of the Charities Act 2011, and report in accordance with the Acts and relevant regulations made or having effect thereunder.
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.
Details of the extent to which the audit was considered capable of detecting irregularities, including fraud and noncompliance with laws and regulations are set out below.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
## **Extent to which the audit was considered capable of detecting irregularities, including fraud**
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We identified and assessed the risks of material misstatement of the financial statements from irregularities, whether due to fraud or error, and discussed these between our audit team members. We then designed and performed audit procedures responsive to those risks, including obtaining audit evidence sufficient and appropriate to provide a basis for our opinion.
We obtained an understanding of the legal and regulatory frameworks within which the charity operates, focusing on those laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements. The laws and regulations we considered in this context were the Charities Act 2011, together with the Charities SORP (FRS 102). We assessed the required compliance with these laws and regulations as part of our audit procedures on the related financial statement items.
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**THE SIR RATANJI DALAL SCHOLARSHIP FUND** Annual Report and Accounts for the year ended 30 June 2025
In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which might be fundamental to the charity’s ability to operate or to avoid a material penalty. We also considered the opportunities and incentives that may exist within the charity for fraud. The laws and regulations we considered in this context for the UK operations was UK Tax legislation.
Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the Trustees and other management and inspection of regulatory and legal correspondence, if any.
We identified the greatest risk of material impact on the financial statements from irregularities, including fraud, to be within override of controls by management. Our audit procedures to respond to these risks included enquiries of management and trustees about their own identification and assessment of the risks of irregularities, sample testing on the posting of journals, analytical review and detailed testing of investment income, vouching a sample of investment holdings at year end to third party data, reviewing accounting estimates for biases, reviewing regulatory correspondence with the Charity Commission, and reading minutes of meetings of those charged with governance.
Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. In addition, as with any audit, there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.
## **Use of our report**
This report is made solely to the charity’s trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. 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.
## **Crowe U.K. LLP**
Statutory Auditor London
**Date** 30 April 2026
Crowe U.K. LLP is eligible for appointment as auditor of the charity by virtue of its eligibility for appointment as auditor of a company under section 1212 of the Companies Act 2006.
6
**THE SIR RATANJI DALAL SCHOLARSHIP FUND**
Annual Report and Accounts for the year ended 30 June 2025
## **STATEMENT OF FINANCIAL ACTIVITIES**
## **For the year ended 30 June 2025**
|**Income and endowments from**
Investment income
**Total income and endowments**
**Expenditure on**
Raising funds:
Investment management fees
Charitable activities:
Grants awarded
**Total resources expended**
**Net income / (expenditure) before gains**
Net gains on investments
**Net movement in funds for the year**
Funds brought forward at 1 July
**Funds carried forward at 30 June**|**Notes**
2
5|**Total Funds**
**Total Funds**
**30 June**
**30 June**
**2025**
**2024**
**£**
**£**
**£**
**£**
34,901
-
34,901
38,883
**34,901**
**-**
**34,901**
**38,883**
-
4,757
4,757
4,447
57,233
-
57,233
87,728
**57,233**
**4,757**
**61,990**
**92,175**
**(22,332)**
**(4,757)**
**(27,089)**
**(53,292)**
-
71,343
71,343
59,974
**(22,332)**
**66,586**
**44,254**
**6,682**
121,398
771,879
893,277
886,595
**99,066**
**838,465**
**937,531**
**893,277**
**Unrestricted**
**Funds**
**Permanent**
**Endowment**
**Funds**|
|---|---|---|
The notes to the financial statements are on pages 9 to 12.
7
**THE SIR RATANJI DALAL SCHOLARSHIP FUND**
Annual Report and Accounts for the year ended 30 June 2025
## **BALANCE SHEET**
## **as at 2025**
|**Fixed assets**
Investments
**Current assets**
Cash
**Current liabilities**
**Net current assets**
**Net assets**
**Funds**
Funds at 30 June|**Notes**
5
3
4|**Total Funds**
**Total Funds**
**30 June**
**30 June**
**2025**
**2024**
**£**
**£**
**£**
**£**
-
839,672
**839,672**
773,030
252,198
-
**252,198**
217,777
(153,132)
(1,207)
**(154,339)**
(97,530)
99,066
(1,207)
**97,859**
120,247
**99,066**
**838,465**
**937,531**
**893,277**
**99,066**
**838,465**
**937,531**
**893,277**
**Unrestricted**
**Funds**
**Permanent**
**Endowment**
**Funds**|
|---|---|---|
The notes to the financial statements are on pages 9 to 12.
Approved on behalf of the trustees and authorised for issue by:
## **Mr Timothy Mitchell**
President The Royal College of Surgeons of England
## **Dr Mumtaz Patel**
President The Royal College of Physicians of London
**Date: 25 April 2026**
## **Charity No. 255768**
8
**THE SIR RATANJI DALAL SCHOLARSHIP FUND** Annual Report and Accounts for the year ended 30 June 2025
## **Notes to the financial statements for the year ended 30 June 2025**
## **1. Accounting policies**
- (a) The financial statements have been prepared in accordance with the Charities SORP (FRS102) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland and the Charities Act 2011 and UK Generally Accepted Practice as it applies from 1 January 2015.
The charity constitutes a public benefit entity as defined by FRS102. Under the Small Charities exemption, a cash flow has not been disclosed.
- (b) The financial statements have been prepared on a going concern basis as the trustees consider that the Trust has adequate resources to continue in operational existence for the foreseeable future.
- (c) Investment income is included in the financial statements as it becomes receivable. Legacy income is recognised when the criteria of entitlement, measurement and probability are met.
- (d) Grants payable are charged to the financial statements in the year that they are awarded.
- (e) Financial assets including cash and debtors are measured at amortised cost.
- (f) Investments are included at market value. Gains or losses on investments, whether realised or not, are disclosed in the Statement of Financial Activities in the year in which they arise.
- (g) Permanent endowed funds arise where the donor has specified that the capital of the gift cannot be expended and that only the income arising from the capital may be used for the named purpose. Unrestricted funds can be used for activities in support of the objects of the charity.
- (h) Support costs consist of administration, other costs in support of the charity’s activities, audit fees and other costs of statutory compliance.
- (i) The Trust is a Registered Charity and as such is exempt from taxation on its income and gains to the extent that they are applied to its charitable purposes.
|**2.**
**Grants awarded**consists of:
Grants to individuals
Support costs
**3.**
**Cash**consists of:
Income accounts with investment managers
C Hoare & Co interest-bearing current account|**2025**
**2024**
**£**
**£**
49,295
80,000
7,938
7,728
**57,233**
**87,728**
120
77
252,078
217,700
**252,198**
**217,777**|
|---|---|
9
Annual Report and Accounts for the year ended 30 June 2025
## **THE SIR RATANJI DALAL SCHOLARSHIP FUND**
|**4.Current Liabilities**, all due within one year:
Amounts due to the Royal College of Surgeons of England
Audit fees
Investment Management Fees
**5.Investments**
Market value of investments is represented as follows:
Investments in pooled unitised funds
Deposits with investment managers
**Total investments at market value**
Investments at cost are represented as follows:
Investments in pooled unitised funds
Deposits with investment managers
**Total investments at cost**
Investment movements during the year:
Market value brought forward
Additions
Disposals
Net (loss)/gain on investments
**Market value at 30 June carried forward**|**2025**
**2024**
**£**
**£**
144,522
89,179
8,610
7,200
1,207
1,151
**154,339**
**97,530**
-
-
825,207
753,337
14,465
19,693
**839,672**
**773,030**
-
-
627,359
627,359
14,992
19,693
**642,351**
**647,052**
-
773,030
717,471
-
-
(4,702)
(4,415)
71,343
59,974
**839,672**
**773,030**
-
-|
|---|---|
At 30 June 2025 all the investments, other than the deposits with the investment managers, were held in UK pooled unitised investment funds.
## **6. Trustees and employees**
The trustees receive neither remuneration nor expenses. There are no employees.
During the year, grants of £49,295 (2024: £80,000) and support costs of £5,010 (2024: £4,932) were paid by the Royal College of Surgeons of England on behalf of The Sir Ratanji Dalal Scholarship Fund. At the year end £144,523 was owed to the Royal College of Surgeons of England (2024: £89,179).
There were no further related party transactions.
## **7. Financial instruments**
At the balance sheet date, the charity held financial assets at amortised cost of £252,198 (2024: £217,777), financial assets at fair value through income or expenditure of £839,672 (2024: £773,030) and financial liabilities at amortised cost of £154,339 (2024: £97,530).
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**THE SIR RATANJI DALAL SCHOLARSHIP FUND** Annual Report and Accounts for the year ended 30 June 2025
## **8. COMPARATIVE STATEMENT OF FINANCIAL ACTIVITIES For the year ended 30 June 2024 showing performance of the separate classes of funds**
|**Income and endowments from**
Investment income
**Total income and endowments**
**Expenditure on**
Raising funds:
Investment management fees
Charitable activities:
Grants awarded
**Total resources expended**
**Net income / (expenditure) before gains**
Net gains on investments
**Net movement in funds for the year**
Funds brought forward at 1 July
**Funds carried forward at 30 June**|**Total Funds**
**30 June**
**2024**
**£**
**£**
**£**
38,883
-
**38,883**
-
**38,883**
**-**
**38,883**
-
-
4,447
**4,447**
-
87,728
-
**87,728**
-
**87,728**
**4,447**
**92,175**
-
**(48,845)**
**(4,447)**
**(53,292)**
-
-
59,974
**59,974**
-
**(48,845)**
**55,527**
**6,682**
-
170,243
716,352
**886,595**
-
**121,398**
**771,879**
**893,277**
**Unrestricted**
**Funds**
**Permanent**
**Endowment Funds**|
|---|---|
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**THE SIR RATANJI DALAL SCHOLARSHIP FUND** Annual Report and Accounts for the year ended 30 June 2025
## **9. COMPARATIVE BALANCE SHEET**
For the year ended 30 June 2024
|**Fixed assets**
Investments
**Current assets**
Cash
**Current liabilities**
**Net current assets**
**Net assets**
**Funds**
Funds at 30 June|**Total Funds**
**30 June**
**2024**
**£**
**£**
**£**
-
773,030
**773,030**
-
217,777
-
**217,777**
-
(96,379)
(1,151)
**(97,530)**
-
121,398
(1,151)
**120,247**
-
**121,398**
**771,879**
**893,277**
-
**121,398**
**771,879**
**893,277**
**Unrestricted**
**Funds**
**Permanent**
**Endowment Funds**|
|---|---|
12