REGISTERED CHARITY NUMBER: 1122734
REPORT OF THE TRUSTEES AND
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2023
FOR
LEBARA FOUNDATION
The Paris Partnership LLP Chartered Accountants Russell House 140 High Street Edgware Middlesex HA8 7LW
LEBARA FOUNDATION
CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2023
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Page
Report of the Trustees 1 to 2
Independent Examiner's Report 3
Statement of Financial Activities 4
Balance Sheet 5
Cash Flow Statement 6
Notes to the Cash Flow Statement 7
Notes to the Financial Statements 8 to 12
Detailed Statement of Financial Activities 13
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LEBARA FOUNDATION
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST MARCH 2023
The trustees present their report with the financial statements of the charity for the year ended 31st March 2023. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).
During the period, the Foundation mainly operated in India through the Foundation's subsidiary charity, and in Sri Lanka through a local partner charity.
The Foundation's work has been funded by historic donations from a private individual and corporate entities.
Projects in India
The Indian subsidiary charity has continued to fund its existing projects that were supported in the previous periods throughout the period to 31 March 2023. The projects focus on:
Health
In the period, Cancer treatment was provided for children (through the Institute of Child Health and Hospital for Children)
Education
As part of the higher education support programme, Scholarships were provided for 100 students.
Safe Water
Funding for Reverse Osmosis Water Plants in the Sri Lankan Refugee camps in Tamil Nadu has been provided. The main objectives of the programme, to provide safe drinking water has resulted in reduced morbidity, especially due to diseases amongst very young children.
The Foundation also works on an ad hoc basis with a number of charities and organizations that promote the Foundation's objectives.
Projects in Sri Lanka
In the period to 31 March 2023, the LBR Foundation Sri Lanka continued to support projects through its partners. The projects continue to focus on:
Education
Rehabilitation of persons with disabilities including livelihood support
STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document
The charity is controlled by its governing document, a deed of trust and constitutes an unincorporated charity.
REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number 1122734
Principal address
Russell House 140 High Street Edgware Middlesex HA8 7LW
Trustees
B Rees A Saigal
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LEBARA FOUNDATION
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST MARCH 2023
REFERENCE AND ADMINISTRATIVE DETAILS Independent Examiner The Paris Partnership LLP Chartered Accountants Russell House 140 High Street Edgware Middlesex HA8 7LW 31/01/24 Approved by order of the board of trustees on ............................................. and signed on its behalf by:
.......................................................................... B Rees - Trustee
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INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF LEBARA FOUNDATION
Independent examiner's report to the trustees of Lebara Foundation
I report to the charity trustees on my examination of the accounts of Lebara Foundation (the Trust) for the year ended 31st March 2023.
Responsibilities and basis of report
As the charity trustees of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the Act').
I report in respect of my examination of the Trust's accounts carried out under Section 145 of the Act and in carrying out my examination I have followed all applicable Directions given by the Charity Commission under Section 145(5)(b) of the Act.
Independent examiner's statement
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
-
accounting records were not kept in respect of the Trust as required by Section 130 of the Act; or
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the accounts do not accord with those records; or
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the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination.
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
Lee Paris
The Paris Partnership LLP Chartered Accountants Russell House 140 High Street Edgware Middlesex HA8 7LW
Date: ....31/01/24.........................................
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LEBARA FOUNDATION
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31ST MARCH 2023
| Notes INCOME AND ENDOWMENTS FROM Donations and legacies 2 EXPENDITURE ON Charitable activities 3 Expenditure on governance Net gains/(losses) on investments NET INCOME/(EXPENDITURE) RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD |
2023 Unrestricted fund £ 40,110 267,689 (52,517) (280,096) 1,596,582 1,316,486 |
2022 Total funds £ 499 (207,089) (312,178) (104,590) 1,701,172 1,596,582 |
|---|---|---|
The notes form part of these financial statements
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LEBARA FOUNDATION
BALANCE SHEET 31ST MARCH 2023
| Notes FIXED ASSETS Investments 8 CURRENT ASSETS Debtors 9 Cash at bank CREDITORS Amounts falling due within one year 10 NET CURRENT ASSETS TOTAL ASSETS LESS CURRENT LIABILITIES NET ASSETS FUNDS 11 Unrestricted funds TOTAL FUNDS |
2023 Unrestricted fund £ 1,166,487 99,389 53,910 153,299 (3,300) 149,999 1,316,486 1,316,486 1,316,486 1,316,486 |
2022 Total funds £ 1,219,004 99,389 281,489 380,878 (3,300) 377,578 1,596,582 1,596,582 1,596,582 1,596,582 |
|---|---|---|
31/01/24
The financial statements were approved by the Board of Trustees and authorised for issue on ............................................. and were signed on its behalf by:
............................................. B Rees - Trustee
The notes form part of these financial statements
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LEBARA FOUNDATION
CASH FLOW STATEMENT FOR THE YEAR ENDED 31ST MARCH 2023
| Notes Cash flows from operating activities Cash generated from operations 1 Net cash (used in)/provided by operating activities Change in cash and cash equivalents in the reporting period Cash and cash equivalents at the beginning of the reporting period Cash and cash equivalents at the end of the reporting period |
2023 £ (227,579) (227,579) (227,579) 281,489 53,910 |
2022 £ 208,139 208,139 208,139 73,350 281,489 |
|---|---|---|
The notes form part of these financial statements
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LEBARA FOUNDATION
NOTES TO THE CASH FLOW STATEMENT FOR THE YEAR ENDED 31ST MARCH 2023
| 1. RECONCILIATION OF NET EXPENDITURE TO NET CASH FLOW FROM OPERATING ACTIVITIES 2023 £ Net expenditure for the reporting period (as per the Statement of Financial Activities) (280,096) Adjustments for: Losses on investments 52,517 Increase in creditors - |
1. RECONCILIATION OF NET EXPENDITURE TO NET CASH FLOW FROM OPERATING ACTIVITIES 2023 £ Net expenditure for the reporting period (as per the Statement of Financial Activities) (280,096) Adjustments for: Losses on investments 52,517 Increase in creditors - |
1. RECONCILIATION OF NET EXPENDITURE TO NET CASH FLOW FROM OPERATING ACTIVITIES 2023 £ Net expenditure for the reporting period (as per the Statement of Financial Activities) (280,096) Adjustments for: Losses on investments 52,517 Increase in creditors - |
2022 £ (104,590) 312,178 551 |
|---|---|---|---|
| Net cash (used in)/provided by operations | (227,579) | 208,139 | |
| 2. ANALYSIS OF CHANGES IN NET FUNDS Net cash Cash at bank |
At 1.4.22 £ 281,489 |
Cash flow £ (227,579) |
At 31.3.23 £ 53,910 |
| 281,489 | (227,579) | 53,910 | |
| Total | 281,489 | (227,579) | 53,910 |
The notes form part of these financial statements
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LEBARA FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2023
1. ACCOUNTING POLICIES
Basis of preparing the financial statements
The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Charities Act 2011. The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value.
Income
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.
Expenditure
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure.
Governance costs
Governance costs are those associated with the governing of the charity not relating to fundraising, charitable activities or day to day management
Taxation
The charity is exempt from tax on its charitable activities.
Fund accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.
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LEBARA FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST MARCH 2023
| 2. DONATIONS AND LEGACIES Donations 3. CHARITABLE ACTIVITIES COSTS Direct Costs £ Expenditure on governance 4,333 4. GRANTS PAYABLE Expenditure on governance The total grants paid to institutions during the year was as follows: Grants Please see Note 12 for explanation of these transactions. 5. SUPPORT COSTS Expenditure on governance 6. TRUSTEES' REMUNERATION AND BENEFITS |
Direct Costs £ 4,333 as as follows: |
Grant funding of activities (see note 4) £ 252,000 |
2023 £ 40,110 Support costs (see note 5) £ 11,356 2023 £ 252,000 2023 £ 252,000 |
2022 £ 499 Totals £ 267,689 2022 £ (214,993) 2022 £ (214,993) |
|---|---|---|---|---|
| Governance costs £ 11,356 |
There were no trustees' remuneration or other benefits for the year ended 31st March 2023 nor for the year ended 31st March 2022.
Trustees' expenses
There were no trustees' expenses paid for the year ended 31st March 2023 nor for the year ended 31st March 2022.
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LEBARA FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST MARCH 2023
7. STAFF COSTS
The average number of employees during the year was as follows
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2023 2022
1 1
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No employees received emoluments.
8. FIXED ASSET INVESTMENTS
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Shares In
Group
Undertakings
£
Cost at 31 March 2022 and 31 March 2023 2,669,644
Impairments at 31 March 2022 (1,450,640)
Impairments in the year (52,517)
Impairments at 31 March 2023 (1,503,157)
Net Book Value
At March 2023 1,166,487
At March 2022 1,219,004
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The investment is in Lebara Foundation (India) a company registered and operating in India
The Lebara Foundation holds 99% of the share capital of Lebara Foundation (India). The charity had provided funding to Lebara Foundation (India) by increasing its investment in the share capital as the Indian subsidiary was unable to accept donations from overseas entities at the time. Lebara Foundation (India) used these resources in line with the charity's wider aims and objectives. The investment provided by Lebara Foundation in its subsidiary is reflected as an investment but by virtue of the reduction of net assets in the subsidiary, due to utilising the investment for charitable purposes, the investment has to date been impaired on an annual basis to reflect the net asset value of the subsidiary.
A summary of the income and expenditure and balance sheet for Lebara Foundation (India) is set out below.
| Year to 31 March 2023 | £ |
|---|---|
| Income Charitable expenditure Net Loss for the period Tangible fixed assets Current assets Current liabilities Net assets |
123,999 (151,114) (27,115) 1,137,962 238,553 (210,028) 1,166,487 |
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LEBARA FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST MARCH 2023
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9. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£ £
Other debtors 99,389 99,389
10. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£ £
Other creditors 3,300 3,300
11. MOVEMENT IN FUNDS
Net
movement At
At 1.4.22 in funds 31.3.23
£ £ £
Unrestricted funds
General fund 1,596,582 (280,096) 1,316,486
TOTAL FUNDS 1,596,582 (280,096) 1,316,486
Net movement in funds, included in the above are as follows:
Incoming Resources Gains and Movement
resources expended losses in funds
£ £ £ £
Unrestricted funds
General fund 40,110 (267,689) (52,517) (280,096)
TOTAL FUNDS 40,110 (267,689) (52,517) (280,096)
Comparatives for movement in funds
Net
movement At
At 1.4.21 in funds 31.3.22
£ £ £
Unrestricted funds
General fund 1,701,172 (104,590) 1,596,582
TOTAL FUNDS 1,701,172 (104,590) 1,596,582
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LEBARA FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST MARCH 2023
11. MOVEMENT IN FUNDS - continued
Comparative net movement in funds, included in the above are as follows:
| Unrestricted funds General fund TOTAL FUNDS |
Incoming resources £ 499 499 |
Resources expended £ 207,089 207,089 |
Gains and Movement losses in funds £ £ (312,178) (104,590) (312,178) (104,590) |
|---|---|---|---|
A current year 12 months and prior year 12 months combined position is as follows:
| Unrestricted funds General fund TOTAL FUNDS |
At 1.4.21 £ 1,701,172 1,701,172 |
Net movement in funds £ (384,686) (384,686) |
At 31.3.23 £ 1,316,486 1,316,486 |
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A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:
| Unrestricted funds General fund TOTAL FUNDS |
Incoming resources £ 40,609 40,609 |
Resources expended £ (60,600) (60,600) |
Gains and Movement losses in funds £ £ (364,695) (384,686) (364,695) (384,686) |
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12. RELATED PARTY DISCLOSURES
During the year to 31 March 2023, the charity made grants to Lebara Foundation (India) a 99% owned subsidiary of £42,000. The charity also donated £110,000 to St Helens School and to Lebara Foundation (Sri Lanka) of £100,000.
In 2022, the charity made donations of £124,082 but received a repayment of donations, as below, of £339,075 which has been disclosed as a combined figure of (£214,993).
In 2019 the charity made donations to Lebara Foundation India of £339,075 that, due to legal restrictions in India, the receiving charity were unable to use. The funds were held on deposit until the charity was legally able to return the funds to the UK charity. The funds were returned in the financial period ended 31 March 2022.
At 31 March 2023, the charity was owed £99,389 by Lebara Foundation (India) in respect of interest on funds deposited in India that are due for repatriation to the UK charity.
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LEBARA FOUNDATION
DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31ST MARCH 2023
| INCOME AND ENDOWMENTS Donations and legacies Donations Total incoming resources EXPENDITURE Charitable activities Insurance Bank charges Grants to institutions Support costs Governance costs Accountancy fees Legal Fees Total resources expended Net (expenditure)/income before gains and losses Realised recognised gains and losses Realised gains/(losses) on fixed asset investments Net expenditure |
2023 £ 40,110 40,110 3,821 512 252,000 256,333 3,300 8,056 11,356 267,689 (227,579) (52,517) (280,096) |
2022 £ 499 499 3,821 233 (214,993) (210,939) 3,850 - 3,850 (207,089) 207,588 (312,178) (104,590) |
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This page does not form part of the statutory financial statements
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