Trustees’ Annual Report 2021/2022 1 Trustees’ Annual Report 2021/2022 ## **TABLE OF CONTENTS** Legal and Administrative Details.............................................3 The Strategic Report..................................................................4 About Us.................................................................................5 Our work.................................................................................7 Objectives...............................................................................8 Achievements.........................................................................9 Priorities................................................................................10 Organisation and Governance.................................................11 Financial Review......................................................................16 Independent Examiner’s Report..............................................24 2 Trustees’ Annual Report 2021/2022 ## **Legal and Administrative Details** **Our organisation:** The Karta Initiative is a Charitable Incorporated Organisation (CIO), governed according to the constitution dated 12th May 2017. The CIO is a small independent charity and not part of any umbrella body. ## **CIO Registered Charity Number:** 1173020 **Registered address:** 9 Wentworth Road Oxford, OX2 7TQ, United Kingdom **Board of Trustees (at end March 2022):** David Blake, Chair; Julie Kilcoyne, Chair; Ajay Bahl, Vice Chair; Andrew Nott; Stephen Tall; Sadanand Ugale ## **Independent Examiners:** A Churchill Stone **Bankers:** Santander UK plc **Solicitors:** Slaughter & May **Work in India:** Karta is a global initiative, with the core team working across the UK and India. Karta's team in India is incubated within the Tata Trusts. A Section 8 has been established in India, through which tax efficient donations can be received. **Presentation of Report:** The Financial Statements have been prepared in accordance with statutory requirements, the Charities Act 2011, the charity's constitution and the Accounting and Reporting by Charities: Statement of Recommended Practice (SORP) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102 as effective 1st January 2015) (as amended for accounting periods commencing from 1st January 2016). **Public benefit:** The Trustees continue to observe the Charity Commission's guidance on public benefit when reviewing objectives, aims 3 Trustees’ Annual Report 2021/2022 and activities. It is the Trustees’ view that Karta benefits the public by unlocking personal, economic and societal potential in young people. 4 The Strategic Report Trustees’ Annual Report 2021/2022 ## **About Us** ## **Our mission** India is one of the fastest growing economies in the world, but it is also one of the most unequal. We work to transform the lives of young people across rural India, who face a range of complex barriers to fulfilling their potential. ## **Background** Karta was incorporated in 2017 and within a few years we have become a unique and inclusive movement, bringing together world-leading global opportunity with impoverished rural youth. In that time, we have: 1. Supported 55 students from the world’s most impoverished backgrounds to enter world class universities in the UK, Canada, and India; 2. Supported more than 2,000 students to make informed decisions and build practical skills through our Access Programme; 3. Started on our route to scale, supported by technology, our Karta connect tech- platform has enabled thousands of young students to access to information to transition from school to university; 4. Built partnerships with governments, universities, global corporations, start-ups, individuals, foundations and non-profits; 5. Built a team of passionate and skilled employees, trustees and advisers. ## **Who we work with** Students at our partnering government schools are full of potential, achieving a grade point average close to their privately educated, urban peers. Despite this academic excellence, students from rural, low-income communities struggle to access opportunity because of: - Low household income and limited parental education - Poor understanding of pathways to university or careers - Limited or no access to a laptop and internet connection at home - ● Limited networks and internship experiences ● Lack of English language fluency, twenty-first century skills, analytical capabilities and critical thinking. The families of these youth are mostly small and marginal farmers, or migrant workers or landless farm labourers in India. The annual household income of the families ranges between GBP 1,000 to GBP 5,000. About 50% of the youth who we work with are first generation learners. 80% of our students come from highly marginalised communities in rural India and rest have multiple vulnerabilities including high amount of debt, 6 Trustees’ Annual Report 2021/2022 disability in the family, living in regions prone to natural calamities like flood, drought, cyclone, having chronic illness in the family, or having single parent. ## **Who we are** We are a young, energetic global movement powered by a small hardworking core team, active trustees and volunteers - all motivated by and committed to Karta’s mission. We have built a strong, diverse community of movement partners and advisors - including mission-aligned NGOs, corporates, government entities and individuals from a range of industries - who support, guide and facilitate our activities. 7 Trustees’ Annual Report 2021/2022 ## **Our work** We start working with young people when they turn 15, at the point when they are starting to think about their future. Our support helps them to navigate this period and make the most of post-school opportunities. But it doesn’t stop there. We continue supporting exceptional students through to higher education at world-leading universities with our scholarship programme. ## **Our programmes** Universal Access Programme: providing thousands of youths with the information and resources they need to get started on their career pathways through our digital platform, Karta Connect. Targeted Access Programmes: tailored programmes for high-potential students delivered through a blended human-tech approach. Karta Catalyst Scholarships: life-long impact for a selection of talented, hard-working, community-orientated students, enabling them to access world-class education. ## **Our impact areas** All our initiatives are structured around five impact areas: workplace skills, careers readiness, access to world-leading higher education, workplace exposure and community leadership. ## **Five ways we make a difference** 1. 21st Century Skill Building: we collaborate with students to build on essential skills, including critical-thinking, problem-solving, English language fluency, and digital literacy. 2. Career Readiness: we mentor to build confidence and awareness of different career pathways. 3. Access to world leading higher education: we offer support with applying to world-leading universities, teamed with scholarship opportunities. 4. Workplace exposure: we provide tangible opportunities with partnering employers to build experience and career readiness. 8 Trustees’ Annual Report 2021/2022 5. Community leadership: we guide young people to support each other and their wider communities. 9 Trustees’ Annual Report 2021/2022 ## **Objectives** ## **April 2021 - March 2022** |**Catalyst**|●Ensure a smooth transition into university for| |---|---| |**scholars**|Karta scholars;
●Support the six fnal-year Karta Catalyst Scholars| ||to transition into further study or employment;| ||●Establishing long-term relationships with current| ||partners and further universities;| ||●Continue to develop new ways for senior Catalyst| ||Scholars to mentor Junior Catalyst Scholars and| ||Karta members as well as enable Junior Scholars| ||to guide scholars in schools;| ||●Further develop peer-to-peer support within the| ||Scholar community;| ||●Exploring sessions on skill-building at school and| ||further sessions for Catalyst Scholars.| |**Access**|●Expand to include more students from a more| |**programme**|diverse set of schools based on the
Multidimensional Poverty Index India;| ||●Work closely with school partners to embed| ||Access Programme activities into school| ||calendar;| ||●Opening up the programme to all students in| ||grade 11.| |**Karta Connect**|●Scale use of the Karta Connect app within the| ||NVS student body;| ||●Further develop pilots for scale mentoring and| ||skills delivery;| ||●Deliver a greater portion of the Access| ||Programme through the Karta Connect app;| ||●Putting up preparatory materials for all users.| |**Organisation**|●Streamline strategy across activities and enhance| ||fundraising through the appointment of CEO;| ||●Expand the Karta Connect development team;| ||●Expand trustee board and advisors.| 10 Trustees’ Annual Report 2021/2022 ## **Achievements** ## **April 2021 - March 2022** |**Catalyst**|~~●~~|Supporting more than 50 scholar applications in|Supporting more than 50 scholar applications in| |---|---|---|---| |**scholars**||the most premier universities in India,|UK, and| |||Canada;|| ||~~●~~|Expanded to partner with 6 more Indian|| |||universities;|| ||●Work placement in Data Science in Canada for||| |||one of our scholars who fnished university.|| |**Access**|●Working with about 500 students across 22||| |**programme**|Navodaya schools;
●In-person workshops and visits at schools||| |||attended by more than 250 students in three|| |||locations, that are
Hassan, Latur, and|| |||Madhubani.|| |**Karta Connect**|●Increased engagement through on-ground||| |||sessions training teachers about non-academic|| |||thematic areas.|| |**Organisation**|●Recruitment of 3 Program Ofcers in India;||| ||●Launch on Facebook and Instagram pages and||| |||weekly posting translated through a good|| |||engagement notably on LinkedIn.|| 11 Trustees’ Annual Report 2021/2022 ## **Priorities** ## **April 2022 - March 2023** - **Catalyst** ●Ensure a smooth transition into university for - **scholars** more than 40 first-year Karta Catalyst Scholars; ●Explore new university partnerships, both in terms of financial, academic, and well-being support; - ●Continue to expand our community of internship/work experience partnerships; - ●Support & facilitate deeper mentoring relationships between Catalyst Scholars and junior Karta Members; - ●Supporting Senior Catalyst Scholars with mentors in their respective fields; - ●Carrying out the winter workshops in India and winter gatherings respectively in UK and Canada for the Catalyst Scholars. - **Access** ●Facilitating 21[st] -century skills sessions and workshops for grade 11; - **programme** ●Expanding to more regions such as Jammu, Kashmir, Bihar, and Jharkhand; - ●Facilitating grade 12 members’ applications to various universities in the UK, India, and Canada. - **Karta Connect** ●Putting up more material for students in the form of daily news bytes; - ●Increasing reach in our partner schools and beyond; - ●Enhance offline functionalities; ●Dashboard for students, teachers, and admins to measure engagement and other metrics; - ●Adding content to the Careers Explorer section which enables students to explore different career pathways. - ●Initiate discussions with the schooling partner to upload the Karta Connect platform in the proposed distribution of 70,000 tablets. - **Organisation** ●Expand the number of trustees and advisors; ●Establishing long-term industry partnerships and high-net-worth individuals; - ●Improve our communication by being more active 12 Trustees’ Annual Report 2021/2022 on Twitter and other social media platforms used by youth in rural India. - ●Hire a team for fundraising and managing partnerships. 13 Organisation and Governance 14 Trustees’ Annual Report 2021/2022 **Team structure** At the end of the last financial year (March 31st, **and recruitment** 2022), the core team consisted of 11 team members, each serving as generalists (undertaking administrative work) and also specialising in specific areas of development (management, programme design, finance, digital content, communications and research). During recruitment, particular attention is paid to alignment in values, attitudes and behaviours to identify talent that instinctively knows how to do what is right for the organisation, constantly striving to raise the bar of excellence for the young people at the heart of the Movement. **Governance** The Karta Initiative is a Charitable Incorporated Organisation. It is governed by its founding constitution. The charity is governed by a Board of Trustees. For the period April 2021 - March 2022, the charity Trustees are as follows: David Blake, Chair Julie Kilcoyne, Chair Ajay Bahl, Vice Chair Andrew Nott Stephen Tall Sadanand Ugale The standard Trustee's tenure is three years. Trusteeship will evolve to include new skill sets and expertise to further the charity's objectives and priorities. **Working** All Trustees operate as "working Trustees", each **Trusteeship** providing guidance, feedback, and detailed inputs to the operations of The Karta Initiative, on a weekly basis. Financial oversight is treated as the duty of each Trustee, with advice sought from Karta's accountants, as needed. 15 Trustees’ Annual Report 2021/2022 All intended new or one-off or project-based expenditures are circulated and considered by Trustees for approval, with objectives, desired impact/deliverable, and comparator costs provided, to ensure ongoing rigour and due diligence. **Core team &** On an ongoing basis, Trustees and the core team **Trustees** work closely and fluidly together. This is anchored by a weekly Trustee-Team call (for which minutes are recorded), covering updates against key workstreams, priorities for the week ahead, risks (and mitigating actions), and actions required from Trustees. **Data** The Core Team and Trustees have sought to **protection** ensure all the charity's procedures and handling of data are fully compliant with the new general data protection regulation (GDPR) laws. In recognition of these data protection laws, The Karta Initiative does not share any data with third-parties for marketing purposes and proactively invites notification from any individuals or organisations should they not wish to hear from us (and to remove details from our systems). The charity continues to solicit best practice advice, and to ensure data protection measures are contemporary and best-in-class for the size and stage of The Karta Initiative. **Commitment to** Social responsibility is tightly woven into all **equal** aspects of work. Karta's Movement is driven by an appreciation of equity, equality and diversity and **opportunity,** these values are reflected in our recruitment **ethical affairs** practices and ways of working. **and** 16 Trustees’ Annual Report 2021/2022 ## **environmental** **standards** Karta seeks frugality in use of physical resources and team travel, especially by air. As the organisation grows, conscious effort is being made to find new, innovative ways to maintain a low carbon footprint. 17 Trustees’ Annual Report 2021/2022 **Fundraising and** In the period April 2021 - March 2022, the **spending** charity successfully raised £128,879 from individuals and institutions (previous period: £138,514; this excludes all in-kind donations received. Student contributions were £8,121 (previous period: £12,874). The charity used these funds to undertake its charitable activities, incurring fundraising costs of £13,972 (previous period: £8,161) and direct charitable costs of £145,505 (previous period: £97,302). Included within charitable costs are governance costs of £7,248 (previous period: £5,448). Funds in hand at the year-end amounted to £665,145, of which £347,829 are restricted. **Reserve policy** The Karta Initiative holds reserves - those funds that are available to spend because they are not endowments, not restricted, not tied up in fixed assets and not otherwise designated. The Trustees are to review the reserve policy each year. The Trustees aim to hold reserves to sufficiently cover operating costs for a period of six months, to mitigate any major risks the charity could face. The Trustees are mindful that the charity's future operations will necessitate significant investment. The current reserve levels will help, but the Trustees are aware of the continued need to grow donations to meet the charity's long-term objectives. The Trustees believe that there are no material concerns about Karta's ability to continue its activities over the next twelve months. 18 Trustees’ Annual Report 2021/2022 All financial statements are quoted in £ sterling. **Trustee** Appointments will be made by the Board of **appointment,** Trustees giving proper regard to the range of **induction and** skills and experience needed to govern the **training** charity. On appointment, Trustees will be provided with copies of the constitution, annual reports and other relevant material. On-going advice is thereafter provided to the Trustees as appropriate. This report was approved by the Trustees on 26[th] January 2023. and signed on its behalf by ………………. Vibhav Nuwal Chair and Trustee 19 Trustees, Annual Report 202112022 20 Trustees, Annual Report 202112022 Th• Karta Inltl•ttv• SlthThnt of Fin*Dc&41 Activiti lor the p•rfDd ended 31st March 2022 2022 T•X•l 2021 Tot•1 Unr••trl¢t•d DMlgn•t•d R•strl¢l•d Ineoffl• fffjm Grants and donalior Investr￿nts 139,51Th) 139,500 87 154.763 1.206 87 Totsl Incom• 67 139,5 139,￿7 155,969 Exp•ndlturn on charItsb￿ xtr4ibes Ratsiftg funds 57.380 13,972 88,125 145.505 13,972 97,302 8.161 71,352 88,125 159.4n 105,463 Nèl kncome 67 (71.352) 51.375 (19.9101 Translér between lunds N•t mov•m•nl¥ in fund• 67 (71.352) 51,375 {19,9101 R•¢onclll•llon of funds Totat funos ￿ht lor4v¥d 3.027 385,574 ,454 685.055 634.549 Total funds urrl•d lornard 314.222 347.829 e65,145 685,055 The srateffont of financial aCb¥￿e$ irKILxles all garns ar￿ ksses reo>Jnised kn the perK•J. l iwe and expendrture derNe frcffi ￿￿tInuIng Xt]V￿O$. 21 Trustees, Annual Report 202112022 22 Trustees, Annual Report 202112022 TiJl•l Yotsl A•••lib and J42,7YO fi,91b iJiW.642 eai.371 4.476 10 314,222 J49,201 WJ.817 ea6,WJ 11 11.3r2) (1.3721 17011 314,222 347,829 006,146 888,006 3.Ira7 314.222 388.674 347.829 347.829 2&0.464 12 1$ 314.222 314.222 347,829 865.145 886,006 zs/ /,- Ch•lr ol TnMtw• 23 Trustees, Annual Report 202112022 The Karta Infti•tlv• lor the p•rlod frThd￿ 31•t I￿a￿h 2022 8•sls of pr•paratlon The charrty coftstrtuies a Publ￿ beneffi enbty as defineJJ ty FRS 102. The finantial staieffthts have been prepar&J in aCCorfa￿ ¥￿th AcwJnting and Repcwting ty Charrties". Stat8menl of Recommendeé Practice appluble to chantss wepanng th•r accounts In acCCYthr￿e wth the Financol ReFQrting Stsndards applKAble in the UK and Republt of IreLand IFRS 102) issued in October 2019. the Chant]8s Act 2011, UK Genernlty Accepted Practsc8 and the chanty's goveming bl The acc￿nts are drawn up under the hBtoTral cost convenbon. &9ntficant accountsng poli¢ aFplied in the preparation of these financol slaleffents are set oul behy*. These p)1￿￿$ have been consistently applied lo all years wesenl unless otherwise staled The fina￿la1 slaterr*nts are presented in slerfing whrh * the ojrrerry of the charity arKI rounded to the nearest £1. Charity is a chartsble 1nslrtu￿n v•rth exemptK)n frorn taxalK)n under sectMM 505 of the Incorr and Taxe5 ki 1988. dl The Charity is exenwt from the fequiren*nt to wepare a cash Ilryw staten Thè have been prepared on trte going concern basts as at the bme ol approving these acC￿ntS ihe Trustees have a reasonable expeclakn that the chanty has *Jequate r￿urCeS to continue n operatsonal existence lor fr)resee2b￿ fU￿re. Aecountlng pollcl•8 Allocation of ¢￿ts tt> Tr￿Urt•S •xp•nd•d SpecifK itwns of expendrture afe atlnbuted to ts arvcyiatg ¢atagw, ot. Cost of rak8ing fiJnd8. Th8se ar8 lJ)e costs asxK4ated 9enerating voluntary irwming rp$ources from all sajrces othèr than undértakiNJ dwrit8bl8 &IMt]es. Charitsble xtiviies These we the res￿rceS applied ty the Charity in undertaknng its work to n*et rt5 {￿leG￿Ve5. Govemance costs. Ttrese a￿ Msts Ihw ￿￿te ￿ the general running of trte chanty The govemance costs of the Chanty prinwtity assooated wrth conststutK)nal and stslulory requirefnents. These are Included under chartsble costs. SuP￿rt costs such as salarEs h¥rfe been alkxabj to xtivty Gost Categ￿ on a consthnt b) Fund a￿oun15nq Th? CThanty holds ￿reStricted funds which can te in accordm with the chanlable objethes ol the chanty and at the difAo¥etiw of the trusteos. Charity d#J rKtyve gwts and dC￿atIonS whth must bè USeAI ft)r spe0r￿ wrrA)88s. As 8t the per** eTra the bal￿ on restrrted furmts was £347.829. D8synated funds are unrestiKted funds. whK* have been designated by the Trustees lof 8 patycular purFQ5e. 24 Trustees, Annual Report 202112022 Th• Kart• knftialiv• Notes to the Accoun1• for th• p•11(￿ •nd•d 31•t ma￿ h 2022 Accountlng polic1•• Icontlnu•d) Incoming resources Donats￿5 are re¢DJni￿ c¥￿e the charfty h8S t*en nolifi&Y of the donation, unlo$5 perforniance ¢oTrJthns require deferral of the arvvJunl Incorr* tsx re¢m gr•n¢• and donaUon• UnrngtricW D•slgnated R¢¥trlct• Fund• fund# lund8 Tot•1 2022 Tolal 2021 Grnnts and don•tlon• 128.879 8,121 128.879 8,121 138,514 12,874 3,375 Student ectht Gift aid 139.5CiI 139,5C 154,763 The compar8tiv8 fvJuTes Tndude restrthd ¢S)nalh)ns Gift AKI) ar#$ r8strtt8d 8tudont conlnbubons of £141,889 and £12.874 rwectpRIy Incom• from inveGtrnefits Total 2022 T¢t•l 2021 funds lund8 Intèrest re¢eNed 67 67 1.206 The comparative figures h*lude unrostrthd wrterest receb4gJ of £1.206 25 Trustees, Annual Report 202112022 Th¢ K•rt• In*k•l•¥• Not•• to th• A¢￿U￿tr for th? Fwiod ended 31st March 2022 Ch•rllabl• aGtfv*b•• To¢•1 Total 2021 r•d• funds 16,823 71.302 16.823 107.628 437 10.594 69.915 1.226 7.86S 1.112 1.142 5,448 S8￿ry cost Wlebsrte and IT cos Rent Travel Othef costs GDwnarto note 7) .326 437 5.084 8.285 7.248 5.084 8.285 7.248 57.380 88.125 145.505 97.302 ExFWKlltur• on rnknlng fvnd• Unv••triet•d OMlgn*t•d R•strlct•d fundg funds Totsl 2022 Total 2021 Solar 13.972 13.972 8.161 Th• ¢ornpw8tp4• figurès ￿d￿Je tsgrwted sBlory Gos1¥ of £8.181. Totsl 2022 Tol•l 2021 fund$ funds lunds IndeFwKknl revw of ￿￿nIS Legal arxl ryUf￿10ftal fees 570 1.089 5.589 570 570 1.614 7.248 7,248 Anatyskn of •mpkny•• co•ts 115,962 78,831 143 2,365 Sccial secunty Penwon 3,572 127,188 81,339 Ore wnp*e• on a prmta bag1¥ rgceNed eryKJlurnnts of trler É80,¢XKt in the pertsa The ernployee left in th• porM)J chwty ernployed fcwr lull-bm and a duriry Ihe perK*J 26 Trustees, Annual Report 202112022 for th• Jl•t IA•rrh 2022 Thè iot* arnc¥￿t of wnployeo be￿ft key managewenl personnel is £127.188. to tt sue of the tharty ts Trustees consthr all stsff be W trnF4wees. 10. D•btor¥ 2021 6.975 4.475 6,975 4.475 11. Crnditorn du• *lthln on• y••r 2022 2021 1.372 791 1.372 791 11 1>••1gn•t•d fvnd Op•nhy Incomlry (Wng At 31st balance R•gource• Re8ourc•s 1th•￿h 2022 Tots Trust 385,574 (71.352) 314,222 Tai• Trusts Oe5ignat•J Fund. kn ￿*Jertake, ana rI￿&the expenses ol. actNths to sup¢#xi twal and ryof•ssKKd wtccw gf tKfil*rrt IrKl¢an Students from kx4ncorr* Ixkwounds. 13. Op•nlno Ineoming At 31st ts•1•n￿ R••¢>urco• R••ouY¢w M•r¢h 2022 C•st fij Karta Connect 285.152 11.302 79.5 (16.8231 (71.302) 347.829 .454 139.5LKI (88.12SI 347.829 C4tatyst F￿d. lor1x￿ leth￿￿ti￿1, *(x¥l. arKI comrNnlty*u*1ingl 8UPP)rtol all K*ts Catstyst Scholar¥ durry fftthrna1￿aI and ur)dergWuate stuty, established 10 I￿rA￿l tre Ilrsl 120161 Cohort of Catatyst Sthokr5. B rwyw ￿JpprTri9 adQrtion* Catatysi Stholars. 27 Trustees, Annual Report 202112022 Th• InlOali¥• Not•$ to th• Accounts lor th• p¢tbod •nd•d 31st M•r¢h 2022 11. Rent of £NII12021 £7,865) p*1 io Maryula R4an (th• mothw of Ranjiw mer￿ Rajan former trustéé) I￿ use ol her prernises as the chaw's offic•s. Extwwi• du• dlig•nc•. induding seeki b8n¢hnwks fDr comparabl8 $w. was COrKI￿ lo valioate the rent as being th the best Inte￿Sts ProlessM)nal ffe8 OIE1.08912￿2l. £1,614) &lary•d trrf Ttr•nserKI. Charte￿d Aetountants, for 28 Trustees’ Annual Report 2021/2022 29 Trustees, Annual Report 202112022 7ty13 CC#ISKJer that ￿ audit ks req￿red fof thL8 yew undw s•ctm 144121 of th8 ch￿rt￿ Ac* 2011 (the urwJ¥ 14S Of1￿ Clwlts￿ &4 2011: 145(5Xb) ofll* Chw*&s A4# 2011.. A Churchlll Slon• FCA DChA Chart•r•d Ac¢ountsnty 28th J•nu¥y 2023 30