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← The Jaspar Foundation

2021-06-30-accounts

Charity number: 1127243

THE JASPAR FOUNDATION

TRUSTEES' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2021

THE JASPAR FOUNDATION

CONTENTS

Page
Reference and Administrative Details of the Charity, its Trustees and Advisers 1
Trustees' Report 2 - 5
Independent Auditors' Report on the Financial Statements 6 - 8
Statement of Financial Activities 9
Balance Sheet 10
Statement of Cash Flows 11
Notes to the Financial Statements 12 - 21

THE JASPAR FOUNDATION

REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 30 JUNE 2021

Trustees Mrs C Pankhania
Mr S Thakrar
Mr R P Pankhania
Mrs S Ladwa (appointed 11 October 2021)
Mr A Pankhania
Mr H H Shah (appointed 30 September 2020)
Mr Y Patel (resigned)
Charity registered
number
1127243
Principal office
The Jaspar Foundation
Stanmore House
Stanmore
Middlesex
HA7 4AR
Independent auditors
Berg Kaprow Lewis LLP
Chartered Accountants & Statutory Auditor
35 Ballards Lane
London
N3 1XW

Page 1

THE JASPAR FOUNDATION

TRUSTEES' REPORT FOR THE YEAR ENDED 30 JUNE 2021

The Trustees present their annual report together with the audited financial statements of the Charity for the year 1 July 2020 to 30 June 2021.

Objectives and activities

a. Policies and objectives

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 guidance 'Public benefit: running a charity (PB2)'.

b. Strategies for achieving objectives

The Foundation's policies and activities are:

c. Overview

The Jaspar Foundation is the charitable arm of the Jaspar Group.

The Jaspar Group is a family-owned property company with over 40 years’ experience in design, construction, investment and management of residential and commercial property.

Our vision is to transform lives, communities and places, as well as empowering a brighter future by alleviating hardship, improving wellbeing and enhancing life opportunities for all.

Our mission is to support programmes across 5 sectors: education, healthcare, elderly and disabled, homelessness and poverty, and emergency relief. Through this mission, we aim to improve access to education; alleviate ill health, enhance life opportunities for elderly and disabled, reduce homelessness and assist and improve lives for those in poverty and with emergency relief situations.

Our values impact those in need through acting with compassion, respect, integrity and professionalism, and actively practising diversity and inclusion.

Page 2

THE JASPAR FOUNDATION

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2021

Achievements and performance

a. Main achievements of the Charity

During the year to 30 June 2020, from having sold the Jaspar Centre, the Foundation utilised some of the proceeds received from the sale and acquired an investment property in Sutton. The rental income generated from this investment provided a steady return which the Trustees used for charitable purposes in order to achieve the Foundation's objectives.

In the year June 2020 to June 2021, donations which improved many lives were made on a national and international level. These were made across the 5 sectors in the UK, India and East Africa. These were both monetary as well as donations of furniture for the local homeless charity, New Hope in Watford, meant that Jaspar Foundation helped in the local neighbourhood with homeless people who had been temporarily housed in new accommodation with little or no furniture.

Supporting 2 local schools in Oxhey and Edgware with regular food donation boxes, for parents whose income had been seriously affected during the pandemic, was our way of showing that we could provide healthy meals for those with special needs so that children could continue to learn with good nutrition helping their health & wellbeing.

In April 2021, with India in the height of the coronavirus crisis, Jaspar Foundation collaborated with various other charities through an emergency effort to provide oxygen concentrators for those in real need in India. Jaspar Foundation also supported higher education University courses in the UK and India, offering scholarships for those who could not afford to continue studying due to lack of financial help. We hope that these individuals will continue to make a difference and spread their knowledge and empower the next generation of students in turn by helping them, thus continuing to spread the education ripple effect.

In the year ending June 2021, Jaspar Foundation supported various charities and initiatives, making donations totalling £71,661, which positively enhanced 10,500 lives around the world. In a pandemic year, this was a good start to helping those less fortunate.

Financial review

a. Going concern

After making appropriate enquiries, the Trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the accounting policies.

b. Reserves policy

The total reserve funds as of 30 June 2021 stood at £5,979,612 (2020: £4,983,785) and all the reserves are unrestricted i.e. they can be applied at the discretion of the trustees.

The reserves policy is reviewed on a regular basis and adjusted as risk perceptions and other factors change. When reviewing and monitoring the reserves policy, the trustees ensure that they identify when the reserves are drawn on so that they understand the reasons and can consider the corrective actions, if any, that need to be taken. The trustees are confident that the surplus arising from rental income generated by the investment properties and donations from Jaspar group of companies enable Jaspar Foundation to achieve its stated objectives. This is expected to carry on for the foreseeable future. The level of reserves is reviewed annually by the trustees. The policy ensures our work is protected from the risk of disruption at short notice due to a lack of funds.

Page 3

THE JASPAR FOUNDATION

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2021

c. Financial review

During the year, the Foundation received donations amounting to £530,520 (2020: £74,265). The Foundation also made charitable donations of £71,661 (£43,600).

In addition, the Foundation acquired two investment properties in Horsham and Hendon for the sum of £9,372,225. The Foundation then sold part of the Horsham property, making a gain of £228,320.

d. Risk management

The trustees have a risk management strategy which comprises:

Structure, governance and management

a. Constitution

The Jaspar Foundation is a registered charity, number 1127243, and is constituted under a Trust deed dated 24 September 2007.

b. Methods of appointment or election of Trustees

The Foundation shall have at least three trustees. Every future trustee shall be appointed by a resolution of the trustees passed at a special meeting. In selecting persons to be appointed as trustees, the trustees shall take into account the benefits of appointing a person who is able by virtue of his or her personal or professional qualifications to make a contribution to the pursuit of the objects or the management of the charity.

Plans for future periods

The Trustees continue to manage the investments of the Foundation so that is generates a steady return which can be used to achieve the Foundation's objectives.

Page 4

THE JASPAR FOUNDATION

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2021

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 (United Kingdom Generally Accepted Accounting Practice).

The law applicable to charities in England & Wales 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 its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the Trustees are required to:

The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Charity's transactions and 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 Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the Trust deed. 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.

Disclosure of information to auditors

Each of the persons who are Trustees at the time when this Trustees' Report is approved has confirmed that:

Auditors

The auditors, Berg Kaprow Lewis LLP, have indicated their willingness to continue in office. The designated Trustees will propose a motion reappointing the auditors at a meeting of the Trustees.

Approved by order of the members of the board of Trustees and signed on their behalf by:

Raj Pankhania Raj Pankhania Anup PANKHANIA
Mr R P Pankhania Mr A Pankhania
Trustee Trustee
Date 10/03/2022 Date
09/03/2022

Page 5

THE JASPAR FOUNDATION

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE JASPAR FOUNDATION

Opinion

We have audited the financial statements of The Jaspar Foundation (the 'charity') for the year ended 30 June 2021 which comprise the Statement of Financial Activities, the Balance Sheet, the Statement of Cash Flows and the related notes, including a summary of 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).

The financial statements have been prepared in accordance with Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standards applicable in the UK and Republic of Ireland (FRS 102) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has been withdrawn.

This has been done in order for the accounts to provide a true and fair view in accordance with the Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015.

In our opinion the financial statements:

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 Auditors' 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 United Kingdom, including the Financial Reporting Council'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.

Page 6

THE JASPAR FOUNDATION

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE JASPAR FOUNDATION (CONTINUED)

Other information

The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' 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, except to the extent otherwise explicitly stated in our report, 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 where the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the Trustees' Responsibilities Statement, the Trustees are responsible for the preparation of the financial statements which 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 charity or to cease operations, or have no realistic alternative but to do so.

Page 7

THE JASPAR FOUNDATION

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE JASPAR FOUNDATION (CONTINUED)

Auditors' 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 Auditors' 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.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, 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:

claims;

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.

Other matters

The comparative figures shown in the financial statements were not audited.

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 Auditors' 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 its trustees, as a body, for our audit work, for this report, or for the opinions we have formed.

Berg Kaprow Lewis LLP

Chartered Accountants & Statutory Auditor London

Date: 10/03/2022

Berg Kaprow Lewis LLP are eligible to act as auditors in terms of section 1212 of the Companies Act 2006.

Page 8

THE JASPAR FOUNDATION

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 30 JUNE 2021

Note
Income from:
Donations and legacies
3
Investments
4
Total income
Expenditure on:
Raising funds
5
Charitable activities
7
Total expenditure
Net income before net gains on investments
Net realised gains on investments
Net movement in funds before other recognised
gains/(losses)
Other recognised gains/(losses):
Gains/(losses) on revaluation of fixed assets
10
Net movement in funds
Reconciliation of funds:
Total funds brought forward
Net movement in funds
Total funds carried forward		 Unrestricted
funds
2021
£
530,902
330,473
861,375
112,308
96,818
209,126
652,249
228,320
880,569
115,258
995,827
4,983,785
995,827
5,979,612		 Total
funds
2021
£
530,902
330,473
861,375
112,308
96,818
209,126
652,249
228,320
880,569
115,258
995,827
4,983,785
995,827
5,979,612		 Total
funds
2020
£
74,266
93,872
168,138
19,061
57,034
76,095
92,043
352,719
444,762
(51,358)
393,404
4,590,381
393,404
4,983,785

The Statement of Financial Activities includes all gains and losses recognised in the year.

The notes on pages 12 to 21 form part of these financial statements.

Page 9

THE JASPAR FOUNDATION

BALANCE SHEET AS AT 30 JUNE 2021

Note
Fixed assets
Investment property
10
Current assets
Debtors
11
Cash at bank and in hand
Creditors: amounts falling due within one
year
12
Net current assets
Total assets less current liabilities
Creditors: amounts falling due after more
than one year
13
Total net assets
Charity funds
Unrestricted funds
14
Total funds		 88,944
789,761
878,705
(208,552)		 2021
£
9,439,959
9,439,959
670,153
10,110,112
(4,130,500)
5,979,612
5,979,612
5,979,612		 380,979
2,542,718
2,923,697
(39,912)		 2020
£
2,100,000
2,100,000
2,883,785
4,983,785
-
4,983,785
4,983,785
4,983,785

The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:

Raj Pankhania

Anup PANKHANIA

Mr R P Pankhania Mr A Pankhania Trustee Trustee Date 10/03/2022 Date 09/03/2022

The notes on pages 12 to 21 form part of these financial statements.

Page 10

THE JASPAR FOUNDATION

STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 30 JUNE 2021

Cash flows from operating activities
Net cash used in operating activities
Cash flows from investing activities
Dividends, interests and rents from investments
Proceeds from sale of investments
Purchase of investments
Other interest receivable and similar income
Other investment income
Legal fees on disposal of property
Net cash used in investing activities
Cash flows from financing activities
Cash inflows from new borrowing
Repayments of borrowing
Interest payable
Net cash provided by financing activities
Change in cash and cash equivalents in the year
Cash and cash equivalents at the beginning of the year
Cash and cash equivalents at the end of the year
The notes on pages 12 to 21 form part of these financial statements		 2021
£
780,022
326,901
2,495,000
(9,451,447)
3,572
-
(39,934)
(6,665,908)
4,221,000
(22,500)
(65,571)
4,132,929
(1,752,957)
2,542,718
789,761		 2020
£
16,148
84,790
301,361
(2,162,316)
9,082
14,592
-
(1,752,491)
-
-
-
-
(1,736,343)
4,279,061
2,542,718

Page 11

THE JASPAR FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2021

1. General information

The charity is a public benefit entity and a registered charity in England and Wales and is unincorporated.

The registered address of the charity is Stanmore House, 15-19 Church Road, Stanmore, Middlesex, HA7 4AR.

2. Accounting policies

2.1 Basis of preparation of financial statements

The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - 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 Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.

The financial statements have been prepared to give a 'true and fair' view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a 'true and fair' view. This departure has involved following the Charities SORP (FRS 102) published in October 2019 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.

The Jaspar Foundation meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.

2.2 Going concern

The trustees believe that due to the availability of reserves, there are no material uncertainties about the ability of the Charity to continue its operations.

In particular, trustees have considered the potential implications of the coronavirus pandemic, and are confident that the charity's operations will not be materially affected.

The accounts have therefore been prepared on a going concern basis.

2.3 Income

All income is recognised once the Charity has entitlement to 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 time the investment income is receivable.

2.4 Expenditure

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to 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 measured reliably.

Expenditure on raising funds includes all expenditure incurred by the Charity to raise funds for its charitable purposes and includes costs of all fundraising activities events and non-charitable trading.

Page 12

THE JASPAR FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2021

2. Accounting policies (continued)

2.4 Expenditure (continued)

Expenditure on charitable activities is incurred on directly 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 met at the year end are noted as a commitment, but not accrued as expenditure.

All expenditure is inclusive of irrecoverable VAT.

2.5 Investment property

Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure.

Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in income or expenditure.

2.6 Investments

Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the Balance Sheet date, unless the value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as ‘Gains/(Losses) on investments’ in the Statement of Financial Activities.

2.7 Debtors

Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

2.8 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 date of acquisition or opening of the deposit or similar account.

2.9 Liabilities and provisions

Liabilities are recognised when there is an obligation at the Balance Sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.

Liabilities are recognised at the amount that the Charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.

Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate 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.

Page 13

THE JASPAR FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2021

2. Accounting policies (continued)

2.10 Financial instruments

The Charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.

2.11 Fund accounting

General funds are unrestricted funds 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 fund.

3. Income from donations and legacies

Donations
Miscellaneous income
Total 2020		 Unrestricted
funds
2021
£
530,520
382
530,902
74,266		 Total
funds
2021
£
530,520
382
530,902
74,266		 Total
funds
2020
£
74,265
1
74,266

4. Investment income

Unrestricted
funds
2021
£
Income from investment properties
326,901
Bank interest receivable
3,572
330,473
Total 2020
93,872		 Total
funds
2021
£
326,901
3,572
330,473
93,872		 Total
funds
2020
£
84,790
9,082
93,872

Page 14

THE JASPAR FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2021

5. Investment management costs

Interest payable
Loan arrangement and valuation fees
Rent & rates
Legal & professional fees
Total 2020		 Unrestricted
funds
2021
£
65,573
28,363
(5,392)
23,764
112,308
19,061		 Total
funds
2021
£
65,573
28,363
(5,392)
23,764
112,308
19,061		 Total
funds
2020
£
-
-
3,205
15,856
19,061

6. Analysis of grants

Grants paid
Total 2020		 Grants to
Institutions
2021
£
71,661
43,600		 Total
funds
2021
£
71,661
43,600		 Total
funds
2020
£
43,600

7. Analysis of expenditure by activities

Total costs
Total 2020		 Grant
funding of
activities
2021
£
71,661
43,600		 Support
costs
2021
£
25,157
13,434		 Total
funds
2021
£
96,818
57,034		 Total
funds
2020
£
57,034

Page 15

THE JASPAR FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2021

7. Analysis of expenditure by activities (continued)

Analysis of support costs

8.

Activities
2021
£
Accountancy fees
7,973
Bank charges
671
Computer costs
3,257
Insurance
7,613
Photography
-
Sundry expenses
5,643
25,157
Total 2020
13,434
Auditors' and Independent Examiner's remuneration
Fees payable to the Charity's auditor for the audit of the Charity's annual
accounts
Fees payable to the Charity's independent examiner for the independent
examination of the Charity's annual accounts		 Total
funds
2021
£
7,973
671
3,257
7,613
-
5,643
25,157
13,434
2021
£
6,500
-		 Total
funds
2020
£
7,000
141
1,514
2,085
2,096
598
13,434
2020
£
-
5,000

9. Trustees' remuneration and expenses

During the year, no Trustees received any remuneration or other benefits (2020 - £NIL) .

During the year, no Trustee expenses have been incurred (2020 - £NIL) .

Page 16

THE JASPAR FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2021

10. Investment property

Valuation
At 1 July 2020
Additions
Disposals
Surplus on revaluation
At 30 June 2021		 Investment
properties
£
2,100,000
9,451,447
(2,226,746)
115,258
9,439,959

All investment properties are held at fair value.

The valuation of investment properties was carried out at the balance sheet date by the Trustees' of the on an open market basis. No depreciation or amortisation is provided in respect of these properties. The histrocial cost of the investment properties amounted to £9,376,057 (2020: £2,151,359).

11. Debtors

Due within one year
Other debtors
Prepayments and accrued income		 2021
£
1,540
87,404
88,944		 2020
£
379,211
1,768
380,979

12. Creditors: Amounts falling due within one year

Bank loans
Other taxation and social security
Other creditors
Accruals and deferred income		 2021
£
68,000
-
13,445
127,107
208,552		 2020
£
-
4,711
16,293
18,908
39,912

Page 17

THE JASPAR FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2021

12. Creditors: Amounts falling due within one year (continued)

2021 2020
£ £

The bank loans are secured against the investment properties held by the Charity and cash deposits held with the lender by the Charity. There are also personal guarantees from the Trustees, limited to £2,397,000.

13. Creditors: Amounts falling due after more than one year

Bank loans
Included within the above are amounts falling due as follows:
Between one and two years
Bank loans
Between two and five years
Bank loans
Over five years		 2021
£
4,130,500
2021
£
3,316,000
814,500		 2020
£
-
2020
£
-
-

The bank loans are secured against the investment properties held by the Charity and cash deposits held with the lender by the Charity. There are also personal guarantees from the Trustees, limited to £2,397,000.

Page 18

THE JASPAR FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2021

14. Statement of funds

Statement of funds - current year

Balance at
Balance at 1 Gains/ 30 June
July 2020 Income Expenditure (Losses) 2021
£ £ £ £ £
Unrestricted funds
General Funds - all funds 4,983,785 861,375 (209,126) 343,578 5,979,612
Statement of funds - prior year
Balance at
Balance at Gains/ 30 June
1 July 2019 Income Expenditure (Losses) 2020
£ £ £ £ £
Unrestricted funds
General Funds - all funds 4,590,381 168,138 (76,095) 301,361 4,983,785

15. Analysis of net assets between funds

Analysis of net assets between funds - current year

Unrestricted
funds
2021
£
Investment property
9,439,959
Current assets
878,705
Creditors due within one year
(208,552)
Creditors due in more than one year
(4,130,500)
Total
5,979,612		 Total
funds
2021
£
9,439,959
878,705
(208,552)
(4,130,500)
5,979,612

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THE JASPAR FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2021

15. Analysis of net assets between funds (continued)

Analysis of net assets between funds - prior year

Investment property
Current assets
Creditors due within one year
Total		 Unrestricted
funds
2020
£
2,100,000
2,923,697
(39,912)
4,983,785		 Total
funds
2020
£
2,100,000
2,923,697
(39,912)
4,983,785

16. Reconciliation of net movement in funds to net cash flow from operating activities

Net income for the year (as per Statement of Financial Activities)
Adjustments for:
Net gains on investments
Dividends, interests and rents from investments
Decrease in debtors
Increase/(decrease) in creditors (excluding loans)
Interest received
Interest payable
Net cash provided by operating activities		 2021
£
880,569
(228,320)
(326,901)
292,035
100,640
(3,572)
65,571
780,022		 2020
£
444,762
(352,719)
(84,790)
364,701
(346,724)
(9,082)
-
16,148
17.
Analysis of cash and cash equivalents
Cash in hand
Total cash and cash equivalents		 2021
£
789,761
789,761		 2020
£
2,542,718
2,542,718

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THE JASPAR FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2021

18. Analysis of changes in net debt

Cash at bank and in hand
Debt due within 1 year
Debt due after 1 year		 At 1 July
2020
£
2,542,718
-
-
2,542,718		 Cash flows
£
(1,752,957)
(68,000)
(4,130,500)
(5,951,457)		 At 30 June
2021
£
789,761
(68,000)
(4,130,500)
(3,408,739)

19. Related party transactions

During the year, the Charity received donations totalling £500,000 (2020: £72,970) from the Trustees and their related parties.

During the year, the Charity paid £84,456 (2020: £Nil) for professional fees to the Jaspar Management Ltd. Two trustees, Mr A Pankhania and Mr R P Pankhania, are also directors of this company.

20. Post balance sheet events

Since the year-end, part of the investment property has been sold at a profit of £194,480. This has been reflected in the accounts through an uplift of the fair value. The profits generated have been used to fund the exchange of another site, with completion expected to take place on 10th March 2022.

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