Charity number: 1188703 KARTIK PRABHU MEMORIAL FOUNDATION UNAUDITED TRUSTEES, REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
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 8-17
KARTIK PRABHU MEMORIAL FOUNDATION REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY. ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 MARCH 2025 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 Edward Passmore 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 financi81 statements of the Charity for the year ended 31 March 2025. Objectives and activities a. Polieies and objectives The Kartik Foundation IKartik Prabhu Memorial Foundationl objects are to act as a resource for young and disadvantaged people lo advance in life by providing advice and assistance Iow8rds educational programmes, skill development initiatives and other activities 8s a means of developing their skills, capacities and capabilities 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 guidance published by the Charity Commission relating to public benefit, including the guidanee 'Public benefit". running 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 v81ue of grants totalling £45,640 12024. £7,000). Achievements and performance a. Main achievements of the Charity Income reiVed during the year was £326,858 12024." £76,003). The trustees are satisfied with the achievements of the charity during the period. Financial review a. Going coneem After making 8ppropriale enquiries, the Trustees have a reasonable expectation that the Charity has adequate resources lo continue in operational existence for the foreseeable future. For this reason, they continue lo adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis ean be found in the aceounling policies. b. Reserves policy The Trustees set out to maintain an adequate level of reserves lo continue the charity's operations, at the year end this amounts lo £1,712,279. The Trustees, however, recognise the signifie8nt level of reserves held in comparison to the expenditure of the Ch8rily and have made plans for the following financial year, as further detailed in the plans for future periods section of this report, lo ulilise the funds available in line with their objectives leading lo a significant increase in charitable expenditure. All the funds of the Trust are unrestricted. The trustees have identified no significant short or medium term financi81 risks to the charity s Continued operations, and therefore the accounts have been prepared on the going COnM b8SIS. Page 2
KARTIK PRABHU MEMORIAL FOUNDATION TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 MARCH 2024 Structure, govemance and management a. Constitution Kartik Prabhu Memorial Foundation is 8 Charitable Incorporated Org8nisation, 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 24125 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. Gradvisor." An initiative with Inlouniversity, a registered Charity, to create a platform 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 a website. 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. Aecess Intems". An initiative in collaborab'on with Variety, the Children's Charity, lo 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 ICONTINUEDI 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 requires the Trustees lo prepare financial statements for each financial which give a true and fair view of the slate of affairs of the eharily and of ils incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financi81 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 Stsndards IFRS 1021 have been followed, subject lo any material departures disclosed and explained in the financial statements., 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 lime 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 hence 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.. 3010112026 Page 4
KARTIK PRABHU MEMORIAL FOUNDATION INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 MARCH 2025 Independent Examinerfs Report to the Trustees of Kartik Prabhu Memorial Foundation (Yhe Charity'l I report to the charity Trustees on my examination of the accounts of the Charity for the year ended 31 March 2025. Responsibilities and Basis of Report As the Trustees of the Charity you are responsible for the preparation of the accounts in 8ecord8nce 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 Since the Charity's gross income exceeded £250,000 your examiner musl be 8 member of 8 body listed in section 145 of the 2011 Act. I confirm that l am qualified to undertake the examination because l am a member of Institute of Chartered Accountants in England and Wales, which is one of the listed bodies. 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 content 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 COnrn5 and have come across no other matters in connection with the examinats'on to which attention should be drawn in this report in order lo enable a proper understsnding of the accounts lo be reached. This report is made solely to the Charity's Trustees. as a body, in awordance with Part 4 of the Charities IAccounts and Reports) RulationS 2008. My work has been undertaken so that I might stale lo the Charity's Trustees those matters l am required to slate to them in an Independent Examiner's Report and for no other purpose. To the fullest exlenl permitted by law, I do not accept or assume responsibility to anyone other than the Charity and the Charity's Trustees as a body, for my work or for this report. Signed.. Dated. 3010112026 Edward Passmore FCA BKL Audit LLP Chartered Accountsnts London Page 5
KARTIK PRABHU MEMORIAL FOUNDATION STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 MARCH 2025 Unrestricted funds 2025 Total funds 2025 Total funds 2024 Note Income from: Donations and legacies Charitable activities Investments 239.616 1.265 85.977 239.616 1.265 85.977 31.577 44,426 Total income 326.858 326.858 76.003 Expgnditure on: Charitable activities 129.361 129.361 62,960 Total expenditure 129,361 129,361 62,960 Net income before net losses on investments Nel losses on investments 197.497 197.497 13.043 (19,967) Net movement in funds 197.497 197.497 2,OT6 Reconciliation of funds.. Total funds brought forward Nel movement in funds 1,514.782 197.497 1,514.782 197.497 1,512, 706 2,076 Total funds carrigd forward 1,712.279 1,712.279 1, 514. 782 The Ststemenl of Financial Activities includes all gains and losses recognised in the year. The notes on pages 8 10 17 form part of these financial slatemenls. Page 6
KARTIK PRABHU MEMORIAL FOUNDATION REGISTERED NUMBER: BALANCE SHEET AS AT 31 MARCH 2025 2025 2024 Note Investments 11 181,990 181,990 181,990 181.990 Current assets Debtors Investments Cash al bank and in hand 12 595,590 255, 678 980,000 130,306 984.525 1,580.115 1,365,984 Current liabilities Creditors.. amounts falling due within one year 14 149.826) (33, 192) Net current assets 1.530,289 1,332, 792 Total assets less current liabilities 1,712,279 1, 514, 782 Total net assets 1,712,279 7, 574. 782 Charlty funds Unrestricted funds 1,712,279 1, 514, 782 Total funds 1.712,279 1, 514. 782 The Charity was entiued lo exemption from audit under section 477 of the Companies Act 2006. The members have not required the company to obtain an audit for the year in question in accordance with section 476 of Companies Act 2006. The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect lo accounting records and preparation of financial statements. The financial stslemenls have been prepared in accordan with the provisions applicable to entitr'es subject lo the small companies regime. The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by.. John Kenneth Fowler (Trusteel Dale.. 3010112026 Page 7
KARTIK PRABHU MEMORIAL FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 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.. 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 IFRS 1021 leffective 1 January 20191, the Financial Reporting Standard applicable In the UK and Republic of Ireland IFRS 1021 and the Charities Act 2011. Kartik PrabhLJ Memorial Foundation meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised 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 subsidiary companies since due lo the size of the group the Charities SORP does not require groLJP accounts to be prepared. 1.2 Income All income is recognised once the Charity has entillemenl lo the income, it is probable that the income will be received and the amount of income receivable can be measured reliably. Income tax recoverable in relation to investment income is recognised at the lime the investment income is receivable. 1.3 Expenditure Expenditure is recognised once there is a legal or constructive obligation lo transfer economic benefit lo a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measLJred reliably. ExpenditLJre is classified by activity. The costs of each acb.vity 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 to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of lime spent, and depreciation charges allocated on the portion of the asset's use. Expenditure on charitable aclivib.es 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 allaching are fulfilled. Grants offered subject to conditions which have not been met al 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 inclLJded 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 2025 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 at fair value al the Balance Sheet dale, unless the value cannot be measured reliably in which case il is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as 'GainsllLossesl on inveslmenls, in the Slalement of Financial Activities. Investments in subsidiaries are valued al cost less provision for impairment. 1.6 Debtors Trade and other debtors are recognised at the selllemenl 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-temi 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 Balance Sheet dale as a result of a past event, il is probable that a transfer of economic benefit will be required in selllemenl, and the amount of the settlement can be estimated reliably. Liabilities are recognised al the amount that the Charity anlicipales il will pay to sellle the debt or the amount il has reiVed as advanced payments for the goods or services it musl provide. Provisions are measured al the best estimate of the amounts required to 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 al 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 andi Is subisidiaries is 31 March 2025. 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 funds are unrestricted funds which are available for use al 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 2025 Income from donations and legacies Unrestricted funds 2025 Total funds 2025 Total funds 2024 Donations 239,616 239.616 31,577 Total 2024 31,5T7 31,577 Income from charltable actlvltles Unrestrlcted funds 2025 Total funds 2025 Total funds 2024 Ineome from charitable 8Ctivities 1,265 1,265 Investment income Unrestricted funds 2025 Totsl funds 2025 Total funds 2024 Bank interest 85,977 85,977 44,426 Total 2024 44, 426 44,426 Page 10
KARTIK PRABHU MEMORIAL FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Analysis of grants Grants to institutions 2025 Total funds 2025 Total funds 2024 Supporting good causes 45,640 45,640 7,000 Total 2024 7,000 7, 000 Anatysis of grants leontinuedl 2025 2024 Main recipionts of institutional grants Nation81 Theatre Jesus College, Oxford Variety The Children's Charity Others 12,500 5,000 27,000 1,140 7,000 45,640 7,000 Analysis of expenditure on charitable activities Summary by fund type Unrestricted funds 2025 Total 2025 Total 2024 Supporting good causes 129,361 129,361 62.960 Total 2024 62,960 62, 960 Page11
KARTIK PRABHU MEMORIAL FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Analysis of expenditure by activities Activities undertaken directly 2025 Grant funding of activities 2025 Support costs 2025 Total funds 2025 Total funds 2024 Supporting good causes 1,625 45,640 82,096 129,361 62,960 Total 2024 7,000 55,960 62, 960 Page 12
KARTIK PRABHU MEMORIAL FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Analysis of expenditure by activities Icontinuedl Analysis of support costs Supporting good causes 2025 Total funds 2025 Total funds 2024 Staff costs Bank charges Postage Soare Accounting Independent Examination Insurance and training courses Fees NCVO contribution 25,280 12901 305 1,820 4,150 5,400 1,298 2,780 88 25.280 12901 305 1.820 4.150 5,400 1.298 2.780 88 22,627 (1, 704) 441 1,247 1,446 3,300 2,033 102 Travel 3.870 3,870 7.588 172 5,840 2,433 Subsistence Entertainment 7,588 172 Memorial Costs Telecommunic8tion 53 22,545 2,868 227 131 3,798 53 22,545 2.868 227 131 3,798 13 17,327 328 25 400 iio Hardware Social Security Legal fees Sundry Parking 82,096 82.096 55.960 Total 2024 55,960 55,960 Independent examlner's remuneratlon 2025 2024 Fees payable lo the Charity's independent examiner for the independent examination of the Charity's annual accounts S,400 3.300 Page 13
KARTIK PRABHU MEMORIAL FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 staff costs 2025 2024 Wages and salaries Social security costs Contribution lo defined contribution pension schemes 32,564 17,8841 600 22,251 339 37 25,280 22,627 The average number of persons employed by the Charity during the year was as follows.. 2025 No. 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 12024 £Nill. 10. Trustees. remuneratlon and expenses During the year, no Trustees reiVed any remuneration or other benefits {2024- £NIL). During the year ended 31 March 2025, no Trustee expenses have been incurred (2024 - £NILJ. 11. Flxed asset Investments Invgstments in subsidiary Unlisted companies invgstments Total Cost OT valuation At 1 April 2024 180.002 1.988 181.990 At 31 March 2025 180,002 1.988 181.990 Net l)ook value At 31 March 2025 180.002 1.988 181.990 At 31 niarch 2024 180,002 1,988 181,990 Page 14
KARTIK PRABHU MEMORIAL FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 11. 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 Skills development through Textile The financial results of the subsidiaries for the year were.. Names ProfiUILossl I Surplusl {Deficitl for the year Net assets Gradvisor Ltd ReFab Trading Limited 180,000 157,5061 2.154 12. Debtors 2025 2024 Due within one year Trade debtors 1,169 333,935 260,486 260 Owed by group companies Gift aid 64,518 190,900 595,590 255.678 13. Current asset investments 2025 2024 Term deposit 980.000 Page 15
KARTIK PRABHU MEMORIAL FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 14. Creditors: Amounts falling due within one year 2025 2024 Trade creditors Amounts owed to other participating interests Other laxalion and social security Other creditors Accruals and deferred income 29,286 9. 712 2.924 3,945 1,502 15,709 4,531 16,009 49,826 33.792 15. Statement of funds Statement of funds - current year Balance at 31 March 2025 Balance at 1 April 2024 Income Expendlture Unrgstrictgd funds Reserves 1,514,782 326,858 1129,3611 1,712,279 statement of funds - prior year Balance at 31 March 2024 Balance at l Apnl 2023 Gains/ (Losses) Income Expenditure Unrestricted funds General Funds 1,512,706 76,003 (62,960) (10,967) 1,514, 782 Page 16
KARTIK PRABHU MEMORIAL FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 16. Analysis of net assets between funds Analysis of net assets between funds - current year Unrestricted funds 2025 Total funds 2025 Fixed asset investments 181,990 1,580,115 149,8261 181.990 1,580.115 149,8261 Current assets Creditors due within one year Total 1,712,279 1.712.279 Anatysls of net assets between funds - prlor year Unrestricted funds 2024 Total funds 2024 Fixed asset investments Current assets Creditors due within one year 181, 990 1.365, 984 (33, 192) 181,990 1,365.984 (33, 192) Total 1,514, 782 1, 514, 782 17. Related party transactions During the year, the charity received donations, including Gift Aid & donated shares, totalling £175,000 12024.. £24, 1451 from Trustees. During the year, grants of £27,00012024.. £7,000) were paid lo Variety The Children's Charity, a charity to which Tushar Prabhu is also a Trustee. £59,130 12024.. £64,518) is owed by ReFab Trading Limited and £274,805 12024. £2,924 owed lol is owed by Gradvisor Ltd. Both are wholly owned subsidiaries. Furthermore, the interest free loan of £1,500 provided lo the charity by Tushar Prabhu has been repaid in Page 17