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 di￿r5 fy Ihe Pur[￿Se$ of c¢3mpany law. wesent fvir rer*yt 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 Try￿1 Charlty registrntion nurnber 1127366 Company r•gistratlon number (*588239 Principal offie• regist•rnd Cl*erte H￿se Sl James's Palace SW1A 1BA Manoi Bada￿ ICh*"m*nl Shalni Arrya ITreasurwl Chrislopher Malhi&s Asil RaThJcx)nwalè Ramani Ganesh Ruth Ganesh Lor(l Jitesh Gadhia F4wzana B*Juel IAwJinted 3 February 20211 Shenila R￿la1 and Vwun ChaThYra we(e apr￿l￿t￿j as trustees ￿ 21 ju￿ 2021. Senior Management Team Rthard Hawkes Hitan Mehta Abha Thrrt.Sh8h Emma Porteous Colman Cawo Saleem Khan Ctr#ef Ex￿tive Executive Director Exec￿1Ve DI￿ (S￿181 Fina￿) Director o( Finarte & Resojrces Owector of FundrasirKJ India Dirtctor coM￿nY 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 ￿of￿￿LS forlhè *t4ld, In hLWJ8 L*AIW *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 w￿ran￿ne. which ts ai the heartofour ino)me gewart￿, Wd5 W1￿j 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 respC￿e to ts COVID-19 crisis to bunth an EnY9erry Appeal that raised £1m an¢ enabled us to support rrK)re than 140,0￿ P￿￿e with ¢Jryent fDOd and Melti￿ SUp￿re5. We r￿Ul0 not h8ve done IhJ'5 Without irKred•ble gerwosity of ￿r5￿1)0rt￿S. 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 eS￿NiShed our'8AT Ingghts. series of ￿￿"nar¥ t￿"ngIng together eminent 8ribsh Asian Soulh AS1￿ Wrtioarts. bu$r￿S ￿tre[￿l￿ts and phibnthropists. The prOgraMn￿ included HRH The pnn￿ ol wa￿5, a rar*Je ol senior UK poli￿48r6. business leaders such as Tryn Singh OBE and SirrK)n p￿rnalISt Sathnam Saryhen slar5 frorn ihe of S￿rt and entertalnrr￿. TradrtK)na fuTrJiry streawts h*4e never been urthr SLth pre5svre. I￿rAr￿j that inrthation is mrye Important than 8ver. We continue to be gk)ba p￿eets 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 S￿lIs Developmenl C￿r*￿)n in lTh¥ia and we have started in Pakistan ft)r th8 Developm￿l Bank to expknre the FQtents* for th? fi￿l irnpad bond ￿ the cryjntry. The exible approath offered by sooal finance meant that, de¥xte Sm so many INes this year. Manoj 8adale 08E IChairdTrustees1 The British Asian Trust Company Limited by Guarantee Group Trustees. Annual Report (Incorporating the Dlrectors, Report) {ctuthued) Year ended 31 March 2021 I￿r vision and mission Cxjr vish?n is a South Asia free from pjverty where everyone can meet tr*ir full pot8ntial. Jr mission is lo unk￿[ the potential of disadvartsged peop￿ in S￿jIh 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 ena￿e pc￿ and marginalised peO￿e 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 thal*nges in South Asia. we have to be innovative and ambitious. Chjr programmes. are fcKused on outc(Ynes and impact. t￿￿e 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 obl￿t￿e￿, 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 ccrfnrn￿ed 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 op1￿UnI￿es 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 progr￿nme5 that leverage technology appropriately. We collaborate with GoveM1r￿1. 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 ￿ C￿vene 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 enrolM￿l 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#ld￿n the buiK1ing blctks lo a bright¥ fijture by transfomin9 e¢J￿atiOfi at scab. LI￿1•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 land￿ape 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 W￿rkir￿j 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¢)ckd￿n 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-b￿aklng 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 $14.4m 'Skill India Impact BDnd' with partners including Ihe National Skills Development Corporation in India. We have started resear¢h work in Pakistan fc* the Asian Development Bank to explo￿ tho potential for the first impaci bond in the cryJnlry- Our Educali¢Jn Devdopment IrW Bond stayed robust and ¢cffltinued its focus on leaming outcomes during this peri¢)d despite faong unprecedented challenges with school c105vres due to COVID-19. The flexikn.lity provid￿ by thè DIB model has allow8d education providers to test digital and remote leaming models to ensu￿ leaming Is maintained. The programma has reathed over 60.000 students in Year Tlwee of opwations. OUT programmes will conlinue to f¢Ku5 on educalion. livelih¢xxY5, anti-traffickn'ng. mental health and ¢onservation. We will adapt to the COVID-79 emergency, leveraging our exp8n.ence and relationships wth delivery partners in the f*ld. Any nthv pro9ramme design will take place through a COVID-19 lens. taking into accoLmt the econom￿ and social impaet of the pandem￿. and Ihe need for post-COVID resilien￿. The British Asian Trust Company Llmited by Guarantee Group Trustees. Annual Report (Incorporating the Directors, Report) Year ended 31 March 2021 How we did.. We reSp(￿ded to the COVIO-19 uisis wilh a su¢¢essful appeal that raised fvnds fry emergency response th in India. Pa￿"Stan. Bangladesh and Sri Lanka. Our Mental Heath programme ¢￿tInued to go Irom Strength lo sIrw￿ as mefttsi health has become r￿gniSed as 8 much greaier 9kibal issue. In our education wofk in India we ad8pt8d to the s¢hty)l closu￿ and WO￿8￿ with rwf partners to tesl digital and remote Seaming model$. 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 ConV￿b.0nS and impriscmments traffickers and we substantially increased our ambition in this area. We continued to wpport the excellent conservation prcgrarnrnes that came across foll￿￿1ng 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 resP￿d 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 fil￿￿ra1￿ng. 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 foundati￿S 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 ¢￿tIr￿Je to teams in s￿ Aga. strwjgll￿nirQ 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 re￿￿tlY apwnled Pakistan Director. Virtual communi¢atw has in many ways str•n9thened the relati￿ShIpS Ihal our global teams have wrth each other. We ￿ntInued to build ¢apacty and dev¢lve autonorny to tn)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. StrU￿ure. 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(yt￿l by sp￿la1 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 01￿CtIOn. Commltteos of the Board There are five slanding Committ￿$ of the 8L)afd". Finance and Risk Comm￿88. Inv8Stmènt Commitiee, Social FinarKe Commitiee, Remuneration Committee and Fundrai￿ng 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 star￿ards (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 charIta￿e 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$t￿ty.' 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 finar￿la1 stalem&nts.' prepare the finan¢ial ststemenls on the goiro ¢cA￿eM 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 P￿vents.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 Tr￿St {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& l*ed notes. indUd￿9 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 Repor￿ng Standard applicat4e in the UK and Republic of Ireland Iunited Kingdom Generalty Acceptet1 A¢c(wnting Practice). In our OpirM￿ the fina￿la1 *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 ap￿IcatIon of resourees, I￿lUding 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 Ethi￿4 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 9jffic￿nl 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 conditic￿S 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 ￿Spon￿bIl￿￿S of the trustee$ respe¢l to going con¢em are described in the relevant Sectic￿S of this repc*t. 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 the￿on. 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 c￿ne¢ll¢n 7*rith audit of the finanoal StateM￿ts. our respc￿S1b1IitY is to read the other information and, in doing so, consider wheiher the oiher information is materially inconsistent wth the financial statements or our kr￿lledge 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 mwtalem￿t 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 r￿Urn￿ents. 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 f￿r0￿ng mattws in relat￿7 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 brar￿e5 nol vt5rted by u$., or the finan¢Tral slatwnents are not in agreement Ihe ac¢ountsng rett*rds and retums; or certa￿1 (li￿105￿re$ of trusiees. ￿mUneratIon specif*d by law are nol mède; or we have not received all the InfCmwt￿rt 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 res￿SIble 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 en3￿e 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 g￿ng concem and using the going concern bass of accounting unless the trustees either intend lo liquidale the charity or to cease operat￿nS, 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 m*erial 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 in1k￿nCe the ea>nomic decisK)n$ of users taken on Ihe basis of these f￿ancIal statements. Irregularitie5. induding fraud. we instances of n￿l-(x*￿pr13nce 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 eVId￿e that is sijfficient and approwate to provide a basis f(¥ our opinion. In identifying and aSSe￿n9 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 tott￿rr 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￿$t thin the organisation for fraud. Key areas inclv(Je liming of re¢ognising income around the year end, posting ol unusual 1￿malS arKI maniwlating the Charity's perf￿nance measures to meel perfomian¢e targe15. In common with all audits under ISAS IUKI, we are also requir&J to perform specific prO￿dUreS to respond to the risk of management ovarrth. We ensure we have an understanding of the relevant laws and regulations and remaln alert lo possible non-compliance throughout Ihe audit. Desprte proper planning and audit work in actordance wilh audiling standards there a￿ inherent limitations and unav 278.727 278.727 Cash flows from inv•sling aclr¥ili•s Purchase of tangible assets Net cash used in investing acb'vities 17.774) 17.774} 121,9591 121,9591 Cash flows from financlng activities Government granl income Net cash used in finartcing a¢twilies 171,364 171,364 Net increasel{de¢rea$el in ¢a$h and c•$h equivalertts Cash and cash equivalents at beginning of y￿r 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, L￿don. 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 PraCt￿e 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 mc*Jified 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 uncerta￿t￿ 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 ¢M9￿ldate the ￿Su11$ of the Charity and its WI￿llY 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 folkJ*ing ￿￿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 FOre￿n currency transacli(yis a￿ initi.alty recor￿1 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 rei*yiing dale. with any gains or losses being taken to the statement of financial actwrties. Fund o¢¢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 am￿nI 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 Dep￿ciatiOn 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$irictgJ Total Funds Funds 2021 Charitsble activty ComMun￿atIOnS Support costs 1.505.377 301,61YJ 113,876 1.920.853 3.150.891 4.656.268 301,600 113.876 3.150.891 5.071.744 Un￿StrICted Funds Restrict￿ Total FunLSs Funds 2020 Charitsbte adivily Communications Suppori costs 1.265.945 418.934 99.779 2.780,675 4.046,620 418.934 99,779 1,784.658 2.780,675 4.565.333 Expenditure on ch*itable activitse5 by activity type A¢tivibes v￿lertaken dirKUy Comm￿lc0tiOnS Supp(#t Total fund$ Totsl funds 2021 2020 Charitable activity Governa￿e 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 resOur￿S 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¥n￿leXpQndttUreI 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 nun*w of empbyees whose ￿M￿eratiOn for the year fell wrfhin the followng ba￿ls. 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 pen￿on c(￿l[lbUl￿xts received by key mana3ement perS￿rte1 in 2021 is.. £697.7071202Q" £549.6231_ The follo￿￿9 roles are Trncluded in this". Chief Exe¢utNe, Executive Director. ExeoJtive Director (Social Finance), OTrre¢tor of Finance & R&sources. Oirector of Fundraising. India D1￿Clor. 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 D*preciation 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& T￿gIble 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 I￿03n1S*￿ in ihe finanaal slatements gOv8mff￿t granls are as follows.. 2021 2020 Recognised in income from d￿th"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 def￿ed 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 rep￿seftts monies received In ffjspeet of futu￿ transactions. 23. Oporatlng Igases The Iota future rwmnimum lease Pay￿1￿ under non-carKeNable opw*ing leases are as follows: 2021 2020 Not later than 1 yea Later than 1 year and r￿1 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 Frye￿rt 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 CharIL￿18 fvnds (C￿•d} Restrided fund$ also includ8 several othw gants from variw$ trusts. fwndations and corporate entsties in support of the chanty'$ I￿leCts. 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 Fou￿131￿)r Education- Individu* Education- Cryrate ConseNatK)n- Ind￿1￿ja Dc*oi Conservatioft- Darwn In￿"al￿e ConwvatwJft- Fri￿ts of the Asian Elep￿t Conserv*ion- Nature Cr￿￿¥8113n Fwnts Sri Lanka Mental He*trh-Trusts ￿ FwidabL entsl Heth- I1￿1￿¢*uats vdihoots- FCDO. WEE vdihoots- BT SkilLs vdiho(xts-Trusts and FOu￿181#Y Sooal Finance- NS Social Finance- FCEMJ Child Pr0ledK￿ Britssh H￿h 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 (conu￿901 Year ended 31 March 2021 25. Analysis of not assets between funds Charity Un￿$tr￿led 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 UnresIr￿m ReSt￿ted Total Funds F￿dS 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 rneasu￿d 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.