Company Ng: 08147905 Charlty Roglst•r•d Number: 1149856 THE KAYS FOUNDATION {COMPANY LIMITED BY GUARANTEE) CONSOLIDATED FINANCIAL STATEMENTS YEAR ENDED 6 APRIL 2023 CHAMBERLAINS UK LLP Chartered Acwuntants & Statulory Auditors 173 Cleveland Street London UK W1T 6QR THE KAYS FOUNDATION CONSOLIDATED FINANCIAL STATEMENTS YEAR ENDED 5 APRIL 2023 CONTEKrs Reference and Administratlve Detalls Trustees, Report Independent Audltors, Report Consolldated Ststement of Flnanclal Actlvltles 10 Consolldated Statement of Financial Position Company Statement of Flnanclal Posltlon 13 Consolldated and Charlty Ststement of Cash Flow5 14 Note5 to tha Flnanclal Ststements 16-24 THE KAYS FOUNDATION CONSOLIDATED FINANCIAL STATEMEfrirs YEAR ENDED 5 APRIL 2023 REFERENCE AND ADMINISTRATIVE DEfAILS Statu$ The Kays Foundation is a company limited by guarant80, incorporat& on 18 July 2012 and wistergJ as a charity on 21 Novernber 2012. Company Number 08147905 Charfty Number 1149856 Reqt8tsrod Offic• 173 Cleveiand Slfe8t London W1f6QR DIr0￿￿r¥ l T￿￿tts# Mr P N Nathwani Mr M G Gudka Mr M N Nathwanl Mr5 S M Kanani MrTM Kabuga Audltors Chamterfains UK LLP Chartered Accountants & Ststutory Auditors 173 ¢￿V•18nd Strèat London W1T6QR B•nk•rs Habib Bank AG Zurth Habib Hc￿se 42 Moorgate London EC2R 6JJ Page I THE KAYS FOUNDATION CONSOLIDATED FINANCIAL STATEMENTS YEAR ENDED 5 APRIL 2023 TRUSTEES, REPORT The trustees, who ar8 8150 tha dire(*ors of tha Foundation for thè purposos ol company kw, are pleased to prosent eir report and the wn$ofidated financial ¥tat¢ments ofthe Kays Foundation lor thg yèar èndèd 5 April 2023. Struetur•. gov•rnanc• and management Govemlng documgnt The Founoation is a charitable company lirnited by guarantee, incorporated on 18 2012 and rggislgred as g ¢haTty on 21 NoW￿bar 2012. Th& company was estsblished und&T a Memorandum ol Assoriabon which established the objects and pl)We￿ ol Iha charitsblè eompany and is govemed under its Artic￿$ of Association. In the event of the company being wound up rnernb8r¥ are T8quirèd to contnbute an amount not exceeding £10 each. R•crultm•nt and tsalnlng of tru8tees The directors of the rA￿panY #ro 81so ¢h¥rity Irustee$ forthe p(trposes ofch8rfty law. A new tn￿tee is appointed by 8 resolution of the board of trustees. Induction and training tsfthe trustees is done by prowding them wth the Artides and Memorandum ofAs3oci8tion, the lats5t sel of aceounts and various rèadlng up fèfei•nces. bf needed, spedal training sessions can be ar¥arrfJed lh& exi4ting tw3tee5 to proMd8 guidan¢%. Thè tnsstees consitler the board oftntstees to be the key management pwsonnel of the chaiity In thrgg of directing antl eontrolung. njnning. and oFerating the tharity on a day-to4ay basis. Publ1¢ Benefit statern•nt In accordan￿ with the Charities Act 2011, the trusteÈs tr£•nfirrn that they have given due eonsKlerabon to the Chai5ty Commission Public Benefit Guidance as rwuired by Se¢tk)n 4 ofthe Chariti88 Ad 2011. ObJgctives and aetiviti•# The c*aritys objects are sperific8lly restriL*8d to th8 followng.. The advaneementofsuch charitable purpose or purposes andlorthe support of8￿h thartsbl8 in5btubon or institutions in any partof thè wortd as tha directors ofthe ojmpary in their absolute discRtion from time to time select, and in suth manner as the diwtors of the c¢mpany Irom tr.me to b.me detemiine. Dyrlng the year. the Foundotion made donations totslling £809,161 12022.. £291,727) to the following tharities and these are d8sthbed as below.'- Save the Children Philanthropy {£150,0001- ThL¥ grant gipported the Chlldren's work in Ukraine. %**ich has rea¢hed over 36,StsJ children prowding wotection services, Chikl Frtendly Spaces and rehabilitated four damaged ¥chtstrls in Northem and Eastem ukra￿e. This grant allows Children to stay safe. healthy and keep leamiTrJ, 80 they can teo)mg wh9 thoy want to bg. Pakistan Floods Appeal (£150.0001- This grant supported the Dk8astefs Emergency Comrnittee's appeal fr11(￿7n9 Ihe Pakistsn floods to prowde emergency &]uiF¥nent and aid for those affected. Lions Sight FiT8t Eyg Hospital, India1£230,0001-Thè grant is for the development of an eye hospital in lfjsumu, Kenya, to rBplicate the success of a similarhospitsl in Nairobi. K￿umU serves neady one third population of Keny8 and expects to rae*ive referrals from across EgStAfrica. to prowdedaitydinics, eye camps and (alaractoporation$ forless forbjnale peoplg who cannot afftird tr&8bnent Page 2 THE KAYS FOUNDATION CONSOLIDATED FINANCIAL STATEMENTS YEAR ENDED 5 APRIL 2023 TRUSTEES. REPORT Obl•¢lIv￿ and actIvI￿•S l¢OnUnU￿...) The Garden of Siloam {£75,0001- The fund seNes chitdren with various disabilities (physical, intellectual, behawoufal etc.) and their tsrnilies in lQambu eounty in Kènya by providing medical, therapy and educab.onal services as well as psychological and sooal 8UPPOrt to th8m. Th8 organization also walks with them to ensur& their human rights aThJ Inclusi￿ society, as they encounter enorrnous ChaI￿n98$ such as stigmal dis¢rmination, poor acces5 lo nac9￿ary semeas (most of the children bad been refused by schools and medical facilitk¥ dlie to their conditions). social aThJ financial issuès. Currèntly about 50 children and Iheif famllies regularly receive our serv1￿, whlle about 90 children are on ihg w8th.no list ta be enrolled. The requested grant k8 to be used for impromng quality of Servi￿ to the alr&idy r69istered children and theif farnilies as well as expanding Servi￿ to agrealer nurnbergf children by increased hurnan resour￿ aswell as purchasing equiprnent and fjJmi￿Te. This is because currenuy the￿rrights ft)redu¢ation and h88Mh are thTe8t8ned. The organrzation also would like to conduci capacity development of seTvr£ providers such as therapists and t8achers as well as activitieg for advocacy and #nproved partnership and n8￿rkI￿j in the communty to ensure sustsinabilty of the actiwtses. Choc Foundab"on 1£4.1611- This fund supports & Medullcèlastoma research project. Medulloblastorna is the most common malignant brain lum or in thiklren and carries an overall inib.al susmval rate of 75%. However, chances of sumval after relapse aro less than 20%, and become even less and less &ach relapsè. This fund supports a research project whereby the team tske3 extr8 brain turnoyr from consentng paI￿nts diagnosed wth médullobtastoma and grows the tissue in ￿11 culbJTe and in MI￿ modeL8. This alow5 them to leam about the tumours and tsst novel drug theraples thatthey hcpe will ultimately change the r￿U￿se oftreatment ofthis disease. Ttte research team has already idenb.fied some drug compounds thateffectiVe￿ kill tumours in culbjre thatWe￿ not previously known to treatmedulloblastcfna. Thè hopè Is to help thém èxpand tI￿se ￿sUlts and ultirnale￿ starta dinical thal fortreabment of relaps&l medulloblastoma. Aehlwements and perfornianGt Durirtg the ye8r to 5th April 2023. th8 Foundation CLJntinues its approach to support various charitable causes. In additson, the Foundation continu85 lo focJJs on maknng inveslrnents to improve outcomes for all young people in Kenya, its attention for8J5ing on the eaty childhocxy kffrstsge (defined as'conception lo 5 years okl'l. Furthemiore, duriEVJ the year, the Foundation has continued to èngage with philanlhropie eonsultants amd has sought gIJidan￿ aThY advice from specialist chanty solicitors. The trusteès foel thatlho uso of bringing *xp6rt extèmal adM¢* enab￿9 the Foundation to delNer its charitable aims and ¢xJnttnue5 to strengthen its inteTnal governance 8trudurB. Goln9 cgncom The trustees believe Ihatdue tothe availabl￿ty of reserves, thertr afy no matèrf81 uneertainties aboutthocharity's abilty to continue foratleast ilie next 12 months frorn the date of this reporL Fgr this reason. Ihgy continug to adoptlhe goir ¢oncem basis in p￿Parfng the financial statements. Rlgk management The Trust￿ wgnlse that there grg iisks to which the Charity is expc6ed. The TnJstee5 keep all major iisk6 to organisation undèr wgulsr remew and this is seen as integral to the achievement of our stsategic goals. The trustees are satisfied that w? have a forn?1 r￿￿eW in plxe and con$Klgr nèw 8r¥J èmerging rfsks and through tralr day-ttrdoy acbvities the staff are 8￿￿uraged 8nd guided to ensure the risk man8gement proeesses arè tffEtbvèty implemented. Sy¥ths ha￿ been established to m¥bgate known risks, induding financial controls, employment procedures. agreern$nts pathers and volunteer training. The Trustees keep proper ac￿uTrting records and take reasonabte steps for the prevention and detection of fraud and 0th8T irr8gularitr8s. Haalbl and salaty, equal ¢¥)pothnth"&s and quality stsndards are prioritised. Records and ar¢hives arg ¥ècur¢ly storad. and elèetronicdata camfulty pr<)teelÈd. Relatsd party The charitable company holds 1LKJ% tha{66 in Port Pery Investrn?nts Llmitsd. • ¢ompany reglst*rèd in tlw Isl& ofman. Page 3 THE KAYS FOUNDATION CONSOLIDATED FINANCIAL STATEMENTS YEAR ENDED 6 APRIL 2023 TRUSTEES, REPORT R•sgms poIIcy Ati the res&￿$ ar8 unrestrEcted i.e. they can be applied at the disuetion of the tW5tees. The tharity has 8 roliw of retaining £20.OCM) incorn8 ras8rv8S to ensurè continuity oflts 0￿[8￿"0n$ and its own management These res8rves are not officAally designated but rather rnaintsined und8rg8neral gU￿anC8. Th8 charity has an W8ndab￿ •rMYowm8nt for rts g&neral purposes. Level of ros8r￿S is ravia￿*d annually ty lh& trusteas. Flnanclal r•vlew The c>Jnsolk4ated slat￿)&nt ol Financial Activities ISOFAI on page 10 shows a nel decrease in frjnds for the year of £3,193,454 12022.. {£4,583.9061). Thè SOFA shows the financial activty of the group dists"ThJuishing betr￿n endowment capital and unrestricted funds and showsthe results forthe year. Atthe balance sheetdate, the group had t assets of £31,089,02412022.' £34,282,478). Plan8 for lulure portod% The trustees of the Foundatton are ccffirnitted to continualty listening arKE ￿rning in ord8rtO ensure they are ￿n￿tIng to achieve maximum impatl This w￿1 invofve an ongoing pro￿$$ of research into the chosen ar83 offocus, continual d8V81opment of the ne￿0th of peers, and ars evaluation of how the Foundation's fv&nd$ can be best invested to create lasfjng Impact TruGtse$ responsibllEtIg8 In rnlotion to financial 8tstemonts The trustees, who are al80 director8 ofthe Foundation for th8 purposè Of ¢ornp8ny law, arè r•sponslt4è ftt pTrparfng the Trustees, Report and the Financial Ststements in accordance with applicable law and United ￿ngdoM Aceounting Stsndards Iunited Ki￿d0M Generally Acce￿ Ac£ounting Pr8cticel. Cornpany law requirns the trusteès to prapBrè finana81 statemertts foreach flnanclal yearand notapprove the financial sta￿entS unl888 they arè sab"sf£d that the fin8noal statements gwe a true and fair wew ofthe stste of the affairs of the chafitable company and the group as at thg balan¢¢ s￿1 ¢Jat8 and of ts incoming r850urc85 and application OF resources, induding inoyne and expenditure. for the yearthen ended. In preporfng thosè ststements, the tsvsteeg are required to.. selectsuitsbb 8ccwnb'ThJ poliues 8NI #*n apply them w)si$tontty', obseNe the metlx)ds a¢bl prfnupks in ts)e chariti.es SORP., make sound jucsjements and arrive at th'mates that afa re83onabltr and pnKlent prepare th8 financial st8t8rnents on the gtsing concem basis untess it is inappyopriale to asswne Ihat the thartsbb o)mwy will not ¢ontlnug in businèss. The bw8tees are responsib￿ for maintainirYJ prcper accouning records which di4dose wth rea8onable xcuracy 8t any time th8 finanaal position ol Ihe company and enable them to ensu￿ thatthe finanrAal statements compty with the Companie5 Ad 2006 and the Charitias Aet2011. Théy are also responsible forsafeguardiryJ the assets oflhe o)mp8ny and taking rea$on8ble stsps for lh8 prevention And dètection of fraud or Ol￿r irregul8tlb"es. P4ge 4 THE KAYS FOUNDATION CONSOLIDATED FINANCIAL STATEMENTS YEAR ENDED 6 APRIL 2023 TRUSTEES, REPORT Audltor Each ofthe Ferson5 vtt￿ 15 a tru5t88 at thè dat• of approval ofthi8 report c¢Jnfimis that.. far as they are awarg. there is no le￿vant audf( infornatk?n olwhieh thè eharftabla company's auditor is unaware,. and they have tsken all step3 thatthoy 0￿h1t0 have taken as A tnjstee to make themselves aware ofany re￿vant ai#Jit information and to estaNish thatthe charTrtsble companws auditor is aware olthat infomatKJn. The auditor is deemed to have been re4ppointed in acwrdwo wlh section 487 ofthÈ Companies Aet 20L%. Small company provis￿ Thls rèport has been Prepared in accordance wilh the provislons applleablè to companies entitled to the small cornpanies exemption. Ob? behalf of the tru8t•e8 Mr. P N Nathwanl (Dlrectorl Dato". 4 December 2023 Page 5 THE KAYS FOUNDATION INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF THE KAYS FOUNDATION YEAR ENDED 5 APRIL 2023 Oplnlon have audited thg consolid*ed finan￿al statements ofThe Kays Foundationllhe'parent chariWI forthe yearended 5 April 2023 which L￿priSe the Consolidated and Charity stslern8nl atfinancial actNTbès, group statement olfinanaal posib"on. cashftowstatement and the ￿lated notes, including 8 Surnrnary of svjnificant accounting polio8s. Tha finanual reporting framèwork trat has been applied in their preparation is applicable law and Unitgd ￿ngdorn AetOLtnting Standards, indudin9 FRS 102 The Financiat R8portiThJ Standard applubl& in the UK gnd Republic of Ireland (United lQngdom Generally Accepted Accounting Practicsl. In ouroplnion th& financAal statements.. give a true and fatrr wow of thg ststs of th& charws affalrs as at 5 ApAI 2023 and of its incomiTWJ re5oUT￿S and application of r&8ources. including its inwne and exp¢Aditure, for tre yearthen ended; hav8 been propttrly pr¥pared in accoydance wth United Kirodom Generally Accepted Accwnting PractKe,' have been prepared in accordanca with thè requiremènts of the Companies Act 20C6 and Charitss Act 2011. Ba81¥ for oplnlon conducted our audit in accordan￿ wTrth Internat'onal Standard5 on Auditing (UK) IISAS IUKII and applicable law. Our responsibilities under those standard6 are fvrther descritr*d in the auditols responsibilits.ès for thè audit of thè financ%al st8ternents Section olour￿pOrt. We a￿ independentolthe charity inawrdancewrth the8thical requirements Ihat are relevant to our audit ofthe finanual Statements in the UK, induding the FRC s Ethica& Standard, and ￿ have lfill&# our oth8r ethical responsibilrties in accord8n￿ Mlh these requI￿rnents. We believe thatthe audit ewden¢ewe have obtained is sufficydnl and appropri*9 to proMd8 a b85is for our (winion. Conclusions r•latlng to golry con¢ern We hav8 nothing to report in respect of the followng matters in relation to wh¢ch the ISAB (UK) wuire us to report to you where.. the trustees, use ol the goin9 ¢1)n￿M bas%6 of a¢¢ounfjro In tha preparalon of tho o)nsolidatsd financLg1 st8teme¢)ts is not appropriate,. or the trust885' have notd1sclos￿j in the financial statements any identified material uncertainties that may cast srgnificant doubt about the charitys abilty to ¢ofttinuè to adopt the going CLJncem basis of acKounting lor period ofat least hvelve months frcrn the date when the fin8nryal 8tstements are 8uthorisèd for issuè. Other infonnatlon other Infr)￿a10n ccqnprises the infom7ation Included in the annual report olhgr ttwn thè ffinanaal statsm$nts and our ouditarfs r8POrt thèr￿). The trustees are responsible for the other infomiab'on. Our opinion on the financial ststements does not Cover the oth6r inlom)ation and, except to the extent otherwise explitity ststed in our reporL we do not express any forn of 0s¥uran¢8 condusion themon. In ￿nn8th"on our audit ofthe financial statements, our ￿ponsIbIlity 13 to read the other infonnation and, in doing so. considér W￿th￿r the other Infonnation Is materially inconsistent with the financ4al statements or our knowledge obtained in th8 audit OT othorw$¢ appearg to bè m8terialty misstated. 11 identify such material inconsistencies or apparentmaterial misstatements. we are required todeterrningwh8therthere i5# matèrial rnisstat8m•ntin tho financial Jtstsrnents or a material misstatement ofthe other information. If, based on the workwe have perfomièd, wo wndude that there is a rnaterial misstatement of this otr*r information, are reqLtired to report that fact. We have nothing to report in this r898rd. Pag¢ 6 THE KAYS FOUNDATION INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF THE KAYS FOUNDATION YEAR ENDED 5 APRIL 2023 Opinlons on other mathrs pr•scfllJed by thg Companies Aet 2006 In curopinion, ba$ed on thé wort undertak6n in the course ofthe audit.. the infomiation gsven in the INS*￿. roF<)rt fr>r thè financial yoar for whith the financial statsments are prepargd Is cLJnsistent W4th the finanrAal staternents., and the trust￿. ￿ptsrt has baan praparad In accordance vhth applicab￿ legal requirerrwlts. Matt•rn on whlch we aro roqulrod to repgrt by Oxceptlon In Ivaht ofthe knO￿ed￿ aThJ understsnding of the charity and its environment obtained in tha cours8 ofthe audit. we have not identified matgrial mK8$tstèments In Ihè Iwstees, r8porL We havo nothing to report in mspect of the following matters in relation to whith the Companlas Act 21￿8 and thè Charitss Act 2011 requi￿ us to report to you if. in our opinion.. adequate a{￿unting record5 have not b￿n kept, or re￿m$ adequate for our audit have not been receiv&J trom branches rKJt Vi51ted by us.. or the ￿an¢]81 $tgtwnents are not In agreementwilh Ihe accounting Tecord5 and re￿M8,. or certairs thsdosures oftruBtees' reMu￿r¥tion $p8afi•d by law not made., or we have not received all the information and explanations wo r¢qulr¥ for our audlt or the trustèès waft not entided to prepare the financ4al statements in accordance with the small ¢ompanie5 regtme and tske advantagè ofthe small CLsmpanies' exempb'ons in preparing the (krecaors, rep(irtand from the reqU1￿ment to prepare 3 $trJtegic r$porL Ro¥ponslblltt￿s of trust••s As explained fflo￿ fulty in tho trustees, responsibilities statement, the twstees (who are abo the directots for th8 purposes of cornpany 18wI arg resptsnsible for the preparation of the financial statsments and for beiro sabsffed that they glve a true and fair wew, and foT such intemal control as the trustetrs detemiine is necessary to enable the preparation ol financAal statement5 that are free from material mis¥tstem?nt whgthgr duo to fraud or èrror. In preparing th? fina￿¥1 ststgmetts, ths trustaes afo responsible for assessing Ihe charitys abBity to contin4Je as a going Con￿￿, disclosiry, 88 applicable. matters re18t•d to golng eaneem ar￿ using the going concem basi% of ac¢outh"ng unless the tnJste8s either intend to liquidate the charty or to rAa58 operations, or hav8 nts r•alisb"e 8tternati￿ butto do so. Audltorfs re8p0n8lbll1￿￿ forthe audlt finanrl¥l #tatsm•nts Our obj'eetivés are to obtain reasonable assuran￿ ab¢xrt vknelher Ihg ffnanck81 ststsments 0$ ¥ wholè a￿ frea frL rnateri81 rni9stat8Tnent, whtthtr due to fraud or error, and to issue an auditorfs report that includes our opinion. R&asonab￿ assurance is a high ￿Ver of assur?n¢* bul is a gu8rant06 that an audit co1￿Ucted in aco)rdance with ISAS IUIQ wll always detect a material misstatement when it exists. Mi$$tstements can 8ri8e from fraud or error and ¢onslder6d material if, indNMlually or in theaggregate, they Could rpasonabty ba ￿pected to infi￿n£t thèeconornic decisions Of usern t&%¢n on thè basls ofthese fjnancial statements. Page 7 THE KAYS FOUNDATION INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF THE KAYS FOUNDATION YEAR ENDED 5 APRIL 2023 Audlto¢s rMponBlbllltlg8 for tho audlt of th• tlnan¢lal stat•ments l¢ont.... Irregular￿￿9. induding fr8ud ar8, ar8 InStsn￿ of non-complianca wilh laws and rgjulallons. We doslgn procedures In line hwth our re$ponsibilibès, tyjtlintd abovè. to dtrtect matèrial misst8tem6nt In respectof IT￿gUIanties, induding fraÈ#l. Th8 oxtent to whith our PrOr*dur￿ are capabb of detecting ir￿g￿larI￿9￿, induding fraud is detsi18d b81L)W. wa obfalned an undorstand4ng of the group and parent charity and Ihe sector in whith il OFerates to identify law¥ and regulations that could rèasonably bè expected to have a d1￿ct effect on the finanaal statements. We obtained our unde15tanding In this re9ard trrou9h with trust8e5 and managernenl. industry r8S8arch and experience of the sector. ws dttermlned the principal I￿9 and fegul8ts.ons ielevant to the group and parent charity in this regard to be those arising frorn the Chalities Ad 2011, th8 Comp8ni8s Act 20C6 for Ihè sÉth4diary #5 W611 as rethnt tsx employee legislation. we deslgr£d ouraudlt procedu￿$ to ensure the audit team IXsns￿jered whether there were any iTrlications of nonry¢ornpl1an￿ by the group and parent charity those laws and regul￿on5. Thes& proceduyes induded butwere not limited to enquires of management and wew ofminutes. we also identified the risks ofmaterial misstatement of the financjal statements due to frauy. We considered, in addition to the norn-rebuttab￿ presurnpt.on of a risk of fraud arising from management 0￿MSe of controk. that the valuation ofinve51mgnts lo be an arèa ot risk. as in all of our audits. we addressed the risk of fraud arising from managÈmgnl 0￿r￿d¢ of tsJntrol$ by rfom)ing audrt procedures which induded, but were not limited to the fdlowing.. - th& testing ofjournals.. remewng accounting ￿￿"M￿leS forevthnce ofbias,. and 8vatuatin9 the bu5in8S5 fdtttin818 of any significant transaction that is unusual or outside the nomial ur8e of the bu$in&88. theengagementpartneralso ensuredlhatthe engagementteam o)Ikgctively had the appropriate competence, capabilities and skills to identify or recognise norKompl1an￿ with applicable laws and regulations,. and enquiries werg made of mana9ernent and th? board of Trusteés. induding eonsidaration of known or susperled sD8tsnces of nonwcornplkqn(x wth law8 and regsklations and fraud. Pag¢ 8 THE KAYS FOUNDATION INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF THE KAYS FOUNDATION YEAR ENDED 6 APRIL 2023 As part of an audit in accordance with ISAS (UK). wè •x8ras8 profgsslonal j(*dgrnent and maintain PTofe¥sional sc8pti￿SM thToughoLrt the audit We also.. Identify and assass th& risks of material misstaternent of the fin8naal 5tat8rnènts, whather to fraud or error, de8Tgn and perform audit prt>C8durès ￿SpOnsI¥9 to those ￿ks, and d)tain audit ev￿￿n¢& that sufficAent and appropriate lo provide 8 ba5[¥ for ouropinion. The risk of not detecting a materi81 MI￿ta￿rnent resuthng from frat￿ is h¢gher than for one ￿SUItsng from arror, as fraud may invdve ￿llUsIon. forgery, intentional omissions, mi8representsth"0￿, or the override of intem81 control. Obtsin an uThYer3tsnding of internal ￿ntrol ￿levant to the audit in order to design audit procedure3 that a appropriate in the circurn$tanrM, but notfor t** purpos• olaxprasslng an opinion on the effectiveness of the intemal control. Evaluate thg 8ppwriateness of accounling poliaes used and the reasonableness ol ac￿￿￿ting estimates and relabd ¢hdosures by Irustsgs. Condudè tsn thè appropriateness of the trustees, use of the goiry cy)ncom basis of accounting and, based on the audit ewdence obtsined. whether a material Un￿rta1Thty exists related to events or conditions that moy cast significant doubt on the charitws abilty to conkn'nue as a going con￿rn. 11 we conclude that a material uneertainty exists. we ara required to draw 8ttentitsn In our auditorfs ￿port to the related disdosure5 in the financial statements or, if such disclosures are inadequate, to m(>Jify our opinion. Our conclusions are bas&J on the audit ew?dence obtaned up to the date of our auditorfs reporL Howov8r. fututtr 6vants or condifr.ons rnay cause the challty ta cease to continue as a gosng GOn￿m. Evaluate the overall presentsbon, stsuclure and CDntBnt tsfthÈ fin￿tial ststements. indudirg the disdosures. and whethef the finanryal statements represent thè undertylng tr8nsadons and events in a rnanner that achieves fair presentstion. We communicate those charged goveman(£ fegarding, arnong Other mattar5, th& ptanned scope and timiNJ of the audit aftd ¥ignificant 8udlt findings. indudlng any Signif￿antdefiLlenCw in internal ￿ntrol that w• Klentify during our audit U89 of our roport This report is mad8 solèty to the charty's trustees,, as a body, in ac£ordance w4th $aCt￿n 144 of tha Charities Act 2011 and wulations mad9 under seetion 154 ofth8tAct Our auditwork ha5 been undertaken so that we might $tst¢ t? the harity's trustees, those matters we are wuired lo stateto them in an auditols report and for no other purpose. To the fvlle81 extgnt pemitted by law, we do not accept or assume re¥pon¥ibilty to anyong other than the chaflty and tha chanty s tru5t8ès' as a body. for our audit woth. forth¢s repoTL orforthe opinions ws have lomied. ChamborfalThs UK LLP Chartered A￿juntants & Ststutory Auditors 173 Clweland Street London W1T6QR Dab: 7 December 2023 Page 9 THE KAYS FOUNDATION CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES {INCORPORATING THE INCOME AND EXPENDITURE ACCOUNTI YEAR ENDED 6 APRIL 2023 Endowment Unrestricted Capital Inccxne Fund Funds 2023 Total Group Funds 2023 Total Group Funds 2022 2023 Notes INCOMING RESOURCES Dc￿ationS and legacies Imiestment Propety Rental Income Investment Income Bank Deposit Interest Total Incoming Resources 833,794 266,475 833.794 266.475 1.015,811 1,183.263 2,505 2,201,579 1,100,269 1,100,269 RESOURCES EXPENDED Charitable Activfties Cost of Generating Funds Govemance Costs 30 3b 609.161 515.409 113.694 1,238,264 609.161 515.409 113,694 1,238,264 291,726 634,TT2 1,022,946 NET INCOMING RESOURCES Net {Deficill I Income for the year Gainslllossl on Disposal Fixed Assets Foreign exchange gainslllossesl Invesknent Revaluation gainslllosses) ProfiU{losses} from Disposal of Fixed Asset Investments Nel Movement in Funds 1137,9951 1137,995) 19.74n 989.113 (3,096.172) 1,178,633 1179,052} 114,4Bn 3.721,267 12 (9,747) 989,113 12 I3.￿,172) 12 938 653 (4,044,572) 938 653 (3,193.454) 122 475 4,583,906 851,118 ENDOWMENT CAPITAL FUND & REVENUE RESERVES Brought fO￿ard 31.991.244 2.291.234 34,282.478 29.698,572 Funds at S Apfil 2023 27.946.672 3.142.352 31,089.024 34.282A78 The statement of financial aclivÉties includes all gains and losses recc*Jnised in the year. All income and expenditure derive from continuing xtivities. The notes on pages 15 to 24 forni part of these flnanclal statements. Pag¢ 10 ## **THE KAYS FOUNDATION** ## **CONSOLIDATED STATEMENT OF FINANCIAL POSITION** ## **YEAR ENDED 5 APRIL 2023** |**Notes**
**FIXED ASSETS**
Tangible assets
5
Investments
6
Programme related investments
7
**CURRENT ASSETS**
Debtors
8
Cash at Bank and in Hand
**CREDITORS**
Amounts falling due within one
10
year
**NET CURRENT LIABILITIES**
**TOTAL ASSETS LESS CURRENT**
**LIABILITIES**
**CREDITORS: AMOUNTS FALLING DUE**
**AFTER ONE YEAR**
Bank loan
10
**NET ASSETS**
**THE FUNDS OF CHARITY**
Endowment Capital Fund
12
Corporate Revenue Reseres
**TOTAL FUNDS**|**2023**
£
580,636
357,421|**GROUP**
**2023**
£
12,175,000
21,130,149
1,405,972|**GROUP**
**2022**
**2022**
£
£
16,350,000
18,364,269
1,405,972
36,120,241
391,068
3,100,459
3,491,527
557,429
557,429
2,934,098
39,054,339
(4,771,861)
**34,282,478**

31,991,244

2,291,234

**34,282,478**|**GROUP**
**2022**
**2022**
£
£
16,350,000
18,364,269
1,405,972
36,120,241
391,068
3,100,459
3,491,527
557,429
557,429
2,934,098
39,054,339
(4,771,861)
**34,282,478**

31,991,244

2,291,234

**34,282,478**|**GROUP**
**2022**
**2022**
£
£
16,350,000
18,364,269
1,405,972
36,120,241
391,068
3,100,459
3,491,527
557,429
557,429
2,934,098
39,054,339
(4,771,861)
**34,282,478**

31,991,244

2,291,234

**34,282,478**| |---|---|---|---|---|---| |||34,711,121
420,515|||| ||938,057
517,542
517,542||3,491,527
557,429
557,429


||| |||35,131,634
(4,042,612)|||| |||**31,089,024**
27,946,672
3,142,352|||| |||**31,089,024**|||**34,282,478**| **The notes on pages 15 to 24 form part of these financial statements.** **Page 11** THE KAYS FOUNDATION CONSOLIDATED sfATEMENT OF FINANCIAL POSITION YEAR ENDED S APRIL 2023 IcofftUTrugdJ The consolidated accounts have been prepared a8 required by the Charities Act 2011 and in accordance th the requirements of the Companies Act and with applicable financial reporting standards. Thesg financial s*atemenls have been prepareil in accLyfjance with Ihg provisions applicable to cc¥npanies subject to the small companies, regime. The financial ststements were approved and authorised fof issue by theTrustees on 4 Decgmber 2023 and signed on their behalf by- Mr. P N Nathvranl {Director} The notes on pag68 15 to 24 forni part of these flnancial statements. Pag¢ 12 THE KAYS FOUNDATION COMPANY STATEMENT OF FINANCIAL POSITION YEAR ENDED 5 APRIL 2023 COMPANY 2023 2023 COMPANY 2022 2022 FIXED ASSErs Investments Programme related investments 20,583,222 1.405,972 21.989,194 24,919,435 1405,972 26,325,407 CURRENT ASSETS Debtors Cash al 8ank and in Hand 9,078,031 6,487,649 1.499 420 7,987,Cfj9 9,125,927 CREDITORS Amounts falling due within one year 11 NET CURRENT ASSETS 9.099,827 7,957,067 TOTAL NEf ASSETS 31.089.021 34.282h74 THE FUNDS OF CHARir Endowment Capital Fund Corporate Revenue Reserves 16.598.760 14.490,261 23,935.290 10.347,184 TOTAL FUNDS 31089 021 34.282 474 These financial statements have been prepared in 7Lcordancewith the provi5ion5 applicabte to companies subject lo the small Companies. regime. The company was entilled to exemption from audit under Section 477 of the Companies Act 2006 relating to small corrynies, bul as this company is a charity it is subjert to audit under the Charities Act 2011. Directors, responsibilities: The members hav8 not required to obtain an audit of rts accounts forthe period in accordance with Section 476 of the Companie$ Act. The directors 8cknowledge their responsibilities forcomplying with the requirements oftheA¢twith respect lo accountinu records and the preparation of accounts. The financial stslements were approvad and authorized for issue by the Trustees on 4 December 2023 and signed on their behalf by.. Mr. P N Nathwanl (Director) The notes on p4ge$ 16 to 24 forni part of these flnanclal statements. Page 13 THE KAYS FOUNDATION CONSOLIDATED AND CHARITY STATEMENT OF CASH FLOWS YEAR ENDED 5 APRIL 2023 GROUP 2023 COMPANY 2023 2022 2022 Cash flows from operatlng activitles.. Net {ey4)enditure)fincome for the reporting period Netlgainslllosses on investments Foreign exchange movements in investments Add.. Non-operating investment management cost Less: Non-operaling investment incorne reinvested Decreasellincreasel in trade and other receNables IDe¢reaseifincrease in trade and trade payables Net cash fromllused in) operating activilies 17,940.198} 3.841.871 13.193.452) 908.536 4.718,685 (2.961.818) 3,807,714 228.962 (1.946) (49,720) 126.203} 41.584 1306} 1116.441) 13061 (116,441) 603,789 1,087.295 542,890 1,035.218 {2.536.454) (2,626,015) 12,590,382} {2,628,583) 2.306,998 2,267 663 159 836 2.849.432 1442 805 Cash floTAS fmm Investlng actlvltlos Proce&J5 from sale of tangible assets Purchases of other investments other than loans Proceeds from sale of investments Net cash fromllused Inl Investlng actlvltles 27,682 542,270 (25,286,016) 136,293,466) (2,319,603) (14.288,2941 12 524473 23 838 627 2 331720 14 717 271 12.733.861 11.912.569 12,117 428,977 Bank loan and overdrafts Amount from creditors amounts dL¢e for more than one year Net cash used in financlng actmtles 12,840.255 11.222,616 12 840255 11222616 Net increaselldecrease) in cash and cash equivalents Cash and cash equNalents at beginning of year {2,743,038} 3,100,459 752,853 11,451.524} 2,347,606 1.499.420 {261.583) 1.761.003 Cagh and cash equlvalents at end of year 357 21 3.100.459 47.896 IA99A20 Page 14 The notes on page$ 16 to 24 fom part of the6e flnanclal statements. Pag¢ 15 THE KAYS FOUNDATION NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS YEAR ENDED 5 APRIL 2023 la. General Informatron The tharity is a private cornpany lirnited by guarantee, registered as a tharity in Eroland ond Wales. Thg address 01 thg Mgistarad office Is 173 Clovolan(J Stre8L London. 6QR 1b. Prlnclpal A¢countlng Pollcles Statomont of ¢ompllan¢ The ￿Mpany8 owll finanaal 3t8temenb have been prepared in compliance wilh FRS 102. 'Tht Finanrial Rèporting Standard applicab￿ in the UK and the Republic of Ireland,, the Statement of Re￿rnrnended Pradice appIl￿ble to ¢haritles preparing their aecounts In a￿Or￿an￿ with the Finanoal Reporbro Stsndard applicable in the UK and Republic of Ireland IFRS 102} ICharitre5 SORP IFRS 10211 and thè Charil>es Act 2011. The o)nsolidated acnstitiJthonal and staiuty rtquiremt*ts Of the chartty and indud? the audst fro3 and costs linked to strategic rnanag￿gnt ofthg tharty. UnroaliJ•d #nd r•alls#d gal R•alisEd g8lns and losses are Induded In th& gceounts on the date atwhich a contractual ot4iga)'on is enter&Y into. unreal￿ed galns and Ioss8s are ¢ornput8d by rgl¢r8nc8 10 thg markat valuè of th$ invèstrnents 01 the balancè shoel date, cornpa￿ lo the brought forward cost or valuation, 8nd gains and 10sse# arising on similar categories of Inveslments are netted off. Taxatlon Thg companyi$ • r¢gi$tsrod ¢harity 8ftd a$ $u¢h 1$ •nbdsd to tha èxèmption from tsxto èxtèntttriatt￿ incom• fallg within section 505 ICTA 1988 and Section 256 CGTA and 15 applied for charilable purposes only. Valu8 Added tax is not recoverable by the cornpany and is therefore iJKluded in the relevant costs in the Ststsmenl of Finanrid Activities. Fln8ncè and oporntlng ka••s Rentals payabl& in fespeet of optsrsting lÈxs6s whttre substanb.ally all the benefits and rfsks of ¢)wnèrship remain Mth the ￿530r a￿ tharged to Ihg Statement of Finaroal athib'es &8 in¢urred. Financ8108s•s 8ro ar£ountsd for in Aceordane• wllh tha wviremants of FRS 101 Imiesknents Listed and oth8rrnarketabte In￿lmentswhth are inthd8d currentas5ets ar8 measw&Jatfairvaluewith changes in frdir value b&NJ recLyJnised. unlisteE1 equity investrnents induded WEthin fiwj asset investrnents are intha recorded al ¢tst, and wbsaqL*nly $tat8d 8t cost bss any a￿Mulated impaimient losses. Profjts losse5 ort the realisalion of investments a￿ shu•m as reali5ed gairts and tOBse5 in the Statement of Financial Acti￿￿S. Re81ised gai¥)s and losses on invesknents a￿ cakulatsd befften so￿$ proC￿S and their opening c8rryirKJ value5 or their purthasè valu* rf aquired subsequent to thè first day of the financlal yèar. Unrèalised gains and k)5S8S are calrAJL4ted as th¢ drffergnro b¢bveen Ihe tairvalu9 al thg year gnd and thtrir carryirvJ value. Reali89d and unr¢8lised Ivestrnent98ins artd losse3 we sh¢Jvm in the Statement of Firtancial Activth8 under Nat Incoming Re5r*Jr￿S. Invo#tm•nt propertles Investrnents prope￿?¥ are sh(r•m atlhgirf¥irvalugs. in fwtvolws ofvivasknont prop￿i0$ ￿ slw 45 unrealised wns and h)8ses in ts Sta￿￿￿nI of Financi81 Acbwbes. Pa8¢ 17 THE KAYS FOUNDATION NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS YEAR ENDED S APRIL 2023 1b. Princlpal Accounttng Pollcles Prngrnmrno rglatgd Inv08trnents Pmgramme related investments are made excluswety to ftjrther th? charity's ¥irn$ by fvnding speafic 8ctivth•s. Equity instruments aro moasured at their fair value at the reportirg date if this can be rneasured reliably, or al w5t less irnpairynent Conc8ssionary loans are &ther inilialty measured at Ihe amount ￿￿1Ve￿ and paid and then adjusted in subsequent y¢aTr trg r8fl8¢* rep8ymen15, intsrest and any impairm•n( tsr thèy asè initsally mèasured at Iha fair vall and subsequendy at thoir amorb3&1 cost usiro th9 gff8ctiv8 intsrèsl mèth(xJ. Programm8 rèlatsd lnvastrn￿ts that 8r& mgasurwj at cost or amwtised o)st aro assessed for objecxlve evKlenc4 of impairnienl 81 the end af each rèporting pèiiod. Any impaimient losses are ￿eL￿nised imm&*iatety as a cost within 'expenditure on S￿ri￿bIe actThith¢5' tn th¢ ststement of finantsal actiwts"es. Defined contrsbutton plans Conlribytions to definod ￿ntrib￿On pLans are recognised as an expense in the period in %vhKh the related se￿￿ is prowded. Prepaid conlribub¢)n$ are Tecognised a¥ an to the eX￿￿t thèt the prepayment VAII lewj to a r8Juc*"on in thJtu￿ payments ora cash reftHKI. Crgditors and pmvl¥lon$ Credrtor5 and promsions r*eognlsed wher& the eh8rity hag a present obligatlon ￿Ul￿ng from a pastevgntthatwlll probably resust in the transfer of hjnds b a third p8rty and th8 amount due to settte Ihè obligation can be measured or estimated rdiably. CreditoTr aThY provisions are norn￿[￿ recOgn￿ed al their sgwement arnount aft8t allowir￿ for ary trade discounts due. Ca8h •t bank #nd In hand Cash at bank and cash in hand indud8s cash and 5htsrt term highty liquid inve51ments a short maturity of three months or less from th8 datè of aequisition orop¢nirYJ of deposit or similar accx)unt Flnanclal In6trum•nts The charity onty has financial assets and financial liabil￿e8 of a kind that qualify as basic financial instwrnents. Basic financial instrkkrnents, includit)g trade and oth&T debtors aThJ creditors a￿ initially recognised at transaction value and subsequenty rn9osurèd at thèlr setUem*nt value. Funds Unfftstricted funds are donations and other income receivable or generated forthe 04ects of th8Eity. Destgnated ￿n￿$ a￿ unrestrictèd funds ¢amiafrt•d by tho trustees for parNcular purposes. RÈstn"cted fttnds are those ftmds are to be usgJ In accLJthnc8 w￿lti SFecific In3tructions imposed ty th¢ donor or tnBt de&J. R•lat•d party traMactEon• The company has tsken advantage of the fact that disclosure is not wuir8Y oflransactions entsT8d into belween tsvo or more mèmbers of a group, provKled Ihat any SUbs￿lary undertaking whKh is a paty to the transaction 13 wholly ed by 3 mernbor ofthat group. Fornlgn ¢uTr•noy tran8latson Th• ¢h&rilÈes frjnctional and presentation currency is pound sterfing. Monetary assets and liabilities denominated in foreign Curren￿￿5 arè translated into stèrfing at tho ratss ol exchange ruling at the balan￿ sheet date. Transactions in foreign curTencYas are recorded * the Tats al tho dats ot tho transai*on. All drftèr¥nces ar8 racognisad in th¢ SOFA. The Kays Foundation i¥ a compary ￿MI￿￿ by gu$rdftts8 and has no sharè ¢apital. In ttw èwnt of thè charity ￿Ing wound LW, the liabilty in respectof the guarantse 18 lirnited to £10 rAr member of the ¢h8rity. Page 18 THE KAYS FOUNDATION NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS YEAR ENDED 5 APRIL 2023 Incomlng Resources Endowment Un¥ostricted Capital Income Fund Funds Total Funds 2023 Total Funds 2022 Investment Property Rental Income Investrnenl Ineome Bank DepJgit Interest 833,794 266.475 833,794 266,475 1,015,811 1,183,263 1100 269 1100269 2 201579 3a. Charitable Actlvltles Endo¥￿ent Funds Unr•¥trlctod Funds T¢)tsl 2023 Totsl 2022 Grant makir*J Charlty and Group Total 609, 161 291,726 3b. Cost of Generatlng Funds Estste Management Costs Ground Rent Insurance Propety management lee8 Letting Fees Administration expenses Directors salaries & Nl Travel and subsisten Legal Fees Totsl Estate Management Costs 20,988 7,087 16,242 9,361 63.777 143.457 4.548 20,988 7,087 16,242 9,361 63,777 143,457 4,548 18,482 1.107 17,286 18.262 45.920 191,646 20,080 265,460 265,460 386,422 Flnance Costs Financial Costs Bank Charges Bank Loan Interest Investment management cost Total Finance Costs Group Totsl Cost of Generating Funds 931 16,586 231,006 1.426 249.949 515.409 931 16,588 231.006 1,426 249.949 515.409 1,433 12,086 209,312 25.519 248,350 Governanco Cost Professional Fees Accountancy Fees AudiloTS' Remuneration {Ch8rity) Charlty and Group Totsl 80.294 23.2 10,200 80.294 23,200 10,200 113 694 59,375 17.577 Page 19 THE KAYS FOUNDATION NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS YEAR ENDED S APRIL 2023 Group Tanglble Flxed Asgets Invèstment Properti•s At Fair Value 6 April 2022 Addf(ions Disposal Revalualvjn 16,350,￿0 1575.000} 13.600.000} 5 April 2023 12 175000 The falr value of the invesbnent properties has been arrwed at by adjusting for any movements a5 deerned appropriate by the director5 to 5 April 2023 by reference to a professional valuation I￿rried OUL No depreciation or amortisation is prowded in respect of these propertig$. The historical CAlSt of tr￿8* inS*Strnènt proparbss amounted to £11,196,91012022'. £11,700.0991 at the balan￿ sheet date. Investments Group Investments Listed Investments Oth•r Company Sybsidiary Investments Total Unl¢sted Investments h reholdin At 6 April 2022 Addilionsnransfer Dispos8Vother movement 20 20 {a} 15 15 Al 6 April 2022 Advanced in the year Repaid in the year Al 5 April 2023 Totsl unlisted investments held at cost as at 5 Aprfl 2023 2,376,459 212,500 2.376,459 212.500 Ib) 1,811,093 1,811,093 {a+b) 1,811,108 1011,108 Listed i ents At 6 April 2022 Net Cash injection during the year Movement in cash balances Movement in fiduciary deposits Movement in shares I bonds Movement in lime loans Totsl Il$ted Investments hold al falr value as at 5 April 2023 1,902,355 14,085,455 15.987,810 (950.838) {10.269.7211 {11,220.559) 883.269 11,740.804 16,236 1911495 12,624,073 1927 731 {c} 1.851.022 17A68.033 19,319,055 Page 20 THE KAYS FOUNDATION NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS YEAR ENDED S APRIL 2023 Investmonts trne Listed Investments Other Company Subsldlary Invgstments Ti>tal Balance carrled f At 5 April 2023 Al 5 April 2022 1,851.022 1.902,355 17068,033 14,085.455 1.811.108 2.376,459 21.130.163 18,364,269 Company Investments Unrestricted Endowment Funds Funds Total Funds Total Funds Yearto Year to 5Apr23 5Apr22 Group undertakings {Profilllloss on Tevaluation of investment in subsidiary undertaking Other inve8tments Listed investments Total C¢)mpany investment 20,640,621 20,640,621 16,99J,468 {3,719,513) (3,719.5131 1.811.108 3,650,153 2.376,459 (a+b) Ic} 1.811,108 1.851.022 3662 130 1.851.022 20 583 328 1902,355 24 919 435 16921 108 Analysls of Investments {il 0th8r Invbslrn•nts- Grou and Com Loan Total Sharnholding Cost of Investments Advances Investment shares as at 5 Aprll (Repaid) I sasat5 2022 advanced April 2023 Company Edinburgh Sainsbury Group Holdings Limited Royal Docks Hotel Group Holdings Limited Marine Point Group Holdings Limited M22 Portfolio Propety Limited Theobalds Park Prope Limited Project Spirit Property Limited Marine Point Freehold Group Holdings Limited 10% 538,491 549,843 (538,491) {36.5001 10% 10 513,353 1,085,250 212,500 1,297,755 4% 202 870 202 870 (a+b) 15 4047311 1670 871 1811108 Page 21 THE KAYS FOUNDATION NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS YEAR ENDED 5 APRIL 2023 lill Ls8t•d Inv•s The listed investrnents rdats to portrolios held a financlal Insb"lubon 8ThY It comprises of cash, listed Ond Ma￿ble investrnents1855 borrowings frorn the ¥arng fina￿41 institutiun. The frail valuè of listsd and marf(etable invesknents has been induded within the portrol¢o determined with reference to the quotèd rnarkèt pricè at rèporting data. lknin the portfolio. the group has borrwngs of£Nil12022'. £1,927,731) whith i¥ 9gcur•d sgairnsttha assal hg wthin the portfolios. These bOrr￿ng$ have been netted against the value ol assets held. funds- C The above investment in the company represents a gift recetveil in ts fonn of an eypendat48 endo¥m￿nt of 100% shareholder in Port Perry Investsments Limited 012 Ordinary Shares. Port Pery Investrnenl Limited is company Inc0￿0￿8t￿d in Is18 of Man and tls prindpal 8Ctivty is that of pmperty and other investments. The valuation ofthe investment was carried OLrt attt* balancé shttrt date by the dimetots, on r£t asset basis. Programme Related Investments So¢lal Investment C05t At 6 April 2022 Additions 1A05.972 At 6 Aprfl 2023 Impaimient 6 April 2022 and 5 Aprll 2023 Canylng amount At 5 Aprtl 2023 At 5 Aprtl 2022 1N05,972 INOS,972 1.405,972 The above social investrnent is in Akili Netsvork USA LLC. Akib Nthork USA LLC was created to bring learnirg and inspirabon to the chiklren ol Kenya wth a goal of creating a positive soaal impact for childTrn, their families and c3r8givers. Thè strat￿Y ofAkili Nets¥ork USA LLC is to providethe br0ade$tf￿ a￿$S to the most positive. Tejevantprograrnrning ovoilablèandto pr¢duc£ Sho￿ Ihat Kènyan children see themsdves in, promoting content that models posfove academic outcomes, values sOC￿81￿M0t1on8l awareness. ir¥troduces and $upprt4 gender alty. aThJ advances health, wellness, job awareness, comrnunty and the creative arts. Al the yearend, the Foul￿ation has *) invèsbmnt of£1.405.97212022.' £1,405,972) in Akifi N￿￿ork USA LLC. The invesbment is split bemeen shares and converbble debt. Al the balance sheet dats, on arnount tsf £42,808 12022.. £28,291) had been accfued as inte￿t on the o)nvertible debt Group Debtors 2023 2022 other Debtors Prepayments and Accru￿1 Income 529.779 50.857 351,881 g¢22 THE KAYS FOUNDATION NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS YEAR ENDED 5 APRIL 2023 Company Debtors 2023 2022 other Debtors Loan receivable from group undertaking Prepayments and Accwed Incomg 230,000 8,797.643 6,450,755 50,388 36,894 9 078 032 6 487,649 10. Group Credltors Amounts falllng due Tw5th1n one y￿r 2023 2022 Bank Loans Social s&urrty and other taxes Derivative financial liability otheT creditors Acwals and deferred income 184,000 49,$64 184,000 48,663 212,875 249,895 557 429 The foll¢)wing liabilities disdo8ed above under credftors falllng due wrthln one year are secured by the group: Bank Loans 184.000 Group Credltors Amounts tslllng du• after more th#n ong ygar 2023 2022 Bank toans 4 042 621 4042612 4 771861 The folbwing liabilities disc105ed above under creditors falling due after more than one year are secured by the group.. Bank Loans 4,042,612 4.771.861 11. Company Creditors Amounts falling du# wlthln on• y•ar 2023 2022 Accrua￿ and deferred Income 26.101 Page 23 THE KAYS FOUNDATION NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS YEAR ENDED 6 APRIL 2023 12. Group Endowment Capital Fund 2023 2022 Balance brought forward Revaluation of f￿e￿ assets Gain8llLosses} on revaluation and fair value movements in investments Share of Profftsl{Lossesl from Investments Gain on disposal of tsngible asset 31,991,246 28,571,504 13,600,000) 2,825,000 503,828 896,267 1938,653) {122,4751 179052 27.946.672 31.991.246 13. Audltors remuneratlon 2023 2022 Fees payable for the audit of the financial statements 10,200 19,496 1& Staff costs The total slaff costs and employee bersefits for the reporting per￿d are arÉatysed as fdlows.. 2022 2022 Wages and salaries 143.457 143,457 191.646 191,646 The averaga number of persons employed by the group durfng the year amounted to 112022.. 1). 15. Related Partles During the period, the charty has provided an interest-bearsng loan to its subsidiary. The balance outstanding at the balance sheet date was £8,797,643 {2022'. £6,450,755), and intere81 of £351,597 12022.. £139.2821 was charged on the outstanding balance. No remuneration was paid to the tnEstee5 during the year12022.. £NII. No expenses were reimburseil to the trustees during the year (2022: £Nil}. Page 24