Registered No.
1012966
JUSACA CHARITABLE TRUST
Financial Statements
for theyear ended31 March 2023
JUSACA CHARITABLE TRUS
Financial Statements
for the year ended 31 March 2023
INDEX
Page No.
Report of the Trustees 1
Statement of Financial Activities 2
Balance Sheet 3
Cash Flow statement 4
Notes to the Financial Statements 5
Independent Auditor’s Report 6
*******************************
***************************
Page 1
JUSACA CHARITABLE TRUST
Reportof the Trustees for the
year ended31 March 2023
The Trustees present their report and unaudited financial statements
for the year ended 31 March 2023
Reference and Administrative Information
Charity name JUSACA Charitable Trust
Charity Registration Number 1012966
Principal Office 17 Ashburnham Grove
London SE10 8UH
Trustees Sara Jane Emanuel (Secretary)
Carolyn Leonora Emanuel
Maurice Seymour Emanuel
Diana Claire Franklin
Donald Franklin (Chairman)
Rachel Paul (resigned 12 May 2023)
Miriam Emanuel
Jacob Alfred Emanuel
Bankers CAF Bank Limited
25 Kings Hill Avenue
Kings Hill
West Malling
Kent
ME19 4JQ
Investmentadvisers Money Concepts FPC
89 Main Street
Shelburne Falls, MA 01370
Hottinger Investment Management Ltd
27 Queen Anne’s Gate
London SW1H 9BU
Veritas Investment Partners (UK) Ltd
Riverside House
2a Southwark Bridge Road
London SE1 9HA
Auditors |
Cooper Adams Ltd |
|
Chartered Accountants |
|
and Statutory Auditors |
|
12 Payton Street |
|
Stratford upon Avon |
|
Warwickshire |
|
CV37 6UA |
Page 1 Continued
JUSACA CHARITABLE TRUST
Report of the Trustees for the year ended 31 March 2023
The trustees present their report with the financial statements of the
charity for the year ended 31 March 2023 The trustees have adopted the
provisions of 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).
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.
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 year 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 Carolyn Emanuel, with no trustee having a business title
designation. A lead trustee monitors each charity.
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 year.
Individuals with the deemed necessary varied experience and appropriate
qualifications have been invited to become trustees over a number of
years.
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.
Page 1 Continued
JUSACA CHARITABLE TRUST
Report of the Trustees for the year ended 31 March 2023
2. Risk management - continued
d. Grants are made in accordance with the grant giving policy. The
policy was agreed in July 2021. 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 the funds distributed are to go to Jewish charities. Of the
remainder, at least 50% is to go to charities working primarily
overseas. A Jewish charity is one whose primary focus is promoting or
furthering interests of Jewish people, communities, or heritage. These
may be charities which support non-Jewish people alongside Jewish
people, which promote Jewish interests thereby. 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 year to meet emergency appeals.
5. Achievements and performance
During the year ended 31 March 2023 the trustees made £961,530 (2022:
£826,500) donations to other charitable organisations, of which 34
exceeded £1,000 (2022:33 donations). 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 £18,916 (2022:£5,906,045) were received from the
estate of Ralph Emanuel during the year. In common with many charitable
institutions, the charitable trust suffered losses due to a decline in
world stockmarkets during the year. No donations are made to any
individuals (2022:£ Nil).
6. Financial review
The residential property investment was sold during the year ended 31
March 2022. Included in the amount received from the estate of Ralph
Emanuel during the year ended 31 March 2022 were two paintings
independently valued for probate in 2020 at £80,000 and these are
included as investments (2022:£80,000). The remaining investments had
book cost of £5,894,019 (2022:£3,240,047) with a market value of
£6,546,649 (2022:£4,001,278). All funds are held in an unrestricted
fund, with restrictions only as set out in the grant giving policy.
During the year ended 31 March 2023, there were unrealised net losses
on investments of £64,121(2022: gains £126,063). Total distributions
Page 1 Continued
JUSACA CHARITABLE TRUST
Reportof the Trustees for the
year ended31 March 2022
6. Financial review - continued
during the year were £961,530 (2022:£826,500). This is considered as
satisfactory.
The JUSACA Charitable Trust received an amount of £ Nil during the
year(2022: £7,964,824) from the sale of the leasehold investment
property during the year ended 31 March 2022, as a beneficiary of a
bequest from Ralph Neville Emanuel.
7. Investment policy and performance
The Trust operates a total return approach to the investment of the
endowments. The Trustees also anticipate that further grants may be
received in the short term, but that the level of grants paid will
exceed the grants received with grants paid at broadly the same or at
an increased level. The Trust aims to reduce the real value of the fund
in the medium term – 9 years, and to maintain an increased level of
grants paid over the period.
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 medium 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 equities, bonds, cash 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.
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 2023 amounted to £7,811,248 (2021:£8,801,395).
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.
It is the intention of the trustees to increase the annual grants with
the objective of determining the charitable trust over the next 7 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
Page 1 Continued
JUSACA CHARITABLE TRUST
Reportof the Trustees for the
year ended31 March 2021
10. Trustees responsibilities in relation to the financial statements - continued
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
2019 (FRS102);
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.
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 Charities (Accounts
and Reports) Regulations 2008 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 2023 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:
Maurice Emanuel
…………………………………… Signature
Trustee
M. S. Emanuel 10 November 2023
Page 2
JUSACA CHARITABLE TRUST
Statement of Financial Activities
Statement of Financial Activities |
Statement of Financial Activities |
|
for the year ended 31 March 2023 |
|
|
|
|
£ |
|
----------------------- |
|
Note |
2023 |
2022 |
Incoming resources |
|
|
Incoming resources from |
£ |
£ |
generated funds 4 |
|
|
Voluntary income |
18,916 |
5,841.869 |
Investment income |
39,002 |
45,055 |
|
------ |
--------- |
Total incoming resources |
57,918 |
5,886,924 |
|
------ |
--------- |
Resources expended |
|
|
Charitable activities |
|
|
Grants payable 6 |
961,530 |
826,500 |
Governance costs 2 |
9,503 |
8,319 |
|
------- |
------- |
Total resources expended |
971,033 |
834,819 |
|
------- |
------- |
Net (outgoing)/incoming resources |
|
|
for the year |
(913,115) |
5,052,105 |
(Decrease)/increase in the value |
|
|
of assets |
(77,033) |
120,862 |
|
--------- |
------- |
Net movement in funds |
(990,148) |
5,172,967 |
Funds brought forward at 31 March 2022 |
8,801,395 |
3,628,428 |
|
--------- |
--------- |
Funds carried forward at 31 March 2023 |
7,811,248 |
8,801,395 |
|
========= |
========= |
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 5 form part of these financial statements.
Page3
JUSACA CHARITABLE TRUST
Balance Sheet as at 31 March 2023
£
-----------------------------------
Note 2023 2022
£ £ £
Fixedassets
Investments 5 6,626,649 4,081,278
---------
Currentassets
Cash at bank and in hand 1,188,079 4,723,717
Creditors:amounts falling
due in lessthan oneyear 3 (3,480) (3,600)
--------- ---------
Netcurrentassets 1,184,599 4,720,117
--------- ---------
Netassets 7,811,248 8,801,395
========= =========
The fundsof thecharity:
Unrestricted funds:-
Expendable Endowment funds 7,811,248 8,801,395
--------- ---------
Total charity funds 7,811,248 8,801,395
========= =========
The financial statements were approved by the Board of Trustees and
authorised for issue on 10 November 2023 and were signed on its behalf
by:
Maurice Emanuel
…………………………… signatory
Trustee
M. S. Emanuel 10 November 2023
The notes on page 5 form part of these financial statements.
Page 4
JUSACA CHARITABLE TRUST
Statement of Cash Flows for the year ended 31 March 2023
|
2023 2022 |
|
£ £ |
Cash flows from operating activities |
(965,149) 5,004,859 |
|
--------- --------- |
Net cash flow from operating operations |
(965,149) 5,004,859 |
|
--------- --------- |
Cash flow from investing activities |
|
Payments to acquire investments |
|
(3,423,692) (2,535,379) |
|
Receipts from sale of investments |
814,201 2,122,955 |
Interest received |
11,325 264 |
Dividends received |
27,677 21,714 |
Rent from investment property |
- 23,077 |
|
--------- ------- |
Net cash flow from investing activities (2,570,489) (367,369) |
|
|
--------- --------- |
Net increase in cash and cash equivalents (3,535,638) 4,637,490 |
|
Cash and cash equivalents at 1 April 2022 |
4,723,717 86,227 |
|
--------- --------- |
Cash and cash equivalents at 31 March 2023 |
1,188,079 4,723,717 |
|
========= ========= |
Cash and cash equivalents consists of |
|
Cash at bank and in hand at 31 March 2023 |
1,188,079 4,723,717 |
|
========= ========= |
Reconciliation of net income to net cash flow |
from operating activities |
|
2023 2022 |
|
£
£ |
Net (expenditure)/income for the year |
(990,148) 5,172,967 |
Dividends, interest and rent from investments |
(27,677) (21,714) |
Rent received from investment properties |
- (23,077) |
Interest receivable |
(11,325) (264) |
Unrealised Loss(gains) on investments |
64,121 (126,063) |
Decrease in debtors |
- 519 |
(Decrease)/Increase in creditors |
(120) 2,491 |
|
---------- --------- |
Net cash flow from operating activities |
(965,149) 5,004,859 |
|
========== ========= |
Page5
JUSACA CHARITABLE TRUST
Notes to the Financial Statements for the year ended 31 March 2023
1 Accounting policies
a. Basis of preparation
The financial statements of the charity, which is a public benefit
entity under FRS 102, have been prepared in accordance with the
Charities SORP (FRS 102)’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)’,Financial Reporting Standard 102 ‘The Financial
Reporting Standard applicable in the UK and Republic of Ireland’ and
the Charities Act 2011. The financial statements have been prepared
under the historical cost convention, with the exception of investments
which are included at market value, as modified by the revaluation of
certain assets.
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, are included in
investments 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 Note 6 to the
Financial Statements for the year ended 31 March 2023
Page5Continued
JUSACA CHARITABLE TRUST
Notes to the Financial Statements
for theyear ended31 March 2023- 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, US and other 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 2023.
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 year. Unrealised gains and losses are calculated as
the difference between market value at the year end and their carrying
value. Realised and unrealised investment gains and losses are combined
in the Statement of Financial Activities.
g. 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.
h. 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 year 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 year end are noted as a commitment, but not
accrued as expenditure.
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.
Page5Continued
JUSACA CHARITABLE TRUST
Notes to the Financial Statements
for the year ended 31 March 2023- Continued
£
---------------------
2. Netoutgoing resources for theyear 2023 2022
£ £
Flat administration fee - 665
Investment management fee 5,993 1,658
Audit fees 3,360 3,600
Bank charges 150 121
Interest charged - 10
Shipping costs - 2,265
----- -----
9,503 8,319
===== =====
3. Creditors:amounts fallingdue
in lessthan oneyear
Accrued expenses 3,480 3,600
===== =====
4. Incoming resources
Voluntary income
Donations and bequests 18,916 5,841,869
------ ---------
Investment income
Rental income - 23,077
Dividends and interest
on listed investments 30,976 21,714
Interest on cash deposits 8,026 264
------ ------
39,002 45,055
------ ---------
Total incoming resources 57,918 5,886,924
====== =========
5. Investments
Investments held comprise listed UK and US Securities
Investments at:-
market value at 1 April 2022 4,001,278 1,419,836
Add: Acquisitions at cost 3,423,693 2,455,379
Less: disposals at market value (814,201) -
Unrealised (losses)/gains on
revaluation at 31 March 2023 (64,121) 126,063
--------- ---------
Market value at 31 March 2023 6,546,649 4,001,278
========= =========
Investments at market value comprised:
UK Equities 105,564 116,791
European Equities 391,798 383,241
US Corporate Bonds 39,958 38,444
US Equities 809,794 822,248
Australian Equities 96,965 117,014
Collective investments 5,102,570 2,523,540
--------- ---------
Market value at 31 March 2023 £ 6,546,649 £ 4,001,278
========= =========
The historical cost of investments amounted to £5,894,019 (2022:
£3,240,047).
Page5Continued
JUSACA CHARITABLE TRUST
Notestothe Financial Statements
for the year ended 31 March 2023 – Continued
5. Investments - continued
At the year ended 31 March 2023 there was a holding of 1,922.5840
Units of Veritas High Equity (ACC) units with a market value of
£4,335,259 (2022:£2,523,540) which exceeded 10% of the investment
portfolio.
JUSACA Charitable Trust invested in a long-term leasehold residential
flat purchased from a third party during a previous year, where one of
the trustees had an interest in the freehold. The long-term leasehold
was sold during the year ended 31 March 2022.
JUSACA Charitable Trust received a bequest in the form of two paintings
valued at that date at £80,000. One of the paintings is on loan to a
museum and the other is held at an action house pending the sale. Both
are valued at cost (2022:£80,000)
2023 2022
£ £
The value at cost 80,000 80,000
====== ======
Total value of investments 6,626,649 4,081,278
========= =========
6. Grantspayable
Grants paid during the year ended 31 March 2023 include individual
donations each in excess of 5% of the grants payable to the following
£ £
New Israel Fund 66,000 150,000
World Jewish Relief 200,000 116,000
Sussex University Centre for Jewish Studies 60,000 60,000
Practical Action 50,000 50,000
St Wilfred’s Hospice 42,000 42,000
Jewish Care - 40,000
Medecins sans Frontiers 55,000 46,000
Water for Kids 60,000 25,000
7. Trustee’s and employee’s 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 (2022:£Nil). There were no employees during the year (2022:
£Nil).
8. Related party transactions
During the year ended 31 March 2023, a bequest of £ 18,916 (2022:
£ 5,811,869 was received by JUSACA Charitable Trust from the Estate of
the late Mr R. N. Emanuel.
During the year ended 31 March 2023, JUSACA made grants to the
following connected parties:-
-
i. Jerusalem Interest Free Micro Finance of £40,000 (2022:£ Nil) of which Mr D. Franklin is a trustee.
-
ii. Water for Kids of £60,000 (2022:£25,000) of which
-
Ms S. Emanuel is a trustee.
-
iii. Sussex German Jewish Centre of £60,000 (2022:£60,000) of which Mrs D. Franklin is a director.
Page6
JUSACA CHARITABLE TRUST
Charity Registered No. 1012966
Independent Auditor’s Reporttothetrusteesof JUSACA Charitable Trust
Opinion
We have audited the financial statements of JUSACA Charitable Trust
(the ‘charity’) for the year ended 31 March 2023 which comprise the
statement of financial activities, the balance sheet and the 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 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).
In our opinion, the financial statements:
- give a true and fair view of the state of the charity’s affairs as at
31 March 2023 and of its incoming resources and application of
resources, including its income and expenditure, for the year then
ended;
- have been properly prepared in accordance with United Kingdom
Generally Accepted Accounting Practice; and
- 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 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
trustees' 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 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 this
report.
Other information
The trustees are responsible for the other information. The other
information comprises the information included in the Annual Report,
other then the financial statements and our Report of the Independent
Auditors thereon.
Page6Continued
JUSACA CHARITABLE TRUST
Charity Registered No. 1012966
Independent Auditor’s Report (continued) to the trustees of JUSACA Charitable Trust
Other information - continued
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 this gives rise to a material
misstatement in the financial statements themselves. 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.
Matterson which weare requiredto reportbyexception
In the light of the knowledge and understanding of the charity and its
environment obtained in the course of the audit, we have not identified
material misstatements in the Report of the Trustees.
We have nothing to report in respect of the following matters in
relation to which the Charities (Accounts and Reports) Regulations 2008
require us to report to you if, in our opinion:
- sufficient accounting records have not been kept; or
- the financial statements are not in agreement with the accounting
records; or
- we have not received all the information and explanations we require
for our audit.
Responsibilitiesof trustees
As explained more fully in the statement of trustees' responsibilities,
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
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 cease
operations, or have no realistic alternative but to do so.
Auditor's responsibilities for theauditof the financial statements –
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 a Report of the Independent
Auditors 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
Page6Continued
JUSACA CHARITABLE TRUST
Charity Registered No. 1012966
Independent Auditor’s Report(continued)tothetrusteesof JUSACA
Charitable Trust
Auditor's responsibilities for theauditof the financial statements –
Continued
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.
The extent to which our procedures are capable of detecting
irregularities, including fraud is detailed below:
Irregularities, including fraud, are instances of non-compliance with
law and regulations. We design procedures in line with our
responsibilities, outlined above, to detect material misstatements in
respect of irregularities, including fraud. Because of the inherent
liabilities of an audit there is a risk that we will not detect all
irregularities, including those leading to material misstatement in the
financial statements or non-compliance with regulation. This risk
increases the more that compliance with a law or regulation is removed
from the events and transactions reflected in the financial statements,
as we will be less likely to become aware of instances of non-
compliance. The risk is also greater regarding irregularities occurring
due to fraud rather than error, as fraud involves intentional
concealment, forgery, collusion, omission or misrepresentation.
A further description of our responsibilities is available on the
Financial Reporting Council’s website at:
https://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 charity’s trustees, 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 charity's 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 charity and the charity’s trustees as a body, for
our audit work, for this report, or for the opinions we have formed.
David Cooper FCA(Senior Statutory Auditor)
For and on behalf of Cooper Adams Ltd
Chartered Accounatants and Statutory Auditors
12 Payton Street
Stratford upon Avon
Warwickshire
CV37 6UA
10 November 2023