Charity number: 1163656
Jaago Foundation
Unaudited
Trustees' report and financial statements
For the year ended 6 April 2023
Jaago Foundation
Contents
| Page | |
|---|---|
| Reference and administrative details of the Charity, its Trustees and advisers | 1 |
| Trustees' report | 2 - 6 |
| Independent examiner's report | 7 |
| Statement of financial activities | 8 |
| Balance sheet | 9 |
| Notes to the financial statements | 10 - 16 |
Jaago Foundation
Reference and administrative details of the Charity, its Trustees and advisers For the year ended 6 April 2023
Trustees
Miss S Donachie Mr J Punter Mr K Dhrubo Mrs R Morris Miss A Durham
Charity registered number
1163656
Principal office
17 Brook View Hitchin Hertfordshire SG4 9NY
Independent Examiner
Samantha Rouse FCCA DChA Kreston Reeves LLP Chartered Accountants 37 St Margaret's Street Canterbury Kent CT1 2TU
Bankers
HSBC UK 31 Chequer Street St Albans Hertfordshire AL1 3YN
Page 1
Jaago Foundation
Trustees' report For the year ended 6 April 2023
The Trustees present their annual report together with the financial statements of the Charity for the year ended 6 April 2023
Objectives and activities
a. Policies and objectives
The principal objective of the charity is to alleviate and prevent poverty in Bangladesh by offering educational support to children from socially and economically disadvantaged backgrounds. Additionally, the charity extends its support to empower young individuals in Bangladesh, enhancing their understanding and capacity on matters related to democracy and civic engagement. This is achieved through comprehensive training programmes that educate youth about their role as citizens, coupled with assistance in organising civic education awareness activities.
In formulating objectives and planning activities, the Trustees have diligently considered the overarching guidance provided by the Charity Commission, particularly in reference to public benefit. This includes adherence to the guidance outlined in 'Public benefit: running a charity (PB2).'
b. Activities undertaken to achieve objectives
The charity secures funding through various channels, including contributions from individual donors, sponsored events, and obtaining grants. Subsequently, these funds are allocated to local organisations in Bangladesh, aiming to furnish educational assistance to children and facilitate the engagement of young individuals in raising awareness on matters pertaining to democracy and civic participation. Donations to beneficiary organisations adhere to a stringent criterion, ensuring that they align closely with the objectives of JAAGO Foundation UK. This approach safeguards the effective achievement of our goals.
c. Grant-making policies
The grant-making policy serves the purpose of offering explicit guidance from the Trustees on the types of projects that JAAGO Foundation UK is willing to consider supporting. The Trustees are committed to endorsing grassroots organisations and initiatives that contribute to the welfare of society in Bangladesh. Specifically, they aim to support educational and community development projects that benefit underprivileged children in Bangladesh, with a particular emphasis on education, democracy, and sustainable livelihoods. This focus ensures that the charitable efforts align closely with the Trustees' vision for a positive and lasting impact in the community.
The Trustees will only support charitable organisations and community projects.
Grants requests which the Trustees will not normally support are:
Contributions to general appeals or circulars; Religious activity which is not for wider public benefit; Public bodies to carry out their statutory obligations; Activities which solely support animal welfare; Grant-making by other organisations.
d. Volunteers
The Trustees consistently volunteer their time, offering their services free of charge to oversee and manage the Charity. During the fiscal year 2022-23, no additional volunteers were enlisted to contribute to the work of JAAGO Foundation UK.
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Jaago Foundation
Trustees' report (continued) For the year ended 6 April 2023
Achievements and performance
a. Review of activities
During the financial year, the Charity has seen an increase in annual income by 82% against the previous reporting period. This increase can be largely attributed to previously experienced delays in fund disbursement from the National Endowment for Democracy during 2021-2022 (as reported in the previous Annual Trustee Report) which have now been resolved and the programme continues.
Sponsor a child programme
In this fiscal year, the income from the Sponsor a Child Programme decreased by 33%. Although regular donations persisted, there was a decline in large donations. One contributing factor to this decrease is the overall economic inflation in the UK and globally. Given declines in previous years, a key objective for the upcoming fiscal year will be to focus on marketing to boost the income for the Sponsor a Child Programme.
Education for the underprivileged
There has been an 8% increase in income from the Education for the Underprivileged (Global Giving) programme from the previous year. During the year, IT-related challenges previously experienced regarding due diligence were resolved, and disbursements have resumed as usual. The slight increase in income for this programme reflects the delays to disbursements experienced in 2021-22 that have now been resolved. The available campaigns for donors to contribute to remain unchanged and include:
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Free-of-cost school for underprivileged children
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Feed the Children
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Educate a Girl
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Safe Haven for Rohingya Refugee Children
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Jaago Foundation
Trustees' report (continued) For the year ended 6 April 2023
Achievements and performance (continued)
Y outh Programme
The youth programme received a new grant and funding from the National Endowment for Democracy (NED), and previous issues with disbursement have been resolved. The grant with NED for the fiscal year from October 2020 to September 30, 2022, has concluded, and a new grant has been acquired from October 2022 to September 2024. The project is currently in the implementation phase, and activities have been executed in alignment with the project’s objectives. The aim is to support youth leaders throughout Bangladesh, enhancing their capacity and knowledge to raise awareness of democracy and civic issues. The donor (NED) has expressed interest in conducting a field visit to observe the activities. The planning for the visit is still underway and is expected to be finalised later in 2023.
Teachers Salary programme
This programme received a donation from The Orphan’s Trust to support teachers' salaries. It is positive that this donation has been received to continue support, and the relationship with this donor remains strong.
b. Review of Expenditure
The organisation’s expenditure has significantly increased during this period as expenditure on charitable activities significantly increased. The organisation has issued more grants for projects that support the achievement of our organisational goals during the 2022-23 period. Alongside this, costs continue to rise in the UK however whilst expenditure has increased, this has largely been expenditure on charitable activities and the operational running costs of the charity have remained low during this period.
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. Previous challenges related to delays in disbursements have now been resolved. The Trustees continue to adopt the going concern basis in preparing the financial statements. Further details regarding adopting the going concern basis can be found in the accounting policies.
b. Reserves policy
Given the anticipated growth in the next financial year, the increased organisational expenditure and plans to employ our first staff member (refer to below ‘Constitution and Governance’ section), the Trustees have reviewed the reserves policy (February 2023). The Trustees agreed to increase the allocation of donations to administrative running costs from 1.5% to 12%, which has been communicated to donors and supporters of the organisation.
All reserves are maintained at a minimum due to low operational expenditure, and no funds are held as a custodian trustee. The reserves are monitored every quarter.
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Jaago Foundation
Trustees' report (continued) For the year ended 6 April 2023
Structure, governance and management
a. Constitution
Jaago Foundation is a registered charity, number 1163656, and is constituted under a Charity Commission Scheme.
In the current fiscal year, the Trustees held three quarterly meetings to discuss the organisational status and sustainability. Given the organisational growth in recent years and potential new opportunities available to the organisation that will support further growth, it has been agreed that the charity will look to employ a full-time staff member in 2023-24. This staff member will be responsible for fundraising and marketing through the existing programmes and exploring new grant opportunities. The Trustees have spent considerable time during the year preparing the Charity to take this step and have consulted various experts to support the Charity in this transition.
b. Methods of appointment or election of Trustees
The governance of the Charity falls under the responsibility of the Trustees, who are elected and co-opted in accordance with the terms of the Charity Commission Scheme. Each Trustee is appointed for a fixed term, typically three years, through a resolution passed at a properly convened meeting. Trustees have the possibility of being reappointed for additional fixed-term periods.
c. Financial risk management
The Trustees have evaluated the significant risks to which the Charity is exposed and are content that systems and procedures are in a position to mitigate exposure to these major risks.
Plans for future periods
During 2023/24, the charity will continue to provide grants to organisations operating in Bangladesh to provide educational support to children.
COVID-19
Whilst COVID-19 risks have significantly reduced during 2022-23, the risks continue and precautionary measures continue to be taken within the programmes JAAGO Foundation UK supports, such as ensuring social distancing and adequate PPE. It is not anticipated that the impacts of COVID-19 will significantly affect the ongoing operations or fundraising of JAAGO Foundation UK.
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Jaago Foundation
Trustees' report (continued) For the year ended 6 April 2023
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:
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles of the Charities SORP (FRS 102);
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make judgments and accounting estimates that are reasonable and prudent;
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state whether applicable UK Accounting Standards (FRS 102) 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 Charity (Accounts and Reports) Regulations 2008 and the provisions of the Charity Commission Scheme. 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:
................................................ ................................................ Miss S Donachie Mr J Punter Trustee Trustee Date: 02/02/2024
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Jaago Foundation
Independent examiner's report For the year ended 6 April 2023
Independent examiner's report to the Trustees of Jaago Foundation ('the Charity')
I report to the charity Trustees on my examination of the accounts of the Charity for the year ended 6 April 2023.
Responsibilities and basis of report
As the Trustees of the Charity you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the 2011 Act').
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 145(5)(b) of the 2011 Act.
Independent examiner's statement
Your attention is drawn to the fact that the Charity has prepared the accounts in accordance with 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) 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.
I understand that 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.
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
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accounting records were not kept in respect of the Charity as required by section 130 of the 2011 Act; or
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the accounts do not accord with those records; or
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the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a 'true and fair' view which is not a matter considered as part of an independent examination.
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
This report is made solely to the Charity's Trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. My work has been undertaken so that I might state to the Charity's Trustees those matters I am required to state to them in an Independent examiner's report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the Charity and the Charity's Trustees as a body, for my work or for this report.
Signed: Dated: S M Rouse FCCA DChA Kreston Reeves LLP Chartered Accountants Canterbury Kent CT1 2TU
Page 7
Jaago Foundation
Statement of financial activities For the year ended 6 April 2023
| Note Income from: Donations and legacies 3 Total income Expenditure on: Charitable activities 4 Total expenditure Net movement in funds Reconciliation of funds: Total funds brought forward Net movement in funds Total funds carried forward |
Unrestricted funds 2023 £ 3,890 3,890 2,334 2,334 1,556 1,501 1,556 3,057 |
Restricted funds 2023 £ 235,629 235,629 300,548 300,548 (64,919) 360,575 (64,919) 295,656 |
Total funds 2023 £ 239,519 239,519 302,882 302,882 (63,363) 362,076 (63,363) 298,713 |
Total funds 2022 £ 131,873 |
|---|---|---|---|---|
| 131,873 | ||||
| 2,290 | ||||
| 2,290 | ||||
| 129,583 | ||||
| 232,493 129,583 |
||||
| 362,076 |
The Statement of financial activities includes all gains and losses recognised in the year.
The notes on pages 10 to 16 form part of these financial statements.
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Jaago Foundation
Balance sheet As at 6 April 2023
| 2023 | 2023 | 2022 | 2022 | |||
|---|---|---|---|---|---|---|
| Note | £ | £ | ||||
| Current assets | ||||||
| Cash at bank and in hand | 302,895 | 363,924 | ||||
| 302,895 | 363,924 | |||||
| Creditors: amounts falling due within one | ||||||
| year | 7 | (4,182) | (1,848) | |||
| Total net assets | 298,713 | 362,076 | ||||
| Charity funds | ||||||
| Restricted funds | 8 | 295,656 | 360,575 | |||
| Unrestricted funds | 8 | 3,057 | 1,501 | |||
| Total funds | 298,713 | 362,076 | ||||
| The financial statements were approved and | authorised | for issue by the Trustees and signed on their behalf by: | ||||
| ................................................ | ................................................ | |||||
| Miss S Donachie | Mr J Punter | |||||
| Trustee | Trustee | |||||
| Date: 02/02/2024 |
The notes on pages 10 to 16 form part of these financial statements.
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Jaago Foundation
Notes to the financial statements For the year ended 6 April 2023
1. General information
JAAGO Foundation UK is a charitable incorporated organisation incorporated in England and Wales. The address of the registered office is 17 Brook View, Hitchin, Hertfordshire, SG4 9NY. Details of the principal activities are included in the Trustees' Report.
The financial statements are presented in pound Sterling and rounded to the nearest pound.
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.
Jaago 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 assess whether the use of going concern is appropriate i.e. whether there are any material uncertainties related to events or conditions that may cast significant doubt on the ability of the Charity to continue as a going concern. Given the anticipated growth in the next financial year, and increased organisational expenditure, the Trustees have reviewed the reserves policy (February 2023) and agreed to increase the allocation of donations to administrative running costs from 1.5% to 12%.
The Trustees make this assessment in respect of a period of at least one year from the date of authorisation for issue of the financial statements and have concluded that the Charity has adequate resources to continue in operational existence for the foreseeable future and there are no material uncertainties about the Charity's ability to continue as a going concern, thus they continue to adopt the going concern basis of accounting in preparing the financial statements.
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.
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 charitable activities is incurred on directly undertaking the activities which further the Charity's objectives, as well as any associated support costs.
All expenditure is inclusive of irrecoverable VAT.
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Jaago Foundation
Notes to the financial statements For the year ended 6 April 2023
2. Accounting policies (continued)
2.5 Taxation
The Charity is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the Charity is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes.
2.6 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.
2.7 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.
2.8 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.
2.9 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.
Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the Charity for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.
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Jaago Foundation
Notes to the financial statements For the year ended 6 April 2023
3. Income from donations and legacies
| Donations Total 2022 |
Unrestricted funds 2023 £ 3,890 2,751 |
Restricted funds 2023 £ 235,629 129,122 |
Total funds 2023 £ 239,519 131,873 |
Total funds 2022 £ 131,873 |
|---|---|---|---|---|
4. Analysis of expenditure on charitable activities
Summary by fund type
| Independent examination fees Donations Fundraising costs Commission Total 2022 |
Unrestricted funds 2023 £ 2,334 - - - 2,334 1,848 |
Restricted funds 2023 £ - 300,000 357 191 300,548 442 |
Total 2023 £ 2,334 300,000 357 191 302,882 2,290 |
Total 2022 £ 1,848 - 317 125 |
|---|---|---|---|---|
| 2,290 | ||||
5. Analysis of expenditure by activities
| Independent examination fees Donations Fundraising costs Commission Total 2022 |
Activities undertaken directly 2023 £ - 300,000 357 191 300,548 442 |
Support costs 2023 £ 2,334 - - - 2,334 1,848 |
Total funds 2023 £ 2,334 300,000 357 191 302,882 2,290 |
Total funds 2022 £ 1,848 - 317 125 |
|---|---|---|---|---|
| 2,290 | ||||
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Jaago Foundation
Notes to the financial statements For the year ended 6 April 2023
6. Trustees' remuneration and expenses
During the year, no Trustees received any remuneration or other benefits (2022 - £NIL).
During the year ended 6 April 2023, no Trustee expenses have been incurred (2022 - £NIL).
7. Creditors: Amounts falling due within one year
| Trade creditors Accruals and deferred income |
2023 £ 2,028 2,154 4,182 |
2022 £ - 1,848 |
|---|---|---|
| 1,848 |
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Jaago Foundation
Notes to the financial statements For the year ended 6 April 2023
8. Statement of funds
Statement of funds - current year
| Unrestricted funds General Funds Restricted funds Sponsor a child Teacher's salary Education for the under-privileged JAAGO youth programme Total of funds |
Balance at 7 April 2022 £ 1,501 208,479 5,350 106,802 39,944 360,575 362,076 |
Income £ 3,890 27,210 4,950 91,377 112,092 235,629 239,519 |
Expenditure £ (2,334) (97,707) (12) (180,760) (22,069) (300,548) (302,882) |
Balance at 6 April 2023 £ 3,057 |
|---|---|---|---|---|
| 137,982 10,288 17,419 129,967 |
||||
| 295,656 | ||||
| 298,713 |
Restricted funds
Sponsor a child - These funds are specifically used to support individual children with educational assistance.
Teachers salary - This fund is for the purpose of contributing to teachers’ salaries in Bangladesh.
Education for the under-privileged - Funds specifically raised for grants towards quality education.
JAAGO Youth Programme - Funds specifically raised to support youth action groups and campaigns aiming to empower the youth for a meaningful future.
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Jaago Foundation
Notes to the financial statements For the year ended 6 April 2023
8. Statement of funds (continued)
Statement of funds - prior year
| Unrestricted funds General funds Restricted funds Sponsor a child Teacher's salary Education for the under-privileged JAAGO youth programme Total of funds |
Balance at 1 April 2021 £ 598 96,511 5,350 101,314 28,720 231,895 232,493 |
Income £ 2,751 112,353 - 5,507 11,262 129,122 131,873 |
Expenditure £ (1,848) (385) - (19) (38) (442) (2,290) |
Balance at 6 April 2022 £ 1,501 |
|---|---|---|---|---|
| 208,479 5,350 106,802 39,944 |
||||
| 360,575 | ||||
| 362,076 |
9. Summary of funds
Summary of funds - current year
| General funds Restricted funds Summary of funds - prior year General funds Restricted funds |
Balance at 7 April 2022 £ 1,501 360,575 362,076 Balance at 1 April 2021 £ 598 231,895 232,493 |
Income £ 3,890 235,629 239,519 Income £ 2,751 129,122 131,873 |
Expenditure £ (2,334) (300,548) (302,882) Expenditure £ (1,848) (442) (2,290) |
Balance at 6 April 2023 £ 3,057 295,656 |
|---|---|---|---|---|
| 298,713 | ||||
| Balance at 6 April 2022 £ 1,501 360,575 |
||||
| 362,076 |
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Jaago Foundation
Notes to the financial statements For the year ended 6 April 2023
10. Analysis of net assets between funds
Analysis of net assets between funds - current year
| Current assets Creditors due within one year Total Analysis of net assets between funds - prior year Current assets Creditors due within one year Total |
Unrestricted funds 2023 £ 7,239 (4,182) 3,057 Unrestricted funds 2022 £ 3,349 (1,848) 1,501 |
Restricted funds 2023 £ 295,656 - 295,656 Restricted funds 2022 £ 360,575 - 360,575 |
Total funds 2023 £ 302,895 (4,182) |
|---|---|---|---|
| 298,713 Total funds 2022 £ 363,924 (1,848) |
|||
| 362,076 |
11. Related party transactions
Mrs R Morris, Trustee, is also a trustee of The Orphan Trust (a registered charity in England and Wales). During the year, JAAGO Foundation UK received a donation from this charity of £5,000 (2022: £NIL).
Mr K Dhrubo, Trustee, is also engaged in JAAGO Foundation Trust (a registered non-profit organisation in Bangladesh). During the year, JAAGO Foundation UK made a donation to JAAGO Foundation Trust of £300,000 (2022: £NIL).
At the balance sheet date there were no outstanding balances owing between related parties and the Charity (2022: £NIL).
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