2021-12-31-accounts - Jmb Educational Fund

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ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST DECEMBER 2021

JMB EDUCATIONAL FUND

CHARITY REGISTRATION NUMBER 1164262

Independent Examiners Ltd Unit 2 The Broadbridge Business Centre Delling Lane Bosham PO18 8NF

JMB EDUCATIONAL FUND

CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2021

	Page
Legal and Administrative Information	3
Trustees' Report	4 to 5
Independent Examiner's Report on the Accounts	6
Statement of Receipts and Payments	7
Statement of Assets and Liabilities	8
Notes to the Accounts	9 to 14

JMB EDUCATIONAL FUND

LEGAL AND ADMINISTRATIVE INFORMATION

CHARITY NUMBER

1164262

START OF FINANCIAL YEAR 01 January 2021 END OF FINANCIAL YEAR 31 December 2021

TRUSTEES AT 31 DECEMBER 2021 Anna Wirth June Corpuz Russell Inman Louise Wirth Diane Hickey John Brown

The existing trustees appoint any new trustees following the provisions laid out in the Charity's governing instrument.

GOVERNING INSTRUMENT REGISTRATION DATE

Constitution : 30th September 2015

5th November 2015 : CIO registration

OBJECTS

The object of the CIO is for the public benefit, the advancement of education of children and young people from socially and educationally disadvantaged backgrounds by (but without limitation) providing scholarships for education and grants for the provision and upgrade of facilities in (but not limited to) Kathmandu, Nepal.

CORRESPONDENCE ADDRESS 4 Kingsfield Place Whittlebury TOWCESTER Northamptonshire NN12 8TR BANKERS Natwest Bank plc Leicester Customer Service Centre Bede House 11 Western Boulevard Leicester LE2 7EJ INDEPENDENT EXAMINER Donna Leppitt Independent Examiners Ltd Unit 2 The Broadridge Business Centre Delling Lane Bosham PO18 8NF

JMB EDUCATIONAL FUND

TRUSTEES' REPORT FOR THE YEAR ENDED 31ST DECEMBER 2021

Governance

Memorandum of Understanding between JMB Educational Fund and St Xavier’s School/Nepal Jesuit Society/NJS Social Service Centre.

Other policies:

Organizational Strategy Financial controls and Officers’ expenses Health and Safety at Work Equality and Diversity Risk management/Risk Register Conflict of Interest and Anti-Bribery Safeguarding Vulnerable Beneficiaries Reserves and Investment Privacy Data management Brand Guidelines School Engagement CIO Constitution Grant Making Paying Staff N/A Volunteer Management Trustee Code of Conduct Fundraising Complaints Handling Cloud Storage Safeguarding of Information on Mobile Devices Information Security Policy Bring Your Own Device Data Accuracy Data Retention, Disposal and Destruction

Activities

JMB Educational Fund provided 67 (37 girls 32 boys) scholarships for students aged 6-16 attending St Xavier’s School Godavari. The students are all from socially and educationally disadvantaged backgrounds. These scholarships allow pupils access to the entire academic curriculum. Two of the boys attend a school in Jhapa Eastern Nepal.

JMB Educational Fund provided 33 (24 girls, 9 boys) Further Education Grants to students attending colleges in the Kathmandu valley. These included Grade 11/12 and Batchelor degrees in Science, Business Studies, Social Work, English and Hotel Management.

The charity made an extra-ordinary donation to SXG for COVID support of £9047.95 The funds were used to help students who have suffered during the pandemic.

A donation of £1000 was made to the Boys Social Service Centre and £3100.00 to the Girls Social Service centre. These funds are used to support the education of the students.

The 2021 activities align with the charity objectives and are for the public benefit.

JMB ÉDUCAIIONAL FUND TRUSTEES. REPORT (¢ortinued) FOR THE YEAR ENDED 31ST DECEMBER 2021 Respo¢tblltl#s of Yn¥t•es rity th rouirts the Board &Trustees to prepare fanCl statgnents tr eth tknanel gwe a true and Fair vkw ((thÈ st&e of affars Lthe d)arlty and of fts ty)coming rerCeS and rewrces expendeij for the pw¥)d. In preparfng th(Ee financial statwnents. the Board ofTrust4 Shou fclbw bast practKe and are requred se sutsble crUJntin9 pdtks and app than consistently make judgmpjts and ime5 that are rea$ab prudertt ccrnpty with appkabk accountlng standards subject to any rnater departures ¢Jisclosal e%pLne In the Itnancbl stsements pware the financia statemwt5 on the gng Crcern bas$ unkn fc is Inappropriate to presume th charfcy 11 cthtknue in oprtk The E<wd of Trustee5 E responsible ts maintankng proper accounting rordS d¥sckEe wkh reascfiable curw at any tNne the financial positth cl the ¢haty and to W)¥btheM to ensure that the fInan staternts compty the thaffttes Act 1993. They arÈ a&0 SafUard1ng the assets cl rhe tharity and hence tsking rsOnable steps for the prevent dettion c¢fraud and rther irregukrs and to provtrde reasonk aSsUranthat:. the charty is op¥tng drtlY and efrtiv èll assets are saf&Ju?rded agahst UnauthCry use or d[sptkn and properIy appled propw r$ are maintaned financlal knforniation us&1 wthin the charty Or fv pubkatKn LS rb the charty cunplks Wth reknnt and regul$ The systerns of intpJna] are de5wJned to rea$mab but nrt ab$c4ute assurance ast mater mi$st&t Irtss. I .I...Q..Lt..... 2JLZ Approval by the Trusteas (m......... Stted th behalf by Trustee.... ted Name:

JMB EDUCATIONAL FUND

INDEPENDENT EXAMINER’S REPORT ON THE ACCOUNTS FOR THE YEAR ENDED 31ST DECEMBER 2021

Report to the trustees/ members of JMB Educational Fund on the accounts for the year ended 31st December 2021.

Respective responsibilities of trustees and examiner

The charity's trustees are responsible for the preparation of the accounts. The charity’s trustees consider that an audit is not required for this year under section 144 of the Charities Act 2011 (the Charities Act) and that an independent examination is needed.

It is my responsibility to:

examine the accounts under section 145 of the Charities Act,
to follow the procedures laid down in the general Directions given by the Charity Commission (under section 145(5)(b) of the Charities Act, and
to state whether particular matters have come to my attention

Basis of independent examiner’s statement

My examination was carried out in accordance with general directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from the trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently no opinion is given as to whether the accounts present a ‘true and fair’ view and the report is limited to those matters set out in the statement below.

Independent examiner's statement

In connection with my examination, no matter has come to my attention

which gives me reasonable cause to believe that in, any material respect, the requirements:
to keep accounting records in accordance with section 130 of the Charities Act; and
· to prepare accounts which accord with the accounting records and comply with the accounting requirements of the Charities Act

have not been met; or

to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.

Donna Leppitt Independent Examiners Ltd Unit 2 The Broadridge Business Centre Delling Lane Bosham PO18 8NF

Date: 28th October 2022

JMB EDUCATIONAL FUND

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31ST DECEMBER 2021

Notes RECEIPTS Donations & Legacies 3a Charitable Activities 3b TOTAL RECEIPTS PAYMENTS Costs of Charitable Activities 4 TOTAL PAYMENTS NET INCOMING/(OUTGOING) RESOURCES 5 Balances Brought Forward BALANCES CARRIED FORWARD NET MOVEMENT IN FUNDS RECONCILIATION OF FUNDS: TRANSFERS BETWEEN FUNDS	Unrestricted Restricted Total Total Funds Funds 2021 2020 £ £ £ £ 6,598 15,310 21,908 22,673 3,480 - 3,480 348
	10,078 15,310 25,388 23,021
	11,769 26,322 38,092 16,952
	11,769 26,322 38,092 16,952

	(1,691) (11,012) (12,704) 6,069 209 (209) - -
	(1,483) (11,221) (12,704) 6,069
	38,856 13,691 52,547 46,478
	37,373 2,470 39,844 52,547

All of the Charity's operations are classed as continuing operations.

The notes form part of these financial statements, found on pages:9 to 14

JMB EDUCAIIONAL FUND srATEMENT OF ASSETS AND UABILITIES AS AT 31 DECEMBER 2021 Unrestrtted RestrKted Jnd Ftsnd Total Total 31-De¢-21 31W20 Nrtes Tangible Assets Cash * bank and in hand 37.373 2.470 39,844 52,547 70 $47 MEf CURRENT A5 37J73 2,470 39,844 52,547 TOTAL AS5Efs kss Current liabdties crtè year 37,3TJ 1470 39W4 51547 39 547 FU14DS OF ThE CHARrrY Gentral Funds RestrKted funds 37.373 37,373 2A70 38,856 13.691 2.470 TOTAL FUNDS 39 Unrtstritted R¢strtted Fund Fun T•)tal 31-IYet•21 Gft Aid 1226 LIABILMES Fes pay fcTh¥d Independent Examintrts Fee 2470 496 2966 2,470 496 2966 TRUSTEES RESPONSIBILMES EN RELATION TO FIIIANCXAL ATEMENTs a)&fty requlres the Trustees to prepare financiat st*¢ynents ftr each financ1 year which c¢)mpty the reguthions set out in the Chart(Es Art 2011. The Trustees have ekrted to take atlvantage of the prov[S$ that appty to small tharltlag and have prq)wed a Rectipts and PaYrnts ACcnt and Statement $Sets and whh are set cfi p)Jes.'_ 9t014 Approveil by the Trustees .... on their behdf by Trustee...

JMB EDUCATIONAL FUND

NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31ST DECEMBER 2021

1. ACCOUNTING POLICIES

The principal accounting policies are summarised below. The accounting policies have been applied consistently throughout the year.

Basis of preparation:

The accounts have been prepared under the “Receipts and Payments” basis as prescribed by the Charity Commissioners, and they meet the appropriate legal requirements.

The Charity meets the definition of a public benefit entity under FRS102. Assets and liabilities are initially recognised at historical cost unless otherwise stated in the relevant accounting policy notes.

Assessment of Going Concern

Preparation of the accounts is on a going concern basis. The trustees consider that there are no material uncertainties about the Charity's ability to continue as a going concern.

Recognition of Incoming Resources

These are included in the Statement of Financial Activities (SOFA) when:

the charity becomes entitled to the resources;
the trustees are virtually certain they will receive the resources; and
the monetary value can be measured with sufficient reliability.

Incoming Resources with Related expenditure

Where incoming resources have related expenditure (as with fundraising or contract income) the incoming

Grants and Donations

Grants and donations are only included in the SOFA when the charity has unconditional entitlement to the resources.

Tax Reclaims on Donations and Gifts

Incoming resources from tax reclaims are included in the SOFA at the same time as the gift to which they relate.

Contractual Income and Performance Related Grants

This is only included in the SOFA once the related goods or services has been delivered.

Gifts in Kind

Gifts in kind are accounted for at a reasonable estimate of their value to the charity or the amount actually realised. Gifts in kind for sale or distribution are included in the accounts as gifts only when sold or distributed by the charity. Gifts in kind for use by the charity are included in the SOFA as income receivable.

Volunteer Help

The value of any voluntary help received is not included in the accounts and is described in the Report of the Trustees.

Donated Services and Facilities

These are only included in incoming resources (with an equivalent amount in resources expended) where the benefit to the charity is reasonably quantifiable, measurable and material. The value placed on these resources is the estimated value to the charity of the service or facility received.

Investment Income

This is included in the accounts when receivable.

Investment Gains and Losses

This included any gain or loss on the sale of investments and any gain or loss resulting from revaluing investments to market value at the end of the year.

This page does not form part of the statutory financial statements

JMB EDUCATIONAL FUND

NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31ST DECEMBER 2021

1. ACCOUNTING POLICIES (continued)

Expenditure and Liabilities

Liability Recognition

Liabilities are recognised as soon as there is a legal or constructive obligation committing the charity to pay out

Governance Costs

Include costs of the preparation and examination of statutory accounts, the costs of the trustees meetings and cost of any legal advise to trustees on governance or constitutional matters.

Grants with Performance Conditions

Where the charity gives a grant with conditions for its payment being a specific level of service or output to be provided, such grants are only recognised in the SOFA once the recipient of the grant has provided the specified

Grants Payable without Performance Conditions

These are only recognised in the accounts when a commitment has been made and there are no conditions to be met relating to a grant which remain in control of the charity.

Investments

Investments quoted on a recognised stock exchange are valued at market value at the year end. Other investment assets are included at trustees' best estimate of market value.

Pensions

Pension contributions are charged to the Statement of Financial Activities as they become payable.

Fund Accounting

Funds held by the charity are either:

1. Unrestricted funds

These are funds which can be used in accordance with the charity's objectives, at the discretion of the trustees.

2. Restricted funds

These are funds that can only be used for particular restricted purposes within the objects of the charity.

3. Designated funds

These funds are funds set aside by the trustees out of unrestricted general funds for specific purposes or projects.

Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.

Fixed Assets

Fixed Assets are capitalised if they can be used for more than one year and cost at least £1,500. They are valued at cost or, if gifted, at the value to the charity on receipt.

Depreciation Expense

Depreciation is calculated at a rate to write off the cost of tangible fixed assets over their estimated useful lives. The rates applied are as follows:

Equipment 25%

There has been no change to the accounting polices (Variation rules and methods of accounting) since last year.

2. TANGIBLE FIXED ASSETS

The Charity held no fixed assets investments during this or the previous financial period.

This page does not form part of the statutory financial statements

JMB EDUCATIONAL FUND

NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31ST DECEMBER 2021

3. INCOMING RESOURCES

3. INCOMING RESOURCES
Note b) Incoming from Charitable Activities a) Donations & Legacies Individual Donations Classroom Donations Trusts Gift Aid Social Service Centre Covid Education Fund Other contributions (fundraising)	Unrestricted Restricted Total Total Funds Funds 2021 2020 £ £ £ £ - 6,410 6,410 7,885 - - - 250 5,000 4,500 9,500 8,080 1,598 - 1,598 1,463 - 1,800 1,800 1,547 - 2,600 2,600 3,448
	6,598 15,310 21,908 22,673
	3,480 - 3,480 348
	3,480 - 3,480 348

This page does not form part of the statutory financial statements

JMB EDUCATIONAL FUND

NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31ST DECEMBER 2021

4. RESOURCES EXPENDED

Note Charitable Activities School sponsorship fees - Nepal Jesuit Further Education fees - Nepal Jesuit Classroom expenditure - Nepal Jesuit Social Services - Nepal Jesuit society Administration fee COVID fund Charity Administration	Unrestricted Restricted Total Total Funds Funds 2021 2020 £ £ £ £ 1,070 6,410 7,480 8,300 5,000 10,518 15,518 3,216 - - - 2,786 1,000 3,347 4,347 - 501 - 501 1,045 3,000 6,048 9,048 1,000 1,199 - 1,199 605
	11,769 26,322 38,092 16,952

This page does not form part of the statutory financial statements

JMB EDUCATIONAL FUND

NOTES TO THE ACCOUNTS (continued) FOR THE YEAR ENDED 31ST DECEMBER 2021

5. RESTRICTED FUNDS

CURRENT FINANCIAL YEAR

NJS (Further education Other Trusts Individual Donations Classroom Donations Social Service Centre Covid Education Fund NJS (School Sponsorship	Balance Gains & Balance 01-Jan-21 Income Expenditure (Losses) Transfer 31-Dec-21 £ £ £ £ £ 8,080 4,500 - - - 12,580 7,885 6,410 - - - 14,295 (2,536) - - - - (2,536) 1,547 1,800 (3,347) - - 0 3,448 2,600 (6,048) - - 0 (7,885) - (6,410) - - (14,295) (3,080) - (10,518) - - (13,598) 6,232 - - - (209) 6,023
	13,691 15,310 (26,322) - (209) 2,470

PREVIOUS FINANCIAL YEAR

Individual Donations Classroom Donations Social Service Centre Covid Education Fund NJS (School Sponsorship Trusts NJS (Further education Other	Balance Gains & Balance 01-Jan-20 Income Expenditure (Losses) Transfer 31-Dec-20 £ £ £ £ £ - 8,080 - - - 8,080 - 7,885 - - - 7,885 - 250 (2,786) - - (2,536) - 1,547 - - - 1,547 - 3,448 - - - 3,448 - - (7,885) - - (7,885) - - (3,080) - - (3,080) 5,580 - - - 652 6,232
	5,580 21,210 (13,751) - 652 13,691

The Restricted Funds are wholly represented by the Charity's cash reserves and are to be expended as specified above.

This page does not form part of the statutory financial statements

JMB EDUCATIONAL FUND

NOTES TO THE ACCOUNTS (continued) FOR THE YEAR ENDED 31ST DECEMBER 2021

6. CASH AT BANK AND IN HAND

6. CASH AT BANK AND IN HAND
Natwest Community A/c Natwest Business-Reserves	Total Total 31-Dec-21 31-Dec-20 £ £ 4,844 17,547 35,000 35,000
	39,844 52,547

7. STAFF COSTS AND NUMBERS

The Charity employed no members of staff during this or the previous financial period.

8. TRUSTEES AND OTHER RELATED PARTIES

No payments were made to trustees or any persons connected with them during this financial period. No material transaction took place between the organisation and a trustee or any person connected with them. (2020 - None)

9. RISK ASSESSMENT

The Trustees actively review the major risks which the charity faces on a regular basis and believe that maintaining the free reserves stated combined with the annual review of the controls over key financial systems carried out on an annual basis will provide sufficient resources in the event of adverse conditions. The Trustees have also examined other operational and business risks which they face and confirm that they have established systems to mitigate the significant risks.

10. RESERVES POLICY

The Trustees have considered the level of reserves they wish to retain, appropriate to the charity's needs. This is based on the charity's size and the level of financial commitments held. The Trustees aim to ensure the charity will be able to continue to fulfil its charitable objectives even if there is a temporary shortfall in income or unexpected expenditure. The trustees will endeavour not to set aside funds unnecessarily.

11. PUBLIC BENEFIT

The Charity acknowledges its requirement to demonstrate clearly that it must have charitable purposes or ‘aims’ that are for the public benefit. Details of how the charity has achieved this are provided in the Trustees report. The Trustees confirm that they have paid due regard to the Charity Commission guidance on public benefit before deciding what activities the charity should undertake.

This page does not form part of the statutory financial statements