Jingle Jam
Annual Report and Financial Statements For the Period from 15 August 2022 to 31 October 2023
Charity Registered in England and Wales Number: 1200061
Jingle Jam Contents For the Period from 15 August 2022 to 31 October 2023
| Page | |
|---|---|
| Reference and Administrative Details | 1 |
| Trustees’ Report | 2 – 8 |
| Independent Auditors’ Report | 9 – 12 |
| Consolidated Statement of Financial Activities | 13 |
| Charity Statement of Financial Activities | 14 |
| Balance Sheet and Consolidated Balance Sheet | 15 |
| Statement of Cashflows and Consolidated Statement of Cashflows | 16 |
| Notes to Financial Statements | 17 – 23 |
Jingle Jam Reference and Administrative Details For the Period from 15 August 2022 to 31 October 2023
| Trustees | R Keith |
|---|---|
| J Cooke | |
| L Brindley | |
| Charity Number | 1200061 |
| Principal Address and Registered Office | Fourth Floor |
| King William House | |
| 13 Queen Street Bristol | |
| BS1 4NT | |
| Auditors | Albert Goodman LLP |
| Goodwood House | |
| Blackbrook Park Avenue | |
| Taunton | |
| Somerset | |
| TA1 2PX | |
| Bankers | NatWest Westminster Bank Plc |
| 250 Bishopsgate | |
| London | |
| EC2M 4AA |
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Page 1
Jingle Jam Trustees’ Report For the Period from 15 August 2022 to 31 October 2023
The Trustees present their Report and Financial Statements for the period from 15 August 2022 to 31 October 2023. We are satisfied that the Financial Statements comply with the requirements of the Charities Act 2011, the Trust Deed as referenced below 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) – (Charities SORP (FRS 102)). The Trustees are pleased to report that our first year of Jingle Jam as an independent, registered charity was a highly successful one, with over £3m raised and granted out to 12 charity partners.
Structure, governance and management
Jingle Jam is a Charitable Incorporated Organisation, governed by a constitution, registered on 15 August 2022, midway through our preparations for Jingle Jam 2022.
As a charity our mission is to make the world a better place for children and young people, by uniting the video games community to raise funds which we then disperse to other charities working directly with children and young people and for the benefit of the planet. As such, we are a fundraising and grant-giving organisation.
Rich Keith (Chair), Lewis Brindley and Jo Cooke were appointed as trustees. In appointing trustees, we sought to identify individuals who had both a very deep understanding of the video game industry and a very deep understanding of digital fundraising and the Jingle Jam event itself. Lewis Brindley founded and led the first Jingle Jam fundraiser in 2011 and has personally run and led the event ever since. Jo Cooke is a veteran of the UK video game industry and in addition to significant marketing experience, has strong experience of charity governance having acted as a trustee elsewhere.
Jingle Jam Promotions was established as a trading subsidiary of Jingle Jam, following legal advice. Jingle Jam Promotions runs the Jingle Jam event on behalf of the Jingle Jam charity and passes 100% of its profits (the event proceeds) up to Jingle Jam. Rich Keith and Lewis Brindley were appointed Directors of Jingle Jam Promotions.
To assist with charity governance and planning, Jingle Jam elected to hire Julian Barrell on a part-time basis as Charity Manager. Julian has 25 years’ experience of charity fundraising, management and governance. Having professional resource in place to cover the basic day to day administration of the charity has enabled us to better deploy all the wonderful volunteer resource we have access to, from companies such as The Yogscast, Fourth Floor and Bastion, and a wide range of other creators and supporters, to the best possible use.
Subsequently, we also appointed Albert Goodman as our financial partner for production of management accounts and audit services.
As trustees we take all key decisions together, either at board meetings or via email approval. Our Chair Rich Keith has authority to take day-to-day management decisions on our behalf, including financial decisions such as expenditure on marketing and remuneration on staff or consultancy fees.
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Page 2
Jingle Jam Trustees’ Report For the Period from 15 August 2022 to 31 October 2023
Objectives and activities
The objects of the charity are for the public benefit to further such purposes which are exclusively charitable under the laws of England and Wales, from time to time, as the trustees see fit.
In practice, this is carried out by the operation of the annual Jingle Jam event, and subsequent distributions to our charity partners.
The Trustees confirm that they have had due regard to the Charity Commission guidance on public benefit. We believe public benefit is achieved through the significant amount of fundraising for registered charities as a result of the event.
Jingle Jam exists to help make the world a better place for children and young people. We raise funds through the annual Jingle Jam event, and distribute these funds to other charities who are making a difference so they can have even greater impact than they otherwise would without us.
As such, our main activity is fundraising. Through our subsidiary company Jingle Jam Promotions, we run the annual Jingle Jam event every December, which aims to raise at least £3m through encouraging tens of thousands of people around the world to donate. The event is highly established within the video games audience and has regular annual supporters in over one hundred countries around the world, including a large audience in the USA as well as in the UK and across Europe. By leveraging our contacts within video games publishing companies, and by leveraging the reach and influence of supporting content creators such as The Yogscast, we are able to create an event each year which has a compelling case for support and encourages tens of thousands of viewers to donate - similar to a telethon, only online. Supporters are able to access rewards in the form of our unique Games Collection, meaning they can download free video games donated by publishers.
The Jingle Jam event is run entirely by volunteers, many of whom work for either The Yogscast or Fourth Floor - these volunteers all dedicate significant time throughout October, November and December towards marketing and promoting Jingle Jam, setting up and producing live stream events, and supporting our charity partners with their own marketing efforts.
To achieve our aim of making the world a better place for children and young people, we have identified four key focus areas. Through consultation with our wider network, and through regular feedback from Jingle Jam viewers and donors, we know these areas are ones that particularly matter to our audience and to gamers around the world:
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Improving the mental and physical health of young people.
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Inclusion of neurodivergent, disabled, LGBT+ and diverse young people.
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Support for young people affected by global events including poverty, disasters, epidemics or conflicts.
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Safeguarding the future of the planet for young people, by combating climate change and protecting animal welfare.
To achieve impact in these areas, we select charity partners who are already established and delivering real impact, to become Jingle Jam charity partners. We grant the proceeds of Jingle Jam fundraising to these charities each year, following the December event. In addition to raising funds with these charities, we work in partnership with them so that they can build their own fundraising within the Jingle Jam event, boosting how much everyone can raise. Many charities are becoming increasingly adept at engaging online content creators and gaming communities and raising funds from them - when charities bring these communities into Jingle Jam we are able to further the reach and fundraising power of Jingle Jam together.
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Page 3
Jingle Jam Trustees’ Report For the Period from 15 August 2022 to 31 October 2023
Charity partners are selected on an annual basis using a three-stage application process - starting with an expression of interest in February, followed by a detailed application form for shortlisted organisations, followed by interview meetings and due diligence. This work is coordinated by our Charity Manager but supported by a team of volunteers, similar to the team of volunteers who run the December event.
We accept applications for both project funding and unrestricted funding, but we believe strongly in putting forward cases for support to our donor community that make it clear how donations will make a difference. We do not require projects to be gaming or technology-related (as many applicants assume), although on occasion those kinds of projects do help to encourage fundraising and donations from our audience.
Once each Jingle Jam event is complete, Jingle Jam Promotions passes all the proceeds up to Jingle Jam, in order for the charity to be able to pay funds to the charity partners in the form of grants. Jingle Jam has a grant agreement in place with each charity, which includes a commitment to monitoring and evaluating the impact of the grant. Charity partners are required to report back as to their impact at 6 months and 12 months, and some of this information - such as case studies - are used by Jingle Jam to report back in turn to the donor community, for example via social media posts.
Each charity partner receives a different final amount, because donors to Jingle Jam are able to specific whether their donation is for all charities, or one in particular. We then apportion the proceeds so that each charity receives an equal share of funds donated to all charities, and 100% of proceeds of funds ear-marked specifically for them.
Achievements and performance
Jingle Jam 2022
At the point of our inception we had already selected our 2022 charity partners, through a detailed process that began with an open call for Expressions of Interest in February 2022, followed by a selection of prospective partners completing a detailed application form, followed by assessment and discussion by our review committee. The review committee consists of a number of individuals from the games industry who volunteer for and support Jingle Jam events, which make recommendations to our trustees - the final decision as to charity partners rests with Jingle Jam trustees.
After considering projected impact, match to our criteria, the mix of causes, geography and fundraising potential, we had decided to support the following 12 organisations:
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British Red Cross
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Campaign Against Living Miserably
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Dogs for Autism
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Huntington’s Disease Association
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Kidscape
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Mermaids
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Movember
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Reset Mental Health
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Special Olympics Great Britain
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SpecialEffect
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The Grand Appeal
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Whale and Dolphin Conservation Trust
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Page 4
Jingle Jam Trustees’ Report For the Period from 15 August 2022 to 31 October 2023
For the first time, we brought all the charity partners together for a launch event (in November 2022) - this was a great success in helping ensure they collaborate and work together and something we will continue to do in future years (albeit earlier in the cycle).
Jingle Jam 2022 launched, as usual, at 5pm on 1st December, with the iconic ‘Jingle Cats’ stream hosted by Lewis and Simon from The Yogscast.
Fundraising went extremely well and the event got off to a brilliant start, surpassing £1m raised late on the first evening. In addition to Jingle Cats, this was driven by fundraising by creator TheSpiffingBrit, who raised £360k, and a live donation call as the £1m neared which saw several creators and donors add large gifts to help reach the £1m mark.
Throughout the two weeks of the event, fundraising continued to be successful, underpinned by The Yogscast live streams but also featuring multiple stream events held by other creators, including micro creators sourced by the charity partners.
2022 was the first year we opened up fundraising so that anyone could host their own fundraising live stream (or, indeed, any type of fundraising event) as part of Jingle Jam, making use of our donation platform partner Tiltify’s functionality to open up Jingle Jam. In total, 336 fundraisers registered to create a Jingle Jam Tiltify page and 243 of these successfully published their page, raising in total £655,455 for Jingle Jam, ranging from £1 right up to SpiffingBrit with his £361,442.06.
Jingle Jam 2022 ended at exactly midnight (GMT) on 14th/15th December, with a grand total of £3,448,752 gross fundraising income - the second highest amount raised in Jingle Jam’s history (after 2017). At 86,589 the total number of donors was also second highest after 2017.
Once Jingle Jam had completed, work was carried out to establish formal grant agreements with each of the 12 charity partners and to remunerate each with their exact share of the proceeds from the event, based on their share of gross fundraising.
The proceeds of the event after platform (Tiltify) fees, bank and financial processing charges (Stripe, Paypal), and refunds, was £3,109,676. These were transferred from Jingle Jam Promotions to Jingle Jam (charity).
With each charity receiving an equal share of the funds raised by Yogscast (and SpiffingBrit), and each charity then supplementing that with its own streams, the final amount granted to each charity was as follows:
| British Red Cross | £272,124.37 |
|---|---|
| Campaign Against Living Miserably (CALM) | £259,911.63 |
| Dogs For Autism | £247,617.42 |
| Huntington's Disease Association | £240,924.52 |
| Kidscape | £240,816.09 |
| Mermaids | £276,037.67 |
| Movember | £263,296.88 |
| RESET Mental Health | £244,487.18 |
| Special Olympics Great Britain | £251,416.65 |
| SpecialEffect | £249,646.50 |
| The Grand Appeal | £246,773.19 |
| Whale and Dolphin Conservation | £316,623.91 |
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Page 5
Jingle Jam Trustees’ Report For the Period from 15 August 2022 to 31 October 2023
The contribution to Special Olympics included a sponsorship element, which was treated separately, enabling Jingle Jam to be featured on clothing and other assets during the Special Olympics in Berlin in summer of 2023.
The Trustees would like to thank everyone who made Jingle Jam 2022 such a success, especially:
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The games publishers and developers who contribute games into the collection
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Everyone who took the time to create content and stream for Jingle Jam
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The volunteers who worked tirelessly to help build the platform and support fundraisers
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Everyone who donated!
Jingle Jam 2023
Planning for Jingle Jam 2023 began on February 1st 2023 with the launch of Expressions of Interest from charities for places in December 2023. By the end of our 2022/23 financial year in October 2023, we had appointed a further 12 partners and were working smartly with them to deliver the best possible Jingle Jam 2023.
Financial review
The group generates 100% of it’s income from donations from the Jingle Jam event. Jingle Jam Promotions therefore raised income of £3,453,258, and incurred costs of £341,235, transferring £3,110,000 to Jingle Jam for distribution and leaving £2,023 in the company for unexpected costs (this was transferred post year end).
The charity received the income from Jingle Jam Promotions of £3,110,000, and after direct costs of £7,800, made distributions to charity partners totaling £3,085,676. This therefore left £16,524 retained in the charity to cover future costs.
Overall, the consolidated picture for the group is income of £3,453,258, costs of £349,035 and £3,085,676 transferred to charity partners. This has therefore left £18,547 in the group for future contingencies.
As at 31 October 2023, the group retained balance of £18,547 was held £34,447 in bank balances and £15,900 owed to creditors.
As Jingle Jam only donates funds raised and has no other material financial commitments, there is no real risk posed by a poor fundraising performance / a year in which fewer donors contribute - we would simply have less to grant to our charity partners. The only real risk we have identified is if Jingle Jam somehow failed to happen one year - such as through a major technology breakdown. This is mitigated through working with established platform partners such as our current platform partner Tiltify. The volunteer team has 11 years’ experience of delivering Jingle Jam live stream events so it is highly unlikely that this would happen.
Macro economic factors do affect Jingle Jam fundraising just as they do any other charity fundraising activities. In times where donations are generally down, such as in the 2023 cost of living crisis, this will also be felt by Jingle Jam, but due to our model it poses no material risk to us.
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Page 6
Jingle Jam Trustees’ Report For the Period from 15 August 2022 to 31 October 2023
Reserves policy
Jingle Jam aims to pay out 99% of funds raised after banking and platform charges, with only 1% retained to cover administrative costs. We do not seek to hold any reserves beyond those required to meet our administrative costs. This level is reviewed annually to ensure that we have sufficient funds to continue to operate the charity, and we recognise that we may need to retain additional funds in future if our operations grow.
Fundraising disclosure
Jingle Jam is registered with The Fundraising Regulator and is committed to following all codes of fundraising best practice.
We do not employ any third party fundraisers or paid fundraisers on our behalf, all fundraising is voluntary. Live stream creators promote our giving mechanisms using the tools and mechanics (e.g. logo overlays) provided by Jingle Jam and Tiltify. We are not responsible for the content of creators who fundraise on our behalf, but we have a clear complaints procedure that any viewer or donor can follow if they are not satisfied with any element of Jingle Jam.
During Jingle Jam we run a customer support system in partnership with Tiltify, where any donor can make a query and follow through to a response or action if required. For example, if the wrong amount is donated, or someone accidentally donates twice etc - in these kinds of instances we are able to swiftly reimburse the donor. With tens of thousands of donors these instances do happen, but we seldom receive any complaints due to our prompt handling of the situation.
In 2022/3 we did not receive any formal complaints. We did receive some concern emails about one of our charity partners, which at the time was under criticism in the media and subject of a Charity Commission investigation. We were able to relay these emails to that partner and have an open discussion about the situation.
We are particularly aware of the need to support vulnerable people as this is core to our mission - many vulnerable people are active gamers and find gaming communities to be of vital importance in their lives - Jingle Jam provides safe opportunities for vulnerable young people to come together and join in with fundraising in a safe and organised way and we will always monitor this across our Discord group and through audience feedback.
Plans for future periods
2023 was a difficult year for the video games industry, with sales down globally and many corporate events from mergers through to closures and staff redundancies. As such, Jingle Jam 2023 was set to battle headwinds along with wider economic factors and the much publicised cost of living crisis which also affected donor levels across the charity sector. In America, which represents 30-40% of our donor market, charitable giving is also at a 28 year low right now.
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Page 7
Jingle Jam Trustees’ Report For the Period from 15 August 2022 to 31 October 2023
Jingle Jam, however, is in a strong place. We are working on a three year strategy to 2026 which will see the charity focus on strengthening its fundraising efforts in a number of ways, for instance:
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Building stronger partnerships with charity partners to bring in higher profile creators as fundraisers
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Building stronger partnerships with key games publishers to enhance the value of the Jingle Jam games collection
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Building a stronger Jingle Jam brand with better marketing and communication support that helps reach more potential donors with the Jingle Jam message
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Continuing to open up Jingle Jam so that more and more creators of all sizes all around the world join in to raise as much money as possible
Statement of Trustees’ Responsibilities
The trustees are responsible for preparing the Trustees' Report and the financial statements in accordance with 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).
The law applicable to charities in England & Wales requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the income and expenditure of the charity for that period. In preparing these financial statements, the trustees are required to:
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the Charities SORP;
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make judgments and accounting estimates that are reasonable and prudent;
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state whether applicable accounting standards have been followed, subject to any material
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departures disclosed and explained in the financial statements, and
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.
The trustees are responsible for maintaining proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
In so far as the Trustees are aware:
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There is no relevant audit information of which the charitable trust’s auditors are unaware; and
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The Trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditors are aware of that information.
The Trustees’ Report was approved by the trustees on 13 June 2024 and signed on their behalf by:
R Keith - Chair
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Page 8
Jingle Jam Independent Auditors' Report to the Trustees and Members For the Period from 15 August 2022 to 31 October 2023
Opinion
We have audited the financial statements of Jingle Jam (the 'parent charity') and its subsidiary (the ‘group’) for the period from 15 August 2022 to 31 October 2023, which comprise the consolidated and parent charity Statement of Financial Activities, the consolidated and parent charity Balance Sheets, the consolidated and parent charity Statement of Cash Flows, and 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 Generally Accepted Accounting Practice, 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:
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give a true and fair view of the state of the group’s and of the parent charity's affairs as at 31 October 2023 and of the group’s incoming resources and application of resources for the period ended;
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have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
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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 financial statements section of our report. We are independent of the group and parent 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 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 trustee’s use of the going concern basis of accounting in the preparation of the financial statements 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 significant doubt on the charity’s ability to continue as a going concern for a period of at least twelve months from when the original 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 the report.
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Page 9
Jingle Jam Independent Auditors' Report to the Trustees and Members For the Period from 15 August 2022 to 31 October 2023
Other information
The other information comprises the information included in the Trustees’ Report, other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, 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.
Matters on which we are required to report by exception
We have nothing to report in respect of the following matters where the Charities Act 2011 requires us to report to you if, in our opinion:
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the information given in the financial statements is inconsistent in any material respect with the Trustees’ Report;
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sufficient accounting records have not been kept;
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the financial statements are not in agreement with the accounting records and returns; and
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we have not received all the information and explanations we require for the purposes of our audit.
Responsibilities of trustees
As explained more fully in the Statement of Trustees' Responsibilities set out on page 8, 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 group and parent 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 liquidate the parent charity or 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 auditor under the Charities Act 2011, Section 151 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.
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Jingle Jam Independent Auditors' Report to the Trustees and Members For the Period from 15 August 2022 to 31 October 2023
Irregularities including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlines above, to detect misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
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:
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the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
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we identified the laws and regulations applicable to the charity through discussions with management, and from our commercial knowledge and experience of the charity and grant making sector;
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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 the Charities Act 2011, fundraising regulator, anti-bribery and data protection legislation;
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we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and
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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 group’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:
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making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and
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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:
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performed analytical procedures to identify any unusual or unexpected relationships;
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tested journal entries to identify unusual transactions;
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assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and
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investigated the rationale behind significant or unusual transactions.
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In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:
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agreeing financial statement disclosures to underlying supporting documentation;
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reading the minutes of meetings of those charged with governance;
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enquiring of management as to actual and potential litigation, claims and breaches of relevant legislation; and
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reviewing correspondence with the Charity Commission and other relevant regulators including the charity’s legal advisors and insurers.
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 noncompliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.
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Jingle Jam Independent Auditors' Report to the Trustees and Members For the Period from 15 August 2022 to 31 October 2023
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: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
Use of our report
This report is made solely to the group and parent charity’s members, 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 group and parent charity’s members and trustees those matters we are required to state to them in an auditor’s 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 group and parent charity and the group and parent charity’s members as a body and the parent charity’s trustees as a body, for our audit work, for this report, or for the opinions we have formed.
Albert Goodman LLP, Statutory Auditor
Goodwood House Blackbrook Park Avenue Taunton Somerset TA1 2PX
Date: 13 June 2024
Albert Goodman LLP is eligible for appointment as auditor of the charity by virtue of its eligibility for appointment as auditor of a company under section 1212 of the Companies Act 2006.
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Page 12
Jingle Jam Consolidated Statement of Financial Activities For the Period from 15 August 2022 to 31 October 2023
| Unres- tricted £ Income Donations and legacies 3 3,453,258 Total income 3,453,258 Expenditure Expenditure on raising funds: Commercial trading operations 4 341,235 Expenditure on charitable activities 5 3,093,476 Total expenditure 3,434,711 Net (expenditure)/income and net movement in funds 18,547 Total funds carried forward 8 18,547 Notes |
Unres- tricted £ Income Donations and legacies 3 3,453,258 Total income 3,453,258 Expenditure Expenditure on raising funds: Commercial trading operations 4 341,235 Expenditure on charitable activities 5 3,093,476 Total expenditure 3,434,711 Net (expenditure)/income and net movement in funds 18,547 Total funds carried forward 8 18,547 Notes |
Res- tricted £ - |
15 August 2022 - 31 October 2023 Total £ 3,453,258 |
|---|---|---|---|
| 3,453,258 | - | 3,453,258 | |
| - - |
341,235 3,093,476 |
||
| 3,434,711 | - | 3,434,711 | |
| 18,547 | - | 18,547 | |
| - | 18,547 | ||
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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Jingle Jam Parent Charity Statement of Financial Activities For the Period from 15 August 2022 to 31 October 2023
| Unres- tricted £ Income Donations and legacies 3,110,000 Total income 3,110,000 Expenditure Expenditure on charitable activities 5 3,093,476 Total expenditure 3,093,476 Net (expenditure)/income and net movement in funds 16,524 Total funds carried forward 8 16,524 Notes |
Unres- tricted £ Income Donations and legacies 3,110,000 Total income 3,110,000 Expenditure Expenditure on charitable activities 5 3,093,476 Total expenditure 3,093,476 Net (expenditure)/income and net movement in funds 16,524 Total funds carried forward 8 16,524 Notes |
Res- tricted £ - |
15 August 2022 - 31 October 2023 Total £ 3,110,000 |
|---|---|---|---|
| 3,110,000 | - | 3,110,000 | |
| - | 3,093,476 | ||
| 3,093,476 | - | 3,093,476 | |
| 16,524 | - | 16,524 | |
| - | 16,524 | ||
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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Page 14
Jingle Jam Balance Sheet and Consolidated Balance Sheet As at 31 October 2023
| Notes Fixed assets Investments 7 Current assets Cash at bank and in hand Liabilities: Creditors: amounts falling due within 8 one year Net current assets Total assets less current liabilities Net assets Funds: Unrestricted funds: General funds Restricted funds Total funds 9 |
Group 2023 £ - - 34,447 34,447 (15,900) 18,547 18,547 18,547 18,547 18,547 - 18,547 |
Charity 2023 £ 1 |
|---|---|---|
| 1 | ||
| 24,324 | ||
| 24,324 (7,801) |
||
| 16,523 | ||
| 16,524 | ||
| 16,524 | ||
| 16,524 | ||
| 16,524 - |
||
| 16,524 | ||
The notes on pages 17 – 23 form part of these accounts.
Approved by the Board for issue on 13 June 2024 and signed on their behalf by:
R Keith - Chair
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Jingle Jam Consolidated and Parent Charity Cash Flow Statement For the Period from 15 August 2022 to 31 October 2023
| Note Cash flows from operating activities Net income/ (expenditure) for the year Working capital adjustments: |
Group 2023 £ 18,547 18,547 |
Charity 2023 £ 16,524 |
|---|---|---|
| 16,524 | ||
| (Decrease) / increase in creditors 8 |
15,900 | 7,801 |
| Net cash provided by operating activities Net increase/(decrease) in cash and cash equivalents Cash and cash equivalents at 31 October 2023 |
34,447 34,447 34,447 |
|
| 24,324 | ||
| 24,324 | ||
| 24,324 | ||
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Jingle Jam Notes to the Financial Statements For the Period from 15 August 2022 to 31 October 2023
1 General information
Jingle Jam is a registered charity, number 1200061. Jingle Jam was registered on 15[th] August 2022. Details of the charity including the registered office is shown in Reference and Administrative details in the Trustees Report.
2 Accounting policies
The principal accounting policies adopted, judgements and key sources of estimation uncertainty in the preparation of the financial statements are as follows:
a
Basis of preparation
The financial statements have been prepared under the historical cost convention, as modified by the revaluation of investments.
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 Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2011.
The trustees have assessed the charity’s activities with regard to the Charity Commission’s guidance on public benefit. Jingle Jam meets the definition of a public benefit entity under FRS 102.
The financial statements have been prepared on a going concern basis and the Trustees are not aware of any material uncertainties that would cast doubt on the charity’s ability to continue as a going concern. Grants are awarded only when there are sufficient reserves and income, therefore the Trustees consider that the going concern assumption remains appropriate.
The functional currency of Jingle Jam is considered to be Pounds Sterling as that is the currency of the primary economic environment in which the foundation operates.
b Group accounts
These financial statements consolidate the results of the charity and its wholly owned subsidiary, Jingle Jam Promotions Limited, on a line by line basis. The subsidiary is a registered company incorporated in England and Wales.
In the parent charity financial statements, the investment in subsidiaries is accounted for at cost less impairment.
c
Funds structure
The restricted fund represents assets held for a specific purpose. There are currently no restricted funds, please see note 9 for more details.
Unrestricted funds comprise accumulated surpluses and deficits on general funds which are available for use at the discretion of the trustees in furtherance of the general objectives of the charity.
Designated funds comprise income received for a purpose that has been designated by the trustees.
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Jingle Jam Notes to the Financial Statements For the Period from 15 August 2022 to 31 October 2023
d Income
All income is included in the Statement of Financial Activities (SOFA) when the charity is legally entitled to the income and the amount can be quantified with reasonable accuracy. The following specific policies apply to categories of income:
-
Donation and legacies is received by way of donations and gifts and is included in full in the Statement of Financial Activities, when receivable.
-
e Expenditure
All expenditure is accounted for on an accruals basis and has been classified under headings which aggregate all costs related to the category.
- f Cash at bank and in hand
Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.
g Creditors
Creditors are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors are normally recognised at their settlement amount after allowing for any trade discounts due.
h Financial Instruments
The charity only holds basic financial instruments as defined in FRS 102. The financial assets and liabilities of the charity and their measurements are as follows:
Financial assets – trade and other debtors are basic financial instruments and are debt instruments measured at amortised cost. Prepayments are not financial instruments.
Cash at bank and deposit accounts– is classified as a basic financial instrument and is measured at face value.
Financial liabilities – trade creditors, accruals and other creditors are financial instruments, and are measured at amortised cost. Deferred income is not deemed to be a financial liability, as the cash settlement has already taken place and there is an obligation to deliver services rather than cash or another financial instrument.
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Jingle Jam Notes to the Financial Statements For the Period from 15 August 2022 to 31 October 2023
3 Income from donations and legacies
| Total | |
|---|---|
| Unrestricted | |
| 15 August 2022 - | |
| 31 October 2023 | |
| £ | |
| Donations received | 3,453,258 |
| 3,453,258 |
4 Expenditure on raising funds – Commercial trading operations
| Total | |
|---|---|
| Unrestricted | |
| 15 August 2022 - | |
| 31 October 2023 | |
| £ | |
| Bank and platform fees | 295,662 |
| Consultancy fees | 13,000 |
| Sponsorship and marketing | 24,000 |
| Other expenses | 473 |
| Governance costs - audit | 6,600 |
| - accountancy | 1,500 |
| 341,235 | |
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Jingle Jam Notes to the Financial Statements For the Period from 15 August 2022 to 31 October 2023
5 Charitable activities
| 5 Charitable activities |
|
|---|---|
| Total | |
| Unrestricted | |
| 15 August 2022 - | |
| 31 October 2023 | |
| £ | |
| Grants to institutions: | |
| British Red Cross | 272,124 |
| Whale and Dolphin Conservation | 316,624 |
| Dogs for Autism | 247,617 |
| Special Olympics Great Britain | 227,417 |
| SpecialEffect | 249,647 |
| CALM | 259,912 |
| Kidscape | 240,816 |
| Movember Europe | 263,297 |
| Huntington's Disease Association | 240,925 |
| Wallace and Gromit's Grand Appeal | 246,773 |
| Mermaids | 276,038 |
| Reset Mental Health | 244,487 |
| Governance costs - audit | 4,800 |
| - accountancy | 3,000 |
| 3,093,476 | |
6 Staff costs
The average number of persons employed by the subsidiary (including directors) during the period was as follows:
follows: |
|
|---|---|
| Subsidiary | 2023 Number 2 |
There were no employees of the charity in the period. Trustees are not remunerated. The trustees consider the Board of Trustees to comprise all of the key management personnel and therefore there is no key management personnel remuneration to be disclosed.
Staff members in the subsidiary represent the two acting directors who were not remunerated, therefore total staff costs were £nil.
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Jingle Jam Notes to the Financial Statements For the Period from 15 August 2022 to 31 October 2023
7 Investments
| Jingle Jam Promotions Limited Ordinary shares of £1 each |
2023 £ 1 |
|---|---|
Jingle Jam Promotions Limited (company number 11428765) was incorporated on 19 October 2022 as a wholly owned trading subsidiary of Jingle Jam. The parent charity holds 100% of the issued share capital and 100% of the voting rights of the subsidiary trading company.
The principal activities of the company are the operation of the Jingle Jam event on behalf of Jingle Jam. The registered office is the same as that of the charity, detailed on page 1. The subsidiary gift aids its taxable profits to Jingle Jam, and files audited accounts with the Registrar of Companies.
A summary of the trading results is shown below:
| A summary of the trading results is shown below: | |
|---|---|
| 19 August 2022 - | |
| 31 October 2023 | |
| £ | |
| Turnover - donations received | 3,453,258 |
| Cost of sales, distribution and admin expenses | (3,451,235) |
| Operating profit / (loss) | 2,023 |
| Retained profit / (loss) for the year | 2,023 |
| The assets and liabilities of the subsidiary were: | |
| Current assets | 10,124 |
| Creditors: amounts falling due within one year | (8,100) |
| Total net assets | 2,024 |
| Called up share capital | 1 |
| Profit and loss reserve | 2,023 |
| 2,024 | |
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Jingle Jam Notes to the Financial Statements For the Period from 15 August 2022 to 31 October 2023
8 Creditors: Amounts falling due within one year
| 8 Creditors: Amounts falling due within one year |
||
|---|---|---|
| Other creditors Accruals and deferred income |
Group £ - 15,900 15,900 |
2023 Charity £ 1 7,800 |
| 7,801 | ||
9 Funds
| Unrestricted funds Charity - general Funds analysis - group Total funds Subsidiaries |
Opening balance 15 Aug 2022 £ - - |
Incoming Resources £ 3,110,000 343,258 |
Outgoing Resources £ (3,093,476) (341,235) |
Investment Movement £ - - |
Closing balance 31 Oct 2023 £ 16,524 2,023 |
|---|---|---|---|---|---|
| - | 3,453,258 | (3,434,711) | - | 18,547 | |
| - | 3,453,258 | (3,434,711) | - | 18,547 | |
| Unrestricted funds Total funds Funds analysis - charity Charity - general |
Opening balance 15 Aug 2022 £ - |
Incoming Resources £ 3,110,000 |
Outgoing Resources £ (3,093,476) |
Investment Movement £ - |
Closing balance 31 Oct 2023 £ 16,524 |
| - | 3,110,000 | (3,093,476) | - | 16,524 | |
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Jingle Jam Notes to the Financial Statements For the Period from 15 August 2022 to 31 October 2023
10 Analysis of net assets between funds
Analysis of group net assets between funds
| Analysis of group net assets between funds | |||
|---|---|---|---|
| Current assets Other net current liabilities |
Unrestricted funds £ 34,447 (15,900) 18,547 |
Restricted funds £ - - - |
Total funds £ 34,447 (15,900) |
| 18,547 | |||
Analysis of parent charity net assets between funds
| Current assets Other net current liabilities |
Unrestricted funds £ 24,324 (7,801) 16,524 |
Restricted funds £ - - - |
Total funds £ 24,324 (7,801) |
|---|---|---|---|
| 16,524 | |||
11 Related party transactions
The charity has taken advantage of exemptions in FRS 102 “Related party disclosures” from disclosing transactions with other members of the group.
The charity’s policy is that, where trustees or their immediate family have a connection with recipient organisations, they should declare their interest. There are no related party transactions requiring disclosure.
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