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 reSoUr￿S
and application of resources, for the year then ended.,
have been properly p￿pared 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, ex￿pt 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 r￿ulatiOnS.,
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 an￿Unts
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 a￿rt to any 1ndic3b.ons of frdud or nOr￿mplIanCe with laws and regulations throughout the audit.
Our aud(( pr(￿edureS were designed lo respond to risks of materk21 m1sstalen￿nt in the financial statements, r￿gnisIng
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 con￿lment 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 b￿me aware
A further description of our responsibilities is available on the FRC'S website al". htt s".Ilwww.froo
aSsUran￿laUdItor-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 M￿ht 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 b￿y, 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 Un￿rtaInlieS about the Foundation's ability to continue as a
going GOn￿rn.
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 circumStan￿s.
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 ServI￿S
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