JMB EDUCATIONAL FUND
ANNUAL REPORT
AND
STATEMENT OF ACCOUNTS
FOR THE YEAR ENDED 31ST DECEMBER 2023
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 2023
| 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 14 |
JMB EDUCATIONAL FUND
LEGAL AND ADMINISTRATIVE INFORMATION
CHARITY NUMBER
1164262
START OF FINANCIAL YEAR
01 January 2023
END OF FINANCIAL YEAR 31 December 2023 TRUSTEES AT 31 DECEMBER 2023 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
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JMB EDUCATIONAL FUND
TRUSTEES' REPORT FOR THE YEAR ENDED 31ST DECEMBER 2023
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing Document Constitution - 30th September 2015
Memorandum of Understanding between JMB Educational Fund and Nepalese Jesuit Society (2024)
JMB Education Fund is a Charitable Incorporated Organisation
Trustee Selection Methods Trustees are appointed by the existing trustees.
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 (but without limitation) providing scholarships for education and grants for the provision and upgrade of facilities in (but not limited to) Kathmandu, Nepal.
MAIN ACTIVITIES UNDERTAKEN FOR THE PUBLIC BENEFIT
Trustees have had regard to the guidance issued by the Charity Commission on public benefit.
JMB Educational Fund provided 55 (girls and 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.
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 25 (15 girls, 10 boys) Further Education Grants to students attending colleges in the Kathmandu valley. These include Grade 11/12 and Batchelor degrees in Law and Medicine/Surgery.
A donation of £3178 was made to the Boys Social Service Centre (£1000) and to the Girls Social Service Centre (£2178.00). These funds are used to support the education of the students.
The 2023 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.
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 Law and Medicine.
JMB Educational fund also provided donations to the Nepalese Jesuit Society Social service centre.
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JMB EDUCATIONAL FUND
TRUSTEES' REPORT (continued) FOR THE YEAR ENDED 31ST DECEMBER 2023
RESERVES POLICY
The charity holds reserves of £44,055 (£936 are restricted).
Reserves are held to protect the Charity from unexpected drops in income or increases in expenditure. Reserves also allows the Charity to take advantage of new opportunities but these must be in line with its overall objectives. JMB’s reserves comprises:
-
1 Unrestricted reserves consist of funds that can be applied for charitable purposes.
-
2 For the year ending JMB’s unrestricted reserves consist of the following:
Reserves held to ensure that the fees for sponsored students and Further Education students can be
-
sustained for 1 to 2 years should sponsors or trusts discontinue their donations.
-
Reserves for operating costs of the Charity for up to 12 months.
Any excess reserves can be used to fund new opportunities which are within the objectives of the
- Charity and with the specific approval of the Trustees. In the past years reserves were used to support the Social Service Centres and students following the COVID pandemic.
Notes to accompany accounts:
Unrestricted Income from Trusts - Income from Trusts l ess Further Education student fees and NJS administration fee.
Restricted Income from Trusts - Income from Trusts covering Further Education student fees, classroom donations and NJS administration fee.
Unrestricted Income from Individual Donations / Gift Aid - Income from individuals who are not regular sponsors.
Restricted Income from Individual Donations - Income from individuals who are regular sponsors of sponsored school children.
Income from specific fundraising activities.
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JMB EDUCATIONAL FUND
INDEPENDENT EXAMINER’S REPORT ON THE ACCOUNTS FOR THE YEAR ENDED 31ST DECEMBER 2023
Report to the trustees/members of JMB Educational Fund on the accounts for the year ended 31st December 2023.
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 2022 and that an independent examination is needed.
It is my responsibility to:
-
examine the accounts under section 145 of the 2022 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 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
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: 18th July 2024
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JMB EDUCATIONAL FUND STATEMENT OF RECEIPTS AND PAYMENTS FOR THE YEAR ENDED 31ST DECEMBER 2023
| Notes RECEIPTS Donations & Legacies 3a Charitable Activities 3b TOTAL RECEIPTS Costs of Charitable Activities 4 TOTAL PAYMENTS NET INCOMING/(OUTGOING) RESOURCES 5 Balances Brought Forward BALANCES CARRIED FORWARD RECONCILIATION OF FUNDS: TRANSFERS BETWEEN FUNDS NET MOVEMENT IN FUNDS |
Unrestricted Restricted Total Total Funds Funds 2023 2022 £ £ £ £ 1,480 30,336 31,816 31,171 231 2,835 3,066 6,506 |
|---|---|
| 1,711 33,171 34,882 37,678 |
|
| 1,936 36,622 38,557 29,791 |
|
| 1,936 36,622 38,557 29,791 |
|
| (225) (3,450) (3,675) 7,887 - - - - |
|
| (225) (3,450) (3,675) 7,887 |
|
| 43,344 4,386 47,731 39,844 |
|
| 43,119 936 44,055 47,731 |
All of the Charity's operations are classed as continuing operations.
The notes form part of these financial statements, found on pages 10 to 14
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JMB EDUCATIONAL FUND
NOTES TO THE ACCOUNTS
FOR THE YEAR ENDED 31ST DECEMBER 2023
1. BASIS OF ACCOUNTING
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.
Fund Accounting
Funds held by the charity are either:
- Unrestricted Funds - these are funds which can be used in accordance with the charity's objectives, at the discretion of the trustees.
2. Designated funds
These funds are funds set aside by the trustees out of unrestricted general funds for specific purposes or
- Restricted Funds - these are funds that can only be used for particular restricted purposes within the objects of the charity.
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
Incoming Resources
All income is included in the accounts when actually received by the Charity. Voluntary help provided by friends of the charity is not included in a quantified way within the accounts.
Resources Expended
Resources expended are recognised when paid by the Charity.
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
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JMB EDUCATIONAL FUND
NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31ST DECEMBER 2023
3. RECEIPTS
| 3. RECEIPTS | |
|---|---|
| Note b) Incoming from Charitable Activities Other contributions (fundraising) a) Donations & Legacies Individual Donations Classroom Donations Trusts Gift Aid |
Unrestricted Restricted Total Total Funds Funds 2023 2022 £ £ £ £ 265 4,230 4,495 5,765 - - - - - 26,106 26,106 24,180 1,215 - 1,215 1,226 |
| 1,480 30,336 31,816 31,171 |
|
| 231 2,835 3,066 6,506 |
|
| 231 2,835 3,066 6,506 |
This page does not form part of the statutory financial statements
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JMB EDUCATIONAL FUND
NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31ST DECEMBER 2023
4. PAYMENTS
| 4. PAYMENTS | |
|---|---|
| Note a) Costs of Charitable Activities Charity Administration Other Charity giving School sponsorship fees - Nepal Jesuit Further Education fees - Nepal Jesuit Social Services - Nepal Jesuit society Social Services Centres- Nepal Jesuit Janssen Scholarship (PAWA) - Nepal Administration fee |
Unrestricted Restricted Total Total Funds Funds 2023 2022 £ £ £ £ - 8,254 8,254 9,550 - 8,481 8,481 15,791 - 3,179 3,179 2,000 - 5,280 5,280 - - 11,186 11,186 - - 242 242 258 1,936 - 1,936 2,024 - - - 168 |
| 1,936 36,622 38,557 29,791 |
This page does not form part of the statutory financial statements
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JMB EDUCATIONAL FUND
NOTES TO THE ACCOUNTS (continued) FOR THE YEAR ENDED 31ST DECEMBER 2023
5. RESTRICTED FUNDS CURRENT FINANCIAL YEAR
| Balance | Gains & | Balance | |||||||
|---|---|---|---|---|---|---|---|---|---|
| 01-Jan-23 | Income | Expenditure | (Losses) | Transfer | 31-Dec-23 | ||||
| £ | £ | £ | £ | £ | |||||
| Trusts | 12,580 | 26,106 | - | - | - | 38,686 | |||
| Individual Donations | 20,060 | 4,230 | - | - | - | 24,290 | |||
| Classroom Donations | 6,894 | - | - | - | - | 6,894 | |||
| NJS (School Sponsorship | |||||||||
| fees) | (24,013) | - | (8,254) | - | - | (32,267) | |||
| NJS (Further education | |||||||||
| fees) | (22,928) | - | (8,481) | - | - | (31,409) | |||
| NJS (Girls Social Service | |||||||||
| Centre-PAWA) | - | - | (5,280) | - | - | (5,280) | |||
| NJS (Social Service | |||||||||
| Centres) | (258) | - | (3,179) | - | - | (3,436) | |||
| NJS (Janssen Scholarship | |||||||||
| (PAWA) | - | 2,835 | (11,186) | - | - | (8,351) | |||
| Other | 6,023 | - | (242) | - | - | 5,782 | |||
| Fundraising | 6,027 | - | - | - | - | 6,027 | |||
| 4,386 | 33,171 | (36,622) | - | - | 936 | ||||
| PREVIOUS FINANCIAL | YEAR | ||||||||
| Balance | Gains & | Balance | |||||||
| 01-Jan-22 | Income | Expenditure | (Losses) | Transfer | 31-Dec-22 | ||||
| £ | £ | £ | £ | £ | |||||
| Trusts | 12,580 | - | - | - | - | 12,580 | |||
| Individual Donations | 14,295 | 5,765 | - | - | - | 20,060 | |||
| Classroom Donations | (2,536) | 9,430 | - | - | - | 6,894 | |||
| NJS (School Sponsorship | |||||||||
| fees) | (14,295) | - | (9,718) | - | - | (24,013) | |||
| NJS (Further education | |||||||||
| fees) | (13,598) | - | (9,330) | - | - | (22,928) | |||
| NJS (Girls Social Service | |||||||||
| Centre-PAWA) | - | - | - | - | - | - | |||
| NJS (Social Service | |||||||||
| Centres) | - | - | (258) | - | - | (258) | |||
| NJS (Janssen Scholarship | |||||||||
| (PAWA) | - | - | - | - | - | - | |||
| Other | 6,023 | - | - | - | - | 6,023 | |||
| Fundraising | - | 6,027 | - | - | - | 6,027 | |||
| 2,470 | 21,222 | (19,306) | - | - | 4,386 |
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
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JMB EDUCATIONAL FUND
NOTES TO THE ACCOUNTS (continued) FOR THE YEAR ENDED 31ST DECEMBER 2023
6. STAFF COSTS AND NUMBERS
The Charity employed no members of staff during this or the previous financial period.
7. 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. (2022 - None)
8. 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.
9. 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.
10. 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
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