DoGuSvJn Envelope ID." 912A856E.DB9>435&9421.A6A11569FB74 Aruna and Ambika Paul Foundation formerly Ambika Paul Foundation Report and Financial Statements Year Ended 30 April 2023 Charity Number 276127
DoGuSvJn Envelope ID." 912A856E.DB9>435&9421.A6A11569FB74 Aruna and Ambika Paul Foundation Report and financial statements for the year ended 30 April 2023 Contents Page: Report of the Iruslees Report of the independent auditors statement of financial activities statement of financial position 10 statement of cash flows Notes forming part of the financial statements Trusteos The Lord Paul of Marylebone The Honourable Ms Anjli Paul The Honourable Ambar Paul The Honourable Akash Paul Charity registered number 276127 Principal address Caparo House, 103 Baker Street, London, W1 U 6LN Auditors Bishop Fleming Bath Limited, 10 Temple Back, Bristol, BS16FL Bankers Bank of Baroda, 32 City Road, London, EC1Y 2BD Invostment managers Schroder Investment Management Limited, 33 Gutter Lane, London, EC2V 8AS Julius Baer International Limited, 1 St. Martin s Le•Grand, London, EC1A 4AS
DoGuSvJn Envelope ID." 912A856E.DB9>435&9421.A6A11569FB74 Aruna and Ambika Paul Foundation Report of the trustees for the year ended 30 April 2023 The trustees of the Aruna and Ambika Paul Foundation present their report together with the audited financial statements for the year ended 30 April 2023. The trustees confirm that the Annual report and financial stslemenls of the charity comply with the current slatulory requirements, the requirements of the Foundation's governing document and the provisions of the Statement of Recommended Practice applicable lo charities preparing their accounts in accordance with the Financial Reporting standard applicable in the UK and Republic of Ireland IFRS 1021 leffeclive 1 January 20191. Structure, govemance and management The Aruna and Ambika Paul Foundation Iformerly The Ambika Paul Foundalionl is conslituled as a charitable unincorporated organisalion under a trust deed executed on 10 April 1978 and is registered with the Charity Commissioners Iregislration number 2761271. The Foundation's name was changed at a meeting of the trustees on 7th August 2023 and the Charities Commission was notified accordingly. The Iruslees are appointed by the Board of Trustees. The power lo appoint new Iruslees rests with the existing Iruslees. On appointment, the decision making process of the trust is explained lo new Iruslees by one of the existing trustees who also provides an overview of the administrative procedures employed by the trust. Trustees meet al regular intervals during each year to give consideration lo the status of the Irusl's funding, reserves. risks, investments and grant making. The trust has no paid staff, however, the trustees call upon the unpaid services of rtain employees of the Caparo Group of companies, a related party, for the provision of administrative support. Trustees The trustees set out on the contents page served throughout the year and lo the dale of this report. Objectives and activities As set out in more detail in the trust deed, the purposes of the Foundation are to apply income and capital from the trust fund for the benefit of any charitable organisation or purposes as the trustees consider appropriate. The trust fund is an expendable endowment fund and the trustees have the power to reinvest any income in line with the original donation's principles. The trustees seek suitsble grant opportunities with a particular emphasis on education, culture and health. Grant making policy Grants made by the Foundation are al the discretion of the Board of Trustees. The Board considers making a grant and if approved, notifies the intended recipient. Achievomgnts and performance for the public benefit The trustees confimi that they have referred lo the guidan contained in the Charity Commission's general guidan on public benefit when reviewing the Foundation's aims and objectives and in planning future activities. The Foundation enjoyed a satisfactory financial year. with an increase in the value of investments before donations. As detailed in note 6 the Foundation awarded 3 grants to Social Projects tolalling £89,862 during the year, with a combined total of £103,205, Including foreign exchange losses on previous commitments to educational projects 12022.. £1,186,749) and also paid down some of the Foundation's existing commitments. As a result of awarding fewer grants during the year, expenditure saw a significant decrease on 2022, including a contribution due lo adverse foreign exchange rate movement in relation to the prior period grants the foundation was eommitted to donate to the Massachusetts Institute of Technology.
DoGuSvJn Envelope ID." 912A856E.DB9>435&9421.A6A11569FB74 Aruna and Ambika Paul Foundation Report of the trustees for the year ended 30 April 2023 (continued) Plans for future perlods for the publlc beneflt Funds continue to be accumulated in order to fund projects which promote education, culture and health. The Iruslees continue to consider proposals for their suitability for funding, on an ongoing basis. Financial review The Foundation's financial activities are set out on page 8. Income, all of which was investment income, increased slightly lo £306,703 12022.. £233,120). Expenditure was £128,063 12022.. £1,073,898) before an adjustment of £13,343 Ilossl relating to exchange rate adjustments on oulslanding commitments 12022.. £140,749 Ilossll. Net income before investment gains for the year was £165,297 profit12022'. £981,527 Ilossll. There was a gain on investment assets of £82,03912022'. £493,500). The balance sheet on page 9 shows that the funds of the Foundation comprise securities, and short term bank balances, managed so as to obtain competits.ve rates of return while miligaling investment risk. Income is either reinvested or spent on fulfilling the Foundation's charitable objectives, as the trustees consider appropriate. The policy of the Foundation is lo maintain cash al bank at a level that is adequate to cover grants payable and operational expenditure and the Iru51ees review regularly these Investments with a view to maintaining income wilhoul unacceptable investment risk. The fund balance at 30 April 2023 was £7,566,98012022.. £7.319,6441 and Consisted primarily of cash and fixed term deposit balances of £69,37612022.. £579, 1351 and securities of £8,645, 122 12022.. £8,279,734), offset by committed charitable donations of £1,194,55312022.. £1,590,710). Investment policy There are no restrictions on the trustees, FX)wers of investment. The trustees, policy is to protect the capital value of the Foundation's assets against inflation and to aim lo produce maximum annual growth to be available for distribution. Resepies polley The total funds at 30 April 2023 were £7,566,980 of which £1,727,563 were unrestricted reserves. The trustees maintain unrestricted reserves al a level judged by them lo be adequate lo meet their commitments, allowing for short term fluctuations in income. The Foundation has minimal ongoing operational expenditure requirements and continues lo consider opportunities lo donate funds consislenl with ils charitable objectives. As it holds significant expendable endowment funds, the Iruslees are satisfied that ils unrestricted reserves are currently adequate. The Iruslees will ensure that sufficient reserves are retained for foreseeable administrative costs, of at least £50,000. Risk management The trustees have examined the major strategic, business and operational risks which the charity faces and confirm that systems have been established to enable regular reports to be produced so that the necessary steps can be taken lo lessen these risks.
DoGuSvJn Envelope ID." 912A856E.DB9>435&9421.A6A11569FB74 Aruna and Ambika Paul Foundation Report of the trustees for the year ended 30 April 2023 (continued) Trustees, responslbllltles 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 lo prepare financial statements for each financial year in accordance with United Kingdom Generally Accepted Accounting Practise {Uniled Kingdom Accounting Stsndards and applicable lawl. Under charity law the Iruslees must not approve the financial statements unless they are satisfied that they give a true and fair view of the stsle of affairs of the charity and of the incoming resources and application of resources, including the income and expenditure, of the charity for that period. In preparing these financial statements, the trustees are required to.. select suitsble accounting policies and then apply them consistently., observe the methods and principles in the Charities SORP 2019 IFRS 1021", make judgements and estimates that are reasonable and prudent., stale whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements., and, prepare the financial statements on the going eoneern basis unless it is inappropriate lo presume that the charity will continue in operation. The Iruslees are responsible for keeping adequate records that are sufficient to show and explain the charity's transactions and disclose with reasonable accuracy al any time the financial position of the charity and enable them lo 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. Auditors Bishop Fleming Bath Limited were reappointed as auditors. On behalf of the Board of Trustees The Honourable Ambar Paul Trustee Dale 27 February 2024
DoGuSvJn Envelope ID." 912A856E.DB9>435&9421.A6A11569FB74 Aruna and Ambika Paul Foundation Independent auditor's report to the trustees Independent Audltor's Report to the Trustees of Aruna and Amblka Paul Foundatlon Oplnlon We have audited the financial statements of Aruna and Ambika Paul Foundation Ilhe 'charity'l for the year ended 30 April 2023 which comprise Statement of Financial Activities, Slalemenl of Financial Position, Statement of Cash flows and notes lo the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Stsndards, including Financial Reporting Standard 102 Thg Financial Reporting Standard applicable in the UK and Republic of Ir&land Iuniled Kingdom Generally Accepted Accounting Praclicel. In our opinion the financial statements.. give a true and fair view of the stale of the charity's affairs as at 30 April 2023, and of ils incoming reSoUrS and application of resources, for the year then ended., have been properly ppared 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 accordan with Intemational Standards on Auditing IUKI IISAS IUKII 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 accordan with the ethical requirements that are relevant to our audit of the financial slalemenls 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 lo provide a basis for our opinion. Conclusions relating to going concern In auditing the financial statements, we have concluded that the Iruslees, 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 lo events or conditions that, individually or collectively, may cast significant doubt on the charity's ability lo continue as a going concem for a period of al least twelve Months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the Iruslees with respect to going concern are described in the relevant sections of this report. Other information The other information comprises the information included in the Iruslees annual report, other than the financial stslemenls and our auditorfs report Ihereon. The trustees are responsible for the other information contained within the report. Our opinion on the financial slalemenls does not cover the other information and, expt to the extent otherwise explicitly slated in our report, we do not express any form of assurance conclusion Ihereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsislenl with the financial slalements or our knowledge obtained in the course of the audit or otherwise appears lo be materially misstated. If we identify such material inconsistencies or apparent material misstslemenls, we are required to determine whether this gives rise to a material misstatement in the financial slalements themselves. If, based on the work we have performed, we conclude that there is a material misstalemenl of this other information, we are required to report that fact. We have nothing lo report in this regard.
DoGuSvJn Envelope ID." 912A856E.DB9>435&9421.A6A11569FB74 Aruna and Ambika Paul Foundation Independent auditor's report to the trustees (continued) Matters on which we are required to report by exeeption We have nothing to report in respect of the following mallers in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion". the information given in the financial statements is inconsistent in any material respect with the Iruslees, report., or the charity has not kept adequate accounting records., or the financial statements are not in agreement with the accounting records and returns., or we have not received all the information and explanations we require for our audit. Responsibilities of trustees As explained more fully In the trustees, responsibilities statement, the trustees are responsible for the preparation of financial statements which give a true and fair view, and for such Internal control as the trustees determine is necessary lo enable the preparation of financial stslements that are free from material misstslemenl, whether due lo 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 ase operations, or have no realisti alternative bul to do so. Auditor's responsibilities for the audit of the financial statements We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with regulations made under section 154 of that Act. Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstalemenl, whether due to fraud or error, and lo issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, bul is not a guarantee that an audit conducted in accordance with ISAS IUKI will always detect a material misststemenl 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 lo influence the economic decisions of users taken on the basis of these financial slatemenls. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to delecl material misstatements in respect of irregularities, including fraud. The exlenl to which our procedures are capable of detecting irregularities, including fraud is detailed below." In identifying and assessing risks of Material misstatement in respect of irregularities, including fraud and non- compliance with laws and regulations, we considered the following". the nature of the sector, control environment and the Charity's performance., results of our enquiries of management and the Trustee board, including the committees charged with governance over the Charity's finance and control, about their own identification and assessment of the risks of irregularities., any mallers we identified having obtained and reviewed the Charity's documentation of their policies and procedures relating lo.. identifying, evaluating and complying with laws and regulations and whether they were aware of any Instances of non-compliance., detecting and responding lo the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud,. the internal controls established to mitigate risks of fraud or noncompliance with laws and rulatiOnS., a resLJIt of these procedures, we considered the opportunities and incentives that may exist within the organisation for fraud, which included incorrect recognition of revenue, management override of controls using manual journal entries. We identified the greatest potential for fraud as incorrect recognition of revenue and management override using manual journal entries.
DoGuSvJn Envelope ID." 912A856E.DB9>435&9421.A6A11569FB74 Aruna and Ambika Paul Foundation Independent auditor's report to the trustees leontinuedj In common with all audits under ISAS IUKI, we are also required to Kkrform specific procedu$ lo respond to the risk (rf managementoverride. We alsoobtained an understanding oflhe legal and regulatory frameworks Ihatlhe Charity operates in, focusing on provisions of those laws and regulations that had a direct effect on the delemination of material anUnts and disdosures in the financial statements. The key laws and regulations we considered in this context included the Charities Act2011 and tax gISlat)n. In addition, we considered provisDns of other laws and regulations tt)al do not have a direct effect on the financial statements bul compliance with which may fundarrEntal to the Charty's ability to OkErate or lo avoid a material penalty. Our procedures to respond to risks idenb'fied induded the following.. reviewing the financial statement disclosures and lesling lo supporting documentation lo assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements., reviewing the financial statement disclosures and testing to supporting documentation lo assess the recognition of income., enquiring of Trustees and management and those charged with governance concerning actual and potential litigation and claims", performing procedures to confirm material compliance with the requirements of its regulators., performing analytical procedures lo Identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud., reading minutes of meetings of those charged with governance and reviewing internal control reports,. and in addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments,. and assessing whether the judgements made in making accounting eslimales are indicative of a potential bias. We also communicated relevant identified laws and regulations and potential fraud risks lo all engagementteam member5, and remained art to any 1ndic3b.ons of frdud or nOrmplIanCe with laws and regulations throughout the audit. Our aud(( pr(edureS were designed lo respond to risks of materk21 m1sstalennt in the financial statements, rgnisIng that the rtsk of not del&ting a material misstatement due to fraud is higher than the risk of not detecting one resulting from an error, as fraud may invobje delibèrate conlment by, for examp, forgery, misrepresentations or through collusion. There are inheonl limitations in the audit procedures Fkrformed and the further removed non-comKAIan with laws and regulalK)ns is from the events and transactions flected in the financial statemènts, the less like we would bme aware A further description of our responsibilities is available on the FRC'S website al". htt s".Ilwww.froo aSsUranlaUdItor-s-reS nsibilities-for-th&audil-of-Ih&fildescri tion-of-Ih+audi(oP/oE20/0800/09gs-res description forms part of our audilorfs reporL .uklaudf(orslaudf(- onsibililies-for.This
DoGuSvJn Envelope ID". 912A856E.DB9>4353-9421.A6A11569FB74 Aruna and Ambika Paul Foundation Independent auditor's report to the trustees Icontsnued) Use of our report This report is made solely to the charity's trustees, as a dy, in accordan wth Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audr( wotk has undertaken so that we Mht st* to the charity's trustees those matters we are required lo slate to them in an audilorfs retK)rt and for no other purpose. To the fullest extent pemiitted by law, we do not accept or assume responsibilty lo anyone other than the charity and the charity's Iruslees as a by, for our audr( work, for this report, or for the opinions we have fom)ed. Bishop Fleming Bath Limited ststutory Auditor 10 Temple Back Bristol BS16FL United Kingdom 28 February 2024 Bishop Fleming Bath Limited is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006.
DoGuSvJn Envelope ID." 912A856E.DB9>435&9421.A6A11569FB74 Aruna and Ambika Paul Foundation Statement of financial activities for the year ended 30 April 2023 Note Unrestrlcted Expendable endowment funds Total Total funds 2023 2022 Income Donations Investments 306,703 306,703 233,120 Total income 306,703 306,703 233,120 Expenditure Raising funds Charitable activities 19,779 121,627 19.779 121.627 20,124 1,194,523 Totsl expenditure 141,406 141,406 1,214,647 Net income before investment gainslllossesl 165,297 165,297 1981,5271 Transfers between funds 103,205 1103,2051 Other recognised {lossesllgains Net gainslllossesl on investment assets 16,172 65,867 82,039 493,500 Net Income and movement In funds 284,674 137,3381 247,336 1488,0271 Reconciliation of funds: Total funds at 1 May 2022 1,442,889 5,876,755 7.319.644 7,807,671 Total funds at 30 April 2023 1,727,563 5,839,417 7.566.980 7,319,644 All recognised gains and losses are included in the Statement of Financial Activities for the year. All amounts relate to continuing activities. The notes on pages 11 to 19 form part of these financial statements.
DoGuSvJn Envelope ID." 912A856E.DB9>435&9421.A6A11569FB74 Aruna and Ambika Paul Foundation Statement of Financial Position at 30 April 2023 Note 2023 2023 2022 2022 Flxed assets Investments 8,645,122 8,279,734 Current assets Debtors Cash al bank 62.035 69.376 59,140 579,135 131.411 638,276 Creditors: amounts falling due within one year 10 {413.1841 1405,3331 Net current assets 1281,773} 232,943 Totsl assets less Current liabilities 8,363,349 8,512,677 Creditors: amounts falling after more than one year Grants payable 1796,369) 11,193,033) Total net assets 7,566,980 7,319,644 Represented by.. Charity funds Unrestricted funds Expendable endowment funds 13 13 1,727,563 5,839,417 1,442,889 5,876,755 Total funds 7,566.980 7,319,644 These financial statements were approved by the trustees and authorised for issue on 27 February 2024 MtswP The Honourable Ambar Paul Trustee The notes on pages 11 to 19 form part of these financial statements.
DoGuSvJn Envelope ID." 912A856E.DB9>435&9421.A6A11569FB74 Aruna and Ambika Paul Foundation Statement of Cash flows for the year ended 30 April 2023 2023 2022 Cash flows from operatlng aetlvltles Note Net income and movement in funds Investment management fees Dividends received Interest received Decreasel lincreasel in receivables Increase I Idecreasel in payables Unrealised Igainsl I losses on investments 247,336 19.779 {303.1281 16801 12,8951 {388.8131 131.1181 1488,0271 20,124 1205,4171 16,6281 116,2721 1314,3001 1452,2641 Not cash generated from l {expended by) operating activities {459.5201 11,462,784) Cash flov from investing activities Dividends received Investment management fees Proceeds from sale of investments Purchase of investments Investment in fixed term deposits Proceeds from malurily of fixed term deposits 303.128 119.7791 487.784 {947,9831 205,417 120.1241 357,289 1480,6881 680 2,047,432 Net eash {invested inl I received from investing aetivities {176,1691 2,109,326 Change In cash and cash equlvalents In the year {635,6891 646,542 Cash and cash equivalents brought forward 854,777 208,235 Cash and cash equivalents carried foThvard 15 219.088 854,777 The notes on pages 11 to 19 form part of these financial statements. 10
DoGuSvJn Envelope ID." 912A856E.DB9>435&9421.A6A11569FB74 Aruna and Ambika Paul Foundation Notes fomiing part of the financial statements for the year ended 30 April 2023 Aeeounting policies Basis of preparation The financial statements have been prepared under the historical cost convention as modified by the revaluation of investments. They have been prepared in accordance with the Statement of Recommended Practi.. Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 1021 (effective 1 January 20191, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland IFRS 1021 and the Charities Act 2011. Aruna and Ambika Paul Foundation conslilules a public benefit entity as defined by FRS 102. The trustees consider that there are no material UnrtaInlieS about the Foundation's ability to continue as a going GOnrn. The charity's functional and presentational currency is the pound sterling. Income All donation5 are accounted for gross when receivable, as long as they are capable of financial measurement. Investment income Is accounted for on an a¢cru81s basis. Expenditure Expenditure is accounted on an accruals basis. Grants payable are charged in the year when the offer is conveyed to the recipient except in those cases where the offer is conditional, such grants being recognised as expenditure when the conditions attaching are fulfilled. Grants offered subject lo conditions which have not been met al the year-end are noted as a commitment, bul not accrued as expenditure. The costs of generating funds comprise those costs directly attributable to managing the investment portfolio. Allocation ofovert)ead and support costs Overhead and support costs for running the Foundation are not significant. They have been allocated to charitable activities in full as set out in note 6. In view of the amounts involved these costs are not reallocated to individual charitable projects. Value added tax As the charity is unable lo reclaim Value Added Tax, all expenditure in these financial statements is show inclusive of Value Added Tax paid.
DoGuSvJn Envelope ID." 912A856E.DB9>435&9421.A6A11569FB74 Aruna and Ambika Paul Foundation Notes fomiing part of the financial statements for the year ended 30 April 2023 (continued) Aeeounting policies (continued) Investments The investments are ststed at fair value al the accounting reference date. Forward currency positions are ststed at fair value as at the accounting reference date. No differentiation is made between realised and unrealised investment gains and losses as drawing a distinction would not add lo the management or understanding of the investment portfolio. Expgndable Endowment Fund Expendable endowments are those where the trust terms provide for conversion from capital into income only under rtain circumStans. Income arising on the endowment fund can be used in accordance with the objects of the charity and is included as unrestricted Income. Any capital gains and losses arising on the Investments form part of the fund. Investment management charges, fund raising costs and legal advi relating lo the fund are charged against the fund. Unrestricted funds Unreslricled funds comprise those funds which the Iruslees are free to use in accordance with the charitable objects. Cash and Cash Equivalents Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 3 months. Any deposits with a maturity of between 3 and 12 months are shown as current asset investments. Cash held for investment purposes by the investment managers is elassifièd as a fixed asset investment in the balance sheet bul is included with cash and cash equivalents in the cash flow ststemenl. Foreign currency translation Assets and liabilities denominated in foreign currencies are translated al the rale ruling al the accounting reference dale. Any surplus or deficit on exchange has been credited or charged lo the fund account. Financial Instruments Financial instruments are recognised in the charity's balance sheet when it becomes a paty lo the contractual provisions of the financial instrument. Voluntary income During the year, the charity received no donalions12022 £nill. 12
DoGuSvJn Envelope ID." 912A856E.DB9>435&9421.A6A11569FB74 Aruna and Ambika Paul Foundation Notes fomiing part of the financial statements for the year ended 30 April 2023 (continued) Employees and trustees The charity has no employees. The trustees did not receive any remuneration for their services or reimbursed expenses in either year. There are no key management personnel. Investment Income 2023 2022 Distributions reinvested.. Schroder Charity Equity Fund Julius Baer Fund Interest on cash deposits 265.715 40.308 680 196,518 29,974 6,628 306.703 233,120 In 2023 the lotsl investment income of £306,70312022.. £233, 1201 was unrestricted. Raising funds 2023 2022 Investment manager charges Other costs 19,779 20,124 19,779 20,124 In 2023 of the total costs relating to raising funds, £nil12022.' £nill was unrestricted. Charltable actlvltles 2023 2022 Unreslricled funds.. Summary of charitable activity.. Educational projects Social projects 13,343 89,862 1,140,749 46,000 103,205 1,186,749 13
DoGuSvJn Envelope ID." 912A856E.DB9>435&9421.A6A11569FB74 Aruna and Ambika Paul Foundation Notes fomiing part of the financial statements for the year ended 30 April 2023 (continued) Charitable activities (continued) Support costs.. Foreign exchange IgainslAosses Bank interest and charges Securities registration fee Professional fees 72 78 1,929 40 78 Auditor's fee for audit ServIS current year prior year 15,000 1,343 7,656 121,627 1,194,523 The £13,343 debit to Education Projects includes charges of £13,343 relating to movements in foreign exchange in connection with a grant payable12022.. £140,749) The Aruna and Ambika Paul Foundation made 3 grants during the year12022- 51. Details are given as follows.. 2023 2022 Educational projects: MIT- Kresge auditorium fund Zoological Society of London Foreign exchange differences arising on unpaid grant commitment 1,000,000 140,749 13,343 13.343 1,140,749 2023 2022 Social projects: Indian Gymkhana DEBRA National Resources Institute Women's India Association Baroness Pola Uddin Unicef India Emergency Fund Unicef Ukraine Crisis 86.000 2.500 1.362 10,000 1,000 25,000 10,000 89,862 46,000 14
DoGuSvJn Envelope ID." 912A856E.DB9>435&9421.A6A11569FB74 Aruna and Ambika Paul Foundation Notes fomiing part of the financial statements for the year ended 30 April 2023 (continued) Flxed asset Investments Securltles Unllsted Cash held for securltles relnvestment Total Investments Market Value as at 1 May 2022 8,004,093 275,641 8,279,734 Purchases 646,684 1487,7841 301,299 1646,8841 487,784 1,829 Sales Distributions reinvested 303,128 Funds withdrawn Other fund ouffiows and expenses Unrealisedlrealised Ilossllgain in the year 119,779} 119,7791 31,118 50,921 82,039 Market value as at 30 April 2023 8,495,410 149,712 8,645,122 Historical cost as al 30 April 2023 3,148,581 149,712 3,298,293 Investments in individual entities held at the year end which are over 5 10 of the portffolio by value are.. 2023 2022 Schroder Charity Equity Fund 6,145,575 5,711,332 Debtors 2023 2022 Dividends receivable 62,035 59,140 62,035 59,140 All amounts shown under debtors fall due for payment within one year. 15
DoGuSvJn Envelope ID." 912A856E.DB9>435&9421.A6A11569FB74 Aruna and Ambika Paul Foundation Notes fomiing part of the financial statements for the year ended 30 April 2023 (continued) 10 Credltors: amounts falllng due In less than one year 2023 2022 Accruals Grants payable 15.000 398.184 7,656 397,677 413.184 405,333 Grants payable within one year are composed of a grant to the Massachusetts Institute of Technology for £398,1841$500,000112022.. £397,6781$500,00011. 11 Creditors: amounts falling due in more than one year 2023 2022 Grants payable 796,369 1,193,033 796,369 1,193,033 Grants payable in More than one year are composed of a grant to the Massachusetts Institute of Technology for £796.3691$1,000,000112022'. £1,193,0331$1,500,00011. 16
DoGuSvJn Envelope ID." 912A856E.DB9>435&9421.A6A11569FB74 Aruna and Ambika Paul Foundation Notes fomiing part of the financial statements for the year ended 30 April 2023 (continued) 12 Financial instruments 2023 2022 Financial assets measured al fair value through income and expenditure Securities, cash and current asset investments Financial assets measured al amortised cost- Other debtors and accrued income 8,714,498 8,858,869 62,035 59,140 8,776,533 8,918,009 Financial liabilities measured at fair value- Accruals and grant creditor 1.209,553 1,598,366 13 Funds Statgment offunds- currentygar Net incomel lexpensel Investment gainsl Opening Closing balance Transfers Ilo¥se¥l Balance Expendable endowment funds 5,876,755 1103,2051 65,867 5.839,417 Unrestricted funds 1,442,889 165,297 103,205 16,172 1,727,563 Total funds 7.319,644 82.039 7.566,980 17
DoGuSvJn Envelope ID." 912A856E.DB9>435&9421.A6A11569FB74 Aruna and Ambika Paul Foundation Notes fomiing part of the financial statements for the year ended 30 April 2023 (continued) 13 Funds (continued) Statement offunds- prioryear Nèt Income Invastmènt gainsl Ilossesl Opening Balance Closing Balance Transfers Expendable endowment funds 6,643,583 {1,186,749) 419,921 5.876,755 Unrestricted funds 1,164,088 1981,5271 1,186,749 73,579 1,442,889 Total Funds 7,807,671 1981,527) 493,500 7,319,644 14 Analysis of net assets botween funds Current year Unrestricted funds Endowment Funds Total Balance Investments Current asset investments Cash Debtors Creditors". Amounts due in less than one year Amounts due in more than one year 1,611,152 7.033,970 8,645,122 89,376 62,035 69,376 62,035 115,0001 1398,1841 1796,3691 1413,1841 1796,3691 At 30 April 2023 1,727,563 S,839,417 7.566,980 Prior year Unrestricted funds Endowment Funds Totsl Balance Investments Current asset investments Cash Debtors Creditors.. amounts due in less than one year amounts due in more than one year 812,269 7,467,465 8,279,734 579,136 59,140 579,136 59,140 17,6561 1397,6771 11, 193,0331 1405,3331 11,193,033) At 30 April 2022 1,442,889 5,876,755 7,319,644 18
DoGuSvJn Envelope ID." 912A856E.DB9>435&9421.A6A11569FB74 Aruna and Ambika Paul Foundation Notes fomiing part of the financial statements for the year ended 30 April 2023 (continued) 15 Anatysis of cash and cash equivalents 2023 2022 Cash at bank and in hand Cash held as part of the Foundation's investment strategy 69,376 149,712 579,136 275,641 219.088 854,777 15 Related party transactions There were no related party transactions during the year. 16 Charity Information The Aruna and Ambika Paul Foundation is an unincorporated charity, registered al the Charity Commission in England and Wales. The principal office is Caparo House, 103 Baker Street, London, W1 U 6LN. 19