2003 Summary

Income and Expenditure

2003 was a challenging year with the fundraising environment becoming increasingly difficult. Income however was £1,129,000, which is up 5%bover the previous year's total of £1,079,000. We now have more than 8,000 individual regular donors, who contribute 86% of the charity's income.

Administration costs were £105,817, compared with the previous year's total of £112,195. Our fund-raising expenditure at £154,583 was slightly lower than the previous year £157,351.

Expenditure

Project Expenditure: 75%
Fundraising: 13%
Administration: 9%
Publicity: 3%

Project Expenditure

Education: 51%
Training: 20%
Buddhist Projects: 19%
Cultural Projects: 7%
Health: 2%
Self Sufficiency: 1%

Income and Expenditure Statement

	2003	2002
	£	£
Incoming Resources
Regular donations	968,985	885,246
Donations from trusts	92,449	107,978
Donations and other	67,610	85,896
Total incoming resources	1,129,044	1,079,120
Resources Expended
Project Expenditure	858,032	628,396
Education & pubilicity	33,315	33,295
Fundraisinq	154,583	157,351
Management & Administration	105,817	112,195
Total resources expended	1,151,747	931.237
Net movement in funds	-22,703	147,883
Balance at 1st January 2003	584,500	436,617
Balance at 31st December 2003	561,797	584,500

Balance Sheet to 31 December 2003

Fixed Assets	320,480	311,174
Current Assets	521,922	540,229
Creditors	-280,605	-266,703
Net Assets	561,797	584,500
Represented by:
Reserves
Unrestricted funds	519,891	541,731
Restricted funds	41,906	42,769
Reserves	561,797	584,500

Project funding

We would like to thank our many individual and institutional donors. Thanks to their support we have funded a record number of overseas projects and training initiatives over the past year.

It has been an exciting year with Karuna's project focus shifting increasingly to helping our project partners develop the skills they need to run their own organisations and Projects.

We funded a total of 25 partner organisations and also a number of individuals doing capacity building and training work. The total project funding was £858,032, up 27% from the previous year's total of £628,396.

The main project highlights in the year were: funding 2 new schools for refugee children in Bangladesh: funding a new training, resource and capacity building centre specifically aimed at the dalit community: and funding the Indian charity Child Relief and You to run education and self-sufficiency projects with tribal communities.

About Karuna and Aid For India

The Karuna Grants team, based in London, is responsible for managing all new and ongoing project grants. The team also supports our project partners in developing their

organisations, monitoring and evaluating, networking and reporting.

The trust does its best to ensure as far as possible we operate with care towards the environment.

All Karuna's administrative staff and fundraisers work for non-commercial wages to ensure that as much as possible of donors funds go towards funding the projects (The writer and designer of our annual report also work for non-commercial rates).

We would like to thank all those who have volunteered and contributed to our work during the past year. In 2003 we continued our link with Camden Institute of Technology, providing work placements for a number of trainees.

The trust holds financial reserves at the minimum level needed to ensure that we can maintain our long term commitment to our partner organisations and communities.

D.P. Francis
Financial Executive

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