CHARITY REGISTRATION NUMBER: 1008369
Panju Jessa Trust Unaudited Financial Statements 30 June 2024
SAMARA & CO
Chartered accountants 511 Kenton Lane Harrow Middlesex HA3 JW
Panju Jessa Trust
Financial Statements
Year ended 30 June 2024
| Page | |
|---|---|
| Trustees' annual report | 1 |
| Independent examiner's report to the trustees | 2 |
| Statement of financial activities | 3 |
| Statement of financial position | 4 |
| Notes to the financial statements | 5 |
Panju Jessa Trust
Trustees' Annual Report (continued)
Year ended 30 June 2024
The trustees present their report and the unaudited financial statements of the charity for the year ended 30 June 2024.
Reference and administrative details
| Registered charity name | Panju Jessa Trust |
|---|---|
| Charity registration number | 1008369 |
| Principal office | 35 STRATFORD ROAD |
| Watford | |
| WD17 4YN | |
| The trustees | |
| Mr N Jessa | |
| Mr R Jessa | |
| Mr S Jessa | |
| Mr M Jessa | |
| Independent examiner | Samara & Co |
| 511 Kenton Lane | |
| Harrow | |
| Middlesex | |
| HA3 JW |
Structure, governance and management
Governing document
Panju Jessa Trust is controlled by its Trust deed since incorporation.
Objectives and activities
Objectives and aims
The main purposes of the Trust as set out in the deed document and the main activities undertaken in relation to those purpose are
- To advance education and training by means of donations and grant to organisation that carry out the training. - Support organisations to construct and renovate community centres and mosques to facilitate educational training. - To prevent and relieve poverty by means of donations and grant to organisations working to achieve similar goals
The trustees' annual report was approved on 22 May 2025 and signed on behalf of the board of trustees by:
Mr M Jessa Trustee
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Panju Jessa Trust
Independent Examiner's Report to the Trustees of Panju Jessa Trust
Year ended 30 June 2024
I report to the trustees on my examination of the financial statements of Panju Jessa Trust ('the charity') for the year ended 30 June 2024.
Responsibilities and basis of report
As the trustees of the charity you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 (‘the Act’).
I report in respect of my examination of the charity's financial statements carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.
Independent examiner's statement
Since the charity’s gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a member of the Association of Chartered Certified Accountants, which is one of the listed bodies.
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
-
accounting records were not kept in respect of the charity as required by section 130 of the Act; or
-
the financial statements do not accord with those records; or
-
the financial statements do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a ‘true and fair' view which is not a matter considered as part of an independent examination.
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
Samara & Co Independent Examiner
511 Kenton Lane Harrow Middlesex HA3 JW
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Panju Jessa Trust
Statement of Financial Activities
Year ended 30 June 2024
| 2024 | 2023 | |||
|---|---|---|---|---|
| Unrestricted | ||||
| fundsTotal funds | Total funds | |||
| Note | £ | £ | £ | |
| Income and endowments | ||||
| Donations and legacies | 4 | 1,015,358 | 1,015,358 | 34,000 |
| Investment income | 5 | 38,277 | 38,277 | 31,662 |
| -------------------------------- | -------------------------------- | ---------------------------- | ||
| Total income | 1,053,635 | 1,053,635 | 65,662 | |
| ================================ | ================================ | ============================ | ||
| Expenditure | ||||
| Expenditure on raising funds: | ||||
| Investment management costs | 6 | 1,172 | 1,172 | 1,506 |
| Expenditure on charitable activities | 7 | 156,540 | 156,540 | 103,691 |
| -------------------------------- | -------------------------------- | -------------------------------- | ||
| Total expenditure | 157,712 | 157,712 | 105,197 | |
| ================================ | ================================ | ================================ | ||
| -------------------------------- | -------------------------------- | -------------------------------- | ||
| Net income/(expenditure) and net movement in funds | 895,923 | 895,923 | (39,535) | |
| ================================ | ================================ | ================================ | ||
| Reconciliation of funds | ||||
| Total funds brought forward | 97,111 | 97,111 | 136,646 | |
| -------------------------------- | -------------------------------- | -------------------------------- | ||
| Total funds carried forward | 993,034 | 993,034 | 97,111 | |
| ================================ | ================================ | ================================ |
The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
The notes on pages 5 to 8 form part of these financial statements.
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Panju Jessa Trust
Statement of Financial Position
30 June 2024
| 2024 | 2023 | ||
|---|---|---|---|
| Note | £ | £ | |
| Fixed assets | |||
| Investments | 9 | 983,670 | 79,069 |
| Current assets | |||
| Cash at bank and in hand | 10,204 | 18,042 | |
| Creditors: amounts falling due within one year | 10 | 840 | – |
| ---------------------------- | ---------------------------- | ||
| Net current assets | 9,364 | 18,042 | |
| -------------------------------- | ---------------------------- | ||
| Total assets less current liabilities | 993,034 | 97,111 | |
| -------------------------------- | ---------------------------- | ||
| Net assets | 993,034 | 97,111 | |
| ================================ | ============================ | ||
| Funds of the charity | |||
| Unrestricted funds | 993,034 | 97,111 | |
| -------------------------------- | ---------------------------- | ||
| Total charity funds | 11 | 993,034 | 97,111 |
| ================================ | ============================ |
These financial statements were approved by the board of trustees and authorised for issue on 22 May 2025, and are signed on behalf of the board by:
Mr M Jessa Trustee
The notes on pages 5 to 8 form part of these financial statements.
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Panju Jessa Trust
Notes to the Financial Statements (continued)
Year ended 30 June 2024
1. General information
The charity is a public benefit entity and a registered charity in England and Wales and is unincorporated. The address of the principal office is 35 STRATFORD ROAD, WATFORD, WD17 4YN.
2. Statement of compliance
These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', the 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)) and the Charities Act 2011.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through income or expenditure.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
There are no material uncertainties about the charity's ability to continue.
Fund accounting
Unrestricted funds are available for use at the discretion of the trustees to further any of the charity's purposes.
Incoming resources
All incoming resources are included in the statement of financial activities when entitlement has passed to the charity; it is probable that the economic benefits associated with the transaction will flow to the charity and the amount can be reliably measured. The following specific policies are applied to particular categories of income:
-
income from donations or grants is recognised when there is evidence of entitlement to the gift, receipt is probable and its amount can be measured reliably.
-
legacy income is recognised when receipt is probable and entitlement is established.
Resources expended
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Panju Jessa Trust
Notes to the Financial Statements (continued)
Year ended 30 June 2024
Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is classified under headings of the statement of financial activities to which it relates:
-
expenditure on raising funds includes the costs of all fundraising activities, events, noncharitable trading activities, and the sale of donated goods.
-
expenditure on charitable activities includes all costs incurred by a charity in undertaking activities that further its charitable aims for the benefit of its beneficiaries, including those support costs and costs relating to the governance of the charity apportioned to charitable activities.
-
other expenditure includes all expenditure that is neither related to raising funds for the charity nor part of its expenditure on charitable activities.
All costs are allocated to expenditure categories reflecting the use of the resource. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs are apportioned between the activities they contribute to on a reasonable, justifiable and consistent basis.
Investments
Unlisted equity investments are initially recorded at cost, and subsequently measured at fair value. If fair value cannot be reliably measured, assets are measured at cost less impairment.
Listed investments are measured at fair value with changes in fair value being recognised in income or expenditure.
Investment property
Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure.
Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in income or expenditure.
If a reliable measure of fair value is no longer available without undue cost or effort for an item of investment property, it shall be transferred to tangible assets and treated as such until it is expected that fair value will be reliably measurable on an on-going basis.
4. Donations and legacies
| Unrestricted | Total Funds | Unrestricted | Total Funds | |
|---|---|---|---|---|
| Funds | 2024 | Funds | 2023 | |
| £ | £ | £ | £ | |
| Donations | ||||
| Donations | 1,015,358 | 1,015,358 | 34,000 | 34,000 |
| ================================ | ================================ | ============================ | ============================ |
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Panju Jessa Trust
Notes to the Financial Statements (continued)
Year ended 30 June 2024
5. Investment income
| Unrestricted | Total Funds | Unrestricted | Total Funds | |
|---|---|---|---|---|
| Funds | 2024 | Funds | 2023 | |
| £ | £ | £ | £ | |
| Income from investment properties | 19,693 | 19,693 | 17,983 | 17,983 |
| Income from other investments | 18,382 | 18,382 | 13,506 | 13,506 |
| Bank interest receivable | 202 | 202 | 173 | 173 |
| ---------------------------- | ---------------------------- | ---------------------------- | ---------------------------- | |
| 38,277 | 38,277 | 31,662 | 31,662 | |
| ============================ | ============================ | ============================ | ============================ |
6. Investment management costs
| Unrestricted | Total Funds | Unrestricted | Total Funds | |
|---|---|---|---|---|
| Funds | 2024 | Funds | 2023 | |
| £ | £ | £ | £ | |
| Administration of investments | 139 | 139 | 120 | 120 |
| Rental expenses | 1,033 | 1,033 | 1,386 | 1,386 |
| ----------------------- | ----------------------- | ----------------------- | ----------------------- | |
| 1,172 | 1,172 | 1,506 | 1,506 | |
| ======================= | ======================= | ======================= | ======================= |
7. Expenditure on charitable activities by fund type
| Unrestricted | Total Funds | Unrestricted | Total Funds | |
|---|---|---|---|---|
| Funds | 2024 | Funds | 2023 | |
| £ | £ | £ | £ | |
| Activity | 155,701 | 155,701 | 103,691 | 103,691 |
| Support costs | 839 | 839 | – | – |
| -------------------------------- | -------------------------------- | -------------------------------- | -------------------------------- | |
| 156,540 | 156,540 | 103,691 | 103,691 | |
| ================================ | ================================ | ================================ | ================================ |
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Panju Jessa Trust
Notes to the Financial Statements (continued)
Year ended 30 June 2024
8. Trustee remuneration and expenses
During the year, no Trustees received any remuneration
During the year, no Trustees received any benefits in kind
During the year, no Trustees received any reimbursement of expenses
9. Investments
| Investment | Other | ||
|---|---|---|---|
| properties | investments | Total | |
| £ | £ | £ | |
| Cost or valuation | |||
| At 1 July 2023 | – | 79,069 | 79,069 |
| Additions | 552,000 | 334,358 | 886,358 |
| Fair value movements | – | 18,243 | 18,243 |
| -------------------------------- | ---------------------------- | -------------------------------- | |
| At 30 June 2024 | 552,000 | 431,670 | 983,670 |
| ================================ | ============================ | ================================ | |
| Impairment | |||
| At 1 July 2023 and 30 June 2024 | – | – | |
| ============================ | ================================ | ||
| Carrying amount | |||
| At 30 June 2024 | 552,000 | 431,670 | 983,670 |
| ================================ | ============================ | ================================ | |
| At 30 June 2023 | – | 79,069 | 79,069 |
| ================================ | ============================ | ================================ |
All investments shown above are held at valuation.
Investment properties are accounted for in the year as Donation received at fair value at the year-end.
10. Creditors: amounts falling due within one year
| 2024 | 2023 | |
|---|---|---|
| £ | £ | |
| Accruals and deferred income | 840 | – |
| ============== | ============== |
11. Analysis of charitable funds
Unrestricted funds
| Unrestricted funds | |||||
|---|---|---|---|---|---|
| At | |||||
| At | 30 June 202 | ||||
| 1 | July 2023 | Income | Expenditure | 4 | |
| £ | £ | £ | £ | ||
| General funds | 97,111 | 1,053,635 | (157,712) | 993,034 |
|
| ============================ | ================================ | ================================ | ================================ | ||
| At | At | ||||
| 1 | July 2022 | Income | Expenditure | 30 June 2023 | |
| £ | £ | £ | £ | ||
| General funds | 136,646 | 65,662 | (105,197) | 97,111 |
|
| ================================ | ============================ | ================================ | ============================ |
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