for 31 2018

Charity Registration No. 111423B

SANDHU CHARITABLE FOUNDATION

ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2018


LEGAL AND ADMINISTRATIVE INFORMATION

Trustees B. S. Sandhu (Chairman and Founder)P Sandhu (Co-founder)

Administrator and Secretary to theTrustees

N Steels

Charity number

Principal address

1114236

cro The Santon GroupSanton House53-55 Uxbridge RoadEallng, London W5 5SA

Website

Independent Auditors Gerald Edelman73 Cornhill

London

EC3V 3QQ

Bankers CAF Bank Limited

25 Kings Hill Avenue

Kings Hilll

West Mailing

Kent ME19 4JQ

Metro BankThe TownhouseThe Broadway

Ealing, London W5 5JN

Stockbrokers The Share CentrePO Box 2000Aylesbury

BucksHP21 BZB

Julius Beer International Ltd

1 St Martin's Le Grand

London

EC1A 4AS

W H Ireland Ltd

11 St James SquareManchesterM2 6WH


CONTENTS

Page

Trustees report 1-5

Statement of Trustees responsibilities

Independent auditor's report 7-9

Statement of financial activities to

Balance sheet

Notes to the accounts 12- 25


TRUSTEES REPORT

FOR THE YEAR ENDED 31 fj/fARCH 2018

The Trustees present their annual report and accounts for the year ended 31 March 2018.

The accounts have been prepared in accordance with the accounting policies set out in note 1 to the accountsand comply with the Charitycharity's governing document, the Charities Act 2011 and the Statement ofRecommended Practice, applicable to charities preparing their accounts in accordance with the FinancialReporting Standard applicable In the UK and Republic of ireland (FRS 102) (effective 1 January 2015).

OBJECTIVES AND ACTIVITIES

The Charity was established as the long term focus for the philanthropic activities of Bim and Pardeep Sandhuand their family. It is anticipated that they will remain the prime donors of the Foundation for the foreseeablefuture as the Foundation does not actively fund-raise. It will seek to continue the charitable work desired bythe funders through the stewardship of its existing resources and by any further donations made by the funderand their related parties.

The Foundation does not currently undertake any direct charitable ectivity but meets its charitable objectivesby making grants to such charitable purposes, in any part of the world, as the Trustees in their absolutediscretion determine. Where activities are carried out in the rest of the world, other than in exceptionalcircumstances, the Foundation makes donations to other UK charities that oversee that work directly orindirectly in those countries. During the year no payments were made direct to overseas charities.

The Trustees confirm that they have referred to the guidance contained in the Charity Commission's generalguidance on public benefit when reviewing the Foundation's aims and objectives and setting the grant policyfor the year. It is the Board's current desire to support a variety of charities in line with the public benefitrequirement.

It is the short term policy of the Trustees to support individual charities or charitable causes in line with thegrant policy set. There are a limited number of charities that are beginning to receive regular annual fundinggrants. Donations are generally made to charitable institutions with very limited restrictions cunently beingapplied as to activity or geographical area. In particular, unlike many other charities, the Foundation is willingto provide unrestricted funding as this is ofien the most valuable form of funding from s recipient's perspective.The merits of each application are considered and, if required, further research carried out prior to a grantbeing made. Given the size of the Board, the Trustees meet on an informal basis to consider such donations.It is expected that the Foundation will continue to fund a variety of charitable causes although the focus islikely to continue to be those dealing with children, with education and health.

In the short term the policy of the Trustees is to expend a minimum of two-thirds of the net income arising peryear by way of charitable donations and where that ratio is exceeded to be supplemented, where necessary,from the capital of the Foundation. The Trustees are currently making donations significantly above thisminimum balance.

It remains the longer term intent of the Trustees to:

1. Formulate a more focused charitable strategy which will make a fundamental and long term difference tothe lives of the recipients; and

2. Become more directly involved in charitable work at the "grass roots" level and/or to identify and supportpartners on the specific objectives identified in 1 above on a more regular basis.

Afi Trustees give freely of their time and no Trustees' remuneration or other benefits were paid in the yearunder review. Any general administration costs, other than audit fees and bank charges are met by theSanton Capital Pic group ("The Santon Group') which is controlled by B.S. Sandhu.


TRUSTEES REPORT (CONTINUED)


ACHIEVEMENTS AND PERFORMANCE

The Foundation undertakes its work through making direct financial contributions to the charitable activities it

supports as well as providing indirect support by assisting certain charities in their wider fundraising activities.Since inception the Foundation has made cash contributions of f1.913m and charitable commitments off0.479m totalling F2.392m.

1.Direct Financial Support

In the year under review the Trustees made grants and commitments totalling f314,000 (2017: F308,000) asdetailed in Note 6 to the Accounts. The Trustees note that the Foundation has now granted or committedf2.392 million of donations since it was established to 119different charitable organisations and causes.

During the year the Trustees made cash donations of F314,500 (2017: f300,000) to 27 different charities(2017: 27) averaging f11,648 (2017: F11,111) per donation. Of the cash payments made, f177,500 (2017:f201,000) was in respect of donation commitments made in prior years to 10 charities (2017: 12). TheTrustees also made f177,000 (2016: f209,000) of new commitments to 4 charities (2017: 10), averagingF44,250 (2017:f20, 900) per charity.

The Trustees made a number of donations for the benefit of children and especially their education needs.Many of the donations were made on a "matched" funding basis enabling the recipient charities to raiseadditional funds.

Whilst not wishing to signify the importance of any one donation over another we once again highlightexamples of charities which were funded by the Foundation during the year. This year we have focused onthree medical charities; two small chartities, in particular Ehlers-Danlos Support UK, and one large charity.

Ehlers-Danlos Support UK htt s llwwweh e - s or l)

Ehlers-Danlos Support UK ('EDS UK') was set up in 1987 to support, advise and inform those living with theEhlers-Danlos syndromes. EDS UK the only UK based charity that exclusively represents and supportspeople with all types of EDS.

EDS is a rare little known condition even amongst the GP community; never mind the generalpopulation. EDS is a genetic connective tissue disorder due to an abnormality in how the body makescollagen. Collagen is a protein which is the main building block of the body providing strength and support in

ligaments, tendons and cartilage. We are made up of a high percentage of collagen so Ehlers-Danlossyndrome can affect the whole body. EDS sufferers can also develop anxiety and depression as well as othersymptoms.

Although it is hereditary condition and with an individual from birth the symptoms can show up over a widerange of ages. There are seven different types of EDS viith Hypermobility being the most common with theothers being: Classical, Vascular, Kyphoscoliotic, Arthrochalasia, Dermatoparaxis and Tenascin X . One of themany factors which makes Ehlers-Danlos Syndrome difficult to live with is that it is an invisible illness—individuals often look well from the outside but are experiencing difficulties which others, including medicalprofessionals, cannot see or identify. EDS UK strives to educate the medical community, promote continuityof care, improve accurate diagnosis and provide information on specialist treatment and management of thecondition.

EDS UK runs regular events and conferences to bring the EDS community together and produces literatureand merchandise to increase understanding and improve management of the condition. EDS UK have over50 support groups around the country to provide members with a local peer support network, they run afreephone helpline which is available to everyone, including people with EDS as well as friends, families,carers, and healthcare professionals. They also fund vital research to further understand EDS, includingsearching for the gene responsible for the hypermobility type and working towards a cure.



FOR THE YEAR ENDED 31 )I/)ARCH 2018

The Foundation has agreed to support EDS UK in three main ways:

~ By helping raise awareness of EDS with the general public and donors;

~ By providing regular funding to cover general overheads of which F25,000 was paid during theyear and a further L25,000 committed;

~ By funding specific pieces of research towards which a commitment of f125,000 was madeduding the year in relation to the impact of diet on hypermobile EDS.

There are no drugs that target the EDS connective tissue abnormality. Current treatments include medicationto reduce the symptoms (not the cause), alongside physiotherapy for muscle and joint issues. Good nutrition

is essential for connective tissue repair and general healing. Certain nutdients are needed for the body tomake collagen and support connective tissue function. Identifying specific nutrients needed for connectivetissue function is important but to date there has very little research in this area. The Foundation has decidedto provide matched funding to a piece of research being undertaken by Professor Qasim Aziz and LisaJamieson at the Wingate Institute Neurogastroenterology at Queen Mary University of London to determinewhether symptoms can be reduced in hypermobile EDS patients through diet-based nutritional

intervention. The aim of the research is to improve the quality of life of patients with EDS through simple,inexpensive but effective dietary measures, whilst reducing the cost for the NHS.

Williams Syndrome Foundation(h //w'

m w ndr m or uk/)

Williams Syndrome is a rare congenital disorder that occurs randomly and affects around one in 18,000people in the UK. It is non-hereditary and causes distinctive facial characteristics and a wide range of learningdifficulties. Infants oRen have delayed development and can develop physical and mental health problems,including anxiety and depression in later life.

The Williams Syndrome Foundation ('WSF') was formed as a chadity in 1980 with the aims of promotingresearch and providing help and support for families with affected children

The Foundation made a donation of F25,000 of unrestricted funding which enabled the WSF to hold anotherbiennial convention and continue other smaller projects.

ProstateCancerUK(htt s:// ros tecanceruk. or )

Prostate Cancer is currently the most common cancer in men, accounting for 25% of all cancer diagnoses and

by 2030 prostate cancer is set to become the most common cancer overall in the UK. Prostate Cancer UKhas a most ambitious 10 year plan, along with peer groups elsewhere in the world, to stop prostate cancerbeing a killer. We have been long term supporters of Prostate Cancer UK.

In December, 2017 the Foundation offered to provide 525, 000 towards a matched funding Chdistmas appealwhich focused on the advancement of precision medicine for prostate cancer. This is the first of its kind

research that aims to discover and test new treatment combinations in men with advanced prostate cancer assoon as they' re diagnosed. This means using each man's cancer DNA to discover the genetic change that' sdriving his prostate cancer, and matching it to the treatment that is most likely to halt the disease.

The matched funding appeal was extremely successful and in total the initiative raised over f70,000.

2. Non-Financial and Indirect Support

The Trustees and the Patron have been actively involved in helping with fundraising from third parties onbehalf of a number of charities to whom the Foundation has also donated funds.

The Chairman is an Ambassador to Magic Bus UK.

After 3 years as chair, Mrs Sandhu continued for a fourth year as Co-Chair of the lunch committee of TheAnne Frank Trust Holocaust Memodial Day Lunch which raised a record L480,000 during the year; makingtotal funds raised in the four years of over 51.7m.

Mrs Sandhu continued as Vice Chair of The Bursary Programme —one of the most ambitious in the UK —atLatymer Upper School and also helped organise fundraising events for The Lullaby Trust on behalf of theFoundation.




FINANCIAL REVIEW

The Foundation is currently reliant largely on income and investment returns from its investments.

Investment income increased from 6239,915 in 2017 to 6264,955 in 2018. The Foundation accrued a loss ofF137,023 on its investment portfolio comprising a loss of 6333,710 on the Endowment Fund and a gain off196,687 on the unrestricted funds. The Endowment Fund is required to be invested in the Ordinary andPreference shares of Raven Property Group Limited and these assets underperformed during the year.

The Trustees Increased grant funding marginally from 6308,000 in 2017 to F314,000 in 2018.

The Trustees consider that the fixed assets investments of the Foundation are held to provide the annualincome to finance expenditure In line with the grant policy set. Reserves are normally considered to berepresented by net current assets but as at 31 March 2018 net current liabilities existed of F138,045. Howeverthe Trustees are confident that all the future commitments will be met out of future income arising or if

necessary by other means. A signNcant proportion of the unrestricted funds are held in highly liquid listedinvestments and in exceptional circumstances these could be liquidated to meet funding commitments.However, It is more fikely that if there was a short term cash flow issue interest free loans would be soughtfrom The Santon Group as they have been in the past and were during the year.

RISK ASSESSMENT

The Trustees have assessed the major risks to which the Foundation is exposed, in particular those related tothe operations and finance of the Foundation, and have developed a risk management strategy whichinvolves the following:

1. An Annual review of the principal risks and uncertainties that the Foundation faces;2. The establishment of policies, systems and procedure to mitigate risks identiTied;3. The implementation of procedures designed to minimise or manage any potential impact on the

Foundation should those risks materialise.

The principal risk faced by the Foundation lies in the performance of its investments. The Trustees considerthat the Foundation should aim to seek a return of 7.5% pa on its investments in the medium term. This targetwas not achieved during the year largely due to the poor performance of the Raven Property Groupinvestment.

The Foundation seeks to invest its unrestricted fund in a diversied porffolio of listed and unlisted securitiesand these performed well during the year.

The Endowment Fund did not perform well in the year resulting in an overall negative investment return for theyear. It is condition of the donations made into the Endowment Fund that it can only be invested in thesecurities of Raven Property Group Limited (without the consent of the donor) and therefore the Foundationhas limited control over the return on this part of the investment porffolio.

Another major risk is the reliance of the Foundation on the founders; both from a funding perspective and anoperational perspective. It is the medium term intention of the Trustees to seek a wider family involvementand in the short term it is the intention of the trustees to convert the Foundation into a CIO and to appoint asuitable non family member(s) to the Board.




STRUCTURE, GOVERNANCE AND NIANAGEMENT

The Charity was established by a Charitable Trust Deed on 29th March, 2006 and registered as a charitywith the Charity Commission on 16th May, 2006.

The Board of Trustees who served during the year and subsequently were:

B S Sandhu (Chairman and Founder)P Sandhu

The Board as a body have the power to appoint new Trustees at their discretion. All Trustees are required tokeep up to date with ongoing developments in charity law and practice. It is the policy of the Board to providenew Trustees with all relevant information appertaining to the Foundation and its affairs.

Decisions regarding charity affairs are made at Trustee meetings which take place as and when required. Theday to day administration of the Foundation Is carried out by Nicky Steele, under the supervision of theTrustees.

Disclosure of Information to auditor

Each of the Trustees has confirmed that there is no information of which they are aware which is relevant tothe audit, but of which the auditor is unaware. They have further confirmed that they have taken appropriatesteps to identify such relevant information and to establish that the auditor is aware of such information.

The Trustees report was approved by the Board of Trustees.

cS Sandhu

Chairman

P SandhuTrustee

Dated;. .WU( 1.(Ãl. I


STATEMENT OF TRUSTEES RESPONSIBILITIES


The Trustees are responsible for preparing the Trustees Report and the accounts in accordance with applicablelaw and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

The law applicable to charities in England and Wales requires the Trustees to prepare accounts for eachfinancial year which give a true and fair view of the state of affairs of the charity and of the incoming resourcesand application of resources of the charity for that year.

In preparing these accounts, the Trustees are required to:

- select suitable accounting policies and then apply them consistently;

- observe the methods and principles in the Charities SORP;

- make judgements and estimates that are reasonable and prudent;

- state whether applicable accounting standards have been followed, subject to any material departuresdisclosed and explained in the accounts; and

- prepare the accounts on the going concern basis unless it is inappropriate to presume that the charity will

continue in operation.

The Trustees are responsible for keeping suflicient accounting records that disclose with reasonable accuracy atany time the financial position of the charity and enable them to ensure that the accounts comply with theCharities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed.They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps forthe prevention and detection of fraud and other irregularities.


INDEPENDENT AUDITOR'S REPORT

TO THE IIIIEMBERS OF SANDHU CHARITABLE FOUNDATION

OpinionWe have audited the financial statements of Sandhu Charitable Foundation (the 'charity') for the year ended 31March 2018 which comprise the statement of financial activities, the balance sheet, the statement of cash flowsand the notes to the financial statements, including a summary of significant accounting policies. The financialreporting framework that has been applied in their preparation is applicable law and United Kingdom AccountingStandards, induding Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UKand Republic of Ire/and (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:give a true and fair view of the state of the charity's affairs as at 31 March 2018 and of its incomingresources and application of resources, 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 opinionWe conducted our audit in accordance with international Standards on Auditing (UK) (ISAs (UK)) and applicablelaw. Our responsibilities under those standards are further described in the Auditor's responsibilities for the auditof the accounts section of our report. We are independent of the charity in accordance with the ethicalrequirements that are relevant to our audit of the accounts in the UK, including the FRC's Ethical Standard, andwe have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that theaudit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concernWe have nothing to report in respect of the following matters in relation to which the ISAs (Uiq require us toreport to you where:

the Trustees use of the going concern basis of accounting in the preparation of the financial statements isnot appropriate; orthe Trustees have not disclosed in the financial statements any identified material uncertainties that maycast significant doubt about the charity's ability to continue to adopt the going concern basis of accountingfor a period of at least twelve months from the date when the financial statements are authorised for issue.

Other informationThe Trustees are responsible for the other information. The other information comprises the information includedin the annual report, other than the financial statements and our auditor's report thereon. Our opinion on thefinancial statements does not cover the other information and we do not express any form of assuranceconclusion thereon.

In connection with our audit of the financial statements, 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 ourknowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such materialinconsistencies or apparent material misstatements, we are required to determine whether there is a materialmisstatement in the financial statements or a material misstatement of the other information. If, based on thework we have performed, we conclude that there is a material misstatement of this other information, we arerequired to report that fact.

We have nothing to report in this regard.


INDEPENDENT AUDITOR'S REPORT (CONTINUED)

TO THE MEMBERS OF SANDHU CHARITABLE FOUNDATION

Matters on which we are required to report by exceptionIn the light of the knowledge and understanding of the charity and its environment obtained in the course of theaudit, we have not identified material misstatements in the directors' report Included within the Trustees report.

We have nothing to report in respect of the following matters in relation to which the Charities (Accounts andReports) Regulations 2006 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 Trusteesreport; orsufficient accounting records have not been kept; orthe 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 TrusteesAs explained more fully in the statement of Trustees responsibilities, the Trustees are responsible for thepreparation of the financial statements and for being satisfied that they give a true and fair view, and for suchinternal control as the Trustees determine is necessary to enable the preparation of financial statements that arefree 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 continueas a going concern, disdosing, as applicable, matters related to going concern and using the going concernbasis of accounting unless the Trustees either intend to cease operations, or have no realistic alternative but todo so.

Auditor's responsibilities for the audit of the financial statementsWe have been appointed as auditors under section 144 of the Charities Act 2011 and report in accordance with

the Act and relevant regulations made or having effect thereunder.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are freefrom material misstatement, whether due to fraud or error, and to issue an auditor's report that includes ouropinion. 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 arisefrom fraud or error and are considered material if, individually or in the aggregate, they could reasonably beexpected to influence the economic decisions of users taken on the basis of these financial statements.

A further description of our responsibilities for the audit of the financial statements is located on the FinancialReporting Council's website at: http: //www. frc.org. uk/auditorsresponsibilities. This description forms part of ourauditor's report.

Other matterYour attention is drawn to the fact that the charity has prepared financial statements in accordance with

"Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparingtheir accounts In accordance with the Financial Reporting Standard applicable In the UK and Republic of Ireland(FRS 102)" in preference to the Accounting and Reporting by Charities: Statement of Recommended Practiceissued on 1 April 2005 which is referred to in the extant regulations but has now been withdrawn.

This has been done in order for the financial statements to provide a true and fair view in accordance with

Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015.


INDEPENDENT AUDITOR'S REPORT (CONTINUED)

TO THE MEMBERS OF SANDHU CHARITABLE FOUNDATION

Use of reportThis 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 tothe charity's trustees those matters we are required to state to them in an auditor's report and for no otherpurpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone otherthan the charity and the charity's trustees as a body, for our audit work, for this report, or for the opinionswe have formed.

Stephen Col an ACA (Senior Statutory Auditor)for and on behalf of Gerald Edelman 'g2 (othe tg

Chartered AccountantsStatutory Auditor 73 Comhill

London

EC3V 3QQ


STATEMENT OF FINANCIAL ACTIVITIES


Unrestricted Endowmentfunds funds

Notes E Z

Total2018

Total2017

IgggmtL(rg(0.Donations and legaciesInvestment income

3 66,8304 164,268

44, 500100,687

111,330 51,000264,955 239,915

Total income 231,098 145,187 376,285 290,915

Exaglttilhmun;Charitable activities 6 316,425 316,425 310,264

Net (expenditure)/Income before Investmentreturns

Net gain/(loss) on investments

(85,327) 145, 187 59,860 (19,349)

9 196,687 (333,710) (137,023) 942,605

Net income/(expenditure) for the year/Netmovement In funds

Fund balances at 1 April 2017

Fund balances at 31 March 2018

111,360 (188,523) (77,163) 923,256

2,648,241 2, 546,916 5, 195,157 4,271,901

2,759,601 2,358,393 5, 117,994 5, 195,157

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BALANCE SHEET

AS AT 31 MARCH 2018

Notes2018 2017

F

Fixed assetsInvestments 10 5,395,539 5,066,032

Current assetsDebtorsCash at bank and In hand

12 199,5669,809

159,907456,438

Creditors: amounts falling due within one 13year

209,375

(347,420)

616,345

(191,220)

Net current (liabilities)/assets

Total assets less current liabilities

(138,045)

5,257,494

425, 125

5,491,157

Creditors: amounts falling due after more 14than one year (139,500) (296,000)

Net assets 5, 117,994 5, 195,157

CapltalfundsExpendable endowment

Income fundsUnrestricted funds

15 2,358,393

2,759,601

2,546,916

2,648,241

5, 117,994 5, 195,157

The accounts were approved by the Board of Trustees snd authorised for issue on 2.2.Ioi. .~. ~!...I. and signed on itsbehalf by:

TrusteeP SandhuTrustee

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NOTES TO THE FINANCIAL STATEMENTS


Accounting policies

Accounting conventionThese accounts have been prepared In accordance with FRS 102 "The Financial Reporting Standardapplicable in the UK and Republic of Ireland" ('FRS 102', 'Accounting and Reporting by Charities' theStatement of Recommended Practice for charities applying FRS 102, the Charities Act 2011 and UK

Generally Accepted Accounting Practice as it applies from 1 January 2015. The charity Sandhu CharitableFoundation is a Public Benefit Entity as defined by FRS 102.

The accounts have departed from the Charities (Accounts and Reports) Regulations 2008 only to theextent required to provide a true and fair view. This departure has involved following the Statement ofRecommended Practice for charities applying FRS 102 rather than the version of the Statement ofRecommended Practice which is referred to In the Regulations but which has since been withdrawn.

The accounts are prepared in sterling, which is the functional currency of the charity. Monetary amounts in

these financial statements are rounded to the nearest F.

The accounts have been prepared under the historical cost convention, modified to include the revaluationand certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2 Going concernAt the time of approving the accounts, the Trustees have a reasonable expectation that the charity hasadequate resources to continue in operational existence for the foreseeable future. Thus, the Trusteescontinue to adopt the going concern basis of accounting in preparing the accounts.

1.3 Charitable fundsEndowment funds are subject to specific conditions by donors that the capital must be maintained by theCharity. Unrestricted funds are available for use at the discretion of the Trustees in furtherance of theircharitable objectives unless the funds have been designated for other purposes.

1A Incoming resourcesIncome is recognised when the charityFoundatlon is legally entitled to it after any performance conditionshave been met, the amounts can be measured reliably, and it is probable that income will be received.

Donations and other forms of voluntary income are recognised as income when receivable except insofaras they are incapable of financial measurement.

Assets donated to charities are included as income at their open market value.

Income from investments is included in the accounts on a receivable basis.

1.5 Resources expendedLiabilities are recognised as soon as there is a constructive obligation committing the charity to theexpenditure. All resources expended are accounted for on an accrual basis. Irrecoverable VAT is chargedto the expense to what it relates.

The cost of charitable activities is represented by grants made directly to institutions.

Also included in charitable expenditure are governance costs incurred primarily in meeting with

constitutional and statutory requirements.

1.6 Cash and cash equivalentsCash and cash equivalents include cash in hand and deposits held at call with banks.

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NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)


1 Accounting policies (Continued)

1.7 Financial instrumentsThe charity has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the charity's balance sheet when charity becomes party to thecontractual provisions of the instrument.

Financial assets and liabilities are olfset, with the net amounts presented in the financial statements, whenthere is a legally enforceable right to set off the recognised amounts and there is an intention to settle on anet basis or to realise the asset and settle the liability simultaneously.

Basic financial assetsBasic financial assets, which indude debtors and cash and bank balances, are initially measured attransaction price induding transaction costs and are subsequently carried at amortised cost using theelfective interest method unless the arrangement constitutes a financing transaction, where the transactionis measured at the present value of the future receipts discounted at a market rate of interest. Financialassets classifi'ed as receivable within one year are not amortised.

Basic flnanclal liabilitiesBasic financial liabilities, including creditors and bank loans are initially recognised at transaction priceunless the arrangement constitutes a financing transaction, where the debt instrument is measured at thepresent value of the future receipts discounted at a market rate of interest. Financial liabilities classified aspayable within one year are not amortised.

Oerecognltlon of flnanclel liabilitiesFinancial liabilities are derecognised when the charitycharity's contractual obligations expire or aredischarged or cancelled.

1.8 TaxationAs a registered charity the Society is exempt from taxation on its activities which fall within the scope ofPart 10 ITA2007 and section 255 of the Taxation of Chargeable Gains Act 1992.

2 Critical accounting estimates and judgementsIn the application of the charitycharity's accounting policies, the Trustees are required to make judgements,estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparentfrom other sources. The estimates and associated assumptions are based on historical experience andother factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accountingestimates are recognised in the period in which the estimate is revised where the revision affects only thatperiod, or in the period of the revision and future periods where the revision aifects both current and futureperiods.

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3 Donations and legacies

20186

2017E

Gifts made by B.S. Sandhu and P. Sandhu:DonationsOther donationsVoluntary income brought forward

44,500 51,00066,830

4,794, 162 4,743, 162

Voluntary income carried forward 4,905,492 4,794, 162

Since the Charity was established, Mr. and Mrs. Sandhu have made total donations to the Charity ofF4.711 million (2017: 64.667 million) comprising F1.159 million in cash (2017: F1.159 million) and F3.552million in quoted investments (2017: f3.508 million).

In addition, The Santon Group, owned by B.S. Sandhu, has made cash donations totalling F0.114 million

(2017: F0.114 million) since the Charity was established. The Santon Group, B.S. Sandhu and P. Sandhualso donate directly to some of the charities with which the Foundation works and The Santon Groupprovides logistical, administrative, travel and subsistence support to the Foundation on an ex-gratia basis.

4 Investment Income


Total2018

Total2017

f f

Income from listed investmentsIncome from Raven Property Group investment

Other interest receivableInterest receivable

90,3155,539 100,687

35,67632,738

90,315106,22635,67632,738

55,57398,04853,74132,553

164,268 100,687 264, 955 239,915

For the year ended 31 March 2017 146,955 92,960 239,915

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5 Charitable activities

20186

20176

Grant funding of activities (see note 6)Support costs including governance costs

314,0002,425

316,425

308,0002,264

310,264

Governance costs include a provision of 62,000 (2017: F2,000) for audit and accounting fees. Thebalance of the governance costs each year comprised bank charges.

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6 Grants payable

Grants: Cash Paid

2016 20176 6

Variety, The Children's Charity

The Anne Frank Trust UK

Helena Kennedy FoundationEhlers-Danlos Support UK

Magic Bus UK

Prostate Cancer UK

The Scar Foundation

Williams Syndrome Foundation

CASS Business School; City, University of London

Young EnterpriseKew FoundationThe Latymer Foundation

Orbis UK

BeanstalkAkshaya Petra Foundation UK

Localgiving re Grenfell Tower AppealSt John Southall GreenConcious Ball re Mental Health CharitiesThe Elifar Foundation

Land Aid

William Wates Memorial Fund

Guy's 8 St Thomas's Charity

Mayor's Music Fund

Matt Hampson Foundation

Maytree Respite CentreMK Done Sports Foundation Trust

Lullaby Trust

Florence Kleiner Foundation

Pancreatic Cancer UK

Dasra UK

Happy Days Childrens Charity

Leicestershire County Cricket Club

LSE Annual Fund

British Lung Foundation

The Big Give Trust re East Africa AppealEaling Soup Kitchen

Ealing Food BankMacMillan Cancer SupportScannappeal (The Bucks Breast Cancer Appeal)Find Your FeetEpilepsy Research UK

Outward Bound Trust

SightsaversCrisis

35,00030,00027,00025,00025,00025,00025,00025,00015,00015,00012,5009,0007,0007,5006,0005,0005,0003,0002,5002,5001,5001,0001,0001,0001,0001,0001,000

37,50030,00010,000

25,0005,000

10,00015,00012,50014,00010,000

30,00015,00012,00010,00010,00010,0007,0005,0005,0005,0005,0005,0005,0003,0002, 0001,0001,000

Cash paid In year carried forward

-16-

314,500 300,000




6 Grants payable (Continued)

20186

2017

Cash paid in the year brought forward 314,500 300,000

Commitments utllised in the year:Variety, The Children's Charity

Anne Frank Trust UK

Helena Kennedy Foundation

Magic Bus UK

Young EnterpriseCess Business School; City, University of London

Kew Foundation

Orbis UK

The Latymer Foundation

BeanstalkFlorence Kleiner Foundation

Dasra UK


Prostate Cancer UK

(35,000)(30,000)(27,000)(25,000)(15,000)(15,000)(12,500)

(7,000)(6,000)(5,000)

(37,500)(30,000)(10,000)(25,000)(15,000)(10,000)(12,500)

(5,000)

(30,000)(11,000)(10,000)

(5,000)

Commibnents made In year:(177,500) (201,000)

Ehlers-Danlos Support UK

Street Child UK

Lullaby TrustMayor's Music Fund


The Anne Frank Trust UK


Orbis UK

Case Business School; City, University of London

BeanstalkProstate Cancer UK

The Stroke AssociationThe Latymer Foundation

Soundseekers

150,00015,00010,0002,000

60,00030,00030,00021,00015,00015,00015,00010,000

8,0005,000

177,000 209,000

Total Grants payable in the year 314,000 308,000

Since the Foundation was set up it has made donations or commitments to 119 (2017: 104) differentcharities totalling 62,391,661 (2017: 62,077,661).

A significant number of donations are made on a matched funding basis as one of the aims of theFoundation is to encourage and incentivise others to give.

-17-



FOR THE YEAR ENDED 31 /I/(ARCH 2018

7 Trustees

None of the Trustees (or any persons connected with them) received any remuneration during the year. No

expenses were charged to the Foundation by the Trustees.

Donations made by B.S. Sandhu and related parties are shown in Note 3. Details on the terms of theEndowment Fund set up by B.S. Sandhu are disdosed in Note 15.

The Santon Capital pic group, which is owned by B.S. Sandhu, provides oflices, staff and administrative

support to the Foundation without charge.

B.S. Sandhu provided an interest free loan of f5,000 to the Foundation.

Contributions totalling f9,000 (2017: F14,000) were made to the Latymer Foundation. Mr. and Mrs.Sandhu's children attend Latymer on a full fee paying basis.

8 Employees

There were no employees during the year. The Santon Capital pic group provides administrative supportto the Foundation without charge.

9 Net gains/(losses) on Investments


Total2018

Total2017

Revaluation of investments

Gain/loss on sale of investments

f.

138,928 (333,710)57,759

(194,782)57,759

888,53654,069

Movement In 31 March 2018

Movement In 31 March 2017 182,421 760, 184 942,605

196,687 (333,710) (137,023) 942,605

10 Fixed asset Investments2018 2017

f

Listed investments

Unlisted investments

Investment cash retained

4,907,986484, 129

3,424

4, 188,271877,644

117

5,395,539 5,066,032

2018f

2017f

Historical cost as at 31 March 2018 5,367,188 4,914,404

-18-




10 Fixed asset Investments (Continued)

Investments held are allocated as follows:

Equity instruments

Listed debt instruments

OtherCash

4,438,312469,676484, 130

3,421

3,714,685473,586877,644

117

5,395,539 5,066,032

During the year, Mr. B. Sandhu transferred 100,000 (2017: 100,000) Ordinary Shares in Raven RussiaProperty Group Limited to the Charity by way of a giR at market value of f44, 500 (2017: 651,000).

Listed investments comprise holdings in ordinary shares, warrants and preference shares in Main ListedStocks on the London Stock Exchange. Listed investments indude an investment of F2.526 million (2017:62.798 million) in the ordinary shares and preference shares of Raven Russia Ltd.

Movements In Itxed asset Investments

Cost or valuationBrought forward

Additions

Valuation changesGifts made to charity at market value

Change in brokers' cash accountsDisposals

20186

5,066,032698,995(28,602)44, 500

3,306(388,692)

20176

4,468,287211,006888,536

51,000(2,613)

(550,184)

Carried forward 5,395,539 5,066,032

Carrying amountAt 31 March 2018 5,395,539 5,066,032

At 31 March 2017 5,066,032 4,468,287

11 Financial Instruments 20186

2017

Carrying amount of financial assetsDebt instruments measured at amortised costInstruments measured at fair value

199,566 159,9075,395,539 5,066,032

Canylng amount of financial liabilitiesMeasured at amortised cost 486,920 487,220

-19-




12 Debtors

Amounts falling due within one year:2018 2017

Short term loan

Interest accrued189,659

9,907150,000

9,907

199,566 159,907

13 Creditors: amounts falling due within one year2018

f2017

8

Donations commitments (see below)

Connected party loans (see Note 7)Accruals and deferred income

339,0005,0003,420

183,0005,0003,220

347,420 191,220

Donation Commitments comprise:Less thanOne Year

8

More thanOne Year

8Total

Eh)ere-Danlos Support UK

Anne Frank Trust UK


Magic Bus UK

Casa Business School, City University

Helens Kennedy Foundation

Prostate Cancer UK

Street Child UK

Orbis UK

The Latymer FoundationBeanstalkThe Stroke AssociationLullaby TrustSoundseekersMayor's Music Fund

150,00030,00035,00030,00015,00015,000

5,00015,000

7,0008,0005,000

10,00010,000

5,0001,000

60,00042, 500

5,0003,000

10,000

7,0006,0005,000

1,000

150,00090,00077,50030,00020, 00018,00015,00015,00014,00012,00010,00010,00010,0005,0002,000

Total Commitments - 31 March 2018 339,000 139,500 478,500

Total Commitments - 31 March 2017 183,000 298,000 479,000

-20-




14 Creditors: amounts falling due after more than one year2018

82017

6

Donation commitments (see note 13) 139,500 296,000

15 Endowment fundsMovement In funds

Balance at 1 Incoming Resources Revaluations Balance at 31April 2017 resources expended gains and March 2018

losses6 f 6

Expendable endowmentsExpendable endowments 2, 546,916 145,187

2, 546,916 145,187

(333,710) 2, 358,393

(333,710) 2, 358,393

The expendable endowment fund was set up in March, 2010 by the Trustee B.S. Sandhu upon thetransfer into the Charity by way of giR of 1,300,000 preference shares in Raven Property Group Limitedand was added to in 2012. During the year B.S. Sandhu donated 100,000 Ordinary Shares in RavenProperty Group Limited on the same terms. The gift was made on the basis that the capital could not bedistributed without the consent of the donor. There is an additional restriction in that the shares transferredcannot be disposed of without the consent of the donor. The endowment funds are largely represented byholdings of ordinary and preference shares in Raven Property Group Limited, which is listed on the Main

Market of the London Stock Exchange.

16 Movement ln funds

Generalfunds

f

Endowment Revaluationfunds reserve

Total

Balance at 1 April 2017

Income

Expenditure

231,098

(316,425)

145,187 376,285

(316,425)

2,496,614 2,546,916 151,627 5, 195,157

Gains/(Losses) on investments:Gain on investment disposalsGain/(Loss) on investment revaluation

57,759402, 378 (333,710) (263,450)

57,759(194,782)

Balance at 31 March 2018 2,871,424 2,358,393 (111,823) 5, 117,994

-21-




17 Analysts of net assets between funds

Fund balances at 31 March 2018 are represented by:InvestmentsCurrent assetsCreditors due within one yearCreditors due after one year

UnrestrictedFunds

8

3,066,497179,524

(347,420)(139,500)

EndowmentFunds

8

2,329,04229,851

Total

5,395,539209,375

(347,420)(139,500)

2,759,101 2,358,893 5, 117,994




18 Donations to date (2006-2018)

Vartety, The Children's Charity

Anne Frank Trust UK

Magic Bus UK

Ehlers-Danlos Support UK


CASS Business School; City, University

The Latymer Foundation

Young EnterpriseProstate Cancer UK

Dasra UK

Orbis UK

Kew Foundation

Street Child UK

The Family & Relationship Crisis CentreFamily for Every Child

Florence Kleiner Foundation

Unicef UK

Williams Syndrome Foundation

The Scar Foundation

Jubilee Box Hill SchoolDurston House Educational Trust

Find Your FeetHappy Days Charity


The Stoke AssociationLeukemia & Lymphoma ResearchBeanstalkAkshaya Patra Foundation UK

Pancreatic Cancer UK

Lullaby Trust

GB Childrens HomeDEC Haiti AppealErskine HospitalLSE Annual Fund

Multiple Sclerosis SocietySoundseekersEpilepsy Research UK

JET (Joint Educational Trust)

Bobath Centre for Children with CerebalBritish Heart Foundation

British Lung Foundation

Blackfriars SettlementOval Cricket Relief TrustSandsCure Parkinson Trust

Bliss

of London

Palsy

Cash

278,750200,500191,97925,00077,00070,00077,87465,00048,00051,00037,00050,00030,00038,00030,00030,00025,00025,00025,00024, 08322, 50020,00020,00020,000

8,00017,000

7,50016,00015,000

1,00010,50010,00010,00010,00010,000

5,0009,0009,0008,0007,7257,0006,5026,0006,0005,6005,000

Commitments

77,50090,00030,000

150,00018,00020,00012,000

15,000

14,000

15,000

10,000

10,000

10,000

5,000

Total6

356,250290,500221,979175,00095,00090,00089,87465,00063,00051,00051,00050,00045,00038,00030,00030,00025,00025,00025,00024, 08322, 50020,00020,00020,00018,00017,00017,50016,00015,00011,00010,50010,00010,00010,00010,00010,0009,0009,0008,0007,7257,0006,5026,0006,0005,6005,000

Subtotal of donations c/f 1,671,513 476,500 2, 148,013

-23-





Subtotal of donations b/f 1,671,513

(Continued)

476,500 2, 146,013

Choices Ealing

CoramCystic FibrosisDEC Committee —Phillipines

Ealing Food BankEallng Soup Kitchen

Emmaus Hampshire

Enterprise EducationEvelinaFoundation for The Study of Infant DeathsFriendship Works

Give SmartHelen Rollason Cancer Charity

Help for HeroesInteract Reading Limited

LEPRAListening BooksLocalgiving re Grenfell Tower AppealMaharaj Duleep Singh Centenary Trust

Northwick Park Institute for Medical ResearchOxfam re: EbolaRichard House Children's Hospital

Smile Train

Starfish Greathearts Foundation

Starlight Children's Foundation

The Ear Foundation

The Helping Hands International

The HavenTree of Hope Charity

The Big Give Trust re East Africa AppealMacMillan Cancer SupportScannappeal (The Bucks Breast Cancer Appeal)St John Southall GreenConnectRNLI

Interact Worldwide

William Wates Memorial Fund

BI BID

Concious Ball re Mental Health CharitiesLondon Vision Clinic FoundationMayor's Music Fund

Royal Wanstead Children's Hospital

St. Christopher's ChurchSeve the Children

SBSASightsavers

5,0005,0005,0005,0005,0005,0005,0005,0005,0005,0005,0005,0005,0005,0005,0005,0005,0005,0005,0005,0005,0005,0005,0005,0005,0005,0005,0005,0005,0005,0005,0005,0005,0004,0004,0003,5003,5003,0003,0003,0001,0003,0003,0003,0003,0003,000

2,000

5,0005,0005,0005,0005,0005,0005,0005,0005,0005,0005,0005,0005,0005,0005,0005,0005,0005,0005,0005,0005,0005,0005,0005,0005,0005,0005,0005,0005,0005,0005,0005,0005,0004,0004,0003,5003,5003,0003,0003,0003,0003,0003,0003,0003,0003,000

Subtotal of donations b/f

-24-

1,876,513 476,500 2,355,013





Subtotal of donations c/f 1,876,513

(Continued)

478, 500 2,355,013

The Amy May Trust

Hatters Explorers Scout Unit

The Elifar Foundation

Land Aid

Anna Wallace re cancer fundraising

Ecology TrustOutward BoundChildren's Hospital Trust South Africa

Holy Family PTA

Rightto PlayThe Streets Ahead Children's CharityBerry's Court SchoolAnaphylaxis CampaignGeorgie's Fund

Harvest India

London Legal TrustMovemberMums for BabasPseur (PSP)Guy's & St Thomas's Charity

Matt Hampson Foundation

Maytree Respite centreMK Done Sports Foundation Trust

SightsaversCrisisLord Mayor's Appeal

3,0002,5002,5002,5002,0002,0002,0001,5001,5001,5001,5001,0491,0001,0001,0001,0001,0001,0001,0001,0001,0001,0001,0001,0001,000

100

3,0002,5002,5002,5002,0002,0002,0001,5001,5001,5001,5001,0491,0001,0001,0001,0001,0001,0001,0001,0001,0001,0001,0001,0001,000

100

Total donations to date 1,913,161 478, 500 2,391,661

-25-

for 31 2018

Documents