## **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 3 ## **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. 4 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 f￿anC￿l statgnents tr eth tknanel￿ gwe a true and Fair vkw ((thÈ st&e of affars L*the d)arlty and of fts ty)coming re￿￿rCeS and rewrces expendeij for the pw¥)d. In preparfng th(Ee financial statwnents. the Board ofTrust*4 Shou￿ fclbw bast practKe and are requred se* sutsble ￿crUJntin9 pdtks and app￿ than consistently make judgmpjts and *im*e5 that are rea$￿ab￿ prudertt ccrnpty with appkabk accountlng standards subject to any rnater￿ departures ¢Jisclosal e%pL*ne In the Itnancbl sts*ements pware the financia statemwt5 on the g￿ng Cr￿cern bas$ unkn fc is Inappropriate to presume th charfcy ￿11 cthtknue in oprtk The E**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 7 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 $47 MEf CURRENT A￿5 37J73 2,470 39,844 52,547 TOTAL AS5Efs kss Current liabdties crtè year 37,3TJ 1470 39W4 51547 39 547 FU14DS OF ThE CHARrrY Gentral Funds RestrKted funds 37.373 37,373 2A70 38,856 13.691 2.470 TOTAL FUNDS 39 Unrtstritted R¢strtted Fund Fun T•)tal 31-IYet•21 Gft Aid 1226 LIABILMES Fes pay fcTh¥d Independent Examintrts Fee 2470 496 2966 2,470 496 2966 TRUSTEES RESPONSIBILMES EN RELATION TO FIIIANCXAL ￿ATEMENTs a)&fty requlres the Trustees to prepare financiat st*¢ynents ftr each financ￿1 year which c¢)mpty the reguthions set out in the Chart(Es Art 2011. The Trustees have ekrted to take atlvantage of the prov[S￿￿$ that appty to small tharltlag and have prq)wed a Rectipts and PaYrn￿ts ACc￿nt and Statement ￿￿$Sets and wh￿h 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 9 ## **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 10 ## **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 11 ## **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 12 ## **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 13 ## **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 14