Charity number: 1188703 KARTIK PRABHU MEMORIAL FOUNDATION UNAUDITED TRUSTEES, REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
KARTIK PRABHU MEMORIAL FOUNDATION CONTENTS Page Reference and Administrative Details of the Charity. its Trustees and Advisers Trustees. Report Independent Examiner's Report statement of Financial Activities Balanco Sheot Notes to the Financial Statements 8-19
KARTIK PRABHU MEMORIAL FOUNDATION REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 MARCH 2024 Trustees Tushar Sudhakar Prabhu John Kenneth Fowler Rewati Tushar Prabhu, Chair Sudhanshu Palsule Charity registered number 1188703 Registered office 20 Pelham Street London SW7 2NG Independent Examiner lan Saunderson FCA BKL Audit LLP 35 Ballards Lane London N3 1XW Page 1
KARTIK PRABHU MEMORIAL FOUNDATION TRUSTEES. REPORT FOR THE YEAR ENDED 31 MARCH 2024 The Trustees present their annu81 report together with the financial statements of the Charity for the period from 1 April 2023 10 31 March 2024. Objectives and activities a. Polieies and objectives The Kartik Foundation (Kartik Pmbhu Memorial Foundation) objects are lo act 8S 8 resource for young and disadvantaged people lo advance in life by providing advice and assistance towards educational programmes, skill development inilialives and other activities as 8 means of developing their skills, capacities and c8pabilities lo enable them to P8rtiClP8te in society as independent, m8tuo and responsible individuals. In setting objectives and planning for activities, the Trustees have given due consideration to general guidanee published by the Charity Commission relating lo public benefit, including the guidance 'Public benefit." running 8 charity IPB21'. The Charity is not governed by the Companies Act. b. Main activities undertaken to further the Charity's purposes for the public benefit The foundation has established a grant making policy lo achieve its objeels for the public benefit. During the year the charity made donations lo a range of UK eharilies with the value of grants totalling £7,000 12023. £12,950). Achievements and performance a. Main achievements of the Charity Income received during the year was £76,003 12023". £401,870). The Iruslees are satisfied with the achievements of the charity during the period. Financial review a. Going coneem After making appropriate enquiries, the Trustees have 8 reasonable expectation that the Charity has adequate resources to eontinue in operational existence for the foreseeable futu. For this reason, they continue lo adopt the going eoncern basis in preparing thè financial stalemenls. Further details regarding the adoption of the going concem basis Can be found in the accounting policies. b. Reserves policy The Trustees set out lo maintain an adequate level of reserves to continue the charity's operations, al the year end this amounts to £1,514,782. The Trustees, however, recognise the significant level of reserves held in comparison lo the expenditure of the Charity and have made plans for the following financial year, as further detailed in the plans for future periods section of this report, to utilise the funds available in line with their objectives leading to 8 significant increase in charitable expenditure. All the funds of the Trust are unrestricted. The trustees have identified no significant short or medium term financial risks to the eharity's continued operations, and therefore the accounts have been prepared on the going COnM b8SIS. Page 2
KARTIK PRABHU MEMORIAL FOUNDATION TRUSTEES. REPORT {CONTINUED} FOR THE YEAR ENDED 31 MARCH 2024 Structure, govemance and management a. Constitution Kartik Prabhu Memori81 Foundation is a Charitable IncorF)or8ted Organis8tion, charity, number 1188703, and is constituted under a consb'tution dated 23 March 2020. b. Methods of appointment or election of Trustees The management of the Charity is the responsibility of the Trustees who are elected and co-opted under the terms of the Trust deed. Plans for future periods The charity is embarking upon an ambitious set of initiatives lo further ils mission of helping disadvantagèd children and people fulfil their potential. Four in particular were being planned in FY 23124 and are now firmly underway". a. Wrilespace." An initiative with Westminster School, a registered charity, to run a diverse series of creative writing workshops for students in the Lower Sixth Form. Participants will be equally diverse, as they will be drawn for the first lime from both Westminster School and 21 non-fee-paying schools in ils vicinity, and taught in mixed c18sses. b. Gr8dvisor." An initiative with Inlouniversity, 8 registered charity, to create a plafform that helps students from disadvantaged backgrounds choose their A levels and University courses on the basis of improved information regarding potential caoers. The p18tform will be delivered as both a website and a mobile app. c. ReFab. An initiative to upcycle fabrics donated by global brands into lifestyle products like totes and zip pouches while also upskilling women from disadvantaged backgrounds, who tailor the products. d. Access Intems." An initiative in collaboration with Variety, the Children's Charity, to place young people with disabilities into paid job experience roles, providing a pathway to future employment opportunities. Page 3
KARTIK PRABHU MEMORIAL FOUNDATION TRUSTEES. REPORT {CONTINUED} FOR THE YEAR ENDED 31 MARCH 2024 Statement of Trustees. responsibilities The Trustees are responsible for preparing the Trustees, report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards Iunited Kingdom Generally Accepted Accounting Practice). The law applicable to charities in England & Wales requi$ the Trustees to prepare financial statements for each financial which give a true and fair view of the stale of affairs of the charity and of ils incoming resources and application of resources, including ils income and expenditure, for that period. In preparing these financial statements, the Trustees are required to". select suitable accounting policies and then apply them consistently., observe the methods and principles of the Charities SORP IFRS 1021", make judgments and accounting estimates that are reasonable and prudent", stale whether applicable UK Accounting Standards IFRS 1021 have been followed, subject lo any material departures disclosed and explained in the financial stalemenls., prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Charity will continue in business. The Trustees are responsible for keeping adequate accounting records that are sufficient lo show and explain the Charity's transactions and disclose with reasonable accuracy al any time the financial position of the Charity and enable them to ensure that the financial statements comply with the Charities Act 2011. They are also responsible for safeguarding the assets of the Charity and hen for taking reasonable steps for the prevention and detection of fraud and other irregularities. Approved by order of the members of the board of Trustees and signed on their behalf by.. John Kenneth Fowler ITrusteel Dale.. 0610212025 Page 4
KARTIK PRABHU MEMORIAL FOUNDATION INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 MARCH 2024 Independent Examinerfs Report to the Trustees of Kartik Prabhu Memorial Foundation (Yhe Charity'l I report lo the charity Trustees on my examination of the accounts of the Charity for the year ended 31 March 2024. Responsibilities and Basis of Report As the Trustees of the Charity you are responsible for the preparation of the accounts in aceordanee with the requirements of the Charities Act 20111'lhe 2011 Act'l. I report in respect of my examination of the charity's accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed the applicable Directions given by the Charity Commission under section 14515llbl of the 2011 Act. Independent Examiner's Statement I have completed my examination. I confirm that no mallers have come lo my allenlion in connection with the examination giving me cause to believe that in any material respect.. accounting records were not kept in respect of the charity as required by section 130 of the 2011 Act", or the accounts do not accord with those records., or the accounts do not comply with the applicable requirements conMIng the form and conlenl of accounts sel out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a 'true and fairf view which is not a matter considered as part of an independent examination. I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understsnding of the accounts to be reached. This report is made solely to the Charity's Trustees, as a body, in accordance with Part 4 of the Charities IAccounts and Reports) Regulations 2008. My work has been undertaken so that I might stale to the Charity's Trustees those maller5 1 am required lo slate to them in an Independent Examiner's Report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility lo anyone other than the Charity and the Charity's Trustees as a body, for my work or for this report. Signed.. Dated.. 0610212025 lan Saunderson FCA BKL Audit LLP Chartered Accountsnts London Page 5
KARTIK PRABHU MEMORIAL FOUNDATION STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNTI FOR THE YEAR ENDED 31 MARCH 2024 Total Total funds funds 17 Months lo 2024 31 March 2023 Unrestricted funds 2024 Income from: Donations and legacies Investments 31,577 44.426 31,577 44.426 394, 788 7,082 Total income 76,003 76,003 401,870 Expenditure on: Charitable activities 62.960 62.960 59,875 Total expendlture 62,960 62,960 59,875 Net income before net losses on investments Nel losses on investments 13,043 110.9671 13,043 110.9671 341,995 (18,511) Net movement in funds 2,076 2,076 323,484 Reeoneiliation of funds.. Total funds brought forward Nel movement in funds 1.512,706 2,076 1.512,706 2,076 1, 189,222 323,484 Total funds carried forward 13 1,514,782 1,514,782 7,572,706 The Statement of Financial Activities includes all gains and losses recognised in the year. The notes on pages 8 10 19 form part of these financial slatemenls. Page 6
KARTIK PRABHU MEMORIAL FOUNDATION REGISTERED NUMBER.. BALANCE SHEET AS AT 31 MARCH 2024 31 March 2024 31 March 2023 Note Investments 181,990 71,342 181,990 71,342 Current assets Debtors Investments Cash al bank and in hand 10 255,678 980,000 130.306 254, 152 750.278 453,645 1,365.984 1,458,075 Creditors.. amounts falling due within one year 12 {33,192) (16,71lJ Net current assets 1.332.792 1,441,364 Total assets less current liabilities 1,514,782 1,512,706 Total net assets 1,514,782 1,512,706 Charity funds Unrestricted funds 13 1,514,782 1,512,706 Total funds 1,514,782 7,572,706 The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by.. John Kenneth Fowler ITrusleel Dale.. 0610212025 Page 7
KARTIK PRABHU MEMORIAL FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Accounting policies 1.1 Basis of preparation of financial ststements The financial statements have been prepared in accordance with the Charities SORP IFRS 1021 Accounting and Reporting by Charities". Slalement of Recommended Practice applicable lo charities preparing their accounts In accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 leffeclive 1 JanLJary 20191, the Financial Reporting Standard applicable In the UK and Republic of Ireland IFRS 1021 and the Charities Act 2011. Kartik Prabhu Memorial Foundation meets the definition of a public benefit entity under FRS 102. Assets and liabilities are inilialty reC[nised al historical cost or transaction value unless otherwise stated in the relevant accounb.ng policy. These accounts show the results for the parent charity alone and do not consolidate the results of the two subsidiary companies Sin due to the size of the group the Charities SORP does not require group accounts to be prepared. 1.2 Income All income is recognised once the Charity has entillemenl to the income, il is probable that the income will be received and the amount of income receivable can be measured reliably. Income lax recoverable in relation to investment income is recognised at the time the investment income is receivable. 1.3 Expenditure Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third paty, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, Including support costs inVoed in undertaking each activity. Direct costs attributable lo a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable lo a single activity are apportioned between those activities on a basis consistent with the use of resoLJrces. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset's use. Expenditure on charitable activities is incurred on direcUy undertaking the activities which further the Charity's objectives, as well as any associated support costs. Grants payable are charged in the year when the offer is made except in those cases where the offer is conditional, such grants being recognised as expenditure when the conditions attaching are fulfilled. Grants offered subject to conditions which have not been mel at the year end are noted as a commitment, bul not accrued as expenditure. All expenditure is inclusive of irrecoverable VAT. 1.4 Interest receivable Interest on funds held on deposit is included when receivable and the amoLJnt can be measured reliably by the Charity., this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited. Page 8
KARTIK PRABHU MEMORIAL FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Accounting policies Icontinuedl 1.5 Investments Fixed asset investments are a form of financial instrument and are initially recognised al their transaction cost and subsequently measured al fair value at the Balance Sheet dale, unless the value cannot be measured reliably in which case it is measured al cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as 'Gainsl{Lossesl on investments, in the Statement of Financial Activities. Investments in subsidiaries are valued al cost less provision for impairment. 1.6 Debtors Trade and other debtors are recognised al the settlement amount after any trade discount offered. Prepayments are valued al the amount prepaid net of any trade discounts due. 1.7 Cash at bank and in hand Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the dale of acquisition or opening of the deposit or similar account. 1.8 Liabilities and provisions Liabilities are recognised when there is an obligation at the Balan Sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in selllemenl, and the amount of the selllement can be eslimaled reliably. Liabilities are recognised at the amount that the Charity anlicipales il will pay lo sellle the debt or the amount il has reiVed as advanced payments for the goods or services it musl provide. Provisions are measured at the best estimate of the amounts required lo sellle the obligation. Where the effect of the lime value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rale that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Statement of Financial Activities as a finance cost. 1.9 Period of Accounts The year end for the Charity is 31 March 2024. The prior year figures relate lo the year from 5th May 2022 10 31st March 2023. 1.10 Pensions The Charity operates a defined contribution pension scheme and the pension charge represents the amounts payable by the Charity lo the fund in respect of the year. 1.11 Fund accounting General fvnds are unreslricled fvnds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Charity and which have not been designated for other purposes. Investment income, gains and losses are allocated to the appropriate fvnd. Page 9
KARTIK PRABHU MEMORIAL FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Income from donations and legacies Unrestricted Total funds funds Year ended Year ended 31 March 31 March 2024 2024 Donations 31,577 31,577 Unrestricted funds Period Ended 37 March 2023 Total funds Period Ended 31 March 2023 Donations 394, 788 394, 788 Investment income Unrestricted Total funds funds Year ended Year ended 31 March 31 March 2024 2024 Bank interest 44,426 44,426 Unrestricted funds f I month period ended 31 March 2023 Total funds I f month period ended 31 March 2023 Bank interest 7,082 7,082 Page 10
KARTIK PRABHU MEMORIAL FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Analysis of grants Grants to Total institutions funds Year ended Year ended 31 March 31 March 2024 2024 Supporting good causes 7,000 7,000 Grants to Total Institutions funds 11 month 11 month period ended period ended 37 Mah 31 MarGh 2023 2023 Supporting good causes 12,950 12,950 Analysis of grants Icontinuedl 2024 2023 Main recipients of institutional grants Durrel Wildlife Conservation Trust Variety The Children's Charity ORT UK 1,500 10,450 1,000 7,000 7.000 12.950 Page11
KARTIK PRABHU MEMORIAL FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Analysis of expenditure on charitable activities Summary by fund type Unrestricted funds Total Year ended Year ended 31 March 31 March 2024 2024 Supporting good causes 62,960 62,960 unStricted funds 17 month period ended 37 Mah 2023 Total 1 I month period ended 31 MarGh 2023 Supporting good causes 59,875 59,875 Analysis of expenditure by activities Grant funding of Support Total a¢tivitie$ osts funds Year ended Year ended Year ended 31 March 31 March 31 March 2024 2024 2024 Supporting good causes 7,000 55,960 62,960 Page 12
KARTIK PRABHU MEMORIAL FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Analysis of expenditure by activities Icontinuedl Grant funding ol activities 11 month period ended 31 MarGh 203 Support Gosts 17 month P8riod ended 31 March 203 Total funds 11 month period ended 31 MarGh 203 Supporting good causes 12,950 46,925 59,875 Analysis of support costs Supporting good Total causes funds Year ended Year ended 31 March 31 March 2024 2024 Staff costs 22,627 11,7041 441 22,627 11,7041 441 Bank charges Postage Soare 1,247 3,246 1,247 3,246 Accounting k li Independent Examination Insurance and training courses Fees Travel Subsistence TelecommLJnication Hardware Social Security Legal fees Sundry Parking 1,500 2,033 102 5,840 2,433 17,327 328 25 1,500 2,033 102 5,840 2,433 17,327 328 25 400 400 110 110 55,960 55,960 Page 13
KARTIK PRABHU MEMORIAL FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Analysis of expenditure by activities Icontinuedl Analysis of support costs Icontinuedl Supporting good causes 11 month P8riod ended 31 March 2023 Total funds 11 month period ended 31 MarGh 2023 Staff costs Bank charges Postage Soare Accounting Independent Examination CAF Contribution CAF Fee NCVO Contribution Travel 20,521 1,403 64 1,800 1,058 1,380 3,501 181 48 4,336 3,171 1,217 6,220 126 20,521 1,403 64 1,800 1,058 1,380 3,501 781 48 4,336 3,171 1,217 6,220 126 Subsistence Entertainment Telecoms Hardware Legal fees Sundry Repairs 1,430 216 253 1.430 216 253 46,925 46.925 Page 14
KARTIK PRABHU MEMORIAL FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 staff costs 1 I month period ended 31 March 2023 Year ended 31 March 2024 Wages and salaries Social security costs Contribution lo defined contributi'on pension schemes 22.251 339 37 19.495 1,026 22,627 20,521 The average number of persons employed by the Charity during the year was as follows.. 1 I month period endgd 31 March 2023 No. Year ended 31 March 2024 No. Employee No employee reiVed remuneration amounting to more than £60,000 in either year. The total employee remuneration and benefits of the key management personnel of the Charity were £Nil 12023 £Nill. Trustees. remuneratlon and expenses During the year, no Trustees reiVed any remuneration or other benefits {2023- £NIL). During the year ended 31 March 2024, £9,81412023". £6,226) Trustee expenses were incurred. Page 15
KARTIK PRABHU MEMORIAL FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Fixed asset investments Investments in subsidiary Listed Unlisted companies investments investments Total Cost or valuatlon At 1 April 2023 Additions Disposals Revaluations 69,065 2,275 71,342 180,000 158.3851 110,9671 180,000 158.385} 110,680} 12871 At 31 March 2024 180,002 1,988 181,990 Net book value At 31 March 2024 180,002 1,988 181,990 At 37 March 2023 69,065 2.275 71,342 Page 16
KARTIK PRABHU MEMORIAL FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Fixed asset investments (continued) Principal subsidiaries The following were subsidiary undertakings of the Charity.. Names Registered office or principal Principal activity place of business Holding Gradvisor Ltd ReFab Trading Limited England and Wales England and Wales Supporting students Selling of bags 100Q 100Q The financial results of the subsidiaries for the year were.. Names ProfitllLossl I Surplusl (Deficit) for the year Net assets Gradvisor Ltd ReFab Trading Limited 180.000 144.308) 144.308) 10. Debtors 2024 2023 Due within one year Trade debtors 260 Owed by group companies Gift aid 64,518 190,900 63,252 190,900 255.678 254. 152 11. Current asset investments 2024 2023 Term deposit 980,000 750,278 Page 17
KARTIK PRABHU MEMORIAL FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 12. Creditors: Amounts falling due within one year 2024 2023 Trade creditors Amounts owed to other participating interests Other laxalion and social security Other creditors Accruals and deferred income 9.712 2.924 2,912 2,677 1,902 9.220 1,502 15.109 33.192 16,711 13. Statement of funds Statement of funds - current year Balance at 31 Mareh 2023 Balance at 31 Mareh 2024 Galnsl (Losses) Income Expendlture Unrgstrictgd funds General Funds - all funds 1,512,706 76,003 162,9601 110,967} 1,514,782 statement of funds - prior year Balanc8 at 31 MarGh 2023 Balan at 4 May 2022 Gains/ (Loss&s) Income Expenditure Unrestricted funds Reserves 1, 189,222 401,870 (59,875) (18,51lJ 1,512, 706 Page 18
KARTIK PRABHU MEMORIAL FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 14. Analysis of net assets between funds Analysis of net assets between funds - current period Unrestricted funds 2024 Total funds 2024 Fixed asset investments 181,990 1,365,984 133,1921 181,990 1,365,984 33,1921 Current assets Creditors due within one year Total 1,514,782 1.514,782 Anatysls of net assets between funds - prlor perlod Unrestricted funds 2023 Total funds 2023 Fixed asset investments Current assets Creditors due within one year 71,342 1,458.075 (16,771J 71,342 1.458,075 f76,711) Total 1,512,706 1,512,706 15. Pension commitments 16. Related party transactions During the year, the charity received donations, including Gift Aid & donated shares, tolalling £24, 145 12023.. £393,750) from Tushar Prabhu, a Trustee. During the year, grants of £7,00012023'. £10,450) were paid lo Variety The Children's Charity, a charity lo which Tushar Prabhu is also a Trustee. £61,594 is owed to the charity by the subsidiaries. £2,924 Is owed to Gradvisor Ltd and £64,518 is owed by ReFab Trading Limited. During the year, there was a £180,000 share SubriptIon in Gradvisor Ltd. Furthermore, an interest free loan of £1,50012023.' £1,500) is still repayable on demand. It was provided lo the charity by Tushar Prabhu. Page 19