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2023-03-31-accounts

THE AKSHAYA PATRA FOUNDATION UK

ANNUAL REPORT AND CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31[ST] MARCH 2023

Registered Charity No: 1117756

THE AKSHAYA PATRA FOUNDATION UK

CONTENTS

Reference and administrative details of the Charity 1
Trustees’ report 2 - 7
Report of the Independent Auditors 8 - 10
Consolidated Statement of Financial Activities
 11
Parent Charity Statement of Financial Activities 12
Balance sheets 13
Consolidated Statement of cash flows 14
Notes to the financial statements 15 - 29

THE AKSHAYA PATRA FOUNDATION UK

REFERENCE AND ADMINISTRATION DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 MARCH 2023

Trustees Ravindra Chamaria, Chair Chanchalapathi Dasa Peter Marano Wayne McArdle Bhawani S Shekhawat Dr Monica Sah Charity registered number 1117756 Principal Office Unit S Penfold Trading Estate Imperial Way Watford WD24 4YY Chief executive officer Bhawani S Shekhawat Auditors Knox Cropper LLP Chartered Accountants 65 Leadenhall Street London EC3A 2AD Bankers HSBC Bank 67 George Street Richmond Surrey TW9 1HG

Solicitors Gibson, Dunn & Crutcher LLP Telephone House 2-4 Temple Avenue London EC4Y 0HB

1

THE AKSHAYA PATRA FOUNDATION UK TRUSTEES' REPORT FOR THE YEAR ENDED 31 MARCH 2023

Introduction

The Trustees of The Akshaya Patra Foundation UK present an annual report with comprehensive financial statements and a summary of key activity for the financial year ended 31 March 2023.

Objectives

The Akshaya Patra Foundation UK tackles food poverty and malnourishment in children and vulnerable people in the UK – and supports the provision of nutritious school meals to children across India to help them make the most of their education.

In the year ended 31 March 2023, the charity continued to make strong progress on its twin objectives of developing and expanding its UK services and providing support for The Akshaya Patra Foundation’s mid-day school meal programme in India, the largest of its kind in the world.

There is no doubt that it was a challenging year for The Akshaya Patra Foundation UK with the national economy continuing to struggle post-pandemic and many charities experiencing drops in the public’s ability to donate. At the same time, the cost-of-living crisis and the number of children suffering food insecurity meant the demand for food services to help low-income families was greater than ever. Despite these challenges, the Trustees are pleased to report that the organisation maintained its focus on positively pursuing its strategic objectives.

The Trustees have complied with the duty in Section 4 of the Charities Act 2006 and have paid due regard to public benefit when preparing this report. The benefit provided to the public is consistent with the aims of the charity in the UK.

Strategic aims

The Akshaya Patra UK team has been focused on three key strategic aims:

  1. To consolidate and develop the service provided to children and other vulnerable beneficiary groups from its kitchen in Watford, North London, launched in partnership with the GMSP Foundation in 2020.

  2. To strengthen its provision of meals to children of low-income families across Hertfordshire and London boroughs, particularly when children are out of school and at risk of holiday hunger – in collaboration with the government’s Holiday Activities and Food (HAF) programme.

  3. To grow and deepen its support base through a renewed focus on building brand awareness via marketing and communications activities.

Review of activities

The charity built on the success of the previous year to further strengthen its school holiday food service during the Easter, Summer and Christmas holidays, with our holiday hunger programme alone serving more than 94,000 meals to hungry children in the year ended March 2023. In total, 146,431 meals were provided during the year, taking the lifetime total meal count for our Watford kitchen to more than 600,000.

2

THE AKSHAYA PATRA FOUNDATION UK TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

The main channels for reaching beneficiaries in the UK were through: council-funded holiday clubs and community centres which children attend; after-school meals distribution to disadvantaged children arranged through schools; hot meals for the homeless, elderly and other vulnerable groups distributed both directly and through charity partners; and fresh meals for young people and students delivered on or close to campus.

Our three key feeding initiatives are Nourish to Flourish (our flagship meals programme aimed at providing nourishment to children living in food poverty and insecurity), Beat Hunger (our service delivering freshly cooked meals to vulnerable adults), and Student Hotpot (our programme which supports students who are struggling to afford good, nutritious food during the cost-of-living crisis).

The charity made changes to further develop its menu card and improve its recipes. Following research, development and trials, we added main dishes such as vegetarian lasagne and cottage pie as well as healthy and tasty dessert options to our menu. We also added more gluten-free and dairy-free options. These were well received from beneficiaries. The team spent considerable time and effort to ensure that ingredients and nutritional values were clearly conveyed for all our menu offerings. During the 2022 summer holiday hunger programme, our food was served and enjoyed at more than 100 post codes across greater London.

The charity introduced a range of new quality management control measures throughout the year. These included enhanced volunteer training, health and safety audits, and process controls on procurement and distribution. Additionally, we invested in hardware and software which made our new digital food safety tracking system possible.

Progress was made on procuring improved equipment which included capital investment in a new bespoke flat bread machine which once fully operational is expected to add even more unique and exciting menu offerings for both hot and ambient meals.

The organisation continued to invest in and develop its volunteer base. Not only did we grow and expand our volunteer community both locally and via universities in London, but it was also strengthened by making Level 1 Food Safety certification requisite for volunteers working in our kitchen in any way.

As a testament to all these efforts, the Akshaya Patra kitchen in Watford was awarded the highest food safety rating possible by the local authority. All our work has been aimed at driving innovation to ensure we serve highly nutritious meals as cost effectively as we possibly can.

We regularly ask for feedback from the people who receive our meals, to ensure we are continuously evaluating and learning. Here are just a few quotes:

3

THE AKSHAYA PATRA FOUNDATION UK TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

Further from Akshaya Patra UK’s home in Watford, the charity continued to help sustain and grow the initiatives of The Akshaya Patra Foundation in India, where regular feeding services were able to fully restart following the removal of Covid restrictions.

During the year, Akshaya Patra was serving more than 2 million meals every school day across 20,000 of India’s schools, and generous UK supporters were directly funding the provision of nutritious school meals in more than 117 of these places of education.

In the marketing and communications space, the charity received pro-bono support from management consultants Bain and Company, which evaluated the organisation’s growing online presence and charted forward a course of action which will next year see the launch of a new website and implementation of a revised digital strategy.

During the year, Akshaya Patra UK engaged widely with its support base and the wider public through a number of key campaigns and events, including through such flagship fundraising initiatives as the Big Give and the annual Diwali celebration and outreach campaign. The Trustees are incredibly grateful for the ongoing kindness of Akshaya Patra’s supporters in the UK who give so generously to support our work.

Leadership transition

Towards the end of the financial year, the Trustees collaborated on an important piece of succession planning. The incumbent Chief Executive Officer and Trustee, Bhawani S. Shekhawat, expressed a desire to transition out from his executive role and into fulfilling a solely non-executive position within the organisation. The Trustees wholeheartedly supported this transition and appointed an external recruitment agency to conduct a wide-ranging search for a new CEO. The charity received a significant response from interested charity leadership professionals and this was followed by a multi-stage interview process with ten high-calibre candidates by a Trustee recruitment panel made up of Wayne McArdle, Monica Sah and Bhawani S. Shekhawat.

Following this extensive recruitment exercise, the Trustees were delighted to appoint Daniel Adams, the UK Executive Director of international child hunger charity Mary’s Meals, as our new CEO. Mr Adams joined The Akshaya Patra Foundation UK in June 2023 and he and Mr Shekhawat have been working hard to ensure a smooth and successful transition.

The Trustees wish to unanimously thank Mr Shekhawat for all his efforts, hard work, wisdom and vision while leading the charity over several years. They look forward to continuing to collaborate with him as a member of the Board of Trustees.

Future plans

Under the leadership of the incoming CEO – supported by the great talent, expertise and commitment of the existing Akshaya Patra UK team – the charity will develop a new five-year strategic plan during the next financial year. In the years ahead, Akshaya Patra aims to further develop its still relatively new UK programme, grow its support to the Indian mid-day meals initiative, and invite many new donors and well wishers into the Akshaya Patra family from all corners of the UK.

4

THE AKSHAYA PATRA FOUNDATION UK TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

FINANCIAL PERFORMANCE

Financial review

One of the toughest tests which faced the Akshaya Patra UK team this year was meeting fundraising projections in such an economically challenging environment. Some large donors were not able to match their donation commitments from previous years due to economic factors, contributing to year-on-year drop-off in income generation.

Total consolidated income in 2022/23 was £1,550,065 (2021/22: £1,745,012). Total expenditure in 2022/23 was £1,612,571 (2021/22: £1,967,071). It is perhaps worth noting that income in the past two financial years was temporarily uplifted by non-repeating Covid-19 related grants.

The Trustees are pleased to report that we met our aim of ensuring at least 90% of our expenditure during the year was on our charitable activities, with no more than 10% spent on raising additional funds to support our mission.

Reserves policy

The charity aims to hold six months’ running costs in reserve and designate the remainder for the main objectives of the organisation. Based on management projections for the six months to 30 September 2023, this resulted in a reserves target of £562,000. On 31 March 2023, total unrestricted reserves held were £753,432.

Going concern

After making appropriate enquiries, the Trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the accounting policies.

5

THE AKSHAYA PATRA FOUNDATION UK TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

STRUCTURE, GOVERNANCE AND MANAGEMENT

Constitution

The Akshaya Patra Foundation UK is a registered charity, number 1117756, and is constituted under a Trust Deed. The Trustees and management undertook a full review of the charity’s original Trust Deed in 2022 with pro bono support from Gibson, Dunn & Crutcher LLP. The Trust Deed was updated to align with current regulation and policy and was formally lodged with the Charity Commission in 2023.

Management of the charity

The governance of the charity is the responsibility of the Trustees who are elected and co-opted under the terms of the Trust Deed. The Trustees delegate authority to a Chief Executive Officer for the day-to-day running of the organisation. Trustees play a leading role in ensuring strong governance and smooth functioning of Akshaya Patra UK, with the Board’s functions and responsibilities being clearly defined. A list of the six Trustees who served during the reporting period is included on page one of this report.

Trustees are generally appointed on three-year terms and required to attend regular meetings. Trustees also engaged with the CEO and wider team throughout the year to lend their expertise and advice for the benefit of the charity’s programmes, fundraising and awareness-raising. The Trustees have access to all the necessary management information to aid them in making strategic decisions which are aligned with the vision, mission and values of Akshaya Patra.

Advisory board

In addition to the Board of Trustees, the charity operates an advisory board which currently has nine members. The advisory board contributes thinking and additional skillsets to the organisation’s strategic planning process and has also assisted with securing financial support for our work.

Approach to remuneration

The pay policy for key management personnel has remained unchanged and is based on clear performance parameters agreed among the Board of Trustees.

Related parties

All the Trustees are supporters of The Akshaya Patra Foundation India. Chanchalapathi Dasa is a Trustee of the Indian charity, which the UK charity makes grants to throughout the year.

Risk management

The Trustees have assessed the major risks to which the charity is exposed, in particular those related to its operations and finances, and are satisfied that systems and procedures are in place to mitigate exposure to the major risks.

To aid the organisation’s governance, risk management and policy development, the charity continued to receive pro bono advice from the law firm Gibson, Dunn & Crutcher LLP.

Fundraising

Akshaya Patra UK is registered with the Fundraising Regulator and is committed to adhering to the Code of Fundraising Practice. We received no complaints during the year about any of our fundraising activities.

6

THE AKSHAYA PATRA FOUNDATION UK TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 STATEMENT OF TRUSTEES. RESPONSIBILITIES The trustees are ￿s[x)nsibSe for preparing the trustees, annual report and the financial statements in accordance with applicable law and United ￿ngdoM Accounting Stsndards (United Kingdom Generally Accepted Accounting PraCtI￿)- The law appllcable to charitie5 in England and Wales requlres the Trustees to prepare flnanclal statements for each financial year which give a true and fair view of the situation of the charity and of its incoming resources and application of resources, includlng its income and expenditure, for that period. In preparlng these flnanclal statements, the Trustees are requlred to.. select sultable accounting polides and then apply them cons1Stently; observe the methods and princlples In the Charities SORP {FRS102),' make judgments and accounting estlmates that are reasonable and prudent,. stste whether appllcable UK Accounting Standards (FRS102) have been followed, sublett to any materlal departures disclosed and explained in the financial statements; prepare the finanaal ststements on the golng concern basls unless it is inappropriate to presume that the charity will continue In business. Tre Trustees are respon5Ible for keeplng adequate accountlng records that are sufflclent to show and explaln 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 wSth the Charitles Act 2011, the Charlty (Account5 and Reports) Regulations 2008 and the provlsions of the Trust Deed. They are also responslble for safeguardlng the assets of the Charity and hence for taking reasonable steps for the prevenllon and detection of fraud and other Irregularitles. Approved by order of the members of the board of Trustees and slgned on thelr behalf by.. Ravlndra Chamaria (Chair & Trustee) Date:

REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF THE AKSHAYA PATRA FOUNDATION UK FOR THE YEAR ENDED 31 MARCH 2023

Opinion

We have audited the consolidated financial statements of The Akshaya Patra Foundation UK (the ’ Parent charity’) and its subsidiary (“the Group”) for the year ended 31 March 2023 which comprise the Consolidated Statements of Financial Activities, the Parent Charity Statement of Financial Activities, the Consolidated and Parent Charity Balance Sheet, the Consolidated 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 Group and the Parent 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 Group and the Parent 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 annual report, other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information.

Our opinion on the financial statements does not cover the other information and 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 there is 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.

8

REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF THE AKSHAYA PATRA FOUNDATION UK FOR THE YEAR ENDED 31 MARCH 2023 (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 Act 2011 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 the financial statements and for being satisfied that they 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 Group’s and the Parent 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 company 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 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 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:

9

REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF THE AKSHAYA PATRA FOUNDATION UK FOR THE YEAR ENDED 31 MARCH 2023 (continued)

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Use of our report

This report is made solely to the charity’s trustees, as a body, in accordance with Charities Act 2011. 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.

13 December 2023

Knox Cropper LLP Statutory Auditor 65 Leadenhall Street London EC3A 2AD

Knox Cropper LLP is eligible for appointment as auditor of the charity by virtue of its eligibility for appointment as auditor of a company under section 1212 of the Companies Act 2006.

10

THE AKSHAYA PATRA FOUNDATION UK

CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES

(INCORPORATING THE INCOME AND EXPENDITURE ACCOUNT)

FOR THE YEAR ENDED 31[ST] MARCH 2023

Notes
INCOME FROM
Donations and legacies
2
Charitable activities
3
Total
EXPENDITURE ON
Raising funds
4
Charitable Activities
5
Total Resources Expended
Income/(Expenditure) for the year
Gross transfers between funds
NET MOVEMENT IN FUNDS
Total funds brought forward
Total funds carried forward		 Unrestricted
Funds
Restricted
Funds
£
£
527,011
815,540
-
207,514		 2023
2022
£
£
1,342,551
1,650,355
207,514
94,657
527,011
1,023,054		 1,550,065
1,745,012
135,825
-
463,965
1,012,781		 135,825
134,014
1,476,746
1,833,057
599,790
1,012,781		 1,612,571
1,967,071
(72,779)
10,273
-
-		 (62,506)
(222,059
-
-
(72,779)
10,273
826,211
17,283		 (62,506)
(222,059)
843,494
1,065,553
753,432
27,556		 780,988
843,494

All incoming resources and resources expended derive from continuing activities.

11

THE AKSHAYA PATRA FOUNDATION UK

PARENT CHARITY STATEMENT OF FINANCIAL ACTIVITIES

(INCORPORATING THE INCOME AND EXPENDITURE ACCOUNT)

FOR THE YEAR ENDED 31[ST] MARCH 2023

Notes
INCOME FROM
Donations and legacies
2
Charitable activities
Total
EXPENDITURE ON
Raising funds
4
Charitable Activities
5
Total Resources Expended
Income/(Expenditure) for the year
Gross transfers between funds
NET MOVEMENT IN FUNDS
Total funds brought forward
Total funds carried forward		 Unrestricted
Funds
Restricted
Funds
2023
2022
£
£
£
£
527,011
736,578
1,263,589
1,711,843
-
-
-
-
527,011
736,578
1,263,589
1,711,843
88,718
-
88,718
55,687
386,843
753,861
1,140,704
1,814,269
475,561
753,861
1,229,422
1,869,956
51,450
(17,283)
34,167
(158,113)
-
-
-
-
51,450
(17,283)
34,167
(158,113)
581,624
17,283
598,907
757,020
633,074
-
633,074
598,907

All incoming resources and resources expended derive from continuing activities.

12

THE AKSHAYA PATRA FOUNDATION UK BALAN HEET 1ST MAR Notes 2023 2022 Group Parent Group Parent FIXED ASSETS Tangible Assets Investtment In subsldlary company 268,545 4,905 329,791 5,571 io 268,545 329,791 5,572 CURRENT ASSErs Stock Debtors Cash at bank arKI In hand 11.228 153.767 9,273 210,754 li 12 297,954 281,152 607 869 889,021 694,987 738,420 881,799 Credltors . Amounts falllng due withln one year 13 (182,$44) (110,252) (368,096> (295,686) NEf CURRENT ASS￿5 513,43 628,168 513,703 593,335 NET ASSErs 780,988 633,074 843,494 598,907 FUNDS Restritted un￿StrICted 17 18 27.556 753 432 780,988 17,283 826 211 843,494 17,283 581624 598,907 633 074 633,074 The flnandal ststements were appro￿￿ by the Trustees on the S De¢L4wh¢Y2023 and slgned cfi thelr behalf by.. Ravindra Chamaria (Chair and Trustee) 13

THE AKSHAYA PATRA FOUNDATION UK

CONSOLIDATED STATEMENT OF CASH FLOWS

AS AT 31[ST] MARCH 2023

Cash flows from operating activities:
Net cash provided by/(used in) operating activities
Cash flows from investing activities:
Purchase of property, plant and equipment
Net cash provided by/(used in) investing activities
Change in cash and cash equivalents in the
reporting period
Cash and cash equivalents at the beginning of the
reporting period
Cash and cash equivalents at the end of the
reporting period
Reconciliation of net income/(expenditure) to net cash flow from
Net income/(expenditure) for the reporting period
Depreciation charges
(Increase)/decrease in stock
(Increase)/decrease in debtors
Increase/(decrease) in creditors
Net cash provided by/(used in) operating activities
Analysis of changes in Net Debt
At 1.04.2022
£
Cash and cash equivalents
661,772
661,772		 Cash flows from operating activities:
Net cash provided by/(used in) operating activities
Cash flows from investing activities:
Purchase of property, plant and equipment
Net cash provided by/(used in) investing activities
Change in cash and cash equivalents in the
reporting period
Cash and cash equivalents at the beginning of the
reporting period
Cash and cash equivalents at the end of the
reporting period
Reconciliation of net income/(expenditure) to net cash flow from
Net income/(expenditure) for the reporting period
Depreciation charges
(Increase)/decrease in stock
(Increase)/decrease in debtors
Increase/(decrease) in creditors
Net cash provided by/(used in) operating activities
Analysis of changes in Net Debt
At 1.04.2022
£
Cash and cash equivalents
661,772
661,772		 Cash flows from operating activities:
Net cash provided by/(used in) operating activities
Cash flows from investing activities:
Purchase of property, plant and equipment
Net cash provided by/(used in) investing activities
Change in cash and cash equivalents in the
reporting period
Cash and cash equivalents at the beginning of the
reporting period
Cash and cash equivalents at the end of the
reporting period
Reconciliation of net income/(expenditure) to net cash flow from
Net income/(expenditure) for the reporting period
Depreciation charges
(Increase)/decrease in stock
(Increase)/decrease in debtors
Increase/(decrease) in creditors
Net cash provided by/(used in) operating activities
Analysis of changes in Net Debt
At 1.04.2022
£
Cash and cash equivalents
661,772
661,772		 2023
2022
£
£
(101,156)
63,151
(30,624)
(71,988)
(30,624)
(71,988)
(131,780)
(8,837)
661,772
670,609
529,992
661,772
operating activities
2023
£
2022
£
(62,506)
(222,059)
91,869
83,615
(1,954)
(7,640)
56,987
(106,740)
(185,552)
315,975
(101,156)
63,151
Cash Flows
At
31.03.2023
£
£
(131,780)
529,992
(131,780)
529,992		 2022
£
63,151
(71,988)
(71,988)
(8,837)
670,609
661,772
661,772 (131,780)

14

THE AKSHAYA PATRA FOUNDATION UK

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31[ST] MARCH 2023

1. ACCOUNTING POLICIES

a) Basis of Accounting

The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: 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)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Charities Act 2011.

The Akshaya Patra Foundation UK meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policies.

The financial statements are presented in pounds sterling.

b) Group Accounts

The financial statements consolidate the results of the charity and its wholly owned subsidiary Akshaya Patra U.K. Limited on a line by line basis.

c) Going Concern

The trustees have assessed whether the use of the going concern assumption is appropriate in preparing these financial statements. The trustees have made this assessment in respect to a period of one year from the date of approval of these financial statements.

In particular, the Trustees regularly review detailed cashflow projections including all expenses, and expected income. The Trustees, having considered the projections and risks described above have a reasonable expectation that adequate financial resource will continue to be available for the foreseeable future. Based on this the trustees have concluded that the charity remains a going concern.

d) Judgements and key sources of estimation uncertainty

Judgements and key sources of estimation uncertainty are detailed in the accounting policy where applicable.

e) Incoming Resources

The incoming resources of the charity have been recognised once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.

Donated services or facilities are recognised when the charity has control over the item, any conditions associated with the donated item have been met, the receipt of economic benefit from the use of the charity of the item is probable and that economic benefit can be measured reliably. In accordance with the Charities SORP (FRS 102), general volunteer time is not recognised.

Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

15

THE AKSHAYA PATRA FOUNDATION UK

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31[ST] MARCH 2023

1. ACCOUNTING POLICIES (continued)

f) Expenditure

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. The Parent charity is unable to recover VAT on its expenditure and any VAT arising is included as part of the expenditure to which it relates.

Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity.

Expenditure on non-charitable activities relates to fundraising costs. Fundraising costs are those incurred in proactively seeking donations in support of the charity’s mission. This does not include the costs of disseminating information in support of the organisation’s charitable activities. Fundraising costs are those incurred directly through income generation activities, staff time spent on such activities, and a proportion of general overheads based on the headcount of fundraisingfocused employees.

Expenditure on charitable activities includes raising awareness costs, governance costs, support costs and direct programme expenditure. Raising awareness costs include the dissemination of information in support of the organisation’s charitable activities.

Grants payable are charged in the year when the offer is made 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.

g) Foreign currencies

Monetary assets and liabilities denominated in foreign currencies are translated into sterling at rates of exchange ruling at the reporting date.

Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction.

Exchange gains and losses are recognised in the statement of financial activities.

h) Financial Instruments

The charity only has financial assets and liabilities of a kind that qualify as basic financial instruments, including its debtors and creditors. These are initially recognised at transaction value and subsequently valued at their settlement value. Cash and cash equivalents comprise cash in hand and call deposits and are subject to an insignificant risk of change in value.

16

THE AKSHAYA PATRA FOUNDATION UK

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31[ST] MARCH 2023

1. ACCOUNTING POLICIES (continued)

i) Depreciation of Tangible Fixed Assets

Tangible fixed assets costing £150 or more are capitalised and recognised when future economic benefits are probable and the cost or value of the asset can be measured reliably.

Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into its intended working condition should be included in the measurement of cost.

Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives. Depreciation is provided on the following bases:

Leasehold property Life of the lease
Motor vehicle 25%
Plant, machinery and others 10-25%

j) Funds

General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Charity and which have not been designated for other purposes.

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the Charity for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.

k) Pensions

The charity operates a defined contribution pension scheme and the pension charge represents the amounts payable by the Charity to the fund in respect of the year.

17

THE AKSHAYA PATRA FOUNDATION UK

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31[ST] MARCH 2023

2. INCOME FROM DONATIONS AND LEGACIES

GROUP
Donations from corporates
Donations from individuals
Donations from trusts
Grant from The Akshaya Patra
Foundation India
Gift aid
GROUP TOTAL
Donation from Akshaya Patra
UK Ltd
Donation received by Akshaya
Patra UK Ltd
PARENT TOTAL
omparative
GROUP
Donations from corporates
Donations from individuals
Donations from trusts
Gift aid
GROUP TOTAL
Donation from Akshaya Patra
UK Ltd
Donation received by Akshaya
Patra UK Ltd		 Unrestricted
£
230
105,236
108,700
250,000
62,845
527,011
-
-
527,011
Unrestricted
£
-
124,882
600
76,390
201,872

62,088

(600)
263,360		 Restricted
£
262,343
336,025
217,172
-
-
815,540

-
(78,962)
736,578
Restricted
£
189,987
728,986
529,510
-		 2023
£
262,573
441,261
325,872
250,000
62,845
1,342,551
-
(78,962)
1,263,589
2022
£
189,987
853,868
530,110
76,390
1,650,355
62,088
(600)
1,711,843		 2022
£
189,987
853,868
530,110
-
76,390
1,650,355
62,088
(600)
1,711,843

1,448,483
-
-
1,448,483

Comparative

3. CHARITABLE ACTIVITIES

GROUP
Holiday Clubs
NDRAISING COSTS
GROUP
Direct costs
Staff costs
Support costs		 2023
£
207,514
207,514
2023
£
18,288
85,198
32,339
135,825		 2022
£
94,657
94,657
2022
£
17,763
108,541
7,710
134,014

4. FUNDRAISING COSTS

18

THE AKSHAYA PATRA FOUNDATION UK

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31[ST] MARCH 2023

4. FUNDRAISING COSTS (continued)

PARENT
Direct costs
Staff costs
Support costs
5.
CHARITABLE ACTIVITIES

GROUP
Feeding programmes
Direct costs
Staff costs
Grants
The Akshaya Patra Foundation India
Support costs
PARENT
Feeding programmes
Direct costs
Staff costs
Grants
The Akshaya Patra Foundation India
The Akshaya Patra UK Ltd
Support costs

19

THE AKSHAYA PATRA FOUNDATION UK

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31[ST] MARCH 2023

6 . SUPPORT COSTS

GROUP
Premises
Telecommunications & IT costs
Travel, subsistence & supporter
relations
Consultancy
Tax & Financial services
Professional fees
PARENT
Premises
Telecommunications & IT costs
Travel, subsistence & supporter
relations
Consultancy
Tax & Financial services
Professional fees
7. DIRECT COSTS
GROUP
Grants made
Premises costs
Telecommunications
Distribution
UK feeding program		 Total
2023
£
2,123
23,882
9,477
73,292
18,474
42,529
169,777
Total
2023
£
2,053
23,882
9,477
73,292
924
38,492
148,120
Total
2023
£
92,328
147,110
17,240
6,622
138,785
402,085		 Total
2022
£
5,199
8,151
1,343
113,891
41,018
32,129
201,731
Total
2022
£
5,196
8,151
1,343
113,891
3,203
23,353
155,137
Total
2022
£
-
121,049
19,268
32,320
77,752
250,389

20

THE AKSHAYA PATRA FOUNDATION UK

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31[ST] MARCH 2023

7 . DIRECT COSTS (continued) PARENT

PARENT
Total
2023
£
Communications costs
15,086
15,086
8.
STAFF COSTS
2023
£
Gross Salaries
494,933
Social Security costs
41,839
Pension costs
26,040
562,812
Key management personnel -
Total employment costs
318,052
The number of employees whose employee benefits exceeded £60,000 was:
£60,001 - £70,000 1
£130,001 - £140,000
1		 Total
2022
£
15,755
15,755
2022
£
461,420
40,112
7,085
508,617
266,780
-
1

Key Management Personnel consist of senior management team. The total employment costs of the five members (2022: five members) of the senior management team was £318,052 (2022: £266,780).

The average number of employees during the year was 19 (2022: 12).

9. FIXED ASSETS

GROUP
Cost
At 1stApril 2022
Additions
Disposals
At 31stMarch 2023
Depreciation:
At 1stApril 2022
Provided during the year
Disposals
At 31stMarch 2023
Net Book Value at
31st March 2023
Net Book Value at
31st March 2022		 Leasehold
property
£
236,706
-
-
236,706
70,474
47,341
-
117,815
118,891
166,232		 Plant,
machinery
and others
£
178,130
31,589
(1,295)
208,424
43,625
37,492
(793)
80,324
128,100
134,505		 Motor
vehicle
£
29,745
330
-
30,075
692
7,829
-
8,521
21,554
29,054		 Total
£
444,581
31,919
(1,295)
475,205
114,792
92,662
(793)
207,660
268,545
329,791

21

THE AKSHAYA PATRA FOUNDATION UK

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31[ST] MARCH 2023

9. FIXED ASSETS (CONTINUED)

PARENT CHARITY Plant, Plant,
machinery Motor
and others vehicle Total
£ £ £
Cost
At 1stApril 2022 8,994 18,590 27,584
Additions 769 - 769
Disposals - (18,590) (18,590)
At 31stMarch 2023 9,763 - 9,763
Depreciation:
At 1stApril 2022 3,423 18,590 22,013
Provided during the year 1,435 - 1,435
- (18,590) (18,590)
At 31stMarch 2023 4,858 - 4,858
Net Book Value at
31st March 2023 4,905 - 4,905
Net Book Value at
31st March 2022 5,571 - 5,571
10. INVESTMENT IN SUBSIDIARY UNDERTAKING
PARENT CHARITY 2023 2022
At Cost: £ £
100% Ord. Share Capital of Akshaya
Patra UK Limited 1 1
The total income of Akshaya Patra U.K. Limited was £613,066 (2022: £638,254) and the loss for the
year was £96,677 (2022: loss £1,858). The net assets at 31 March 2023 amounted to £147,910 (2022:
net assets £244,587).
11. DEBTORS
2023 2023
2022		 2022
Group Parent
Group		 Parent
£ £ £ £
Amount due from subsidiary - 228,524 - 130,673
company
Accrued income 85,915 67,185
148,662		 148,662
Rent deposit 32,400 -
32,400		 -
Other Debtors and
Prepayments 35,452 2,245
29,692		 1,817
153,767 297,954
210,754		 281,152

12. CASH AT BANK AND IN HAND

2023 2023 2022 2022
Group Parent Group Parent
£ £ £ £
Bank Balances 529,992 440,466 661,772 607,869

22

THE AKSHAYA PATRA FOUNDATION UK

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31[ST] MARCH 2023

13. CREDITORS: Amounts falling due within one year

2023
Group
£
2,427
68,315
3,343
89,226
19,233
182,544		 2023
Parent
£
3,343
89,226
17,683
110,252		 2022
Group
£
-
78,315
1,778
287
266,860
20,856
368,096		 2022
Parent
£
-
10,747
1,778
287
266,860
16,014
295,686

14. TRUSTEES’ REMUNERATION AND EXPENSES

Bhawani S Shekhawat, the charity’s chief executive officer was also appointed as a trustee of the charity on 30 July 2020. The charity’s governing document allows trustees to be remunerated. He is not remunerated for his role as a trustee of the charity. His total cost of employment, including employer national insurance and pension scheme contributions, for the whole accounting period was £133,904 (2022: £136,660).

Other than the remuneration of the CEO, no remuneration, directly or indirectly, out of the funds of the Charity was paid or payable for the year to any Trustee or to any person or persons known to be connected with any of them other than that disclosed in note 16.

15. TAXATION

The Akshaya Patra Foundation UK is a registered charity and is potentially exempt from taxation in respect of income and capital gains received within the categories covered by Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992 to the extent that such income or gains are applied to exclusively charitable purposes.

16. RELATED PARTY TRANSACTIONS

The charity’s CEO was appointed as a Trustee on 30 July 2020 and his total cost of employment, including employer national insurance and pension scheme contributions, for the whole accounting period was £133,904 (2022: £136,660). Employment of trustees is permitted by the Trust Deed and this appointment is considered to be in the best interest of the Charity.

The Trustees are all supporters of The Akshaya Patra Foundation India. The UK charity made donations totalling £427,270 to The Akshaya Patra Foundation India in the year (2022: £980,861).

The Askhaya Patra Foundation UK received an unrestricted donation of £250,000 from The Akshaya Patra Foundation India.

There were no other related party transactions.

23

THE AKSHAYA PATRA FOUNDATION UK

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31[ST] MARCH 2023

17. RESTRICTED FUNDS

Group and Parent
charity
UK
Donations
for
UK
feeding/ UK programme
Capital funds
Nourish to Flourish
Homeless feeding
Apprentice kitchen
INDIA
Restricted fund for India
Restricted for Ukraine
Restricted for Turkey		 Balance
b/f
Income
Expenditure
Transfers
Balance
c/f
£
£
£
£
£
-
89,332
(89,332)
-
-
-
27,908
(27,908)
-
-
-
371,426
(371,426)
-
-
-
336
(336)
-
-
-
3,183
(3,183)
-
-
-
427,270
(427,270)
-
-
17,283
22,027
(12,938)
-
26,372
-
81,572
(80,388)
-
1,184
17,283
1,023,054
(1,012,781)
27,556

24

THE AKSHAYA PATRA FOUNDATION UK

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31[ST] MARCH 2023

17. RESTRICTED FUNDS (continued)

COMPARATIVE 2022

Group and Parent
charity
UK
Donations
for
UK
feeding/ UK programme
Kitchen operations
Capital funds
Nourish to Flourish
Homeless feeding
COVID UK campaign
Apprentice kitchen
Restricted for UK
INDIA
COVID 19 India
Food for education
School pledges
Restricted fund for India
Restricted for Ukraine		 Balance
b/f
Income
Expenditure
Transfers
Balance
c/f
£
£
£
£
£
75,405
199,572
(274,977)
-
-
-
145,000
(145,000)
-
-
75,467
27,590
(103,057)
-
-
46,971
113,713
(160,684)
-
-
20,261
546
(20,807)
-
-
13,651
-
(13,651)
-
-
-
14,538
(14,538)
-
-
-
2,776
(2,776)
-
-
4,419
386,306
(351,652)
(39,073)
-
174,608
419,972
(455,414)
(139,166)
-
9,696
109,208
(107,013)
(11,891)
-
62,222
11,979
(66,782)
(7,419)
-
-
17,283
-
-
17,283
482,700
1,448,483
(1,716,351)
(197,549)
17,283

The transfer to unrestricted funds represents the contribution from India grant income to UK Charity core costs.

25

THE AKSHAYA PATRA FOUNDATION UK

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31[ST] MARCH 2023

18. UNRESTRICTED FUNDS

General Reserve
Funds held in subsidiary
CURRENT YEAR
GROUP
General Reserve
Funds held in subsidiary
PRIOR YEAR GROUP
General Reserve
Funds held in subsidiary
General reserves		 2023
Group
£
605,522
147,910
753,432
Balance
b/f
Income
£
£
581,624
527,011
244,587
-		 2023
Parent
£
633,074
-
633,074
Expenditure
£
(503,113)
(96,677)		 2022
2022
Group
Parent
£
£
581,624
581,624
244,587
-
826,211
581,624
Transfers
Balance
c/f
£
£
-
605,522
-
147,910
-
753,432
197,549
-
581,624
244,587
197,549
826,211		 2022
Parent
£
581,624
-
581,624
826,211
527,011		 (599,790)
274,320
308,533
201,272
95,257		 (91,517)
(159,203)
582,853
296,529		 (250,720)

19. ALLOCATION OF NET ASSETS FOR THE GROUP

The net assets are held for the various funds as follows:

Fixed
Assets
£
Restricted Funds
-
Unrestricted Funds
268,545
268,545
COMPARATIVE 2022
Fixed
Assets
£
Restricted Funds
-
Unrestricted Funds
329,791
329,791		 Current
Assets
£
116,782
578,205
694,987
Current
Assets
£
284,144
597,655
881,799		 Current
Liabilities
£
(89,226)
(93,318)
(182,544)
Current
Liabilities
£
(266,861)
(101,235)
(368,096)		 Total
£
27,556
753,432
780,988
Total
£
17,283
826,211
843,494

26

THE AKSHAYA PATRA FOUNDATION UK

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31[ST] MARCH 2023

20. NET INCOME/(EXPENDITURE)

This is stated after charging: 2023 2022
£ £
Depreciation of tangible fixed assets 92,884 83,615
Auditor’s remuneration 10,500 9,420

21. FINANCIAL COMMITMENTS

The charity's total future minimum lease payments under non-cancellable operating leases (all for property) is as follows for each of the following periods:

Less than one year
One to Five years		 2023
£
38,000
54,000
92,000		 2022
£
38,000
90,000
128,000

27

THE AKSHAYA PATRA FOUNDATION UK

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31[ST] MARCH 2023

22. CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2022

INCOME FROM
Donations and legacies
Charitable activities
Total
EXPENDITURE ON
Raising funds
Charitable Activities
Total Resources Expended
Income/(Expenditure) for the year
Gross transfers between funds
NET MOVEMENT IN FUNDS
Total funds brought forward
Total funds carried forward		 Unrestricted
Funds
Restricted
Funds
£
£
201,872
1,448,483
94,657
-		 2022
£
1,650,355
94,657
296,529
1,448,483		 1,745,012
134,014
-
116,706
1,716,351		 134,014
1,833,057
250,720
1,716,351		 1,967,071
45,809
(267,868)
197,549
(197,549)
243,358
(465,417)
582,853
482,700		 (222,059)
-
(222,059)
1,065,553
826,211
17,283		 843,494

28

THE AKSHAYA PATRA FOUNDATION UK

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31[ST] MARCH 2023

23. PARENT CHARITY STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2022

INCOME FROM
Donations and legacies
Charitable activities
Investment income
Total
EXPENDITURE ON
Raising funds
Charitable Activities
Total Resources Expended
Income/(Expenditure) for the year
Gross transfers between funds
NET MOVEMENT IN FUNDS
Total funds brought forward
Total funds carried forward		 Unrestricted
Funds
Restricted
Funds
£
£
263,360
1,448,483
-
-
-
-		 2022
£
1,711,843
-
-
263,360
1,448,483		 1,711,843
55,687
-
97,918
1,716,351		 55,687
1,814,269
153,605
1,716,351		 1,869,956
109,755
(267,868)
197,549
(197,549)		 (158,113)
-
307,304
(465,417)
274,320
482,700		 (158,113)
757,020
581,624
17,283		 598,907

29