Company No: 08147905 Charity Registered Number: 1149856 THE KAYS FOUNDATION (COMPANY LIMITED BY GUARANTEE) CONSOLIDATED FINANCIAL STATEMENTS YEAR ENDED 5 APRIL 2025 CHAMBERLAINS UK LLP Chartered Accountants & Statutory Auditors 173 Cleveland Street London W1T 6QR
THE KAYS FOUNDATION CONSOLIDATED FINANCIAL STATEMENTS YEAR ENDED 5 APRIL 2025 CONTENTS Reference and Administrative Details Trustees' Report Independent Auditors' Report Consolidated Statement of Financial Activities Consolidated Statement of Financial Position Company Statement of Financial Position Consolidated and Charity Statement of Cash Flows Notes to the Financial Statements 1 2-5 6-9 10 11 - 12 13 14 16 - 24
Status Company Number Charity Number Registered Office Directors / Trustees Auditors Administrators Bankers THE KAYS FOUNDATION CONSOLIDATED FINANCIAL STATEMENTS YEAR ENDED 5 APRIL 2025 REFERENCE AND ADMINISTRATIVE DETAILS The Kays Foundation is a company limited by guarantee, incorporated on 18 July 2012 and registered as a charity on 21 November 2012. 08147905 1149856 173 Cleveland Street London W1T 6QR Mr PN Nathwani Mr M G Gudka Mr MN Nathwani Mrs S M Kanani Mr TM Kabuga Mr M M Gudka Mr K P Nathwani (31 March 2025) Chamberlains UK LLP Chartered Accountants & Statutory Auditors 173 Cleveland Street London WIT 6QR The Trust Partnership Ltd 6 Trull Farm Buildings Tetbury Gloucestershire GL8 8SQ Habib Bank AG Zurich Habib House 42 Moorgate London EC2R 6JJ CAF Bank Ltd 25 Kings Hill Avenue West Malling Kent ME19 4JQ Page 1
THE KAYS FOUNDATION CONSOLIDATED FINANCIAL STATEMENTS YEAR ENDED 5 APRIL 2025 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 financial statements of the Kays Foundation for the year ended 5 April 2025. Structure, governance and management Governing document The Foundation is a charitable company limited by guarantee, incorporated on 18 July 2012 and registered as a charity Recruitment and training of trustees The directors of the company are also charity trustees for the purposes of charity law. A new trustee is appointed by a resolution of the board of trustees. Induction and training of the trustees is done by providing them with the Articles and Memorandum of Association, the latest set of accounts and various reading up references. If needed, special training sessions can be arranged with the existing trustees to provide guidance. The trustees consider the board of trustees to be the key management personnel of the charity in charge of directing and controlling, running, and operating the charity on a day-to-day basis. Public Benefit Statement In accordance with the Charities Act 2011, the trustees confirm that they have given due consideration to the Charity Commission Public Benefit Guidance as required by Section 4 of the Charities Act 2011. Objectives and activities The charity's objects are specifically restricted to the following: The advancement of such charitable purpose or purposes and/or the support of such charitable institution or institutions in any part of the world as the directors of the company in their absolute discretion from time to time select, and in such manner as the directors of the company from time to time determine. During the year, the Foundation made donations totalling £545,657 (2024: £150,000) to the following charities and is described as below: - The Arsenal Foundation (£150,000) - The donation relates to the 'Coaching for Life' program at the Za'atari Refugee Camp in Jordan (in partnership with Save the Children). The funds will be used for coaching children by recruiting coaches and enrolling children and building relationships for underprivileged children through sport. Jalaram Medical Services Centre (£50,000) — The grant provides underprivileged communities with top-notch medical services that are at par with international standards including a comprehensive day care program. Medair UK (£133,657) - The grant provides human and material resources in support of the multisectoral relief and recovery projects coordinated by Medair. This is a humanitarian organisation, inspired by Christian faith, to relieve human suffering in some of the world's most remote and devastated places. Medair helps families in crisis, regardless of race, creed or nationality, survive and recover with dignity. Flipflopi Project Foundation (£30,000) - The grant provides a pioneering circular solution to avoid plastic pollution and together with the community, manufacturing furniture and boats rooted in local heritage bringing economic returns and employment to the community. The vision of this Kenyan based foundation is to end single-use plastics and ensure all other plastics are part of circular economy. Page 2
THE KAYS FOUNDATION CONSOLIDATED FINANCIAL STATEMENTS YEAR ENDED 5 APRIL 2025 TRUSTEES' REPORT (continued) Objectives and activities (continued) Help Change Lives (£50,000) - The grant helps very vulnerable people around the world in the following ways: through e advancement of education with the aim of reducing poverty, provision of food, water, clothing, shelter, health ai ad income generating opportunities to underprivileged persons, and contributing to social and economic developme Disaster Emergency Community (DEC) (£100,000) - The grant brings together 15 of the UK's leading humanitarian Embrace The Street Child (£32,000) - The grant rescue street children below 16 years old from a street life of addiction, abuse, and hopelessness by inviting them to stay at their centre. The centre rehabilitates them through a variety of programs including counselling, Bible lessons, remedial academic work, sports, crafts and introduction to useful life/vocational skills. Their basic needs of food, shelter, clothes, medical care and hygiene are met at the centre. The grant reintegrates the children back into their families and communities. Through ongoing follow-ups, the centre empowers them with the physical, spiritual and emotional tools they need to ensure long term success. Achievements and performance During the year to 5th April 2025, the Foundation continues its approach to support various charitable causes. In addition, the Foundation continues to focus on making investments to improve outcomes for all young people in Kenya, its attention focusing on the early childhood life-stage (defined as 'conception to 5 years old"). Furthermore, during the year, the Foundation has continued to engage with philanthropic consultants and has sought guidance and advice from specialist charity solicitors. The trustees feel that the use of bringing expert external advice enables the Foundation to deliver its charitable aims and continues to strengthen its internal governance structure. Going concern The trustees believe that due to the availability of reserves, there are no material uncertainties about the charity's ability to continue for at least the next 12 months from the date of this report. For this reason, they continue to adopt the going concern basis in preparing the financial statements. Risk management The Trustees recognise that there are risks to which the Charity is 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 review in place and consider new and emerging risks and through their day-to-day activities the staff are encouraged and guided to ensure the risk management processes are effectively implemented Systems have been established to mitigate known risks, including 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 prioritised. Records and archives are securely stored, and electronic data carefully protected. Related party The charitable company holds 100% shares in Port Perry Investments Limited, a company registered in the Isle of Man. Page 3
THE KAYS FOUNDATION CONSOLIDATED FINANCIAL STATEMENTS YEAR ENDED 5 APRIL 2025 TRUSTEES' REPORT (continued) Reserves policy Level of reserves is reviewed annually by the trustees. Financial review The consolidated Statement of Financial Activities (SOFA) on page 10 shows a net decrease in funds for the year of £882,456 (2024: £1,500,682). The SOFA shows the financial activity of the group distinguishing between endowment capital and unrestricted funds and shows the results for the year. At the balance sheet date, the group had net assets of £28,705,886 (2024: £29,588,342). Plans for future periods The trustees of the Foundation are committed to continually listening and learning in order to ensure they are investing to achieve maximum impact. This will involve an ongoing process of research into the chosen area of focus, continual development of the network of peers, and an evaluation of how the Foundation's funds can be best invested to create lasting impact. Trustees responsibilities in relation to financial statements The trustees, who are also directors of the Foundation for the purpose of company law, are responsible for preparing the Trustees' Report and the Financial Statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Company law requires the trustees to prepare financial statements for each financial year and not approve the financial statements unless they are satisfied that the financial statements give a true and fair view of the state of the affairs of the charitable company and the group as at the balance sheet date and of its incoming resources and application of resources, 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 consistently; • observe the methods and principles in the Charities SORP; • make sound judgements and arrive at estimates that are reasonable and prudent; • prepare the financial statements on the going concern basis unless it is inappropriate to assume that the charitable company will not continue in business. The trustees are responsible for maintaining proper accounting records which disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial 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 the prevention and detection of fraud or other irregularities. Page 4
THE KAYS FOUNDATION CONSOLIDATED FINANCIAL STATEMENTS YEAR ENDED 5 APRIL 2025 TRUSTEES' REPORT (continued) Aach of the persons who is a trustee at the date of approval of this report confirms that: • so far as they are aware, there is no relevant audit information of which the charitable company's auditor is unaware; and • they have taken all steps that they ought to have taken as a trustee to make themselves aware of any relevant audit information and to establish that the charitable company's auditor is aware of that information. 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. On behalf of the trustees Khilen Nathwani (Dec 19, 2025 10:33:21 GMT) Mr. K P Nathwani (Director) Date: 17 December 2025 Page 5
THE KAYS FOUNDATION INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF THE KAYS FOUNDATION YEAR ENDED 5 APRIL 2025 Opinion We have audited the consolidated financial statements of The Kays Foundation (the 'parent charity') for the year endec 5 April 2025 which comprise the Consolidated and Charity statement of financial activities, group statement of financial position, cashtlow statement and the related notes, including a summary of significant accounting policies. The financia reporting framework that has been applied in their preparation is applicable law and United Kingdom Accountin Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements: • give a true and fair view of the state of the charity's affairs as at 5 April 2025 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended; • have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; • have been prepared in accordance with the requirements of the Companies Act 2006 and the Charities Act 2011. Basis for opinion We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we nave obtained is sutticient and appropriate to provide a basis for our opinion. Conclusions relating to going concern We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to you where: • the trustees' use of the going concern basis of accounting in the preparation of the consolidated financial statements is not appropriate; or • the trustees' have not disclosed in the financial statements any identified material uncertainties that may cast significant doubt about the charity's ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue. Other information The other information comprises the information included in the annual report, other than the financial statements and our auditor's report thereon. The trustees are responsible for the other information. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. Page 6
THE KAYS FOUNDATION INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF THE KAYS FOUNDATION (continued) YEAR ENDED 5 APRIL 2025 Opinions on other matters prescribed by the Companies Act 2006 In our opinion, based on the work undertaken in the course of the audit: the information given in the trustees' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and • the trustees' report has been prepared in accordance with applicable legal requirements. Matters on which we are required to report by exception In the light of the knowledge and understanding of the charity and its environment obtained in the course of the audit, we have not identified material misstatements in the trustees' report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 and the Charities Act 2011 requires us to report to you if, in our opinion: • adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or • the financial statements are not in agreement with the accounting records and returns; or • certain disclosures of trustees' remuneration specified by law are not made; or • we have not received all the information and explanations we require for our audit; or • the trustees were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemptions in preparing the directors' report and from the requirement to prepare a strategic report. Responsibilities of trustees As explained more fully in the trustees' responsibilities statement, the trustees (who are also the directors for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a rue and tair view, and for such internal control as the trustees determine is necessary to enable the preparation o inancial statements that are free from material misstatement, whether due to fraud or error In preparing the financial statements, the trustees are responsible for assessing the charity's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do SO. Auditor's responsibilities for the audit of the financial statements We have been appointed as auditor under Section 151 of the Charities Act 2011 and report in accordance with the Act and the relevant regulations made or having effect thereunder. Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. decisions of users taken on the basis of these financial statements. Page 7
THE KAYS FOUNDATION INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF THE KAYS FOUNDATION (continued) YEAR ENDED 5 APRIL 2025 Auditor's responsibilities for the audit of the financial statements (continued) Irregularities, including fraud are, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatement in respect of irregularities, including frauc The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below • we obtained an understanding of the group and parent charity and the sector in which it operates to identif laws and regulations that could reasonably be expected to have a direct effect on the financial statements. We obtained our understanding in this regard through with trustees and management, industry research and experience of the 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 legislation. • 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 regulations. These procedures included but were not limited to enquires of management and review of minutes. • we also identified the risks of material misstatement of the financial statements due to fraud. We considered, in addition to the non-rebuttable presumption of a risk of fraud 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 performing audit procedures which included, but were not limited to the following: - the testing of journals; reviewing accounting estimates for evidence of bias; and evaluating the business rationale of any significant transaction that is unusual or outside the normal course of the business. • the engagement partner also ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations; and • enquiries were made of management and the Trustees, including consideration of known or suspected instances of non-compliance with laws and regulations and fraud. Page 8
THE KAYS FOUNDATION INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF THE KAYS FOUNDATION (continued) YEAR ENDED 5 APRIL 2025 As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also: Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting fror raud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions misrepresentations, or the override of internal control. Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the internal control. • Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the trustees. • Conclude on the appropriateness of the trustees' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the charity's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the financial statements or, it such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions mav cause the charity to cease to continue as a going concern. Evaluate the overall presentation, structure and content of the financial statements, including the disclosures. and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report. Use of our report This report is made solely to the charity's trustees', as a body, in accordance with section 144 of the Charities Act 2011 charity's trustees' as a body, for our audit work, for this report, or for the opinions we have formed. Chamberlains Chamberlains UK LLP Chartered Accountants & Statutory Auditors 173 Cleveland Street London W1T 6QR Date: 17 December 2025 Page 9
THE KAYS FOUNDATION CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING THE INCOME AND EXPENDITURE ACCOUNT) YEAR ENDED 5 APRIL 2025 Endowment Unrestricted Capital Income Fund Funds 2025 2025 Total Group Funds 2025 INCOMING RESOURCES Donations and legacies Investment Property Rental Income Investment Income Bank Deposit Interest Total Incoming Resources RESOURCES EXPENDED Charitable Activities Cost of Generating Funds Governance Costs NET INCOMING RESOURCES Net (Deficit) / Income for the year Gains/(loss) on Disposal Fixed Assets Foreign exchange gains/(losses) Investment Revaluation gains/(losses) Financial Instruments gains/(losses) Provision against loan balance Net Movement in Funds Notes ENDOWMENT CAPITAL FUND & REVENUE RESERVES Brought forward Funds at 5 April 2025 2 2 2 За 3b 4 12 12 12 - (53,255) (5,510) (342,846) (82,324) (483,935) 26,613,480 26,129,545 - 788,974 298,232 287 1,087,493 545,657 786,100 154,257 1,486,014 (398,521) (398,521) 2,974,862 2,576,341 The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities. - 788,974 298,232 287 1,087,493 545,657 786,100 154,257 1,486,014 (398,521) (53,255) (5,510) (342,846) (82,324) (882,456) 29,588,342 28,705,886 The notes on pages 16 to 24 form part of these financial statements. Page 10 Total Group Funds 2024 - 809,950 366,743 46 1,176,739 150,000 1,045,702 138,913 1,334,615 (157,876) (21,006) (9,614) (512,834) 437,490 (1,236,842) (1,500,682) 31,089,024 29,588,342
THE KAYS FOUNDATION CONSOLIDATED STATEMENT OF FINANCIAL POSITION YEAR ENDED 5 APRIL 2025 GROUP 2025 € 2025 9,495,000 20,543,315 1,439,891 31,478,206 GROUP 2024 Notes FIXED ASSETS Tangible assets Investments Programme related investments 5 6 7 CURRENT ASSETS Debtors Cash at Bank and in Hand 8 CREDITORS Amounts falling due within one year 10 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 Corporate Revenue Reserves 12 TOTAL FUNDS 2024 10,140,000 21,383,642 1,459,254 32,982,896 343,582 752,083 1,095,665 586,485 586,485 266,945 745,419 1,012,364 548,306 548,306 509,180 31,987,386 464,058 33,446,954 (3,281,500) 28,705,886 26,129,545 2,576,341 28,705,886 (3,858,612) 29,588,342 26,613,480 2,974,862 29,588,342 The notes on pages 16 to 24 form part of these financial statements. Page l1
THE KAYS FOUNDATION CONSOLIDATED STATEMENT OF FINANCIAL POSITION YEAR ENDED 5 APRIL 2025 (continued) The consolidated accounts have been prepared as required by the Charities Act 2011 and in accordance with the requirements of the Companies Act and with applicable financial reporting standards. 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 17 December 2025 and signed on their behalf by: Khilen Nath wani (De 19, 2025 10:33:21 GMT) Mr. K P Nathwani (Director) The notes on pages 16 to 24 form part of these financial statements. Page 12
THE KAYS FOUNDATION COMPANY STATEMENT OF FINANCIAL POSITION YEAR ENDED 5 APRIL 2025 COMPANY 2025 2025 COMPANY 2024 2024 Notes FIXED ASSETS Investments Programme related investments 16,310,719 1,439,891 17,750,610 17,562,609 1,459,254 19,021,863 CURRENT ASSETS Debtors Cash at Bank and in Hand 9 10,875,155 107,054 10,982,209 10,120,933 472,262 10,593,195 CREDITORS Amounts falling due within one year NET CURRENT ASSETS 11 26,933 26,716 TOTAL NET ASSETS 10,955,276 28,705,886 10,566,479 29,588,342 THE FUNDS OF CHARITY Endowment Capital Fund Corporate Revenue Reserves 19,239,374 17,739,458 9,466,512 11,848,884 TOTAL FUNDS 29,705,886 29,588,342 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 audit of its accounts for the period in accordance with Section 476 of the Companies Act. • The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. The financial statements were approved and authorized for issue by the Trustees on 17 December 2025 and signed on their behalf by: Shilen Nathwani (Dec 19, 2025 10:33:21 GMT) Mr. K P Nathwani (Director) The notes on pages 16 to 24 form part of these financial statements. Page 13
2024 Cash flows from operating activities: Net (expenditure)/income for the reporting period Net(gains)/losses on investments Foreign exchange movements in investments Add: Non-operating investment management cost Less: Non-operating investment income reinvested Decrease/(increase) in trade and other receivables (Decrease)/increase in trade and trade payables Net gains/(losses) on disposal of investment Net cash from/(used in) operating activities 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 from/(used in) investing activities Bank loan and overdrafts Amount from creditors amounts due for more than one year Net cash used in financing activities Net increase/(decrease) in cash and cash equivalents Cash and cash equivalents at beginning of year Cash and cash equivalents at end of year THE KAYS FOUNDATION CONSOLIDATED AND CHARITY STATEMENT OF CASH FLOWS YEAR ENDED 5 APRIL 2025 GROUP 2025 € (1,876,431) 836,837 (3,009) 909,249 (76,640) 38,182 (73,066) (244,878) (3,532,506) 394,070 26,182 842,339 (1,057,426) 1,343,322 (1,984,019) 660,000 300,758 (14,092,737) (13,131,979) 13,383,521 13,383,521 6,664 745,419 752,083 1,093,564 (12,506,359) (11,412,795) 13,784,812 13,784,812 387,998 357,421 745,419 Page 14 COMPANY 2025 2024 (882,456) 1,050,353 1,277 768,044 (1,289) 217 936,146 (1,500,679) 1,691,252 17,898 761,460 (1,101,461) 617 (130,913) (1,301, 355) (1,301,355) - : (365,209) 472,262 107,054 1.023,622 (468,343) 555,279 - : 424,366 47,896 472,262
The notes on pages 16 to 24 form part of these financial statements. Page 15
THE KAYS FOUNDATION NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS YEAR ENDED 5 APRIL 2025 1a. General Information The charity is a private company limited by guarantee, registered as a charity in England and Wales. The address of the registered office is 173 Cleveland Street, London, WIT 6QR 1b. Principal Accounting Policies Statement of compliance The consolidated accounts have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2015) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006. Advantage has been taken of paragraph 3(3) of Schedule 4 of the Companies Act 2006 to allow the format of the financial statements to be adapted to reflect the special nature of company's operations as a charity. Reconciliation with previous Generally Accepted Accounting Practice In preparing the accounts, the trustees have considered whether in applying the accounting policies required by FRS 102 and the Charities SORP the restatement of comparative items was required. Preparation of accounts on a going concern basis The trustees believe that due to the availability of reserves, there are no material uncertainties about the charity's ability to continue for at least the next 12 months from the date of this report. For this reason, they continue to adopt the going concern basis in preparing the financial statements. Group financial statements The financial statements consolidate the results of the charity and its wholly owned subsidiary, Port Perry Investments Limited on a line-by-line basis. A separate Statement of Financial Activities and Income and Expenditure Account for the charity has not been presented because the charity has taken advantage of the exemption afforded by section 408 of the Companies Act 2006. Critical accounting judgements and estimates In preparing these financial statements, management has made judgements, estimates and assumptions that affect the application of the charities accounting policies and the reported assets, liabilities, income and expenditure and the disclosures made in the financial statements. Estimates and judgements are continually evaluated and are based or historical experience and other factors, including expectations of future events that are believed to be reasonable under The particular accounting policies adopted are set out below. Accounting convention The financial statements are prepared under the historical cost basis as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through income and expenditure, The financial statements are prepared in sterling, which is the functional currency of the entity. Incoming resources All incoming resources are recognised once the charity has entitlement to income, it is probable that income will be received, and the amount of income receivable can be measured reliably. The following specific policies are applied to particular categories of income: Page 16
THE KAYS FOUNDATION NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS YEAR ENDED 5 APRIL 2025 1b. Principal Accounting Policies (continued) Rental income is recognised when due. Donations are recognised when gift is made. Where donations are received otherwise than in cash, they are valued at the market value of the underlying assets as at the date of gift, as required by the Charities SORP. Recognition of liabilities Liabilities are recognised on accruals basis in accordance with the Charities SORP. Resources expended Charitable expenditure Charitable expenditure includes all expenditure directly related to the objects of the charity and comprises the following; Cost of generating charitable activities The cost of generating charitable activities includes charitable payments made and any related support costs for making such payment. Governance cost Governance costs include those costs associated with meeting the constitutional and statutory 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 reference to the market value of the investments at the balance sheet date, compared to the brought forward cost or valuation, and gains and losses arising on similar categories of investments are netted off. Taxation The company is a registered charity and as such is entitled to the exemption from tax to the extent 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 benefits and risks of ownership remain with the lessor are charged to the Statement of Financial activities as incurred. Finance leases are accounted for in accordance with the requirements of FRS 102. Investments Listed and other marketable investments which are included within current assets are measured at fair value with changes in fair value being recognised. Other unlisted equity investments included within fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses. Profits and losses on the realisation of investments are shown as realised gains and losses in the Statement of Financial Activities. Realised gains and losses on investments are calculated between sales proceeds and their opening carrying values or their purchase value if acquired subsequent to the first day of the financial year. Unrealised gains and losses are calculated as the difference between the fair value at the year end and their carrying value. Realised and unrealised investment gains and losses are shown in the Statement of Financial Activities under Net Incoming Resources. Investment properties Investments properties are shown at their fair values. Movements in the fair values of investment properties are shown as unrealised gains and losses in the Statement of Financial Activities. Page 17
THE KAYS FOUNDATION NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS YEAR ENDED 5 APRIL 2025 1b. Principal Accounting Policies (continued) Programme related investments Programme related investments are made exclusively to further the charity's aims by funding specific activities. Equity instruments are measured at their fair value at the reporting date if this can be measured reliably, or at cost less impairment. Concessionary loans are either initially measured at the amount received and paid and then adjusted in subsequent years to reflect repayments, interest and any impairment, or they are initially measured at the fair value and subsequently at their amortised cost using the effective interest method. Programme related investments that are measured at cost or amortised cost are assessed for objective evidence of impairment at the end of each reporting period. Any impairment losses are recognised immediately as a cost within 'expenditure on charitable activities' in the statement of financial activities. Defined contribution plans Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. Creditors and provisions 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 settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due. Cash at bank and in hand Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account. Financial instruments The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments, including trade and other debtors and creditors are initially recognised at transaction value and subsequently measured at their settlement value. Funds Unrestricted funds are donations and other income receivable or generated for the objects of the charity. Designated funds are unrestricted funds earmarked by the trustees for particular purposes. Restricted funds are those funds which are to be used in accordance with specific instructions imposed by the donor or trust deed. Related party transactions by a member of that group. Foreign currency translation The charities functional and presentation currency is pound sterling. Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rates of exchange ruling at the balance 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 limited by guarantee and has no share capital. In the event of the charity being wound up, the liability in respect of the guarantee is limited to £10 per member of the charity. Page 18
THE KAYS FOUNDATION NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS YEAR ENDED 5 APRIL 2025 2. Incoming Resources Investment Property Rental Income Investment Income Bank Deposit Interest 3a. Charitable Activities Grant making Charity and Group Total 3b. Cost of Generating Funds Estate Management Costs Insurance Property management fees Letting Fees Administration expenses Directors salaries & NI Sundry expenses Travel and subsistence Legal Fees Total Estate Management Costs Finance Costs Financial Costs Bank Charges Bank Loan Interest Investment management cost Total Finance Costs Group Total Cost of Generating Funds Governance Cost Professional Fees Broker Fees Accountancy Fees Auditors' Remuneration (Charity) Charity and Group Total Endowment Unrestricted Capital Income Fund Funds € 788,974 298,232 287 1,087,493 Endowment Unrestricted Funds Funds : 545,657 545,657 Total Funds 2025 € 788,974 298,232 287 1,087,493 Total 2025 545,657 545,657 Total Funds 2024 809,950 366,743 1,176,738 Total 2024 150,000 150,000 - = : 8,720 31,285 42,913 9,066 374,502 7.064 12,081 487,796 183 597 297,524 26.100 82,330 36,327 23,300 12,300 154,257 8,720 31,285 42,913 9,066 374,502 2,061 12,081 487,796 183 597 297,524 20,00 82,330 36,327 23,300 12,300 154,257 23,403 31,707 140 19,821 616,849 17,761 711138- 543 8,116 325,925 3334,584 1,045,702 100,313 26,000 12,600 138,913 Page 19
THE KAYS FOUNDATION NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS YEAR ENDED 5 APRIL 2025 5. Group Tangible Fixed Assets 6. Investment At Fair Value Properties 6 April 2024 10,140,000 Additions Disposal (660,000) Revaluation 15,000 5 April 2025 9,495,000 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 2025 by reference to a professional valuation carried out. No depreciation or amortisation is provided in respect of these properties. The historical cost of these investment properties amounte • £10,938,015 (2024: £11,196,910) at the balance sheet date Investments Group Investments Unlisted Investments Shareholding At 6 April 2024 Additions/transfer Disposal/other movement (a) Loan Advances At 6 April 2024 Advanced in the year Repaid in the year At 5 April 2025 Total unlisted investments held at cost as at 5 April 2025 (b) (a+b) Listed investments At 6 April 2024 Net Cash injection during the year Movement in cash balances Movement in fiduciary deposits Movement in shares / bonds Movement in time loans Total listed investments held at fair value as at 5 April 2025 (c) Listed Investments Other Company Subsidiary Investments € Total ... .... 15 - - 15 15 - 15 513,333 513,333 - - (5,000) 508,333 508,348 - (5,000) 508,333 508,348 2,023,388 18,846,906 - 20,870,294 (13,917) (13,917) (307,137) (514,273) (821,410) 1,702,334 18,332,633 - 20,034,967 Page 20
THE KAYS FOUNDATION NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS YEAR ENDED 5 APRIL 2025 6. Investments (continued) Listed investments Balance carried forward At 5 April 2025 At 5 April 2024 Company Investments Listed Investments Other Company Subsidiary Investments 1,702,334 2,023,388 18,332,633 18,846,906 Unrestricted Endowment Funds Funds € - 15,025,875 (925,836) 508,348 1,702,332 2,210,680 14,100,039 508,348 513,348 Total Funds Year to 5 Apr 25 € 15,025,875 (925,836) 508,348 1,702,332 16,310,719 Total 20,543,315 21,382,642 Total Funds Year to 5 Apr 24 16,921,108 (1,895,233) 513,348 2.023,388 17,562,609 Group undertakings (Profit)/loss on revaluation of investment in subsidiary undertaking Other investments Listed investments Total Company investment (atb) (c) Analysis of Investments (i) Other Investments - Group and Company Shareholding Cost of Investments shares as at 5 April 2024 Company Edinburgh Sainsbury Group Holdings Limited Royal Docks Hotel Group Holdings Limited Marine Point Group Holdings Limited M22 Portfolio Property Limited Theobalds Park Property Limited Project Spirit Property Limited Marine Point Freehold Group Holdings Limited 10% - - 5% 5% 10% 5% 4% - - 10 5 - 513,333 : (a+b) 15 513,333 Loan Advances (Repaid) / advanced - - (5,000) : (5,000) Total Investments as at 5 April 2025 - - 508,343 5 - 508,348 Page 21
THE KAYS FOUNDATION NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS YEAR ENDED 5 APRIL 2025 (i) Listed Investments - Group and Company he listed investments relate to portfolios held with a financial institution and it comprises of cash, listed ar larketable investments less borrowings from the same financial institutio The fair value of listed and marketable investments has been included within the portfolio determined with reference to the quoted market price at reporting date. (i) Endowment funds - Company 7. Programme Related Investments Cost At 6 April 2024 Additions Other movements At 5 April 2025 Impairment 6 April 2024 and 5 April 2025 Carrying amount At 5 April 2025 At 5 April 2024 Social investment 1,459,254 (19,363) 1,439,891 = 1,439,891 1,459,254 8. Group Debtors Other Debtors Prepayments and Accrued Income 2025 304,308 39,274 343,582 2024 235,352 31,593 266,945 Page 22
THE KAYS FOUNDATION NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS YEAR ENDED 5 APRIL 2025 9. Company Debtors Other Debtors Loan receivable from group undertaking Prepayments and Accrued Income 10. Group Creditors Amounts falling due within one year 2025 2024 10,863,133 10.110,200 12,022 10,733 10,875,155 10,120,933 2025 Bank Loans Social security and other taxes Other creditors Accruals and deferred income 184,000 95,362 229,735 77,388 586,485 2024 184,000 52,017 232,534 79,756 517,541 The following liabilities disclosed above under creditors falling due within one year are secured by the group: Bank Loans Group Creditors Amounts falling due after more than one year 184,000 184,000 2025 Bank loans 3,281.500 3,281,500 2024 3,858,612 3,858,612 The following liabilities disclosed above under creditors falling due after more than one year are secured by the group: Bank Loans 3,281,500 3,858,612 11. Company Creditors Amounts falling due within one year Accruals and deferred income 2025 € 26,933 26,933 2024 € 26,716 26,716 Page 23
THE KAYS FOUNDATION NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS YEAR ENDED 5 APRIL 2025 12. Group Endowment Capital Fund Balance brought forward 2025 2024 26,613,480 27,946,672 - (1,236,842) (342,846) (512,833) (82,324) 437,489 (5,510) (53,255) (21,006) 26,129,545 26,613,480 13. Auditors remuneration 2025 12,300 2024 12,600 Fees payable for the audit of the financial statements 14. Staff costs The total staff costs and employee benefits for the reporting period are analysed as follows: 2025 2024 Wages and salaries 374,502 374,502 616,849 616,849 The average number of persons employed by the group during the year amounted to 1(2024: 1). 15. Related Parties During the period, the charity has provided an interest-bearing loan to its subsidiary. The balance outstanding at the balance sheet date was £10,863, 133 (2024: £10,110,200), and interest of £752,616 (2024: £680,710) was charged on the outstanding balance. Done of the real are a neareral 374502 202, 815,849) by a No other remuneration was paid to the trustees during the year (2024: £Nil). No expenses were reimbursed to the trustees during the year (2024: £Nil). Page 24