Registered No.
1012966
JUSACA CHARITABLE TRUST
Financial Statements
for the year ended 31 March 2021
JUSACA CHARITABLE TRUST
Financial Statements
for the year ended 31 March 2021
INDEX
Page No.
Report of the Trustees 1
Statement of Financial Activities 2
Balance Sheet 3
Notes to the Financial Statements 4
Independent Examiner’s Report 5
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Page 1
JUSACA CHARITABLE TRUST
Report of the Trustees for the year ended 31 March 2021
The Trustees present their report and unaudited financial
statements for the year ended 31 March 2021.
Reference and Administrative Information
Charity name JUSACA Charitable Trust
Charity Registration Number |
1012966 |
|---|---|
Principal Office |
17 Ashburnham Grove |
London SE10 8UH |
|
Trustees |
Ralph Neville Emanuel (died 28 |
September 2020) |
|
Sara Jane Emanuel |
|
Carolyn Leonora Emanuel |
|
Maurice Seymour Emanuel |
|
Diana Claire Franklin |
|
Donald Franklin |
|
Rachel Paul |
|
Miriam Emanuel |
|
Jacob Alfred Emanuel |
|
Bankers |
CAF Bank Limited |
25 Kings Hill Avenue |
|
Kings Hill |
|
West Malling |
|
Kent |
|
ME19 4JQ |
|
Investment advisers |
Money Concepts FPC |
89 Main Street |
|
Shelburne Falls, MA 01370 |
|
Hottinger Investment Management Ltd |
|
27 Queen Anne’s Gate |
|
London SW1H 9BU |
Page 1 Continued
JUSACA CHARITABLE TRUST
Report of the Trustees for the year ended 31 March 2021
The trustees present their annual report and financial statement
of the charity for the year ended 31 March 2021
The financial statements have been prepared in accordance with
the Charities SORP Accounting & Reporting by Charities, as
amended by Update Bulletin 1 (February 2016).
1. Structure, governance and management
The charity was established by deed on 3 April 1992 to make
donations to charitable institutions at the trustees’ discretion.
Its income has arisen over the years from donations by the
founder and from the Ralph and Muriel Emanuel Charitable
Settlement in the form of cash and shares.
It is great sadness that the trustees announce the death on 28
September 2020 of Ralph Neville Emanuel, without whose work and
generosity this trust would not exist. His personal involvement
in the management of the trust on a daily basis and in the
investment strategy will be greatly missed. The trustees are
committed to follow his example.
The Trust’s work is entirely reliant on income and investment
returns from its endowments and is invested on a total return
basis. The trustees have the power to spend or retain both
capital and income and so the fund is classed as an expendable
endowment. The annual report is an opportunity to take stock of
the receipts and payments made during the period and of the
investment performance of the Trust.
No staff are employed and the trust operates from Sara Emanuel’s
residence. The trust is managed on a day to day basis by Sara
Emanuel supported by Rachel Paul, with no trustee having a
business title designation. Reference to the other trustees is
made on an as and when necessary basis.
The trustees confirm that they have referred to the Charity
Commission’s guidance on public benefit when reviewing the
Trust’s aims and objectives, in planning future activities and
setting the grant making policy for the period.
Individuals with the deemed necessary varied experience and
appropriate qualifications have been invited by Ralph Emanuel to
become trustees over a number of years.
Page 1 Continued
JUSACA CHARITABLE TRUST
Report of the Trustees for the year ended 31 March 2021
2. Risk management
The trustees consider the risks of the trust to be minimal. They
are;
a. the trustees consider variability of investment returns on the
endowments to constitute the charity’s major financial risk. This
is mitigated by a review of the investment portfolio with the
stockbrokers at least monthly.
b. Giving to charities when not agreed by trustees. This
agreement is achieved through annual meetings or through email or
other communication in the interim and all payments are approved
by two trustees.
c. Disproportionate expenditure which is not charitable
donations. The expenditure on administration, professional fees,
bank charges etc. is kept under tight control by the trustees.
d. Grants are made in accordance with the grant giving policy.
The policy was reviewed on 2 July 2008. At each trustees’ meeting
a breakdown of proposed grants is considered to ensure compliance
with the grant giving policy.
3. Objectives and activities
The objectives of the charity are to make donations to charitable
institutions at the trustees’ discretion. The principal
activities of the charity are the making of donations. The
objectives have been met.
4. Grant giving policy
The trust has established its grant making policy from
unrestricted funds to achieve its objects for the public benefit.
The trust aims to give grants to alleviate poverty, promote
health and education, to support the arts, research, religious
activities and the provision of decent housing. The objective is
to distribute at least 50% of donations to Jewish charities (in
the UK, overseas and in Israel), of the remainder about 50% to be
donated to charities operating in the UK and about 50% outside
the UK. The trust invites applications for grants from other
charities meeting these objectives through the trustees.
Eligibility is restricted to those charities which meet the
objectives and the trustees decide at the meetings on the amounts
to be distributed. Additional amounts are distributed during the
period to meet emergency appeals.
Page 1 Continued
JUSACA CHARITABLE TRUST
Report of the Trustees for the year ended 31 March 2021
5. Achievements and performance
During the year ended 31 March 2021, the trustees made 68
donations to other charitable organisations, of which 67 exceeded
£ 1,000 (2020: 76 donations, of which 59 exceeded £ 1,000). Those
charities in receipt of grants are monitored to determine that
their objectives are met. The grants were for general charitable
purposes including relief of poverty, health and education.
Grants totalling £ 269,448 £ 57,957) were received from Ralph
Emanuel during the period. In common with many charitable
institutions, the charitable trust benefited from a significant
recovery in the value of investments held during the period. No
donations are made to any individuals (2020: Nil).
6. Financial review
During the year ended 31 March 2021, there were net gains on
investments of £ 224,682 (2020: gains £ 6,475). Total
distributions during the year were £ 387,550 (2019: £ 334,813).
This is considered as satisfactory.
Total net assets, excluding the residential property investment,
which is valued at cost of £ 2,122,955 (2020: £ 2,122,955),
include the dollar investments and loans had book cost of
£ 790,693, (2020: £ 698,210) with a market value of £ 1,419,836
(2020: £ 1,295,477). All funds are held in an unrestricted fund,
with restrictions only as set out in the grant giving policy.
7. Investment policy and performance
The Trust operates a total return approach to the investment of
the endowments. The Trust aims to maintain the real value of the
fund in the medium term – 5 years. The Trustees also anticipate
that further grants will be received in the short term so that
the level of grants paid will be maintained at current levels.
The high levels of stock market volatility and the continuing
uncertainty regarding world economic prospects continues to make
the management of investments difficult. The charity is a long-
term investor and stock markets remain above levels seen in the
mid 1980s and the trustees, on professional advice, continue to
hold a mixed portfolio of leasehold residential property,
equities, bonds, cash and other investments designed to provide a
stable income and the possibility of investment gains. The equity
component of the investment portfolio is weighted with medium
appetite for investment risk with the main exposure to
investments in the leading advanced industrial economies with a
history of paying dividends.
Page 1 Continued
JUSACA CHARITABLE TRUST
Report of the Trustees for the year ended 31 March 2021
8. Reserves policy
The trustees have created an unrestricted reserve for the
eventuality that substantial donations can be made to a cause
deemed especially worthy or for emergencies. The free and
unrestricted reserves at 31 March 2021 amounted to £ 3,628,428
(2020: £ 3,353,711)
9. Plans for future periods
The trustees have retained reserves to meet anticipated
requirements and intend to distribute both income generated from
investments and accumulated capital in line with the above grant
giving policies over an extended period.
The JUSACA Charitable Trust expects to receive an amount in the
region of £ 8.0m over the next 12 months from the sale of the
leasehold investment property and as a beneficiary of a bequest
from Ralph Neville Emanuel. It is the intention of the trustees
to increase the annual grants with the objective of determining
the charitable trust over the next 10 years or so.
10. Trustees responsibilities in relation to the financial statements
The charity trustees are responsible for preparing a trustees’
annual report and financial statements in accordance with
applicable law and United Kingdom Accounting Standards (United
Kingdom Generally Accepted Accounting Practice.)
The law applicable to charities in England and Wales requires the
trustees to prepare financial statements for each year, which
give a true and fair view of the state of affairs of the charity
and the incoming resources and application of resources of the
charity for that year. In preparing the accounts the trustees are
required to:
a. select suitable accounting policies and then apply them
consistently;
b. observe the methods and principles in the applicable Charities
SORP;
c. make judgements and estimates that are reasonable and prudent;
d. state whether applicable accounting standards have been
followed, subject to any material departures disclosed and
explained in the financial statements;
e. prepare the financial statements on the going concern basis
unless it is inappropriate to presume that the charity will
continue to operate.
Page 1 Continued
JUSACA CHARITABLE TRUST
Report of the Trustees for the year ended 31 March 2021
10. Trustees responsibilities in relation to the financial - statements continued
The trustees are responsible for keeping proper accounting
records which disclose with reasonable accuracy at any time the
financial position of the charity and to enable them to ensure
that the financial statements comply with the Charities Act 2011,
the applicable Charities (Accounts and Reports) Regulations and
the provisions of the Trust deed. They are also responsible for
safeguarding the assets of the charity and taking reasonable
steps for the prevention and detection of fraud and other
irregularities.
Legislation in the United Kingdom governing the preparation and
dissemination of financial statements may differ from legislation
in other jurisdictions.
Members of the management committee, who are trustees for the
purposes of charity law, who served during the year ended 31
March 2021 and up to the date of this report are set out on page
1 above. Approved by the trustees and signed on its behalf by:
M. S. Emanuel
…………………………………… Signature
Trustee
M. S. Emanuel 27 January 2022
Page 2
JUSACA CHARITABLE TRUST
Statement of Financial Activities for the year ended 31 March 2021
£
-----------------------
Note 2021 2020
Incoming resources
Incoming resources from
generated funds 5
Voluntary income 269,448 57,957
Investment income 53,005 62,677
------- -------
Total incoming resources 322,453 120,634
------- -------
Resources expended
Charitable activities
Grants payable 7 387,550 334,813
Governance costs 2 7,764 7,974
------- -------
Total resources expended 395,314 342,787
------- -------
Net outgoing resources
for the year ( 72,861) (222,153)
Gain/(Loss) on investment assets 347,578 ( 6,475)
------- -------
Net movement in funds 274,717 (228,628)
Funds brought forward at 31 March 2020 3,353,711 3,582,339
--------- ---------
Funds carried forward at 31 March 2021 £ 3,628,428 £ 3,353,711
========= =========
All of the charity’s operations are classed as continuing
Movements on reserves and all recognised surpluses or deficits
are shown above.
The notes on page 4 form part of these financial statements.
Page 3
JUSACA CHARITABLE TRUST
Balance Sheet as at 31 March 2021
£
----------------------------
Note 2021 2020
Fixed assets
Investments 6 3,542,791 3,418,553
---------
Current assets
Cash at bank and in hand 86,227 76,585
Prepayments 519 1,950
------ ------
86,746 78,535
Creditors: amounts falling
due in less than one year 3 ( 1,109) (143,377)
------ -------
Net current assets (liabilities) 85,637 ( 64,842)
--------- ---------
Net assets £ 3,628,428 £ 3,353,711
========= =========
The funds of the charity:
Unrestricted funds:-
Expendable Endowment funds 3,628,428 3,353,711
--------- ---------
Total charity funds £ 3,628,428 £ 3,353,711
========= =========
The notes on page 4 form part of these financial statements.
Page 4
JUSACA CHARITABLE TRUST
Notes to the Financial Statements for the year ended 31 March 2021
1 Accounting policies
a. Basis of preparation
The accounts (financial statements) have been prepared in
accordance with the new Charities SORP (FRS 102) Accounting &
Reporting by Charities, as amended by Update Bulletin 1 (February
2016) and the Charities Act 2011 and applicable regulations.
The accounts have been prepared under the historical cost
convention with items recognised at cost or transaction value
unless otherwise stated in the relevant note(s) to these
accounts.
b. Fund structure
The charity has unrestricted endowment funds which are available
for use at the discretion of the trustees in furtherance of the
general objectives of the charity. The trust provides for the
trustees to invest capital in perpetuity and is managed on a
total return basis. The trustees at their discretion may allocate
any part of the unrestricted funds to the general purposes of the
trust in accordance with the grant giving policy. Unrestricted
funds include gains or losses on investment assets.
c. Income recognition
All income is included in the statement of financial activities
when the charity is entitled to the income and the amount can be
quantified with reasonable accuracy. The following specific
policies are applied to particular categories of income:
Voluntary income is received by way of donations and gifts and is
included in full in the Statement of Financial Activities when
receivable. Investments, with entitlement to income, received by
way of loans, are included in investments and creditors in the
balance sheet. The income derived therefrom is included as trust
investment income.
Investment income which includes dividend and interest income is
accounted for in the year in which it is received.
d. Charitable activities
The expenditure on charitable grants is disclosed in the
statement of financial activities and note 5 of the Report of the
Trustees for the year ended 31 March 2021.
Page 4 Continued
JUSACA CHARITABLE TRUST
Notes to the Financial Statements
-
for the year ended 31 March 2021 Continued
- 1. Accounting policies continued
e. Fixed asset investments
Investments are initially recognised at their transaction value
and subsequently measured at their market value as at the balance
sheet date using the closing quoted market price. Investments
comprise both UK and US quoted stocks and shares. The statement
of financial activities includes the net gains and losses arising
on revaluation and disposals throughout the year ended 31 March
2021.
The trust does not acquire or use put options, derivatives or
other complex financial instruments.
f. Realised gains and losses
All gains and losses are taken to the statement of financial
activities as they arise. Realised gains and losses on
investments are calculated as the difference between sales
proceeds and their opening carrying value or their purchase
value, if acquired subsequent to the first day of the financial
period. Unrealised gains and losses are calculated as the
difference between market value at the period end and their
carrying value. Realised and unrealised investment gains and
losses are combined in the Statement of Financial Activities.
f. Currency conversion
Income and expenditure made in foreign currency is converted at
the actual rate of exchange on that date. The value of foreign
currency investments held at the year end is calculated at the
exchange rate prevailing at the year end date.
g. Resources expended
Expenditure is recognised on an accruals basis when a liability
is incurred. Expenditure includes any VAT which cannot be
recovered and is included as part of the expenditure to which it
relates:
Grants payable are charged in the period when the offer is
conveyed to the recipient, except in those cases where the offer
is conditional, such as grants being recognised as expenditure
when the conditions attaching are fulfilled. Grants offered
subject to conditions which have not been met at the period end
are noted as a commitment, but not accrued as expenditure.
Page 4 Continued
JUSACA CHARITABLE TRUST
Notes to the Financial Statements - for the year ended 31 March 2021 Continued
- 1. Accounting policies continued
– g. Resources expended continued
Governance costs include those costs associated with meeting the
constitutional and statutory requirements of the charity and
include its audit fees, and costs linked to the strategic
management of the charity.
h. Cash flow statement
The charity has taken advantage of the exemption in Financial
Reporting Standard 1 from preparing a Cash Flow Statement on the
grounds that it is a small charitable trust.
£
-------------------
2. Net outgoing resources for the year 2021 2020
This is stated after charging:-
Flat administration fee 2,692 5,009
Flat maintenance costs 2,442 1,919
Investment management fee 2,445 961
Bank charges 185 85
----- -----
£ 7,764 £ 7,974
===== =====
3. Creditors: amounts falling due
in less than one year
Loan repayable to R. N. Emanuel (unsecured) - 64,892
Accrued expenses 1,109 1,160
----- ------
£ 1,109 £ 66,052
===== ======
4. Trustees and employees remuneration and expenses
The trustees all give freely of their time and expertise without
any form of remuneration or other benefit in cash or kind,
directly or indirectly (2020: £ Nil). There were no employees
during the year (2020: Nil).
Page 4 Continued
JUSACA CHARITABLE TRUST
Notes to the Financial Statements – for the year ended 31 March 2021 Continued
£
----------------------
5. Incoming resources 2021 2020
Voluntary income
Donations 269,448 57,957
------- ------
Investment income
Rental income 27,757 32,932
Dividends and interest
on listed investments 25,248 29,645
Interest on Cash Deposits - 100
------ ------
53,005 62,677
------- -------
Total incoming resources £ 322,453 £ 120,634
======= =======
6. Investments
Investments held comprise listed UK and US Securities
Investments at:-
market value at 1 April 2020 1,295,598 1,228,759
Add: Acquisitions at cost 203,281 57,957
Less: disposals at market value ( 328,468) ( - )
Realised gains and on revaluation
at 31 March 2021 249,425 8,882
--------- ---------
Market value at 31 March 2021 £ 1,419,836 £ 1,295,598
========= =========
Cash at bank £ 86,227 £ 76,585
======= =======
Investments at market value comprised:
UK Equities 99,943 88,525
European Equities 383,282 276,917
US Corporate Bonds 38,524 50,298
US Equities 758,701 812,575
Australian Equities 139,386 67,283
--------- ---------
Market value at 31 March 2021 £ 1,419,836 £ 1,295,598
========= =========
The historical cost of investments including shares on loan of
£ Nil (2020: £ 33,987) amounted to £ 790,693 (2020: £ 756,368).
Page 4 Continued
JUSACA CHARITABLE TRUST
Notes to the Financial Statements - for the year ended 31 March 2021 Continued
- 6. Investments Continued
The investment in Johnson & Johnson represented more than 10% of
the investment portfolio in the previous year. For the year ended
31 March 2021 there were no holdings of individual shares which
exceeded 10% of the investment portfolio.
2021 2020
No. of Market No. of Market
shares value £ shares value £
Johnson & Johnson 0 £ 0 1,500 £ 157,927
JUSACA Charitable Trust invested in a long-term leasehold
residential flat purchased from a third party during the period,
where one of the trustees has an interest in the freehold.
The value at cost £ 2,122,955 £ 2,122,955
========= =========
Total value of investments £ 3,542,791 £ 3,418,553
========= =========
7. Grants payable
Grants payable during the year ended 31 March 2021 include
individual donations each in excess of 5% of the grants payable
to the following charities, which were each made for humanitarian
purposes:- £
-------------------
2021 2020
World Jewish Relief 42,000 40,088
Practical Action 32,000 N/A
Jewish Care 25,000 20,000
New Israel Fund 27,000 N/A
Friends of Israel Free Loan N/A 18,637
8. Related party transactions
During the year ended 31 March 2021, Mr R. N. Emanuel donated
shares with a value at the date of the gift of £ 203,281 (2020:
£ 57,957) to the Trust.
During the year ended 31 March 2021, JUSACA made grants to the
following connected parties:-
-
i. Jerusalem Interest Free Micro Finance of £ 12,500 (2020: £ 12,162) of which Mr D. Franklin is a trustee. -
ii. Water for Kids of £ 14,500 (2020: £ 12,000) of which Ms S. Emanuel is a trustee. -
iii. Sussex German Jewish Centre of £ 15,000 of which Mrs D. Franklin is a director
Page 5
JUSACA CHARITABLE TRUST Charity Registered No. 1012966 Independent Examiner’s Report on the Accounts for the year ended 5 April 2021 as set out on pages 1 to 4.
The charity’s trustees consider that an audit is not required for
this year under section 43(2) of the Charities Act 1993, as
amended by section 28 of the Charities Act 2006 and that an
independent examination is needed.
It is my responsibility to examine the accounts under section
43(2) of the Charities Act 1993, as amended and to state whether
particular matters have come to my attention.
My examination was carried out in accordance with General
Directions given by the Charity Commission. An examination
includes a review of the accounting records kept by the charity
and a comparison of the accounts presented with those records. It
also includes consideration of any unusual items or disclosures
in the accounts, and seeking explanations from the trustees
concerning any such matters. The procedures undertaken do not
provide all the evidence that would be required in an audit, and
consequently I do not express an audit opinion on the accounts.
In the course of my examination, no matter has come to my
attention
1. which gives me reasonable cause to believe that in, any
material respect, the trustees have not met the requirements to
ensure that:
a. proper accounting records are kept; and
b. accounts are prepared which agree with the accounting records
and comply with the accounting requirements of the Act; or
2. to which, in my opinion, attention should be drawn in order to
enable a proper understanding of the accounts to be reached.
Signed ……………………………………………
M. S. Preston
27 January 2022
Dated ……………………………………………