2023-03-31-accounts

Trustees’ Annual Report 2022/2023

1[st] April, 2022 – 31[st] March, 2023

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Trustees’ Annual Report 2022/2023

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 ............................................................ 25

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Trustees’ Annual Report 2022/2023

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: WennTownsend, 30 St Giles Oxford, OX 1 3LE , United Kingdom

Board of Trustees (at end March 2023): Vibhav Nuwal Chair (appointed 17 June 2022, Ajay Bahl, Andrew Nott; Stephen Tall; Robin Ogle (appointed 28 June 2022)

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 2019).

Public benefit: The Trustees continue to observe the Charity Commission's guidance on public benefit when reviewing objectives, aims and activities. It is the Trustees’ view that Karta benefits the public by unlocking personal, economic and societal potential in young people.

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The Strategic Report

Trustees’ Annual Report 2022/2023

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 worldclass universities in the UK, Canada, and India;

2. Supported more than 2,000 students to make informed decisions and build practical

3. skills through our Access Programme;

4. Started on our route to scale, supported by technology, our Karta Connect tech- platform has enabled thousands of young students to access information to transition from school to university;

5. Built partnerships with governments, universities, global corporations, start-ups, individuals, foundations and non-profits;

6. 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 opportunities 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, 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 the remaining have multiple vulnerabilities including a high amount of debt, disability in the family, live in regions prone to natural calamities like flood, drought, cyclone, have chronic illness in the family, or have a single parent.

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Trustees’ Annual Report 2022/2023

Who we are

We are a young, energetic global movement powered by a small hard-working 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 missionaligned NGOs, corporates, government entities and individuals from a range of industries - who support, guide and facilitate our activities.

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Trustees’ Annual Report 2022/2023

Our work

We start working with young people when they turn 15 years old, 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: provides 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 worldleading universities, teamed with scholarship opportunities.

4. Workplace exposure: we provide tangible opportunities with partnering employers to build experience and career readiness.

5. Community leadership: we guide young people to support each other and their wider communities.

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Trustees’ Annual Report 2022/2023

Objectives

April 2022 - March 2023

• Catalyst scholars ● Ensure a smooth transition into university for Karta scholars;

  • Support the six final-year Karta Catalyst Scholars to transition into further study or employment;

  • Establish 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;

  • Explore sessions on skill-building at school and further sessions for Catalyst Scholars.

• Access ● Expand to include more students from a more diverse set

• programme of schools based on the Multidimensional Poverty Index India;

  • Work closely with school partners to embed Access Programme activities into the school calendar;

  • Open 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 to scale mentoring and skills delivery;

  • Deliver a greater portion of the Access Programme through the Karta Connect app;

  • Upload preparatory materials for all users.

• Organisation ● Streamline strategy across activities and enhance fundraising through the appointment of a CEO;

  • Expand the Karta Connect development team;

  • Expand the trustee board and advisors.

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Trustees’ Annual Report 2022/2023

Achievements

April 2022 - March 2023

• Catalyst scholars ● Supported more than 50 scholar applications in worldclass premier universities in India, the UK, and Canada;

• ● Achieved a work placement in Data Science in Canada for one of our scholars who finished university;

  • Four Catalyst scholars are completing their final year of university education and will graduate in August 2023.

• Access ● Worked with approximately 800 students across 35+ Navodaya schools;

programme

• Sessions were conducted on comprehension, analytical capabilities, critical thinking, mentorship, career guidance, counselling and university admission preparation.

• Karta Connect ● Provided curated, validated and updated information and resources to about 3000+ students in the age group of 14-18 years old to transition from school to University.

• Organisation ● Recruitment of 1 strategic advisor in the pipeline.

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Trustees’ Annual Report 2022/2023

Priorities

April 2023 - March 2024

Catalyst scholars

• Supporting youth from vulnerable communities towards:

• Ensure a smooth transition into university for 9 students into the first-year of University.

• Support second and third year scholars to continue their university education.

• Support fourth year scholars to transition from University to the world of work.

• ● Explore new university partnerships, 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;

• Support Senior Catalyst Scholars with mentors in their respective fields;

• Carry out the winter workshops and gatherings in the UK and Canada, respectively, for the Catalyst Scholars.

Access

programme

• Facilitating 21[st] -century skills sessions and workshops for grades 11 and 12

• Sessions and workshops conducted on comprehension, analytical capabilities, critical thinking, mentorship, career guidance, counselling and university admission preparation.

• Karta Connect ● Uploading more material for students in the form of daily news bytes;

• Increasing reach in our partner schools and beyond;

• Enhancing offline functionalities;

• Dashboard for students, teachers, and admins to measure engagement and other metrics;

• Adding content to the Careers Explorer section enabling students to explore different career pathways.

Organisation

• Expanding the number of trustees and advisors;

• Establishing long-term industry partnerships and highnet-worth individuals;

• Improve our communication by being more active on Twitter and other social media platforms used by youth in rural India.

• Hire a team for fundraising and managing partnerships.

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Organisation and Governance

Trustees’ Annual Report 2022/2023

Team structure and At the end of the last financial year (March 31st, 2023), the recruitment 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 2022 - March 2023, the charity Trustees are as follows: Vibhav Nuwal, Chair Ajay Bahl, Vice Chair Andrew Nott Stephen Tall Robin Ogle 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. 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.

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Trustees’ Annual Report 2022/2023

Relationship Karta India Initiative is an independently run and with Karta managed charity registered in India. The Trustees align Initiative India objectives and strategy to ensure that effort is directed towards the common objectives of both organisations. Foundation Data protection The Core Team and Trustees have sought to 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 aspects of equal opportunity, work. Karta's Movement is driven by an appreciation of ethical affairs and equity, equality and diversity and these values are reflected in our recruitment practices and ways of environmental working. 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.

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Trustees’ Annual Report 2022/2023

Fundraising and In the period April 2022 - March 2023, the charity spending successfully raised £128,484 from individuals and institutions (previous period: £128,879; this excludes all in-kind donations received. Student contributions were £870 (previous period: £8,121).

The charity used these funds to undertake its charitable activities, incurring fundraising costs of £8,317 (previous period: £13,972) and direct charitable costs of £214,605 (previous period: £145,505). Included within charitable costs are governance costs of £4,972 (previous period: £7,248).

Funds in hand at the year-end amounted to £575,390 of which £216,455 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 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.

All financial statements are quoted in £ sterling.

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Trustees’ Annual Report 2022/2023

Trustee Appointments will be made by the Board of appointment, Trustees giving proper regard to the range of skills induction and and experience needed to govern the charity. On training 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 17[th] January 2024.

and signed on its behalf by

………………. Vibhav Nuwal Chair and Trustee

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Trustees’ Annual Report 2022/2023

The Karta Initiative

CIO Registered Charity Number: 1173020

Accounts and Trustees’ Report

for the period

1st April 2022 to 31st March 2023

Wenn Townsend

Chartered Accountants

Oxford

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Trustees’ Annual Report 2022/2023

The Karta Initiative

Statement of Financial Activities for the period ended 31st March 2023

					2023	2022
	Note	Unrestricted	Designated	Restricted	Total	Total
		£	£	£	£	£
Income from
Grants and donations	3	82,048	-	49,806	131,854	139,500
Investments	4	1,313	-	-	1,313	67
		──────	──────	──────	──────	──────
Total Income		83,361		49,806	133,167	139,567
		──────	──────	──────	──────	──────
Expenditure on
Charitable activities	5	-	33,425	181,180	214,605	145,505
Raising funds	6	-	8,317	-	8,317	13,972
		──────	──────	──────	──────	──────
		-	41,742	181,180	222,922	159,477
		──────	──────	──────	──────	──────
Net income		83,361	(41,742)	(131,374)	(89,755)	(19,910)
Transfer between funds		-	-	-	-	-
		──────	──────	──────	──────	──────
Net movements in funds		83,361	(41,742)	(131,374)	(89,755)	(19,910)
Reconciliation of funds
Total funds brought forward		3,094	314,222	347,829	665,145	685,055
		──────	──────	──────	──────	──────
Total funds carried forward		86,455	272,480	216,455	575,390	665,145
		══════	══════	══════	══════	══════

The statement of financial activities includes all gains and losses recognised in the period. All income and expenditure derive from continuing activities.

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Trustees’ Annual Report 2022/2023

The Karta Initiative

Balance Sheet as at 31st March 2023

					2023	2022
	Note	Unrestricted	Designated	Restricted	Total	Total
		£	£	£	£	£
Current Assets
Cash at bank and in hand		78,352	272,481	216,455	567,288	659,542
Debtors	10	9,475	-		9,475	6,975
		──────	──────	──────	──────	──────
		87,827	272,481	216,455	576,763	666,517
Liabilities
Creditors: amounts falling due
within one year	11	(1,373)	-	-	(1,373)	(1,372)
		──────	──────	──────	──────	──────
Net Assets		86,454	272,481	216,455	575,390	665,145
		══════	══════	══════	══════	══════
Funds
Unrestricted		86,454	-	-	86,454	3,094
Designated	12	-	272,481	-	272,481	314,222
Restricted	13	-	-	216,455	216,455	347,829
		──────	──────	──────	──────	──────
		86,454	272,481	216,455	575,390	665,145
		══════	══════	══════	══════	══════

The accounts were approved by the Trustees on 17 January 2024.

………………………….

Vibhav Nuwal Chair of Trustees

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Trustees’ Annual Report 2022/2023

The Karta Initiative

Notes to the Accounts for the period ended 31st March 2023

1. Basis of preparation

• a) The charity constitutes a public benefit entity as defined by FRS 102. The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standards applicable in the UK and Republic of Ireland (FRS 102) issued in October 2019, the Charities Act 2011, UK Generally Accepted Practice and the charity’s governing document.

• b) The accounts are drawn up under the historical cost convention. Significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years present unless otherwise stated. The financial statements are presented in sterling which is the functional currency of the charity and rounded to the nearest £1.

• c) The Charity is a charitable institution with exemption from taxation under section 505 of the Income and Corporation Taxes Act 1988.

• d) The Charity is exempt from the requirement to prepare a cash flow statement.

• e) The accounts have been prepared on the going concern basis as at the time of approving these accounts the Trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future.

2. Accounting Policies

a) Allocation of costs to resources expended

Specific items of expenditure are attributed to the appropriate category, of;

• Cost of raising funds. These are the costs associated with generating voluntary incoming resources from all sources other than undertaking charitable activities.

• Charitable activities. These are the resources applied by the Charity in undertaking its work to meet its charitable objectives.

• Governance costs. These are costs that relate to the general running of the charity. The governance costs of the Charity are primarily associated with constitutional and statutory requirements. These are included under charitable costs.

• Support costs such as salaries have been allocated to activity cost categories on a consistent basis.

b) Fund accounting

• The Charity holds unrestricted funds which can be used in accordance with the charitable objectives of the charity and at the discretion of the trustees.

The Charity did receive grants and donations which must be used for specific purposes. As at the period end the balance on restricted funds was £216,455.

Designated funds are unrestricted funds, which have been designated by the Trustees for a particular purpose.

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Trustees’ Annual Report 2022/2023

The Karta Initiative

Notes to the Accounts for the period ended 31st March 2023

2. Accounting policies (continued)

c) Incoming resources

Donations are recognised once the charity has been notified of the donation unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under gift aid or deeds of covenant is recognised at the time of receipt.

Interest on funds held on deposit is included when receivable, which is normally on notification from the bank.

Grant income is recognised when the charity has entitlement to the funds, any performance conditions attaching to the grant are met, it is probable that the income will be raised, and the amount can be measured reliably and is not deferred.

In accordance with the Charities SORP (FRS 102) the time of volunteers is not recognised.

d) Financial instruments

Basic financial assets which include cash and bank balances are initially recognised at transaction price.

e) Pensions

The charity has a defined contribution pension scheme to which it makes contributions for the benefit of its employees.

3. Income from grants and donations

	Unrestricted	Designated	Restricted	Total	Total
	Funds	funds	funds	2023	2022
	£	£	£	£	£
Grants and donations
Donations	79,548	-	48,936	128,484	128,879
Student contribution	-	-	870	870	8,121
Gift aid	2,500	-		2,500	2,500
	──────	──────	──────	──────	──────
	82,048	-	49,806	131,854	139,500
	══════	══════	══════	══════	══════

The comparative figures include restricted donations (including Gift Aid) and restricted student contributions of £131,379 and £8,121 respectively.

4 Income from investments

	Unrestricted	Designated	Restricted	Total	Total
	funds	funds	funds	2023	2022
	£	£	£	£	£
Interest received	1,313	-	-	1,313	67
	══════	══════	══════	═════	══════

The comparative figures include unrestricted interest received income of £67.

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Trustees’ Annual Report 2022/2023

The Karta Initiative

Notes to the Accounts for the period ended 31st March 2023

5. Charitable activities

5. Charitable activities
	Unrestricted	Designated	Restricted	Total	Total
	funds	funds	funds	2023	2022
	£	£	£	£	£
Scholar expenses	-	-	181,180	181,180	16,823
Salary and consultants cost	-	21,625	-	21,625	107,628
Website and IT costs	-	1,542	-	1,542	437
Recruitment costs	-	3,600	-	3,600	-
Travel	-	2,335	-	2,335	5,084
Other costs	-	-649	-	-649	8,285
Governance (see note 7)	-	4,972	-	4,972	7,248
	──────	──────	──────	──────	──────
	-	33,425	181,180	214,605	145,505
	══════	══════	══════	══════	══════

The comparative figures include restricted scholar expenses and salary costs of £88,125. All other comparative costs are designated.

6. Expenditure on raising funds

	Unrestricted	Designated	Restricted	Total	Total
	funds	funds	funds	2023	2022
	£	£	£	£	£
Salaries	-	8,317	-	8,317	13,972
	══════	══════	══════	══════	══════

The comparative figures include designated salary costs of £13,972.

7. Governance costs

Unrestricted	Unrestricted	Designated	Restricted	Total	Total
	funds	funds	funds	2023	2022
	£	£	£	£	£
Independent review of accounts	-	570	-	570	570
Legal and professional fees	-	1,075	-	1,075	1,089
Support costs – salaries	-	3,327	-	3,327	5,589
	──────	──────	──────	──────	──────
	-	4,972	-	4,972	7,248
	══════	══════	══════	══════	══════

The comparative costs are all designated costs.

8. Analysis of employee costs

Analysis of employee costs
	2023	2022
	£	£
Salaries	19,961	115,962
Social security	-	7,654
Pension	675	3,572
	──────	──────
	20,636	127,188
	══════	══════

In the year ended 31[st] March 2022 one employee, on a pro-rata basis, received emoluments of over £60,000 The employee left in the period. In the year ended 31[st] March 2023 no employee received emoluments of over £60,000 The charity employed a part-time employee during the period.

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Trustees’ Annual Report 2022/2023

The Karta Initiative

Notes to the Accounts for the period ended 31st March 2023

9. Trustees and key management personnel remuneration and expenses

The Trustees neither received nor waived any remuneration during the period.

The total amount of employee benefit received by key management personnel is £20,636 (2022: £127,188). Due to the size of the charity the Trustees consider all staff members to be key employees.

10. Debtors

	2023	2022
	£	£
Other debtors	9,475	6,975
	──────	──────
	9,475	6,975
	══════	══════

11. Creditors due within one year

	2023	2022
	£	£
Trade creditors and accruals	1,373	1,372
	──────	──────
	1,372	1,372
	══════	══════

12. Designated fund

	Opening	Incoming	Outgoing	At 31st
	balance	Resources	Resources	March 2023
	£	£	£	£
Tata Trust	314,222	-	(41,742)	272,480
	══════	══════	══════	══════

Tata Trusts Designated Fund: to undertake, and meet the expenses of, activities required to support the educational and professional outcomes of brilliant Indian students from rural low-income backgrounds.

13. Restricted fund

Restricted fund
	Opening	Incoming	Outgoing	At 31st
	balance	Resources	Resources	March 2023
	£	£	£	£
Catalyst fund and Karta Connect	347,829	49,806	(181,180)	216,455
	──────	──────	──────	──────
	347,829	49,806	(181,180)	216,455
	══════	══════	══════	══════

Catalyst Fund: for holistic (educational, pastoral, professional and community-building) support of all Karta Catalyst Scholars during international and undergraduate study, initially established to support the first (2016) Cohort of Catalyst Scholars, and now supporting additional Catalyst Scholars.

Karta Connect: development of a holistic digital platform for learning and connecting with opportunity.

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Trustees’ Annual Report 2022/2023

The Karta Initiative

Notes to the Accounts for the period ended 31st March 2023

11. Related party transactions

Professional fees of £1,075 (2022: £1,089) charged by Wenn Townsend, Chartered Accountants, for the provision of payroll services. Ajay Bahl, trustee, is a partner of Wenn Townsend.

The transactions were agreed by the Trustees as being in the best interests of the charity.

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Trustees’ Annual Report 2022/2023

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