Reach to Teach (A company limited by guarantee and not having a share C¥4Pital) Company Number: 06002138 Registered Charity Number: 1121101 CONSOLIDATED FINANCIAL sTATEME1s FOR THE YEAR ENDED 31st MARCH 2025 •AEHJLJJF• 1&11212025 COMPANIES HOUSE A26
Reach to Teach Contents Page Trustees, Report 1.-14 Auditorfs Report 15-17 Consolidated Statement of Financial Activities 18 Consolidated and Charity Balance Sheets 19 Consolidated and Charity Statement of Cash Flows 20 Notes to the Financial Statements 21-30
Reach to Teach Trustees, Report For the year ended 31 MaTch 2025 The Trustees present their report and the audited financial statements for the year ended 31" March 2025. These have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006, the Memorandum and Articles of Association, Financial Reporting Standard 102 and Accounting and Reporting by Charities: Statement of Recommended Practice IFRS 1021 (effective I" January 20191. Objectlves, Strategy and Servlce Offerlngs Objectives of the Chorfty The Charity's principal objectives are to promote and improve the quality of education outcomes in India across Grades I to 12, mainly focuslng on Foundational Literacy and Numeracy. The Board has reviewed the objectives of the Charity and has complied with the duty in Section 17 of the Charities Act 2011 to have due regard to the 'public benefit requirement, guidance published by the Charity Commission and confirm these to be as follows.. a) To make educational grants and the provision of educational services to children in India; and b) To manage the assets of the Charlty to support the sustainable making of grants. About Reach to Teach Reach to Teach works in collaboration with State Government Education Departments to take forward the vision of the State by strengthening learning outcomes in Government schools across the State. We leverage the learnlng acquired over more than a decade of community and field level engagement to inform our work. Our vision is that children should have access to quality education to become confident social citizens with improved life chances. Our mission Is to improve education outcomes by making learning joyful, and to work with State Governments, partners, parents, and communities with foundational learning skills at the core. We believe in the following key principles: Every child has the right to quality education Children learn best when they are safe, happy and engaged Enhancing teacher agency is critlcal to strengthen Learning Outcomes Engaging with stakeholders such as Governments, school leaders, teachers, parent5 and com munities plays a pivotal role in children's education
Reach to Teach Trustees, Report For the year ended 31st March 2025 - continued - Theory oAChange OurTheory of Change focuses on systemic change, scale and sustainability and underwrites our work. Our model is embedded within the Government systems and focuses on building their capacity by learning and doing together. Children's performance is a clear indicator of the results that we seek. We work on a multi-pronged approach of creating content, imparting training, and continuous assessment to monitor whether Learning Outcomes are bein8 achieved. In the long term, the programme brings about systemic change at scale with buy-in at all levels, making the change sustainable. Plllors oAour work Reach to Teach's work revolves around the following three central pillars: Academlc Stren8thenin8: Enhancing curriculum development, teaching methodology and learning outcomes through targeted interventions Capacity Oevelopment: Building the capacity of teachers, administrators and staff through training, workshops and professional development programmes Institutional Strengthening: Improving the overall functioning and governance of schools through tools such as Accreditation Frameworks and Community Engagement Our Impact In 2019, after over 12 years of field-level engagement, we changed our strategy and started working with State Education Departments, beginning with Gujarat. This shift was driven by a clear insight- to scale our learnings and increase outreach, the most effective route was to partner closely with State Governments and co-create interventions based on our experience on the ground. We work with the State Education Departments to strengthen education, making learning joyful, equitable, and effective. Our collaborative approach emphasises designing and developing frameworks, tools, and collaterals, alongside providing training and implementation support, so that Government school systems have the resources they need tothrive independently in the long run. We leverage the Government education system as a multiplier to drive scalable, sustainable change, particularly in low-resourced schools. Working with school leaders and Government decision-makers, we embed effective practices into the system, ensuring ownership, long-term impact, and holistic development for children.
Reach to Teach Trustees, Report For the year ended 31st March 2025 - continued- Our Programmes We continued to work in Gujarat and Haryana for the last year. Our Indian subsidiary, Reach to Teach Private Limited, also provided expertise and a donation to support the work of the Indian charity, Reach to Teach Foundation, in Arunachal Pradesh and Meghalaya. HARYANA (2021) ARUNACHAL PRADESH (2022) GUJARAT (2007) MEGHALAYA (2023) Our work in each of these States is outlined below: Gu arat Since 2019, Reach to Teach has worked in close partnership with the Gujarat Council of Educational Research and Training (GCERT), Samagra Shiksha, and the Oepartment of School Education to strengthen systemic reforms. During 2024-25, our engagement focused on curriculum development, teacher professional development, assessment reforms, school leadership, enrolment and attendance systems, and continued implementation support for the Mission Schools of Excellence Programme under the World Bank and AIIB-supported Gujarat Outcomes for Accelerated Learning (GOAL} project. In the area of foundational learning, we supported the development of Gujarati learning resource kits and training modules for Grades l and 2, reaching nearly 50,000 teachers. Over 1.3 million children from Balvatlka to Grade 2 were assessed, and six assessment tools for Language and Mathematics were created. Oral reading fluency assessments were undertaken for all Grade 2 students, and we contributed content for training teachers and officials in remedial strategies.
Reach to Teach Trustees, Report For the year ended 31st March 2025 - continued - Our curriculum and content developrnent work extended to higher grades with the co-creation of teacher editions for Grades 3 to 8, the drafting of the State Curriculum Framework, and the development of Learning Outcomes and textbooks for Grades 6 to 8. In addition, Reach to Teach collaborated on curriculum design and supported the integration of Indian Knowledge Systems into classroom learning. Teacher professional development remained a priority. Reach to Teach designed three State-wide online training modules aligned with NEP 2020 and State priorities, reaching over 275,000 teachers through the first two modules and 48,475 teachers through the third. Under the GOAL project, Reach to Teach co-developed 26 training modules and supported the training of 117,000 teachers across Grades 3 to 8, while also monitoring delivery, engaging with trainers, and providing final reports to the independent verification agency. Reach to Teach played a significant role in strengthening student assessments by contributing to the blueprint design for State-level assessments, reviewing question banks, and validating tools for the National Achievement Survey 2024. We also strengthened and facilitated the implementation of the Gujarat School Quality Assessment and Accreditation IGSQACI framework under Gunotsav 2.0. conducting virtual orientation sessions to reach School Heads across the State. School Leadership Development gained momentum through our collaboration with the Riverside Learning Centre for the rollout of the Design for Change framework, training 750 Head Teachers from Schools and Residential Schools of Excellence. Reach to Teach continued to provide technical support to the GOAL project as the Technical Support Unit (TSUI. Thls included reviewing and finalising 156 khool Development Plans {SDPsl, supporting Annual Work Plans and Budgets across six districts, digitising SDP5, and contributing to competency-based education initiatives by training State Resource Group members, Head Teachers, and Senior Secondary Educators. Our engagement with the Residential Schools of Excellence programme focused on strengthening teaching, leadership and learning experiences. We developed experiential learning booklets for Grades 6 to 8, helped design leadership training aligned with inquiry-based pedagogy, and contributed to the external evaluation of the GOAL project through tool development, field visits, and stakeholder consultations in coordination with GCERT, DIETS, and the World Bank. A major area of reform in 2024-25 was enrolment and attendance. we supported the State's shift to a data-driven, child-centric approach through Shalo Praveshotsov 2.0. Around 841,000 children were enrolled in Balvatika, which is a pre-school programme through a pioneering pre-enrolment mechanism, while 77,000 migrant children were identified, of whom over 72,000 were successfully re-enrolled in schools. We also contributed to the rollout of the Gujarat State Attendance Portal, strengthening systems to track teacher and student attendance, reduce dropouts, and increase teaching-learning time.
Reach to Teach Trustees, Report For the year ended 31st March 2025 - continued - Reach to Teach began its partnership with the Department of School Education, Haryana in 2021 to provide technical assistance in designing and implementing a School Accreditation Programme. The partnership focused on developing the School Quality Assessment and Accreditation Framework ISQAAF), creating operational 8uidelines and SOPS, building capacity of system officials, and equipping government schools with tools and processes to improve quality of education. The framework was developed through extensive stakeholder consultations, drawing on international best practices and tailored to Haryana's context. To support implementation, a dedicated Accreditation Resource Group {ARGI was formed, comprising DIET faculty, private school representatives, academic officials, and Education Department staff. A pilot covering SOO schools across six districts saw high participation and positive user feedback, leading to refinements in the framework. The programme was formally launched in 2023 by the Union Education Minister and Chief Minister of Haryana for 1,789 schools, including Arohi, Model Sanskriti, and PM Shri schools. Of these, 1,608 schools (about 90%) completed self-evaluations as the first step, and over 800 schools underwent quality assurance reviews by district-level ARGS. As technical partner, Reach to Teach continues to work with the IT Cell to ensure that the digital tool under development is fully aligned with the framework. This includes random sample checks to verify data accuracy, ensuring scores are awarded as per the design, and undertaking joint consultations in exceptional cases to integrate field learnings into the tool's f unctionality. The programme is designed for future scale-up across the State, with the objective of strengthening governance and improving the quality of teaching and learnin8. Arunachal Pradesh and Meghalaya Our Indian subsidiary, Reach to Teach Private Limlted has contlnued to support the work of the independent Indian charity, the Reach to Teach Foundation I'the Foundation"), through a donation of £93k and some pro-bono support by its senior staff. During the year the Foundation deepened its partnership with the Arunachal Pradesh Education Department, advancing state-wide initiatives under the National Education Policy and the Mission Learning Enhancement Arunachal Pradesh (LEAP) programme. The key interventions included improving Learning Outcomes, through a School Readiness Programme for Grades 1-5 and a new Learning Recovery Programme for Grades 1-8. The Foundation also supported leadership development through orientations for over 760 School Heads and strategic support to District Task Forces. The Foundation has been working with the Department of Education, Meghalaya since 2023, with a focus on advancing foundational learning, strengthening assessments. and improving classroom
Reach to Teach Trustees, Report For the year ended 31st March 2025 - continued - instruction through high-quality teacher resources, institutional capacity building, and measurable learning improvements. Financial Review During the year to 31 March 2025 total income was £203k (2024 £249kl. Grants and donations totalled £12k compared to £8k in the previous year. Total expenses were £1,609k, which was more than 20% lower than in the previous year {2024 £2,078k). Most of this decrease was due to lower spend on charitable activities. The main areas of charitable activity during the year continued to be the work with the Education Departments in Gujarat and Haryana. As Reach to Teach works in partnership with these Education Departments it is our people who are the key resources and therefore staff salaries are the main cost. Staff salaries relatlng to charitable activities reduced from £959k last year to £675k reflecting both a reduction in staff numbers particularly in administrative areas as well as some staff leaving to join the Reach to Teach Foundation. Also, during the year to 31 March 2025 in view of the reduction in staff numbers office related costs were significantly lower in Delhi and London. Expenditure on raising funds was lower at £221k compared to £274k in the year to March 2024. This was mainly due to lower spend on external consultants. The net loss for the year was £1,407k (2024 loss of £1,829kl. The loss reflects the fact that we continued to draw on the unspent grant from the Larry Ellison Foundation brought forward from earlier years. As a result, net assets decreased from £4,693k to £3,286k and the main change in the balance sheet was the reduction in the cash and investment balances from £4,850k at 31 March 2024 to £3,338k at 31 March 2025.
Reach to Teach Trustees, Report For the year ended yst March 2025 - continued - Future Developments The cash resources of the Charity come almost entirely from the grant from the Larry Ellison Foundation. The final grant instalment of £404k received from the Larry Ellison Foundation was reflected in the financial statements for the year to 31 March 2023. The Charity isvery grateful for the support Larry Ellison has provided to it since 2007. This has enabled the organisation to grow from running small field-based programmes in the State of Gujarat to one that works at a large scale with state governments in India seeking to design and implement large scale system strengthening interventions. For the last three years our Indian subsidiary, Reach to Teach Private Limited has been supporting the work of the independent Indian charity, the Reach to Teach Foundation through donations and pro- bono support from its staff. The Reach to Teach Foundation is an India based charity constituted under the Companies Act 2013 as a Section 8 (Not-for-profit) Company, which carries out similar programmes. For the last three years, the Indian Foundation has been working in partnership with the State Governments of Arunachal Pradesh and Meghalaya on strengthening learning outcomes. It has raised funds from other third-party sources in India to support these programmes. In April 2025 the Foundation received its Forei8n Currency Re8ulation Act {FCRAI re8iStration and is now eligible to receive foreign grants. The Reach to Teach Foundation is aligned with the UK Charity in its approach and the Board of the Charity believe the Foundation is well placed to carry on similar nature of programmes independently wlth State Governments in India. The Reach to Teach Foundation has agreed to take over the Charity's projects in Gujarat and Haryana and operations of Reach to Teach Private Limited will be wound down. In August 2025 the Charitv entered into a grant agreement with the Reach to Teach Foundation to fund its work, and this will enable the Reach to Teach Foundation to continue the Charity's work in Gujarat and Haryana. The grant agreement will run until March 2027 and the amount of the total grant will be for a total amount of up to USD 2 million. This will mean that Reach to Teach will be using most of its remaining cash to provide this grant. However, it will retain a small amount in the UK to fund its own operations going forward. Reserves Policy and Going Concern In view of the planned changes outlined above the Charity will have very limited financial obligations. It employs two part time staff in London and has no material obligations. Therefore its costs going forward will be very small.
Reach to Teach Trustees, Report For the year ended 31st March 2025 - continued - The trustees have also considered whether any possible events might cast significant doubt on the ability of the Charlty to continue as a going concern. After making a grant to the Reach to Teach Foundation the Charity will retain sufficient funds to cover its costs for at least the next two years. It will also set aside funds to ensure that the Charity maintains sufficient resources to complete an orderly winding down of its activities. Investment Pollcy The grants received bythe Charity from LEF were denominated in US dollars, Since most of the Charity costs are in Indian rupees and the US dollar is aligned more closely with the Rupee than the Sterling, our policy is to retain the majority of the cash funds in US dollars and only convert a sufficient amount to Sterling to cover our UK based costs. The Charity follows a conservative investment policy with its US dollar funds. Money is held in deposit accounts and short-term fixed deposits with significant banks yielding market rates of interest. Rlsk Management and Assessment The trustees have a duty to identify and review the risks to which the Charity is exposed to and ensure appropriate policies and procedures to minimize these risks. The Charity's risk framework is based upon the Charity Commission guidance. The written Risk Register contains details of each risk, including an assessment of the existing controls and monitoring activities and the further risk mitl8ation actions that will be put in place. Key reputational risk management processes and contingency plans for priority risks have also been developed. In addition, a monitoring and assessment process has been agreed upon, which includes a detailed annual review of risks by the Executive Team and the Board. The trustees believe that the risk framework provides an effective system to mitigate the risks the Charity faces. Details of the main risks and howthese are managed are set out below.
Reach to Teach Trustees, Report For the year ended 31st March 2025 - continued - Key risk Details of risk Management of risk Availability of fundingto sustain the Charity Funding risk: Between 2007 and 2023, the Charity has had one funder, the Larry Ellison Foundation {LEFI. The grant agreement with LEF has now ended, but the Charity still retains substantial cash resources. As outlined the Developments section above the Charity's costs going forward will be very small and it will retain sufficient reserves to cover those costs for at least two years. Future Safeguarding risks The risk of harm, exploitation or abuse of an individual during or as a result of the pro8rammes funded bv the Charity. Safeguarding policy and reporting procedures are in place with designated safeguarding staff at Board, management and operational levels, and training is regularly provided to all staff. The nature of the work with the government means there is no direct access to children and communities. Reputatlonal risks Damage to the reputation of the Charity Maintenance of good relationships across all stakeholder levels. Clear policies and procedures to manage interactions with the media. Contingency plans are in place to manage reputational risks.
Reach to Teach Trustees, Report For the year ended 31st March 2025 - continued - Regulatory Details Constitution The Charity is a company limited by guarantee and governed by its Memorandum of Assoclation. Company Number 06002138 Charity Number 1121101 Re8iStered Office 30 Orange Street, London WC2H 7HF. Board of Trustees The Trustees, who are also the Directors under the Companies Act 2006, and who served during the period from I, April 2024 up until the date of signing this report were: Rakhee Ditta (Chairl Matthew Symonds {DeputyChairl Neha Aviral th Vijay Chhibber (resigned 12 September 2024) Geeta Khehar Executlve Team and Key Management Personnel The members of the executive team who served duringthe period from I"April 2024 up until the date of si8ning this report were: Chief Executive Officer., Ratna Viswanathan Chief Operating Officer: Shikha Mathur Principal Director of Finance.. Anil Chaudhry Principal Director of UK Operations and Finance: PeterThomas 10
Reach to Teach Trustees, Report For the year ended 31st March 2025 - continued- Advisors to the Company Bankers: HS8C Pall Mall Commercial Centre 5th Floor 70 Pall Mall SWIY 5EZ Metro Bank 137 Chiswick High Road London W42EO Auditors: PKF Littlejohn LLP 15 Westferry Circus London E14 4HD Le8al Advisers UK: Bates Wells Braithwaite 10 Queen Street Place London, EC4R IBE Legal Advisers India.. Ashwathh Legal K19 Jangpura Extension New Delhi 110014 Auditors India: PKF Sridhar & Santhanam LLP 319, Third Floor, OLF Prime Towers Okhla Phase I New Delhi 110020 Accountants India: Hasmukh Shah & Co 409-410, Dalamal Chambers, New Marine Lines Mumbai 400 020
Reach to Teach Trustees, Report For the year ended 31st March 2025 - continued - Structure. Governance and Management Governing Documents The organisation is a charitable company limited by guarantee, incorporated on 17 November 2006 and registered as a charityon 8th October 2007. The company was established under a Memorandum of Association, which established the objects and powers of the charitable company. The Governance ol the Chority The governance practice5 are set out in the Reach to Teach Board Handbook. The 8oard Handbook is in line with the Charity Governance Code issued in July 2017 by the steering group of charity umbrella bodies. The purpose of the Handbook is to assist the trustees in f ulfilling their responsibilities and serve as a point of reference for all key aspects of the Charity's governance framework. The Board and Management OA the Chority All rnajor decisions relatlng to funding, strategy, financial plans and policies are taken by the trustees of the Charity. During the year, formal meetings of the trustees were held at regular intervals. The trustees also conferred regularly by telephone, e-mail and at informal meetings. The Charity has a formal nomination procedure for selecting new trustees. In identifying potential new trustees, the Board looks to brin8 in people with experience in education, institutional relations resource mobilization and Edtech. The day-to-day management of the Charity is entirely delegated to the Chief Executive Officer (CEO), and she is supported by an experienced executive team. The Charity's executive team 15 based in India and London. The India team Includes the Chief Executive Officer, the Chief Operating Officer and the Principal Director of Finance. The Principal Director, UK Operations and Finance is based in London, Indemnity Insurance There is indemnity insurance in place, which provides cover for all the trustees and employees of the Charity. Remunerotion Policy andsenior Staff Remuneration The details concerning the remuneration paid to the Chief Executive Officer during the year and the executive team are disclosed in the financial statements. The trustees carry out their duties on a voluntary bas15. The key principle of the Charity'5 remuneration policy is to attract and motivate staff with the skills and expertise to ensure the delivery of the Charity's objectives while ensuring that pay levels and pay increases are appropriate in the context of the interests of our beneficiaries. 12
Reach to Teach Trustees, Report For the year ended 31st March 2025 - continued - In relation to deciding remuneration for the Charity's senior staff, the Charity takes into account the following principles: To ensure that the Charity can access the skills and experiences it requires in its senior staff. Pay is one part of a package that includes personal development, personal fulfilment and association with the public benefit delivered. The Charity has disclosed in note 7 the total remuneration of the executive team. Resource Mobilizotion Activitles During the year, the Charity received a grant from Team4tech of £11,815 and donations totalling £597. The Charity does not actively seek to raise funds from the public, and in recent years there have been very few donations from the public. The Charity complies wlth the Charities (Protection and Social Investment) Act 2016, includlng the guidance outlined by the Charity Commission for England and Wales {CC20 and CC15dl regarding trustee duties and reportin8, respectively. The Charity has never received a complaint regarding its fundraising approach from the general public or any corporates or foundations. It also does not employ any third-party organization to conduct fundraising on its behalf. Trustees, Responslbllltles In relatlon to the Flnanclal Statements The trustees (who are also directors of the Charity for the purposes of company lawl are responsible for preparing the Trustees, Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (the United Kingdom Generally Accepted Accounting Practice). Company Law requires the trustees to prepare financial statements for each financial year, which give an accurate and fair view of the State of the affairs of the charitable company and of its income and expenditure for that period. In preparing these financial statements, the trustees are required to.. select suitable accounting policies and then apply them consistently; make judgements and estimates that are reasonable and prudent. state whether applicable accounting standards, including FRS 102, have been followed, subject to any material departures disclosed and explained in the financial statements; state whether a Statement of Recommended Practice {SORP} applies and has been followed, subject to any material departures which are explained in the financial statements,. prepare the financial statements on a going concern basis unless it is inappropriate to presume that the charitable company will continue in business. 13
Reach to Teach Trustees, Report For the year ended 31st March 2025 - continued - The trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taklng reasonable steps to prevent and detect fraud and other irregularities. None of the Trustees had any beneficial interest in any contract to which the organization was a party during the year. In so far as the Trustees are aware: there is no relevant audit information of which the charitable company's auditor Is unaware; and the Trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditors are aware of that information. Auditors PKF Littlejohn LLP has indicated their willingness to continue in office and are deemed to be reappointed in accordance with section 48712) of the Companies Act 2006. Small Company Exemption This report has been prepared in accordance with the special provisions of Part IS of the Companies Act 2006 and in accordance with the Financial Reporting Standard 102 (effective January 20191. This report was approved by the Board of Trustees on the 2, December 2025 and signed on their behalf bv Ms Rakhee Ditta, Chair COMPANY NUMBER: 06002138 14
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF REACH TO TEACH Opinion We have audited the financial statements of Reach to Teach {the 'parent charitable company,) and its subsidiaries (the 'group') for Ihe year ended 31 March 2025. which comprise of the Consolidated Ststemenl of Financi81 Activities (incorporating an income and expenditure account), the Consolidated and Parent Charitable Company 8alance Sheets, the Consolidated and Parent Charitablé Company Cash Flow Slatemenls and noles to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounts'ng Standards, including FRS 102 The Financial Reporting Standard applicable in the UK 8nd Republic of Ir81and (United Kingdom G8n8rally Accéptéd Accounting Practice). In our opinion, the financial statements.. give a true and fair view of the state of the group's and the parent charitable company's affairs as at 31 March 2025, and of the group's incoming resources and application of resources, including ils income and expenditure, for the year then 8nd8d', have been properly pr8pared in accordance wilh United Kingdom Generally A¢¢epted A¢¢ounling Practice. and have been prepared in accordance wlth Ihe requirements of the Companies Act 2006 and the Charllles Act2011. Basls foroplnion We conducted our audlt in accordance with Internation81 Standards on Auditing (UK) (ISAS (UK)) and applicable law. Our responsibilities under those slandards are further desrJibed in the Auditorfs responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent charitable company in accordance with th8 ethical requirements that ere relevant to our 8udil of the financial statèmènts in thé UK, including the FRC'S Ethical Standard, and we have fulfilled our other éthical responsibilities in accordance wSth these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Material un¢ertalnty rèlated to golng concern W8 draw attention to notes 1 {b) and 19 of the financial stalemenls, which describè management's consideration of the future plans for the p8rent charitable company. The implementation of these plans are dependent on decisions that have not yel been finalised. The potential impact of these plans indicate that a rnaterial uncertainly exists that may cast significant doubt on the parenl charitable company's ability lo continue as 8 going concern. Our opinion is not modified in resp8Ct of this m8tter. In auditing the financial statements, we have concluded that the directors, use of the going concern basis of accounting in the prepar81ion of the financial statements Is appropriate. Our responsibilities and the responsibilities of the directors with respect to going concem are described in the relevant sections of this report. Other Inforniatlon The other information comprises the information included in the trustees. annual report, other than the financial statements and our auditor's report thereon. The trustees are responsible for the other infomation contained within the trustees, annual report. Our opinion on the financial statements does not cover the other infomalion. except to the extenl otheNise explicitly staled in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doin9 so, consider whelher the other infornation is materially inconsislenl with the financial statefflents or our knowledge oblained in the rA)urse of the audil, or otherwise 8ppears lo be materially misstated. If we identify such material inconsistencies or app9nI material misstatements, we are required to delermine wh8th8r this gives rise to a material misstatement in the financial statements themselves. If. based on the work we have performed. we conclude that ther8 is a materia misstatemenl of this other information. we are required to report that fact. We have nothing to report in this regard.
Oplnions on other matters prescflbed by the Companies Act 2006 In our opinion, based on the work undertaken in the c(rSe of thè audit: th8 infonmation given in the trustees. report. which includes the directors, report prepared for the purposes of company law, for the financial year for which the financial statements are prepared is consistent with the financial statements; and the directors, report included within the Injstees, report have been prepared in accordance with applicable legal requirements. Matters on whieh wè ara required to report by exception In th8 light of the knowledge and underslandlng of the group and parent charitable company and their envlronment obtained in the course of the audit, we have not identified material misstatements in the directors, report included within thè Irust88s' annual report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 and th8 Charities Act 2011 requirès us to report to you rf, in our opinion: adequÉl8 and sufficlent accounting records have not been kept by the parenl charitable comp8ny, or returns adequate for our audit have not been received from branches not visited by us.. or the parent charitsble c¢Jmpany's financial 8tatem8nts are not In agreement with the accounting records and returns- or cértain disclosures of trustees, remuneration specified by law are not made; or we have not recèived all the information and explanations we require for our audil: or th8 InJstè8S W8re not entitled lo prepare the financi81 siatemenls in accordance with Ihe small companies. regime and take advantagé of the small companles, 8xemplions in preparing the directors, report and from the requiremènts to prepare a strategic report. Responslbllities of truslees As explained more lully in the Trusteès, Responsibilities statement In relation to tha Financial Statements, the trustees {who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the group and parent charitable company financial slal8menls and for belng sallsfied that they give a true and fair view, and for such internal control as the Injslees determine is necessary to enabl8 thè preparation of financial slalemenls that aré free from materi81 misstatement, whether duè to fraud or error. In preparing the group and parent charitable company financial statements, the trustees are responsible for assessing the group and parent charitable company's ability to continu8 as a going concern, disclosing. as applicable, matters related to going concem and using the going concem basis of accounting unlèss the truslèès ellher intend lo liquidate thé group or th8 parent charitsble comp8ny or lo ce8se operations, or h8ve no re81istic alternative but lo do so. Auditovs responslbllltles for the audlt of the flnan¢lal statements We have been appointed auditor undèr the Compani88 Act 2006 and saclion 151 of th8 Charit18s Act 2011 and report in accordance with those Acts and relevant regulations or having effect thereunder. Our obje¢lives ar8 lo obtain reasonable assurance about whether th8 financial stslements as a whole are free from material misstatement. whelher due to fraud or error. and to Issue an auditorfs report that includes our opinion. Reasonable assurance is a high level of assurance bul is not a guarantee that an audil conducted in accordance with ISAS {UKI will always detect a material misslatemenl when it exists. Misslat8menls can arise from fraud or èrror and are considered maleriaS if. individu811y or in the aggregate, they could reasonably be expected to influence the économic decisions of users laken on the basis of these financial stat8m8nts. Irregularilles. including fraud, are instances of non-mPli8nce with laws and regulations. We deslgn procedures in line with our responsibilities, outlined above, lo detect material misstalements in respect of irregularities. including fraud. The extent to which our procedures are capable of delecling irregularities, including fraud is detailed below.. We oblained an understandlng ofthe group and parent charitable company and the sector in which they operate to identify laws and regulations that could reasonably be expected to have a direct effect on Ihe
financial statements. We obtained our understanding in Ihis regard through discussions with management, seclor knowledge and application of cumulative audil knowledge and experience. We determined thé principal laws and regulations relevant lo the group and parent charitable company in this regard to be those arising from Companies Act 2006, Charities Act 2011. Financial Reporting Stsndard 102, the Charities SORP and relevant employee legislation. We designed our audit pr¢X8dures to ensure the audil team considered whether ther8 were any indications of non-compliance by the group and parent charitable company with those laws and regulations. These procedures included, but were not limited to enquiries of management, review of rninules. review of lègal and regu18tory correspondence. We also identified the risks of material misstatement of th8 financial ststem8nls due to fraud. We considered, in addits'on to thè non-rebuttable presumption of a risk of fraud arising from management override of controls, that there was a polenlial for management bi8s in the liming of re¢ognition of investment income. Wé addressed this through review of income around the year end to ensure correct treatment under the Charities SORP, including considération of the accounting period in which income should be recognised. We also identified potential for managern8nl bias in th8 judgments made around compleleness of liabilities. We addressed this through inquiri85 of managem8nt, review of transactions and invoices after the year end. We also identified potèntial for management bias in the allocation of support cosls agalnst charitable activity categories. We addressed this through raviewing the method used for reasonabl8n8ss, and re- performing the calculation to ensure it had been performed accurately in line with the stated method. As in all of our avdils, we addressed the risk of fraud arising from man8gement override of controls by performing audit procedurès which included, but were not Ilmlted to.. the t8sling of journals,. r8viewing accounting estimates for evidence of bias. and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business. Because of the inherent limitations of an audit, there Is a risk Ih81 we will not detect all irregularities. including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases Ihe more Ihal compliance wth a law or regulation is removed from the events and transactions refTecled in the financial slatements, as we will be less likely to become aware of irsstances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, 8s fr8ud involves intention81 concealment, forgery, collusion, omission or misrepresentation. A further description of our responsibililles for the 8udit of the financial stalemenls is located on the Financial Reporting Council's website at.. ww.frc.or .uklaudilorsres onsibilities. This description forms part of our auditor's report. Use of our report This report is made solely to the charitable company's members, as a body, in accordance with Chapler 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so thal we might slate to the charilable company's members those malters we are required lo state lo them in an audilols report and for no other pvrpose. To the fullest extent pemiitted by law, we do not accept or assume responsibility to anyone, other than the charitable company and the ch8rit8ble company's members as a body, for our audit work, for this report, or for the opinions we have fomed. Alastair Duke {Senior Statutory Auditor) For and on behalf of PKF Littlejohn LLP Statutory Auditor 15 W8stt8rry Circus Canary Wharf London E14 4HD 10 December 2025
Reach to Teach Consolidated Statement of Fnnancial Activities For the year ended 31st March 2025 (incorporating an income and expenditure account) Note Unr•strlcted Restricted Funds Furtds 31-MJT 2025 Unrestricled Restricted Funds Funds 31-Mar 2024 In¢ome From". Grants and Donailons Investrnent Income 597 190 253 11,815 12,412 190253 1,569 241766 6,133 7,702 241 766 Total 190 850 202 665 243 335 249 468 Expgndlture On: Ralslng Funds Charitable Aclivhles 221,263 138807 221.263 274.305 274,305 Total 1609 338 Net Incom•lllos8) for th• year 190,850 11.597,523) (1,406,673) 243.315 12,071,910) {1,828,595) Total funds brought forward 15 29Ql4 92827 158598 6362824 6 521 422 Total funds carrled forward 15 592 763 2 693 391 3 286 154 4 290 914 4 692 827 All gains and losses arising are included in the stslemenl of financial activities and arise from continuin9 activities. The slalemenl of financial activities for the Charily is sel out In note 2. The notes on pages 2110 30 fom part of these flnancial slalemenl$. 18
Reach to Teach Balance Sheets as at 31st March 2025 Group Charity Company number.. 06002138 Note 2025 2024 2025 2024 Fixed assets Tangible assets Investments Fixed deposits with banks Other long temi assets (prepaid tax) 11 12 10,433 10,118 581 967 785,871 12,504 795,989 Current Assets Debtors and prepayments Cash at bank and in hand 13 127,295 3 337 800 3,465,095 108.693 423.763 2 235 649 2,659,412 223,633 3 897 899 4,121,532 4,173,143 Currenl Llabllltles Creditors: amounts falling due one year 14a 144 474 230 174 Net Current Assets 3 320 621 3 942 969 2 631039 4 080 652 Creditors.. amounts falling due after one year Total Nel Assets 3 286 154 4 692 827 2 631620 4 081619 Funds Restricted funds Unr8slricted funds 15 15 2,693,391 592 763 4,290,914 401913 2,176,984 3,756,978 Total Funds 3 286 154 4 692 827 2 631620 4 081619 These financial sL3tements have been prepared in accordance with the provisions applicable to companies subject to the small companies, regime. The company has taken exemption from presenting its unconsolidated profit and Ioss account under section 408 of Companies Acl 2006. The net loss of the parent for the year amounted to £1,449,999 (2024.. net loss was £1,863.352).0 The financial statements were approved by the trustees, and authorised for distribution. on and signed on their behalf by: Rakhee Ditta Trustee 04 December 2025 The notes on pages 21 to 30 form part of these financial statements. 19
Reach to Teach Cash Flow Statement as at 31st March 2025 Group Charity 2025 2024 2025 2024 Notes Net cash provided by operating activities A (1,694,210) (1,561,301) (1,791,648) (1,486,791) Cash flows from investing actlvities Interest received Cost of purchasing tangible fixed assets Net cash inflow from inv8Stment activities 190,253 241,766 129,398 188,678 12 Net oufflow in the year At 1 April 2024 At 31 March 2025 {1.512,521) (1,325,310) {1,662,250) (1.299,273> 4 850 321 6 175631 3 897 899 5 197 172 4 850 321 2 235 649 3 897 899 A Reconclllatlon of net operallng Income to net cash flow from operatlng actlvllles Group Charlty 2025 2024 2025 2024 Net loss Loss on sale of tangible fixed assets Sale proceeds of tangible fixed assets Interest received Forex revaluation of fixed 8ssels Depreciation charges Movement in corporate lax Movement in debtors Movement in prepayments Movement in creditors Net cash provided by operating activities <1,406,673) (1.828,595) <1,449.999) (1,863.352) 222 83 {241,766) 453 11,328 5,396 182,556 406,788 660 (190,253) 245 7,343 {11.203) {25,737) 5,064 (129.398) (188.678) 193 (200.838) 708 178,846 403,806 Analysis of changes In net debt Opening cash balance Cashflow in the year Closing cash balance 4.850.321 1 512 521 3 337 800 6,175,631 1 325 310 4 850 321 3,897,899 1662 250 2 235 649 5.197,172 1 299 273 3 897 899 20
Reach to Teach Notes to the Financial Statements For the year ended 31st March 2025 l Accounting Policies a) Basis of preparalion These financial statements for the period 1 April 2024 to 31 March 2025 are prepared on a going concern basis under the historical cost convention. The Charity is incorporated in the UK. The financial statements have been prepared in accordance wilh the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102). The Charitable Group is a public benefit group for the purposes of FRS 102. Therefore the Charity also prepared its financial statements in accordance with the Statement of Recommended Practice applicable lo charities preparing their accounts In accordance with the Financial Reporting Standard applicable in th8 UK and Républic of Ireland (The FRS 102 Charities SORP, 2nd Edition), the Companies Act 2006 and Groups (Accounts and Reports) Regulations 2008 (SI 20081410), the Charities Act 2011. b) Going Concern The trustees have assessed whether the use of going concern is appropriate and have considered possible events or conditions that might cast significant doubt on the ability of the Charity to continue as a going concern. The trustees have m8de this assessment for a period of al least one year from the dale of approv81 of these financial statements. In particular, th8 trustèes have considered the Charity's cash position and fSnanci81 forecasts. At 31 March 2025 Reach lo Teach held cash balances of £3.3 million, of which £2.2 million was held by the Charity in the UK.. As explained in the Trustees Report and note 19 (Post Balance Sheet Events), the Charlty will be using mosl of ils remaining cash to provide a grant to th8 Réach to Tèach Foundation. Going forward the other costs ofth8 Charity will be very small. It employs two part lime staff and has no material costs. Th8 Charity will retain a small amount to ensure that it has sufficient cash lo cover its costs for at least years. It is likely the Trustees willl decide to wind up the Charity in th8 next two years. As a result. the truste8s have concluded that there is a reasonable expectation that the Charity has adequate resources to contlnue in operational exislence for the foreseeable future. The Charity, thèrefore, continues to adopt the going concern basis in prepanng ils financial stalemenls. c) Critical accounting estlmates and areas of judgement In th8 application of the group's accounting policies the trustees are required to make judgements, estimates and assumptions, p8rticu18rly in respect of the depreciation of assets and. accru818, These judgements, estimates and associated assumptions are r8Vi8W8d on an ongoing basis and are based on historical experience and other factors that are considered to be relevant. The principal accounting policies adopted in the preparation of the financial statements are set out below. dl Incom• Incomé is included in the Slatemenl of Flnanci81 Activlties when the Group has 8n entitlement to the funds., the amount can be quantified, and the receipt is probable. e) Expenditure Liabilities are recognised once there is 8 18gal or conslruclive obligalion lo transfer economic benefit lo a tttird party, il Is probable that a Iransfer of economic benefits will be required in selllement and the amount of the obligation can be measured reliably. All expenditure is accounted for on an accruals basis and has been Classified under headings that aggregate all costs related to the category. fj Allocation of overhead and support costs Overhead and support costs are allocated between thé cost of raising funds and charitablé activilies. A percentage of senior staff time is allocaled lo fundraising and this percentage is then applied to the total cost of salaries and the related overheads to determine thé total cost of raising funds. g) Termination payments Termination payments to staff are recognlsed in the financi81 statements when they are Sncurred. At Ihe year end, any temiinalion payments agreed but not paid are accrued in the financial slatements. h) Fundraising Fundraising expenditure consisis of th8 costs of fundraising consullanls and an allocation of staff and ovehead costs. Staff costs arè based on an estimate of staff time spent on fundraising. The percentage of staff costs i) Charitable Activitses Costs of charilable aclivities include the direct costs and staff costs related to our education programme5. the development of our education Content and new initiatives together with an apportionment of overhead and support costs. 21
Reach to Teach Notes to the Financial Statements (Continued) For the year ended 31st March 2025 Jl Tangible Flxed Assets and Depr•clation Tangible fixed assets are staled al cost less depreciation. Depreciation is provided al rates calculated to write off a percentage of the carying amount of Ihe asset each year at the following rates-. Fixtures & Fittings 33Yo slraighl line Computer equipment 33% slraighl line The Charity only capitalises items costing more than £250. Batches of items below this threshold are immediately expensed lo SOFA. k) Pension costs The Charity provides the oplion of contribution into the employees. personal pension plans for all employees. The pension ¢o$t ¢harge represenls contributiS payable by the organlsation Inlo the individual stakeholder p18ns. 11 Fund A¢counllng Unrestricted fvnds are available for use at the Trustees, dIsCli0n In furtheran¢e ol the general obl8cllves ol the Charfty. Restricted funds are funds Ihal are lo be used in acu)rdance wilh specific restrictions imposed by donors. The aim and use of ea¢h reslncled fund is sel out in nole 15 of th8 finandal slalemenls. m) 0ratIng l•asès Rantsls paid undar operallng leases are charged to th• income and expenditure a¢(x)unl on a straighl-line basls over the period of the lease. n) Oth•r financial instrumonts Cash and cash equivalents Cash and cash equiv8lenls includo cash al banks and In hand and short tem deposits with 8 maturity date of three months or less. Debtors and creditors Oeblors and credilots ffjceivable or p8yable wSlhin one yeai ol the reporting dalo are catrled 81 thalr Ir8ns8ction price. oeb10 and creditors that are receivable or payable in more than one year and nol subject lo a market interest rate are measured al the psent value of the expected lulure receipts or payments disrA)unled 81 a markel rale of inte$1. ol Forelgn Exchange Pollcy The granls received from the Larry Ellison Foundation were paid lo the Charity in US dollars and the ¢a8h remainlng from these grants are held on deposil. Most of the Charlty's Costs ara in Indian rupees and il incurs som8 costs in slerling. The policy is to CL)nvert the dollars periodically to Indian njpees and sterling lo fund the Indian and UK operations as required. 2 Statement of Financial Actlvltl&s for the Parent Charlty (oxcludlng Indian Subsidiary) Unrgstrfcted Restrictsd 31-Mar Funds Funds 2025 Unreslrlcted Restricted Funds Funds 31-Mar 2024 I Icome From: Grants and Donations Investmonts 597 129,398 11,815 12.412 129,398 1,569 188,878 6,133 7,702 188,678 Totsl 129,995 11.815 141,810 190,247 6,133 196,380 xpendlture On Ralslng Funds Charltable Activities 72,625 72,625 1519 184 1519 184 65,067 65,067 Total 1591809 1 591809 20 2059712 2 059 732 Net loss for the year 129,995 (1,579.994) 11,449,999) 190,227 {2,OS3,S79} (1,863,352) Total funds brought forward 324 563 3 757 056 4 081619 134 336 5 810 635 5 944 971 Total funds carried forward 454 558 2 177 C2 2 631620 324 563 3 757 056 4081619 3 Grant8 This year Grants and Donations includes a grant from Team4Tech of £11,815-and other donations of £597. Last year Grants and Donations included a grant from the Eeonomist Charitablo TrLJsI of £6,133 and other donations of £1,569. 22
Reach to Teach Notes to the Financial Statements (Continued) For the year ended 31st March 2025 4 Charltable Actlvltles Dire Staff costs Support Cogts 31-Mar 202S Yoar to 31$1 March 2025 Govemmenl Pr(wJv8mmes Educaiion Content Oevelopmenl 68,147 21,331 669,255 5,804 675 059 (See Note 71 Staff ¢o$ts 601.408 22,130 623 538 (See Note 51 1.338,810 1 388 075 Dlr•¢t costs Support Costs 31-Mar 2024 Year to 31 st March 2024 Govemment Programmes Edijcalion Content Davelcyment 91.S10958.609 753.639 1.803.7S8 {See Note 7) {See Note 51 In the yèarto 31 March 2024 th6 dev6lopmenl of Èduc81ion eontenl development was carried out by our own staff as part of the work on Government Proorarnmas.In the year lo 31 March 2025 w8 eng8ged 8 third rtY lo hèlp us develop core materi818 Ihal would be u88d across 811 programmes. S Support Costa Charfiabl• Activiti•s Ralsing Funds 8*sls of allocatlon 31-Mar-25 Yearto 31st March 2025 Staff rx)sls INol& 71 Travelling Rent and office relaled costs CommunicalSons and IT Recruitmenl Fees Foreign èxchange l¢)$8 Consulting and profassional fees Legal le88 08prttialion Audit and accounting (governance CA)stsI Corporate t8X Donation by Reach lo Teach Pdvalè Limited lo Reach to Teach Foundation Miscellaneous costs 148,533 148,533 79,471 121,182 15,295 7,812 125,878 139.149 14,790 7.343 34.712 50,648 79.471 99.369 12,542 6,406 125,878 95,480 14.790 6.021 32,945 50,648 21,813 2,753 1.406 43.669 1.322 1.767 92,678 7.310 92,678 7,310 Charitable Actlviti•s Ral$ing Funds Bas18 of allocation 31-MJr-24 Year to 31st March 2024 Staff costs (Note 71 Travelling Rent and office related costs Commvnicalions and IT Recruitment Fees Foreign gxchange loss Consulting and professlonal fees Legal fees Deprecaalion Audit and accounting {govwnance cost81 Corporale lax Donation by Reach to Teach Private Limited lo Reach to Teach Foundation Miscèllèneous costs 171.127 171,127 75,335 203,141 15,877 693 191,647 168.273 2.722 11.327 29.598 66,024 75.335 172.670 13.495 589 191.647 104,106 1.626 9,628 28,154 66,024 30,471 2.382 104 64.167 1,699 48,050 42,295 48,050 44,110 1.81S (11 Staff lime is allctaled lo'Raislng Funds, based on the approximate allocation ol Staff lo this actiwty. (li) Based on actual CA)Sts. (iii) Costs apportioned based on tolal direct and slaff costs. 23
Reaeh to Teach Notes to the Financial Statements (Continued) For the year ended 31st March 2025 6 Trustees. and Key Management Remuneration No remuneration was paid to trustees during the year. Details of trustee expenses are set out below 31-Mar 2025 Number 31-Mar 2024 Number 31-Mar 2025 314Iar 2024 Expenses paid for Trustees 7 Staff costs In the year, the Key Management Personnel of the Charity were the Chief Executive Officer. the Principal Director of Finance, the Chief Operating Officer and the Principal Director, UK Operations and Finance. Staff costs include the following amounts paid lo the execulive team.. Note 31-Mar 2025 31-Mar 2024 Wages and salaries Social security costs Employers, pension contributions Staff Medical Insurance and other benefits 275,424 5,156 17,341 406,910 14.968 21.985 815 443 048 300 798 Toial salary costs for the group are set out below 31-Mar 2025 31-Mar 2024 Wages and salaries Social security sts Employers, pension contributions Other employee beneflts Total staff costs 765,140 1,470 46,752 1.049,993 13,689 57,180 823 592 1 129 736 Total staff costs Charitable activities Raising funds 675.059 148 533 823 592 958,609 171 127 1 129736 Included in the above figures for wages and salaries were the emoluments of the Chief Executive Officer who served during the year of £139.629 {2024'. £147,904). The number of stsff who received total emoluments over £60.000 were as follows: Numberof staff in Year to 31 March 2025 Numberof staff In Year to 31 March 2024 Bands £60,000- £70,000 £100,000-£110,000 £130,000- £140,000 £150,000- £160,000 24
Reach to Teach Notes to the Financial Statements (Continued) For the year ended 31st March 2025 8 Staff numbers The average numberof employees analysed byfunction was: 31-Mar 2025 Number 20.0 31-Mar 2024 Number Charitsble activities Raising funds 9 Net Income for the Year 314qar 2025 31-Mar 2024 The result is stated after charging.. Auditorfs remuneration Auditorfs remuneration- in respect of the subsidiary Auditorfs remuneration- non aucjit seNices Loss on exchange Operating leases Depreciation 13,440 7,800 3,615 125,878 143,108 7.343 12,000 7,970 191,647 127.961 11,327 10 Taxatlon The charitable company is a charity within the meaning of Para 1 Schedule 6 Finance Act 2010. Accordingly, the charity is potentially exempt from taxation In respect of income or capital gains within categories covered by Chapter 3 of 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 exclusively to charitable purposes. No UK tax charge arose in the period. However. its subsidiary, Reach to Teach Privale Limited, is liable for Indian corporation tax at 25°/o on its profits. The charge for Indian corporation tax was £50,648 <2024.. £66,024) 11 Tanglble Flxed Assets Group Flxtures & Flttlngs Computer Equipment Total Cost As at 1 April 2024 . Exchange revaluation Addilions Disposals As at 31st March 2025 500 (20) 87,023 (3,353) 7,984 87,523 (3,373) 8.564 73 987 Depreciation As at 1 April 2024 Exchange revaluation Charge for the year Disposals As at 31st March 2025 280 {12) 167 73 362 77,125 (3,115) 7,176 77,405 (3,127) 7,343 Net Book Value As at 31st March 2025 As at 31st March 2024 625 220 25
Reach to Teach Notes to the Financial Statements (Continued) For the year ended 31st Mareh 2025 11 Tangible Fixed Assets (continued) Charity Computer Equipment Total Cost As at 1 April 2024 Additions Disposals As at 31st March 2025 13,115 13,115 {11,955) Depreciation As at 1 April 2024 Charg8 forthe year Dlsposals As at 31st March 2025 12.148 386 55 579 12,148 386 (11,955) 579 11 Nel Book Value As at 31st March 2025 As at 31st March 2024 67 967 12 Investments R2T Ovèrseas Llmlted (Company number 06301862) Nature of busin8ss.' Investment of charitable funds into India 2025 2024 holding holding Class of Share.. Ordinary Aggregate capital and res8rv8S Result for the year 363 363 The fixed asset investment relates to the investment in a wholly-owned subsidiary, R2T Ovérseas Limitéd, 8 limited company registered in England and Wales. whose regisl8r8d offic8 is at 30 Orange Street. London, WC2H 7HF, United Kingdom. The company, in lurn. controls the Indian company, Reach to Teach Private Limited, Re8ch lo Teach Private Limited provides staff and operational resources to support the activitles of the Charity in India and has ils registered office at Raj Chamber, 51h Floor. New Nagardas Road, Mogra Peda, Andheri East. Mumbai 400053. India. The investments by th8 subsidiary company R2T Overseas Limited at th'e balance sheet date in the share capital of compÈnies include the following: Reach to Teach Private Limited Nature of buslness.. Investment ofcharilable funds to advance education amongst children and young persons in India. Country ol Incorporation.. India 2025 2024 holding holding Class of Sharès Ordinary (benefficially owned) The remaining 10A of the share capilal of Reach to Teach Privale Limited is owned directly by the Reach to Teach parent enb'ty. 99 99
Reach to Teach Notes to the Financial Statements (Continued) For the year ended 31st March 2025 12 Investments {contlnued) Results for the year ended 31 March 2025 Internal income (fees paid by Reach to Teach) Investment income Total income Administrative expenses Operating profit Corporate tax Resulls for the period Total funds brought forward at 1 April 2024 Total funds carried forward at 31 March 2025 2025 2024 1.328,034 60,855 1,388,889 (1.320,235) 68,654 (50,648) 18,006 502,519 520,525 1.616,322 53.088 1,669,410 (1,625,803) 43,607 (66,024) (22,417) 524.936 502,519 Balance Sheet at 31 March 2025 Fixed assets . Fixed deposits with banks Current Assets Debtors Cash at bank and in hand Curent Liabilities Creditors.. amounts falling due wilhin one year Intercompany payable Net current assets Creditors.. amounts falling due after one year Total net assets Capital and reserves Share capital Profit and loss reserve Shareholders funds 9,852 9,151 785,871 110.933 1,102,152 106,745 166,551 (114,128) (420,966) 677,991 146,971) 640,872 (185,601) {213,721) {126,026) (46,130) 622,866 120,347 520,525 640,872 The profit was generated by a mark-up on the operating expenses incurred in India. 13 Debtors Group 120,347 502,519 622.866 Charity 2024 2025 2024 2025 Other Debtors Accrued income Amounts due from group companies Prepayments and Accrued Income 110.170 603 87,107 7,010 603 420,966 213,721 16,522 127.295 21,586 108,693 423 763 223 633 14a Credltors: amounts falllng due wilhin one year Group Charity 2024 2025 2024 2025 Creditors and Accruals Taxes and social security Amounts due to group companles Corporation tax 119,097 25,377 187,713 31,258 27,179 831 363 39,075 1,442 363 11,203 144.474 230,174 Included in the accruals figu Is 8n amount of £94 {2024.' £605) in respecl of outstanding pension contributions. 27
Reach to Teach Notes to the Financial Statements (Continued) For the year ended 31st March 2025 14b Credltors: amounts falllng due after one year Group Charity 2025 2024 2025 2024 Creditors and Accruals 46,971 46.131 15 Funds Group 2025 81Fwd Income Expendlture CIFwd Restrfcted Funds Other donations and other income Grant income (1.757,084) 6 047 998 11,815 (1,609,338) (3,354,607) 6 047 998 Total restricted funds Unrestrlcted Funds 4.290,914 401913 4.692,827 11,815 (1.609,338) 2,693.391 592 763 3.286,154 202,665 (1.609,338) Group 2024 BIFwd Incorne Expendlture CIFwd . Re5trlcted Funds Other donations and other income Grant income 314,826 6 047 998 6,133 (2.078,043) (1,757,084) 6 047 998 Totsl restricted funds Unreslricted Funds 6.362.824 158 598 6.521.422 6,133 243 335 {2.078.043) 20 4,290,914 401913 4.692,827 249,468 (2.078,063) Charity 2025 BIFwd Income Expenditure CIFwd Restrlcted Funds Other donations and other income Grant income (1.784,809) 5 541787 11,815 (1.591,8091 (3,364.803) 5 541787 Totsl restricted funds Unrestricted Funds 3.756,978 11,815 129 995 141.810 (1,591,809) 2,176,984 4,081,619 (1,591,809) 2,631,620 Charlty 2024 BIFwd Income Expendlture CIFwd Restrlcted Funds Other donations and other income Grant income 268,770 6.133 {2.059,712) {1,784,809) 5 541 787 Total restricted funds Unrestrfcted Funds 5,810.557 6.133 190 247 196.380 (2.059,712) 20 (2.059,732) 3,756.978 5,944,971 4,081,619 Grant income.. This fund arose by way of grants made to the charity to pursue the charity's objects within specified regions in India. Other donations and interest: This income will be used to support the charity's charitable activities in 2025 and onwards. 28
Reach to Teach Notes to the Financial Statements (Continued) For the year ended 31st March 2025 16 Net Assets Spllt Group 2025 Unrestricted Funds Restricted Funds Total 2025 Tangible Assets Other long term assets Prepayments & Accrued Income Other Debtors Cash at bank and in hand Creditors 10,433 2,071 16,519 110,776 2.745.037 10,433 2,071 16,519 110,776 3.337,800 592,763 592 763 2 693 391 3 286 154 Group 2024 Unrestrlcted Funds Restrfcted Funds Total 2024 Tangible Assets Fixed deposits with banks Prepayments & Accrued Income Other Debtors Cash al bank and in hand Creditors 10,118 785,871 21,586 87.107 3,662,537 276 305 10,118 785,871 21,586 87,107 4,064,450 276 305 401,913 Charlty 2025 Unrestrlcted Funds Restrlcted Funds Total 2025 Tangible Assets Prepayments & Accrued Income Other Oebtors Cash at bank and in hand Creditors 581 2,194 421,569 1.781.013 581 2,194 421,569 2,235.649 454,636 2 176984 2 631620 Charlty 2024 Unrestrfcted Funds Restrfcted Funds Total 2024 Tangible Assets Prepayments & Accrued Income Other Debtors Cash at bank and in hand Creditors 967 2,902 220,731 3,573,258 967 2,902 220,731 3.897,899 324.641 3 756 978 4 081619 29
Reach to Teach Notes to the Financial Statements (Continued) For the year ended 31st March 2025 17 Related Parties One thousand shares in Reach to Teach Private Ltd (India) are held by R2T Overseas Llmited, which is a subsidiary of the Charity. To date, almost all of the Charity's funding has come from the Larry Ellison Foundation ("the Foundation") The grant agreement sets out the detailed terms and conditions with which the Charity must comply. The key terms are a requirement lo provide regular progress reports, including a detailecl report on aclivities and expendilure each year. 18 Lease commitments At 31 March 2025 the Charity had total commitments under non-cancellable operating leases as follows: 2025 2024 Operating leases expiring.. Within one year Within one to five years 66,700 251 7,283 19 Post Balance Sheet Events In August 2025 the Charity entered into a Grant Agreement with the Reach to Teach Foundation. The Grant Agreement runs until March 2027 and is for a grant amount of up to USD 2 million. The first tranch of money of USD 1 million was paid in August and September 2025. The Charity is satisfied that the mission and work of the Reach to Teach Foundation is very closely aligned with that of the Charity.The Grant will enable the Reach to Teach Foundation to take over the Charity's projects in Gujarat and Haryana. The Indian subsidiary of the Charity, Reach to Teach Private Limited which previously delivered the Charity's projects in Gujarat and Haryana will be wound up in the next few months. The winding up of Reach to Teach Private Limited is expected to be completed in mid 2026. 30