Company No: 08147905
Charity Registered Number: 1149856
THE KAYS FOUNDATION
(COMPANY LIMITED BY GUARANTEE)
CONSOLIDATED
FINANCIAL STATEMENTS
YEAR ENDED 5 APRIL 2024
CHAMBERLAINS UK LLP
Chartered Accountants & Statutory Audttors
173 Cleveland Street
London
UK
W1T6QR

THE KAYS FOUNDATION
CONSOLIDATED
FINANCIAL STATEMENTS
YEAR ENDED 5 APRIL 2024
CONTENTS
Reference and Administrative Details
Trustees, Report
Independent Auditors. Report
Consolidated Statement of Financial Activities
Consolidated Statement of Financial Position
10-11
Company Ststement of Financial Position
12
Consolidated and Charity Ststement of Cash Flows
13
Notes to the Financial Statements
15-23

THE KAYS FOUNDATION
CONSOLIDATED
FINANCIAL STATEMENTS
YEAR ENDED 5 APRIL 2024
REFERENCE AND ADMINISTRATIVE DETAILS
Status
The Kays Foundation is a company limited by guarantee, incorporated
on 18 July 2012 and registered as a charity on 21 November 2012.
Company Number
08147905
Charty Number
1149856
R¢gister¢d Offi¢e
173 Cleveland Street
London
W1T 6QR
Directors l Trustees
Mr P N Nathwani
Mr M G Gudka
Mr M N Nathwani
Mrs S M Kanani
MrT M Kabuga
Mr M M Gudka {2 April 2024)
Auditors
Chambedains UK LLP
Chartered Accountants & Statutory Auditors
173 Cleveland Street
London
W1T6QR
Administrators
The Twst Partnership Ltd
6 Trull FaTh Buildings
Tetbury
Gloucestsrshire
GL8 8SQ
Bankers
Habib Bank AG Zurich
Habib House
42 Moorgate
London EC2R &JJ
CAF Bank Ltd
25 Kings Hill Avenue
West Malling
Kent
ME19 4JQ
Page I

THE KAYS FOUNDATION
CONSOLIDATED
FINANCIAL STATEMENTS
YEAR ENDED 5 APRIL 2024
TRUSTEES, REPORT
The trustees, who are also the directors of the Foundation for the purposes of company law, are pleased to present
their report and the consolidated financi￿ ststements of the Kays Foundabon for the year ended 5 April 2024.
Structure, govemance and management
Governing document
The Foundation is a charitsble company limyted by guarantee. incorporated on 18 Juty 2012 and registered as a charity
on 21 November 2012. The company wa$ established under a Memorandum ol Assoaation which estsblished the
objects and powers of the charitsble company and is govemed under tts Arhcles of Association. In the event of the
company being wound up members are required to conlribute an amount not ex￿edIng £10 each.
Re¢ruitm¢nt and training of tru5tegs
The directors of the company are also charity trustees for the purposes of charity law. A new trustee is appointed by a
resolution ofthe board of t￿￿tees.
Induction and training of the trustees is done by prowding them the Articles and Memorandum of Association. the
latest set of accounts and various reading up references. If n￿ded. speaal training sessions can be arranged with the
existing trustees to provide guidan￿.
The trustses consider the board of truslees to be the key management personnel of the charity in charge of directing
and controlling, njnning. and operating the chartty on a day-tr￿aY basis.
Public Benefit Statgmgnt
In accordance with the Charities Act 2011, the trustees confimi that they have given due constderab'on to the Charity
Commission Public Benefit Guidance as required by Section 4 of the Charities Act 2011.
Objectives and activlties
The charity's objects are speaficalty restricted to trje followng..
The advan￿ment ofsuch charitable purpose or purposes andlorthe support ofsuch chaiitable institution or inslikntions
in any part of the world as the directors of the company in their absolute discrets'on from b'me to time select, and in such
manner as the d1￿ctorS of the company from time to b.me detemiine.
During the year, the Foundation made donations totalling £150.000 (2023.. £609,161) to the following charity and is
described as below.. -
The Arsenal Foundation (£150,000) - The donation relates to the 'Coaching for Life. program at the Za'atsri Re￿gee
Camp in Jordan (in partnership with Save the Chiklrenl. This grant will be used for coaching children by recruib.ng
coaches and enrolling children and building relationships for underprimleged children through sport.
Page 2

THE KAYS FOUNDATION
CONSOLIDATED
FINANCIAL STATEMENTS
YEAR ENDED 5 APRIL 2024
TRUSTEES. REPORT
Achievements and perfomiance
During the year to 5th April 2024, the Foundation continues tts approach to support various charitable causes.
In addition, the Foundation continues to focus on making investrnents to improve outcomes for all young people in
Kenya, its attention focusing on the eady childhoc4J life-stage (defined as 'con￿pl"0n to 5 years old,).
Furthemiore, during the year, the Foundation has continued to engage with philanthropic consultants and has sought
guidance and advio from specialist chartty solicitors. The trustees feel that the use of bringing expert extemal adwce
enables the Foundation to deliver its charitable aims and conb'nues to strengthen its intemal g0veMan￿ structure.
Going concern
The trustees believe that due to the availabilty of ￿serVeS. there are no material un￿rtal￿tieS about the charity's ability
to continue for at least the nexi 12 months from the date of this repott Forthis reason, they continue to adopt the going
con￿rn basis in preparing the financial statements.
Risk rnanagement
The Trustees recognise that there are risks to which the Charity exposed. The Trustees keep all major risks to the
organisation under regular review and this is seen as integral to the achievement of our strategic goals. The trustees
are satisfied that we have a formal rewew in pla￿ and consider new and emerging risks and through their day-to-day
aclivities the staff are encouraged and guided to ensure the risk management processes are effectively implemented.
Systsms have been established to mits.gate known risks, induding financial controls, employment procedures.
agreements with partners and volunteer training. The Trustees keep proper accounting records and take reasonable
steps for the prevention and detection of fraud and other irregularities. Health and safety, equal opportunities and
quality standards are priorits"sed. Records and archives are securely stored, and electronic data carefully protected.
Related party
The Charitable company holds 100% shares in Port Perry Investrnents Limtted, a Company registered in the Isle of Man.
Reserrfes policy
All the reseNes a￿ unrestrtcted i.e. they can be applied at Ihe di$￿tion of the trustees. The charity has a policy of
retsining £20,000 income reserves to ensure conbnuity of its operations and its own management These reseNes are
not officially designated but rather maintained under general guidan￿. The charity has an expandable endowment for
its general purposes.
Level of reserves is reviewed annualty by the trustees.
Financial review
The consolidated Statement of Financial Actiwties (SOFA) on page 9 shows a net de¢￿ase in funds for the year of
£1.500,68212022'. £3,193,454). The SOFA show5 the financial athity of the group distinguishing be￿een endowment
capital and unrestricted ftJnd5 and shov•3 Ihe results for the year. At the balance sheet date, the group had net assets
of £29,588,342 (2023.. £31.089,024)-
Plans for future periods
The trustees of the Foundation are committed to continualty listening and leaming in order to ensure they are investing
to achieve maximum impact This will involve an ongoing pr￿sS of research into the chosen area of focus, continual
development of the netsvork of peers, and an evaluation of how the Foundation's ftjnds can b6 best invested to create
lasting impact
Page 3

THE KAYS FOUNDATION
CONSOLIDATED
FINANCIAL STATEMENTS
YEAR ENDED S APRIL 2024
TRUSTEES, REPORT
Trustees responslbllities In relation to flnanclal ststements
The tnjstees, who are also directors of the Foundab"on for the purpose ol company law. are responsible for preparing
the Trustees, Report and Ihe Financial Ststements in accordance wrth applicable law and United lfj'ngdom Accounting
Standards (United Kingdom Generally Accepted Accounting Practi￿).
Company law requi￿$ the trustees to prepare financial ststements for each financial year and not approve the financial
statements unless they are sat"sfied that the financial ststements give a true and fair view of the stste of the affairs of
the charitable company and the group as at the balance sheet date and of its incoming reSoUr￿S and application of
reSoUr￿s, including income and expenditure, for the year then ended.
In preparing those statements, the trustees are required to".
select suitable accounting policies and then apply them consistenly:
observe the methods and principles in the Chatittes SORP;
make Sound judgements and arrive at estimates that are reasonable and prudent:
prepare the financial statements on the going concem basis unless tt 15 inappropriate to assume that the
charitable company wll not continue in business.
The trustees are responsible for maintsining prq)er accounting records which disdose wtth reasonable accuracy at
any time the financial posits.on of the company and enable them to ensure that the finanaal statements comply with the
Companies Act 2006 and the Charities Act 2011. They are also responsible for safeguarding the assets of the company
and taking reasonable steps for Ihe prevention and detection of fraud or other irregularib'es.
Auditor
Each of the persons who is a trustee at Ihe date of approval of this report confi￿5 that..
so far as they are aware. there is no relevant audit infoThation of vthich the charitable company's auditor is
unaware,. and
they have taken all steps that they ought to have tsken as a trustee to make themseives aware of any relevant
audit infonnakn.on and to establish that the charitable companys auditor is aware of that infomia*"on.
The auditor is deemed to have been re-appointed in accordance with section 487 of the Companies Act 2006.
Small company provisions
This report has been prepared in accordance with the provisions applicable to companies entitled to the small
companies exemption.
altof the trustees
Mr. P N Nathwani
(Director)
Date..
18 December 2024
Page 4

THE KAYS FOUNDATION
INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF THE KAYS FOUNDATION
YEAR ENDED 5 APRIL 2024
Oplnlon
We have audited the consolidated finanaal statements ofThe Kays Foundation (the 'parent charity) for the year ended
5 April 2024 which comprise the Consolidated and Charity statement offinanual actimties, group statement of financial
position, cashflow statement and the related notes, including a summary of significant aCr￿unt.ng policies. The financial
reporting framework that has been applied in their preparation is applicable law and United ￿'ngdoM Accounting
Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United
Kingdom Generally AC￿pted Accounts'ng Practice).
In our opinion the finanaal statements=
give a true and fair wew ot the state of the charitys atrairs as at 5 April 2024 and of its incoming reSoU￿S
and application of resources, including tls In￿Me and expenditure. for Ihe year then ended",
have been property prepared in accordan￿ with United lfjngdom Generally Accepted Accounting Practice..
have been prepared in accordan￿ with the requirements of the Companies Act 20C6 and the Charltses Act
2011.
Basis for oplnion
We conducted our audit in accordance with Intsmational Stsndard5 on Audthng {UK) IISAS IUKI} and applicable law.
Our responsibilities under those standards are fvrther described in the auditorfs responsibilities for the audit of the
financial statements section ofour report. We are independent ofthe charity in accordan￿ wth the ethical requirements
that are relevant to our audit ofthe financial statements in the UK including the FRC'S Ethical Standard, and we have
fulfilled our other ethical responsibilib.es in accordance with these requirements. We believe that the audit eviden￿ we
have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concem
We have nothing to report in respect of the followng matters in relation to which the ISAS (UK) require us to report to
you where:
the trustees. use of the going con￿rn basis of accounb.ng in the preparation of the consolidated financial
statements is not appropriate; or
the trustees, have not disclos8J in the financtal statements any identified material Un￿rtaIntieS that may cast
significant doubt about the charity's ability to continue to adopt the going concem basis of accounting for a
period of at least ￿1ve months from the date when the finanual statements are authori5ed for issue.
Other infornation
The other information comprises the infomation inClud￿j in the annual report other than the financial statements and
our auditorfs report thereon. The trustees a￿ ￿spOnsIble for the other infonnation. Our opinion on the financial
staternents does not cover the other infomiation and, ex*pt to the extent otherwise explialy stated in our ￿pOrt. we
do not express any form of assurance conclusion thereon.
In connection wtth our audit of the financial statements, our responsibility is to read the other infomiation and, in doing
so, consider whether the other infonna*'on is materially inconsistent the finanaal statements or our knowledge
obtained in the audit or otherwise appears to be materialty misstated. If we identify such material inconsistencies or
apparent material misstatements, we a￿ required to determine whetherthere is a material misststement in the financial
statements or a material rnisstatement ofthe other infonT)ation. If, based on the work we have perfomied, we conclude
that there 1$ a material misststsment of this other infoThation, V￿ are reqUI￿d to report that fact.
We have nothing to report in this regard.
Page 5

THE KAYS FOUNDATION
INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OFTHE KAYS FOUNDATION
YEAR ENDED 5 APRIL 2024
Oplnions on other matters prescrlbed by the Companles Act 2006
In our opinion, based on the worf( undertaken in the course of the aud
the infomiation given in the trustees. report for the financial year for which the financial statements are
prepared is consistent v￿th the financial ststements" and
the trustees. report has been prepared in accordan￿ with applicable legal requirements.
Matters on which we are requlred to report by exceptlon
In the light of the knovledge and understanding of the charity and its enmronment obtsined in the C£*urse of the audit,
we have not identified material misstatements in the trustees, reporL
We have nothing to report in respect of the following matters in relation to which the Companies A¢t 2006 and the
Charities Act 2011 requires us to report to you if, in our opinion=
adequate accounting records have not been kept or rebJms 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 retums: or
certain disclosures oftnjstees. remuneration specified by law are not made", or
we have not re￿iVed all the information and explanab'ons V￿ 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 directors, report and from the
requirement to prepare a strategic report.
Responsibilities of trustees
As explained more fully in the trustees. responsibilities statement. the tnjstees {who are a￿0 the directors for the
purposes of cornpany law) are responsible for the preparation of the financial statements and for being satisfied that
they give a true and fair view, ar￿ for such intemal control as the trustees determine is ne￿SSary to enable the
preparation of financial ststements that a￿ free from material misstatemenL whether due to fraud or error.
In preparing the financial statements, the trust￿$ are responsible for assessing the charity's ability to continue as a
going concem, disclosing, as applicable, matter5 related to going concem and using the going con￿rn basis of
accounting unless the trustees either intend to liquidate the charity or to ￿8$e operations, or have no realistic
alternative but to do so.
AUdit0￿S responsibilities for the audit of the financial statements
We have been appointed as auditor under Section 151 of the Charilies Act 2011 and report in accordan￿ the Act
and the relevant regulations made or hawng effect thereunder.
Our objectives are to obtain reasonable assurance about vthether the financial statements as a whole are free from
material rnisstatement, whether due to fraud or error. and to issue an auditorfs report that includes our opinion.
Reasonable assuran￿ is a high level of assuran￿ but is not a guarantee that an audst conducted in accordance with
ISAS {UKI will always detect a material misststement when li exists. Misststements can arise from fraud or error and
are considered material if. individually or in the aggregate, they could reasonabty expected to Influen￿ the economic
decisions of user5 taken on the basis of these financial statements.
Page 6

THE KAYS FOUNDATION
INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF THE KAYS FOUNDATION
YEAR ENDED 5 APRIL 2024
Auditorfs responsibilities for the audit of the financial statements (cont....
Irregularits'es. including fraud are, are Instan￿ of non-Q)mplIan￿ with laws and regula*"ons. We design procedures in
line with our responsibilities, ouuined above. lo detect material misstatement in respect of irregularities, including fraud.
The extent to which our procedures are capable of detecting irregularibes, including fraud is detsiled below.
we obtained an understanding of the group and parent charity and the sector in which it operates to identify
laws and regulations that could reasonably be expected to have a direct effect on the financial statements.
We obtained our understaThYing in this regard through with trustees and managemen( industy research and
experience of Ihe sector.
we determined the principal laws and regulations relevant to the group and parent charity in this regard to be
those arising from the Charities Act 2011, the Companies Act 2006 for the subsidiary as well as relevant tax
employee legislat"on.
we designed our audit procedures to ensure the audit team considered whether there were any indications of
non-compliance by the group and parent charity with those laws and regula￿"OnS. These procedures included
but were not limited to enquires of management and rewew of minutes.
we also identified the risks of material misstatement of the financial statements due to fraud. We ￿nSIdered.
in addition to the non-rebuttable presumption of a risk of fraLKJ arising from management overrise of controls.
that the valuation of investments to be an area of risk.
as in all of our audits, we addressed the risk of fraud arising from management override of controls by
perfomiing audit prO￿dureS which included. but were not limited to the following- _
the te51ing of joumals-
reviewing accounting estimates for evidence of bias- and
evaluating the business rationale of any significant transaction that is unusual or outside the nonnal
course of the business.
the engagement partner also ensured that the engagement team collectively had the approprtate competen￿.
capabilities and skills to identify or recognise non<0mplian￿ with applicable laws and regulaa"ons', and
enquiries were made of management and the board of Trustees, intjuding ojnsideration of known or
suspected InStan￿S of notKompliance with laws and regulab'ons and fraud.
Page 7

THE KAYS FOUNDATION
INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF THE KAYS FOUNDATION
YEAR ENDED 5 APRIL 2024
As part of an audit in accordance wth ISAS (UKI. V￿ exerose professional judgment and maintain professional
scepticism throughout the audit. We also."
Identify and assess the risks of malerial misstatement of the finanaal statements, whether due to fraud or
error, design and perfo￿￿ audit procedures responsive to those risks, and obtain audit eviden￿ that is
sufficient and appropriate to provide a basis for our opinion. The risk of not detecb'ng a material misstatement
resulting from fraud is higher than for one resulting from error. as fraud may involve collusion, forgery,
intenb'onal omissions, misrepresentations, or the override of intemal control.
Obtain an understanding of intemal control relevant to the audit in order to design audit procedures that are
appropriate in the circumStan￿s, but not for the purpose of expressing an opinion on the effectiveness of the
internal control.
Evaluate the appropriateness of accounting poliues used and the reasonableness of accounting estimates
and ￿lated disdosures made by the trustees.
Conclude on the appropriateness of the trustees. use of the going con￿rn basis of accounting and, based on
the audit evidence obtained, whether a material Un￿rtaInty exists related to events or conditions that may
cast significant doubt on the charity's abiltty to continue as a going concem. If we conclude that a material
uncertainty exists, we a￿ required to draw attention in our auditors report to the related disclosures in the
financial statements or, if such disclosu￿$ are inadequate, to modify our opinion. Our conclusions are based
on the audit evidence obtained up to the date of our auditorfs reporL However. future events or conditions
may cause the charity to cease to continue as a going cOn￿r￿.
Evaluate the overall presentalion, Structu￿ and content of the finanual statements, including the disclosures,
and whether the financsal ststements represent the undetying transactions and events in a manner that
achieves fair presentatson.
We communicate with those charged govemance regarding. arnong other matters, the planned scope and timing
of the audit and significant audit findings. induding any Signifi￿nt defiL?en¢ies in intemal control that we identify during
our audiL
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting
Counal's website at" WWdV.frc or
.uk'2udilorsr&s
onsibilities. This description fomis part of our auditor's report
Use of our rgport
This report is made solely to the charity's trustees.. as a body. in accordance wrth seth.on 144 of the Charities Act 2011
and regulations made under section 154 of that Act Our audit work has been undertaken so that we might state to the
charity's trustees, those matters we are required to stste to them in an auditorfs report and for no other purpose. To the
Ile5t extent permitted by law. we do not ac￿pt or assume responsibility to anyone other than the charity and the
charity's trustees, as a body, for our audit work. for this repor( or for the opinions we have fomied.
Chamberfalns UK LLP
Chartered Accountants & Statutory Auditors
173 Cleveland Street
London
W1T6QR
Date..
19 December 2024
Page 8

THE KAYS FOUNDATION
CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES
(INCORPORATING THE INCOME AND EXPENDITURE ACCOUNT)
YEAR ENDED 5 APRIL 2024
Endowment Unrestricted
Capital
Income
Fund
Funds
2024
2024
Total
Group
Funds
Total
Group
Funds
2023
2024
Notes
INCOMING RESOURCES
Donations and legacies
Investment Propety Rental Income
Investment Income
Bank Deposit Interest
Total Incoming Resources
809,950
366,743
46
809,950
366,743
833,794
266,475
1,176,739
1.176,739
1.100,269
RESOURCES EXPENDED
Charitable Activities
Cost of Generating Funds
Governance Costs
150,000
1,045,702
138,913
1,334,615
150,000
1,045,702
138,913
1.334,615
609,161
515,409
113,694
1,238,264
3b
NET INCOMING RESOURCES
Net (Deficit) I Income for the year
Gainsl(loss) on Disposal Fixed Assets
Foreign exchange gainsl(losses)
Investment Revaluation gainsl(losses}
Financial Instruments gainsl(losses)
Provision against loan balance
ProfiU{lossesl from Disposal of Fixed
Asset Investments
Nel Movement in Funds
(157,876)
(157,876)
(21,006)
(9,614)
(512,834)
437,490
{1,236,842)
(137,995)
12
(21,006)
(9,614)
19,747)
989.113
(3,096.172)
12
12
{512,834)
437,490
{1,236,842)
12
938,653
(167.490) (1,500,682I {3,193,454)
{1.333,192)
ENtX)WMENT CAPITAL FUND &
REVENUE RESERVES
Brought forward
27.946,672
3,142,352
31,089,024
34,282,478
Funds at 5 April 2024
26,613.480
2,974,862
29.588,342
31,089,024
The statement of financial activities includes all gains and105ses recognised in the year.
All income and expenditure derive from continuing actNities.
The notes on pages 1 S to 23 forni part of these financial statements.
Page 9

THE KAYS FOUNDATION
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
YEAR ENDED 5 APRIL 2024
GROUP
GROUP
2024
2024
2023
2023
Notes
FIXED ASSETS
Tangible assets
Investments
Programme related investments
10,140,000
21,383,642
1,459,254
32,982.896
12,175,000
21,130,149
1,405,972
36,117,091
CURRENT ASSErs
Debtors
Cash at Bank and in Hand
266,945
745,419
1.012,364
580,636
357.421
938,057
CREDITORS
Amounts falling due within one
year
10
548,306
517,542
548.306
517,542
NET CURRENT LIABILITIES
464.058
420,515
TOTAL ASSETS LESS CURRENT
LIABILITIES
33.446,954
35,131,634
CREDITORS: AMOUNTS FALLING DUE
AFTER ONE YEAR
Bank loan
10
(3.858,612)
(4,042,612)
NET ASSETS
29,588,342
31,089,024
THE FUNDS OF CHARITY
Endowment Capital Fund
Corporate Revenue Reserves
12
26,613,480
2.974,862
27,946,672
3,142,352
TOTAL FUNDS
29,588,342
31,089,024
The notes on pages 15 to 23 form part of these financial ststements.
Page 10

THE KAYS FOUNDATION
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
YEAR ENDED S APRIL 2024 l¢ontinugdl
The consolidated accounts have been prepared as required by the Charities Act 2011 and in accordance
with the requirements of the Companies Act and wrth applicable financial reporting stsndards.
These financial statements have been prepared in accordance with the provisions applicable to companies
subject to the small companies, regime.
The financial statements were approved and authorised for issue by the Trustees on 18 December 2024
and signed on
Irhehalf by:
Mr. P N Nathwanl
(Director)
The notes on pages 15 to 23 forni part of these financial statements.
Pagell

THE KAYS FOUNDATION
COMPANY STATEMEKf OF FINANCIAL POSITION
YEAR ENDED S APRIL 2024
COMPANY
2024
2024
COMPANY
2023
2023
Notes
FIXED ASSETS
Investments
Programme related investments
17,562,609
1,459,254
19,021,863
20,583,222
1,405,972
21,989,194
CURRENT ASSETS
Debtors
Cash at Bank and in Hand
10,120,933
472,262
10.593.195
9,078,031
47.896
9,125,927
CREDITORS
Amounts falling due within one year
11
26.716
26,100
NET CURRENT ASSETS
10,566,479
9,099,827
TOTAL NET ASSETS
29,588,342
31,089,021
THE FUNDS OF CHARITY
Endowment Capital Fund
Corporate Revenue Reserves
17,739,458
11,848,884
16,598,760
14,490,261
TOTAL FUNDS
29,588,342
31,089,021
These financial statements have been prepared in accordance with the provisions applicable to companies
subject to the small companies, regime. The Company was entitled to exemption from audit under Section
477 of the Companies Act 2006 relating to small companies, but as this company is a charity it is subject
to audit under the Charities Act 2011.
Directors, responsibilities-
The members have not required to obtain an audrt of r(s accounts for the period in accordance with
Section 476 of the Companies Acl.
The directors acknowledge their responsibilities for comptying with the requirements of the Act with
respect to accounting records and the preparation of accounts.
The
an
ial statements were approved and authorized for issue by the Trustees on 18 December 2024
etroh tkei
half by:
Mr. P N Nathwani
(Director)
The notes on pages 15 to 23 forni part of these financial statements.
Page 12

THE KAYS FOUNDATION
CONSOLIDATED AND CHARITY
STATEMENT OF CASH FLOWS
YEAR ENDED 5 APRIL 2024
GROUP
2024
COMPANY
2024
2023
2023
Cash flows from operating activities:
Net (expenditure)lincome for the reporting period
Net{gains}l]osses on investments
Foreign exchange movements in investments
Add.. Non-operating investment management cost
Less.. Non-operating investment income reinvested
Decreasel(increase) in trade and other receivables
{Decrease)lincrease in trade and trade payables
Net cash froml(used in) operating activities
(7,940,198) (7,940,198) (1,500,679) (3,193,452)
4,718,685
4.718,685
1,691,252
3,807,714
(1.946)
(1.946)
17,898
(26,203)
(306)
{306)
(306)
603,789
603,789
761,460
542,890
(2,536,454) (2,536,454) (1,101,461) (2,590,382)
2,306,998
2,306,998
617
3,902
2,849,432
2,849,432
130,913
1,463,641
Cash flows from investing activities
Proceeds from sale of tangible assets
Purchases of other investments other than loans
Proceeds from sale of investments
Net cash froml{used in) tnvesting activities
27,682
(12,506,359) (25,286,016)
1,093,564
12,524,473
11,412,795
12,733,861
(468,343) (2,319,603)
1.023,622
2,331,720
555,279
12,117
Bank loan and overdrafts
Amount from credrtors amounts due for more than
one year
Net cash used in financing activities
13,784.812
12.840.255
13,784,812
12,840,255
Net increasel(decrease) in cash and cash
equivalents
Cash and cash equivalents at beginning of year
387,998 (2,743.038)
357,421
3,100,459
424,366 (1,451,524)
47,896
1,499,420
Cash and cash equivalents at end of year
745.419
357,421
472,262
47,896
Page 13

The notes on pages 15 to 23 fomi part of these financial statements.
Page 14

THE KAYS FOUNDATION
NOTES TO THE CONSOLIDATED
FINANCIAL STATEMENTS
YEAR ENDED 5 APRIL 2024
la. General Infomiation
The charity is a private company limited by guarantee, reg15tered as a charity in England and Wales. The address of
the registered Offi￿ is 173 Cleveland Street. London. WIT 6QR
1 b. Principal Accounting Policies
ststement of compliance
The company's own financial statements have been prepared in compliance with FRS 102. The Financial Reporting
Standard applicable in the UK and the Republic of Ireland,. the Statement of Recommended Practice applicable to
charities preparing their accounts in accordan￿ the Financial Reporting Standard applicable in the UK and
Republic of Ireland {FRS 1021 (Charities SORP {FRS 102)) and the Charrties Act 2011.
The consolidated accounts have been prepared in accordan￿ Accounting ar￿ Reporbng by Charities.. Statement
of Recommended Practice applicable to chartbe5 p￿paring their accounts in accordan￿ the Finanual Reporting
standard applicable in the UK and Republic of Ireland {FRS 1021 {effective 1 January 20151- (Charibes SORP (FRS
1021), the Financial Reporting Stsndard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act
2006.
Advantage has been tsken of paragraph 3(3) of Schedule 4 of the Companies Act 2006 to allow the fo￿at of the
financial statements to be adapted to reflect the speual nature of company's operations as a charity.
Re¢onclliation with previous Genernlty Accepted Accounling Practi¢0
In preparing the accounts, the trustees have considered whether in applying the aoxsunting policies required by FRS 102
and the Charities SORP the reststement of comparative items was required.
Preparation of accounts on a go¢ng concern basis
The trustees believe that due to Ihe availability of reserves, there a￿ no material Un￿rtaIntieS about the charity's ability
to continue for at leastlhe next 12 months from the date of this reporL For this reason. they continue to adopt the going
concern basis in preparing the financial statements.
Group financial statefflents
The financial statements consolidate the resutts of the charity and its wholly owned subsidiary, Port Perry Investments
Limited on a line-by-line basis. A separate Statement of Financial Ath"vities and Income and Expenditure Account for
the charity has not been presented because Ihe charity has taken advantage ofthe exempb.on afforded by section 408
of the Companies Act 2006. The surplus of the parent charity was £1,087,882 {2023.' £535.8071.
Critical accounting Judgements and estimates
In preparing these financial statements, management has made judgements, estimates and assumptions that affect
the application of the charities accountsng policies and the reported assets. liabilitss, income and expenditure and the
disclosures made in the financial ststements. Estimates and judgements are continually evaluated and are based on
historical experien￿ and other factors. induding expectations of fijture events that are believed to be reasonable under
the circumstances.
The particular accounting F)oliues adopted are set out tselow.
Accounting ¢onvention
The financial statements are prepared under the historit21 cost basis as modified by the revaluation of certain )Inanc¥al
assets and liabilities and investrnent properties measured at fair value through income and expenditure,
The financial statements are prepared in sterling. which is the fvncbonal currency of the entity.
Incoming resources
All incoming resources are recognised once the thaTity has enttuement to income, it is probable that income will bè
received, and the amount of income r￿1Vable can be measured feliably. The following S￿c1￿C policEs are applied to
particular categories of income:
Page 15

THE KAYS FOUNDATION
NOTES TO THE CONSOLIDATED
FINANCIAL STATEMENTS
YEAR ENDED S APRIL 2024
1 b. Principal Accounting Policies
Rentsl income is recognised when due.
Donations are recognised when gift is made.
Where donations are re￿iVed otherwise than in cash. they are valued at the market value of the undertying
assets as at the date of gift. as required by the Charities SORP.
Rocognition of liabill￿e$
Liabilities are recognised on accruals basis in accordan￿ with the Charibes SORP.
Resources ex
nded
Charitsblo expenditure
Charitsble expenditure indudes all expenditure directly related to the objects of the charity and comprises the following.,
Cost of generating charitable activities
The cost ofgenerating charitable acliwties includes charitsble payments made and any ￿lat￿j support costs for making
such payment.
Governance cost
Governance costs indude those costs asswated with meeting the cons*'tutional and ststutory requirements of the
charity and include the audit fees and costs linked to the strategic management of the charity.
Unrealised and realised gains
Realised gains and losses are included in the accounts on the date at which a contractual obligation is entered into.
Unrealised gains and losses are computed by referen￿ to the matket value of Ihe investments at the balance sheet
date. compared to the brought fomard cost or valuation. and gains and losses arising on similar categories of
investrnents are netted off.
Taxa￿On
The company is a registered charity and as such is entitled to the exemption from tax to the extenl that the income falls
within section 505 ICTA 1988 and section 256 CGTA and is applied for charitable purposes only. Value Added tax is
not recoverable by the company and is therefore included in the relevant costs in the Statement of Financial Activities.
Finance and operating leases
Rentals payable in respect of operating leases where substantially all the beneffits and risks of ownership remain with
the lessor are charged to the Statement of Financial ath"vities as incurred.
Finance leases are accounted for in accordan￿ with the requirements of FRS 102.
Investments
Listed and other marf(etable investsments which are indud8J wthin current assets are measur8J at fair value wth changes
in fair value being recognised. Other unlisted equity investrnents induded within fixed asset investrments are inib'ally
recorded at cost. and subsequently stated at cost less any a0￿mulated impai￿ent losses.
Profits and losses on the realisation of investments are sho1￿ as realised gairs and losses in the Statement of Financial
Acts'vities. Realised gains and losses on investrnents a￿ calculated between sales proceeds and their opening caryir¥J
values or their purchase value rf acquired subsequent to the first day of the financial year. Unrealised gains and losses
are calculated as the differen￿ betsveen the fair value at the year end and their carying value. Realised and unrealised
investment gains and losses are shovm in the Ststement of Financial Acbvibes under Net Incoming Resourtss.
Investment properties
Investments properb.es are shown at their fair values. Movements in the fair values of investrnent properties are shown 8S
un￿aliSed gains and losses in the Statement of Finanaal A¢tswbe$.
Page 16

THE KAYS FOUNDATION
NOTES TO THE CONSOLIDATED
FINANCIAL STATEMENTS
YEAR ENDED 5 APRIL 2024
1b. Principal Accounting Policies fc
Programme related investments
Programme related investments are made exdusively to fijrther the charity's aims by funding specific activibes. Equity
instruments are measured at their fair value at the ￿porting date if this can be measured reliably, or at cost less
irnpaiment. Concessionary loans are either initialEy measured at the amount received and paid and then adjusted in
subsequent years to reflect repayments, interest and any impainnent. or they are initially measured at the fair value
and subsequenuy at their amorbsed cost using Ihe effecbve interest method.
Programme related investments that are measured at cost or amortised cost are assessed for objective evidence of
impaiment at the end of each reporting period. Any impaimient losses are recognised immediately as a cost within
'expenditure on charitable activities, in the statement of financial a￿l￿ties.
Defined contribution plans
Contributions to defined contribution plans a￿ recognised as an expense in the period in which the related seNice is
provided. Prepaid contributs.ons are recconised as an asset to the extent that the prepayment wll lead to a reduction in
future payments or a cash refvnd.
Creditors and provislons
Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will
probably result in the transfer of funds to a third party and the amount due to setue the obligation can be measured or
estimated reliably. Creditors and provisions are nomially recognised at their settlement amount after allowing for any
trade discount5 due.
Cash at bank and In hand
Cash at bank and cash in hand indudes cash and short teTh highty liquid investments with a short maturity of Ihree
months or less from the date of acquisition or opening of the deposit or similar account
Financial instruments
The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic
financial instruments. induding trade and other debtors and creditor5 are initially recogni5ed at transaction value and
subsequently measured at their settlement value.
Funds
Unrestricted frJnds are donations and other income re￿1vable or generated for the objects of the charity.
Designated funds are unrestricted funds eamiarked by the Irustees for parbcular purposes.
Restricted fijnds are those fijnds which are to be used in aC￿rdance wtth specthc instructions impos&J by the donor or
trust deed.
Related party transactions
The company has taken advantage of the fact that disdosure is not required oftransactions entered into be￿een two
or more members of a group, provided that any subsKJiary undertaking which is a paty to the transaction is wholly
owned by a member of that group.
Foreign cU￿encY translation
The charrties functs'onal and presentab'on currency is pound stet1ing. Monetary assets and liabilities denominated in
foreign currencies are translated into sterling at the rates of exchange ruling at the balan￿ sheet date. Transactions in
foreign currencies are recorded at the rate ruling at the date of the transaction. All differences are recognised in the
SOFA.
Legal status
The Kays Foundation is a company limtted by guarantee and has no share capital. In the event of the charity being
wound up, the liabilty in respect ofthe guarantee is limited to £10 per member of the charity.
Page 17

THE KAYS FOUNDATION
NOTES TO THE CONSOLIDATED
FINANCIAL STATEMENTS
YEAR ENDED S APRIL 2024
Incoming Resources
Endowment Unrestricted
Capital
Income
Fund
Funds
Total Funds
2024
Total Funds
2023
Investment Property Rental Income
Investrnent Income
Bank Deposit Interest
809,950
366,743
809,950
366,743
46
1,176,739
833,794
266,475
1,176,739
1,100,269
3a. Charitable Activities
End0Y￿ent
Funds
Unrestricted
Funds
Total
2024
Total
2023
Grant making
Charity and Group Total
150.000
150,000
150,000
150,000
609,161
609,161
3b. Cost of Generating Funds
Estate Management Costs
Ground Rent
Insurance
Property management fees
Letting Fees
Administration expenses
Directors salaries & Nl
Travel and subsistence
Legal Fees
Total Estate Management Costs
20,988
7,087
16,242
9,361
63,777
143.457
4,548
23,403
31.707
140
19,821
616,849
17,761
1,437
711,118
23,403
31,707
140
19,821
616,849
17,761
1,437
711,118
265,460
Finance Costs
Financial Costs
Bank Charges
Bank Loan Interest
Investment management cost
Total Finance Costs
Group Total Cost of Generating Funds
543
8,116
325,925
543
8,116
325,925
931
16,586
231,006
1.426
249,949
515,409
334,584
334,584
1,045.702 1,045.702
Governance Cost
Professional Fees
Accountancy Fees
Auditors, Remuneration (Charity)
Charity and Group Total
100,313
26,000
12,600
138,913
100,313
26,000
12,600
138,913
80,294
23,200
10,200
113,694
Page 18

THE KAYS FOUNDATION
NOTES TO THE CONSOLIDATED
FINANCIAL STATEMENTS
YEAR ENDED 5 APRIL 2024
Group Tangible Fixed Assets
Investment
Properties
At Fair Value
6 April 2023
Additions
Disposal
Revaluation
12,175,000
(2,035,000)
5 April 2024
10,140,000
The fair value of the investment properties has been arrived at by adjusting for any movements as deemed
appropriate by the directors to 5 April 2024 by reference to a professional valuation Carrted out. No depreciat.on
or amortisation is provided in respect of these prOpe￿"eS. The historical cost of these investsment properties
amounted to £11,196,910 {2023'. £11,1 g6.910) at the balan￿ sheet date.
Investments
Group Investments
Listed Investments
Other
Company Subsidiary Investments
Total
Unlisted Investments
Shareholdin
At 6 April 2023
Additionsltransfer
Disposallother movement
15
15
(a)
15
15
Loan Advances
At 6 April 2023
Advanced in the year
Repaid in the year
At 5 April 2024
Total unlisted investments held
at cost as at 5 April 2024
1,811.078
1,811,078
1,297,745
513,333
1,297,745
513,333
(b)
(a+b)
513,348
513,348
Listed investments
At 6 April 2023
Net Cash injection during the year
Movement in cash balances
Movement in fiduciary deposits
Movement in shares I bonds
Movement in time loans
Total listed investments held at
fair value as at 5 April 2024
1.851,022 17.468,033
18,510
(5.771)
19,319,055
18,510
(5,771)
159,627
1,378,873
1,538,501
{c)
2.023.388 18.846,906
20,870,295
Page 19

THE KAYS FOUNDATION
NOTES TO THE CONSOLIDATED
FINANCIAL STATEMENTS
YEAR ENDED 5APRIL 2024
Investments
Listed investments
Iconbrnied)
Listed Investments
Other
Company Subsidiary Investments
Total
Balance carried foThvard
At 5 April 2024
At S April 2023
2.023.388
1,851,022
18,846,906
17,468,033
513,348
1,811,094
21.383,642
21,130,149
Company Investments
Unrestricted Endowment
Funds
Funds
Total Funds
Year to
SApr24
Total Funds
Year to
5Apr23
Group undertakings
{Profit}Iloss on revaluation of
investment in subsidiary
undertaking
Other investments
16.921,108
16,921.108
20,640,620
(1,895,235) (1,895,235) (3,719,513)
513,348
1,811,093
(a+b)
{¢)
513.348
Listed investments
2.023.388
2,536.736
2,023,388
17,562,609
1,851,022
20.583,222
Total Company investment
15,025,873
Analysis of Investments
(i) Other Investments- Grou
and Com
an
Loan
Shareholding Cost of Investments Advances
shares
as at 5 April (Repaid) I
2023
advanced
Total
Investments
as at 5 April
2024
Company
Edinburgh Sainsbury Group
Holdings Limited
Royal Docks Hotel Group
Holdings Limited
Marine Point Group Holdings
Limited
M22 Portfolio Propety Limited
Theobalds Park Propety
Limited
Project Spirit Property Limited
Marine Point Freehold Group
Holdings Limited
10%
50
5%
100
10
513,333
513,343
5%
4%
1,297,745 (1,297,745)
{a+b)
15
1,811,078
1.297.745
513.348
Page 20

THE KAYS FOUNDATION
NOTES TO THE CONSOLIDATED
FINANCIAL STATEMENTS
YEAR ENDED 5 APRIL 2024
{iil Listed Investments- Grou
and Corn
The listed invesbnents relate to portfolios hekl wrth a financtal institution and it comprises of cash. listed and
marketable investrnents less borrowings from Ihe same financial institution.
The fair value of listed and mafketable investrnents has been induded within the portfolio detemiined with
reference to the quoted market pri￿ at reporting date.
(li) Endowment funds-com
an
The above investh)ent in the company represents a gift re￿iVed in the fo￿ of an expendable endowment of
100% shareholder in Port Pery Invesknents Limited of 2 Ordinary Shares. Port Pery Investment Limited is a
company incorporated in the Isle of Man and its prinapal actiwty is that of propety and other investments. The
valuation of the investment was carried oui at the balance sheet date by the directors. on net asset basis.
Programme Related Investsnents
Social
investment
Cost
At 6 April 2023
Additions
1,405,972
53,282
At S April 2024
Impairment
6 April 2022 and 5 April 2023
Carrying amount
At 5 April 2024
At 5 April 2023
1,459.254
1,459,254
1,405,972
The above social investsnent is in A(ili Ne￿0￿ USA LLC. Akili Ne￿Ork USA LLC was created to bring learning
and inspiration to the children of Kenya with a goal of creating a positive social impact for children, their families
and caregivers. The strategy of Akili Netsvork USA LLC is to provide the broadest free aC￿sS to the most positive,
relevant programming available and to Produ￿ shows that Kenyan children see themselves in. promoting content
that models posits've academic outcomes, values soaal-emotional awareness. introduces and supports gender
equality, and advances health. wellness, job awareness, Communty and the creative arts.
At the year end, the Foundab'on has an investment of£1,459.25412023-. £1,405,972) in Akili Network USA LLC.
The investrnent is spltt be￿een shares and converbble debt. At the balan￿ sheet date, an amount of £53,281
12023.. £42,808) had been accrued as interest on the convertible debt
Group Debtors
2024
2023
other Debtors
Prepayments and Accrued Income
235,352
31,593
266.945
529,779
50,857
580,636
Page21

THE KAYS FOUNDATION
NOTES TO THE CONSOLIDATED
FINANCIAL STATEMENTS
YEAR ENDED 5 APRIL 2024
Company Debtors
2024
2023
Other Debtors
Loan receivable from group undertaking
Prepayments and Accrued Income
230.000
10,110.200 8,797,643
10.733
50,388
10,120,934 9,078,032
10. Group Creditors
Amounts falling due within one year
2024
2023
Bank Loans
Social security and other taxes
Derivative financial liability
Other creditors
Accruals and deferred income
184,000
52,017
184,000
49,564
232,534
79,756
548,306
212,875
71,102
517,541
The following liabilities disclosed above under credrtors falling due within one year are secured by
the group..
Bank Loans
184,000
184.000
Group Creditors
Amounts falling due after more than one year
2024
2023
Bank loans
3.858,612
3,858,612
4,042,621
4,042.612
The following liabilities disclosed above under creditors falling due after more than one year are
secured by the group..
Bank Loans
3,858,612
4,042,612
11. Company Creditors
Amounts falling due within one year
2024
2023
Accruals and deferred income
26,716
26,101
26,101
Pag¢ 22

THE KAYS FOUNDATION
NOTES TO THE CONSOLIDATED
FINANCIAL STATEMENTS
YEAR ENDED 5 APRIL 2024
12. Group Endowment Capital Fund
2024
2023
Balance brought forward
Provision against loan balance
Investment Revaluation gainsl{losses)
Financial instrument gainsl(losses)
Share of Profits/(Losses) from Investments
Gainl(loss) on disposal of tangible asset
Gainl{loss) on disposal of fixed asset investments
27,946,672 31,991,244
(1.236,842)
(512,833) {3,096,172)
437,489
(938,653)
(9,747)
21,006
26,613,480 27,946,672
13. Auditors remuneration
2024
2023
Fees payable for the audrt of the financial statements
12,600
10,200
14. Staff costs
The total staff costs and employee benefits for the reporting period are analysed as follows:
2024
2023
Wages and salaries
616,849
616,849
143,457
143,457
The average number of persons employed by the group during the year amounted to 1 (2023.. 1).
15. Related Parties
During the periixl, the charity has provided an interest-bearing loan to its subsidiary. The balance
outstanding at the balance sheet date was £10,110,200 (2023- £8,797,643), and interest of £680,710
(2023.. £351,597) was charged on the outstanding balance.
No remuneration was paid to the trustees during the year (2023= £Nil).
No expenses were reimbursed to the trustees during the year (2023.. £Nil).
Page 23