**REGISTERED CHARITY NUMBER:**
## **REPORT OF THE TRUSTEES AND**
## **FINANCIAL STATEMENTS**
## **FOR THE YEAR ENDED 31 MARCH 2024**
## **FOR**
## **LEBARA FOUNDATION**
MGR Paris Limited Chartered Accountants Russell House 140 High Street Edgware HA8 7LW
**LEBARA FOUNDATION**
**CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024**
|||**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|13|
|**Detailed Statement of Financial Activities**||14||
**LEBARA FOUNDATION**
**REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024**
The trustees present their report with the financial statements of the charity for the year ended 31 March 2024. 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 2024. 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 2024, 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**
## **Principal address**
Russell House 140 High Street Edgware Middlesex HA8 7LW
Page 1
**LEBARA FOUNDATION**
**REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024**
## **Trustees**
B Rees A Saigal **Independent Examiner** MGR Paris Limited Chartered Accountants Russell House 140 High Street Edgware HA8 7LW 29/01/25 Approved by order of the board of trustees on ............................................. and signed on its behalf by:
................................................................................ B Rees - Trustee
Page 2
**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 31 March 2024.
## **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:
1. accounting records were not kept in respect of the Trust as required by Section 130 of the Act; or
2. the accounts do not accord with those records; or
3. 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
MGR Paris Limited Chartered Accountants Russell House 140 High Street Edgware HA8 7LW
Date: .............................................
Page 3
**LEBARA FOUNDATION**
## **STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2024**
**----- Start of picture text -----**
31.3.24 31.3.23
Unrestricted Total
fund funds
Notes £ £
INCOME AND ENDOWMENTS FROM
Donations and legacies 2 25,000 40,110
EXPENDITURE ON
Raising funds 3 1 -
Charitable activities 4
-
Expenditure on Charitable Activities 11,868
Expenditure on governance 29,394 255,821
Total 29,395 267,689
Net gains/(losses) on investments 29,230 (52,517)
NET INCOME/(EXPENDITURE) 24,835 (280,096)
RECONCILIATION OF FUNDS
Total funds brought forward 1,316,486 1,596,582
TOTAL FUNDS CARRIED FORWARD 1,341,321 1,316,486
**----- End of picture text -----**
The notes form part of these financial statements
Page 4
**LEBARA FOUNDATION**
## **BALANCE SHEET 31 MARCH 2024**
|**Notes**
**FIXED ASSETS**
Investments
9
**CURRENT ASSETS**
Debtors
10
Cash at bank|**31.3.24**
**31.3.23**
**Unrestricted**
**Total**
**fund**
**funds**
**£**
**£**
1,195,718
1,166,487
99,389
99,389
52,215
53,910|
|---|---|
|**CREDITORS**
Amounts falling due within one year
11|151,604
153,299
(6,001)
(3,300)|
|**NET CURRENT ASSETS**|145,603
149,999|
|**TOTAL ASSETS LESS CURRENT LIABILITIES**|1,341,321
1,316,486|
|**NET ASSETS**|1,341,321
1,316,486|
|**FUNDS**
12
Unrestricted funds|1,341,321
1,316,486|
|**TOTAL FUNDS**|1,341,321
1,316,486|
29/01/25
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
Page 5
**LEBARA FOUNDATION**
## **CASH FLOW STATEMENT FOR THE YEAR ENDED 31 MARCH 2024**
**----- Start of picture text -----**
31.3.24 31.3.23
Notes £ £
Cash flows from operating activities
Cash generated from operations 1 (1,694) (227,579)
-
Interest paid (1)
Net cash used in operating activities (1,695) (227,579)
Change in cash and cash equivalents in the
reporting period (1,695) (227,579)
Cash and cash equivalents at the beginning of
the reporting period 53,910 281,489
Cash and cash equivalents at the end of the
reporting period 52,215 53,910
**----- End of picture text -----**
The notes form part of these financial statements
Page 6
**LEBARA FOUNDATION**
**NOTES TO THE CASH FLOW STATEMENT FOR THE YEAR ENDED 31 MARCH 2024**
|**1.**
**RECONCILIATION OF NET INCOME/(EXPENDITURE) TO NET CASH FLOW FROM OPERATING**
**Net income/(expenditure) for the reporting period (as per the Statement of**
**Financial Activities)**
**Adjustments for:**
(Gain)/losses on investments
Interest paid
Increase in creditors|**ACTIVITIES**
**31.3.24**
**31.3.23**
**£**
**£**
24,835
(280,096)
(29,230)
52,517
1
-
2,700
-|
|---|---|
|**Net cash used in operations**|(1,694)
(227,579)|
|**2.**
**ANALYSIS OF CHANGES IN NET FUNDS**
**At 1.4.23**
**£**
**Net cash**
Cash at bank
53,910|**Cash flow**
**At 31.3.24**
**£**
**£**
(1,695)
52,215|
|53,910|(1,695)
52,215|
|**Total**
53,910|(1,695)
52,215|
The notes form part of these financial statements
Page 7
**LEBARA FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024**
## **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.
continued...
Page 8
**LEBARA FOUNDATION**
**NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024**
**----- Start of picture text -----**
2. DONATIONS AND LEGACIES
31.3.24 31.3.23
£ £
Donations 25,000 40,110
3. RAISING FUNDS
Other trading activities
31.3.24 31.3.23
£ £
Interest payable and similar charges 1 -
4. CHARITABLE ACTIVITIES COSTS
Grant
funding of
activities Support
Direct (see note costs (see
Costs 5) note 6) Totals
£ £ £ £
Expenditure on governance 1,107 25,587 2,700 29,394
5. GRANTS PAYABLE
31.3.24 31.3.23
£ £
Expenditure on governance 25,587 252,000
The total grants paid to institutions during the year was as follows:
31.3.24 31.3.23
£ £
Grants 25,587 252,000
**----- End of picture text -----**
Please see Note 12 for explanation of these transactions.
continued...
Page 9
**LEBARA FOUNDATION**
**NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024**
## **6. SUPPORT COSTS**
**----- Start of picture text -----**
|||
|---|---|
|Governance|
|costs|
|£|
|Expenditure on governance|2,700|
**----- End of picture text -----**
## **7. TRUSTEES' REMUNERATION AND BENEFITS**
There were no trustees' remuneration or other benefits for the year ended 31 March 2024 nor for the year ended 31 March 2023.
## **Trustees' expenses**
There were no trustees' expenses paid for the year ended 31 March 2024 nor for the year ended 31 March 2023.
## **8. STAFF COSTS**
The average number of employees during the year was as follows
**----- Start of picture text -----**
2024 2023
1 1
**----- End of picture text -----**
No employees received emoluments.
## **9.**
## **FIXED ASSET INVESTMENTS**
**----- Start of picture text -----**
|||
|---|---|
|Shares In Group|
|Undertakings£|
|Cost at 31 March 2023 and 31 March 2024|2,669,644|
|Impairments at 31 March 2023|(1,503,157)|
|Impairments in the year|29,230|
|Impairments at 31 March 2024|(1,473,927)|
|Net Book Value|
|At March 2024|1,195,717|
|At March 2023|1,166,487|
**----- End of picture text -----**
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.
continued...
Page 10
**LEBARA FOUNDATION**
**NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024**
## **9. FIXED ASSET INVESTMENTS - continued**
A summary of the income and expenditure and balance sheet for Lebara Foundation (India) is set out below.
## **10.**
## **11.**
## **12.**
|**Year to 31 March 2024**
Income
Charitable expenditure
Net Profit for the period
Tangible fixed assets
Current assets
Current liabilities
Net assets||**£**
138,434
(66,595)
**71,839**
1,095,407
300,162
(199,852)
**1,195,717**
**31.3.24**
**£**
99,389
**31.3.24**
**£**
3,000
3,001
6,001
**Net**
**movement**
**in funds**
**£**
24,835
24,835
**Gains and**
**losses**
**£**
29,230
29,230|**31.3.23**
**£**
99,389
**31.3.23**
**£**
-
3,300
3,300
**At**
**31.3.24**
**£**
1,341,321
1,341,321
**Movement**
**in funds**
**£**
24,835
24,835|
|---|---|---|---|
|**DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**
Other debtors
**CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**
Trade creditors
Other creditors
**MOVEMENT IN FUNDS**
**Unrestricted funds**
General fund
**TOTAL FUNDS**
Net movement in funds, included in the above are as follows:
**Incoming**
**resources**
**£**
**Unrestricted funds**
General fund
25,000
**TOTAL FUNDS**
25,000|**At 1.4.23**
**£**
1,316,486
1,316,486
**Resources**
**expended**
**£**
(29,395)
(29,395)|||
continued...
Page 11
**LEBARA FOUNDATION**
**NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024**
## **12. MOVEMENT IN FUNDS - continued**
## **Comparatives for movement in funds**
|**At 1.4.22**
**£**
**Unrestricted funds**
General fund
1,596,582
**TOTAL FUNDS**
1,596,582
Comparative net movement in funds, included in the above are as follows:
**Incoming**
**Resources**
**resources**
**expended**
**£**
**£**
**Unrestricted funds**
General fund
40,110
(267,689)
**TOTAL FUNDS**
40,110
(267,689)|**Net**
**movement**
**in funds**
**£**
(280,096)
(280,096)
**Gains and**
**losses**
**£**
(52,517)
(52,517)|**At**
**31.3.23**
**£**
1,316,486
1,316,486
**Movement**
**in funds**
**£**
(280,096)
(280,096)|
|---|---|---|
A current year 12 months and prior year 12 months combined position is as follows:
|**Unrestricted funds**
General fund
**TOTAL FUNDS**|**At 1.4.22**
**£**
1,596,582
1,596,582|**Net**
**movement**
**in funds**
**£**
(255,261)
(255,261)|**At**
**31.3.24**
**£**
1,341,321
1,341,321|
|---|---|---|---|
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|**Incoming**
**Resources**
**Gains and**
**resources**
**expended**
**losses**
**£**
**£**
**£**
65,110
(297,084)
(23,287)|**Movement**
**in funds**
**£**
(255,261)|
|---|---|---|
|**TOTAL FUNDS**|65,110
(297,084)
(23,287)|(255,261)|
continued...
Page 12
**LEBARA FOUNDATION**
**NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024**
## **13. RELATED PARTY DISCLOSURES**
During the year to 31 March 2024, the charity made grants to Lebara Foundation (Sri Lanka) of £25,587.
In 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.
At 31 March 2024, the charity was owed £99,389 ( 2023 : £99,389) by Lebara Foundation (India) in respect of interest on funds deposited in India that are due for repatriation to the UK charity.
Page 13
**LEBARA FOUNDATION**
## **DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2024**
**----- Start of picture text -----**
31.3.24 31.3.23
£ £
INCOME AND ENDOWMENTS
Donations and legacies
Donations 25,000 40,110
Total incoming resources 25,000 40,110
EXPENDITURE
Other trading activities
Bank interest 1 -
Charitable activities
Insurance 792 3,821
Bank charges 315 512
Grants to institutions 25,587 252,000
26,694 256,333
Support costs
Governance costs
Accountancy fees 2,700 3,300
-
Legal Fees 8,056
2,700 11,356
Total resources expended 29,395 267,689
Net expenditure before gains and losses (4,395) (227,579)
Realised recognised gains and losses
Realised gains/(losses) on fixed asset investments 29,230 (52,517)
Net income/(expenditure) 24,835 (280,096)
**----- End of picture text -----**
This page does not form part of the statutory financial statements
Page 14