Registered number: 06792434 Charity number: 1136839 LIFELINES INTERNATIONAL FUND FOR EDUCATION LTD FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2024 LUBBOCK FINE LLP Chartered Accountants Paternoster House 65 St Paul's Churchyard London EC4M 8AB
LIFELINES INTERNATIONAL FUND FOR EDUCATION LTD (A Company Limited by Guarantee) CONTENTS Page Reference and Administrative Details of the Charitable company, its Trustees and Advisers Trustees. Report Independent Auditors, Report on the Financial Statements 8-11 ststement of Financial Activities 12 Balance Sheet 13 Statement of Cash Flows 14 Notes to the Financial Statements 15-26
LIFELINES INTERNATIONAL FUND FOR EDUCATION LTD (A Company Limited by Guarantee) REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITABLE COMPANY. ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 DECEMBER 2024 Trustees Madhavi Vadera Rupin Vadera Vandana Shah Darpan Patel Pia Mandus Company registered number 06792434 Charity registered number 1136839 Registered office 76 Park Street London W1K2JY Company secretary Ruxandra Sandu Chief executive officer Madhavi Vadera Independent auditors Lubbock Fine LLP Chartered Accountants & Statutory Auditors Paternoster House 65 St Paul's Churchyard London EC4M 8AB Page 1
LIFELINES INTERNATIONAL FUND FOR EDUCATION LTD (A Company Limited by Guarantee) TRUSTEES. REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 The Trustees and Members (who are also directors of the company for the purposes of the Companies Act) present their annual report together with the financial statements of Lifelines International Fund for Education Ltd lor'the Charitable Company") for the year ended 31 Dember 2024. The Trustees confirm that the Annual Report, which includes the Directors, Report, and financial statements of the Charitable Company comply with the current statutory requirements, the requirements of the Charitable Company's governing document and the provisions of the Statement of Recommended practi (SORP), applicable to charities preparing their accounts in accordan with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) {effective 1 January 2019). Since the Charitable Company qualifies as 'small' under Section 383, the strategic report required of medium and large companies under the Companies Act 2006 (Strategic Report and Directorfs Report) Regulations 2013 is not required. Reference and administrative details Lifelines International Fund for Education Ltd was incorporated on 15 January 2009 under the Companies Act (2006) with a company number of 06792434, and subsequently registered as a charity with the Charity Commission of England and Wales on 13 July 2010 under registration number 1136839. The registered office address is 76 Park Street, London. W1 K 2JY. The CEO of Lifelines International Fund for Education Ltd was Madhavi Vadera, for the period ending 31 Dember 2024. Mr Rupin Vadera is the Chair of the Board. Trustees The Trustees who served the Charitable company during the year and Sin the period end were as follows.. Mrs Madhavi Vadera Mr Rupin Vadera Mr Darpan Patel Ms Pia Mandus Mrs Vandana Shah Structure, governance and management The Charitable Company is a private company limited by guarantee, governed by its Memorandum and Articles of Association. In the event of the company winding up while a member or within e1ve months of ceasing to be a member, the memberfs liability is limited to £10. Lifelines International Fund for Education Ltd is managed by the Board of Trustees, who meet at least quarterly each year. If the need arises to appoint a new Trustee. the remaining Trustees will identify and appoint an appropriate person. New Trustees are briefed on their legal obligations under charity and company law, the contents of the Memorandum and Articles of Association, the committee and decision-making processes, the business plan, and recent financial performance of the Charitable Company. The Board continuously reviews its existing capabilities and competencies and is conscious of the need to maintain a balance of skills. Additional obseNers are periodically invited to join the Board as subject matter experts (SMES), and this involves a careful vetting process by the Board to ensure every new SME is aware of their responsibilities towards the charity. Page 2
LIFELINES INTERNATIONAL FUND FOR EDUCATION LTD (A Company Limited by Guarantee) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Objectives and activities To advan education among people in India, in particular children, young people, and adults from disadvantaged backgrounds by providing grants, items and services to charities or other organisations working to advance education and through the provision of scholarships. 2. To act as a resource for young people up to the age of 21 living in the UK by providing advi and assistance and organizing programmes of educational and other activities as a means of- Advancing in life and helping young people by developing their skills, capacities, and capabilities to enable them to participate in society as independent, mature and responsible individuals. b. Advancing education. Lifelines Intemational continued its support for educational scholarships for children from impoverished and marginalised communities in India. During the year, scholarship and hardship funding (£52K) was provided to one UK-based and international based university students and one organisation, to support them in their pursuit of higher education and upskilling. Regular reviews were conducted with all the supported charities to ensure both the viability and the future sustainability of funded projects. Fundraising Information The Charitable Company does not carry out significant fundraising activities. No public donations were received in the year, and no public fundraising was undertaken. The Charity has established philanthropic relationships with a charitable foundation, Nelumbo Stiftung, which has committed to a funding budget of at least £1,000,000 per annum, subject to the presentation of robust, well-researched and vetted charitable projects identified for funding by the Lifelines Intemational Board. The funding indudes capital expenditure (such as the refurbishment of the charity's property), and the operational and administrative costs of the charity. Risks and risk management The risks to which Lifelines Intemational is exposed. in the execution of its aims and objectives, are regularly monitored by Trustees who are committed to the regular evaluation of organisational risk assessment and are satisfied that efficient and effective systems are in place to mitigate exposure to major risks. The principal risks that are relevant to Lifelines. as a predominantly grant giving entity are.. Strategic risk These risks are those that could impact the charity's ability to ensure that it meets its key objectives, potentially fails to serve and support its key clients (direct beneficiaries and other charitieslNGOs), andlor fails to meet the strategic expectations of the Board and members of the charity. The Board continues to work closely with funded charities and projects to ensure that they remain aligned to the strategic direction and objectives enshrined within the terms and conditions of the grant. In order to strengthen the mentoring and monitoring of funded charities an advisory committee of subject matter experts has been established since February 2025. The Board has established a regular discussion and review with all funded charities, in order to further mitigate this risk was to closely work with the recipient charities. The majority of the projects funded met agreed targets and estimated outcomes, and where there has been a perceived lack of perf0rrnan without mitigating circUmstans, these projects will not make the list for future funding. Minority still failed to meet expectations. Page 3
LIFELINES INTERNATIONAL FUND FOR EDUCATION LTD (A Company Limited by Guarantee) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Financial and Treasury Management Risk The key financial risks are those that could mean that the charity would fail to meet its operational requirements andlor to honour donation commitments made to charities. The Board proactively manages these risks by ensuring sufficient cash reserves to meet all commitments, and by compiling grant proposals for future funding up to one year in advance of requirement. As a result of the relationship with Nelumbo Stiftung (NS}, the Lifelines International Board only enters commitments for operational expenditure and donations if the funds have already been allocated or received from Nelumbo or are available within its free reserves. Furthermore, the Board retains a minimum cash reserve to ensure it can meet at least 6 months of operational costs and approved donations. Regulatory and governance risk These risks incorporate regulatory or legal sanctions, the potential for reputational damage, and in case of significant failures, the loss of charitable ststus. The Board has managed these risks by concentrating its initial strategic efforts on establishing a robust governan regime, the appointment of skilled and eXperIend trustees, and ensuring professional legallaccounting support in relevant areas. Trustees and senior management are required to attend mandatory training on Charity Regulations, Anti-money Laundering, and Fraud Prevention. Operational Risks (People. IT) These risks relate to people, systems and prosses, and extemallintemal events that erode the charity's ability to meet its funding commitments andlor its operational outcomes. At present Lifelines Intemational is managed entirely by a voluntary team, including an office manager, a Finance and Donation Management Officer and a CFO. The Board is aware that this presents a potential risk. A succession plan that may include intemal restructuring or the outsourcing of some functions is being considered by the management team. This will be reflected in the revised Strategy to be presented to the Board by the end of 2025. IT systems management has been contracted out. with IT expertise also vested within the Lifelines International team. Further, all documentation, processes and research data are stored on secure cloud-based seNers. IT systems were refreshed and updated in July 2023 as part of moving into the newly refurbished office. Change of management These risks represent the failure of establishing and implementing change initiatives. The current management team is now fully established, with a dedicated Finance and Donation Management Officer, a CFO and CEO who led on governance, financial and operational issues. under the strategic direction of the Board. The Lifelines office in Central London is now fully operational and has hosted charity partner meetings and events, in addition to routine administrative tasks. The Board manages key projects centrally, with clearly identified processes that are established and drawn from collaborative team discussions. Nevertheless, as outlined earlier, key change initiatives are now being developed, reporting tools are being used to manage and monitor projects and the establishment of the Audit and Review Committee will further strengthen and support the management team. Page 4
LIFELINES INTERNATIONAL FUND FOR EDUCATION LTD (A Company Limited by Guarantee) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Education and Mental Health Initiatives During the period, the Lifelines Intemational Board fijnded several projects to mitigate the severe debilitating impact of fOrd migration and post-pandemic stress on the mental health of young people, members of marginalised communities, survivors of domestic abuse, and survivors of human trafficking. Lifelines International is particularly committed to raising awareness of emerging mental health issues, particularly amongst young people, the refugee community, and women within BAME and marginalised communities. In support of these themes, during 2024 Lrfelines Intemational worked with relevant charities in the sector and funded a range of projects.. Pan Intercultural Arts= Amies Freedom Choirs (Psychosocial and psychotherapeutic support for female survivors of human trafficking) £75K Prathum.. Hamara Gaon Programme £73k Chums.. Supporting young people and their families who suffered bereavement and trauma £50K Think Equal. Mental Health First Aid Training £70K Happy Baby Supporting pregnant women survivors of trafficking and Violen £55K University of Oxford.. Supporting young people with academic scholarships £60K Future Leaders.. Future Leaders programme £72K The Charitable Company continued the implementation of its strategic review into the funding, financial planning, governan, and corporate identity of Lifelines International in 2024. The strategic review is ongoing, and the charity is currently at the final stage of the three-year review. In setting the objectives and planning the activities of the Charitable Company, the Trustees have given careful consideration to the Charity Commission's general guidance on public benefit. As a result of this review, the current objectives have been reviewed, and the Board has requested a minor change submission to be sent to the Charity Commission in June 2025. This will not impact the key objects but seeks to recognise the increased activity undertaken by the Charity in the UK. Achievements and perforniance As part of the Trustees, review of the Charitable Company's funding and management structure, there were new additions to the Board (with effect from July 2023), the appointment of a Chief Financial Officer and Company Secretary (volunteers), and the appointment of a Finan and Donation Officer (volunteer, function carried out by Company Secretary). This has resulted in a more robust govemance framework, an updated medium-term financial strategy, and the establishment of an approved funding stream for an initial period of five years. Website upgrade and a social media presen was established, although there is certainly room for significant improvement. This is essential to improve awareness of the charity's work, and to showcase the work achieved by the charities and NGOS supported by Lifelines International. Page 5
LIFELINES INTERNATIONAL FUND FOR EDUCATION LTD (A Company Limited by Guarantee) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Financial review At the end of the reporting period, the Charitable Company held unrestricted reseNes of £6,548,716 (2023 £6,354,196} and restricted reserves of £5,000 (2023 - £nil). The increase in reserves was driven by donation income of £789,479 being received in the year. This was offset by expenditure of £591,231 in the year. The Charity has a reserves policy of maintaining 3-6 months. total expenditure in unrestricted reseNes, which is estimated as £60,000 based on the current level of activity. This will be used if the charity encounters financial difficulties. The Charity continually aims to build up its reserves so that they are in line with the reserves policy. The Trustees will review the reseNes policy on an annual basis and take steps to increase the value of reserves. Plans for future periods Lifelines International management are now working towards establishing its next medium-term strategy (2025- 2027). This will incorporate increasing funding capacity. establishing a stronger relationship with its funders, ensuring a substantive increase in reserves, and a targeted increase in the charitsble donations made by the charity to educational, transformational projects. The Trustees would like to continue to increase their support for charities who work therapeutically with refugees and with victims of abuse and trafficking, as well as targeted social empowerment initiatives for young people. The charity has established a scholarship fund to encourage young people from marginalised communities within the UK to gain qualifications in counselling, art, and the medical profession. Further work on the structure, reporting mechanisms and application processes is ongoing. Trustees. Responsibility Statement The Trustees (who are also directors of Lifelines International Fund for Education for the purposes of company law) are responsible for preparing the Trustees, Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (the United Kingdom Generally Accepted Accounting Practice). Company law requires the Trustees to prepare financial statements for each financial year. Under company law, the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Charitable Company and of the incoming resources and application of resources, including the income and expenditure, of the Charitable Company for that period. In preparing these financial statements, the Trustees are required to= Select suitable accounting policies and then apply them consistently., Observe the methods and principles of the Charities SORP IFRS 1021., Make judgments and accounting estimates that are reasonable and prudent., state whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any material departures disclosed and explained in the financial statements., And prepare the financial ststements on the going cOnM basis unless it is inappropriate to presume that the charity will continue in operation. Page 6
LIFELINES INTERNATIONAL FUND FOR EDUCATION LTD (A Company Limited by Guarantee) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Charitable Company's transactions and that disclose with reasonable accuracy at any time the financial position of the Charitable Company, and enable them to ensure that the financial statements comply with the Companies Act, Charities Act 2011 and the Charity (Accounts and Reports) Regulations 2008. They are also responsible for safeguarding the assets of the charity and hen for taking reasonable steps for the prevention and detection of fraud and other irregularities. Disclosure of inforniation to auditors Each of the persons who are Trustees at the time when this Trustees. report is approved has confirmed that.. so far as that Trustee is aware, there is no relevant audit infomation of which the Charity's auditors are unaware and" that Trustee has taken all the steps that ought to have been taken as a Trustee in order to be aware of any relevant audit information and to establish that the charity's auditors are aware of that information. In preparing this report, the Trustees have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006. Approved by order of the members of the board of Trustees and signed on their behalf by: Madhavi Vadera (Trustee} Date=22 July 2025 Page 7
LIFELINES INTERNATIONAL FUND FOR EDUCATION LTD (A Company Limited by Guarantee INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF LIFELINES INTERNATIONAL FUND FOR EDUCATION LTD FOR THE YEAR ENDED 31 DECEMBER 2024 Opinion We have audited the financial statements of Lifelines International Fund for Education Ltd (the 'charitable company,) for the year ended 31 Dember 2024 which comprise the Statement of Financial Activities, the Balance Sheet, the Statement of Cash Flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland, (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements.. give a true and fair view of the state of the charitable company's affairs as at 31 December 2024 and of its incoming resources and application of reSoUrs. including its income and expenditure for the year then ended., have been propedy prepared in accordan with United Kingdom Generally ACpted Accounting Practice- and have been prepared in accordance with the requirements of the Companies Act 2006. Basis for opinion We conducted our audit in accordan with International Standards on Auditing (UK} (ISAS (UK}) and applicable law. Our responsibilities under those standards are further described in the Auditors, responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Conclusions relating to going concern In auditing the financial statements. we have concluded that the Trustees, use of the going concern basis of accounting in the preparation of the financial ststements is appropriate. Based on the work we have performed. we have not identified any material uncertainties relating to events or conditions that, individually or collectively. may cast significant doubt on the charitable company's ability to continue as a going concern for a period of at least iwelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report. Page 8
LIFELINES INTERNATIONAL FUND FOR EDUCATION LTD (A Company Limited by Guarantee) INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF LIFELINES INTERNATIONAL FUND FOR EDUCATION LTD (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Other information The other information comprises the infomiation included in the Annual Report other than the financial statements and our Auditors, Report thereon. The Trustees are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to detemine whether this gives rise to a material misstatement in the financial statements themselves. If. based on the work we have performed, we conclude that there is a material misstatement of this other infomation, we are required to report that fact. We have nothing to report in this regard. Opinion on other matters prescribed by the Companies Act 2006 In our opinion, based on the work undertaken in the course of the audit.. the infomation given in the Trustees, Report for the financial year for which the financial statements are prepared is consistent with the financial statements. the Trustees, Report has been prepared in accordan with applicable legal requirements. Matters on which we are required to report by exception In the light of our knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustees, Report. We have nothing to report in respect of the following matters in relation to which Companies Act 2006 requires us to report to you if, in our opinion.. adequate accounting records have not been kept, or retums adequate for our audit have not been received from branches not visited by us.. or the financial statements are not in agreement with the accounting records and returns., or certain disclosures of Trustees, remuneration specified by law are not made., or we have not received all the information and explanations we require for our audit,. or the Trustees were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies, exemptions in preparing the Trustees, Report and from the requirement to prepare a Strategic Report. Responsibilities of trustees As explained more fvlly in the Trustees, Responsibilities Statement, the Trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements. the Trustees are responsible for assessing the charitable company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the charitable company or to cease operations, or have no realistic altemative but to do so. Page 9
LIFELINES INTERNATIONAL FUND FOR EDUCATION LTD (A Company Limited by Guarantee) INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF LIFELINES INTERNATIONAL FUND FOR EDUCATION LTD (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Auditors. responsibilities for the audit of the financial statements Our objectives are to obtain reasonable assuran about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors, Report that includes our opinion. Reasonable assuran is a high level of assuran, but is not a guarantee that an audit conducted in accordance with ISAS (UK) will aayS detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to Influen the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are InStanS of non<0mplian with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non- compliance with laws and regulations, we considered the following.. The nature of the sector and the impact of the cost of living crisis on financial and operating performance and policies., Enquiries of management, including obtaining and reviewing supporting documentation, concerning the charity's policies and procedures relating to= identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of non-compliance detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud., and the internal controls established to mitigate risks related to fraud or non-compliance of laws and regulations., and Discussions among the engagement team regarding how and where fraud might occur in the financial statements and any potential indicators of fraud. The engagement team includes audit partners and staff who have extensive experien of working with charities in similar sectors and this experience was relevant to the discussion about where fraud risks might arise. We also obtained an understsnding of the legal and regulatory framework that the charity operates in, focusing on provisions of those laws and regulations that had direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included the UK Companies Act, UK Charities Act and Charities SORP 2019. In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the charity's ability to operate or to avoid a material penalty- These included health and safety regulations, and environmental regulations. As a result of these procedures, we considered the particular areas that were susceptible to misstatement due to fraud were in respect of connected paty transactions, revenue recognition (specifically completeness and classification of donation income), unrecognised grant commitments and management override. Our procedures to respond to risks identified included the following= reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements., enquiring of management concerning actual and potential litigation, claims and fraud., performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud, reading minutes of meetings of those charged with governan. Page 10
LIFELINES INTERNATIONAL FUND FOR EDUCATION LTD (A Company Limited by Guarantee) INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF LIFELINES INTERNATIONAL FUND FOR EDUCATION LTD (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 reviewing completeness and classification of income with referen to award letters and other supporting documentation on a sample basis; review on a sample basis of grant awards I Corresponden with beneficiaries to verify completeness of grant commitments., in addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments., assessing whether the judgements made in making accounting estimates are indicative of a potents'al bias.. and evaluating the rationale of any significant transactions that are unusual or outside the nomial course of the charity's operations, reviewing transactions and balances for eviden of related party transactions and verifying appropriate disclosure in the financial statements. Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that Complian with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of InStanS of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentstion. A further description of our resF)onsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: vMw.frc.o .uklauditorsres onsibilities. This description forms part of our Auditors, Report. Use of our report This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an Auditors, Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and its members, as a body, for our audit work, for this report, or for the opinions we have formed. Hazra Patel {Senior Statutory Auditor) for and on behalf of Lubbock Fine LLP Chartered Accountants & Statutory Auditors Paternoster House 65 St Paul's Churchyard London EC4M 8AB Date= 23 July 2025 Page11
LIFELINES INTERNATIONAL FUND FOR EDUCATION LTD (A Company Limited by Guarantee) STATEMENT OF FINANCIAL ACTIVITIES INCORPORATING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2024 Restricted Unrestricted funds funds 2024 2024 Total funds 2024 Total funds 2023 Note Income from: Donations and legacies Investments 35,000 754,479 1,272 789,479 1,272 1,275,000 157 Total income 35.000 755,751 790,751 1,275,157 Expenditure on: Charitable activities 30.000 561,231 591,231 489,462 Total expenditure 30.000 561,231 591,231 489,462 Net movement in funds before other recognised gainslllosses) 5,000 194,520 199,520 785,695 Other recognised gainsl{losses): Losses on revaluation of fixed assets (26,983) Net movement in funds 5,000 194,520 199,520 758,712 Reconciliation of funds: Total funds brought forward Net movement in funds 6,354,196 194,520 6,354,196 199,520 5,595,484 758,712 5,000 Total funds carried fonNard 5,000 6,548,716 6,553,716 6,354,196 The Statement of Financial Activities includes all gains and losses recognised in the year. The notes on pages 15 to 26 fonn part of these financial statements. Page 12
LIFELINES INTERNATIONAL FUND FOR EDUCATION LTD (A Company Limited by Guarantee) REGISTERED NUMBER: 06792434 BALANCE SHEET AS AT 31 DECEMBER 2024 2024 2024 2023 2023 Note Fixed assets Investment propety Current assets 6,300,000 6,300,000 Debtors 12 14,120 358,444 Cash at bank and in hand 330,487 372.564 330,487 Creditors.. amounts falling due within one year 13 (118,848) (271,291) Net current assets 253,716 59,196 Creditors.. amounts falling due after more than one year 14 {5,000) Total net assets 6,553,716 6,354,196 Charity funds Restricted funds 15 5,000 6,548,716 Unrestricted funds 15 6,354,196 Total funds 6,553,716 6,354,196 The financial statements have been prepared in accordan with the provisions applicable to entities subject to the small companies regime. The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by.. Madhavi Vadera (Trustee} Date= 22 July 2025 The notes on pages 15 to 26 form part of these financial statements. Page 13
LIFELINES INTERNATIONAL FUND FOR EDUCATION LTD (A Company Limited by Guarantee) STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2024 2024 2023 Note Cash flows from operating activities Net cash provided by operating activities 18 27,957 710,491 Cash flows from investing activities Investment propety refurbishment costs (570,759) Net cash provided byl(used in) investing activities (570,759) Change in cash and cash equivalents in the year Cash and cash equivalents at the beginning of the year 27,957 139,732 330,487 190,755 Cash and cash equivalents at the end of the year 19 358,444 330,487 The notes on pages 15 to 26 form part of these financial statements Page 14
LIFELINES INTERNATIONAL FUND FOR EDUCATION LTD (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 General information Lifelines International Fund for Education Ltd is a charitable company limited by gurantee registered in England & Wales. It's registered address is 76 Park Street, London, W1 K 2JY. The functional currency of the financial statements is sterling, rounded to the nearest pound (£). Accounting policies 2.1 Basis of preparation of financial statements The financial statements have been prepared in accordance with the Charities SORP {FRS 102) Accounting and Reporting by Charities: Ststement of Recommended Practice applicable to charities preparing their accounts in accordan with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006. Lifelines International Fund for Education Ltd meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless othemise stated in the relevant accounting policy. 2.2 Company status The Charitable company is a company limited by guarantee. In the event of the Charitable company being wound up, the liability in respect of the guarantee is limited to £10 per member of the Charitable company. 2.3 Going concern The accounts have been prepared under the going concern basis, which assumes that current and future SoUrS of funding will be adequate for the Charitable Company's needs. The Charitable Company meets its running costs from donation income. The nature of the Charitable company's operations is such. that there can be unpredictsble variations in the timing and amount of cash inflows. The Trustees continuously review the funding prospects and expenditure levels and take action to reduce expenditure should funding expectations and reserves appear inadequate. On the basis of this policy, the Board consider that the Charitable company will continue in operational existence for the foreseeable future. 2.4 Income All income is recognised once the Charitable company has entitlement to the income, it is probable that the income will be reiVed and the amount of income re1vable can be measured reliably. Donations are recognised as income when pledged or if no pledge has been made then on receipt. Where a donor specifies a time period in which the donation can be used, donation income is recognised in that period. Donations received with imposed restrictions are classified as restricted funds. 2.5 Interest receivable Interest on funds held on deposit is included when re1vable and the amount can be measured reliably by the Charitable company,. this is normally upon notification of the interest paid or payable by the bank. Page 15
LIFELINES INTERNATIONAL FUND FOR EDUCATION LTD (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Accounting policies {continued) 2.6 Expenditure Expenditure is recognised On there is a legal or constructive obligation to transfer economic benefit to a third paty, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity- Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned beeen those activities on a basis consistent with the use of resources. Costs of raising funds are those incurred in seeking voluntary contributions. Support costs are those costs incurred directly in support of expenditure on the objects of the Charitable company. Grants payable are charged in the year when the offer is made except in those cases where the offer is conditional, such grants being recognised as expenditure when the conditions attaching are fulfilled. Grants offered subject to conditions which have not been met at the year end are noted as a commitment, but not accrued as expenditure. All expenditure is inclusive of irrecoverable VAT. 2.7 Investment Property Investment property is carried at fair value determined annually by the trustees and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature. location or condition of the specific property. No depreciation is provided. Changes in fair value are recognised in the Statement of Financial Activities. 2.8 Debtors Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due. 2.9 Cash at bank and in hand Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account. 2.10 Liabilities and provisions Liabilities are recognised when there is an obligats-on at the Balan Sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably. Liabilities are recognised at the amount that the Charitable company anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide. Provisions are measured at the best estimate of the amounts required to settle the obligation. Page 16
LIFELINES INTERNATIONAL FUND FOR EDUCATION LTD (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Accounting policies {continued) 2.11 Corporation Tax Due to the charitable nature of the activties undertaken, the Charitable company's surpluses are not subject to corporation tax. 2.12 Financial instruments The Charitable company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method. 2.13 Fund accounting General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Charitable company and which have not been designated for other purposes. Designated funds comprise unrestricted funds that have been set aside by the Trustees for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements. Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the Charitable company for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements. Investment income, gains and losses are allocated to the appropriate fund. Income from donations and legacies Restricted Unrestricted funds funds 2024 2024 Total funds 2024 Donations 35,000 754,479 789,479 Restricted Unrestricted funds funds 2023 2023 Total funds 2023 Donations 25,000 1,250,000 1,275,000 Page 17
LIFELINES INTERNATIONAL FUND FOR EDUCATION LTD (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Investment income Unrestricted funds 2024 Total funds 2024 Total funds 2023 Bank interest 1.272 1,272 157 Analysis of expenditure on charitable activities Summary by fund type Restricted Unrestricted funds funds 2024 2024 Total 2024 Charitable activity 30,000 561,231 591,231 Restrictsd Unrestricted funds funds 2023 2023 Total 2023 Charitable activity 30,972 458,490 489,462 Analysis of expenditure by activities Grant funding of activities 2024 Support costs 2024 Total funds 2024 Charitable activity 534,022 57,210 591,232 Page 18
LIFELINES INTERNATIONAL FUND FOR EDUCATION LTD (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Analysis of expenditure by activities (continued) Activities undertaken directly 2023 Grant funding of activities 2023 Support costs 2023 Total funds 2023 Charitable activity 30.972 368.150 90,340 489,462 Analysis of direct costs Unrestricted funds 2024 Total funds 2024 Total funds 2023 Awareness Event 30,972 Analysis of support costs Total funds 2024 Total funds 2023 Staff costs 2,015 540 10,714 7,348 1,627 6,137 10,153 13,834 4,842 48,095 480 10,000 646 Accountancy fees Audit fees (governan) Other support costs Insuran 3,844 10,102 10,288 Brand strategy, website development and other professional fees Rates and Utilities Propety repairs Travel 6,921 (36} Fundraising costs 57,210 90,340 Page 19
LIFELINES INTERNATIONAL FUND FOR EDUCATION LTD (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Analysis of grants Grants to Grants to Institutions Individuals 2024 2024 Total funds 2024 Grants 479.270 54,752 534,022 Grants to individuals totalling £52,504 were made to cover student course fees and living costs. Grants to Grants to Institutions Individuals 2023 2023 Total funds 2023 Grants 334,930 33,220 368,150 The Charitable company has made the following material grants to institutions during the year= 2024 2023 Name of institution Crisis Pan Intercultural Arts - Amies Choir Project Pan Intercultural Arts - Papillon Project Pan Intercultural Arts - Fortune and Amies Project Future Leaders Programme Quest for Learning The Happy Baby Community Future Living HertFord CHUMS Prathum UK 19,148 31,432 41,159 23,034 75,000 72,500 120,180 42,497 10,493 45,000 55,332 50,000 73,000 70,400 14,975 60,000 Think Equal Shared Health Foundation The University of Oxford Other grants to institutions 8,063 1,987 479,270 334,930 Page 20
LIFELINES INTERNATIONAL FUND FOR EDUCATION LTD (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Auditors. remuneration 2024 2023 Fees payable to the Charitable company's auditor for the audit of the Charitable company's annual accounts 10,700 10,000 Stsff costs 2024 2023 Wages and salaries Social security costs 2,154 (139) 45,600 2,495 2,015 48,095 The average number of persons employed by the Charitable company during the year was as follows.. 2024 No. 2023 No. Administrative employees No employee received remuneration amounting to more than £60,000 in either year. 10. Trustees. remuneration and expenses During the year, no Trustees, who are also considered to be the Key Management Personnel, received any remuneration or other benefits (2023 - £NIL). During the year ended 31 December 2024, no Trustee expenses have been incurred (2023 - £NIL). Page 21
LIFELINES INTERNATIONAL FUND FOR EDUCATION LTD (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 11. Investment property Freehold investment property Valuation At 1 January 2024 6,300,000 At 31 December 2024 6,300,000 The investment propety was revalued at 31 Dember 2024 by the Trustees on an open market basis. 12. Debtors 2024 2023 Due within one year Other debtors Prepayments and accrued income 7,745 6,375 14,120 13. Creditors: Amounts falling due within one year 2024 2023 Other creditors 1,714 66,671 4,715 198,191 Accruals 11,150 30,000 77,698 Grants payable - Individuals Grants payable - Institutions 118,848 271,291 14. Creditors: Amounts falling due after more than one year 2024 2023 Grants payable - Institutions 5,000 Page 22
LIFELINES INTERNATIONAL FUND FOR EDUCATION LTD (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 15. Statement of funds Statement of funds - current year Balance at 31 December 2024 Balance at 1 January 2024 Income Expenditure Unrestricted funds Designated funds Investment property fund 6,300,000 6,300,000 General funds General Funds 54.196 755,751 {561,231) 248,716 Total Unrestricted funds 6,354,196 755,751 (561,231) 6,548,716 Restricted funds Scholarship programme 35,000 (30,000) 5,000 Total of funds 6,354,196 790,751 {591,231) 6,553,716 Page 23
LIFELINES INTERNATIONAL FUND FOR EDUCATION LTD (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 15. Statement of funds (continued) Statement of funds - prior year Balance at 31 Gainsl December (Losses 2023 Balance at 1 January 2023 Transfers inlout Income Expenditure Unrestricted funds Designated funds Investment property fund 5,700,000 626,983 (26,983) 6,300,000 General funds General Funds (104,516) 1.250.157 (458.490) (632,955) 54,196 Total Unrestricted funds 5,595,484 1,250.157 (458,490) (5,972) (26,983) 6,354,196 Restricted funds Awareness event 25,000 (30,972) 5,972 Total of funds 5,595,484 1,275,157 (489,462) (26,983) 6,354,196 Restricted funds The scholarship programme restricted fund relates to donations received to fund scholarships to students. Designated funds The investment property designated fund represents the value of the charity's investment property which is principally held for income generation to further the charity's objectives. Transfer of funds A transfer totalling £nil12023 £5.9721 was made from general funds to restricted funds to cover the cost of the overspend on the restricted awareness event. A transfer totalling £nil (2023 - £626,983) was made from general funds to the designated investment propety fund to represent the costs that were capitalised in the year in relation to the refurbishment of the propety. Page 24
LIFELINES INTERNATIONAL FUND FOR EDUCATION LTD (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 16. Analysis of net assets between funds Analysis of net assets between funds - current period Restricted Unrestricted funds funds 2024 2024 Total funds 2024 Investment propety Current assets Creditors due within one year 6,300,000 367,564 (118,848) 6,300,000 372,564 (118,848) 5,000 Total 5,000 6,548,716 6,553,716 Analysis of net assets between funds - prior period Unrestricted funds 2023 Total funds 2023 Investment propety Current assets Creditors due within one year Creditors due in more than one year 6,300,000 330,487 (271,291) (5,000) 6,300,000 330,487 (271,291) (5,000) Total 6,354,196 6,354,196 17. Related party transactions During the year, the charity was awarded donations totalling £754,479 (2023 £1,250,000) by Nelumbo Stiftung, a charitsble foundation which is a member of the charity. The trustees of Lifelines International Fund for Education are not beneficiaries of Nelumbo Stiftung. There were no attached conditions which would, or might, require the charity to alter significantly the nature of its existing activities. During the year, the charity VRS awarded restricted donations totalling £35,00012023 £25,000) by Fll Limited, a company in which trustees Madhavi Vadera and Rupin Vadera are directors. The donation was for the funding of the Charity awareness event, however during the current year the donation was reallocated to the scholarship programme fund with the permission of the donor. An amount of £10,248 (2023 £95,638) was paid on behalf of the Charity by Fll Limited in respect of various charitable expenditure. At the year end, an amount of £5,000 (2023 - £10,000) is due to Migrant Help, a Charity in which trustee Madhavi Vadera is also a trustee. Page 25
LIFELINES INTERNATIONAL FUND FOR EDUCATION LTD (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 18. Reconciliation of net movement in funds to net cash flow from operating activities 2024 2023 Net income for the period (as per Statement of Financial Activities) 199,520 785,695 Adjustments for: (Increase}Idecrease in debtors Decrease in creditors (14,120) (157,443) 125,708 (200,912) Net cash provided by operating activities 27,957 710,491 19. Analysis of cash and cash equivalents 2024 2023 Cash in hand 358,444 330,487 Total cash and cash equivalents 358,444 330,487 20. Analysis of changes in net debt At1 January 2024 Cash flows At31 December 2024 Cash at bank and in hand 330,487 27,957 358,444 Page 26