REGISTERED CHARITY NUMBER: 1167954 REPORT FTH FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 D MBER 2024 FOR JCD DATION Harendrd Kishorlal Shah (FCCA) (Senior Auditor) For and behalf of Shah & Co (Accountants) Ltd Chartered Accountants & Statutory Auditors Cash's Business Centre 1st Floor 228 Widdrlngton Road Coventy West Midlands CVI 4PB
JCD FOUNDATION CONTENTS OF TH FINAN IAL STATEMEN FOR THE YEAR ENDED 31 DECEMBER 202 Page Reference and Administrative Detai15 Report of the Trustees 2 to 4 Report of the Independent Audito 5 10 8 ststement of FinAneiAI Activities Balance Sheet io Cash Flow Ststement li Notes to the Cash Flow Statement 12 Notes to the Financial Ststements 13 to 19
JCD FOUNDATI REFERENCE AND ADMINISTRATIVE DETAIIS FOR THE YE ENDED 31 DECEMBER 2024 TRUSTEES Mrs H J Shah MrCMShah Mr P Dodhia Mrs J C M Dodhia REGISTERED CHARITY NUMBER 1167954 PRINCLPAL ADDRESS Suite 137 28A Church Road Starnmore HA7 4AW AUDITORS Shah & Co (Accountants) Ltd Chartered Certified Accountants & ststutory Auditors Cash's Business C¢ntr¢ 1st Floor 228 Widdrington Road Coventy West Midlands CVI 4PB Barclays Bank PLC I Churchill Place London E14 5HP
JCD FOUNDATION REPORT OF THE TRUSTEES FOR THE YEAR END I DECEMBER 2024 Th¢ trUstS present their annual r¢port and financial ststements for the year ¢nded 31 December 2024. The accounts have been prepared in accordance with the accounting FK)licies set out in note 2 to the accounts and comply with the Charities Act 2011 and "A¢¢ounting 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 l January 2019)" Objectives and aetivitAes The obje¢tkve of the Charitable Incorporated OtEanization (CIO) is to advance such charitable puryx)ses (according to the law of England and Wales) as the tsstee8 see fit from time to time. Our purpose is to advance the education of young people for the public benefit by making fee wts. new schijol construction and 5¢hool refurbishment projects that will allow students to access better quality education and infra8tructure. Thts objective is achieved by making grants to other chwities that serve this purpose. Our organisation will make grants to other ¢harities that relieve poverty by funding food, hou5in& medical and other emergency SUp)rt to poor, disabled, elderly and people affected by natural dis&8ters. Our organisation will make grants that fund food and shelter costs to PteCt animals and thereby prevent the animals fiDm being s¢nt to the slaughter houses or prevent death during natural disasters. Our organisation will make grants to other charities that fijnd proj¢¢ts ¢overffing medical expenses for major and minor surgcrÈes. medical camps and other healthcare programs which will help save lives and providc much needed healthcare for poor, disabled and elderly people. Our Organisation will make grants tr) other charilies that advance the tenets of Jainism worldwide through education programs, support for Jain monks and nuns in India amongst oth¢r tivities. There hav¢ been no ¢hanges in the charity's objectives during the year. Strategy for meeting charitable purpose Ow aim is to support energetic and highly eificienl charities ihat deliver projects with a tangibl¢ impart on improving peopleslanimals lives. Our strategy is to focus on children's education, povcrty r¢lief, help disabledlelderly people, provide healthcare suppor¢ protect and save animals, and advance tenets of Jainism. Our preference is to work on long temi projects and maintain involv¢m¢nt and monitoring over time. Our initial focus is on working with a small number of charity organisations that we have researched thoroughly to ensure m&Yimum impact and ease monitoring subject to strong project prOsalS. We focus on countrles where we have developed local contacts and knowledge e.g. India and The trustees have paid due regard to guidance issued by the Charity Commission in deciding what a¢tivities th¢ charsty should undertake. Grant making policy Our trustees are active in identifying and sourcing projects which re50nate with our purpose. Our main source of locaI organisatiODS and in turn projects to support will be direct visits to local charities and through reliable reftrllcCS and local contacts. Initial enquiries may be submitted by charities via email or post and fiErther documents are then requested as part of a detailed due diligence process. We evaluate the local charity by velting their trustees. conducting site visits, reviewing their historic projects and historic project delivery track record. and their ability to maintain ongoing projects e.g. long-temi school running. We require documentation such as last three years annual reports, pmof of registration. pr(K)f of ability to receiv¢ 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 purp)se, have a tangible benefit in a cost-effective manner, and have measurable outcomes and timely Completion. Aehiev¢ments and p¢rfornian¢e The CIO has granted funds tr)taling £1,105,547 during the period in line with the CIO'S objectives. In 2024, we supported vatious local projects tbrough FCRA registered charities in India such as Shree Halari Vi5ha Oswal Adi Jin Sewa TrusL Shree Adinath Yuva Charitable Trust, Shffe Maitrivat5alya Trust and Uiiaini S¢nior Cilizens Fonjm. We hav¢ visited and researchcd all of th¢ 8bov¢ organizations and rnonitor¢d th¢ir work over many years.
JCD FOUNDATION REPORT OF THE TRUSTEES FOR THE YEAR EM)ED 31 DECEMBER 2024 The funds granted during 2024 were allocated to different projects in the following categories: Supporting Jain monks and nuns, animal fe¢ding and housing costs, helping poor families with food, medicine and housing, children's education infr&5tsvcture projects, children'5 ongoing school fees and the advancement of tenets of Jainism through support for infrastructure projects and spiritual rctrcats. There is a lag effect between donation made and project implementation for some projects. Several projects were completed in 2024 from the funds donated in 2022 and 2023. Th¢ donations made in 2024 will lead some projects bcing locally funded and completed in 2025 and 2026. The surplus funds held by the Gharity will be used to continue funding projects over the nex¢ five years. Some of the projects supported in 2024 included.. a) Supporting numerous panjrapole across Gujarat and Maharashtra - animal shelter homes by providing funds for animal fecd and shed construction b) ConstThction of upashrayas. renovations of up&8brayas and renovation of dhardmshal&s and vihardFLam ) Construction and r¢novation 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 constructionlrenovation and dirert monetary help across Gujarat and Maharashtra e) Helping Jain monks and nuns with medicine costs, food ¢osts and other support Q Helping with medical expenses for treating injured animals in Gujarat g) Supporting spiritual retreats in Gujarat h) Supporting rural and poor student5 through boarding based education i) Feeding and maintenance support for disabled and unwell persons at an ashTam in Madhya Prndesb j) Relief support to families affected by flooding, cyclones and other natural disaster5 in Gujarat k) IrChase of medical diagnostic equipment and other medical equipment for a Medical Center in Surat l) Funding of Jain Pathshala content and other publications of Jainism related books and literature Financial review Cash res¢rv¢s at the ¢nd of the year arc adequate to support the continuation olcuLT¢llt activities. Risk Analysis The trustees have assessed the major risks to which th¢ charity is exposed to, and are satisfied that systems are in place to mitigate exposure to the major risks. STRUCTURE, GOVERNANCE AND MANAGEMENT The charity is controlled by its goveming document ('Foundation" model constitution) and ConStiteS a Chwitable Incorporated Organisation dated 30 June 2016. The trustees have the power to appoint additional tnjstees, as it considers fft to do so. Every future trustee shall bc appointed by resolution of the tnteeS passed at a property convened meeting of the charity trustees. The trustees who served dwing the year and up to the date of sig[tllre of the financial statements were: Mrs H J Shah Mr J Dodhia Mr P Dodhia MrCMShah EVEIYTS SINCE THE END OF THE YEAR tnfom)ation relating to events since the end of the year is given in the notes to the fllwlcial statements. STATEMENT OF TRUSTEES, RESPONSIBILITIES The tnteeS are responsible for preparing the Report of the Trustees and the financial statements in accordan¢¢ with applicable law and United Kingdom Accounting Standards Wnited Kingdom Generally Accepted Accounting Practlce) including Financial Reporting Standard 102 "The Financial Rew)rting Standard applicable in the UK and Republic of Ireland"
D FQu&TlN rATEMENT OF TR.l5sfF.,LS' RESPONSIBIIThIFts- eoDlimi 'lThe law appli¢abl¢ ty ¢h4rities in England W41¢& th¢ fh2rfj¢i¢s Acl 2Qll, Ojarity (Acco# pDd Rep)rt8) R.¢gulation5 008 and th¢ prrJVi$jÉ)ns_ of th¢ inist d¢ed requires the tswsl¢v> w pr¢paT¢ fJndn¢lal ¥lAl¢m¢Dts for eA¢h financi41 Ye whith giv¢ a tsu¢ 4nd f'r vi¢w of th¢ $18ts of of th¢ ¢14rt"ty aDd of tb¢ inwmlTI8 and Appli¢aXion of resour. in¢ludin8 th.¢ incom¢ •nd ¢XPEnOitur< of th¢ ¢harity fv thrt p¢r1, kn pr¢Pan those rm8111 stsieMem the trustKs ar¢ required lo ¥elect suitable acCut8 plicies ¥nd then apply th¢m c(Jnsist¢ntly; obs¢rv¢ th.¢ mrtlxxls and principl<4 in the Charity SQRP. make judgom¢nts and estlmates that ar¢ r¢&son4ble aud prudontr: stsi¢ wbdh¢r applicahl¢ 4cwunting S(al1$ hAv¢ b¢on followY4 subj¢d ty any mat#rid d¢partuN di$¢losed ¢xpliincd in ihe financial $18i¢ments' prep¢ the fuwi¢ial statements on ihe going L¥n¢¢rn b&9ii uDI¢ss it is iD4PPVPigt¢ to prcsume that the ¢hxity WUI ofttinue in busin¢ss. tsIWe¢s arn responsible ke¢ping wope¥ loUntIn8 re4ords whith dis¢lox with r¢Awnable ac¢uracv at lirnt the finan¢ial kx)silion of the chwity and enable th¢m to ¢ns4Ut the [ti¢l st&efflent$ compl) with th¢ CThanti'es 2011 thc Clwity (Accouals and Reports) R¢Buhiions 2(K)8 and the prom.910% of the trWSt deed. Th¢y Ire 8ts0 responsible for safeguarding th¢ assets of the chan'ty and heTh¢o tsking rwonabl¢ s*PS for the pmThtioll d{li1)n of fraud oth¢r irregularilies, Approved by order of the bo1 Ortn OD ... and y8wI its bebjlf by: MT P Dodhia- Tnjgtce
RKP RT OF THE INDEPENDENf AUDIT JCD FOUNDATION TO THE TRUSTEES Opinion W¢ have audited the ftnancial slatements of JCD Foundation (the 'charity') for th¢ year ended 31 December 2024 which comprise the Statement of Financial Acttvitie% the Balance Sheet, th¢ Cash Flow Statement and notes to the financial statements, including a summary of significant accounting poli¢i¢s. The financial reporting framework that has been applied in their preparation is appli¢abl¢ law and United Kingdom Accounting Standards (United Kingdom G¢n¢raily A¢¢epted Accounting Practice), including Financial Reporting Stsndard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland,. In our opinion the financial statements: give a trne and fair view of the state of the charity's affairs as at 31 December 2024 and of its incoming re50ur¢¢s and application of resources, for the year then ended. have been properly prepared in accordance wilh United Kingdom Generally Accepted Accounting Practice, including Financial R¢porting Stsndard 102 'The Financial Reporting Stsndard applicable in the UK and Republic of Ireland,. have been prepared in accordance with the requir¢ments of the Charities Act 2011. Basis for opinion We conducted our audit in accordance wilh Intemational Standards on Auditing (UK) (ISAS (tJK)) and applicable law. Our responsibilities under ihose standards are further described in the Auditors, responsibilities for the audit of the financial statements section of our report. We independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC'S Ethical Standard, and we have fijlfilled 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 statement& we have concluded that th¢ trustees, use of the going concern basis of accounting in the preparation of the financial ststements is appropriate. 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 signifJ¢ant doubt on the charity's ability to continue as a going concern for a nod ot'at least twclyc months from wh¢n the fmancial statements ar¢ iiuthoris¢d for Issue. Our responsibilities and the responsibilities of the ttustees with resp¢¢t to going concern are described in the relevant sections of this report. Other inforni#tion The tswstees are responsible for th¢ other inforniation. The other information comprises the infonnation included in the Annual Report, other than the financial statements and our Report of the Independent Auditors thereon. Our opinion on the financial statements does not cover the other infomiation and, except to the extent otherwise explicitly statgj in our report, we do not express any fomi of assurance conclusion therwn. tn connection with our audit of the financtal statements, our responsibility is to read the other infonnation and, tn doing so. wnsider whether the other information is materially inconsistent with th¢ finan¢ial statements or our knowl¢dge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent materiaI misstatem¢nts. w¢ are required to detennine whether this gives ris¢ to a material misstatement in the financial statements themselves. If, based on the work we have perfonned, we conclude that there is a material misstatement of this other infonnation, we are required to report that facL We have nothing to report in this regard. Matters OD which we Are required to report by exception We have nothing to report in respect of the following matters wh¢r¢ the Charities (Accounts and Reports) Regulations 2008 requires us to report lo you if, in our opinion: the infomiation given in the Report of the Trustees is inconsistent in any material respe£t with the fmancial statements; or sufficient accounting records have not been kepL' or the financial statements are not in agreement with the accounting records and returns. or we have not received all the infonnation and explanations we require for our audiL
REPORT OF THE INDEPENDEiYf AUDITORS TO THE TRUSTEES OF JCD FOUNDATION Resw)nsibilitios of trustees As explained more fully in the Statement of Trustees, Responsibilities, the trustees are responsible for the preparation of th¢ fmancial statements which give a trne and fair vi¢w, and for such intemal control as the trustees determine is necessary to enable the preparation of fuwicial statements that are free from material misstatemenl whether due to fraud or error. In preparing the financial statements, the trnstees are SPonsible for asse&sing the charity's abilily to continue as a going oncern. disc105in& As applicabl4 matters related kn going wncern and using the going concern basis of accounting unless the trustees either intend to liquidale the Charity or to cea5¢ opeTation5. or hav¢ no realistic alternative but to do so.
REPORT OF THE INDEPENDENf AUDITORS TO THE TRUSTEES OF JCD FOUNDATION Our responsibilities for the audit of the fin*neial statements We have been app)inted &8 auditors under Section 144 of the Clwities Act 2011 and report in accordance with the Act and relevant regulations made or having effect ther¢und. Our objectives are to obtain reasonable assurdnce about whether the financial statements as a whole are free from material misstatement, whether due to fraud or etTor, and to issue a Report of the Independent Auditors that includes our opinion. Reasonable wurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAS (UK) will always detect a matcrial mi5Statement when it exists. Misstatcmcnts can arise from fraud or cnDr and are considered material if, individually or in the aggregate. they could reasonably be expected to influence the economic decision5 of users taken on the basis of these financial statements. The extent to which our proGedures are capable of detecting inrgularities, Including fraud is detled below: We obtained an undet3tanding of the charity and identified that the princlpal risks of non-wmpliance with laws and regulations relate to the Charity Commission regulations. and we con5Tdered th¢ extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the financial Statements of the charity or the operations of the charity, and deterniincd that the most significant are those that relate to the Charities Act 2011. Charity (Accounts and RetK)rts) Regulations and Charities SORP (FRS 102). As part of an audit in a¢wrdan¢e with ISAS (UK), we exerci Professional judgement and maintain professional scepticism throughout the audit. We a150: - Identify and assess the risks of material misstatements of the financial statements, whether due to fraud or etTor, design and perfonn audit procedures reswnsive to those risks, and obtain audit evidence that is sufficient and appropriat¢ to pVIde a blS for our opinion. - Obtain an understsnding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the internal control. - Evaluate th¢ appropriateness of accounting policies used and the reasonabl¢ness of accounting estimales and related discloswes made by the trustees. Conclude on the appropriateness of the trustees, use of going concem basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on tlie charity's ability to continue as a going concern If we conclude that a material uncertainty exists, we are required to drnw attention in our auditor's report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions based on the audit evidence obtained up to the date of out auditovs report. However, future events or conditions may cause the Gharity to cease to continu¢ &8 a going concern. - Evaluate the overall P¢tatIOn. stnlcture and content of the fmancial statements. illcluding the disclosures. and whether the financial statements repTescnt the underlying transactions and events in a manner that achieves fair presentation. Wc communicate with thosc charged with governance regarding, among other matter5. thc planned scope and timing of the audit and significant audit findings. including any significant deficiencies in internal control that we identify during our audit. Thcrc are inherent limitations in thc audit procedures described above. We are less likely to becotne aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financia] statements. Also. the risk of not detecting a material misstatement due to frnud is higher than the risk of not detecting one resulting from em)r. as fraud may involve deliberate concealment by. for example. forgery or intentional MispreSentatiOns, or through wllusion. A further derIptIon of our responsibilities for the audit of the financial statements is locat on the Financial Reporting Council's website at Www.frc.o.Uklaudlt0rsreSpOnSlbI1lties. This description fornis part of our Report of the Independent Auditors.
REPORT F THE INDEPEIYDENf AUDITORS T D FOUNDATION THE TRUSTEES Use of our report This rewrt is made solely to the ChIty'S trnstees, as a body, in ac¢ordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertsken so that w¢ might state to the charity's trustees those matters we are required to slate to them in an auditors. rewTrrt and for no other purpose. To the lIest extent pennitt¢d by law, we do not accept or assume responsibility to anyone other than the charity and the charity'5 trustses as a body, for our audit work, for this report, or for the opiniolls we have fomied. Harendrd Kishorlal Shah (FCCA) (Senior Auditor) For and b¢half of Shah & Co (Accourrtants) Ltd Chartered Accountants & Ststutory Auditors Cash's Business Centre 1st FIc)r 228 Widdrington Road Coventy West Midlands CVI 4PB
ATION STATEMENT OF FINANCIAL ACTIVITIES FOR THE YE DED I DECEMBER 2024 31.12.24 Totsl fimds 31.12.23 Total funds Unrestricted Restricted nd fund Notes INCOME AND ENDOWMENTS FROM Donations and legacies 1.395,000 1,395,000 1,162,500 Investment income 736,176 736,176 411,301 Totsl 2,131.176 2,131,176 1,573,801 EXPENDITUKE ON Charitable aetivities Operations of the charity 1,137.451 1,137,451 1,536,021 Net gain5 on investments 1,573 NET INCOME 993,725 993,725 39J53 RECONCILIATION OF FUNDS Totsl funds brought forward 17,236,055 17,236,055 17,196,702 TOTAL FUNDS CARRIED FORWARD 18,229,780 18,229,780 17,236,055 The notes part of th¢5¢ financial stat¢mcnts
31.1124 31.1123 FIXED Assrrs Invtskn¢nts J3 13J45.094 I l ?J8529 DebroT5 14 15 280,141 3J65,954 1250,311 5,666,958 291789 Cash at bJDk 4,897,IlJ6 5.959,933 CREDII"ORS , Amouots fallin8 dva within one ye¥ 16 (11420 (Il407) NET CVRREPIT hSSETS 4.884.686 5,947326 TOTAL,ISSETS LESS CURR&Mr 18,229.780 17,236J)55 ETETs 18329.780 17 ?36.055 18 Unre5trictcd fvnds 18,229.780 1723&055 TOTAL FUNlh 18229.780 17J6,055 Th¢ fmmn 5tstem¢nts approved by the Boptd of Thtstt¢s and for cn ond were signed ou its bchalf by: Mr P Lyodhia ryTTTUStee Tho now iomi part of these finon¢i•l statements io
D FOUNDATIOIY CASH FLOW STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2024 31.12.24 31.12.23 Not¢5 Cash flows from operatfing aetlvities C&8h generated fiDm operations (23,093) (352,635) Net cath used in operating activities (23,093) (352.635) Cthsh floivs from investing activities Purch&se of red &sset investmcnts Sale of fixed asset investments Sale of social investments Interest received (4.852,366) 5.096.805 (16,955.487) 1,573 411,301 736,176 Net c&8h provided by/(used in) investing activities 980,615 (16,542,613) Change in cash and cAsh equivalents in the reporting period Cash and cRsh equivalents at the beginning of the reporting period 957,522 (16,895,248) 292,789 17,188,037 Cash and cash equivalents at the end of the reporting period 1.250,31 I 292,789 The notes forn] part of these financial statements 11
JCD FOUNDATION NOTES TO THE CASH FIX)W STATEMENr FOR THE YEAR ENDED 31 DECEMBER 2024 RKCONCILIATION OF NET INCOME TO NET CASII FLOW FROM OPERATING AcrIvrrIES 31.12.24 31.12.23 Net income for the reporting period (as per the Statement of Financial Activities) Adjustments for: Losses on investments Int¢st received Oncr¢as¢ydecreas¢ in debtors Incrcase in Creditors 993.725 39,353 (1,573) (411,301) 14,239 6,647 (736,176) (280,655) 13 Net easb used in operations (23,093) (352,635) ANALYSIS OF CHANGES IN NET FUNDS At i/ir24 Cash flow At31112Q4 Net egsh Cash at bank 292,789 957.522 1,250.311 292.789 957,522 1,250,311 Liquid resources Deposits included in cash Current assel investments 5,666,958 (2,301,004) 3,365,954 5,666,958 (2,301,004) 3,365,954 Totsl 5,959,747 (1.343.482) 4,616,265 The notss forni part of these financial statements 12
JCD FOUNDATION NOTES TO THE FINANCIAL STATEMENTS THE YEAR ENDED 31 DECEMBE 24 GENERAL INFORMATION JCD Foundation is a r¢gistered Charitable Incorp)rnted Or¥anIsatio regulated by the Charity Commission ft)r England and Wales. The charity's regislered number and registered office address can be found on the Reference and Administrative Details page of these financial statements. ACCOUIYTING POLICIES B&sis of preparing the fthanciAI statements The financial statements of the charity. which is a publtc benefit entity under FRS 102, have b¢¢n prepared in accordance with the CFwities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to ¢harities preparing their accounts in accoTdan¢e with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective l January 2019),, Financial Reporting Standard 102 'The Financial Reporting Standd applicable in the UK and Republic of Ireland, and tbe Charities Act 2011. The financial statements have been prepared under the historical cost convention, with th¢ exception of investhient5 which are included at market value. Income All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds. it is probable that the incorne will be received and the amount can be measured reliably. Cash donations are recognised on re¢eipt. Other donations aff recogThised once the charity Iw been notified of the donation, unless perfonnance conditions require defenl of the amount. Income tax recoverable in relation to donations Teceived under Gift Aid or deeds of covenant is recognised at the time of the donation. Taxation Th¢ charity is exempt from tax on its Charitable activities. Fund accounting UnrestiiGt¢d funds can be us¢d in accordance with the charitable objethives at the discretion of the trustees. Restrict¢d funds can only be used for particular restricted purposes within the objects of the charity. R¢strictions arise when specified by th¢ donor or when funds are raised for particular restricted purposes. Further explanation of the nature and purpose of each fund is included in the notes to the fmancial statements. Going concern At the time of approving the financial statements. the trnstees have a reasonable expectation that the charity has adequate resources to continue in operntional existence for the foreseeable future. Thus the trustees continue to adopt the going concem basis of ac¢ounting in preparing the fmancial statements. Cash and cash equivalents Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-temi liquid investments with original maturities of tlwee months or less, and bank overdrafts, Bank overdrafts shown within bjrrowings in current liabilities. Grants payable Grnnts payable included in the year are paid to institutions for the purpose of supporting various local projects that align to the charity's CIO objethives. Investments Investments measured at amortized cost are initially recognized at fair value, plus any directly atiributsble transaction costs. Subsequent to initial recognition, these assets are carried at amortized cost, Using the effective interest rate (EIR) method. Interest income is recognized in the income statement using the EIR method. 13
DATION NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 31 DECEMBER 2024 ACCOUNTING POLICIES - Continued Basic financial assets Basic financial assets, which include debtors and cath and bank balances are initially measured at trnnsaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitLrtes a fmanGing transaction. where the tran5athion is me&sured at the present value of the future receipts discounted at a market rate of inteTe5t. Financial assets classified &s receivable within one y¢ar are not amortised. Basic financial liabilities Basic financial liabilities, including creditor5 and bank loans are initially recognised at transaction price unless the angement Constitutes a financing transaction, where the debt instrument is measured at the present value of th¢ future payments discounted at a market rate of interest. Financial liabilities ¢l&%sified as payable within one year are not amortised. Debt instruments are subsequently catried at amortised cost. using the effective interest rate m¢thod. Other creditors are obligations to pay for goods or serYi¢es that have been acquired in the ordinary Course of operdtions from non-suppliers. Amounts payable are classified as Cuent liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method. Derecognition of fllnancial liabilities Financial liabilities are derecogt]ised when the charity's contra¢tual obligations expire or are discharged or cancelled. CRITICAL ACCOUNfiNG JUDGEMENfs AND KEY SOURCES OF ESTIMATION UNCERTAINTY The charity rnakes estimates and assumptions concerning the future. The trustees are also requircd to cxcrcisc judgement in the pro¢ess of applying the charity's accounting policies. Estimates and judgements are continually evaluated and are based on historical experience and other factors. including expectations of futLWC cvcnts that are believed to be reasonable under the circumstances. The estimates and assurnptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next finan¢i81 year are addressed below. In preparing these financial statements, the ITUStee5 have made the following judgements: Investments in UK government gih securities: Critical estimates, assumptions and judgements relate to the detennination of the carrying value of investment in UK government gilt securities at amortised cost in the Statement of Fin8mcial Activities. Financial assets held to collect contractual cashflows are those where cash flows represent solely payments of principal and interest, and ar¢ measured at amortised cost. A basi¢ lending arrdngem¢nt results in contractual cash flows that arc sol¢ly payments of prin¢2pal and interest on the principal amount outstanding. 14
JCD FOIJNDATION NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR EIYDED 31 DECEMBER 2 24 DONATIONS AND LEGACIES 31.12,24 31.12.23 Donations Gift aid 1,116,000 279.000 930,000 232,500 1.395.000 1,162,500 INVESTMENT INCOME 31.12.24 31.12.23 BaTrk int¢st r¢¢¢ived UK gilt coupon and ac¢Ned inter¢sl 5,360 730,816 110,558 300,743 736,176 411,301 CHAIUTABLE AcfiviTtES COSTS 31.12.24 31.12.23 Postal fees Accountancy and audit fees (s¢¢ not¢ 8) Bank and brokerage chaxges 496 6,120 25,288 31,904 5,910 29,793 35,703 Grant fidIng of activities (s¢¢ note 7) 1.105.547 1.500,318 .137,451 1,536,021 GIL4Nfs PAYABLE 31.12.24 31.12.23 Grants to Énstitutions: Shree Hal] Visa Oshwal Aadijin Sewa Trust Uiiaini Senior Citizens Forutn Shree Adinath Yuva Charitable Tnt She Maitri Vatsalya Trust Shree Vijaybhadrn Charitsbl¢ T$t 820,293 25,734 181,399 72,497 5,624 1,419,515 46,666 33,129 I,(K)8 1.105.547 1,500,318 15
JCD FO DATION NOTES TO THE FINANCIAL STATEMENTS - eontinued R THE YEAR ENDED 31 DECEMBER 2024 SUPPORT COSTS 31.12.24 31.12.23 Auditoes remuneration fee 4,920 4,800 TRUSTEES, REMUNERATION AND BENEFITS There were no trustees, remuneration or other benefits for the year ended 31 December 2024 nor for the year ended 31 December 2023. Trustees, expenses There were no truste¢s' ¢xp¢nses paid for the year ended 31 December 2024 nor for the year end¢d 31 December 2023. io. COMPARATIVES FOR THE STATEMENf OF FINANCIAL ACTIVITIES Unrestricted fund Restricted nd Total funds INCOME AND ENDOWMENTS FROM Donations and legacies 1,162,500 1.162.500 Investment income 411,301 411,301 Total 1,573,801 1,573,801 EXPENDITURE ON CharitAbl¢ activitfies Operations of the charity 1,536,021 1,536,021 Net gains on investments 1,573 1,573 NET INCOME 39J53 39,353 RECONCILIATION OF FUNDS Total funds brought foTward 17,196,702 17,196,702 TOTAL FUNDS CARIUED FORWARD 17,236,055 17,236,055 16
JCD FOIJNDATION NOTES TO THE FJNANCIAL STATEMENTS- Continued R THE YEAR ENDED 31 DE lBER 2 ii. EMPLOYEES There are no employees within the charity (2023: Nil). 12. TAXATION The charity is exempt from tax on income and gains faIling within section 505 of the Taxes Act 1988 or section 252 of the TtIOn of Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects. 13. FIXED ASSET IIYVESTMENTS Listed investments Non ¢urrent asset Current asset (note 15) At December 2024 13,345.094 3,365,954 16,711.048 At DeMbeT 2023 16,955.487 During the year, new gilt bonds were aCqUid totalling to £4,852,366, while gilts with a total value of £5,096,805 matured. These investments are valued wsing th¢ amortised cost method using the effective interest rate. were no investment assets outside the UK. 14. DEBTOILS: AMOUNTS FALLING DUE WITHIN ONE YEAR 31.12.24 31.12.23 Other debtors Pr¢paym¢nls and accrued income 279,000 1.841 186 280,841 186 15. CURRENT ASSET INVESTMENTS 31.12.24 31.12.23 Listed investments 3,365,954 5,666,958 17
JCD FOUNDATION NOTES TO THE FINAJYCIAL STATEMENfs- continu FOR THE YEAR ENDED 31 DECEMBER 2024 16. CREDITORS: AMOUNTS FALLING DUE TIllN ONE YEAR 31.12.24 31.12.23 Accwals and deferred income 12.420 12.407 17. ANALYSIS OF NET ASSETS BETWEEN FUNDS 31.12.24 Total funds 31.12.23 Total funds Unrestricted fund Restricted fund tnvestments Current assets Cuent liabilities 13 J45.094 4.897.106 (12,420) 13,345.094 4.897,106 (12,420) 11288,529 5,959,933 (12,407) 18229,780 18,229,780 17.236.055 18. MOVEMENT IN FUNDS Net movement in ttds At 31112124 At 111124 Unrestricted funds General fund 17,236,055 993,725 18,229,780 TOTAL FUIYDS 17,236,055 993,725 18229,780 Net movement in fimds, included in the above are as follows: tncoming reSou¢S Resources expended Movement in funds Unrestricted fun(ts Gene1 fund 2,131,176 (1,137,451) 993,725 TOTAL FUIYDS 2,131,176 (1,137,451) 993,725 Comparatives for movement ID funds Net movement in funds At 31112123 At 111123 Unrestricted funds General fund 17,196,702 39,353 17,236,055 TOTAL FUIYDS 17,196,702 39,353 17,236,055 18
FO DATION NOTES TO THE FINANCIAL STATEMENfs- contin R THE YEAR ENDED 31 D ER2024 18, MOVEMENT IN FUNDS- continued Comparative Det movement in funds, included in the above are as follow5: Incoming Resources expended Gains and losses Movement in funds Unrestricted funds General fund 1,573,801 (1,536,021) 1,573 39,353 TOTAL FUNDS 1,573,801 (1,536,021) 1,573 39353 19. RELATED PARTY DISCLOSURES During the year, the charity entered into the following transactions with related parties.. The total amount of donations received from trustees amounted to £1,116,000 (2023: £930,000). There were no conditions attached to ally of these donations. There were no other disclosable related party transactions during the year (2023: None). 20. POST BAIANCK SHEET EVENT5 There were no subsequent events that require disclosure after the reporting date. 19