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2024-04-30-accounts

VirtualSignature Transaction Ref. 49MF-PTMF-7WQJ 21 Feb 2025 10:52:01 GMT (UTC +0) D 2/2 P 1/21

Aruna and Ambika Paul Foundation

formerly Ambika Paul Foundation

Report and Financial Statements

Year Ended 30 April 2024

Charity Number 276127

VirtualSignature Transaction Ref. 49MF-PTMF-7WQJ 21 Feb 2025 10:52:01 GMT (UTC +0) D 2/2 P 2/21

Aruna and Ambika Paul Foundation

Report and financial statements for the year ended 30 April 2024

Contents

Page:

Trustees

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, W1U 6LN

Auditors

Bishop Fleming Bath Limited, 10 Temple Back, Bristol, BS1 6FL

Bankers

State Bank of India (UK) Limited, City of London Branch, 35 King Street, London, EC2V 8BB

Investment managers

Schroder Unit Trusts Limited, PO Box 1402, Sunderland, SR43 4AF

Julius Baer International Limited, 1 St. Martin`s Le-Grand, London, EC1A 4AS

VirtualSignature Transaction Ref. 49MF-PTMF-7WQJ 21 Feb 2025 10:52:01 GMT (UTC +0) D 2/2 P 3/21

Aruna and Ambika Paul Foundation

Report of the trustees for the year ended 30 April 2024

The trustees of the Aruna and Ambika Paul Foundation present their report together with the audited financial statements for the year ended 30 April 2024.

The trustees confirm that the Annual report and financial statements of the charity comply with the current statutory requirements, the requirements of the Foundation's governing document and the provisions of the Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).

Structure, governance and management

The Aruna and Ambika Paul Foundation (formerly The Ambika Paul Foundation) is constituted as a charitable unincorporated organisation under a trust deed executed on 10 April 1978 and is registered with the Charity Commissioners (registration number 276127). The Foundation’s name was changed at a meeting of the trustees on 7[th] August 2023 and the Charities Commission was notified accordingly.

The trustees are appointed by the Board of Trustees. The power to appoint new trustees rests with the existing trustees. On appointment, the decision-making process of the trust is explained to new trustees by one of the existing trustees who also provides an overview of the administrative procedures employed by the trust.

Trustees meet at regular intervals during each year to give consideration to the status of the trust’s funding, reserves, risks, investments and grant making. The trust has no paid staff, however, the trustees call upon the unpaid services of certain 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 to the date 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 suitable grant opportunities with a particular emphasis on education, culture and health.

Grant making policy

Grants made by the Foundation are at the discretion of the Board of Trustees. The Board considers making a grant and if approved, notifies the intended recipient.

Achievements and performance for the public benefit

The trustees confirm that they have referred to the guidance contained in the Charity Commission’s general guidance on public benefit when reviewing the Foundation’s aims and objectives and in planning future activities.

As a result of awarding additional grants during the year, expenditure saw a significant increase on 2023, although benefited from a gain on foreign exchange rate movement in relation to the prior period grant commitments to the Massachusetts Institute of Technology.

In view of the significant amount of donation commitments, the Foundation instructed Julius Baer International Limited to sell the Foundation’s investment portfolio and to hold the proceeds as cash on deposit. This has resulted in a decrease in the value of Fixed Asset Investments, and an increase in the balance of Cash at Bank at the year end. As detailed in note 6 the Foundation awarded 5 grants to Educational Projects totalling £4,370,000 and 5 grants to Social Projects totalling £395,320 during the year, with a combined total of £4,764,017, including foreign exchange gains on previous commitments to educational projects of £1,303 (2023: losses of £103,205) and also paid down some of the Foundation’s existing commitments.

1

VirtualSignature Transaction Ref. 49MF-PTMF-7WQJ 21 Feb 2025 10:52:01 GMT (UTC +0) D 2/2 P 4/21

Aruna and Ambika Paul Foundation

Report of the trustees

for the year ended 30 April 2024 (continued)

Plans for future periods for the public benefit

Funds continue to be accumulated in order to fund projects which promote education, culture and health. The trustees 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, which included a donation of £1,808,600, attributable Gift Aid tax refundable of £452,150 and investment income of £336,370, increased significantly to £2,597,120 (2023: £306,703). Expenditure was £4,840,601 (2023: £128,063) before an adjustment of £1,303 (gain) relating to exchange rate adjustments on outstanding commitments (2023: £13,343 (loss)). Net income before investment gains for the year was £2,424,178 loss (2023: £165,297 (profit)). There was a gain on investment assets of £255,053 (2023: £82,039).

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 competitive rates of return while mitigating 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 to maintain cash at bank at a level that is adequate to cover grants payable and operational expenditure and the trustees review regularly these investments with a view to maintaining income without unacceptable investment risk.

The fund balance at 30 April 2024 was £5,579,856 (2023: £7,566,980) and consisted primarily of cash and fixed term deposit balances of £2,099,152 (2023: £69,376) and securities of £6,712,159 (2023: £8,645,122), offset by committed charitable donations of £3,730,641 (2023: £1,194,553).

Investment policy

There are no restrictions on the trustees’ powers of investment. The trustees’ policy is to protect the capital value of the Foundation’s assets against inflation and to aim to produce maximum annual growth to be available for distribution.

Reserves policy

The total funds at 30 April 2024 were £5,579,855 of which £4,307,632 were unrestricted reserves. The trustees maintain unrestricted reserves at a level judged by them to be adequate to meet their commitments, allowing for short term fluctuations in income.

The Foundation has minimal ongoing operational expenditure requirements and continues to consider opportunities to donate funds consistent with its charitable objectives. As it holds significant expendable endowment funds, the trustees are satisfied that its unrestricted reserves are currently adequate. The trustees 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 to lessen these risks.

2

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Aruna and Ambika Paul Foundation

Report of the trustees for the year ended 30 April 2024 (continued)

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 Practise (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 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:

The trustees are responsible for keeping adequate 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.

Auditors

Bishop Fleming Bath Limited were reappointed as auditors.

On behalf of the Board of Trustees

Ambar Paul

The Honourable Ambar Paul

Trustee

Date 21 February 2025

3

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Aruna and Ambika Paul Foundation

Independent auditor’s report to the trustees

Independent Auditor’s Report to the Trustees of Aruna and Ambika Paul Foundation

Opinion

We have audited the financial statements of Aruna and Ambika Paul Foundation (the ‘charity’) for the year ended 30 April 2024 which comprise Statement of Financial Activities, Statement of Financial Position, Statement of Cash flows and notes to 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 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:

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 trustees’ 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 other information comprises the information included in the trustees annual report, other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information contained within the report. 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 course of 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.

4

VirtualSignature Transaction Ref. 49MF-PTMF-7WQJ 21 Feb 2025 10:52:01 GMT (UTC +0) D 2/2 P 7/21

Aruna and Ambika Paul Foundation

Independent auditor’s report to the trustees (continued)

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 require us to report to you if, in our opinion:

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 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 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 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.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent 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 noncompliance with laws and regulations, we considered the following:

As a result 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.

5

VirtualSignature Transaction Ref. 49MF-PTMF-7WQJ 21 Feb 2025 10:52:01 GMT (UTC +0) D 2/2 P 8/21

Aruna and Ambika Paul Foundation

Independent auditor’s report to the trustees ( continued)

In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override. We also obtained an understanding of the legal and regulatory frameworks that the Charity operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included the Charities Act 2011 and tax legislation.

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 may be fundamental to the Charity’s ability to operate or to avoid a material penalty.

Our procedures to respond to risks identified included the following:

We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members, and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.

Our audit procedures were designed to respond to risks of material misstatement in the financial statements, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from an error, as fraud may involve deliberate concealment by, for example, forgery, misrepresentations or through collusion. There are inherent limitations in the audit procedures performed and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it.

6

VirtualSignature Transaction Ref. 49MF-PTMF-7WQJ 21 Feb 2025 10:52:01 GMT (UTC +0) D 2/2 P 9/21

Aruna and Ambika Paul Foundation

Independent auditor’s report to the trustees ( continued)

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.

Chris Trantham FCA For and on behalf of Bishop Fleming Bath Limited Statutory Auditor 10 Temple Back Bristol BS1 6FL United Kingdom 21 February 2025

Bishop Fleming Bath Limited is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006.

7

VirtualSignature Transaction Ref. 49MF-PTMF-7WQJ 21 Feb 2025 10:52:01 GMT (UTC +0) D 2/2 P 10/21

Aruna and Ambika Paul Foundation

Statement of financial activities for the year ended 30 April 2024

Note
Unrestricted
Expendable
endowment
Total
funds
funds
2024
Income
£
£
£
Donations
2
2,260,750
-
2,260,750
Investments
4
336,370
-
336,370
_
_
__
Total income
2,597,120
-
2,597,120
_
_
__
Expenditure
Raising funds
Charitable activities
5
6
12,737
4,826,561
-
-
12,737
4,826,561
_
_
__
Total expenditure
4,839,298
-
4,839,298
_
_
__
Net income before investment
gains/(losses)
(2,242,178)
-
(2,242,178)
Transfers between funds
4,764,017
(4,764,017)
-
Other recognised
(losses)/gains
Net gains/(losses) on investment
assets
7
58,229
196,824
255,053
_
_
__
Net income and movement in
funds
2,580,068
(4,567,193)
(1,987,125)
Reconciliation of funds:
Total funds at 1 May 2023
1,727,563
5,839,417
7,566,980
_
_
__
Total funds at 30 April 2024
4,307,632
1,272,224
5,579,855
_
_
__		 Total
2023
£
-
306,703
_
306,703
_
19,779
121,627
_
141,406
_
165,297
-
82,039
_
247,336
7,319,644
_
7,566,980
__

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.

8

VirtualSignature Transaction Ref. 49MF-PTMF-7WQJ 21 Feb 2025 10:52:01 GMT (UTC +0) D 2/2 P 11/21

Aruna and Ambika Paul Foundation

Statement of Financial Position at 30 April 2024

Note
2024
2024
2023
£
£
£
Fixed assets
Investments
7
6,712,159
Current assets
Debtors
8
514,185
62,035
Cash at bank
2,099,152
69,376
__
_
2,613,337
131,411
Creditors: amounts falling due
within one year
9
(2,630,320)
(413,184)
__
__
Net current liabilities
(16,983)
__
Total assets less current
liabilities
6,695,176
Creditors: amounts falling after
more than one year
Grants payable
10
(1,115,320)
__
Total net assets
5,579,856
__
_Represented by:
Charity funds
Unrestricted funds
12
4,307,632
Expendable endowment funds
12
1,272,224
__
Total funds
5,579,856
__		 2023
£
8,645,122
(281,773)
_
8,363,349
(796,369)
_
7,566,980
_
1,727,563
5,839,417
_
7,566,980
__

These financial statements were approved by the trustees and authorised for issue on 21 February 2025

Ambar Paul

The Honourable Ambar Paul Trustee

The notes on pages 11 to 19 form part of these financial statements.

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VirtualSignature Transaction Ref. 49MF-PTMF-7WQJ 21 Feb 2025 10:52:01 GMT (UTC +0) D 2/2 P 12/21

Aruna and Ambika Paul Foundation

Statement of Cash flows for the year ended 30 April 2024

2024
£
Cash flows from operating activities

Note
Net income and movement in funds
(1,987,124)
Investment management fees
12,737
Dividends received
(336,118)
Interest received
(253)
Decrease/ (increase) in receivables
(452,150)
Increase / (decrease) in payables
2,536,088
Unrealised (gains) / losses on investments
(247,191)
__
Net cash generated from / (expended by) operating activities
(474,011)
_
Cash flows from investing activities
Dividends received
336,118
Investment management fees
(12,737)
Proceeds from sale of investments
2,434,957
Purchase of investments
(404,515)
Investment in fixed term deposits
-
Proceeds from maturity of fixed term deposits
253
__
Net cash (invested in) / received from investing activities
2,354,076
_
Change in cash and cash equivalents in the year
1,880,064
__
Cash and cash equivalents brought forward
219,088
__
Cash and cash equivalents carried forward
15
2,099,152
__		 2023
£
247,336
19,779
(303,128)
(680)
(2,895)
(388,813)
(31,118)
_
(459,520)
_
303,128
(19,779)
487,784
(947,983)
-
680
_
(176,169)
_
(635,689)
_
854,777
_
219,088
__

The notes on pages 11 to 19 form part of these financial statements.

10

VirtualSignature Transaction Ref. 49MF-PTMF-7WQJ 21 Feb 2025 10:52:01 GMT (UTC +0) D 2/2 P 13/21

Aruna and Ambika Paul Foundation

Notes forming part of the financial statements

for the year ended 30 April 2024

1 Accounting 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 Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019), the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and the Charities Act 2011.

The Aruna and Ambika Paul Foundation constitutes a public benefit entity as defined by FRS 102.

The trustees consider that there are no material uncertainties about the Foundation's ability to continue as a going concern.

The charity’s functional and presentational currency is the pound sterling.

Income

All donations are accounted for gross when receivable, as long as they are capable of financial measurement. Investment income is accounted for on an accruals basis. Gift Aid related tax receivable as shown as income in the year in which the underlying donation is made.

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 to conditions which have not been met at the year-end are noted as a commitment, but not accrued as expenditure.

The costs of generating funds comprise those costs directly attributable to managing the investment portfolio.

Allocation of overhead 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 to reclaim Value Added Tax, all expenditure in these financial statements is show inclusive of Value Added Tax paid.

11

VirtualSignature Transaction Ref. 49MF-PTMF-7WQJ 21 Feb 2025 10:52:01 GMT (UTC +0) D 2/2 P 14/21

Aruna and Ambika Paul Foundation

Notes forming part of the financial statements for the year ended 30 April 2024 (continued)

1 Accounting policies (continued)

Investments

The investments are stated at fair value at the accounting reference date. Forward currency positions are stated 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 to the management or understanding of the investment portfolio.

Expendable Endowment Fund

Expendable endowments are those where the trust terms provide for conversion from capital into income only under certain circumstances.

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 advice relating to the fund are charged against the fund.

Unrestricted funds

Unrestricted funds comprise those funds which the trustees 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 classified as a fixed asset investment in the balance sheet but is included with cash and cash equivalents in the cash flow statement.

Foreign currency translation

Assets and liabilities denominated in foreign currencies are translated at the rate ruling at the accounting reference date. Any surplus or deficit on exchange has been credited or charged to the fund account.

Financial Instruments

Financial instruments are recognised in the charity’s balance sheet when it becomes a party to the contractual provisions of the financial instrument.

2 Voluntary income

During the year, the charity received one donation of £1,808,600 (2023 £nil). Gift Aid tax receivable of £452,150 (2023 £nil) related to this donation but not received until after the year end has been treated as income in the year.

12

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Notes forming part of the financial statements for the year ended 30 April 2024 (continued)

Aruna and Ambika Paul Foundation

3 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.

4
Investment income
Distributions reinvested:
Schroder Charity Equity Fund
Julius Baer Fund
Interest on cash deposits
In 2024 the total investment income of £336,371 (2023: Nil) was unrestricted.
5
Raising funds
Investment manager charges
Other costs		 2024
£
270,058
66,060
253
__
336,371
_
2024
£
12,737
-
__
12,737
_		 2023
£
265,715
40,308
680
_
306,703
_
2023
£
19,779
-
_
19,779
_

In 2024 of the total costs relating to raising funds, £12,737 (2023: £19,779) was unrestricted.

6 Charitable activities
2024 2023
£ £
Unrestricted funds:
Summary of charitable activity:
Educational projects 4,368,697 13,343
Social projects 395,320 89,862
__ __
4,764,017 103,205

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VirtualSignature Transaction Ref. 49MF-PTMF-7WQJ 21 Feb 2025 10:52:01 GMT (UTC +0) D 2/2 P 16/21

Aruna and Ambika Paul Foundation

Notes forming part of the financial statements for the year ended 30 April 2024 (continued)

__________________

6 Charitable activities ( continued )

Support costs:
Foreign exchange (gains)/losses
Bank interest and charges
Securities registration fee
Professional fees
Lady Paul Sculpture
Lady Paul Sculpture inauguration costs
Auditor’s fee for audit services
-
current year
-
prior year		 -
20
-
403
32,000
15,721
15,000
(600)
__
4,826,561
 -
72
78
1,929
-
-
15,000
1,343
__
121,627

Auditor’s fee for audit services

The £4,638,697 debit to Education Projects includes a gain of £1,303 relating to movements in foreign exchange in connection with a grant payable (2023: charges £13,343).The Aruna and Ambika Paul Foundation made 10 grants during the year (2023 - 3). Details are given as follows:

Educational projects:
University of Wolverhampton
London NW University of Healthcare
Imperial Health Charity
Royal Society of Medicine
Zoological Society of London
Foreign exchange (gains)/losses arising on unpaid grant commitment
Social projects:
Indian Gymkhana
DEBRA
National Resources Institute
Cherie Blair Foundation
St Marylebone Parish Church
Mr ER Buultjens
Mrs J Lim		 2024
1,000,000
500,000
2,720,000
100,000
50,000
(1,303)
__
4,368,697
__
2024
£
10,000
-
-
100,000
200,000
81,320
4,000
__
395,320
 2023
-
-
-
-
-
13,343
_
13,343
_
2023
£
86,000
2,500
1,362
-
-
-
-
__
89,862

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VirtualSignature Transaction Ref. 49MF-PTMF-7WQJ 21 Feb 2025 10:52:01 GMT (UTC +0) D 2/2 P 17/21

Aruna and Ambika Paul Foundation

Notes forming part of the financial statements for the year ended 30 April 2024 (continued)

7 Fixed asset investments

Securities Unlisted Cash held for Total
securities reinvestment investments
£ £ £ £
Market Value as at 1 May 2023 8,495,410 - 149,712 8,645,122
Purchases 85,439 - (85,439) -
Sales (2,434,957) - 2,434,957 -
Distributions reinvested 319,076 - 17,042 336,118
Funds withdrawn - - (494,729) (494,729)
Other fund outflows and - - (12,737) (12,737)
Expenses
Unrealised/realised (loss)/gain in the 247,191 - 7,862 255,053
year
Redesignated as cash - - (2,016,668) (2,016,668)
__ __ __ __
Market value as at 30 April 2024 6,712,159 - - 6,712,159
__ __ __ __
Historical cost as at 30 April 2024 800,000 - - 800,000

Investments in individual entities held at the year end which are over 5% of the portfolio by value are:

Schroder Charity Equity Fund
8
Debtors
Dividends receivable
Gift Aid tax receivable		 2024
2023
£
£
6,712,159
6,145,575
__
__
2024
2023
£
£
62,035
452,150
62,035
-
_
_
514,185
62,035
_
_

All amounts shown under debtors fall due for payment within one year.

15

VirtualSignature Transaction Ref. 49MF-PTMF-7WQJ 21 Feb 2025 10:52:01 GMT (UTC +0) D 2/2 P 18/21

Aruna and Ambika Paul Foundation

Notes forming part of the financial statements for the year ended 30 April 2024 (continued)

9 Creditors: amounts falling due in less than one year

Accruals
Grants payable
Grants payable within one year include the following:
The Massachusetts Institute of Technology
2024: $500,000 (2023: $500,000)
University of Wolverhampton
Cherie Blair Foundation
London NW University of Healthcare
Imperial Health Charity
Creditors: amounts falling due in more than one year
Grants payable
Grants payable in more than one year include the following:
The Massachusetts Institute of Technology
2024: $500,000 (2023: $1,000,000)
University of Wolverhampton
Cherie Blair Foundation
Imperial Health Charity

10 Creditors: amounts falling due in more than one year

16

VirtualSignature Transaction Ref. 49MF-PTMF-7WQJ 21 Feb 2025 10:52:01 GMT (UTC +0) D 2/2 P 19/21

Aruna and Ambika Paul Foundation

Notes forming part of the financial statements for the year ended 30 April 2024 (continued)

11 Financial instruments

Financial assets measured at fair value through income and expenditure
- Securities, cash and current asset investments
Financial assets measured at amortised cost - Other debtors and
accrued income
Financial liabilities measured at fair value – Accruals and grant creditor		 2024
£
8,811,311
514,185
__
9,325,496
_
3,745,641
_		 2023
£
8,714,498
62,035
_
8,776,533
_
1,209,553
__

12 Funds

Statement of funds – current year

Net Investment Investment
Opening income/
(expense)		 gains/ Closing
balance Transfers (losses) Balance
£ £ £ £ £
Expendable
endowment funds		 5,839,417 - (4,764,017) 196,824 1,272,224
__ __ __ __ __
Unrestricted funds 1,727,563 (2,242,178) 4,764,017 58,229 4,307,632
__ __ __ __ __
Total funds 7,566,980 (2,242,178) - 255,053 5,579,856
__ __ __ __ __

17

VirtualSignature Transaction Ref. 49MF-PTMF-7WQJ 21 Feb 2025 10:52:01 GMT (UTC +0) D 2/2 P 20/21

Aruna and Ambika Paul Foundation

Notes forming part of the financial statements for the year ended 30 April 2024 (continued)

12 Funds ( continued )

Statement of funds – prior year

Net Investment Investment
Opening income gains/ Closing
Balance Transfers (losses) Balance
£ £ £ £ £
Expendable
endowment funds		 5,876,755 - (103,205) 65,867 5,839,417
__ __ __ __ __
Unrestricted funds 1,442,889 165,297 103,205 16,172 1,727,563
__ __ __ __ __
Total Funds 7,319,644 165,297 - 82,039 7,566,980
__ __ __ __

13 Analysis of net assets between funds

Current year

Current year
Unrestricted Endowment Total
funds Funds Balance
£ £ £
Investments 4,639,296 2,072,864 6,712,160
Current asset investments - - -
Cash 2,099,151 - 2,099,151
Debtors 514,185 - 514,185
Creditors:
Amounts due in less than one year (2,230,000) (400,320) (2,630,320)
Amounts due in more than one year (715,000) (400,320) (1,115,320)
__ __ __
At 30 April 2024 4,307,632 1,272,224 5,579,856
__ __ __
Prior year
Unrestricted Endowment Total
funds Funds Balance
£ £ £
Investments 1,611,152 7,033,970 8,645,122
Current asset investments - - -
Cash 69,376 - 69,376
Debtors 62,035 - 62,035
Creditors:
amounts due in less than one year (15,000) (398,184) (413,184)
amounts due in more than one year - (796,369) (796,369)
__ __ __
At 30 April 2023 1,727,563 5,839,417 7,566,980
__ __ __

18

VirtualSignature Transaction Ref. 49MF-PTMF-7WQJ 21 Feb 2025 10:52:01 GMT (UTC +0) D 2/2 P 21/21

Aruna and Ambika Paul Foundation

Notes forming part of the financial statements for the year ended 30 April 2024 (continued)

14 Analysis of cash and cash equivalents

Cash at bank and in hand
Cash held as part of the Foundation’s investment strategy		 2024
£
2,099,152
-
_
2,099,152
_		 2023
£
69,376
149,712
_
219,088
_

15 Related party transactions

The Lord Paul of Marylebone, a trustee of the charity, made a donation of £1,808,600 to the charity during the year (2023: £nil).

16 Charity Information

The Aruna and Ambika Paul Foundation is an unincorporated charity, registered at the Charity Commission in England and Wales. The principal office is Caparo House, 103 Baker Street, London, W1U 6LN.

19