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2021-03-31-accounts

Page
Trustees'
Report		 1-19
Auditor's
Report		 20-23
Consolidated Statement of Financial Activities 24
Consolidated and Charity Balance Sheets 25
Consolidated and Charity Statement ofCash Flows 26
Notes to the Financial Statements 27-36

Key risk Details Details of risk of risk Nlanagement
of risk
Financial risk Funding
risk:
The
Charity		 is The current funding
agreement
with LEF
currently
dependent		 on one runs
until June 2023. Under the terms of
funder,
the		 Larry Ellison this agreement
in the event LEFdecides
Foundation (LEF). tocease funding,
it has committed
to pay
a
transition
payment
which
will
be
sufficient
for the
orderly
wind-down
of
the Chaiity's
operations.
In addition,
in
2021 the Charity appointed
a Director of
Fundraising
and is now rolling out a plan
to diversify
its fundraising.
Covid-19 The
pandemic		 disrupts our ~
Diversification
of
activities
and
pandemic risks work and delays the impact of geographies
within
India.
our
interventions.		 Also ~
Closely
monitor
pandemic
and
changes
in		 the priorities for government
reaction
in states where
government and funding we operate,
reductions in government ~
Continue
to maintain
the flexibility
of
spending
on		 education in India our operations
and ability to reassign
impact us. staff.
Safeguarding The risk of harm, exploitation or ~
Safeguarding
policy
and
reporting
risks abuse ofan individual during or procedures
in
place.
as a
result		 of the Charity's ~
Charity
and
partner
staff
receive
programmes. training
and
support
to
ensure

effective implementation
ofthe		 policy
and designated
safeguarding		 staff in
place across the organisation.
~ The
transition
of Reach
to		 Teach
away from large field programmes
to
working
with the government		 means
there
is very
little
direct access to
children
and communities.
Impact risks The risk our interventions do ~ Monitoring
and review
of the		 impact
not deliver the desired impact, either
in place or being implemented
especially as our aim with the across
all
programmes
and
this
government programmes is includes
external
evaluations		 where
systematic change. appropriate.
~ We
work
across
all
levels		 of the
government
to obtain
buy-in
for our
programmes.
Reputational Damage to our reputation ~ Maintenance
of good
relationships
risks would affect our ability to across all stakeholder
levels.
expand to other states and ~ Policies are in place to ensure issues
impact our fundraising efforts. that arise are escalated
on a		 timely
basis.
~ The
communications
strategy		 plan
includes
processes
to
manage
reputational
risks
including
contingency
plans.

Advisors to the Company to the Company to the Company to the Company
Bankers; HSBC Metro Bank
Pall Mall Commercial Centre 137 Chiswick High Road
5th Floor London
70 Pall Mall W4 2ED
SWIY 5EZ
Auditors: PKF Littlejohn
LLP
15Westferry
Circus
London E144HD
Legal Advisers UK: Bates Wells Braithwaite
10Queen Street Place
London, EC4R 1BE
Legal Advisers India: Southern
Accountability		 8 Governance Alliance
Private		 Limited
6202/2 111Floor
Block 1, Dev Nagar
Karol Bagh
Delhi
110005
Auditors India: MKSA 8 Associates
Floor 3, Enterprise
Centre
Nehru
Road, Vile Parle		 (E)
Mumbai —400099
Accountants India: Hasmukh
Shah 8 Co
409-410, Dalamal
Chambers,
New Marine Lines
Mumbai —400020

Note Unrestricted Restricted 31-Mar Unrestricted Restricted 31-Mar
Funds Funds 2021 Funds Funds 2020
Income From:
Grants 5,001,539 5,001,539 26 5,266,143 5,266,169
Investmentlncome 10324 10,324 45,073 45,073
Total 5011863 5,011,863 26 5311216 5311242
Expenditure On:
Raising Funds
Cbantabie
Activities
Total		 5
4		 216
~665
~449		 66,527
3,730,569
3,797,096		 66,743
3,729,904
216
3,952
3,796,547, 168		 68,004
5,016,059
5,1184,083		 68,220
5,020,011
5088231
Net Income for the year 9 449 1,214,767 1,215,216 (4,142) 227,153 223,011
Total funds brought forward 15 18,575 3626,079 3,644 654 22,717 3,398926 3,421,643
Total funds carried forward 15 19,024 4,840,846 4,859,870 18,575 3,626,079 3,644,654

Group Group Charity Charity
Company number. 06002138 Note 2021 2020 2021 2020
f. F
Fixed assets
Tangible assets 25,367 66,751 4,219 37,853
Current Assets
Debtors 117,824 121,666 12,600 81,558
Cash at bank and in hand 5,012,324 3,956,026 4,771,951 3,601,016
5,130,148 4,077,692 4,784,551 3,682,574
Current Liabilities
Creditors: amounts falling due within
one year 14 ~253685 ~456471 ~304578 ~436,138
Net Current Assets 4,876,463 3,621,281 4,480,033 3,246,436
Creditors: amounts falling due after
one year 140 ~41,560 ~43,378
Total Net Assets 4,859,870 3,644,654 4,484 252 3,284,289
Funds
Restricted funds 15 4,840,846 3,626,079 4,465,228 3,265,714
Unrestricted
funds		 15 19,024 'i8,575 19,024 18,575
Total Funds 4,859,870 3,644,654 4,484,252 3,284,289

Group Charity Charity
Notes 2021
f		 2020
f		 2021 2020
f
Net cash provided
by
operating
activities		 A 1,059,244 144,126 1,166,760 19,417
Cash flows from investing activities
Interest received
0
t
fp
h *I g t
gtht
9 t
ht
tt
II
III
)9		 tt« ~
I		 *I t
t		 tt tt* 10,234
45,073
~13,760 ~17,533
~2,949
27,540		 4,175
4,175		 34,928
~6,417
28,511
Net inflow at 1 April 2020 3,956,026 3,784,360 3,601,016 3,553,088
At 31 March 2021 5,012,324 3,956,026 4,771,951 3,601,016
A Reconciliation
of net operating		 income to net cash flow from operating
activities
Group Charity
2021 2020 2021 2020
6 6 6 6
Net Income 1,215,216 223,011 1,199,963 154,284
Loss on sale oftangible fixed assets 15,936 13,868
Sale proceeds oftangible fixed assets 8,827 4,487
Interest received (10,234) (45,073) (4,175) (34,928)
Forex revaluation
offixed		 assets 1,630 668
Depreciation
charges		 28,171 96,179 15,279 77,453
Movement
in corporate tax		 (6,222) (11,908)
Movement
in debtors		 7,811 12,330 59,881 9,850
Movement
in prepayments
Movement
in creditors		 (3,969)
12,669
~197,922 ~143,750		 9,077
~731,620		 9,999
~197,241
Net cash provided
by operating		 activities 1,059,244 144,126 1,166,760 19,417
Analysis ofchanges
in net		 debt
Opening
cash balance		 3,956,026 3,784,360 3,601,016 3,553,088
Cashflow
in the year		 1,056,298 171,666 1,170,935 47,928
Closing cash balance 5,012,324 3,956,026 4,771,951 3,601,016

Direct Staff Support 31-INar
costs costs Costs 2021
Year to 31stMarch 2021 8 8
Education
and Community		 Programmes 72,477 649,547 309,396 1,031,420
Government
Programmes		 146,840 1,650,732 770,281 2,567,853
Education
Content Development		 14,726 76,721 39,185 130,632
234043 2377000 1118862 3729905
(See Note 7) (See Note 5)
Direct Staff Support 31-Mar
costs costs Costs 2020
Year to 31st March 2020 8 8' E
Education
and Community		 Programmes 206,472 1,455,433 721,381 2,383,286
Government
Programmes		 347,047 1,289,828 710,516 2,347,391
Education
Content Development		 84,751 117,007 87,576 289,334
~38270 2862268 1519473 5020011
(See Nots 7) (See Note 5)
5 Support Costs
Charitable Raising Basis of
Activities Funds 31-Mar-21 allocation
Year to 31stMarch 2021 f
Staff costs (Note 7) 47,261 47,261 (i)
Travelling 13,901 13,901 (ii)
Rent and office related costs 157,890 3,222 161,112 (iii)
Communications
and IT		 45, 184 922 46,106 (iii)
Recruitment
Fess		 94,627 1,931 96,558 (lii)
Training 28,248 28,248
Foreign exchange
loss		 412,238 8,413 420,651 (iii)
Consulting
and professional		 fees 153,970 153,970 (ii)
Legal fees 20,331 2,651 22,982 (li)
Depreciation 27,607 563 28,170 (iii)
Audit and accounting (governance costs) 35,981 220 36,201 (iii)
Corporate tax 54,167 54,167 (ill)
Miscellaneous
costs		 74,718 1,559 76,277 (iii)
31st March 2021 1,118,862 66,742 1,185,30
Charitable Raising Basis of
Activities Funds 31-Mar-20 allocation
Year to 31stMarch 2020 8 8
Staff costs (Note 7) 49,449 49,449 (i)
Travelling 356,945 356,945 (li)
Rent and office related costs 194,897 3,977 198,874 (iii)
Communications
and		 IT 50,447 1,030 51,477 (lii)
Recruitment
Fees		 116,193 2,371 118,564 (iii)
Training 29,217 29,217
Foreign exchange
loss		 46,475 948 47,423 (iii)
Consulting
and professional		 fees 351,778 351,778 (ii)
Legal fees 33,283 5,648 38,931 (ii)
Depreciation 94,255 1,924 96,179 (iii)
Audit and accounting (governance costs) 47,210 234 47,444 (iii)
Corporate tax 59,120 59,120 (iii)
Miscellaneous
costs		 139,653 2 639 142,292 (iii)
31st March 2020 1,519,473 68,220 1,587,693

Details of truste e e xpenses are set out below
31-Mar 31-Mar 314lar 31-Mar
2021
Number		 2020
Number		 2021f 2020f
Expenses paid for Trustees 2 10,726

Staff costs Staff costs Staff costs Staff costs
In the
year,
the
Key Management		 Personnel of the Charity were the Chief
Executive		 Oflicer,
the
Executive
Director		 of Strategic Planning and Performance, the Principal Programme Director,
the
Executive
Director		 of Education (until September 2020), the Principal Director
of Operations/Chief
Finance Office and the HR Director (until December 2020) Staff costs include
the following		 amounts
paid to the executive team:
314I/iar 31-Mar
2021f 2020f
Wages and salaries 647,466 822,436
Termination
and redundancy		 payments 28,000
Social security costs 43,237 91,480
Employers'
pension		 contributions 35,222 41,806
Staff Medical Insurance
and		 other benefits 3,498 33,346
3 .66
31-Mar 31-Mar
2021f 2020
Wages and salaries 1,828,495 2,045,545
Termination
and redundancy		 payments 157,800 37,303
Social security costs 101,272 197,471
Employers'
pension
contributions		 107,200 81,562
Other employee
benefits		 13,871 48,227
Total costs for Reach to Teach staff 2,208,638 2,410,108
Salaries
paid to operational		 staff via our Indian partners, Gram Vikas
Trust and Kutch Nav Nirman Abhiyan through grants. 215,623 501,609
Total staff costs 2424,261 2,911,717
Total staff costs
Charitable
activities
Raising funds		 2,377,000
47,261
2,862,268
49,449
2, 2,» 611,
All termina tion
and redundancy
payments
were paid
in the year.		 tion
and redundancy
payments
were paid
in the year.
Included in the above figures for wages and salaries were the emoluments of the Chief Executive Officer
who served
during		 the year of F139,072 (2020: f241,259). The number of staff who received total
emoluments
over F60,000were as follows:
Number of Number of
staff in Year staff in Year
to 31 March to 31 March
Bends 2021 2020
f60,000-
f70,000		 4
F70,000 - f80,000 1
F80,000 - F90,000 1
f90,000- F100,000 1
f100,000 —f110,000 1
f110,000 - f120,000 1
f120,000-F130,000
f140,000 - f150,000
f170,000 - F180,000
f180,000-F190,000
f220,000 —6230,000
F240,000 - f250,000

8 Staff numbers
The average
number		 of employees analysed by function was: 31-Mar 31-Mar
2021 2020
Number Number
Charitable
activities		 42.0 43.0
Raising funds 0.5 0.2
9 Net Income for the Year
31-Mar 31-Mar
2021 2020
The result
is stated after charging:		 6 E
Auditor's
remuneration		 14,400 24,102
Auditor's
remuneration		 - non audit services 2,060 2,219
Auditor's
remuneration		 - in respect ofthe subsidiary 8,756 9,430
Loss (Gain) on exchange 420,786 47,424
Operating
leases		 88,759 130,371
Depreciation 28,171 96,178

12 Investments
(continued)		 12 Investments
(continued)		 2021 2020
Results for the year ended 31 March 2021
Internal
income (fees paid		 by Reach to Teach) 1,681,025 1,768,669
Investment
income		 6,149 10,145
Total income 1,687,174 1,778,814
Administrative
expenses		 1,565,837 ~7,680,577
Operating
profit		 121,337 98,237
Corporate tax (54,167) (59,120)
Results for the period 67,170 39,117
Total funds brought
forward		 at 1 April 2020 258,010 218,893
Total funds carried forward at 31 March 2021 325,180 258,010
Balance Sheet at 31 March 2021
Fixed assets 21,148 28,897
Current Assets
Debtors 167,497 56,207
Intercompany
receivable		 239,392 168,306
Cash at bank and
in hand		 240,373 355,010
Curent Liabilities
Creditors: amounts
falling		 due within one year ~780,823 ~(786,685
Net current assets
Creditors: amounts
failing
Total net assets		 due within one year 466,339
(41,960)
445,527		 392,838
~(43,378
378,357
Capital and reserves
Share capital 120,347 120,347
Profit and loss reserve 325,180 258,010
Shareholders
funds		 445,527 378,357
The profit was generated by a mark-up
on the operating		 expenses incurred
in India.
13Debtors Group Charity
2021 2020
2021		 2020
6
Other Debtors 47,649 77,750
9,032		 68,913
Tax recoverable
(i)		 50,806 28,516
Prepayments
and Accrued		 Income 19,369 15,400
3,568		 12,645
117,824 121,666
12,600		 81,558
The tax recoverable
balance of 850,806 (2020: 628,516)		 relates to Goods and Service tax (GST) paid
by the Indian
subsidiary,		 Reach to Teach Private Limited, on the purchase
of goods and		 services and
this amount
is recoverable		 from the Indian government.
14a Creditors: amounts
falling		 Group Charity
due within one year 2021 2020
2021		 2020
F 6
6		 8
Creditors
and Accruals		 208,279 389,092
54,683		 212,942
Taxes and social security 44,893 60,584
10,080		 54,527
Amounts
due to group companies		 239,755 168,669
Corporation
tax		 513 6,735
253,685 456,411
304,518		 436,138

Fort he year

ended 31stMarch 2

ended 31stMarch 2		 o2t
14b Creditors: amounts falling Group Charfty
due after one year 2021
f		 2020
f		 2021
f		 2020
f
Creditors
and Accruals		 41,960 43,378
15 Funds
Group 2021 B/Fwd
f		 Income
f		 Expenditure
f		 C/Fwd
f
Rest/feted
Funds
Other donations
and other income
The Larry Ellison Foundation		 291,986
3,334,093		 10,324
5,001,539		 ~3,797,096 302,310
4,638,636
Total restricted
funds		 3,626,079 5,011,863 (3,797,096) 4,840,846
Unrestricted
Funds		 18,575 449 19,024
3,644,654 5,011,863 (3,796,647) 4,859,870
Group 2020 B/Fwd
f		 Income
f		 Expenditure
f		 C/Fwdf
Restricted
Fund
Other donations
and other income
The Larry Ellison Foundation		 246,913
3,152,013		 45,073
5,266,143		 ~5,084,063 291,986
3,334,093
Total restricted
funds
Unrestricted
Funds		 3,398,926
22 717		 5,311,216
26		 (5,084,063)
~4,768		 3,626,079
18,575
3,421,643 5,311,242 (5,088,231) 3,644,654
Charity 2021 B/Fwd Income
f		 Expenditure C/Fwd
Restricted
Funds
Other donations
and investment
The Larry Ellison Foundation		 income 261,861
3,003,853		 4,175
5001,539		 ~3,806200 266,036
4,199,192
Total restricted
funds		 3,265,714 5,005,714 (3,806,200) 4,465,228
Unrestricted
Funds		 18,575 449 19,024
3,284,289 5,005,714 (3,805,751) 4,484,252
Charity 2020 B/Fwd
f		 Income
f		 Expenditure
F		 C/Fwd
f
Restricted
Funds
Other donations
and investment
The Larry Ellison Foundation		 income 226,933
2,880,355		 34,928
5,266,143		 ~5,142,645 261,861
3,003,853
Total restricted
funds
Unrestricted
Funds		 3,107,288
22,7t7		 5,301,071
26		 (5,142,645)
~4,168		 3,265,714
18,575
3,130,005 5,301,097 (5,146,813) 3,284,289

Net Assets
Split
Group 2021 Unrestricted Restricted Total
Funds
f		 Fundsf 2021
Tangible Assets 25,367 25,367
Prepayments &Accrued Income 19,369 19,369
Other Debtors 98,455 98,455
Cash at bank
Creditors		 and in hand 19,024 4,993,300
~295,645		 5,012,324
~295,645
19,024 4,840,846 4,859,870
Group 2020 Unrestricted Restricted Total
Funds
f		 Fundsf 2020f
Tangible Assets 66,751 66,751
Prepayments &Accrued Income 15,398 15,398
Other Debtors 106268 106268
Cash at bank
Creditors		 and in hand 18,575 3,937,451
~499,789		 3,956,026
~499,789
18,575 3,626,079 3,644,654
Charity 2021 Unrestricted Restricted Total
Funds
f		 Funds
f		 2021f
Tangible Assets 4,219 4,219
Prepayments &Accrued Income 3,568 3,568
Other Debtors 9,032 9,032
Cash at bank
Creditors		 and in hand 19,024 4,752,927
~304578		 4,771,951
~304,518
19,024 4,465,228 4,484,252
Charity 2020 Unrestricted Restricted Total
Funds
f		 Fundsf 2020
Tangible Assets 37,853 37,853
Prepayments &Accrued Income 12,645 12,645
Other Debtors 68,913 68,913
Cash at bank and
Creditors		 in hand 18,575 3,582,441
~436,738		 3,601,016
~436, 738
18,575 3,265,714 3,284,289