COMPANY REGISTRATION NUMBER.. 06588239 CHARtrY REGISTRATION NUMBER: 1127366 The British Asian Trust Company Limited by Guarantee Consolidated Financial Ststements 31 March 2021 Imi 4A4)IJKGY4 2311212021 COMPANIES HIYJSÉ A35 11253 BURGESS HODGSON LLP Chartered accountants & statutory auditor Camburgh House 27 New Dover Road Canterbury Kent CT1 3DN
The British Asian Trust Company Limited by Guarantee Financial Statements Year ended 31 March 2021 Page Group trustees. annual report {incorporating the directors, report) Independent auditorfs report to the members 14 Consolidated statement of financial activities (induding income and expenditure account) 18 Consolidated ststement of financial position 19 ststement of financial position 20 Consolidated statement of sh ffows 21 Notes to the financial statements 22
The British Asian Trust Company Limited by Guarantee Group Trustees. Annual Report (Incorporating the Directors. Report) Year ended 31 March 2021 The Intstees, who we also ts dir5 fy Ihe Pur[Se$ of c¢3mpany law. wesent fvir reryt and the finanLya Stat of the group for the year ¢ndÈd 31 2021. R•f•refftc¢ and athnlnlstrat•v• d•talls Reglstered ¢harlty name The Brilith Asan Try1 Charlty registrntion nurnber 1127366 Company r•gistratlon number (588239 Principal offie• regist•rnd Clerte Hse Sl James's Palace SW1A 1BA Manoi Bada ICh"mnl Shalni Arrya ITreasurwl Chrislopher Malhi&s Asil RaThJcx)nwalè Ramani Ganesh Ruth Ganesh Lor(l Jitesh Gadhia F4wzana BJuel IAwJinted 3 February 20211 Shenila Rla1 and Vwun ChaThYra we(e aprltj as trustees 21 ju 2021. Senior Management Team Rthard Hawkes Hitan Mehta Abha Thrrt.Sh8h Emma Porteous Colman Cawo Saleem Khan Ctr#ef Extive Executive Director Exec1Ve DI (S181 Fina) Director o( Finarte & Resojrces Owector of FundrasirKJ India Dirtctor coMnY s•er•t¥y MeMa Audltor Burgess H(x*50n LLP Chartered accounlants"& 51aiutw audilor Camburgh House 27 New Dover Road CanterbJry Kenl CTI 3DN Banko HSBC Bank plc 79 Piccadilty London W1J 8EU Sol•¢itors Stephènson Harw(M Finstvjry Circus L(dOn EC2M 7SH
The British Asian Trust
Company Limited by Guarantee
Group Trustees. Annual Report (Incorporating the Directors. Report)
Year ended 31 March 2021
Chaivs Over¥iew
2020 121 was Ufy8c&JenbJ ofLS forlhè t4ld, In hLWJ8 LAIW x05s 1h
Asia (or the 8rifr'5h Asian Tnjst as w w9an1sab". At a b.me 7•then we we In Ihe lDn rn0 th
ever, ourentiie went wranne. which ts ai the heartofour ino)me gewart, Wd5 W1j tyjt. Like many other
organisab"ons, we took difficult staffing de09$. tnduding vsrng Ihe Govemmenfs furtough But these
actH)ns. together W•ith our tre1$ [lIty 8Th1 a"Ity lo a¢W qLW. not surel1 that we got Ihrough the
year, but so resul in u5 dekvering som8 remarkth 5LX£85ses.
(>Jr immedth respCe to ts COVID-19 crisis to bunth an EnY9erry Appeal that raised £1m an¢
enabled us to support rrK)re than 140,0 Pe with ¢Jryent fDOd and Melti SUpre5. We rUl0 not h8ve done
IhJ'5 Without irKred•ble gerwosity of r51)0rtS. rn(t especialy th-. Nik Kotetha CBE and the RaThlal
Charitable Foundatwm and Shayan F. Rahman. Chairof OLX Bws4adesh Advi80ry Couwl. We also ran a
5ucces5fiJl"Brib5h Asian Hetues" campaign hvjhbghbng some of the arnaziFKJ work done by indrviduaLs from the
Br"sh Asian wmmunity ¥Joss the UK ¢fvrirMJ Ihe COV1[19 ¢ypsis. As Ihe situation deteriorated in India. in March
l Apn'l 2021 we ran another erner9en appeal'oxygen for India" and qurte rern3rkably Ihis raised more than
£&n.
As our physical events kntre cancdkd. had to be creatwe. Our BNJ Curry Night In lifted the nation's SF4nts and
raised vital funtjs for ourmirk. We quithly eSNiShed our'8AT Ingghts. series of "nar¥ t"ngIng together
eminent 8ribsh Asian Soulh AS1 Wrtioarts. bu$rS tre[lts and phibnthropists. The
prOgraMn included HRH The pnn ol wa5, a rarJe ol senior UK poli48r6. business leaders such as Tryn
Singh OBE and SirrK)n prnalISt Sathnam Saryhen slar5 frorn ihe of Srt and entertalnrr.
TradrtK)na fuTrJiry streawts h4e never been urthr SLth pre5svre. IrArj that inrthation is mrye Important
than 8ver. We continue to be gk)ba peets in Slxyal fina)ce. new inrtiativ85 and buiklirvj 8vid8nc•
Itarning in Ihe sect(. We $uccesslulty struaured and rats&l the funds fora ne $14 4m'Skill India Impacl
Bond. wrth partnets induding NatM)nal SlIs Developmenl Cr)n in lTh¥ia and we have started in
Pakistan ft)r th8 Developml Bank to expknre the FQtents for th? fil irnpad bond the cryjntry. The
exible approath offered by sooal finance meant that, de¥xte S
The British Asian Trust Company Limited by Guarantee Group Trustees. Annual Report (Incorporating the Dlrectors, Report) {ctuthued) Year ended 31 March 2021 Ir vision and mission Cxjr vish?n is a South Asia free from pjverty where everyone can meet trir full pot8ntial. Jr mission is lo unk[ the potential of disadvartsged peop in SjIh Asia by maximising ttte impact and support from th& South Asan dIa¥[a and beyond. About us We want to see a South Asra that is prospering aThJ fair ftjr all. work supports largtrsca. sustanable solutions that enae pc and marginalised peOe to achieve iheir fvll potential. We were founded by His Royal Highness. The PrwKe of Wales and a group of visionary British Asians lo d81i¥er effective programmes lo help tackle poverty and irwuality in Soulh Asia. We are a unique organi5a11¢. driven by the S(MJth knan diasptya by a powerhjl belief that rf we are lo tsckle the scale 8nd complexty of the thalnges in South Asia. we have to be innovative and ambitious. Chjr programmes. are fcKused on outc(Ynes and impact. te woblems and inequalities in the area5 of education. INelihoc4Js. anti-traffKking, mental heallh and conser¥alion. Public bgngflt The Brittsh Asian Trust operates for publ benefit and general charitabte purposes according to the laws of England and Wales. The trustees confiftn Ihat Ihey have fer lo infomabon ¢taIned in the Charity Commission's general guidance (m publi¢ bonefft when reviwng the Brttish Asian Trusvs aim5 arKI oblte, and in planning activrties aThJ setting policies for the year ahead. This report outlines how our achievemenis and perf0mla during 2020121 have contributed lo the lurtherance of ¢harilable pufp0s¢5 in the areas of e(lu¢ab"on, Ir¥elih¢)od5. anli-lralfickin9. mental heallh and conservation Trn Souih Asrd. Our approach The ale and complexity of challenges in Souih A&a demand new and holislic approa¢hes to ts¢klin9 them. That is why we develop and deliver progrnmmes wth hoh impact. Driven by the British Asian diaspora. we convene powerful cross-seclor partnerships. derS and *Jeas ihat have the potential to tackle poverty and Injusti at scale. We are ccrfnrned to thinking differently aboLrt the chalenges in South Asia. disrupts'ng Ihe traditional development agenda and ensuring that our solutions are fit for purpose. Our work draws upon the breadth of innovalion and learning in the seclor and creates op1UnIes for greater impact. We work with brilliant social enterprises. privale sector and NGO parther organisations. supporting them with funding. ¢apa¢tty buik1ing as well as monttrffing. evaluation and learning, in order to deliver strategic programmes.
The British Asian Trust Company Llmited by Guarantee Group Trustees. Annual Report (Incorporating the Directors, Report) (contin Year ended 31 March 2021 Our v•orK' We supp(x1 Calatyt. scafabbe and sustainable progrnme5 that leverage technology appropriately. We collaborate with GoveM1r1. both in the UK arKI South Asia. We WO with the private to en it is part of sctial charMJe. We coltaborate wtlhin the NGO s8Ctor Cvene different stakehdders lo together. We invest in kaming. inn¢)vation and pthtreweneur5hip lo ensure effrttive solutions. Wg inlluence swal investment by driving rw social finance lools to unIC gNing. Our programm• w•as: Education: While enrolMl in schools improved, the qualty of education continues to be a major challenge across South Asia. (r programmes fccus on improving the qualrty of leaming and giving ¢t#ldn the buiK1ing blctks lo a bright¥ fijture by transfomin9 e¢JatiOfi at scab. LI1•hoOdS. Almost half of the wodd's poor people Ive in South Asia. Lack of qualrty livelihoods is one ol Ihe main conlribut(xs to poverty. We supp[ women and young people in particular to evelop skills and access to markets that wll provide secure Jobs and successful businesses. Anti•Tr•ffi¢king- The are estimated to be hundreds of thousands of new instancas ol Iraffi¢king in South Asia every year, dispfoporbonately impacting women and childr. We work towaids ending child trafficking and chikl labour in the rewn by buikling ¢ollaboralNe prc#3ramrres with innoval*)n and technology at Ih•r eentre. M•ntal heallh: There is a mental heatth crisis across South Asia. By raising public 8warene5s. developing and integrating new service5 aThJ Challenging stigma, we are transforming the landape and the situation for millions of people with mental health isgjes across the WiDn. Conservation: In Sovth Ag"a people live alongYt1e th8 largest kX)pulalions of wild animals in the highest densties on the planet. We are Wrkirj towards prot8¢ting bic#Jiversity and achieving coexistence by enabling people and animals to live s¢de by side, expanding and reconneding forests to give all life space lo thrive.
The British Asian Trust C(xnpany Limlted by Guarantee Group Trustees. Annual Report (Incorporating the Directors. Report) (¢ontlnutd) Year ended 31 March 2021 Strategic r•port The follcrwing secticms achievements and w[c¥man. and financial revtew. fomi the str8t8gic report of the ¢hanty. A¢hiev•ment$ and porfwmance As of March 2020, we were in aft incfedibly strong posilton with ambitious plans to continue lo deepen and grow our programmes whilst increasing our supporter base. our profile and our fundhng. Then the global COVID_19 pandemic hil. BtAI despite that, the pri(rrities we set wt lor 2020121 demonstrated our intentson to both adapt and continue increasng our impact. The follo%wng is a summary of how we performed against the priorities we had set out". We 1 strive lo be a5 nimble and agle as rM)ysible. 8dapb"ThJ the way we work and the prcgrammes we as the paThJemic devekps. How we did.. {1r atslity to be nimts and agile proved to be our gwlest strength during the year. Within 24 hours of the first I¢)ckdn starting we had the whole organisation up 8nd running virtually. We engaged th all donus and supporters and pivoted programmes towards emergen¢y relief. We ran a hugety successlul emergerw appeal. We transformed our tvsnts programmè into an incredibly suttessful programme of webinars called "BAT Insights.. We will continue lo tAMld on Jr grtyjnd-baklng social finance work. aiming to launch at least one substantial new initrab"ve. How we did.. Our xKial finance work continued lo gr(M and we have established the British Asian Trust as the leading sockal finarte organisabon for South Asia. Our work conts'nues to ba recognised as pioneering and we are building e¥Mlence and leaming in th¢5 sector by wc¥king closely the Govemment (hjlcomes Lab in the University of Oxford. We 5uc¢essfully structured and fundraised a new $14.4m 'Skill India Impact BDnd' with partners including Ihe National Skills Development Corporation in India. We have started resear¢h work in Pakistan fc the Asian Development Bank to explo tho potential for the first impaci bond in the cryJnlry- Our Educali¢Jn Devdopment IrW Bond stayed robust and ¢cffltinued its focus on leaming outcomes during this peri¢)d despite faong unprecedented challenges with school c105vres due to COVID-19. The flexikn.lity provid by thè DIB model has allow8d education providers to test digital and remote leaming models to ensu leaming Is maintained. The programma has reathed over 60.000 students in Year Tlwee of opwations. OUT programmes will conlinue to f¢Ku5 on educalion. livelih¢xxY5, anti-traffickn'ng. mental health and ¢onservation. We will adapt to the COVID-79 emergency, leveraging our exp8n.ence and relationships wth delivery partners in the fld. Any nthv pro9ramme design will take place through a COVID-19 lens. taking into accoLmt the econom and social impaet of the pandem. and Ihe need for post-COVID resilien.
The British Asian Trust Company Llmited by Guarantee Group Trustees. Annual Report (Incorporating the Directors, Report) Year ended 31 March 2021 How we did.. We reSp(ded to the COVIO-19 uisis wilh a su¢¢essful appeal that raised fvnds fry emergency response th in India. Pa"Stan. Bangladesh and Sri Lanka. Our Mental Heath programme ¢tInued to go Irom Strength lo sIrw as mefttsi health has become rgniSed as 8 much greaier 9kibal issue. In our education wofk in India we ad8pt8d to the s¢hty)l closu and WO8 with rwf partners to tesl digital and remote Seaming model$. Our livdihoods progfammes adapt and the approach to delivering skills development had lo change, but we secured excellent resufts, most especially our Women's Economic Efflpowement programmè in Pakn"slan. We had some grèai su¢¢esses in our anti-Iraffi¢kirrfJ work in Indra. securing ConVb.0nS and impriscmments traffickers and we substantially increased our ambition in this area. We continued to wpport the excellent conservation prcgrarnrnes that came across foll1ng the merger with Elephant Farnily and deveklped an ambitious strategy. We embedded a much stronger monitoring. evaluatIc arHI teaming system to ensure thal we can undwstand and em¢Strate the impa¢t we make. We hwll solidify the merger Elephant Family. embed the team and ensure th81 we have a Clear and ambitious conservation strategy in place. How we did.. The ieams were su¢cesthAly bwhl lewher into orgarisaM)n and management structure. Folkw"rKJ Èxlensive ¢onsultatiM wrth mary conservation èxperts, the Board approved a hugely ambrtious conservation stralegy. wilh the intent to build partnerships to enable coexistence and biodivwsty protection in key L8ndscapes across ihe country. Our partnerships with ¢on5ervationists at Nature ConseThaiion Foundatw continue lo thrive despite some setbacks due to the pandemr. We will adapl wr hJndrai5ing strategy lo resPd to the chaHenges caused by the pandemic, whilst remaining committed lo deepening our felats"onship with cwr Supporters and ensuriny a successful programme of engagement events. How we did.. The pandemic had an encKmous impact rm our filra1ng. The British Asian Trust is well-knthvn for ihe amazing lundraising and culiivation evenis that we run and all physical events were cancelled for the whole year. Many of our supporters. ability to donate was also impacted as COVID-19 affected their business8¥. But we adapted and our supporters adapted. mosl especially the many Irusts and foundatiS wh¢ch provided us wrth the flexibilty to pivot our prtrJrammes and galvanised addili(Thl resources to help us reSpOr to the crigs. We ran a successful COWD-19 Emergency Appeal that raised almost £1m aThJ this was fdlowed in March l April 2021 wrth another emergency appeal for India that raised rn0 than £6m. We created the 'Big Curry Nighl In" that hdped raise vital funds for our work. And we established our 'BAT Insights, series of webinars, bnnging together eminent Brits'sh Asian and South Asian polilityans. busines5 leaders. entrepreneuts and phtlanlhroptsts. to discuss the k8y toimcs affaeting the wodd.
The British Asian Trust Company Limited by Guarantee Group Trustees. Annual Report (Incorporating the Directors. Report) Year ended 31 March 2021 We will ¢tIrJe to teams in s Aga. strwjgllnirQ both Ihe teams and g)vemance in the region. How we did.. We conlinued lo buikl our teams in th India and Pakislan. The team in India grew sub5tsntially and we have been able to add new pp5rtions in Pakn'51an lo work with OUT retlY apwnled Pakistan Director. Virtual communi¢atw has in many ways str•n9thened the relatiShIpS Ihal our global teams have wrth each other. We ntInued to build ¢apacty and dev¢lve autonorny to tn<ounty teams to sure stralegi¢ and operational fctus on the ground and build profile at a local ve1. We have further embraced technokoy to improve the ways ojr glcthl teams wcffk tcxJether. We will become a much Stronger digital organi5alion in our programme delivery. our communications. our fundraising and thè way V work inlemalty. How we did.. The impact of COWD-19 and global knckdowns forced everyone to embrace lechnobgy more than evw before. F(* the British Asian Tfust we did so in the way w w(xked, the way we raised funds. the way we engaged WTih supterS and in our programmes. Di9ltal thnol bme a critical part of wr programmattc approach. 11 is an agent of empowemient and means of reachin9 scale. increasing effii?ency an(J achieving impact. We leveraged dvJital approaches across all of ow prtyJramme areas and projects, as well as for management and mrMf(oring. Our programm•s The British A&an Trust is transfom)ing INes. Hare is a summary of our pro9rammats"c work in 2020121, country by cjntry. India Despite facing unwecedenlgj challerw due to school ¢k)sures on accoLtnt of Ihe COVID-19 pandemic, our Quality Education India Developmenl Impact Bond conlinued its fccus on leaming oul¢omes. The ftexibiltty exterKled by the investors allowed educabon providers to lesldigital and remotè leaming mcM1ds to ensure children continue to learn even Ltndw lockdown and the programme has reached more than 60.0fy) children Ihis year ah)ne. Ou¥ work on anti-trafficking continued lo expan(J and achieve 51gnificanl resu115. Last year, we partnered wth Jan Sahas to rescue over 300 chiklren from Child labour, engage wth 2,S)O children al iisk ol early marriage and trafficking, train lawyers to supwt survivors of trafficking and child labour, and 51renglhen police and government on Ihe5e issue5. We 5uc¢essfvlJy partnered wlh India's leadin9 child helpline, Childline India Foundation, to help build dats analytics platforrn to support over 15 million children who are at risk every year. Our work in Jaipur has also continu8d to see further success, with six conwctS for child Iraffickers. and an creasing number of international and domestic brands soning up to make th•r supply thains chikj labcu free. We weie also able to support over 130.0 people during the first wave of COVID-19 with life-saving emer9ency relief suppcrfl in India with our partners G4))nj and Jan Sahas. We identified vulnerable communities. including migrant workws, agriculiural labourers, sex workers, and manual scavengèrs, and provided these families wilh ratit)n kils that included essentials like pulses, ricefflour, oil and vegetable5.
The British Asian Trust Company Limited by Guarante• Group Trustees. Annual Report (Incorporating the Directors, Report) (Canlinued) Year ended 31 March 2021 r CSR partnership Tpth BT al delNered $gFMficant res1$ for some of the most vulnerable 8doles¢ent girts in the ¢thJntry. De¥)tiÈ the challerrfJes posed by COWD-19 and th8 lockdown. we were able to aCh over 230.¢XK) adolescent gids across Ihe country %vilh supp(t imwoving their asS to quality educatKJn. l1¥elihcds, and heahh outcomes. Pakistan At the start of the year. when COVID-19 hit, we vOted all our programmes lo support the dlstn"butn of rations to disadvantaged communities. and the purchase of equipment for the COVID-19 wards at the IndLbS hospital. We also pNoted our Menki Health prograrnme to ensure th8t 8t this critical time those in need of mental health support were able to acce55 inf(rnbon and serv5 through a variety of digitsl and rerrK)te m(1els. including mental heallh helplines. digital mentsl health services, online support for frontlin8 h8alth worters and a mental health renesS canwign. By December 2020, our mutti-millwound WLNnen's E¢onomi¢ Empowerwrnt w¥gramme. funded by FCDO enL14. Thrwgh this programme we supported Ihou5ands of women to In¢se their eaming5, secure jobs 8nd have increase(I control over finance and ¢JecTrsK)n making. Ow Urban Youth Prciecl, in partnership with Citi Foundation. also came to an end. having Support hundreds of young people lo establish new businesses. In Novèmber 2020 we lajnched rwr Agrionterprise programme with support from Standard Chart•rad Bank. Our ff*ntal health response to COVID-19 continued fty the first half of the year after lch a hybrid approach was adopled. Over Ihe lasl year. the proJramme has reached over 740,OCQ people wrth bagc informabon on mental healih. and enabled almost 50.000 to acces5 SUPFQrt. induding 1-1 support from counselk)r or mental hearth prof8s&onal: supp(yt grcNJps and mirKlfvlness se$5ions. Additionally. the online mental healih awareness campaign h85 Teached over 13 Mill online. We continue to raise awareness of mental heallh through wr partnerships with our Amba5sa¢Jors and the Pakistan Cricket Board and we ven¢ (Jointly wrth 0r partrs) the Pakistan Mental Health Coalition. Al the start of 2021. supKKxt fr(xn the Asan Development Bank. we ¢ondu¢led a feasibility study lo launch an impact bond in Pakistan. Findings from this study wil inform ihe suitablty of seorS. gather insght5 on key local and Internatial stakehotders and assess the market readiness a1 en11a1 implementation challenges for an impact bon¢J in Pakistan. 8anglad•sh In 2020-21 our work in Banyadesh fwu5ed on responding to the Sh and medium-tem impacts of thÈ pandemic. As COVID-19 exacerbated an already acute mental heatth crisis, we piloted a sel of initiatives focused on providing lay counselling in VUlnerae commUnrt$, targeting vulnerable groups such as Ironlline healthcare workers. This inilialive reached over 11,000 rLJrnmunity members wilh counselling support. and a fvrther 100.000 were reached through an wline awarene55 rat51ng and information campaign.
The British Asian Trust Company Limited by Guarantee Group Trustees. Annual Report (Incorporating the Dlrectors, Report) (¢¥ftthu Year ended 31 March 2021 To ensure children'$ kaming and entiOn ththil$t schools dosed. we supported an innovative approa¢h for lelephone-based education for 3.500 ¢hAdren. Meanwhile, as increasing the county's COVID-19 testing capacity was critical. we supported the running of three sample collection kiosks to ensure access lo ffjliable and free testsng acxoss Dhaka. We are building these wllervwti1 arKI developing large-scale programmes In livelihc*)ds and rmntal health in Bangladesh. Sri Lanka Over the past year we have delivered inrtiatives ¥th a number of hNJh-capacity partners. We worked ith Sarvodaya. one of thè largest NGOS in county. to mcknilise over 1.400 commuThty leaders to prevenl the spread of Ihe Co¥id-19 virus. Wè also devdoped a projèct to yovrde PSYCs0ClaI support and counsdlirvJ to Ihosè affeet8d by the Eastef Sunday atiacks In Sri Lanka in 2019, whh has supported over 200 people to dale. Gorng forward we wll w(%k with impactful partners in Sri Lanka addressing youlh entrepreneurship and women's economic ernpowerment. cnb.cal to enat4ing reslient ¢0Very post-COVID-19. Fundraising highlights We are extremdy grateful to all our donors and partner5 who st by us Ihfwgh such a challenging year and whose vital support enables us to transform lives a¢ross South Asia. The pandemic had an normous impact on Ouf fvndraising. Special events, induding Annual Royal Dinner, Wk¢1 Night of Comedy and our Iftar event. which are a key aspect of (xjr income generation, all had lo be cancelled. And many of our SLJPPOrters' businesses were affected loo. reducing their c8PaCrty to give. Bul still our supporters slepped up for BAT and imKK•rtanlty. those across South Asia who were most affected by COVID-19. At Ihe 51art of the year. our COVIO-19 Erge Appeal raised almost £1m and enabled us lo support 143.130 peoF4e with urgent fofyj and medical supplies. and mental health support. Our Big Curry Night In lrfted the nations spirits not once but lasl year and helped raise vital funds for our w(yk. Thank you lo all of you who hostad a nighl in wth loved ones (many virtuallyll and to our corporate partners 8T, Deliveroo, Uber Eals, Cobra Beer and Oriental Clvb Express. A lucky few also won a virtual night with ¢eletrriti8s cludIng Katy Perry. Sanieev Bhaskar and Jos Buttler. Unable to meet in person, we qui¢kty estsÈ4ished our 'BAT Insights, series of webinar5, bringing together eminent British Asian and South Asian politians. bu&ness leaders. entrepreneurs and philanthropists, as we discussed Ihe key topics affecting ihe World. A diverse range of topics were discussed, induding: 8AME community helancY tCV•vards the vaccine featuring HRH The Prince of Wales, Adar .Poonawalla of Serum Instilule India and Nadhim Zahawi MP. Mkni5ter for COVID Vaccine Deployment and Minister lor Business & Industry. The fvture of UK retail after COVID-19 the Founder of New L(N)k Tom Singh OBE and Stmon Arora the CEO of B&M.
The British Asian Trust Company Llmited by Guarantee Group Trustees. Annual Report (Incorporating the Directors. Report) {¢onWftu•d) Year ended 31 Mah 2021 The Game of Cricket - England vs Pakistan. Wasin Khan MBE. CEO of PCB. AsNey Gile5 M8E. Director of Cricket EC8 and Ebba Qureshi. Prqect Director Valiant Business Medta. A ¢onstant throughout ihe year was Ihe support of our Founders Cirde and Advisory CourKil members. who in additiC to their generous donations also shared their expertise and gUance to help navigate the charity duriny this unprecedenteij yeaf. (r Founders Circle members clIne lo be the lifeblolxl of the Blltish Asian Trust and we were delighted to wekome new members. At Ihe end of the year, we launched our 'lf I Can, She Can, UK Aid Match appeal, vthich went on lo raise £4.7m, including £2m from the UK govemmenL This govemment funding will supporl o Women's Economic Empowerment programme in Pakistan which 11 enable some of the pcx)rest women in society lo have the Skills. ¢(fiden and experience reded lo eam a decent living in a post-COVID ecOncy. Grants from ¢ompanl•$. trusts and fOUrat10nS We are incredibly alefijl for the support provided by our tru51. foundakn. government and COfPOTatg partners during this most exceptial yèar. When the COWD-19 crisis hit. they provided us with the flexibilty to pivol our programmes and galvanised additi¢Mal resources to help us reSpd to the cr¢sis. We secured a number of covfD-19 emergency grants from existing partners the John Lewis Foundation. Waterfoo Foundation and ZVFM Rangfx)nwa Foundab"on, a$ well as SMalr 9rants from a number of new don¢Ns. In India. our Stratèg partner BT worked writh us closety to support I(1 partners and the adolescent girls we are working to empower. inckndin9 extend9 our MU"-m111i-pOyThj partnwship for another year. In Pakistan. our donors such as Ihg CareTach. COSARAF, Vrtol. Hal¢row and Citi Foundations. 5UPP(xted us In adapbng our programmes to deliver Urnlfy nèeded livelihoods and mental health suppcl remotely, proV1ng mental heallh supm lo over 140.000 people and fmncial support to ovei 4.000 entrepreneufs and thr familie5. Alongside the COMD-19 response. we wwe able to a number of SignifnI new grants to support the posl-COVID recovery. including $300,[ trom Ihe Standard Chartered Foundation to support women agrintrepreneurs in Pakistan to rebuild thar livelihoods and £100,0(KS from Dukes Education io estsblish a schctls-based pr(yJramme lo support adolexent mentsl health and wellbeing. Mosl significanuy, we secjjred the Bntish Asian Trust's second UK Ad Match grant from Ihe UK govemmenl. whh matched up lo £2 millN)n of funds raised during our Aid Match Appeal from March to May 2021. We a so thankful lor all our funding partners who have sUppled us through this challen9ing time and demonstrated their betief in our ability to supwrt cThmmunits in Scwth Asia to cover from this unprecedented crisis. 10
The British Asian Trust Company Llmited by Guarantee Group Trustees. Annual Report (Incorporatlng the Directors, Report) Year ended 31 March 2021 Flnanci•l rnvi•w Roviow of financial pogt# The result5 for the year are set out in the stslemenl of finawal activities on page 18. The consolidated positim of tharity at the erKJ of the is Shown ¢)n the balance sheet on page 19. Total income generated deueased by 6% to £5,498k12020'. £5,834kl of which £2.434k (2020: £2.836kl was unrestrict¢d and £3.064k12020.. £2.998kl restricted. £3.150.891 {2020: £2.780.6751 was dislributed by way ol grant fijnding, representing a 13% increase. The net assets ¢)n the balance sheet have fallen by 31% to £1.086.481 (2020.. £1.563.555}. Reseryes The trustees have estsblished a reserve5 pdicy that sets a krget of six months of totsl annual expenditure on general ovetheads as the required levet of free $e$. At thè year end this tsrget is £711k12020.' £742kl and the actual level of free Se&S was £654k12020.' £1.036k} The trustees believe their current reserves are still adequate because of reduced office cost5 going forwar(J. as a result of cost ConderaLn5 and changes made throughout the COVID-19 period. This surplu$18vel of free reserves Vlryll be ffK)nitore(l and regvlarty reviewed lo ensure it remains within an appropnate level. Investment Policy The C(xmpany's Pfimary asset is Ihe Cash at bank. The cash commitments are reviewed each month. The trusiges take a ¢autM)us apwo¥h lowards investment adopting a short-tem low risk polw. Plans for 202012021: Followng the most challenging ol years, we ernerged fr(Nn the criys in a strong po&tion and followed this wth arguably the most successful pènod in r history. We are now sat up for substantial grchyth in the years to come and intend to grow our programmes and our supporter base in ways which will enable us to deliver even greater impact throu our pr(yJrammes across Soulh Asa. Our prioriiies for the year: We will continue to build on Jr ground-breaknng scrAal finance work. aimiro lo launch at least one substsntial now initialNe. Our prograrnffles wll ¢onlinue lo focus w e011¢A. livefihLxNJs. anti-tsafficking. rrlts1 health and ¢onseNalion. srne specific wioritres inclLMJe: In Pakistan we will delrver a substantial LiveJiht))ds programme and secure additional funding for our Mental Health programme. In India we will substantially grow our Anli-trafficking warnme, launch a major s1¥1 finance initiative in skilling an(J s¢ale up our COnservatn programme. o In Bangladesh we will launch new programmes in mental health and livelih¢>)d5. We 11 increase our 5Lipporter base. grow wr Founders Circle. launch a Fellowship initiative and delNer a successful Malch appeal. We will nJn a hybrid programme of events, physical and virtual, as appfopriate. We will continue to increas8 the amounts of resirictÈd I programme ILnding we secure. 11
The British Asian Trust Company Limited by Guarantee Group Trustees. Annual Report (Incorporating the Dire¢tors' Report) (¢M11 Year ended 31 March 2021 We will continue to gr our teams Souih Asia. str8nglhenl both the teams and govemance in the region. StrUure. govem•nc• and management The British Asian Trust is a charitsble wnpany limited by guarantee {No. 11273661. Our main goveming ¢Jc¢umonl is our Memorandum and Articles of AssooatK)n of the Company ad(ytl by spla1 re501ution on the 19 t3ecember 2008. Vve are W by (w Board of Trustees. Board of Tmstees The Board of Trustees 15 empowered by the Artides of Assotyab"on of the Charity to act as the Board of Governor5 of The 8ntish Asian Trust. The Board of Trustees is led by the Chaiman and the day to day managemènt of the charity is delègated to the Chief ExeDJts¥e and Senior Management Team. Recruilment and Appolnthient of Tntstee5 New trustees are appointed by the Board of Trusteos. The Board i¢Jentifies tho skdls. gxpgrien¢e and knowledge that it needs and recruils candidales cn this bass. All new trustees have an ductIon programme to ensure their understandiThJ of the role of tnjstees undef charity and being a Director under comp8fty law. Induction a150 prov*Jes an overviww of thè history of the British Asian Trust. its slru¢tuo. mission and strategic 01CtIOn. Commltteos of the Board There are five slanding Committ$ of the 8L)afd". Finance and Risk Comm88. Inv8Stmènt Commitiee, Social FinarKe Commitiee, Remuneration Committee and Fundraing Committee. Trustees. respon$ibili¢ie$ stst•menl The truslees. who are also directors for purposes of company law. are responsible for preparing the trustees. report and the finanaal statements in accordance with applicable and United Kingdom Accounting starards (Unried Kingdom Generally Attepted Accounting Praclicel. Company law requires the charity trustees to prepare financial slalements fv each year which give true and fair view of the state of affairs of the charItae company and Ihe incoming resources and application of resources. including the income and expenditure. lor that period. In weparing these financial statements, the trustees are fg]uired lo: sdect Suitab acc(MJnting poltiès and then apF4y them c(51$tty.' obserye ihe method5 and princip in the applicable Charities SORP,. make judgment5 and a¢untry estimates that are reasonable and prudent: stste whether applicable UK Accwntw)g Standards have been folowe¢J. subject to any material departures disdosad and explained in the finarla1 stalem&nts.' prepare the finan¢ial ststemenls on the goiro ¢cAeM basis unless il is inapFryriate lo presume that the charity wll continue in business. 12
The British Asian Trust Company Limited by Guaranlee Group Trustees, Annual Report (Incorporating the Directors. Report> (wntlnued) Year ended 31 March 2021 The trustees are respcinsible for keeping adequate accounting records that are sufficient to show and explain the charitys transactions and disdose with reasonable ac¢ura¢y al any lime the financial positron of the charity 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 charity and hence for taking reason*Ae steps fty the Pvents.0n and detection offraud and other irregularities. Auditor Each of the persons who is a trustee at the date of approval of this rewt confims that." So far as'they are aware, there is no relevant wdtt inf¢xmatw)n of whrch the charity's auditor is unaware. They have taken all steps that they ought to have laken as a tru51ee to make themselves aware of any r fevant audit information aiid to eslablish that the charity's auditor isaware of that inf Manoj Bad Chairman 13
The British Asian Trust Company Llmited by Guarantee Independent Audltorfs Report to the Members of The British Aslan Trust Year ended 31 March 2021 Oplnlon We have audited the financial statements of The Brthsh Asian TrSt {the 'parent chariV} and its subsidiaries (the 'group'l l(x year ended 31 March 2021 which comprise the consolid8le¢J stalement of finanrial aclivilie5 (yn¢ludin9 in¢¢wn and expenditure account). consojidaled slalemenl of financial posbbon. Charity statement of financial posrf]"oft. consolidated statèment of cash Ilows and th& led notes. indUd9 a summary of svJnificant ac¢ountin9 poliues. The financial reporting framework that has been applied in their preparation is applicabk kiw and Urmted Kingdom Accounting Standards, including FRS 102 The Finanrial Reporng Standard applicat4e in the UK and Republic of Ireland Iunited Kingdom Generalty Acceptet1 A¢c(wnting Practice). In our OpirM the finala1 atements'. give a true and fair view of the state ol the group and parerrt charity's affairs as at 31 March 2021 and of its incoming resources and apIcatIon of resourees, IlUding rts incom& and èxpèndrturè. for the year then ended,. have been prcpedy prepared in Kcixdance with United Kirvjdom Generaly Accepted Accounling Practice.. have been Prepared in accordJw wth the requirements ofthe Companies Act 21x16. Basis for opinion We conducted our audil in acctydarKe wth Inlwnational Standards on Auditing IUKI IISA5 IUK}l and applicablè law. Our respon&bilities under those slandards are further described in the audilorfs responsibilities for the audit of the finarKial statements section of our rewl. We are independent of the charity in accordance with the ethical requirements ihat are relevant to our audit of the financial statements in the UK, in¢luding the FRC'S Ethi4 Standard. and we have fulfilled our other ethic81 responsibilities in accordance with these requirements. We believe that the au¢Jil evi¢Jence we have obtainad is 9jfficnl and appwate to pfovKle a basis for our opinion. Conclusions relating to going concerrb In auditing the financial ststements, we have ¢onclu(Je¢J that Ihe trustees, use of the going concern basts of a¢¢ounting in the preparation of the financial stslements is appropriate. Based on ihe work we have pwformed. we have not Klenlified any matefial uncertainties relating to events Of conditicS thal, individually or collectively. may cast significant doubl on the charity's ability lo continue as a goirtg c¢yKern for a p8ri(xl of at least ryKJnlh5 from when Ihe financial statements a authorised fw issue. Our responsibilities and Ihe SponbIlS of the trustee$ respe¢l to going con¢em are described in the relevant SecticS of this repct. Other inlorn?ation The other informatK)n MPriseS the inf(¥malifM induded in the annual rewi. other than the financial statement5 and our audrtor's report theon. The trustees are responsible for Ihe other inforniation. Our opinion on the finanual statements does not ¢over the other information and. except lo the extent otherwise explicitly 5tste(1 in cwr p. we do not express any form of assurance conclusion thereon. 14
The British Asian Trust Company Limited by Guarantee Independent Audilorfs Report to the Members of The British Asian Trust Year ended 31 March 2021 In cne¢ll¢n 7rith audit of the finanoal StateMts. our respcS1b1IitY is to read the other information and, in doing so, consider wheiher the oiher information is materially inconsistent wth the financial statements or our krlledge oblained in the audit or otherwise appears to be materially misstsled. If we idenlrfy suth material inconsistencies or apparent malerk81 rni55talements, we are required lo detemiine wheiher Ihere is a material mwtalemt in the finan¢ial statements or a material misstatement of the olher informat. If, based on the wod( we have perfcwmed, we condude that there is a material mis51atement of this other inforrnati, we are reqLFired to report that fact. We have nothing to rewt in this regard. Opinions on othar matt•rs w•scribed by the Companles Acl 2006 In our opinion. based on the th undertaken the course of the aLKlst.' the information gNen in the Irustees. report for the financial year for whKh the financ4al statements are prepared is consistent with the financial statements- and the trustees. rewrt has been prèpared in acccvdance wrth applicable Wl rUrnents. Matters on whi¢h wo are required to f•POrt by ex¢¢ptlon In the light of the knowledge and under51anding of the charity Jrbd tb ¥l10nrnent obtained in the course of the audil. we have not idenlffie(I material misstalemenls in the trustee5' report. We have nothing to report in spect of the fr0ng mattws in relat7 to vthtch the Companies Act 2006 requires us to report to if. in our Opini.. adequate accounting records have not l)een kept, or retums adequate for our audrt have not been receNed from brare5 nol vt5rted by u$., or the finan¢Tral slatwnents are not in agreement Ihe ac¢ountsng rettrds and retums; or certa1 (li105re$ of trusiees. mUneratIon specifd by law are nol mède; or we have not received all the InfCmwtrt arxl explanatsms we requio for cwr audit. Re$ponsibiliti¢s of tru$to0s As explained more fvI in the truslees. respcfflsits"Irties stalement. the Irustees {who are also the direclors for the purposes ol company law) are resSIble for the preparation of the financial siatements and for being satisfied Ihat they give a true and tsir view. and for such internal control as the twslees determine is necessary to en3e the preparation of financiaj statements that are free from material misstatemènt. vlhelher due to fraud or ermr. In Pfepafing the finanrial statements. the Irustees are respons•le for assessing Ihe charity's ability lo continue as a going concern, discthing. as applicab. malters related to gng concem and using the going concern bass of accounting unless the trustees either intend lo liquidale the charity or to cease operatnS, or have rrf) •ll$tiC alternative but to do so. 15
The British Asian Trust Company Limited by Guarantee Independent Auditorfs Report to Ihe Members of The British Asian Trust Year ended 31 March 2021 Auditorfs responsibilities for the audit of the ffin•Ki•l slatefflents ¢Jr objectives a to obtsin rea$ab assurance ab¢>Jt whether the financial ststements as a whole e free from merial misslalement, ¥thether dLre to fraud or error, and to issue an audrtor's report that includes our opinion. Reasonable assurance is a high knel of assurance. but ts not a guarantee that an audit conducted in accordance with ISAS (UK) will always delecl a material misstatement when it exists. Misstalemenls Can arise from fraud error and are ¢sIde material rf, individually (Y in the aggregate, they could reas(mabty be expa¢tod lo in1knCe the ea>nomic decisK)n$ of users taken on Ihe basis of these fancIal statements. Irregularitie5. induding fraud. we instances of nl-(xpr13nce vriil) laws an¢Y regulat$. We des pr¢xedures in line with our respon9bil"e$. ovvined above, to delect material misstalemenls in respect irregularits"es, including fraud. The extenl to thhich our prcredures are ¢apabie of dete¢iing irregularities. induding fraud is detailed bebw.. We Klentify and assess the risks of material misststemenl of the ffinancial stslements. whelhw due lo fraud or error. and then dwgn and perlom audit procedtjrgs responsive to thos& risks. including obtaining audit eVIde that is sijfficient and approwate to provide a basis f(¥ our opinion. In identifying and aSSen9 risks of material misstatement in resk)e¢t of irregLJlarities. including fraud and non-cc¥npliance wth laws and regulations, we have ccnsidered., the nature of the induslry. contrc4 environment and charity performance with parbcular reference lo the Charivs rernuneration polic and performance tsrgels. We also c(msider the resvfts of Ojf enquiries of fftanawent, relating tottrr own identification and assessmenl of the risks of irregularitses and possible rdated fraud. Thi5 includes reviewing available documentation on Iheir policie5 arKI protedures arKI perforrning te$ of controF5 to eviden¢e their effectiveness. Throughout the audit testing we are considering ts incentives that rnay e$t thin the organisation for fraud. Key areas inclv(Je liming of re¢ognising income around the year end, posting ol unusual 1malS arKI maniwlating the Charity's perfnance measures to meel perfomian¢e targe15. In common with all audits under ISAS IUKI, we are also requir&J to perform specific prOdUreS to respond to the risk of management ovarrth. We ensure we have an understanding of the relevant laws and regulations and remaln alert lo possible non-compliance throughout Ihe audit. Desprte proper planning and audit work in actordance wilh audiling standards there a inherent limitations and unav<ydable risk that we may nol detect some irregulaTities and material misstaternenls in the financial statements. We are not re5pMsible for prevenb.ng nTr)-complianrx and cannot expecled to detecl non•compliance wth all laws and regulations. As part of an audit in accordance with ISAS {UK). we exercise professional judgm1 and mainlain professional sceplirysrn thrcNJghoul Ihe audit. We a150". Identify and assess the risks of material misStatemt of the financ1 stalements, whelher due lo fraud of error, design and perform audit procedvres reSpSe lo those risks, and obtain audit evidence that is sufficient and appropriate lo provide a basis for thlr opinion. The risk of not detecting 8 material rni5s1atement resulling from fraud is hvJher than ft)r one fesullin9 from error. as fraud may involve collugon, forgery. inientKxial omiswn5. mIsrepresentatn$. or the oveTride of inlernal control. 16
The British Asian Trust Company Limited by Guarantee Independent Auditorfs Report to the Members of The British Asian Trust Year ended 31 March 2021 Obtain an understanding of intemal rant to tr* atldtt in order to design audit prcKedures that are appropnate in the circumstartes. but not for the purpose of expressirrfJ an Opini the efflene$S ofthe intsmal ¢ontrc4. Evaluate the apwipriatwess of acCn11n9 Oi¢ies used and Ihe reasonablenoss of accwntin9 estimates 8nd related dixlosures made by the trustees. Conclude on the appfopriateness of the trustè8s' use of Ihe g(Mng conc8m basis of a¢¢ounting aryl. based on the audit evidence rt+tained, whèther a material uncèrtainty exi$ls related to events or ¢onditK)ns that may casl significant doubl on the charty's ability to continue as a grt9 concem. If we conclude lh a material uncertainty eSts. we are required to draw attenlion in our auditor's report lo the related disc105ure5 Iri the finanaal statements or. rf such disdosures are inadequat8. to modfy our OniOn. (r condusions are based C the audit evidence obtained up to the date of our authtorfs reporL H¢)we¥er. future events or ¢onditions may cause the ¢harity to cease to continue as a going corM. Evaluate Ihe overall preseniation. s{V conlent of the fina181 statements. induding the disclosures. and whether the financial stslements represent the underlying transactions and events in a manner thal achieves fair presentation. We communute with those charged with govemance regardtng. among other matters, the planned scope liming of the audit and SignifnI audrt findings. including any 5ignifi¢anl deficiencies in intemal contrd that we identsfy during wr audrt. Us• ofour r•wt This report is made solèly to the charity's memb8fs. as a bcdy. in ardance With Chapter 3 of Part 16 of the Companies Act 2CM)6. Our audit work has been undwtaken so that we moht state to the charity's members those matters we are reqUed to stale lo Ihem in an audilorfs report and for no other purpose. To the fullesl extent pwmilted by law. we do not accept or assume SPOnSibl11fy lo anyone other than the charity and the chanty's members as a b(xty. for our audit work. for this rarA)rt. or for the opinions we have formed. LLP Andrew Collyer IS8nior Stalutory Auditor) For and on behaW of Burge55 Hodgson LLP Chartered accounlanls & stalulory auditor Cambur9h Hse 27 New Dovèr Road Canterbury Kent CT1 3DN 17
The British Asian Trust Company Limited by Guarantee Consolidated Statement of Financial Activfties (inGluding inGome and expendilure account) Year ended 31 March 2021 2021 R$stri¢ted funds Totsl fvnds Totsl funds 2020 Unre5trt¢ted funds Ineom• and endowments tkjnalis al legacies Tolal income 2.433.586 3.(.465 5.498,051 5.834,030 2,433.586 3.064,465 5.498.051 5,834,030 Exponditure Expenditure on raising fttnds= Costs of raising donatiS and legacies Expenditure Charitab activitiès Total ¢xp•ndilufO 895.074 7.8 1.920.853 895,074 5.071,744 837.341 4.565.333 3.150.891 2.815,927 3,150.891 5.966,818 5.402,674 Net incomellexpend¢ture} and n•t movement in lunds (382.341) 186,426) 1468,767) 431,356 Re¢onclliation of lunds Total funds brcyjght lorward Total lunds carried forward 1.036.251 528.579 1.564.830 1,133,474 653.910 442.153 1,096.063 1,564.830 The statèment of finarrial aCtivrts indudes all gains and losses rewnised in the year. All income and expendrture deri¥e from ccffib"nuin9 aclivits"es. Thg noles on pages 22 to 35 fonn part of ts5• financial 51atements. 18
The British Asian Trust Company Limited by Guarantee Consolidated Statement of Financial Position 31 March 2021 2021 2020 Nol• Flxed a$sets Tangible f8 assets 15 28.206 38,826 28.206 38.826 Current ass•ts Stocks Oeblors Cash al bank and in hand 17 18 217.978 615.170 1.020.791 208,997 1.037.707 .$46 1.853.939 2,207.250 Cr•ditofs: amounts falling du• within ono ar Net curreftt assets 19 795.664 682.521 1,058.275 1.524,729 Total assets less ¢urrenl liabilities 1.086.481 1,563,555 Net assets 1.086.481 1.563.555 Funds of the ¢harlty Resliicled funds Unre51r¥¢led fund$ FX reserve 442.153 653.910 {9.5821 1,086.481 528.579 1.036.251 11.275) 1.563.555 T¢tsl ¢harity furKIs 24 The consolidated statement of finan(ial r#)sik•n indudes Ihè assets and liatslities of Ihe group which includes the parent charity. The Brili5h Asian TnJs( ar ils subsidiary company. Bfilish Asian India Foundalion These ial statements were approved by Ihe board of trustee5 authorised lor issue on . aThJ are sKJrd on behall of the t¥)arJ by.. Manoj Badale Chairman Th not•s on p•ge$ 22 to 35 forn1 part ofthese fIn•1?1 statements. 19
The British Asian Trust Company Limited by Guarantee Statement of Financial Position 31 March 2021 2021 2020 Flxed assets Tangible fixed assets Investments 15 16 26.643 1.107 38.114 1,107 27,750 39,221 Cuvrnnt assets SIoGks DebtOTS Cash at bank and in hand 17 18 217.978 611,307 959.018 208.997 1.033.998 745,360 1.788.303 1.988.355 Creditors: amounts fallin9 due Iblthin one year Net current assets 19 795,731 581.212 992,572 1.407.143 Total as5¢ts1055 current liabilities 1,020.322 1.446,364 Net •$s•ts 1.020.322 1.446.364 Funds ol the ¢harity Restricled funds Unrestricted funds 442,153 578.169 528.579 917.785 Total chafity fvnds 24 1.020.322 1.446.364 The unrestricted arKI restricted fimd movements for the parent chanty in the year are £339,616 ejeficit 12020.. £128.5 urplusl and È86.426 deficil (2020.. £217.260 surplus) respectivety. These fi statements were approved by the ard of trustees arml aulhorised for issue on , and are signed on behall of the boar(J ty: Manoj Badale Chairman The notes on paw 22 to 35 fonn part of these finan¢ial slatements. 20
The British Asian Trust Company Limited by Guarantee Consolidated Statement of Cash Flows Year ended 31 March 2021 2021 2020 Cash flows from pp•rating acliviti•s Nel inwndlexpenditure) {468,766} 431,355 Adjuslmenls foT.' Depreciation of langit4e fixed assets Govemmenl grant income AceAued expensesllrrwnel 18,344 {171,364) 41.570 16.163 3,645 Changas in.. Stocks Trade and olhw debtors Trade and other ¢reditors {8.9811 1208.997) 452.612 {252.6181 41.497 289.179 Cash generated from operations Nel cash fromllused in) OP8fating ac11vS 195.0881 {95,088> 278.727 278.727 Cash flows from inv•sling aclr¥ili•s Purchase of tangible assets Net cash used in investing acb'vities 17.774) 17.774} 121,9591 121,9591 Cash flows from financlng activities Government granl income Net cash used in finartcing a¢twilies 171,364 171,364 Net increasel{de¢rea$el in ¢a$h and c•$h equivalertts Cash and cash equivalents at beginning of yr Exchan9e 9ainsl{lossesl on cash and cash equivalents C•sh and cash oqufvalents at end of y•ar 68,502 960.546 {8,2571 1.020.791 256.768 705.053 11,2751 960.546 The rK>t•$ on pages 22 to 35 fomi part of th•s• financial statemen¢5. 21
The British Asian Trust Company Limited by Guarantee Notes to the Financial Statements Year ended 31 March 2021 General inf(wmation The chafity is a public bpJwfit antity arx1 a ale CWLpany limited by guarantee. re9iSt8red in England and Wales and a register charity in England arKI Wales. The address of the registered Offi is aaren House. St Jwres's P4a¢e, Ldon. SW1A 16 Statsment of ¢omplianc¢ These finanaal statements have been prepared in crynplkgn¢e with FRS 102. The Financial Reporting Standard applicable in the UK and the Republi¢ of Ireland.. U)e Statement of RÈcommended PraCte applicable to ehanbes preparing th&"r acctmjnls in accordance with the Finanoal Reporting Standard appl¢cable in the UK and RepuNic of Ireland {FRS 102) (Charities SORP IFRS 102)) and the compan Act 2006. A¢¢¢unting poliei•s Basss of preparation Th8 financial stslem8nts have been kyepared on the historical cost basis, as mcJified by the revaluation of certain financial assets and liaknlities and investment properties measured at fair vaue through income expenditure. The financr81 statements a wepored ift sterting. wh¢h 1$ the functional ¢uffen¢y of the enlty. Going conc•rn There are no material uncertat about the charty's ablty to tinue. Consolidation The charity contrds an Indian trading gJb&diary. The Bntish Asan India Foundalion ICIN.. U74999MH2017NPL3012221. The address of the wistered offi¢e of the (a)mpany is 1031104, 8- Wing. Fulcrum. Hiranandani Busines5 Park. Sahar rport Road. An¢Jheri (Easi). Mumbai 4CQ099. Indk? These financial stslements ¢M9ldate the Su11$ of the Charity and its WIllY owned subsith'ary Company British Asian India Foundation a lina by line basis. Foreign entities are translated into sterfing and any difference5 a included in an FX reserve. The parent has taken advantage of Ihe folkJing Ced disclosures available under FRS 102.. lal No cash flow statement has been presented for the company Ibl Disclosures in re5pecl of financial instwmenls have not been presented for the charity The parent chariiy has apptsed the exempts.( to not present a separate Slalement of Financlal tivities. Judgements and key sources of estimatlon uncertainty The preparalion of the financial statements wuires management to make judgements. estimates and assumptions th* aff the amounts repc%led. These estimates and judgements are continually reviewe(J and are based on expen.ence and other fa¢tors. Including expectations of future events that are bèlieved to be rèasonabk under the circumslancès.
The British Asian Trust Company Limited by Guarantee Notes to the Financial Statements Year ended 31 March 2021 Accounting pollcies Foreign ¢urrenciey FOren currency transacli(yis a initi.alty recor1 in th& functional currency. by app.n9 the spot exchange rata as at Ihe date of the transaction. MC(tary assels and Ihib¢'lities denc#))inated fofeign curren¢ies are translated at the excharoe rate ruling at the reiyiing dale. with any gains or losses being taken to the statement of financial actwrties. Fund o¢¢<wnting Unreslricted fttnds are available for use at the discretion of the trustees to lurther arw of the charity's purposes. Dgggnated funds a unStrICted fvnds eamwrked by the trust Partu future proje¢l or crxmmthment. Restricted lunds are subjecled to restriCtiS their expenditure declared by the donor or through the terms ol an appeal. arKI fau t0 or of 5ub-cla55es.' restricted income funds or end¢)wment furKYs. Incomlng resoiir¢os All incoming resources are included in Ihe statement of financial activities when entitlement has passed to the charity.. it is probable that the economic benefits as$0¢ted with the tTan5aCtion will llow to the charity and the amount can be reliably measured. The following specific polic5 are applied to particular categories of income.. come from donations grants is recognised when there o e¥iderKe of entillement to Ihe ft. receipt IS Pfobat4e and its arnt can be meawjred reliatty. legacy income is Tecognised vhben reIpl is probable and entrflemenl is estsbli5hed. income from donated g()ds is meastAr8d at Ihe farr value of th& goods unsS thi5 IS Impractical lo measure feliabty, in whi¢h case the value is derived from the cost lo the donor or the estimated resal8 value. Dcnated facililies and services are recognised the accounts whèn recewed if the value can be reliably rrSUred. No amcJrbts arè inclLtrded for the coniribulion of genwal volunteers. income from conlracts for the suppty of services is reco9nised wilh Ihe delivery of the ¢MtraCt service. Thi5 is cla5Stfied as unrestricle(I lunds unless thwe is a contractual requirèment for it to be ¥)ent on a particular purpose and rÈtumed if unspent. in which case it may be regarded as restricted. In¢ome is stated after trade discounts, other sales tsxes armj of VAT. Resource5 expended Expenditure is recognised on an accruals bays as a liability is incurred. Expenditure incl*Jdes any VAT which cannot be fvlly recovered. and is classfd under headings of the statement of financial activities to whKh it Telales". expenditure on fai5ing funds indude5 costs of all fundraising activities. events. non<haritable tra(ling activities. and the sale of donated gX•Js. 23
The British Asian Trust Company Llmited by Guarantee Notes to the Financial Statements Year ended 31 March 2021 A¢¢ounting poucws (Ctr expenditure on charitable activities indudes all costs incurred by a charity in undertaking activities that knrther its charitable aims for the benefit of ils beneficiaries. including those support costs and Costs relatRig to Ihe 9)Vernar of the tarity apportthed to charilab activities. other exdlure IrdeS all expenditure that is neither related to ratsing ndS for the charily nor part of its expendrture on charitatrAe actNilEs. All cosls are alWted to expanditure cat8gxie5 refiechng the usè of the rosource. Dired costs attributable to a single actNty are allrtated dire¢tty to ihat 8¢tivty. sha costs are apport¢oned between the actmties IhÈy contributè to on a rèasonable. jvsknfiable and consistent basis. Tangiblo ass•ts Tangible assets are initwlly recorded at cost. and bSeqUentIY staled al cost less any accumulated depreciation and impaimiwt losses. Any tangible assets carried at revalued 8rrK)unts are recorded al the tsir value al the dale of revaluation bess any subsequent aUMUlated depreciation and subsequent awimulaled impaiment losses. An increase in the carrying amount of an assel as a resutt of a revaluation, is recognised in other recognised gaing and 1055es. un$ rt rever5e5 a Charge for impairment that has previously been fecognbS8d as expenditure within the statement of financial activikn"es. A decrease in the Caryng amount of an asset as a resuli of revaluation. is recognised in other recognised gains and losses, except to which il offsets any previous revaluation gain. in whh case the Ioss is shown within other re¢ognis8d gains and losses on the slalement of financial activities. Depreciation 0èpreciats.on is calculated so as to write off the cost or vahJatKfi of an asset, lass tts residual value. over the useful economic lrfe of that asset as fdlcN5= Fixtures. fillings and equipment 4 year straigtht Ih In¥estm•nts Unlisted eqtjity rnvestsnents are rnitialty rec(xded al cost, and subsequently measuret1 al fair value. If fair value cannol be reliabty measured, assets are measured at cost s impairmenl. 24
The British Asian Trust Company Limited by Guarantee Notes to the Flnancial Statements Year ended 31 March 2021 Accounting policies {¢o•U Impairni¢nt of fix•d assets A review indicators ol impairment 15 carried out at each reporting date. with the recoverable amounl being estimated where such indKators exist. Wh8re rhe Carying value exceeds the recoverable amount. the as1 is impaired a¢¢iwdingty. pri impaimwits a also reviewed for possible reversal at each reFwyting date. For the purposes of impaiwt testing. when r( is rKA pctssknle to estimale the recoverable amount of an individual asset. an estimate is made of the recoverable amoLtnt of the cash-generalhng unrt to vthich tt)e asset bekngs. The cash-generaling unhl is the smallest identifiable group of assets that in¢ludes the asset and generates ¢a$h inllows that largdy indgpendent of the cash inflows frcrfn olher assets or groups of assets. Sl¢xks are measured at the lower of cost and estimated selling kYiC8 Igss costs to complel8 and sell. Cost indudes all costs of purchase, costs of conversA)n and olher costs i[red in bringing the stock tr) ils present location and ¢ondits"on. Where stock has been sold but is kept on an exhibits.on site it is stdl considered removed from the charity's stock balance, as the Tisks have transferred to the purchaser. Government grants Govemmenl grants a recognised using the accrual mcJd an(J the perfomiance modgl. Under the accrual model. governnI grants relating to r&venue are recogni5ed on a systematic ba>s over the periods in wh the company recoJnises the related costs for Wh the grant is intended to wmpensate. Grants that are receivable as compensation for expenses or losses already incurred or f the purpose ol gNing immediate finanual support to the entity with no ruture relat&1 costs are recognised in income tn the perKKI in which il becomes receivable. Finanelal instrumenls A financial asset or a finan¢o1 liabilrty t5 rwised onfy when the entity becomes a party lo the contractual provisions of the instrument. Basic financial instruments ale Initial fe¢c¥Jnised at the amount fe¢eivable or payable including any relaled Iransaction costs, unless Ihe arrangement constitutes a financing transaction, where it is recognised at the present value of ihe future payments discounled at a markel rate of interest for 8 simil8r debt instrument. Current a55ets and ¢uirenl liabililE5 are subsequentty measured at the cash or other ¢onsrderation expected to be paKI or rtterved and not discounted. Debt instruments are subsequenlly meawred al amortised cost. L5mited by guarantee The company 15 limited by guarantee and has no share capital. Every member of the company undertakes io ¢onlribute io assels of ihe company. in the event of a winding up, such an amnI a5 may be required not exceeding £1. 25
The British Asian Trust Cornpany Limited by Guarantee Notes to the Financial Statements (e Year ended 31 March 2021 Donations and kgaci•s Unrestricted Restn'cted Total Ftsnds Funds Funds 2021 Donation$ 2021 Individuals Events Corporate Trusts and fouThYations Rental income Grants Govemmenl ant inccyr Other donations and le9xies Donalion of reserves 971,9)8 510.958 532,677 227.929 18.7 876.325 1.848,233 510,958 1.064,553 1.884.193 18,750 531,876 1.656.264 171.364 171.364 2.433. 3.064.46S 5.498.051 Unrestricted Fund5 Reslricled Total Funds Funds 2020 Donation5 2020 Individuals Events Corporate Trusts and foundatsons Rentsl income Othèr donatFons and 1•gacies Donation of reseNes 1,169.657 653.046 782,478 10.995 79.529 618,510 2.222.090 1.180,652 732,575 1.400,988 2.222.090 4,167 4,167 226.747 66,811 293,558 2.836.095 2.997.935 5.834,030 In Ihe prior year, on 1st January 2020. the Elephant Famity charity Iran51erred all of ils as5et5 and liabilrtiès into the British Asian Trust as part of the merger of the two ¢harities. The nel value of the assets and liatslities of Elephant Family is equal to £293.558.
The British Asian Trust Company Limited by Guarantee Notes to the Financial Statements (¢thiW Year ended 31 March 2021 Co$t$ of rni$ing donations and lega¢i•s Unrestricted Tolal Fund$ Unreslri¢lg11 Total Funds Funds 2021 Funds 2020 Programme expenditure Staff costs Rent Rates & water Insurance Travel ¢¢>sts Legal and profeswnal fees Telephone Office costs DepciatiOn Mark8ting Events Bank charges 431.244 16.170 79 1.601 431.244 16.170 79 1.601 335.860 34,733 107 1,413 9.643 335,860 34,733 107 1,413 9,643 8.022 1,662 ,501 3.334 21.837 319,334 1200 895.074 8.022 1.662 90.501 1.480 46.211 1,480 46,211 21.837 319,334 1.200 895,074 31,112 370.328 170 37,112 370,328 170 837,341 837,341 Expenditure on ¢haritabl• ac¢ivi¢i¢s by Thd typ• Unrestrided Funds Re$irictgJ Total Funds Funds 2021 Charitsble activty ComMunatIOnS Support costs 1.505.377 301,61YJ 113,876 1.920.853 3.150.891 4.656.268 301,600 113.876 3.150.891 5.071.744 UnStrICted Funds Restrict Total FunLSs Funds 2020 Charitsbte adivily Communications Suppori costs 1.265.945 418.934 99.779 2.780,675 4.046,620 418.934 99,779 1,784.658 2.780,675 4.565.333 Expenditure on ch*itable activitse5 by activity type A¢tivibes vlertaken dirKUy Commlc0tiOnS Supp(#t Total fund$ Totsl funds 2021 2020 Charitable activity Governae costs 4.656.268 301.800 104.944 8,932 5,062,812 4.560,333 8,932 5.000 4,656.268 301.600 113,876 5.071,744 4.565.333 27
The British Asian Trust Company Limited by Guarantee Notes to the Financial Statements Year ended 31 March 2021 Analysis of support costs Total 2021 Total 2020 Communications and IT General office Human resOurS Financè costs 4,250 102.659 5,162 1.805 3.742 91,693 2,806 1.538 113.876 99.779 10. Taxation The BrilFsh Asian Tru51 is consdwed to pass the tests sel crtjt in Paragraph 1 schedu 6 Finance Act 2010 and thereforè meets the deffinition of a charitsble ¢ompany lor UK ¢orporatitsn tax purposes. Accordingly, the charity is potential exempt from taxation in respect ol income or capital gains rerrived within the caiegorie5 covered by Chaptw 3 Part 11 Corporation Tax Act 2010 or Seclion 256 of the Taxation of Chargeable Gains Act 1992. to the extent that such income or gains are applth exclusivety to Charrtab wrposes. 11. Net incoM{exPendIIYre} Net IncC¥nleXpQndttUreI is stated after ¢hargingllueditwvJ).' 2021 2020 D8preciatK)n of tan&ible fix8d assets 18,344 16.163 12. Auditor's remuneration 2021 2020 Fges payable fLY the audit of the financk?I statements 8.750 Fees payable to the tharity's auditor and its asswates for other 5eniices'. Other non-audrt Se•S 2.575 2.500 13. Staff costs The tota staff Costs and employee beneffits for the reFwJrtYl9 period are anawd as follows.. 2021 2020 Wages and salaries SrKial security cosls Employer contributions to perksion plans 1.291.815 143,533 58.523 1.148.662 131,538 63,959 1.493,871 1,344,159 Th8 average head counl of enwoyees during the year was 27 (2020.. 24).
The British Asian Trust Company Limited by Guarantee Notes to the Financial Statements (¢ Year ended 31 March 2021 13. Staff costs I¢0•) The nunw of empbyees whose MeratiOn for the year fell wrfhin the followng bals. were: 2021 No. 2020 No. £60.OCQ lo £69.999 £/0.0 to £79.999 £80.OfK) to £89,999 £go,0[ to £99.999 £120,0 to £129.999 £140,(X)O to £149.999 Remunwatton of key manag•m•nt personn The lotal employee beneffts including penon c(l[lbUlxts received by key mana3ement perSrte1 in 2021 is.. £697.7071202Q" £549.6231_ The follo9 roles are Trncluded in this". Chief Exe¢utNe, Executive Director. ExeoJtive Director (Social Finance), OTrre¢tor of Finance & R&sources. Oirector of Fundraising. India D1Clor. and Pakislan DirectOT12021 onty). 1& Trustee remun•ration and expons•s No remuneration or other benefits Irom empbyment with the charity or a related entity were received by the trustees. No expense5 irthrred by trustee5 dwi)g the year. 15. Tanglble fixed assets Group Fixtures. fitting5 and •quipm•nt Cost At 1 April 2020 Additions FX revaluations 92,131 7,774 1701 99.835 31 March 2D21 Dpreciation At 1 April 2020 Charge for the year FX revaluations 53.305 18,344 {201 71.629 At 31 March 2021 Carrying amount At 31 March 2021 28,206 Al 31 March 2020 38,826 29
The British Asian Trust Company Limited by Guarantee Notes to the Financial Statements (e Year ended 31 March 2021 1& TgIble fix assets {¢0ftOnts8dJ Charity Fixturns. fittings and equipment Cost Al 1 AprA 2020 Additions 91.135 6.416 At 31 March 2021 97.551 Depreciation Al 1 April 2020 Charg8 for the year At 31 March 2021 53,021 17,887 70,908 Carrying amount At 31 March 2021 26.643 Al 31 March 2020 38.114 16. Invostments The Group has no inveslments. Charity Inve$tments Cost or valuation At 1 Aprd 2020 and 31 March 2021 Impairment At 1 April 2020 and 31 March 2021 Carrying amount At 31 March 2021 1.107 1.107 Al 31 March 2020 1.1Q7 The investment represents the chty's 100% $hareholdry in.the subsidiary British Ag'an India Foundation. 17. Sto¢ks Group 2021 2020 Raw materials and consumables 217.978 208.997 Charity 2021 21J20 Raw materials and nSUm¥bIeS 217,978 208,997
The British Asian Trust Company Limited by Guarantee Notes to the Fbnancial Statements Year ended 31 March 2021 18. Dobtors Group 2021 2020 Trade debtcys Prepaymenls and aCCrl imime (Aher debtcys 524.945 66,054 24.171 615,170 697.315 284.7 55,602 1.037,707 Charity 2021 2020 Trada debtcrfs Prepayments and accrued inco Other debtors 524.945 66.054 20.3C18 611.307 697,315 284,79) 51,893 1.033,998 19. Credit¢>ryJ: amounts fall•ng due within one year Group 2021 2020 Trade cret1itors A¢¢ruals and deferred in¢0 Social security and other taxes Other creditors 353,130 219.753 203,768 19.013 419,643 148.183 96,715 17,980 795.664 682,251 Charity 2021 2020 Trade credrtors Accruals and (leferred income Social se¢tJnty and other taxes Other credrtors 353,022 219,753 203,768 19.188 318,212 148,183 96,715 18,102 795.731 581,212 20. Government grants The amounts I03n1S* in ihe finanaal slatements gOv8mfft granls are as follows.. 2021 2020 Recognised in income from dth"OnS and legacies: Govemmenl grants sncome 171.364 Defined contribution plans The amwnl recognised in Orne OT expenditure as an expense within unrestrictgd funds in relat to defed conth'bulion plans was £58.523 (2020.. £63.9591. 31
The British Asian Trust Company Limited by Guarantee Notes to the Financial Statements 1¢ti Year ended 31 March 2021 22. Def•rred 2021 2020 Opening bal3rKe Amount rèléased to income Amount deferr9d in year Clostng balan¢e 7.488 17,4881 85.750 75,000 (75,0001 7.488 85.750 7.488 Deferred COrne repseftts monies received In ffjspeet of futu transactions. 23. Oporatlng Igases The Iota future rwmnimum lease Pay1 under non-carKeNable opw*ing leases are as follows: 2021 2020 Not later than 1 yea Later than 1 year and r1 laier than 5 year5 Later than S years 50,791 112.187 50,791 50,791 162.978 24. Analysrs of charitable fvnds Group Unrestricted fvn¢ls At 1 2020 At Incorr Exppmdilure 31 March 2021 Unreslricled Funds 1.036,251 2.433,586 12.815.927) 653,910 At Income Expendiluo 31 March 2020 1 April 2019 Unreslricled Funds 822.155 2,836,095 12.621.999) 1.036,251 Restrictsd fvnds Al 1 Awil 2020 At Incorne Expenditure 31 March 2021 Restricted Funds 528,579 3.064.465 13.150,8911 442.153 Al In¢ome Expenditure 31 March 2020 1 April 2019 Restricted Funds 311.319 2.997,935 12,780,675) 528,579 32
The British Asian Trust Company Limited by Guarantee Notes to the Financial Statements Year ended 31 Mar¢h 2021 24. Analysis of charitable funds (C Unr•$trlct•d funds At 1 April 2020 At Ir¢om Expenditure 31 March 2021 Unreslricted Funds 917.785 1.959.043 12.298.659) 578.169 At 1 April 2019 Inc(Mne Expenditure 31 March 2020 lthrestricted Funds 789.197 2.465.714 12.337.1261 917.785 R•strict•d lunds Al 1 Apnl 2020 At Income Expenditure 31 Mar¢h 2021 Restricted Funds 528.579 3,064,465 13.150.891) 442.153 At 1 April 2019 Inc¢Mne Exp8ndilure 31 March 2020 Restricted Funds 311.319 2.997,935 12.780.675) 528,579 Included within the restricted fijnds a two grants from the FCDO (fonnedy DFIDI. one to support our work on Women's E¢onomi¢ Empowemenl {WEE) in Paktslan and a le¢hni¢al grant lo support our work Ihe Devekjpment Impact Bond (DIBI. The DepartrTFW)I for International Oevebpment (DFIDI fornially became the Foreign, C(Mnmonwealth and Development Office IFCDOI on 2 September 2020 after merging with the Fryert Commonwealth Office IFCOI. For the ptjrwse of this annual review, we have referred to as appropn'ate to FCDO Ifomierly DFIDI. 33
The British Asian Trust Company Limited by Guarantee Notes to the Flnancial Statements (cty Year ended 31 March 2021 24. Analysls of CharIL18 fvnds (C•d} Restrided fund$ also includ8 several othw gants from variw$ trusts. fwndations and corporate entsties in support of the chanty'$ IleCts. The income and oxp•nditure for these grants are detabled bdo¥w. Opening Balance 8alan atYE Roslrl¢ted Ftsnd Income Expenditu OIB-BT DIB- FCW DIB- Other aThJ Fou131)r Education- Individu Education- Cryrate ConseNatK)n- Ind1ja Dcoi Conservatioft- Darwn In"ale ConwvatwJft- Frits of the Asian Elept Conservion- Nature Cr¥8113n Fwnts Sri Lanka Mental Hetrh-Trusts FwidabL entsl Heth- I11¢*uats vdihoots- FCDO. WEE vdihoots- BT SkilLs vdiho(xts-Trusts and FOu181#Y Sooal Finance- NS Social Finance- FCEMJ Child Pr0ledK Britssh Hh CA)mmissh Child ProiectKm- Trusts FtyJn¢latKfi5 Emergenctr Appe AJEH 85.lYJO 328.443 729.871 100,( (65.0(K)) 1328.4421 1729,871) 10t,C4)0 125,C#)Jl 10.LXXI 79,998 81,855 89,998 61,054 8.563 70.000 50.000 159.3691 112.308} 20.871 70.(KKI 50.(1)O (36,464} 214.465 1273,3351 13,154 129,126) 345,289 1345.2891 97,665 197.6651 174.942 1398.089} 26.614 126.6141 50.(XXI (S0.0) 19.192 119,1921 51.771 191,121} 544.CX)6 (544.OM) 2.200 58.870 15.972 281.038 57,891 39.39) 1.447 3.647 Totsl 528.579 3.W.465 {3,150,8911 442,153 2& Analysis of net assets between funds Group unrestri Restricted Total Fund5 Funds Funds Investmenls Tangible fixed assets Current assets Creilitors less than 1 year Net assets 28.206 1,217,743 636.1 1601.6211 1194.043) 644.328 442.153 28,206 1.853,939 1795.664) 1.086,481 Unre5tncted Restn"¢led Total Fund5 Funds Funds 2020 Inveslmenls Tangible fixed asseis Current assets Creditors less than 1 year Nèt assets 38,826 1,678,671 {682.5211 1,034.976 38,826 2.207,250 (682.5211 1.563.555 528.579 528.579
The British Asian Trust Company Limited by Guarantee Notes lo the Financial Statements (conu901 Year ended 31 March 2021 25. Analysis of not assets between funds Charity Un$trled Funds Restricted Total Funds Funds 2021 Investments Tangible fixe(l assets Current assets Creditors sS than 1 year Net a$$¢ts 1.107 26.643 1.152.107 636.196 1601.6881 {194.043) 578,169 442.153 1.107 26,643 1.788.303 1795,7311 1.020.322 UnresIrm ReStted Total Funds FdS Funds 2020 Investments Tangible fix8d assets Current assets CreditcKs less than 1 year N•t ass•ts 1.107 38.114 1.459.776 1581.2121 917.78S 1,107 38,114 1.988,355 1561,2121 1,446.364 528.579 528.579 26. Analysis of changes in n•t deb¢ Group At 1 Apr 2020 Cash At 31 Mar 2021 Cash at bank and in hand 60.245 1,020.791 Charity At 1 Apr 2020 Cash flcyws At 31 Mar 2021 Cash at bank and in hand 745.? 213.658 959,018 27. ContiThJent Ilabiliti•s and ass¢i$ The charity has entered into a ltyjr year éducatKJn developmènt bond 12019-20231 where rt has committed to make payments based on outcome perfomiance rneasud by an independent third party. The commitmenls are cvly payable if ddivery of the proposed education is made and the amounts payable can only be liablY measured once the performance of delivery has been Independenlty assessed. The maximum granl payable. ts based on overperfomance. at 120% and is capped at a lotal levd of£3_3m (2020= £3.2ml. The ¢harity has agreements writh donors to cover a signrficanl portion of this granl payment. Baseil on the expe¢led £3.3m l USD $4.41 m12020". £3.2ml of remaining cash outftow the charity has agreements wilh donors to cover approximately £692k l USD $925k12020.' £2.5ml. In 2018-19 the payTrent wa5 £885k and in 2019-20 the payrnent was £846k. As Ihe condit¢ors for luivre paymenis have not yet been mel. we ¢annot arxuratety determine the remaining amounts payable. However. we would expect these payments to be the of £3.3m in 2022-23. Due to the COVID-19 pandemic, the expecled payments in the finanryal year 21-22 not OCCLJr as partners agreed thal a detailed pfogramme evaluation in the current scenario is not reliable.