**Charity Registration No. 1167954 (England and Wales) Company Registration No. CE007703 (England and Wales)** ## **JCD FOUNDATION** **ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021** ## **JCD FOUNDATION** ## **LEGAL AND ADMINISTRATIVE INFORMATION** |**Trustees**|Mr Chunilal Shah| |---|---| ||Mr Paras Dodhia| ||Mrs Jayaben Dodhia| ||Mrs Hita Shah| |**Charity number**|1167954| |**Registered office**|JCD Foundation| ||Suite 137| ||28A Church Road| ||Stanmore| ||HA7 4AW| |**Auditor**|Jeffreys Henry LLP| ||Finsgate 5-7 Cranwood Street| ||London| ||EC1V 9EE| |**Bankers**|Barclays bank Plc| ||1 Churchill Place| ||London| ||E14 5HP| ||Bank of Baroda| ||213 Kenton Road| ||Harrow| ||HA3 0HD| ## **JCD FOUNDATION** ## **CONTENTS** ||**Page**| |---|---| |Trustees' report|1 - 3| |Independent auditor's report|4 - 7| |Statement of financial activities|8| |Balance sheet|9| |Notes to the financial statements|11 - 14| ## **JCD FOUNDATION** ## **TRUSTEES' REPORT** ## _**FOR THE YEAR ENDED 31 DECEMBER 2021**_ The trustees present their report and financial statements for the year ended 31 December 2021. The accounts have been prepared in accordance with the accounting policies set out in note 1.1 to the accounts and comply with the Charities Act 2011 and “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)”. ## **Objectives and activities** The object of the CIO is to advance such charitable purposes (according to the law of England and Wales) as the trustees see fit from time to time. Our purpose is to advance the education of young people for the public benefit by making fee grants, new school construction and school refurbishment projects that will allow students to access better quality education and infrastructure. This objective is achieved by making grants to other charities that serve this purpose. Our organisation will make grants to other charities that relieve poverty by funding food, housing, medical and other emergency support to poor, disabled, elderly and people affected by natural disasters. Our organisation will make grants that fund food and shelter costs to protect animals and thereby prevent the animals from being sent to the slaughter houses or prevent death during natural disasters. Our organisation will make grants to other charities that fund projects covering medical expenses for major and minor surgeries, medical camps and other healthcare programs which will help save lives and provide much needed healthcare for poor, disabled and elderly. Our organisation will make grants to other charities that advance the tenets of Jainism worldwide through education programs, support for Jain monks and nuns in India amongst other activities. There have been no changes in the charity’s objectives during the year. ## **Strategy for meeting our charitable purpose** Our aim is to support energetic and highly efficient charities that deliver projects with a tangible impact on improving peoples/animals lives. Our strategy is to focus on children’s education, poverty relief, help disabled/ elderly, healthcare support, protect and save animals and advance tenets of Jainism. Our preference is to work on long term projects and maintain involvement and monitoring over time. Our initial focus is on working with a small number of charity organisations that we have researched thoroughly to ensure maximum impact and ease monitoring subject to strong project proposals. We focus on countries where we have developed local contacts and knowledge e.g., India, UK and Kenya. ## **Grant making policy** Our trustees are active in identifying and sourcing projects which resonate with our purpose. Our main source of local organisations and in turn projects to support will be direct visits to local charities and through reliable references and local contacts. Initial enquiries may be submitted by charities via email or post and further documents are then requested as part of a detailed due diligence process. We evaluate the local charity by vetting their trustees, site visits, review their historic projects, historic project delivery track record, ability to maintain ongoing projects e.g., long term school running. We require documentation such as last three years annual reports, proof of registration, proof of ability to receive foreign funds, policy documents, details of historic projects completed and continuous feedback. As part of the detailed project selection process once the organisation has been approved we require the project to meet our purpose, have a tangible benefit in a cost effective manner, and have measurable outcomes and timely completion. - 1 - ## **JCD FOUNDATION** ## **TRUSTEES' REPORT (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2021**_ ## **Achievements and performance** The CIO has granted funds totaling £1,399,176 during the period in line with the CIO’s objectives. In 2021, we supported various local projects through FCRA registered charities in India such as Shree Halari Visha Oswal Adi Jin Sewa Trust and Ujjaini Senior Citizens Forum. We have visited and researched all of the above organizations and monitored their work over many years. The funds granted during 2021 were allocated to different projects in the following categories: supporting Jain monks and nuns, animal feeding and housing costs, helping poor families with food, medicine and housing, children’s education infrastructure projects, children’s ongoing school fees and the advancement of tenets of Jainism through support for infrastructure projects and spiritual retreats. We had a large number of small projects in 2021 due to the Covid-19 pandemic. Most of our activities were centered towards helping poor people during the lockdown and afterwards due to the rise in unemployment and other challenges due to the pandemic. There is a lag effect between donation made and project implementation for some projects. Several projects were completed in 2021 from the funds donated in 2019 and 2020. The donations made in 2021 will lead to some projects being locally funded and completed in 2022 and 2023. The surplus funds held by the charity will be used to continue funding projects over the next five years. Some of the projects supported in 2021 included: - a. Supporting numerous panjrapole across Gujarat and Maharashtra – animal shelter homes by providing funds for animal feed and shed construction, - b. Construction of numerous upashrayas, renovations of upashrayas and renovation of dharamshalas, - c. Construction and renovation of Jain temples in Gujarat and installation of Jain pratima (idols) in these temples, - d. Supporting poor families with school fees, medical bills assistance, house construction/renovation and direct monetary help across Gujarat and Maharashtra, - e. Helping Jain monks and nuns with medicine costs, food costs and other support, - f. Helping with medical expenses for treating injured animals in Gujarat, - g. Supporting rural and poor students through boarding based education, - h. Supporting with maintenance expenses of a large rural boarding school, - i. School infrastructure projects in Gujarat, - j. Feeding and maintenance support for disabled and unwell persons at an ashram in Madhya Pradesh, - k. Construction of a new floor in a building that will house aged and elderly persons in Madhya Pradesh, - l. Infrastructure project for Jain Veyavacche Centre in Madhya Pradesh, - m. Food kit distribution to many Jain families during the Covid pandemic, - n. Relief support to families affected by flooding, cyclones and other natural disasters in Gujarat ## **Financial review** Cash reserves at the end of the year are adequate to support the continuation of current activities. ## **Risk Analysis** The trustees have assessed the major risks to which the charity is exposed to, and are satisfied that systems are in place to mitigate exposure to the major risks. ## **Structure, governance and management** - 2 - JCD FOUNDATION TRUSTEES. REPORT {CONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2021 The charity Is controled ty its governing documeni I'Foundaiion' model constslubonl and constrtuies a Charit8b)e In￿rporated Organizalion dated 30th June 2016. The Irvslees have the p¢)wer to appoint addrtional Iruslees. a$ it considers fjl lo do so. Every future Irusiee shall be appointed by re¥olulion of the tru51ees passed at a properfy GDnvened meeting of the charty IYu$iees. Statement of Tw8tees' re8pon$lbllltl88 The Iruslees are responsible for preparing the Tru8lees' Report 8nd the finanoal slalements In 8ccoTdance with applicable law 8nd United Kingdom Accounling Standards (United Kingdom Generalty Accepted Accounting Practice). The law applicable lo charilies In Et)gland and Wales requires Ihe trustees to prepare finanual stalernenls lor each fnancial year wfiich give a true and fair view of Ihe slate of affairs of thanty and of the inconwng resources and application of resources of th& Chanty forthai year. In preparing these finana81 statements, Ihe trustees are required to.. - Select suiiaNe attounting poliryes and then appty Ihem con￿¥1*nty', - observe the m8ihods and prinurAes in the Charitses SORP.. - tnake judgernents and es￿mateS that are reasonable and PFudent". slate whether aP￿ICaNe accounting sland8r¢5 have been followed, subject to any materkql Oepartures dlsdosed and explained in Ihe finanu81 stsiemenls.. 8nd Pfepare the finantsal statements on the going conrEm basis unless it is Inappropnale lo presurne that the charity will continue in operatron. The Iwstee5 are responsible for keeping suffDent 3cwunting records that d15clo$e wilh reasonable accuracy al any lime Ihe finanual position of the charity and enable ihem to ensure that the finanual statements comply Ihe Charibes Act 2011. They are also responsitAe for safeguarding the assets of the charity and henct for taking Tea50nable steps forthe prevention and delectson of fraud and other itregularities. Auditor The auditor, Jeffteys Hénry LLP. Is dtemed to be reappointed under Section 487121 of Ihe CDmpanies Act 2(KJ6. Dl$clo$ure of infom)atlon to aut11tor Each of the trustees has confiFrned that Ihere is no SnlNmation ol whth they are aware whith 1$ relevant to Ihe avdil, PArt of which Ihe 8udil(K 1$ una%Yare. They have furthèr confim)ed ihal they have taken appropriate stsps 10 idenlfy tsuch relewarTrt informaiion and lo establish Ihal Ihe auditor is aware of such InfotTTSalion. The Tnjstees, report. induding the slrate9i¢ report, aP[￿0ved by Ihe Board ofTrustees. Mr Paras Dodhla Truslee Dated." 30 September 2022 ## **JCD FOUNDATION** ## **INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF JCD FOUNDATION** ## **Opinion** We have audited the financial statements of JCD Foundation (the ‘charity’) for the year ended 31 December 2021 which comprise the statement of financial activities, the balance sheet, the statement of cash flows and the notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 _The Financial Reporting Standard applicable in the UK and Republic of Ireland_ (United Kingdom Generally Accepted Accounting Practice). In our opinion, the financial statements: - give a true and fair view of the state of the charity’s affairs as at 31 December 2021 and of its incoming resources and application of resources, for the year then ended; - have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and - have been prepared in accordance with the requirements of the Charities Act 2011. ## **Basis for opinion** We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the _Auditor's responsibilities for the audit of the accounts_ section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the accounts in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. ## **Conclusions relating to going concern** In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Our evaluation of the trustees' assessment of the charity's ability to continue to adopt the going concern basis of accounting included, as part of our risk assessment, review of the charity's objectives, its model and related risks including where relevant the impact of the COVID-19 pandemic and Brexit, the requirements of the applicable financial reporting framework and the system of internal control. We evaluated the trustees’ assessment of the charity's ability to continue as a going concern, including challenging the underlying data and key assumptions used to make the assessment, and evaluated the trustees’ plans for future actions in relation to their going concern assessment. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report. ## **Other information** The trustees are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. - 4 - ## **JCD FOUNDATION** ## **INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF JCD FOUNDATION** ## **Matters on which we are required to report by exception** We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion: - the information given in the financial statements is inconsistent in any material respect with the Trustees' report; or - sufficient accounting records have not been kept; or - the financial statements are not in agreement with the accounting records; or - we have not received all the information and explanations we require for our audit. ## **Responsibilities of trustees** As explained more fully in the statement of Trustees' responsibilities, the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the trustees are responsible for assessing the charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to cease operations, or have no realistic alternative but to do so. ## **Auditor's responsibilities for the audit of the financial statements** We have been appointed as auditors under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder. Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: - 5 - ## **JCD FOUNDATION** ## **INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF JCD FOUNDATION** ## **The extent to which the audit was considered capable of detecting irregularities including fraud** Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows: - the senior statutory auditor ensured the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations; - we identified the laws and regulations applicable to the charity through discussions with trustees, and from our commercial knowledge and experience of audits of non-profit organisations; - we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the charity, including Companies Act 2006 and Charities Act 2011, taxation legislation, data protection, anti-bribery and anti-money laundering regulations. - we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and - identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit. We assessed the susceptibility of the charity's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by: - making enquiries of the trustees as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; - considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations. To address the risk of fraud through management bias and override of controls, we: - performed analytical procedures to identify any unusual or unexpected relationships; - tested journal entries to identify unusual transactions; - assessed whether judgements and assumptions made in determining the accounting estimates set out in Note 2 of the Group financial statements were indicative of potential bias; - investigated the rationale behind significant or unusual transactions. In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to: - agreeing financial statement disclosures to underlying supporting documentation; - reading the minutes of meetings of those charged with governance; - enquiring of the trustees as to actual and potential litigation and claims; - reviewing correspondence with HMRC and the charity's legal advisor. There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the trustees and the inspection of regulatory and legal correspondence, if any. Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: http://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report. ## **Other matter** Your attention is drawn to the fact that the charity has prepared financial statements 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 during October 2019 which is referred to in the extant regulations. This has been done in order for the financial statements to provide a true and fair view in accordance with Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2019. - 6 - ## **JCD FOUNDATION** ## **INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF JCD FOUNDATION** ## **Use of our report** 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. Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to state to them in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity’s trustees as a body, for our audit work, for this report, or for the opinions we have formed. **Sanjay Parmar (Senior Statutory Auditor) for and on behalf of Jeffreys Henry LLP** 30 September 2022 **Chartered Accountants Statutory Auditor** Finsgate 5 - 7 Cranwood Street London EC1V 9EE Jeffreys Henry LLP is eligible for appointment as auditor of the charity by virtue of its eligibility for appointment as auditor of a company under of section 1212 of the Companies Act 2006 - 7 - ## **JCD FOUNDATION** ## **STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT** _**FOR THE YEAR ENDED 31 DECEMBER 2021**_ |**Unrestricted**
**funds**
**Notes**
**£**|**Unrestricted**
**funds**
**Notes**
**£**|**Restricted**|**Total**|**Total**
**2020**
**£**
4,750,000
24,245
4,774,245
2,227,627
2,546,618| |---|---|---|---|---| ||**funds**|**funds**|**2021**|| ||**£**|**£**|**£**|| |**Income from:**||||| |Donations and legacies
**3**|3,093,750|-|3,093,750|| |Investments
**4**|3,321|-|3,321|| |||||| |**Total income**|3,097,071|-|3,097,071|| |**Expenditure on:**||||| |Charitable activities
**5**|1,405,524|-|1,405,524|| |**Net income for the year/**||||| |**Net incoming resources**|1,691,547|-|1,691,547|| |||||| |**Other recognised gains and losses**||||| |Other gains or losses
**9**|149|-|149|(492)| |||||2,546,126
13,205,874
15,752,000| |**Net movement in funds**|1,691,696|-|1,691,696|| |Fund balances at 1 January 2021
**Fund balances at 31 December 2021**||||| ||15,752,000|-|15,752,000|| |||||| ||17,443,696|-|17,443,696|| The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities. - 8 - JCD FOUNDATION BALANCE SHEET AS A T 31 DECEAIBER 2021 2020 Current a￿ets Dtblors Cath at bank and in hand 10 t7.448. 15.756.775 17.449.216 15.757,070 CYEditorn.' *mounty falllng du•tAlthin no year 11 15.52 (5,0701 Net ojrrent 8SSets 17.443. 15,752,ClX) In¢c¥ne funds Unrestnded fvnds 17.443.698 15.752.riJo 17.443.6 15,752.OJ) Mr Paras D(xlhia Tr￿th￿ ## **JCD FOUNDATION** ## **STATEMENT OF CASH FLOWS** _**FOR THE YEAR ENDED 31 DECEMBER 2021**_ |**Notes**
**Cash flows from operating activities**
Cash generated from operations
**13**
**Investing activities**|**2021**|**2021**|**2020**|**2020**| |---|---|---|---|---| ||**£**|**£**|**£**|**£**| ||3,321|1,688,857
3,321
-
1,692,178
15,756,775
17,448,953
-
-|24,245|| |||||3,605,646| |||||| |Interest received||||| |**Net cash generated from investing**
**activities**
**Net cash used in financing activities**
**Net increase in cash and cash equivalents**
Cash and cash equivalents at beginning of year
**Cash and cash equivalents at end of year**
Short term deposits included in current
asset investments
Bank overdrafts included in creditors
payable within one year||||| |||||24,245| |||||| |||||-| |||||| |||||| |||||3,629,891| |||||| |||||12,126,884| |||||| |||||| |||||15,756,775| |||||| |||||| |||||-| |||||| |||||-| - 10 - ## **JCD FOUNDATION** ## **NOTES TO THE FINANCIAL STATEMENTS** _**FOR THE YEAR ENDED 31 DECEMBER 2021**_ ## **1 Accounting policies** ## **Charity information** JCD Foundation is a charity incorporated in England and Wales. The registered office is Suite 137, 28A Church Road, Stanmore, HA7 4AW. ## **1.1 Accounting convention** The financial statements of the charity, which is a public benefit entity under FRS 102, 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)' and the Charities Act 2016. The financial statements have been prepared under the historical cost convention. The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £. The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below. ## **1.2 Going concern** At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements. ## **1.3 Charitable funds** Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives unless the funds have been designated for other purposes. Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements. Endowment funds are subject to specific conditions by donors that the capital must be maintained by the charity. ## **1.4 Incoming resources** All income is recognised in the Statement of Financial Activities once the Charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably. ## **1.5 Cash and cash equivalents** Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities. ## _**Basic financial assets**_ Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised. - 11 - ## **JCD FOUNDATION** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2021**_ - **1 Accounting policies** ## **(Continued)** ## _**Basic financial liabilities**_ Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method. ## _**Derecognition of financial liabilities**_ Financial liabilities are derecognised when the trustee's contractual obligations expire or are discharged or cancelled. ## **2 Critical accounting estimates and judgements** In the application of the trustees accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods. There are no significant accounting estimate or judgement undertaken by the trustees in the preparation of these accounts. ## **3 Donations and legacies** |Donations
Giftaid refunds|**2021**|**2020**| |---|---|---| |||| ||**£**|**£**| |||| ||2,475,000|3,800,000| ||618,750|950,000| |||| |||| ||3,093,750|4,750,000| |||| |||| |**4**
**Investments**||| |Interest receivable||| ||**2021**|**2020**| |||| ||**£**|**£**| |||| ||3,321|24,245| - 12 - ## **JCD FOUNDATION** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2021**_ ## **5 Charitable activities** ||**2021**|**2020**| |---|---|---| ||**£**|**£**| |||| |Postal fees|360|360| |Accountancy and audit fees|5,520|5,040| |Bank charges|468|705| |||| |||| ||6,348|6,105| |||| |Grant funding of activities (see note 6)|1,399,176|2,221,522| |||| |||| ||1,405,524|2,227,627| ## **6 Grants payable** |Grants to institutions:|**2021**|**2020**| |---|---|---| ||**£**|**£**| |||| |Shree Halari Visha Oswal Adi Jin Sewa Trust|1,292,434|1,744,491| |Arihant Charitable Trust|-|477,031| |Shree Halari Visha Oswal Shwetamber Murti Pujak Jain Sang|1,836|-| |Ujjaini Senior Citizens|104,905|-| |||| |||| ||1,399,176|2,221,522| ## **7 Trustees** None of the trustees (or any persons connected with them) receive any remuneration or benefits from the charity during the year. ## **8 Employees** There were no employees during the year. ## **9 Other gains or losses** |**Other gains or losses**||| |---|---|---| ||**2021**|**2020**| ||**£**|**£**| |Foreign exchange loss / (gains)|(149)|492| - 13 - ## **JCD FOUNDATION** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** ## _**FOR THE YEAR ENDED 31 DECEMBER 2021**_ |**10**
**Debtors**
**Amounts falling due within one year:**
Prepayments and accrued income
**11**
**Creditors: amounts falling due within one year**||| |---|---|---| ||**2021**|**2020**| ||**£**|**£**| |||| ||263|295| |||| |||| |Accruals and deferred income|**2021**|**2020**| ||**£**|**£**| |||| ||5,520|5,070| ## **12 Related party transactions** ## **Transactions with related parties** During the year the charity entered into the following transactions with related parties: During the accounting period the total amount of donations received from trustees amounted to £2,475,000 (2020 - £3,800,000 ). There were no conditions attached to any of these donations. There were no other disclosable related party transactions during the year (2020 - none). |**13**
**Cash generated from operations**|**2021**|**2020**| |---|---|---| |Surplus for the year
Adjustments for:
Investment income recognised in statement of financial activities
Foreign exchange differences
Movements in working capital:
Decrease in debtors
Increase in creditors
**Cash generated from operations**|**£**|**£**| |||| ||1,691,547|2,546,618| |||| ||(3,321)|(24,245)| ||149|(492)| |||| ||32|1,083,735| ||450|30| |||| |||| ||1,688,857|3,605,646| |||| |||| |14
**Analysis of changes in net funds**||| |The charity had no debt during the year.||| - 14 -