Charfty Registration No. 802756 THE I[￿uJA FOUNDATION li ANNUAL REPORT AND Ell￿ANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2020 THE EttNDUJA FOUNDATION li LEGAL AND ADMINtSTRATtVE DETAILS li Re8AStered Charity Name The Hinduja Foundation Charity Number 802756 Governing Instnunent The Hinduja Foundation was established under a Trust deed dated 5th Deccmber 1989 that gives the Trustees wide ranging investment powers. It subsequently became registered as a chariry under number 802756. Trnstees Srichand P. Hinduja Gopichand P. Hinduja Prakash P. Hinduja Sanjay G. Hinduja Dheeraj G. Hinduja Honorary President Sir M. Burton Principal Address New Zealand House 80, Haymarket London SWIY 4TE ankers Barclays Bank plc I Churchill Place London E14 5HP Auditors Lubbock Fine LLP Chartered Accountants & Registued Auditors Paternoster House 65 St Paul's Churchyard London EC4M 8AB THE IttNDUJA FOUNDATION li TRUSTEES, REPORT The Trustees present their annual report together with the audited financial statements of The Hinduja Foundation (the Charity) for the year ended 31 December 2020. The Tw5tees confTh that the Annual Report and financial statements of the Charity comply with the current statutory requirements, the requirements of the Charity's governins document, the Charities Act, and the provisions of the Statement of Reeommended Practice (SORP), applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) {effective l January 2019). Objectives The Charity's objectives are tbe advancement of education and medicine throughout the world, the reltef of poverty, hunger and sickness and the advancement of interfalth understanding. Further objectives are to promote study and research into: a) the social, economic and other causes of the underdevelopment of nations" b) how nations can achieve a higher rate of economic and social developtnent. c) relationships between developing and developed countrie5, and d) international efforts to aid developrnent. Orgatiisation The Trnstees who 5eTved during the year and Since the year end are set Dut on page l. The power to appoint Trustees is vested in existing Trustees. In accordance with the Trust deed, the longest serving third of the Trustees retire every two years, however retired TnLStees may be re-appointed by the continuing Trustees. Durin8 the year The Hinduja Foundation was managed by the Trnstees who are assisted by Sir Michael Burton, the Honorary President of The Hinduja Foundation and Michael Urwick, its DirectOT. The Trustees contitLUOUSly review their competencies and are conscious of the need to maintain a balance ofskilis. Periodically additional members may be invited to become Trnstees and this would involve a carefvl vetting process by the current Trustees to ensure any new member is aware of hisjher responsibilities towards the Charity. New Trnstees would be briefed on their legal obIigations under charity law, the content of the governing document, the decision-making processes and the recent flllancial perforn￿nCe of tbe Cbarity. Public Benefit In setting objectives and planning the activity of the Charity in 2020 and beyond, the Trustee5 contlnue to give careful consideration to the Charity Commission's general guidance on public benefit. Review of the Foundation s activities DuTing the year the Trnstee5 of The Hinduja Foundation approved donations totalling £149,521 (2019 - £97,049). The largest donation paid was made to St Paul's School for £20,937 (2019- donation of £23,753 to Wadham College at the University of Oxford). As at 3 1st December 2020, after allowing for all amounts owed, a deficit of £16,762 (2019- surplus of £50,453) for the year remained. The HirAduja Foundation anticipates that sufficient funding will continue to be received to enable them to make further donations and maintain its administration. During the year, donations receivable from Sangam Limited totalled £5,000 (2019- £nil), from Gulf Oil tnternational Limited totalled £15,000 (2019 - £nil), from Hinduja Automotive Limited totalled £115,205 (2019- £20,000), and from Arthik Investments Limited totalled £nil (2019- £130,000). THE HINDUJA FOUI¥DATION li TRUSTEES, REPORT Future Plans The Charity will continue to provide ￿nding to various charities and bodies in accordance with the objectives of the Charity as stated above. Grants Policy The Hinduja Foundation grants donations to causes and charities in line with the objectives stated above including those advocaring the advancement of interfaidj understanding, the advancemetLt of education, the relief Df poverty, hunger and sickness, promoting CUl￿ra[ awareness and the arts and the advancement of edicine. Reserv￿ Policy It is the policy of The Hinduja Foundation to maintsin fimds, which are free reserves of the Charity, at a level which covers administrative costs and grant applications throughout the year. As at 31 December 2020 the Clwiry's free reserves were in a deficit of £1.160 (2019- surplu5 of £15,602). Risk Management The principal risk of the Charity is whether the Charity is able to secure sufficient donations to fvnd its charltable activities. This risk is mitigated by the Trnstees ensuring that it only enters into commitments to provide donations when there are sufficient funds available to do so, or whether further donatiolls can be secured to fund such commitrneiits. The Trustees have ensured procedures are in place to identify the business and operational risks facing the Charity and have ensured action 15 taken to mitigate those risks. Connected OTganisations Mr Srichand F Hinduja, Mr Gopichand P Hinduja and Mr Prakash P Hinduja are also Tn]stees of the following charities: Hinduja Foundation (Europe), Hinduja Foundation (USA) and Hinduja Foundation (India). The Hinduja Foundation is a]so connected with the Hinduja Foundation Limited, a company re8i5tered in Liberia. The principle contact addresses of the connected organisations are as follows: Hinduja Foundation (India), Hinduja House. Dr Annie Bessant Road, Wor]i, Mumbai, 4000 18, Indla. Hinduja Foundation (USA), 520, Madision Avenue, New York, NY 10022, USA. Hinduja Foundation (Europe), c/0 Hinduja Advisory Services S.A., 3 bis Place de la Fusterie, 1204 Geneva, Switzerland. Hinduja Foundation Limitcd (Liberia}, c/0 Hinduja Advisory Services S.A., 3 bis Place de la Fusrerie, 1204 Geneva, Switzerknd. THE HIfgDUJA FOUI¥DATION li TRUSTEES? REPORT Trnstees responsibilities statement The TTUStee5 are responsible for preparing the T￿stee5, Report and the financial starements in accordan with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). The law appIieable to charities in England & Wales requires the Trnstees to Prepare financial statements for each flluncial year which give a tnle and fair view of the State of affairs of the Chariry and of the incoming TesouTces and application of resources of the Cbariry ft)r thar period. In preparing these fmancial statements, the Trnsrees are required to: selec¢ suitable accounting policies and then apply them consistently. observe the metbods and principles in the Charities SORP. iii make judgements and estin]ates that are reasonable and prudent. State whether applÉeable UK Accoullting Standards have been followed, subject to any material deparmres disclosed and explained in the financial statements. and iv prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Charity will conrinue in operation. The Trustees are responsible for keeping proper accounting records that are sufficient to show and explain the Charity's transactions and disclose witb reasonable aceuraey at any time the fu￿nCIal position of the Charity and enable them to ensure that the financial State￿ents comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguardillg the assets of the Charity and hence for raking reasonable steps for th¢ prevention and detection of fraud and otber ]￿e￿￿aritie$. AUDITOR A resolution to re-appoint Lubbock Fine LLP as auditor for tbe ensuing yeaT will be proposed at the general meeting. On behalf of th¢ Trnstees S.G. H￿DuJA TRUSTEE . HINDUJ TRUSTEE THE IIINDUJA FOUNDATION INDEPENDENT AUDITORS) REPORT TO THE TRUSTEES FOR THE YEAR ENDED 31"DECEMBER 2020 OPINION We have audited the fmancial statements of The Hinduja Foundation (the 'Chariry? for the year ended 31 December 2020 which comprise the Statement of Financial ActLVlties incoryorating Incorne and Expenditure Account. the Balance Sheet, and the related notes, including a summary of significant accounting policies. The fjnancial reporting framework that has been applied in their preparation is applicable law aThd 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 oiir opinion the financial statements: give a tr￿e and fair view of the State of the Ch￿ity'S affairs as at 31 December 2020 and of its incoming resources and application of resources, including its incorne and expenditure for the year then ended. have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice" and have been prepared in accordance with the requirements of the Charities Act 2011. BASIS FOR OPINION We conducted our audit in accordance with International Standards on Auditing (UK) (ISAS (UK)) and applicable law. Our responsibilitics under those standards are thrther described in the Auditors, responsibilities for the audit of the financial statemellts section of our repon. We are independent of the Charity in accordance with the ethical requirements that relevant to our audit of the financial stateJnents in the United Kingdom, including the Financial Reporting Council'5 Ethical Standard, alld we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence w¢ have obtained is sutricient and appropriate to provide a basAs for our opinion. CONCLUSIODIS RELATITrIG TO GOING CONCERN In auditing the fllllncial statements. we have conduded that the Trustees, use of the going concern basis of accounting in the preparation of the fmancial stst¢ments is appropriate. Based on the woik we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collcctivcly. may cast significant doubt on the Charity's ability to continue as a going concern for a period of ar least twelve rnOn￿ from when the financial statements are authorised for issue. Our Tesponsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report. OTHBR INFORMATION The Trnstees are responsible for the other infomiatioll. The other inforniation comprises the infonnation included in the Annual Report, other than the flnancial statements and our Auditors, Report thereon. Our opinion on the f￿anCIal statements does not cover the other inforniation and we do not express any forn1 of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the otber inforniation and, in doing so, consider whether the other infonnation is materially Incons￿tellt with the fLnancial statements or our I￿OWledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material Misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstaternent of th¢ other information. If, based on the work we have perforn)ed, 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. THE HINDUJA FOUNDATION li INDEPEI¥DENT AUDITORSI REPORT TO THE TRUSTEES FOR THE YEAR ENDED 31° DECEMBER 2020 {cowfINLfED) MATfEIiS ON WHtCH WE ARE REQUIRED TO REPORT BY EXCEPTION We have nothing to report in respect of the following matters in relation to where the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, iu our opinion.. the inforniation given in tbe Trnstees, Report is inconsistent in any material respect with the financial statements. or sufficient accounting records have not been kept,. or tbe financial statements are not in agreement with the accounting records; or we have not received all the information and explanations we require for our audit. RESPONSIBILITIES OF TRUSTEES As explained more ￿llY in thc Trnsrccs, Rcsponsibilities Statement set out on page 4, the Trustees are responsible for the preparation of the fmanaal statements and for being satisfied that they give a true and fair view, and for such internal contn)l as the Trustees detennine is necessary to enable the prepar(Itioll of financial statements that are free from ￿ateriaL mi55tatement, 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 concem, disclosing, as applicable, matters related to going concern and using the going concetn basis of accounting unless the Trnstees either intend to liquidate the Charity or to cease operafions, or have no realistic alternative but to do so. AUDITORS, RESPONSIBILITIES FOR THE AUDrr OF THE FtNANCIAL STATEMENrs We have been appointed as auditor under section 145 of the Charities Act 2011 and report in aecordance with the Act and relevant regulations made or having effect thereunder. Our objectives are to Dbtain reasonable assurance about whether the fmancial statements as a whole are free from material misstatement, wbetber due to fraud or error, and to issue an Auditors, Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a 8uaralltee 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 rf. individually or in the agsregate, they could reasonably be expected to influence the economic decisions of users taken on tbe basis of these financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in litie with our responsibilities, out]ined above, to detect material misstatements in respect of irregulaTlties. including fraud. In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and noncomp]iance with laws and regulations, we considered the following: The nature of the sector and the impact of Covid 19 on financial and operating perforn]ance and policies. Enquiries of managemenf, including obtaining and reviewing supporting documentation, concerning tbe charity's poliaes and procedures relating to: o identifymg, evaluating and complyin8 With laws and regulations and whether they were aware of any instances of non 31ST DECEMBER 2020 Accounting policies (continued) Financial instruments The Charity enters into basic financial instnunents transactions that result in the recognition of fmancial assets and liabilities like trade and other accounts payable and loans from banks. Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts reeeivable and payable, are initially measured at present value of the ￿tUre cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade payables or receivables, are measured, initially and subsequently. at the undiscounted amount of the cash or other consideration expected to be paid or received. However if the arrangements of a short-tern] instrument constitttte a financing transacuon, like tbe payment of a trade debt deferred beyond nornlal business ternis or f￿allced at a rate of inteTest that is not a market rate or in case of an out-right short-term loan not at market rate, the fmancial asset or liability is measured, initiaIly, at the present value of the cash flow discounted at a market Tate of interest for a similar debt instrun]ent and subsequendy at amortised cost. Financial assets thar are measured at cost and amortised cost are assessed at the end of each reportll￿ period foi objective evidence ofimpairnient. If objective evidence Df impainnent is found, an impairnient Ioss i5 Tecognised in the Income Statcmcnt. xi) Judgments in applying accounting policies and key sources of estimation uncertainty The preparation of the financial sratements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabllities as at the balance sheet date, and the amounts reported for revenues and expenses during the year. However, the llat￿e of estimation uncertainty means that acttjal outcome5 could differ from these estimates. There are considered to be no key sources of estimation uncertainty or judgements which would have a significant ixnpact on the amounts recognised in the financial statements. Taxation No provision is made for taxation as the Charity is exempt due to the nature of its activities. Income from donations 2020 2019 Donations received 136,705 151,500 ement sen11￿S The management services of Michael Urwick were donated to The Hinduja Foundation by Sangam Limited in the current and prior year, which included any associated office accommodation costs. The arnount relating to these services is £1.500. 13 li TH￿ Hll¥DUJA FOUNDATION li NOTES FoRM￿G PART OF THE ACCOUNTS (CONTI[￿ED) 31ST DECEMBER 2020 Costs of charAtable activities Unless otherwise stated, one donation was made to eath benefici&ry during the year. During 2020 and 2019 all donations have been made to instinltiolls, other than where stated. 2020 2019 The advancement of interfaith understanding Donatio International Society for Krishna Consciousnes5- 4 donation5 (2019- 4 donations) ISHA Foundation BAFS Swaminarayan Sanstha- I donation (2019 - 2 donations) St. Mary's the Virgin Church Siri GUTU Singh Sabha- 2 donations (2019 - 2 donations) 8,980 19,969 2,000 501 7,500 7,502 21,181 29,671 Other Global Leadership Foundation 5,000 The advancement of education UCL Development Fund Wadham College- University of Oxford St Paul's School 5,000 1,583 20,937 27,520 23,753 6,904 30,657 The relief of poverty, htynger and sickness Help the Ased PIan Intemational- 12 donations (2019- 12 donatiolls) Virto Hospitality- 3 donations (2019- niD Richard House Trust The Carin8 Family Foundation- 2 donations (2019- nil) The Felix Foundation Epilepsy Society Pancreatic Cancer UK Muknl Madhav Foundation POTS UK Barnardo's Concern for Mental HeaIth Centrepoint The British Asian Trust- I donation (2019- 2 donations) 144 576 11,000 600 16,000 10,000 5,000 5,000 io,oao 3,000 5,000 10,000 144 576 10.000 20.000 30,720 15,000 91,320 14 THE HtNDUJA FOUNDATION li li NOTES FORJItNG PART OF THE ACCOUNTS (CONTINUED) 31ST DECEMBER 2020 Costs of Charitable activities (continued) 2020 2019 Donations to promote cultural awareness and the atts Bharatiya Vidya Bhavan- I donation (2019- nil) Sl]ri Nathji Sanatan Hindu Mandir The Royal Opera House Covent CJarden The Serpentine Trust 2,000 2,501 1,000 2,51M) 4,500 6,001 Support and governance costs Management services Accountancy fees Print, post & stationery Sundries Auditors remuneration 1,500 1,200 1,500 1,200 25 73 46 1,200 3,946 3,998 TOTAL 101047 The Trustee5 received no remuneration or reimbursed expenses during 2020 or 2019. No employees received remuneration of More than £60,000 during 2020 or 2019. The salary of the Charity's Director Mr M Urwick, is borne by Sangam Limited. The auditors remuneration relates entirely to fees payable for audit services provided. no otheT services were provided during the current or prior year. All support costs relate to activities in relation to the giving of donations. Creditors: amounts falling due within one year 2020 2019 Trade creditors Accrnals 1,225 1,200 2,425 1,200 1,200 Related party dAsclosures Duriag the year the Cbarity ieeeived donations totalling £135,205 (2019 - £150,000) and donated management services totallin8 £1,500 (2019 - £1,500) from entities under the control of the Trystees, as detailed in note 3. No restrictions were applied to these donations. During the year the Charity donated £10,000 (2019- £nil) to Mukul Madhav Foundation UK, a Charity which is controlled by a fatnily member of the Trustees. 15 li THE HINDUJA FOUNDATION NOTES FORMING PART OF TItE ACCOUNTS (CONTINUED) 31ST DECEfvtBER 2020 Unrestricted Income Funds Balance at I January 2020 JAcoming resources Outgoing resources Balance at 31 December 2020 General funds 15,602 136,705 Balance at I January 2019 Incoming Tesources Outgoing resources Balance at 31 December 2019 General fimds (34,851 151,500 101,04 15,602 Analysis of Net Assets between Furtds Ftxed asset investments Net Cll￿ent liabAlities Long terni liabiliti¢s Total Unrestricred fimds- as at 31.12.2020 (1,160) (1,160) Unrestricted fimds- as at31.12.2019 15,602 15,602 16