CHARITY REGISTRATION NUMBER: 1127243
The Jaspar Foundation Financial Statements 31st December 2023
CHAMBERLAINS UK LLP
Chartered Accountants& Statutory Auditors 173 Cleveland Street
London UK W1T 6QR
The Jaspar Foundation
Financial Statements
Year ended 31st December 2023
| Pages | |
|---|---|
| Trustees' annual report | 1 to 5 |
| Independent auditor's report to the trustees of the Jaspar | |
| Foundation | 6 to 9 |
| Statement of financial activities | 10 |
| Statement of financial position | 11 |
| Statement of cash flows | 12 |
| Notes to the financial statements | 13 to 19 |
The Jaspar Foundation
Trustees' Annual Report
Year ended 31st December 2023
The trustees present their report and the financial statements of the charity for the year ended 31st December 2023.
Reference and administrative details
| Registered charity name | The Jaspar Foundation |
|---|---|
| Charity registration number | 1127243 |
| Principal office | Stanmore House |
| 15-19 Church Road | |
| Stanmore | |
| The trustees | Mrs C Pankhania |
| Mr S Thakrar | |
| Mr H Shah | |
| Mrs S Ladwa | |
| Mr R P Pankhania | |
| Mr A Pankhania | |
| Auditor | Chamberlains UK LLP |
| Chartered Accountants & Statutory Auditors | |
| 173 Cleveland Street | |
| London | |
| UK | |
| W1T 6QR | |
| Bankers | Lloyds TSB |
| 105-109 Station Road | |
| Edgware | |
| Middlesex | |
| United Kingdom | |
| HA8 7JL | |
| Coutts & Co | |
| 440 Strand | |
| London | |
| United Kingdom | |
| WC2R 0QS |
Structure, governance and management
Governing Document
The Foundation is governed by a declaration of trust deed on 24th September 2007 and is a registered charity under the registration number 1127243.
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The Jaspar Foundation
Trustees' Annual Report (continued)
Year ended 31st December 2023
Structure, governance and management (continued)
Appointment 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.
Public Benefit Statement
In reviewing our aims, objectives and planning future activities, in accordance with the Charities Act 2011, the Trustees have taken into account the Charity Commission's general guidance on public benefit as required by Section 4 of the Charities Act 2011 and in particular its supplementary public guidance on the advancement of religion for the public benefit. The Trustees always ensure that the activities undertaken are in line with the charitable objectives and aims of the Foundation.
Objectives and activities
The Foundation's objectives and activities are:
To relieve persons wheresoever situate who are in conditions of need, hardship or distress as a result of local, national or international disaster or by reason of their social and economic circumstances and to further the education (including social and physical training) of such persons.
To advance the Hindu religion in any part of the World.
To advance such charitable purposes (according to the law of England and Wales) as the trustees see fit from time to time, in particular but not limited to the advancement of health or the saving of lives including but not limited to the making of grants to support medical research or to support those suffering ill health.
Overview
The Jaspar Foundation is the charitable arm of the Jaspar Group.
The Jaspar Group is a family-owned property business with over 40 years' experience in design, construction, investment and management of residential and commercial property.
The 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.
The mission is to support programmes across 5 sectors being 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 the elderly and disabled, reduce homelessness and assist and improve lives for those in poverty and with emergency relief situations.
The values impact those in need through acting with compassion, respect, integrity and professionalism, and actively practising diversity and inclusion.
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The Jaspar Foundation
Trustees' Annual Report (continued)
Year ended 31st December 2023
Achievements and performance
During the year to 31 December 2023, the rental income generated from its investment properties has continued to provide a steady return in which the Trustees have used the income generated for charitable purposes in order to meet the objectives of the Foundation. During this period, the Trustees have provided donations totalling £39,052 (2022: £295,855).
The Trustees of the Foundation have assessed and undertaken critical due diligence for analysing several grant applications and donations to charities during the current financial period. The Trustees have monthly meetings with presentations and updates on donations and the impact made quantified in lives enhanced. To further understand the change on the people's lives that the donations have made, individual impact evaluation reports for each donation have been conducted and documented.
There are numerous donations made in the year to achieve the vision, mission and aims of the Foundation which are to alleviate hardship and empower a brighter future for those in need. Jaspar Group's corporate and social responsibility through Jaspar Foundation has given both the employees and the Trustees of the Foundation an opportunity to give back in various ways, be it with time, donations and pro bono advice and help.
The donations made during the period have enhanced several lives because of the support from the Foundation to various charities and beneficiaries. In 2023, the Foundation supported, among others, Help Changes Lives, a UK Charity, whose purpose is the prevention and relief from poverty for families and, especially children, in Kenya. In 2024 the Foundation focus will be on providing medical equipment and support for a hospital in India.
Risk management
The trustees have a risk management strategy which comprises:
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an annual review of the major risks the charity may face;
-
the establishment of systems and procedures designed to mitigate major risks;
-
the implementation of procedures designed to minimise any potential impact on the charity should those risks materialise.
Reserves policy
The total reserve funds as of 31 December 2023 stood at £4,905,758 (2022: £4,802,033) 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 the rental income generated by the investment properties and donations received will enable the 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. This policy ensures the work is protected from the risk of disruption at short notice due to a lack of funds.
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The Jaspar Foundation
Trustees' Annual Report (continued)
Year ended 31st December 2023
Financial review
During the year to 31 December 2023, the Foundation received donations amounting to £Nil (2022: £101,441). The Foundation had also made charitable donations of £39,052 (2022: £295,855).
During the period to 31 December 2023, the Foundation has continued to hold its investment properties in Sutton, Hendon and Milton Keynes for which rental income is being derived from.
Going concern
After making appropriate enquires, 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.
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.
Trustees' responsibilities statement
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 and Wales requires the charity trustees to prepare financial statements for each year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, of the charity for that period.
In preparing these financial statements, the trustees are required to:
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the applicable Charities SORP;
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make judgments and accounting estimates that are reasonable and prudent;
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state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.
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 applicable Charities (Accounts and Reports) Regulations, 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.
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The Jaspar Foundation Trusteos, Annual Report Icontsnued) Year ended 31st Decembar 2023 Disclosure of information to avdltors Each ol the persons who are Trustees at the lime when this TrLkStees Annual Report is approved has confimed that". so far as that Trustee Is aware. there is no reFevanl audit informatK)n of which the charity's audit¢rs are unaware., and that the Trustee has taken all thè Steps that ought lo havè been taken as a Trustee in order lo be aware of any relevant audbt infofmation and lo e51abli5h that the charrty's auditors are awar& of that inforrnalion. Auditors The auditors, Chamberlains UK LLP. hav8 indicated their willingness lo continue in office. Thg designated Tnkslees will propos& a motion of reappointing the auditors al a meeting of the Trustees. The trustees, trustees by.. nual report was approvad ort .............................. and Signed on beha ol thè board of Mr R P Pankhania Truste¢ MrAPa Trustee
The Jaspar Foundation
Independent Auditor's Report to the Trustees of the Jaspar Foundation
Year ended 31st December 2023
Opinion
We have audited the financial statements of The Jaspar Foundation (the 'charity') for the year ended 31st December 2023 which comprise the statement of financial activities, statement of financial position, 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 FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
-
give a true and fair view of the state of the charity's affairs as at 31st December 2023 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended;
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have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice;
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have been prepared in accordance with the requirements of the Charities Act 2011.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.
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The Jaspar Foundation
Independent Auditor's Report to the Trustees of the Jaspar Foundation (continued)
Year ended 31st December 2023
Other information
The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information. 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.
In connection with our audit of the financial statements, 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 audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. 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
In the light of the knowledge and understanding of the charity and its environment obtained in the course of the audit, we have not identified material misstatements in the trustees' report.
We have nothing to report in respect of the following matters in relation to which the Charities Act 2011 requires us to report to you if, in our opinion:
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the information given in the trustees' report is inconsistent in any material respect with the financial statements; or
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adequate accounting records have not been kept; or
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the financial statements are not in agreement with the accounting records and returns; or
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we have not received all the information and explanations we require for our audit.
Responsibilities of trustees
As explained more fully in the trustees' responsibilities statement, the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the trustees are responsible for assessing the charity's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.
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The Jaspar Foundation
Independent Auditor's Report to the Trustees of the Jaspar Foundation (continued)
Year ended 31st December 2023
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
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:
-
We gained an understanding of the legal and regulatory framework applicable to the charity and the industry in which it operates, and considered the risk of acts by the charity that were contrary to applicable laws and regulations, including fraud. We designed audit procedures to respond to the risk, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion;
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The engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
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We focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the charity, including the Charities Act 2011, UK tax legislation, data protection, anti-bribery, anti-money laundering, employment, environmental and health and safety legislation;
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We assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and
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Identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.
As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also:
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Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
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Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the internal control.
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Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the trustees.
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The Jaspar Foundation
Independent Auditor's Report to the Trustees of the Jaspar Foundation (continued)
Year ended 31st December 2023
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Conclude on the appropriateness of the trustees' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the charity's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the charity to cease to continue as a going concern.
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Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.
We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
Use of our report
This report is made solely to the charity's members, as a body, in accordance with section 144 of the Charities Act 2011 and regulations made under section 154 of that Act. Our audit work has been undertaken so that we might state to the charity's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity's members as a body, for our audit work, for this report, or for the opinions we have formed.
Chamberlains UK LLP Chartered Accountants & Statutory Auditors 173 Cleveland Street London UK W1T 6QR
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The Jaspar Foundation
Statement of Financial Activities
Year ended 31st December 2023
| Period from | ||||
|---|---|---|---|---|
| 1 Jul 21 to | ||||
| Year to 31 Dec 23 | 31 Dec 22 | |||
| Unrestricted | ||||
| funds | Total funds | Total funds | ||
| Note | £ | £ | £ | |
| Income and endowments | ||||
| Donations and legacies | 4 | – | – | 101,441 |
| Investment income | 5 | 597,443 | 597,443 | 779,229 |
| -------------------------------- | -------------------------------- | -------------------------------- | ||
| Total income | 597,443 | 597,443 | 880,670 | |
| ================================ | ================================ | ================================ | ||
| Expenditure | ||||
| Expenditure on raising funds: | ||||
| Investment management costs | 6 | 428,916 | 428,916 | 436,112 |
| Expenditure on charitable activities | 7,8 | 64,802 | 64,802 | 429,962 |
| -------------------------------- | -------------------------------- | -------------------------------- | ||
| Total expenditure | 493,718 | 493,718 | 866,074 | |
| ================================ | ================================ | ================================ | ||
| Net losses/(gains) on investments | 9 | – | – | 1,192,175 |
| -------------------------------- | -------------------------------- | ----------------------------------------- | ||
| Net income/(expenditure) and net movement in funds | 103,725 | 103,725 | (1,177,579) | |
| ================================ | ================================ | ========================================= | ||
| Reconciliation of funds | ||||
| Total funds brought forward | 4,802,033 | 4,802,033 | 5,979,612 | |
| ----------------------------------------- | ----------------------------------------- | ----------------------------------------- | ||
| Total funds carried forward | 4,905,758 | 4,905,758 | 4,802,033 | |
| ========================================= | ========================================= | ========================================= |
The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
The notes on pages 13 to 19 form part of these financial statements.
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The Jaspar Foundation Statement of Financlal Position 31st December 2023 2023 2022 Note Flxad assets Investments 13 9,630,000 9,630.000 Currgnt 455els Debtors Cash at bank and in hand 14 62.65S 369,201 431,856 33,045 543,525 576,570 Cr8ditors.' amounts falllny du• within one year Net CUTrent assets 15 196.098 3.821,974 23S,758 13,245.4041 9.865,758 6,384,596 Total assets less curr•nt liabilitie$ Crèditors.. amounts falling due after more than one year 16 4,980.000 4,905.758 1,582.563 Nat assèts 4,802.033 Fund$ of thg charity Unreslricled funds 4,905.758 4.905,758 4,802.033 Totsl ¢harfty fund$ 17 4,802,033 Theso financial stslemenls were approved by the board ol Iiuslees and aulhori98d fot issue on and are signed on behalf of the board by.. Mr R P Pankhania Trustee MrA Trustee nkhania The notes on pages 13 to t9 form part of th858 financial ¥tsteffjents. 11
The Jaspar Foundation
Statement of Cash Flows
Year ended 31st December 2023
| 2023 | 2022 | ||
|---|---|---|---|
| Note | £ | £ | |
| Cash generated from operations | 19 | (692,794) | (90,909) |
| Interest received | 145 | 1 | |
| -------------------------------- | ---------------------------- | ||
| Net cash used in operating activities | (692,649) | (90,908) | |
| ================================ | ============================ | ||
| Cash flows from investing activities | |||
| Dividends, interest and rents from investments | 597,298 | 779,228 | |
| Purchases of investment property | – | (3,065,955) | |
| Proceeds from sale of investment property | – | 1,712,500 | |
| Legal fees on disposal of property | – | (28,761) | |
| -------------------------------- | ----------------------------------------- | ||
| Net cash from/(used in) investing activities | 597,298 | (602,988) | |
| ================================ | ========================================= | ||
| Cash flows from financing activities | |||
| Proceeds from borrowings | (78,973) | 840,473 | |
| Interest paid | – | (392,813) | |
| -------------------------------- | ----------------------------------------- | ||
| Net cash (used in)/from financing activities | (78,973) | 447,660 | |
| ================================ | ========================================= | ||
| Net decrease in cash and cash equivalents | (174,324) | (246,236) | |
| Cash and cash equivalents at beginning of year | 543,525 | 789,761 | |
| -------------------------------- | -------------------------------- | ||
| Cash and cash equivalents at end of year | 369,201 | 543,525 | |
| ================================ | ================================ |
The notes on pages 13 to 19 form part of these financial statements.
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The Jaspar Foundation
Notes to the Financial Statements
Year ended 31st December 2023
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 principal office is 173 Cleveland Street, London, W1T 6QR, United Kingdom.
The trading address of the charity is Stanmore House, 15-19 Church Road, Stanmore, Middlesex, HA7 4AR.
2. Statement of compliance
These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', the 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) (Charities SORP (FRS 102)) and the Charities Act 2011.
3. Accounting policies
Change to reporting date
The financial statements have been prepared for a period greater than 12 months so that the balance sheet date aligns with that of the Jaspar Group of entities.
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through income or expenditure.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The trustees believe that due to the availability of reserves, there are no material uncertainties about the Foundation's ability to continue for at least the next 12 months from the date of this report.
Judgements and key sources of estimation uncertainty
The trustees do not consider that there are any sources of estimation uncertainty at the reporting date that has a significant risk of causing material adjustment to the carrying amounts of assets and liabilities within the next reporting period.
Fund accounting
Unrestricted funds are available for use at the discretion of the trustees to further any of the charity's purposes.
Designated funds are unrestricted funds earmarked by the trustees for particular future project or commitment.
Restricted funds are subjected to restrictions on their expenditure declared by the donor or through the terms of an appeal, and fall into one of two sub-classes: restricted income funds or endowment funds.
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The Jaspar Foundation
Notes to the Financial Statements (continued)
Year ended 31st December 2023
3. Accounting policies (continued)
Incoming resources
All incoming resources are included in the statement of financial activities when entitlement has passed to the charity; it is probable that the economic benefits associated with the transaction will flow to the charity and the amount can be reliably measured. The following specific policies are applied to particular categories of income:
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income from donations or grants is recognised when there is evidence of entitlement to the gift, receipt is probable and its amount can be measured reliably.
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legacy income is recognised when receipt is probable and entitlement is established.
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income from donated goods is measured at the fair value of the goods unless this is impractical to measure reliably, in which case the value is derived from the cost to the donor or the estimated resale value. Donated facilities and services are recognised in the accounts when received if the value can be reliably measured. No amounts are included for the contribution of general volunteers.
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income from contracts for the supply of services is recognised with the delivery of the contracted service. This is classified as unrestricted funds unless there is a contractual requirement for it to be spent on a particular purpose and returned if unspent, in which case it may be regarded as restricted.
Resources expended
Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is classified under headings of the statement of financial activities to which it relates:
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expenditure on raising funds includes the costs of all fundraising activities, events, noncharitable trading activities, and the sale of donated goods.
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expenditure on charitable activities includes all costs incurred by a charity in undertaking activities that further its charitable aims for the benefit of its beneficiaries, including those support costs and costs relating to the governance of the charity apportioned to charitable activities.
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other expenditure includes all expenditure that is neither related to raising funds for the charity nor part of its expenditure on charitable activities.
All costs are allocated to expenditure categories reflecting the use of the resource. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs are apportioned between the activities they contribute to on a reasonable, justifiable and consistent basis.
Investments
Unlisted equity investments are initially recorded at cost, and subsequently measured at fair value. If fair value cannot be reliably measured, assets are measured at cost less impairment.
Listed investments are measured at fair value with changes in fair value being recognised in income or expenditure.
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The Jaspar Foundation
Notes to the Financial Statements (continued)
Year ended 31st December 2023
3. Accounting policies (continued)
Investment property
Investment properties are initially recorded at cost, which includes purchase price and any directly attributable expenditure.
Subsequently, investment properties are revalued to its fair value at each reporting date and any changes in fair value are recognised in income or expenditure.
4. Donations and legacies
| Unrestricted | Total Funds | Unrestricted | Total Funds | ||
|---|---|---|---|---|---|
| Funds | 2023 | Funds | 2022 | ||
| £ | £ | £ | £ | ||
| Donations | |||||
| Donations received | – | – | 101,441 | 101,441 | |
| ============== | ============== | ================================ | ================================ | ||
| 5. | Investment income | ||||
| Unrestricted | Total Funds | Unrestricted | Total Funds | ||
| Funds | 2023 | Funds | 2022 | ||
| £ | £ | £ | £ | ||
| Income from investment properties | 597,298 | 597,298 | 779,228 | 779,228 | |
| Bank interest receivable | 65 | 65 | 1 | 1 | |
| Other interest receivable | 80 | 80 | – | – | |
| -------------------------------- | -------------------------------- | -------------------------------- | -------------------------------- | ||
| 597,443 | 597,443 | 779,229 | 779,229 | ||
| ================================ | ================================ | ================================ | ================================ |
6. Investment management costs
| Unrestricted | Total Funds | Unrestricted | Total Funds | |
|---|---|---|---|---|
| Funds | 2023 | Funds | 2022 | |
| £ | £ | £ | £ | |
| Interest payable | 313,598 | 313,598 | 392,813 | 392,813 |
| Loan arrangement and valuation fees | 90,288 | 90,288 | 39,993 | 39,993 |
| Legal & professional fees | 25,030 | 25,030 | 3,306 | 3,306 |
| -------------------------------- | -------------------------------- | -------------------------------- | -------------------------------- | |
| 428,916 | 428,916 | 436,112 | 436,112 | |
| ================================ | ================================ | ================================ | ================================ |
7. Expenditure on charitable activities by fund type
| Unrestricted | Total Funds | Unrestricted | Total Funds | |
|---|---|---|---|---|
| Funds | 2023 | Funds | 2022 | |
| £ | £ | £ | £ | |
| Charitable donations | 39,052 | 39,052 | 295,855 | 295,855 |
| Grant funding of events | – | – | 79,316 | 79,316 |
| Support costs | 25,750 | 25,750 | 54,791 | 54,791 |
| ---------------------------- | ---------------------------- | -------------------------------- | -------------------------------- | |
| 64,802 | 64,802 | 429,962 | 429,962 | |
| ============================ | ============================ | ================================ | ================================ |
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The Jaspar Foundation
Notes to the Financial Statements (continued)
Year ended 31st December 2023
8. Expenditure on charitable activities by activity type
| Activities | |||||
|---|---|---|---|---|---|
| undertaken | Support | Total funds | Total fund | ||
| directly | costs | 2023 | 2022 | ||
| £ | £ | £ | £ | ||
| Charitable donations | 39,052 | – | 39,052 | 295,855 | |
| Grant funding of events | – | – | – | 79,316 | |
| Governance costs | – | 25,750 | 25,750 | 54,791 | |
| ---------------------------- | ---------------------------- | ---------------------------- | -------------------------------- | ||
| 39,052 | 25,750 | 64,802 | 429,962 | ||
| ============================ | ============================ | ============================ | ================================ | ||
| Net losses/(gains) on investments | |||||
| Unrestricted | Total Funds | Unrestricted | Total Funds | ||
| Funds | 2023 | Funds | 2022 | ||
| £ | £ | £ | £ | ||
| (Gains)/losses on investment property | – | – | (1,192,175) | (1,192,175) | |
| ============== | ============== | ========================================= | ========================================= | ||
| Auditors remuneration | |||||
| Period from | |||||
| Year to | 1 Jul 21 to | ||||
| 31 | Dec 23 | 31 Dec 22 | |||
| £ | £ | ||||
| Fees payable for the audit of the financial statements | 5,000 | 5,500 | |||
| ======================= | ======================= |
9. Net losses/(gains) on investments
10. Auditors remuneration
11. Staff costs
The average head count of employees during the year was Nil (2022: Nil).
No employee received employee benefits of more than £60,000 during the year (2022: Nil).
12. Trustee remuneration and expenses
No remuneration or other benefits from employment with the charity or a related entity were received by the trustees.
13. Investments
| Investment | |
|---|---|
| properties | |
| £ | |
| Cost or valuation | |
| At 1st January 2023 and 31st December 2023 | 9,630,000 |
| ========================================= | |
| Impairment | |
| At 1st January 2023 and 31st December 2023 | |
| Carrying amount | |
| At 31st December 2023 | 9,630,000 |
| ========================================= | |
| At 31st December 2022 | 9,630,000 |
| ========================================= |
All investments shown above are held at valuation.
- 16 -
The Jaspar Foundation
Notes to the Financial Statements (continued)
Year ended 31st December 2023
13. Investments (continued)
Investment properties
The valuation of investment properties was carried out at the balance sheet date by the Trustees with the use of a third party agent on an open market basis. No depreciation or amortisation is provided in respect of these properties. The historical cost of the investment properties amounted to £10,842,677 (2022: £10,842,677).
14. Debtors
| 2023 | 2022 | ||
|---|---|---|---|
| £ | £ | ||
| Trade debtors | 17,468 | 12,131 | |
| Prepayments and accrued income | 45,187 | 20,914 | |
| ---------------------------- | ---------------------------- | ||
| 62,655 | 33,045 | ||
| ============================ | ============================ | ||
| 15. | Creditors: amounts falling due within one year | ||
| 2023 | 2022 | ||
| £ | £ | ||
| Bank loans and overdrafts | – | 3,456,410 | |
| Trade creditors | – | 33,151 | |
| Accruals and deferred income | 121,876 | 139,390 | |
| Social security and other taxes | 9,932 | 10,676 | |
| Other creditors | 64,290 | 182,347 | |
| -------------------------------- | ----------------------------------------- | ||
| 196,098 | 3,821,974 | ||
| ================================ | ========================================= | ||
| 16. | Creditors: amounts falling due after more than one year | ||
| 2023 | 2022 | ||
| £ | £ | ||
| Bank loans and overdrafts | 4,960,000 | 1,582,563 | |
| ========================================= | ========================================= |
The bank loan is secured by legal charges over the investment properties.
- 17 -
The Jaspar Foundation
Notes to the Financial Statements (continued)
Year ended 31st December 2023
17. Analysis of charitable funds
Unrestricted funds
| At | Gains and | At | |||
|---|---|---|---|---|---|
| 1st Jan 2023 | Income | Expenditure | losses | 31st Dec 2023 | |
| £ | £ | £ | £ | £ | |
| General funds | 4,802,033 | 597,443 | (493,718) | – |
4,905,758 |
| ========================================= | ================================ | ================================ | ============== | ========================================= | |
| At | Gains and | At | |||
| 1st July 2021 | Income | Expenditure | losses | 31st Dec 2022 | |
| £ | £ | £ | £ | £ | |
| General funds | 5,979,612 | 880,670 | (866,074) | (1,192,175) | 4,802,033 |
| ========================================= | ================================ | ================================ | ========================================= | ========================================= |
18. Analysis of net assets between funds
| Unrestricted | Total Funds | |
|---|---|---|
| Funds | 2023 | |
| £ | £ | |
| Investments | 9,630,000 | 9,630,000 |
| Current assets | 438,786 | 438,786 |
| Creditors less than 1 year | (203,028) | (203,028) |
| Creditors greater than 1 year | (4,960,000) | (4,960,000) |
| ----------------------------------------- | ----------------------------------------- | |
| Net assets | 4,905,758 | 4,905,758 |
| ========================================= | ========================================= | |
| Unrestricted | Total Funds | |
| Funds | 2022 | |
| £ | £ | |
| Investments | 9,630,000 | 9,630,000 |
| Current assets | 576,570 | 576,570 |
| Creditors less than 1 year | (3,821,974) | (3,821,974) |
| Creditors greater than 1 year | (1,582,563) | (1,582,563) |
| ----------------------------------------- | ----------------------------------------- | |
| Net assets | 4,802,033 | 4,802,033 |
| ========================================= | ========================================= |
- 18 -
The Jaspar Foundation
Detailed Statement of Financial Activities
Year ended 31st December 2023
19. Cash generated from operations
| 2023 | 2022 | |
|---|---|---|
| £ | £ | |
| Net income/(expenditure) | 103,725 | (1,177,579) |
| Adjustments for: | ||
| Net losses/(gains) on investments | – | 1,192,175 |
| Dividends, interest and rents from investments | (597,298) | (779,228) |
| Other interest receivable and similar income | (145) | (1) |
| Accrued income | (40,964) | – |
| Interest payable | – | 392,813 |
| Changes in: | ||
| Trade and other debtors | (29,610) | 55,899 |
| Trade and other creditors | (128,502) | 225,012 |
| -------------------------------- | ----------------------------------------- | |
| (692,794) | (90,909) | |
| ================================ | ========================================= |
20. Analysis of changes in net debt
| At | At | ||
|---|---|---|---|
| 1 Jan 2023 | Cash flows | 31 Dec 2023 | |
| £ | £ | £ | |
| Cash at bank and in hand | 543,525 | (174,324) | 369,201 |
| Debt due within one year | (3,456,410) | 3,456,410 | – |
| Debt due after one year | (1,582,563) | (3,377,437) | (4,960,000) |
| ----------------------------------------- | ----------------------------------------- | ----------------------------------------- | |
| (4,495,448) | (95,351) | (4,590,799) |
|
| ========================================= | ========================================= | ========================================= |
21. Related parties
During the period, the Foundation received donations totalling £Nil (2022: £80,000) from the Trustees and their related parties.
During the period, the Foundation paid £22,530 (2022: £7,738) for professional fees to Jaspar Management Limited, a company in which two Trustees, Mr R Pankhania and Mr A Pankhania are also directors of this company.
- 19 -