Charity registration number 1166075
Company registration number 08002661 (England and Wales)
LETZDREAM FOUNDATION
ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022
LETZDREAM FOUNDATION
LEGAL AND ADMINISTRATIVE INFORMATION
| Trustees | Mr V Bhargava |
|---|---|
| Mr M Zabeti | |
| Charity number | 1166075 |
| Company number | 08002661 |
| Registered office | Kemp House |
| 160 City Road | |
| London | |
| EC1V 2NX | |
| Auditor | Lopian Gross Barnett & Co |
| 1st Floor Cloister House | |
| Riverside, New Bailey Street | |
| Manchester | |
| M3 5FS |
LETZDREAM FOUNDATION
CONTENTS
| Page | |
|---|---|
| Trustees' report | 1 - 2 |
| Statement of Trustees' responsibilities | 3 |
| Independent auditor's report | 4 - 6 |
| Statement of financial activities | 7 |
| Balance sheet | 8 |
| Notes to the financial statements | 10 - 15 |
LETZDREAM FOUNDATION
TRUSTEES' REPORT (INCLUDING DIRECTOR'S REPORT) FOR THE YEAR ENDED 31 MARCH 2022
The trustees present their annual report and financial statements for the year ended 31 March 2022.
The accounts have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with the charity's Memorandum and Articles of Association, the Companies Act 2006 and “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 2019)''. The charity is a Public Benefit Entity as defined by FRS102.
Objectives and activities
The main objective of the charity is to promote, encourage and support charities all over the world, with a focus on charities operating in developing countries. These objectives are achieved by heightening the public awareness and by the payment of grants to charitable organisations. The achievement of these aims will further the charities legal purpose. The charity uses various quantitative and qualitative measures including the effect it is having to assess its success in the period. No professional fund-raisers or commercial participators carried on any fund-raising activities.
The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake.
All of the activities that are undertaken by the charity are for the advancement of the objectives that are outlined fully above.
With the exception of the time given by the trustees, the charity did not require the use of volunteers during the year.
Achievements and performance
The principal activity of the charity during the year was the provision of financial support to charitable organisations operating in developing countries.
The charity's expended resources, totalling £478,381 included £472,058 of donations to institutions in developing countries.
Financial review
Funding for the trust was received principally from companies related to Mr V Bhargava, who is one of the trustees.
During the year, incoming resources were increased by £1,258,842 from £nil. Total funds carried forward are £2,665,975 in an unrestricted fund to preserve the continuity of operations in the event of adverse circumstances.
There is no formal policy to maintain a set level of reserves. The trustees are continually looking for further funding to maintain a suitable level in which the charity can continue to operate.
The trustees continually assess the major strategic and operational risks which the charity faces and have confirmed that systems have been established to enable regular reports to be made so that necessary steps can be taken to lessen these risks. Regular meetings help to manage and mitigate the risks.
The principal risks facing the charity are that its funding dries up and that the projects it invests in do not achieve their aims. The principal risks facing the company’s subsidiary is that its investments are not realised or do not produce a satisfactory return.
Plans for future periods
The charity’s aims and objectives for the future are to continue to raise money and awareness for the projects it has identified.
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LETZDREAM FOUNDATION
TRUSTEES' REPORT (INCLUDING DIRECTOR'S REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022
Structure, governance and management
The charity was incorporated on 22 March 2012 and registered as a charity on 15 March 2016.
The charity is a company having no share capital and is limited by guarantee. The governing document is the Memorandum and Articles of Association, as amended by special resolution on 10 October 2014.
The trustees, who are also the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements were:
Mr V Bhargava
Mr M Zabeti
The trustees may elect new members to the Board and renew membership on an annual basis. None of the trustees has any beneficial interest in the company. All of the trustees are members of the company and guarantee to contribute £1 in the event of a winding up. The charity’s decisions are made by the trustees, no decisions are delegated to senior management.
The company's current policy concerning the payment of trade creditors is to follow the CBI's Prompt Payers Code (copies are available from the CBI, Centre Point, 103 New Oxford Street, London WC1A 1DU).
The company's current policy concerning the payment of trade creditors is to:
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settle the terms of payment with suppliers when agreeing the terms of each transaction;
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ensure that suppliers are made aware of the terms of payment by inclusion of the relevant terms in contracts; and
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pay in accordance with the company's contractual and other legal obligations.
Auditor
In accordance with the company's articles, a resolution proposing that Lopian Gross Barnett & Co be reappointed as auditor of the company will be put at a General Meeting.
Small companies exemption
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
Disclosure of information to auditor
Each of the trustees has confirmed that there is no information of which they are aware which is relevant to the audit, but of which the auditor is unaware. They have further confirmed that they have taken appropriate steps to identify such relevant information and to establish that the auditor is aware of such information.
The Trustees' report was approved by the Board of Trustees.
.............................. Mr V Bhargava Trustee
Date: .............................................
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LETZDREAM FOUNDATION
STATEMENT OF TRUSTEES' RESPONSIBILITIES
FOR THE YEAR ENDED 31 MARCH 2022
The trustees, who are also the directors of Letzdream 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 which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that year.
In preparing these financial statements, the trustees are required to:
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the Charities SORP;
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make judgements and estimates that are reasonable and prudent;
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state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.
The trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
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LETZDREAM FOUNDATION
INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF LETZDREAM FOUNDATION
Opinion
We have audited the financial statements of Letzdream Foundation (the ‘charity’) for the year ended 31 March 2022 which comprise the statement of financial activities, the balance sheet, the statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion, the financial statements:
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give a true and fair view of the state of the charitable company's affairs as at 31 March 2022 and of its incoming resources and application of resources, for the year then ended;
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have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
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have been prepared in accordance with the requirements of the Companies Act 2006.
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 have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the Trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.
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 contained within the annual report. Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Matters on which we are required to report by exception
We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion:
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the information given in the financial statements is inconsistent in any material respect with the Trustees' report; or
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sufficient accounting records have not been kept; or
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the financial statements are not in agreement with the accounting records; or
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we have not received all the information and explanations we require for our audit.
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LETZDREAM FOUNDATION
INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF LETZDREAM FOUNDATION
Responsibilities of trustees
As explained more fully in the statement of Trustees' responsibilities, the trustees, who are also the directors of the charity for the purpose of company law, are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the trustees are responsible for assessing the 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 charitable company 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 144 of the Charities Act 2011 and report in accordance with the Act and 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. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below:
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We obtained an understanding of laws and regulations that affect the entity, focusing on those that had a direct effect on the financial statements or that had a fundamental effect on its operations.
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Where considered necessary we enquired of the those charged with governance, reviewed correspondence and reviewed meeting minutes for evidence of non-compliance with relevant laws and regulations.
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We gained an understanding of the controls environment which includes the controls in place to prevent and detect fraud. We enquired of the those charged with governance about any incidences of fraud that had taken place during the accounting period.
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The risk of fraud and non-compliance with laws and regulations and fraud was discussed within the audit team and tests were planned and performed to address these risks.
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We reviewed financial statements disclosures to assess compliance with relevant laws and regulations.
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We enquired of those charged with governance about actual and potential litigation and claims.
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We performed analytical procedures to identify any unusual or unexpected relationships that might indicate risks of material misstatement due to fraud.
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In addressing the risk of fraud due to management override of internal controls we tested the appropriateness of journal entries and assessed whether the judgements made in making accounting estimates were indicative of a potential bias.
Due to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, as with any audit, there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing fraud or non-compliance with laws and regulations and cannot be expected to detect all fraud and non-compliance with laws and regulations.
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LETZDREAM FOUNDATION
INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF LETZDREAM FOUNDATION
A further description of our responsibilities is available on the Financial Reporting Council’s website at: https:// 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 part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity’s trustees as a body, for our audit work, for this report, or for the opinions we have formed.
Nathaniel Davidson BA(Hons) ACA (Senior Statutory Auditor) for and on behalf of Lopian Gross Barnett & Co
.........................
Chartered Accountants Statutory Auditor
1st Floor Cloister House Riverside, New Bailey Street Manchester M3 5FS
Lopian Gross Barnett & Co is eligible for appointment as auditor of the charity by virtue of its eligibility for appointment as auditor of a company under section 1212 of the Companies Act 2006.
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LETZDREAM FOUNDATION
STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 31 MARCH 2022
| **Unrestricted ** | Unrestricted | ||
|---|---|---|---|
| funds | funds | ||
| 2022 | 2021 | ||
| Notes | £ | £ | |
| Income from: | |||
| Donations and legacies | 3 | 1,258,842 | - |
| Expenditure on: | |||
| Charitable activities | 4 | 478,381 | 122,451 |
| Net income/(expenditure) for the year/ | |||
| Net movement in funds | 780,461 | (122,451) | |
| Fund balances at 1 April 2021 | 1,885,514 | 2,007,965 | |
| Fund balances at 31 March 2022 | 2,665,975 | 1,885,514 |
The statement of financial activities includes all gains and losses recognised in the year.
All income and expenditure derive from continuing activities.
The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006.
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LETZDREAM FOUNDATION
BALANCE SHEET
AS AT 31 MARCH 2022
| Notes Fixed assets Investments 9 Current assets Debtors 10 Cash at bank and in hand Creditors: amounts falling due within one year 11 Net current assets Total assets less current liabilities Income funds Unrestricted funds-general Designated funds 12 |
2022 £ £ 100 1,505,780 1,162,408 2,668,188 (2,313) 2,665,875 2,665,975 2,665,975 2,665,975 2,665,975 |
2021 £ £ 100 1,500,000 391,867 1,891,867 (6,453) 1,885,414 1,885,514 1,885,514 1,885,514 1,885,514 |
2021 £ £ 100 1,500,000 391,867 1,891,867 (6,453) 1,885,414 1,885,514 1,885,514 1,885,514 1,885,514 |
|---|---|---|---|
| 1,885,514 | |||
| 1,885,514 | |||
| 1,885,514 |
The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 31 March 2022, although an audit has been carried out under section 144 of the Charities Act 2011.
Directors/Trustees acknowledge their responsibilities for ensuring that the charity keeps accounting records which comply with section 386 of the Act and for preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of the financial year and of its incoming resources and application of resources, including its income and expenditure, for the financial year in accordance with the requirements of sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.
The financial statements were approved by the Trustees on .........................
.............................. Mr V Bhargava Trustee
Company registration number 08002661
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LETZDREAM FOUNDATION
STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2022
| 2022 | 2021 | |||||
|---|---|---|---|---|---|---|
| Notes | £ | £ | £ | £ | ||
| Cash flows from operating activities | ||||||
| Cash generated from/(absorbed by) | ||||||
| operations | 770,541 | (120,652) | ||||
| Net cash used in investing activities | - | - | ||||
| Net cash used in financing activities | - | - | ||||
| Net increase/(decrease) in cash and cash | ||||||
| equivalents | 770,541 | (120,652) | ||||
| Cash and cash equivalents at beginning of year | 391,867 | 512,519 | ||||
| Cash and cash equivalents at end of year | 1,162,408 | 391,867 |
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LETZDREAM FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022
1 Accounting policies
Charity information
Letzdream Foundation is a private company limited by guarantee incorporated in England and Wales. The registered office is Kemp House, 160 City Road, London, EC1V 2NX.
1.1 Accounting convention
The financial statements have been prepared in accordance with the charity's governing document, the Companies Act 2006 and "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 2019)". The charity is a Public Benefit Entity as defined by FRS 102.
The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.
1.2 Going concern
At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3 Charitable funds
Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.
Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.
Endowment funds are subject to specific conditions by donors that the capital must be maintained by the charity.
1.4 Income
Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.
Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.
Legacies are recognised on receipt or otherwise if the charity has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.
1.5 Expenditure
Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.
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LETZDREAM FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022
1 Accounting policies
(Continued)
Cost of generating funds comprise the costs associated with attracting voluntary income.
Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
1.6 Fixed asset investments
Fixed asset investments are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in net income/(expenditure) for the year. Transaction costs are expensed as incurred.
A subsidiary is an entity controlled by the charity. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
1.7 Cash and cash equivalents
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.8 Financial instruments
The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Basic financial liabilities
Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Derecognition of financial liabilities
Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled.
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LETZDREAM FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022
1 Accounting policies
(Continued)
1.9 Employee benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
2 Critical accounting estimates and judgements
In the application of the charity’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3 Donations and legacies
| Unrestricted | Total | |
|---|---|---|
| funds | ||
| general | ||
| 2022 | 2021 | |
| £ | £ | |
| Donations and gifts | 1,258,842 | - |
4 Charitable activities
| Other Costs 2022 £ Grant funding of activities (see note 5) - Share of governance costs (see note 6) 6,323 6,323 |
Grant Funding 2022 £ 472,058 - 472,058 |
Total 2022 Other Costs 2021 £ £ 472,058 - 6,323 25,883 478,381 25,883 |
Grant Funding 2021 £ 96,568 - 96,568 |
Total 2021 £ 96,568 25,883 |
|---|---|---|---|---|
| 122,451 |
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LETZDREAM FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022
5 Grants made
| Grant Funding 2022 £ Grants to institutions: ID Insight Inc 182,415 J Pal at IMFR India 292,120 The Akshaya Patra Foundation UK - The Childhood Trust - Donations Returned (2,477) 472,058 |
Grant Funding 2021 £ - - 85,000 11,568 - |
|---|---|
| 96,568 |
6 Support costs
| Audit fees Bank charges Professional fees Salaries Rent Analysed between Charitable activities |
Support costs Governance costs £ £ - 2,385 - 188 - 3,750 - - - - - 6,323 - 6,323 |
2022 £ 2,385 188 3,750 - - 6,323 6,323 |
2021 £ 1,840 108 3,750 25 20,160 |
|---|---|---|---|
| 25,883 | |||
| 25,883 |
7 Trustees
None of the trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year.
None of the trustees (or any persons connected with them) received any reimbursements of expenses from the charity during the year.
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LETZDREAM FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022
8 Employees
The average monthly number of employees during the year was:
| Total There were no employees whose annual remuneration was more than £60,000. 9 Fixed asset investments Cost or valuation At 1 April 2021 & 31 March 2022 Carrying amount At 31 March 2022 At 31 March 2021 Other investments comprise: Notes Investments in subsidiaries 14 10 Debtors Other debtors Amounts falling due after more than one year: Loan to Kantor Ltd, a subsiduary Total debtors |
2022 2021 Number Number - - Other investments 100 100 100 2022 2021 £ £ 100 100 5,780 - 2022 2021 £ £ 1,500,000 1,500,000 1,505,780 1,500,000 |
|---|---|
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LETZDREAM FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2022
11 Creditors: amounts falling due within one year
| Creditors: amounts falling due within one year | ||
|---|---|---|
| Other creditors Accruals and deferred income |
2022 £ - 2,313 2,313 |
2021 £ 5,140 1,313 |
| 6,453 |
12 Designated funds
The income funds of the charity include the following designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes:
| Balance at 1 April 2020 £ Unrestricted Fund 2,007,965 2,007,965 |
Resources expended Balance at 1 April 2021 £ £ (122,451) 1,885,514 (122,451) 1,885,514 |
Movement in funds Incoming resources Resources expended £ £ 1,258,842 (478,381) 1,258,842 (478,381) |
Balance at 31 March 2022 £ 2,665,975 |
|---|---|---|---|
| 2,665,975 |
13 Related party transactions
There were no disclosable related party transactions during the year (2021 - none).
14 Subsidiaries
Details of the charity's subsidiaries at 31 March 2022 are as follows:
| Name of undertaking | Registered | Nature of business | Class of | % Held |
|---|---|---|---|---|
| office | shares held | |||
| Kantor Limited | United Kingdom | Investment company - | Ordinary | 100.00 |
| Debt/Equity investments in real | shares |
|||
| estate |
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