## **ANNUAL REPORT AND FINANCIAL STATEMENTS** ## **FOR THE YEAR ENDED 31ST DECEMBER 2022** ## **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 2022** ||**Page**| |---|---| |**Legal and Administrative Information**|3| |**Trustees' Report**|4 to 6| |**Independent Examiner's Report on the Accounts**|7| |**Statement of Receipts and Payments**|8| |**Statement of Assets and Liabilities**|9| |**Notes to the Accounts**|10 to 15| ## **JMB EDUCATIONAL FUND** ## **LEGAL AND ADMINISTRATIVE INFORMATION** ## **CHARITY NUMBER** 1164262 **START OF FINANCIAL YEAR** 01 January 2022 **END OF FINANCIAL YEAR** 31 December 2022 **TRUSTEES AT 31 DECEMBER 2022** 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** Constitution : 30th September 2015 ## **REGISTRATION DATE** 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 Piece Whittlebury TOWCESTER Northamptonshire NN12 8TR **PRIMARY 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 2022** ## **Governance** Memorandum of Understanding between JMB Educational Fund and St Xavier’s School/Nepal Jesuit Society/NJS ## **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 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 ## **Objectives** 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 (but without limitation) providing scholarships for education and grants for the provision and upgrade of facilities in (but not limited to) Kathmandu, Nepal. ## **Activities** JMB Educational Fund provided 67 scholarships (girls and boys) 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 22 (15 girls/7 boys) scholarships for students aged 6-16 attending Moran Memorial, Jhapa, Eastern Nepal. The students are all from socially and educationally disadvantaged backgrounds. These scholarships allow pupils access to the entire academic curriculum. JMB Educational Fund provided 29 (20girls, 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 Law. 4 ## **JMB EDUCATIONAL FUND** ## **TRUSTEES' REPORT (Continued) FOR THE YEAR ENDED 31ST DECEMBER 2022** A donation of £1000 was made to the Boys Social Service Centre and £1000 to the Girls Social Service centre. These funds are used to support the education of the students. A further grant was made to support 8 girls at the Girls Social Service Centre. The 2022 activities align with the charity objectives and are for the public benefit. The trustees have regular zoom calls with the senior members of the Nepal Jesuit Centre as well as with some sponsored school students and Further Education students. ## **Summary of Main Achievements** JMB Educational Fund provided scholarships for students aged 6-16 attending St Xavier’s School Godavari and Moran Memorial School, Jhapa. The students are all from socially and educationally disadvantaged backgrounds. These scholarships allow pupils access to the entire academic curriculum. JMB Educational Fund provides 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 Law. JMB Educational fund also provided donations to the Nepalese Jesuit Society Social service centre. 5 JMB EDUCATIONAL FUND TRu￿EES. REPORT (Continued) FOR THE YEAR ENDED 31sr DECEMBER 2022 Charity L4w requires the Board of TrusteÉs to prep¥e financL815t*ements for financlal wh(ch gfve a tme 3nd fa.r view rfthe state of affairs rfthe ch¥ity incoming resources and ￿oUrceS expended fcr the per1r￿. In preparing those finar*cial Statern￿ts. the Bo¥d ofTruste5 should fc4kn¥ best prattice and are requwed sdect sUthb￿ accounthg pc4kies them consbtentty make JUdgm￿ts and estimate5 that are rea$￿able and prulent C￿pty w￿h applicable acc￿nt￿g stsndards sUbJ￿t to any matthd depertures disckJ5ed and explained in the fmancla ststements prepare the fnanci* Statements ffi the gong concem bass unless Yt iq inapprLprkte to presumethat eharRy w11 C￿tInUe in 4¥eratkJn The Board of Trustees ts reSpms1b￿ for MaInta￿Ing acccAJntNig r￿ttds vthich dlsct05e with reasonablE accuwy at anytme the financial p0s￿On ofthe charty and to enable them to ￿SUre that the ￿n￿C￿l statem*ts ccfflply w￿h the thar￿￿5 Art 1993. They are *0 responsib￿ frr safeguarding the assets ofthe charity and hence for ts￿n9 reasonab￿ steps fcr the prevention and det￿lon of hud and rther irr4u5aritie5 and to provlde reasonab￿ as5uran¢e that'.- the Charty L8 Oprting and al assets are safeguarded agalnst unauthorsth use ry dtspos￿h￿n and are propth appl*d prt¥er r￿ordS are makntained and fin￿Cial informatth used wlthln the charty or fcr publ￿*(0n is rdwble the chty complRs with rthant kn and regulatw)ns The systwns of intemd control are desvJn¢d to provide reason￿le but not absdute assurance against materLal misstatement w bss. Approv*J by the Trustees on.................................. Sign& on their behalf by Trust&... .. nt&J Name.. L LhiR,, ## **JMB EDUCATIONAL FUND** ## **INDEPENDENT EXAMINER’S REPORT ON THE ACCOUNTS FOR THE YEAR ENDED 31ST DECEMBER 2022** Report to the trustees/ members of JMB Educational Fund on the accounts for the year ended 31st December 2022. ## **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 1. 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 2. 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: 26th September 2023 7 ## **JMB EDUCATIONAL FUND** ## **STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31ST DECEMBER 2022** |**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**
**TRANSFERS BETWEEN FUNDS**
**NET MOVEMENT IN FUNDS**|Unrestricted
Restricted
**Total**
**Total**
Funds
Funds
**2022**
**2021**
£
£
**£**
**£**
15,976
15,195
31,171
21,908
479
6,027
6,506
3,480| |---|---| ||**16,456**
**21,222**
**37,678**
**25,388**| ||10,485
19,306
29,791
38,092| ||**10,485**
**19,306**
**29,791**
**38,092**| ||| ||**5,971**
**1,916**
**7,887**
**(12,704)**
-
-
-
-| ||**5,971**
**1,916**
**7,887**
**(12,704)**| ||37,373
2,470
39,844
52,547| ||**43,344**
**4,386**
**47,731**
**39,844**| All of the Charity's operations are classed as continuing operations. The notes form part of these financial statements, found on pages: 10 to 15 8 JMB EDUCATIONAL FUND srATEMErfr OF ASSETS AND LfABILmES AS AT 31 DECEMBER 2022 Unrestritted R&strtied Fund Fund Total Totsl 31-4)etr22 31￿Detr21 Tangib￿ Assets Nctas Current Assets h at bank and In hand 43,344 4,386 47,731 39,844 Total Cutrent Assets NEf CURRENT ASSErs 43,344 4,386 47,731 39,844 TOTAL ASSEfs ￿S cUrr￿t ffabnrfcYe5 4386 47,731 FUNDS OF THE CHARITY General Funds Restrtied fiJnd5 43,344 43.344 4,386 37.373 2,470 4,386 TOTAL FUNDS unro5trrt￿ Restricted Fund Fun Totsl Totaj 31-DÈrkn22 31-Detr21 Glft due 215 1215 122 LXABILrriES Independknt Examinw's Fee 1995 510 1,995 510 2,470 496 25 505 2966 TRUSTEES RESPONSIBILITIES IN RELATXOII TO FifiANCIAL ￿ATEmENTs Charity Law ro4uirts the Trustees to prepare finanoal stat￿n￿ts for financ1￿ year whKh CLYnply with the reguk*K*7s s& out in the Ch**rs Act 2011. The Trnstees have e￿Ct￿ to take advantsge of the pro￿$￿5 that app￿ to small charIt￿S and have prepared a Rec*ts and Payments A¢count and st&an￿1t ofAssets UabEIitiÉs which are set out on pageg.'- IOtolS Approved by the frustees ... S￿an& on their behalf byTrustee... Printed Name". ## **JMB EDUCATIONAL FUND** ## **NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31ST DECEMBER 2022** ## **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 10 ## **JMB EDUCATIONAL FUND** ## **NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31ST DECEMBER 2022** ## **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 11 ## **JMB EDUCATIONAL FUND** ## **NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31ST DECEMBER 2022** ## **3. INCOMING RESOURCES** |**3. INCOMING RESOURCES**|| |---|---| |Note
**b) Incoming from Charitable Activities**
Other contributions (fundraising)
Social Service Centre
Covid Education Fund
**a) Donations & Legacies**
Individual Donations
Classroom Donations
Trusts
Gift Aid|Unrestricted
Restricted
**Total**
**Total**
Funds
Funds
**2022**
**2021**
£
£
**£**
**£**
-
5,765
5,765
6,410
-
-
-
-
14,750
9,430
24,180
9,500
1,226
-
1,226
1,598
-
-
-
1,800
-
-
-
2,600| ||**15,976**
**15,195**
**31,171**
**21,908**| ||479
6,027
6,506
3,480| ||**479**
**6,027**
**6,506**
**3,480**| This page does not form part of the statutory financial statements 12 ## **JMB EDUCATIONAL FUND** ## **NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31ST DECEMBER 2022** ## **4. RESOURCES EXPENDED** |Note
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
Other Charity giving
**Charitable Activities**|Unrestricted
Restricted
**Total**
**Total**
Funds
Funds
**2022**
**2021**
£
£
**£**
**£**
-
9,550
9,550
7,480
6,461
9,330
15,791
15,518
-
-
-
-
2,000
-
2,000
4,347
-
258
258
501
-
-
-
9,048
2,024
-
2,024
1,199
-
168
168
-| |---|---| ||**10,485**
**19,306**
**29,791**
**38,092**| 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 2022** ## **5. RESTRICTED FUNDS** ## **CURRENT FINANCIAL YEAR** |Trusts
Individual Donations
Classroom Donations
Social Service Centre
Covid Education Fund
NJS (School Sponsorship
NJS (Further education
Other
Fundraising|**Balance**
Gains &
**Balance**
**01-Jan-22**
Income
Expenditure The Charity
Transfer
**31-Dec-22**
£
£
£
£
**£**
12,580
-
-
-
-
12,580
14,295
5,765
-
-
-
20,060
(2,536)
9,430
-
-
-
6,894
0
-
-
-
-
0
0
-
-
-
-
0
(14,295)
-
(9,718)
-
-
(24,013)
(13,598)
-
(9,330)
-
-
(22,928)
6,023
-
(258)
-
-
5,766
-
6,027
-
-
-
6,027| |---|---| ||**2,470**
**21,222**
**(19,306)**
**-**
**-**
**4,386**| ## **PREVIOUS FINANCIAL YEAR** |NJS (Further education
Other
Individual Donations
Classroom Donations
Social Service Centre
Covid Education Fund
NJS (School Sponsorship
Trusts|**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**| 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 14 ## **JMB EDUCATIONAL FUND** ## **NOTES TO THE ACCOUNTS (continued) FOR THE YEAR ENDED 31ST DECEMBER 2022** ## **6. CASH AT BANK AND IN HAND** |**6. CASH AT BANK AND IN HAND**|| |---|---| |Natwest Community A/c
Natwest Business-Reserves|Unrestricted
Restricted
**Total**
**Total**
Funds
Funds
**31-Dec-22**
**31-Dec-21**
£
£
**£**
**£**
8,344
4,386
12,731
4,844
35,000
-
35,000
35,000| ||43,344
4,386
47,731
39,844| ## **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. (2021 - 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 15