Charlty reglstratlon numbar 1166075 Company registration number 08002661 (England and Wales) LETZDREAM FOUNDATION ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023
LETZDREAM FOUNDATION LEGAL AND ADMINISTRATIVE INFORMATION Truste0$ Mr V Bhargava Mr M Zabeti Charlty nUmr 1166075 Company number 08002661 Registered office Kemp House 160 City Road London EC1V2NX Auditor Lopian Gross Bamell & Co 1 st Floor Cloister House Riverside, New Bailey Street Manchester M3 5FS
LETZDREAM FOUNDATION CONTENTS Page Trustees. report Stslemenl of Trustees, responsibilities Independent audilorfs report Stalernenl of financial activities Balance sheet Notes to the financial statements 10-18
LETZDREAM FOUNDATION TRUSTEES, REPORT (INCLUDING DIRECTOR'S REPORT) FOR THE YEAR ENDED 31 MARCH 2023 Thè trustèès présènt their annual report and financial stat&m8nts for thè yèar 8nded 31 March 2023. The accounts have been prepared in accordan with the accounting policies sel 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 Ch8rities.' Slalemenl of Recommended Practice 8ppli¢able lo charities preparing their 8¢counls in 8c¢ordan¢e with the Fin8nci81 Reporting St8nd8rd 8pplicsble in the UK 8nd Republic of Ir&l8nd IFRS 1021 leff&¢live 1 January 20191" The charity is a Public Benefit Entity as d8fined by FRS102. Objectives and activities Th8 main objective of the charity is lo promote, encourage and support charities all over the wodd, with a focus on harilies operating in developing countries. The charity is laser-focused on maximising impact. Every pound of grant funds is meticulously invested in organisations with excellent teams that follow robust dala-driven slralegies. The charity prioritises rigorous evaluation and continuous improvement, trnsuring that our inveslmtrnls generate the greatest possible good. The trustees have paid due regard lo guidance issued by the Charity Comfflission 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 ¢harity during the year was the provision of financial support to Charitable organisations operab'ng in developing ¢ountries. The charity's expended resources, lotslling £1,146,009 included £1,053,290 of donations lo institutions in developing countries. Financial review Funding for the trust was received principally from companies related lo Mr V Bhargava, who is one of the Iruslees. During the year, we received a subslanlial gift in the fomi of Irentall apartments and two commercial units with a 10181 value of £10.1 M. Total funds brought forward were £2.665.975. Total funds carried forward are £10,300,759 in an unrestricted fund to preserve the continuity of operations in the event of adverse ¢ir¢umstsnces. There is no fomial policy lo maintsin a set level of reserves. The trustees are ¢ontinu8lly looking for further funding lo maintain a suitable level in whi¢h the charity Can continue lo 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 a that ils funding dries up and that the projects il invests in do not achieve their aims. The prin¢ip81 risks f8¢ing the company's subsidiary Is th81 ils investments are not re8lised or do not produce a satisfactory relum. The ¢omp8ny's subsidiary had made a se¢ured loan alongside OakNorth bank relying on their reputslion 8nd supposedly good risk management, which was a loss bul the Charity's ¢hair had provided an assurance to eith&r raise the funds in ¢ase of a loss or make good the loss, and l am pleased that despit8 the "loss" on the loan, the Charity is in much bètter financial health than evèr due lo the large incoming gift of propèrtiès, facilitated by th8 Chair, and now has réntal in¢ome that ensurès its long tami sustainability. 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.
LETZDREAM FOUNDATION TRUSTEES, REPORT (INCLUDING DIRECTOR'S REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 Structurè, governance and managemènt 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 Zabeli The trustees may elect new members to the Board and renew rnembership 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 lo senior management. The company's current policy concerning the payment of trade credilors is to follow the CBI'S Prompt Payers Code (copies are available from Ihe CBI, Centre Point, 103 New Oxford Street, London WC1A 1 DUI. The companls current policy concerning the payment of trade creditors is to.. settle the terms of payment with suppliers when agreeing the terms of each transaction., ensure that suppliers are made aware of the terms of payment by inclusion of the relevant terms in contracts., and pay in accordan with the company's contractual and other legal obligations. Audltor In accordance with the companls articles, a resolution proposing that Lopian Gross Barnett & Co be reappointed as auditor of the company will be put at a General Meeting. Small companlès èxemptlon This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption. Dlsclosura of Infomiatlon to audltor Each of the trustees has confirmed that there is no information of which they are aware which is relevant lo the audit, but of which the auditor is unaware. They have further confirmed that they have taken appropriate steps lo identify such relevant infomialion and to establish that the auditor is aware of such information. The Trustees, report was approved by the Board of Trustees. Mr V Bhargav8 Trustee Date". 21 f)Jc2oQS
LETZDREAM FOUNDATION STATEMENT OF TRUSTEES. RESPONSIBILITIES FOR THE YEAR ENDED 31 MARCH 2023 Thè trust88s, who are also th8 dirèctors of L8tzDr8am Foundation for th8 purpos8 of company law, are rèsponsiblè for preparing the Trustees, Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards Iunited Kingdom Generally Accepted Accounting Practieel. Company Law requires the trustees to prepare financial statements for each financial year which give a true and fair view of Ihe state of affairs of the charity and of the incoming reSoUrS and application of resources, including ihe income and expendilure, of the charitable company fDr thal year. In preparing these financial statements, the Iruslees are required to.. select suitable accounting policies and then apply them consislenlly., observe the methods and principles in the Charities SORP; make judgements and estimates that are reasonable and prudent., state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial slalements,. and prepare the financial statements on the going concern basis unless il is inappropriate lo presume that the charity will continue in operation. The trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy al any time the fin8n¢ial position of the charity and enable them lo ensur& th81 the fin8n¢ial stslemenls comply with the Companies Act 2006. They are also responsible for safeguarding the 8ssels of th& charity and hence for tsking reasonable steps for the prevention 8nd del&clion of fraud and other irregularities.
LETZDREAM FOUNDATION INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF LETZDREAM FOUNDATION Oplnlon We have audited the financial statements of LetzDream Foundation (the 'charity'l for the year ended 31 March 2023 which comprise the statement of financial activities, the balance sheet, the statement of cash flows and notes to the financial statements, induding significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, induding Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Iland (United Kingdom Generally Accepted Accounting Praclicel. In Dur opinion, the financial statements-. give a true and fair view of the stale of the charitable company's affairs as al 31 March 2023 and of its incoming resources and application of resources, for the year then ended,. have been properly prepared in accordance with United Kingdorll Generally Accepted Accounting Practice., and 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 ALJditing IUKI IISAS IUKI} and applicable law. Our responsibilities under those standards are further described in the AuditoPs responsibilities for the audit of the financial statements section of our report. We are independent of the charily in accordance with Ihe ethical reqLJiremenls that are relevant to our audit of Ihe financial statements in the UK, inclLJding the FRC'S Ethical Standard, and we have fLJlfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate lo provide a basis for our opinion. Conclusions relating to going concern In audiling Ihe financial statemenis, we have concluded Ihal 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 Condilions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going CDncem for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the Iruslees with respect to going concem are described in the relevant sections of this report. Othèr information The other information comprises the infomiation included in the annual report other than the financial statements and our auditorfs report thereon. The Iruslees 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 Ihereon. 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 obtsined in the course of the audit, or otherwise appears lo be materially misstated. If we identify such rllalerial inconsistencies or apparent material misstalemenls, we are required lo determine whether this gives rise to a material missl8lemenl in the financial stslemenls themselves. If, based on the work we have perforrned, we conclude that there is a m8leri81 missl8lemenl 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 lo report in respect of the following matters in relation to which the Charities IAccounls and Reports) Regulations 2008 require us lo report lo you if, in our opinion.. the information given in the finanryal statements is in¢onsistent in any material respect with the Trustees, report., or sufficient accounting records have not been kept., or the financial statements are not in agreement with the accounting records., or we have not ceIVed all the information and explanations we require for our aLJdit.
LETZDREAM FOUNDATION INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF LETZDREAM FOUNDATION Responslbllltlès of trusteès 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 lo enable the preparation of financial statements that are free from rnaterial misstatement, whether due lo fraud or error. In preparing the financial statements, the trustees are responsible for assessing the charity s ability lo continue as a going concem, disclosing, as applicable, rnatters related to going conrn and using the going concem basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic allernalive bul to do so. Auditorfs 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 Ihereunder. Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatemenl, 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 accordan with ISAS IUKI will always detect a material misstatement when it exists. Misstatements can arise from fraud or eor and are considered material if, individually or in the aggregate, they could reasonably be expected to influen the economic decisions of users taken on the basis of these financial stalernents. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below. Irregularities, induding 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.. 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. Where considered necessary we enquired of the those charged with governan, reviewed corresponden and reviewed meeting minutes for evidence of non-compliance with relevant laws and regulations. We gained an understanding of the controls environment which includes the controls in place to prevent and delecl fraud. We enquired of the those charged with governance about any incidences of fraud that had taken place during the accounting period. 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 lo address these risks. We reviewed financial slalemenls disclosures to assess compliance with relevant laws and regulations. We enquired of those charged with govemance about actual and potential liligalion and claims. We performed analytical procedures lo identify any unusual or unexpe¢ted relationships that might indicate risks of material misststement due to fraud. In addressing the risk of fraud due lo management override of intern81 controls we lesled the appropriateness of journal entries and assessed whether the judgements made in making a¢¢ounting eslimales 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 misstatemenis 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 regulats'ons.
LETZDREAM FOUNDATION INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF LETZDREAM FOUNDATION A furth8r description of our responsibilitles is available on thè Financial Rèporting Council's w8bsit8 at.. https.'Il www.frc.org.uklaLJditorsresponsibilities. This description forms part of our auditovs report. Usè of our roport 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 stale lo the charity's Iruslees those matters we are required lo stale 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 BAIHonsl ACA (Senior Statutory Auditor) for and on behalf of Lopian Gross Barnett & Co 27112123 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.
LETZDREAM FOUNDATION STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2023 Unre$trlcted Unre$trlcted funds funds 2023 2022 Notes Income from- Donations and1oga¢ies Inveslments 10,160,000 180,793 1,258,842 Total income 10,340,793 1,258,842 Charitable activities Other expenditure 1,146,009 1,500,000 478,381 10 Total expenditure 2,646,009 478,381 Net losses on investments 11 160,0001 Net Income and movement In funds 7,634,784 780,461 Reconciliation of funds.. Fund balances 811 April 2022 2,665,975 1,885,514 Fund balances at 31 March 2023 10,300,759 2,665,975 The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
LETZDREAM FOUNDATION BALANCE SHEET ASAT31 MARCH 2023 2023 2022 Notes Flxèd assets Investment properties Investments 13 14 10,100,000 100 100 10,100,100 100 Current assets Debtors Cash at bank and in hand 15 165,204 138,288 1,505,780 1,162,408 303,492 2,668,188 Credltors.. amounts falllng due wlthln one year 16 1102,8331 12,3131 Nel current assets 200,659 2,665,875 Total assets less current liabilities 10,300,759 2,665,975 Income funds Unrestricted funds Designated funds eneral 18 10,300,759 2,665,975 10,300,759 2,665,975 10,300,759 2,665,975 The company is enlilled lo the exemption from the audit requirement ¢onlained in section 477 of the Companies Act 2006. for the year ended 31 Mar¢h 2023, although an audit has been ¢arried out under section 144 of the Charities A¢t2011. DireclorslTruslees acknowledge their responsibilities for ensuring that the charity keeps accounting records which comply with section 386 of the Act and for preparing financial stslemenls which give a true and fair view of the slate of affairs of the company as al the end of the financial year and of ils incoming resources and application of resources, including ils income and expenditure, for the fin8ncial 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 stslemenls, so far 8$ 8ppli¢8ble lo the ¢omp8ny. The financial ststements were approved by the Trustees on . 21112123 . Mr V Bhargava Trustee Company registration number 08002661
LETZDREAM FOUNDATION STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2023 2023 2022 Notes Cash flows from opèratlng actlvltlès Cash (absorbed byllgenerated from operations 21 11,204,913) 770,541 Investing activities Inveslmenl income received 180,793 Net ¢ash generated fromllused inl Investlng a¢tlvltles 180,793 Net cash used in financing activities Nat Idacreasallincreas8 in cash and cash equivalents 11,Q24,1201 770,541 Cash and cash equivalents al beginning of yoar 1,162,408 391,867 Cash and cash equivalents at end of year 138,288 1,162,408
LETZDREAM FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 Aecountlng pollcl•$ Charity inforniation LetzDream Foundation is a privata company limitèd by guarantè8 incorporatèd in England and Walès. The registered office is Kemp House, 160 City Road, London, EC1V 2NX. 1.1 Accounting convention The financial statements have been prepad in accordance with the charity's governing document, the Companies Act 2006 and A¢¢ounting and Reporting by Charities.. Statement of ReMMended Pra¢ti applicable to charities preparing their accounts in a¢cordan¢e with the Financial Reporting Stsndard applicable in the UK and Republi¢ of Ireland IFRS 1021 (effective 1 January 20191.. 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 slalemenls are rounded to the nearest £. The financial statements have been prepared under the historical cost convention, modified lo include the revaluation of freehold properties and lo include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are sel out below. 1.2 Going concern Al the time of approving the financial stalemenls, the trustees have a reasonable expectslion that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concem basis of accounting in preparing the financial statements. 1.3 Charitsble funds Unrestri¢ted funds are available for use at the discretion of the trustees in furtherance of their charitsble objectives. Restricted funds are subject to specific conditions by donors or grantors 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 lo specific conditions by donors that the capital must be maintained by the charity. 1.4 Income In¢ome is recognised when the ¢harity is legally entitled lo il after any performan ¢onditions have been met, the amounts can be measured reliably, and il is probable that in¢ome 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 reqLJire deferral of the amount. Income tax recoverable in relatlDn to donations received under Gift or deeds of covenanl is recognised at the lime of the donation. Legacies are recognised on receipt or othenlSe if the charity has been notified of an impending distribution, the amount is known, and reIpt 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 th8 tmstees in furtherance of their Charitsble objectives. 10-
LETZDREAM FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 Accounting policies Icontinuedl 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 aclivities and services for its beneficiaries. It includes both costs that can be directly attribuled lo particular headings they have been allocated to activities on a basis consistent with the use of resources. 1.6 Investment property Investment property, which is property held lo earn rentals andlor for capital appreciation, is initially recognised al cost, which includes the purchase cost and any directly attributable expenditure. Investment propety acquired by way of donation is ini118lly recognised al fair value. Subsequently, they are measured al fair value at the reporbng end date. The surplus or deficit on revaluation is recognised in profit or loss. Property rented to a group entity is accoLJnted for as tangible fixed assets.. 1.7 Fixed asset investments Fixed asset investments are initially measured at transaction price excluding transaction costs, and are subsequently measured al fair value at each reporting dale. Changes in fair value are recognised in nel incomellexpendilurel for the year. Transaction costs are expensed as incurred. A subsidiary IS an enlily controlled by the Charty. Control is the power lo govern the fin8n¢i81 and operating policies of the entity $0 88 lo obtain benefits from its 8¢tivities. 1.8 Cash and ¢a$h equivalents Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-temi liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabililies. 1.9 Flnanclal 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 CharItS balance sheet when the charity becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset, with the nel amounts presented in the financial slalerllenls, when there is a legally enforceable right lo sel off the recognised amounts and there is an intention lo settle on a nel basis or lo 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 al transaction price including transaction costs and are subsequently carried al amortised cost using the effective interest method unless the arrangement conslitules a financing Iransaclion, where the transaction is measured al the present value of the future receipts discounted at a market rale of interest. Financial assets classified as receivable within one year are not amortised.
LETZDREAM FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 Accounting policies Icontinuedl Basic financial liabilitias Basic financial liabilities, including creditors and bank loans are initially recognised at transaction pri unless the arrangement conslitules 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 al amortised cost, using the effective interest rate method. Trade creditors are obligations lo pay for goods or servi5 that have been acquired in the ordinary course of operations from suppliers. Amounts payable are Classified as current liabilities rf payment Is due within one year or less. If not, they 8r& presented 8$ non-¢urrenl li8bililies. Trade creditors are recognised initially al trans8¢tion price and subsequently measured 818mortised ¢osl using the effective interest method. Derecognition of financial liabilities Financial liabilities are derecognised when the charity's contractual obligations expire or are discharged or ancelled. 1.10 Employee benefits The cost of any unused holiday enlillemenl is recognised in the period in which the employee's services are received. Termination benefits are CognIsd immtrdiately as an expense when the Charity is demonstrably Committed to terminate the employment of an employee or to provide termination benefits. 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 carying amount of assets and liabilities that are nol readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered lo be relevant. Actual results may differ from these estimates. The estimates and underlyin9 assumptions are reviewed on an ongoing basis. Revisions lo accounting eslimales 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. Income from donations and Iogacias Unrestricted Unrestri¢ted funds funds 2023 2022 Donations and gifts 10,160,000 1,258,842 12-
LETZDREAM FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 Incom• from Invastments Unrestricted Unrestricted funds funds 2023 2022 Rental income 180,793 Expenditure on charitable activities Other costs Grant funding 2023 Totsl Other costs Grant funding 2022 Total 2023 2023 2022 2022 Direct ¢osts Grant funding of activities (see note 61 1,053,290 1,053,290 472,058 472,058 sha of support and governan¢e Costs (see note 71 Governance 92,719 92,719 6,323 6,323 92,719 1,053,290 1,146,009 6.323 472.058 478.381 Analysis by fund Unreslricled funds 92,719 1,053,290 1,146,009 ,323 472,058 478,381 Grants payable Grant funding 2023 Grant funding 2023 Grants to institutions= IDinsight Inc J-PAL Donations Returned Veddis Foundation India SPECTRA India 342,344 389,861 182,415 292,120 12,4771 236,397 84,688 1,053,290 472,058
LETZDREAM FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 Support Costs allocated to aetlvltlès 2023 2022 Governance costs 92,719 6,323 Analysed between= Other costs 92,719 6,323 2023 2022 Govemance costs comprise: Audit fees Bank charges Professional fees 8,OC>O 1,939 82,780 2,385 188 3,750 92,719 6,323 Trustees None of the trustees lor any persons ¢onne¢led with them) received any remuneration or benefits from the Charity during the year. None of Ihe trustees lor any persons connected wilh them) received any reirnbursernents of expenses from the charity dLJring the year. Employees The average monthly number of employees during the year was.. 2023 Numb&r 2022 Numbar Totsl There were no employees whose 8nnu81 remuneration was more th8n £60,000. 10 Other expenditure Unrastrlctod Unrestrlcted funds funds 2023 2022 Loan write offs 1,500,000 1,500,000 14-
LETZDREAM FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 11 Galns and lossas on Investmants Unrestricted Unrestricted funds funds 2023 2022 Gainslllossesl arising on.. Revaluation of investment properties 160,0001 12 Taxation The charity is exempt from tsxation on its activities because all its income is applied for ¢haritsble purposes. 13 Investment property 2023 Fair value Al 1 April 2022 Additions through external acquisition Nel gains or losses through fair value adjustments 10,160,000 160,0001 Al 31 March 2023 10,100,000 Investment property comprises £10,100,000 land and building 12022.. £0) The fair value of the investment property has been arrived al on the basis of a valuation carried out within 12 months of the year end by Life Residential & Rose Co, who are eslale agents not connected with the charity. The valuation was made on an open market value basis by reference lo market evidence of transaction prices for similar properties. 14 Fixed asset investments Other investments Cost or valuation At 1 April 2022 & 31 March 2023 100 Carrylng amount Al 31 March 2023 100 Al 31 March 2022 100 2023 2022 Other investments comprise.. Notes Investments in subsidiaries 20 100 100
LETZDREAM FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 15 Dabtors 2023 2022 Amounts falling due within one year: other debtors Prepayrnenls and accrued income 142,773 22,431 5,780 165,2(14 5,780 2023 2022 Amounts falling due after more than one year: Other debtors 1,500,000 Total dèbtors 165,2Q4 1,505,780 16 CdItOrs= amounts falling due within one year 2023 2022 Notes Deferred income other creditors Accruals and deferred incorne 17 81,163 13,357 8,313 2,313 102,833 2,313 17 Deferrgd incomo 2023 2022 Other deferred income 81,163 Deferred income is included in the financial slalements as follows.. 2023 2022 Dtrferrtrd income is included within.. Current liabilities 81,163 Movements in the year.. 16-
LETZDREAM FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 17 Deferred income Icontinuedl Deferred income at 1 April 2022 Resources deferred in the year 81,163 Deferred income at 31 March 2023 81,163 18 Unrestricted funds The Ljnrestricted funds of the charity comprise the unexpended balances of donations and grants which are not SLJbject lo specific conditions by donors and granlors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes. At 1 April 2022 In¢oming $our¢es Re$our¢es expended Gains and At 31 March losses 2023 Unrestricted Fund 2,665,975 10,340,793 12,646,009) 160,0001 10,300,759 Previous year= At 1 April 2021 In¢oming resour¢es Resour¢es expended Gains and At 31 March losses 2022 Unreslricled Fund 1,885,514 1,258,842 1478,3811 2,665,975 19 Related party transactions There were no disclosable related party transactions during the year12022 - none). 20 Subsidiaries Detsils of the charills subsidiaries al 31 March 2023 are as follows.. Nam• of undertaking Registered office Natura of businass Class of shares held Y• Held Kantor Limited United Kingdom Investment company- Ordinary DebVEquity investments in realshares estate 100.00
LETZDREAM FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 21 Cash gènerated from opèratlon$ 2023 2022 SurplLJS for th8 yèar 7,634,784 780,461 Adjustments for.. Investment income recognised in ststement of financial activities Investment property received at fair value Fair value gains and losses on investment properties 1180,7931 110,160,000) 60,000 Movements in working capital.. Decreasellincreasel in debtors In¢re8selldecre8sel in Creditors Increase in deferred income 1,340,576 19,357 81,163 15,7801 14,1401 Cash lab50rbed by}Igenerated from operations 11,204,913) 770,541