Clwity Registration No. 802756 11 THE HtNDUJA FOUNDATION AI¥JNUAL REPORT AND FINANCIAL STATEMENrs FOR THE YEAR ENDED 31ST DECEMBER 2023 THE HtNDUJA FOUNDATION 11 LEGAL AND ADMINISTRATIVE DETAILS 11 Registered Charity Name The Hinduja Foundation ChaTAty Number 802756 Governing Instrnment The Hinduja Foundation was established under a Trust deed dated 5th December 1989 that gives the Trnstees wide ranging investment powus. It subsequently became registered as a charity under number 802756. T￿￿teeS Gopichand P. Hinduja Prakash P. Hinduja Sanjay G. Hittduja Dheeraj G. Hinduja Principal Ilddr&ss 12 Charles II Street 1st FIoor London SWIY 4QU Bankers Barclays Bank plc I Churchill Place London E14 5HP Auditors Lubbock Fine LLP Chartered Accountants & Registered Auditors Paterlloster House 65 St Paul's Churchyard London EC4M 8AB THE HtNDUJA FOUNDATION TRUSTEESY REPORT The Trustees present their annual Teport together with the audited financial statements of The Hinduja Foundation (the Charity) for the year ended 31 De￿rnber 2023. The Trustees confffm that the Annual Report and financial statements of the Charity comply with the current statutory requirements, the requirements of the Charity's governing document, the Charities Act, and the provisions of the Statement of Recommended 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) (effertive l January 2019). Objectives The Charity's objectives aTe the advancement of education and medicine throughout the worId, the reltef of povety, hunger and sickness and the advancement of interfaith understanding. Further objectives are to promote study and research ittto: a) the social, economic and other causes of the underdevelopment of nations. b) how nations can achieve a higher rate of economic and social development. c) relationships between developing and developed countiies, and d) international efforts to aid development. Organisation The Trnstees who served during the year and since the year end are set out on page l. The trustees were saddened by the sad passing of STichand P Hinduja on 17 May 2023, who was Chairman of Trustees of the Hinduja Foundation UK since its inccption in 1989. The power to appoint Trustees is vested in existing Trustees. In accordallce with the Trust deed, the longest serving third of the Trustees retire every two years, however retired Trustees may be re-appointed by the continuing Trustees. During tbe year The Hinduja Foundation was managed by the Trustees who are assisted by Mtchael Urwick, its Dircctor. .1 lie Trnstees continuously review their cornpetencies and are conscious of th¢ necd iu Uk¢lilltdill (i bdl(tAiCf of skills. PerÈodically additional membcrs may be invited to become Trustees and this would involve a caTeful vctting ptocess by the cullent Tn]stees to ensure any new member is awa￿ of his/her responsibilities towards the Charity. New Trnstees would be briefed on their legal obligations under charity law, the content of the governillg document, the decision-nmking processes and the re￿[Lt financial perfOrn￿llee of the Charity. Public Benefit In setting objecttves and plannillg the activity of the Charity in 2023 and beyond, the Trnstees continue to give careful consideration to the Charity Commission's general guidance on public benefit. Review of the Foundation s activities During the year the Trustees of The Hinduja Foundation approved donations totalling £3,019,192 (2022 - £246,099). The largest donation paid was made to Corporation of Kings, College London for £2,643,486 (2022 - donation of £IOQ,000 to Mukul Madhav Foundation). As at 3 1st Decembu 2023, after allowing for all amounts owed, a deficit of £2,642,446 (2022 - deficit of £12,084) for the year remained, The Hinduja Foundation anticipates that sufficient fijnding will continue to be received to enable them to make tsrth￿ donations and maintaill its administration. During the year, donations receivable from Hinduja Investments & Project servI￿s Limited totalled £133,707 (2022 - £160,978), from Gulf Oil International Limited totalled £50,000 (2022 - £4,000), from AMC PTOjCCt Services Linuted totalled £50,000 (2022 - £50,000), from Hillduja Automotive Limited totalled £7,381/$10,000 (2022- £32,105), from Sangam Limited totalled £200 (2022 - £nil) and from Westminster Development Services totalled £150,000 (2022 - £nil). THE HllNDUJA FOUNDATION 11 TRUSTEES, REPORT Futhre Plans The Charity will continue to provide ￿lldIng to vaTiOUS charities and b(Klies in accordance with the objectives of the Charity as stated above, GTants Policy The Hinduja Foundation grants donations to causes and charities in line with the objectives stated above including those advocating the advancernent of interfaith understanding, the advancement of education, the relief of poverty, hunger and siclmess, pn)moting CUl￿ra1 awarelless and the arts and the advancement of methcine. eserycs Policy It is the policy of The Hinduja Foundation to maintain funds, which are free reserves of the Charity, at a level which covers admillistrative costs and grant applications thIoughout the year. As at 31 December 2023 the Charity's free reserves were in a deficit of £2,642,446 (2022- deficit of £12,084). The T￿￿teeS will continue to take steps to increase reserves to the desired level. Risk Managcment The principal risk of the ChaTAty is whether the Charity is able to secure sufficient donations to fund its charitable activities. This risk is mitigated by the Trustees a￿urillg that it only enters into commitments to provide donations when there are sufficient fimds available to do so, or whether further donations can be secured to fund such commitments. The Trustees have ensured procedures are in pla￿ to identify the business and operational risks facing the Charity and have ensured iicliull ib tdkui to J]iitigatc those risk5. Connected organisations Mr Gopichand P Hinduja and Mr Prakash P Hinduja are also Trnstees of the following charities: Hinduja Foundation (Europe), Hinduja Foundation (USA) and Hinduja Foundation (India). The Hinduja Foundation is also connected with the Hinduja Foundation Limited, a company registered in Liberia, The piincipal contact ad(tresses of the connected organisations are as follows: Hinduja Foundation (India), Plot C-21, G-Block, Bantha Kurla Complex, Bandra (East), Mumbai- 400051, Maharashtrd, India. 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 Limited (Liberia), c/0 Hinduja Advisory Services S.A., 3 bis Place de la Fusterie, 1204 Geneva, Switzerland. THE HINDUJA FOUNDATION 11 TRUSTEES? REPORT Trnstees, responsibilities statement The Truste￿ are responsible for preparing the Trnstees, Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). The law applicable to charities in England & Wales Tequires the Trnstees to prepare financial statements for each financial year which give a true alld fair view of the state of affairs of the Charity and of the incoming resources and application of resources of the Charity for that period. In preparing these finallcial statements, the Trustees are Tequired to: select suitable accounting policies and then apply them consistently. obserye the methods and principles in the Charities SORP; ii) iii) make judgements and estimates that ue reasonable and prudent; state wlLether applicable UK Accounting Standards have been followed, subject to any material departures (lisclosed and explained in the financial statements. and prepare the financial statements on the going concetn basis unless it is inappropriate to presume tILat the Charity wilL continue in opuation. The Trustees are responsible for keeping proper accounting records that are sufficient to show and Lyplain the Charity's transactions and disclose with reasonable accuracy at any time the fLnanciaI position of the Charity and enable them to ensure that the financial statements 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 safeguardmg the assets of the Cbariry and hence for raking reasonable steps fur picvciitlull (tjid dctcctioii of fraud and other irregularities. iv) DAsclosuTe of inforniation to auditor Each of the persons who are trustees at the time when this Trustees, Report is approved has confinned that: so far as the trustee Is aw￿e, there is no relevant audit inforn]ation of which the Charity's auditors are unaware, and the trnstee has taken all the stq)s that ought to have been taken as a trustee in order to be aware of any relevant audit inf0M￿tiOll and to establish that the Charity's auditors are aware of that information. AUDITOK A resolution to re-appoint Lubbock Fine LLP as auditor for the ensuing year will be proposed at the general meeting. On behalf of the Trustees S.G. HINDUJA TRUSTEE Dated: 2 5 0 ott)64r 202 + THE HINDUJA FOUNDATION 11 INDEPEIYDENf AUDITORSY REPORT TO THE TRUSTEES FOR THE YEAR ENDED 31stDECEMBER 2023 OPINION We have audited the fllmncial statements of The Hinduja Foulldatloll (the 'Charity') for the year ended 31 December 2023 which comprise the Statement of Financial Activities, the Balance Sheet, and the related notes, including a summary of significant accounting policles. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial ReportKng Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland, Cunited Kingdom Generally Accepted Accounting Practice). In our opinion the fu￿nCIal statements: ve a true and fair view of the state of the Charity's affairs as at 31 December 2023 and of its incoming resources and application of Tesources, including its income and expenditure for the year then ende&. have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice. and have been prepared in accordan￿ with the Tcquirements of the Charities Act 2011. BASIS FOR OPINION We conducted our audit in accordance with International Standards on Auditing (UK) (ISAS (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors, responsibilities for the audit of the fmancial statements section of our report. We are indyndent of d]e Charity in accordance with the ethical requirements that are relevant to ow audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard, and we have fillfilled our other ethicaI responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate 10 provide a basis for our opiniuu. CONCLUSIONS RELATING TO GOll¥G CONCERN In auditing the financial statements, we have concluded tbat the Trnstecs, use of the going concern basis of accounting in the preparation of the financial statemellts is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, in(lividually or collectively, may cast doubt on the Chaiity's abllity to continue as a going concern for a period of at least twelve months from when the fmanaal statements are authorised for issue. Our responsibilities and the responsibilities of the Trnstees with respect to going concern are described in the relevant sections of this report, OTHER INFORMATION The other inforniation comprises the inforniation included in the Ilnnual Report other than the financial statements and our Auth'tors, Report thereon. The Trustees are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not COV￿ the other information and, exccpt to the extent otherwise explicitly stated in our Teport, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other inforniation and, in doing so, consider whether the other information is nmterially inconsistent WLth the financial statements or our knowledge obtained in the course of the audit, or othe￿Vise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to deterniine whetber this gives rise to a material misstatement in the financial statements themselve5. If, based on the work we have perfornied, we conclude that there is a material misstatement of this other information, we are required to Teport that fact. THE HtNDUJA FOUNDATION 11 INDEPENDENT AUDITORSJ REPORT TO THE TRUSTEES FOR THE YEAR ENDED 31" DECEMBER 2023 (CONTINUED) We have nothing to xeport in this regard. MATJERS ON WHICH WE IIRE REQUIRED TO REPORT BY EXCEPTION We have nothing to report in respect of the following matt￿5 in relation to where the CharitLes (Accounts and Reports) Regulations 2008 requires us to report to you rf, in our opinion: the information given in the Trustees, Report is inconsistent in any ￿￿terIal respect with the fmancial statements. or sufficient accounting records liave not been kept; or the financial statements are not in agreement with the accounting records. or we have not received all the infoimation and explanations we require for OUT audit. RESPONSIBILITIES OF TRUSTEES As explained more fillly in the Trustees, Responsibilities Statement, the Trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Trnstees detennine is necessary to enable the preparation of fmancial statements that are free from material misstatement, whether due to fraud or error. In preparing the f￿anCIal statements, the Trnstees are resyonsible 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 tiquidate the Charity or to cease operations, or have no realistic alternative but to do so. AIJDITORS, RESPONSIBILITIES FOR TIIE AI]Drr OF THE Fll*lANCIAL STATEMENTS We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder. OUT objectives are to obtain reasonable assuran￿ about whether the fmancial statements as a whole are free fro material misstatement, whether due to fraud or ettor, and to issue an Auditors, 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 rnisstatement when it exists. Mtsstatements can arise from fraud or ettor 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. I￿egularItieS, including fraud, are instances ofnon-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. THE HINDUJA FOUNDATION 11 INDEPENDENT AUDITORS? REPORT TO THE TRUSTEES FOR THE YEAR ENDED 31" DECEMBER 2023 (CONTINUED) In identifying and assessing risks of material misstatement in respect of iuegularities, including fraud and noncomptiance with laws and regulations, we considered the following: The nature of the sectoI and the impact of the cost of living crisis on financial and operating perfonnance and polickes Enquiries of management, including obtaining and reviewing supporting documentation, concerning the charity's policies and procedures relating to: identifying, evaluatillg and complying with laws and regulations and whether they were aware of any instances of non-compliance detecting and responding to the risks of fraud and whether they have l(nowledge of any acttial, suspected or alleged fraud; and o the internal controls estabLished to mitigate risks related to fraud or non-compliance of laws and regulations. and Discussions among the engagement team regarding how and where fraud might occur in the financial statements and any potential indicato￿ of fraud. The engagement team indudes staff who have extensive experience of working with charities in similar sectOTS and this experience was relevant to the discussion about where fyaud risks might arise. We also obtained an understanding of the legal and regulatory framework that the charity operates in, focusing on provisions of those laws and regulations that had 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 UK Charities Act and ChaTities SORP 2019. In addition, we considexcd provisions of other laws and regulations that do not have a direct effect on the financial statements but Complian￿ wittL which may be fimdamentdl tu LhdIily'b