## ## ## |||||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| ## ##