Charity registration number 1039578 (England and Wales)
THE J & H ORLANDER TRUST
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
THE J & H ORLANDER TRUST
LEGAL AND ADMINISTRATIVE INFORMATION
Trustees M Jackman M H Lewis A N Gomori Jackman Charity number (England and Wales) 1039578 Principal address No. 1 London Bridge London SE1 9BG Independent examiner Gravita II LLP Aldgate Tower 2 Leman Street London E1 8FA
THE J & H ORLANDER TRUST
CONTENTS
| Page | |
|---|---|
| Trustees' report | 1 - 2 |
| Independent examiner's report | 3 |
| Statement of financial activities | 4 |
| Statement of financial position | 5 |
| Notes to the financial statements | 6 - 13 |
THE J & H ORLANDER TRUST
TRUSTEES' REPORT
FOR THE YEAR ENDED 31 MARCH 2024
The Trustees present their annual report and financial statements for the year ended 31 March 2024.
The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the Charities Act 2011 and "Accounting and Reporting for 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) ".
Objectives and activities
The Trust's objects and its principal aims are to promote the advancement and furtherance of general charitable purposes, and to support such other charitable institutions as the trustees determine, for the benefit of the public.
The trustees confirm that they have given careful consideration to the Charity Commission's guidance on public benefit when reviewing the Trust's aims and objectives and in planning future activities and setting the grant making policy for the year.
The Trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the Trust should undertake.
Achievements and performance
The performance of the charity in respect of grants made is monitored by reference to feedback from the institutions concerned.
Financial review
The Trust's income mainly comprises rental income from investment properties.
The Trustees approved grants of £131,700 (2023: £107,410).
The Trustees are satisfied with the level of net incoming resources during the year, as this was in line with their expectations.
Reserves policy
In line with the recommendations of the Charity Commission, the Trustees have formally adopted a Reserves policy. This recognises that the income of Trust does not arise evenly year on year and so to enable Trust to plan its activities it is prudent to hold reserves. The charity has considered the reserves required and have taken into account their current and future liabilities.
It is the policy of the Trust that unrestricted reserves should be held at a level which equates to approximately a year of unrestricted charitable expenditure. The trustees consider that this level will provide sufficient funds to respond to applications for grants and ensure that support and governance costs are covered. Unrestricted reserves as at the balance sheet date amount to £448,140. The current level of reserves is therefore higher than is needed and the trustees believe that free reserves of £448,140 are sufficient to ensure the continuance of the Trust for the foreseeable future.
The expendable endowment fund was created on 27 June 1997, from a donation received from the Rowan Trust. The trustees consider the reserve requirements of the expendable endowment fund separately, and aim to maintain this fund in accordance with the charitable objects at the discretion of the Trustees.
Risk management
The major risks to which the Trust is exposed, as identified by the trust deed, are and will continue to be regularly reviewed, and systems have been and will be established, and where appropriate, professional advisors have been or will be appointed to mitigate those risks.
The Trust will continue with its current investment and expenditure plan into the next year.
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THE J & H ORLANDER TRUST
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024
Structure, governance and management
The Trust was established by a charitable trust deed on 13 October 1993.
The Trustees who served during the year were:
R M Jackman (Resigned 9 August 2023) M Jackman M H Lewis A N Gomori Jackman
M Jackman has the power to appoint new Trustees.
The charity is based in London. The Trustees are responsible for the day to day running of the charity and the appointment of staff.
The board of trustees are considered to be key management personnel of the charity, in charge of directing and controlling the charity and running and operating the charity on a day to day basis. All trustees give of their time freely and no trustee remuneration was paid in the year. The Trust does not have any employees other than the Trustees.
The Trust has the power to make any investment that the Trustees see fit.
The trustees' report was approved by the Board of Trustees.
..............................
A N Gomori Jackman
Trustee 29/1/2025 Dated: .........................
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THE J & H ORLANDER TRUST
INDEPENDENT EXAMINER'S REPORT
TO THE TRUSTEES OF THE J & H ORLANDER TRUST
I report to the Trustees on my examination of the financial statements of The J & H Orlander Trust (the Trust) for the year ended 31 March 2024.
Responsibilities and basis of report
As the Trustees of the Trust you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011.
I report in respect of my examination of the Trust’s financial statements carried out under section 145 of the Charities Act 2011. In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the Charities Act 2011.
Independent examiner's statement
Your attention is drawn to the fact that the charity has prepared financial statements in accordance with Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has now been withdrawn.
I understand that this has been done in order for financial statements to provide a true and fair view in accordance with Generally Accepted Accounting Practice.
I confirm that I am qualified to undertake the examination because I am a member of the ICAEW which is one of the listed bodies.
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
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1 accounting records were not kept in respect of the Trust as required by section 130 of the Charities Act 2011. 2 the financial statements do not accord with those records; or
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3 the financial statements do not comply with the applicable requirements concerning the form and content of financial statements set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the financial statements 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 financial statements to be reached.
Paul Berlyn ICAEW Gravita II LLP
Aldgate Tower 2 Leman Street London E1 8FA 29/1/2025
Date: ............................
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THE J & H ORLANDER TRUST
STATEMENT OF FINANCIAL ACTIVITIES
FOR THE YEAR ENDED 31 MARCH 2024
| Unrestricted Endowment funds funds 2024 2024 Notes £ £ Income from: Investments 2 65,494 89,785 Total income and endowments 65,494 89,785 Expenditure on: Raising funds 3 97,469 - Charitable activities 7 131,700 - Total expenditure 229,169 - Net gains/(losses) on investments 10 - - Net income/(expenditure) (163,675) 89,785 Transfers between funds 89,785 (89,785) Net movement in funds (73,890) - Reconciliation of funds: Fund balances at 1 April 2023 522,030 937,617 Fund balances at 31 March 2024 448,140 937,617 |
Total Unrestricted Endowment funds funds 2024 2023 2023 £ £ £ 155,279 67,353 89,249 155,279 67,353 89,249 97,469 53,906 - 131,700 107,410 - 229,169 161,316 - - (115,000) (130,000) (73,890) (208,963) (40,751) - 89,249 (89,249) (73,890) (119,714) (130,000) 1,459,647 641,744 1,067,617 1,385,757 522,030 937,617 |
Total 2023 £ 156,602 156,602 53,906 107,410 161,316 (245,000) (249,714) - (249,714) 1,709,361 1,459,647 |
|---|---|---|
The statement of financial activities includes all gains and losses recognised in the year.
All income and expenditure derive from continuing activities.
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THE J & H ORLANDER TRUST
STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2024
| 2024 | 2023 | ||||||
|---|---|---|---|---|---|---|---|
| Notes | £ | £ | £ | £ | |||
| Fixed assets | |||||||
| Investment property | 11 | 2,090,000 | 2,090,000 | ||||
| Current assets | |||||||
| Debtors | 12 | 2,418 | 2,418 | ||||
| Cash at bank and in hand | 77,551 | 127,430 | |||||
| 79,969 | 129,848 | ||||||
| Creditors: amounts falling due within | 13 | ||||||
| one year | (84,212) | (760,201) | |||||
| Net current liabilities | (4,243) | (630,353) | |||||
| Total assets less current liabilities | 2,085,757 | 1,459,647 | |||||
| Creditors: amounts falling due after | |||||||
| more than one year | 14 | (700,000) | - | ||||
| Net assets | 1,385,757 | 1,459,647 | |||||
| The funds of the Trust | |||||||
| Endowment funds - Expendable | 937,617 | 937,617 | |||||
| Unrestricted funds | 448,140 | 522,030 | |||||
| 1,385,757 | 1,459,647 |
29/1/2025
The financial statements were approved by the Trustees on .........................
.............................. A N Gomori Jackman Trustee
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THE J & H ORLANDER TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
1 Accounting policies
Charity information
The J & H Orlander Trust is an unincorporated charity. The principal office address is No.1 London Bridge, London, SE1 9BG.
Charity number 1039578.
1.1 Accounting convention
The financial statements have been prepared in accordance with the Charities Act 2011 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) (effective 1 January 2019)". The Trust is a Public Benefit Entity as defined by FRS 102.
The financial statements have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a true and fair view. This departure has involved following the Statement of Recommended Practice for charities applying FRS 102 rather than the version of the Statement of Recommended Practice which is referred to in the Regulations but which has since been withdrawn.
The financial statements are prepared in sterling, which is the functional currency of the Trust. Monetary amounts in these financial statements are rounded to the nearest £.
The accounts have been prepared under the historical cost convention, modified to include investment properties at fair value. The principal accounting policies adopted are set out below.
The trust constitutes a public benefit entity as defined by FRS 102.
1.2 Going concern
At the time of approving the financial statements, the Trustees have a reasonable expectation that the Trust has adequate resources to continue in operational existence for the foreseeable future. Thus the Trustees continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3 Charitable funds
Unrestricted funds are available for use at the discretion of the Trustees in furtherance of their charitable objectives.
The Unrestricted general fund can be used in accordance with the charitable objects at the discretion of the trustees.
Expendable endowment funds are held by the Trust as a capital fund. The Trustees have discretion to convert the endowed capital into income.
1.4 Income
Income is recognised when the Trust is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.
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THE J & H ORLANDER TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024
1 Accounting policies
(Continued)
1.5 Expenditure
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement, and the amount of the obligation can be measured reliably.
Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges are allocated on the portion of the asset’s use.
Resources expended are accounted for on an accruals basis. The majority of costs are directly attributable to specific activities, and managing and administrative costs are allocated against the unrestricted fund.
1.6 Investment property
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially measured at cost and subsequently measured using the fair value model and stated at its fair value at the reporting end date. The surplus or deficit on revaluation is recognised in net income/(expenditure) for the year.
1.7 Cash and cash equivalents
Cash and cash equivalents include cash in hand.
1.8 Financial instruments
The Trust has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the Trust's balance sheet when the Trust becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the Trust transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
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THE J & H ORLANDER TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024
1 Accounting policies
(Continued)
Basic financial liabilities
Basic financial liabilities, including creditors are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Derecognition of financial liabilities
Financial liabilities are derecognised when the Trust’s contractual obligations expire or are discharged or cancelled.
2 Income from investments
| Unrestricted Endowment funds funds 2024 2024 £ £ Rental income 65,494 89,785 |
Unrestricted Endowment funds funds 2024 2024 £ £ Rental income 65,494 89,785 |
Unrestricted Endowment funds funds 2024 2024 £ £ Rental income 65,494 89,785 |
Total Unrestricted Endowment funds funds 2024 2023 2023 £ £ £ 155,279 67,353 89,249 |
Total Unrestricted Endowment funds funds 2024 2023 2023 £ £ £ 155,279 67,353 89,249 |
Total Unrestricted Endowment funds funds 2024 2023 2023 £ £ £ 155,279 67,353 89,249 |
Total Unrestricted Endowment funds funds 2024 2023 2023 £ £ £ 155,279 67,353 89,249 |
Total 2023 £ 156,602 |
|---|---|---|---|---|---|---|---|
| 2023 £ 37,165 7,117 4,416 |
|||||||
| Raising funds | |||||||
| Note 5 Note 5 & 6 |
2024 £ 59,846 20,758 16,865 97,469 - 97,469 |
||||||
| Expenditure on raising funds | |||||||
Bank interest Direct costs Support costs |
|||||||
| 48,698 | |||||||
| Expenditure on raising funds | |||||||
| Investment management | |||||||
| 5,208 | |||||||
| 53,906 |
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3 Raising funds
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THE J & H ORLANDER TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024
4 Analysis of resources expended
| Direct costs Support costs £ £ Information technology - 296 Governance costs - 4,150 Bank interest and charges 59,846 - Legal and professional costs 20,758 - Insurance - 12,419 80,604 16,865 Direct costs Support costs £ £ Information technology - 266 Governance costs - 4,150 Bank interest and charges 37,165 - Legal and professional costs 12,325 - 49,490 4,416 Support costs 2024 £ Information technology 296 Governance costs 4,150 Insurance 12,419 16,865 |
2024 £ 296 4,150 59,846 20,758 12,419 97,469 2023 £ 266 4,150 37,165 12,325 53,906 2023 £ 266 4,150 - 4,416 |
2024 £ 296 4,150 59,846 20,758 12,419 |
|---|---|---|
| 97,469 | ||
| 2023 £ 266 4,150 37,165 12,325 |
||
| 53,906 |
5 Support costs
6 Trustees
None of the Trustees (or any persons connected with them) received any remuneration during the year. Details of related party transactions during the year are shown in note 16.
7 Charitable activities
| Grants to | Grants to | Total | Total | ||
|---|---|---|---|---|---|
| individuals | institutions | 2024 | 2023 | ||
| £ | £ | £ | £ | ||
| Grant funding of activities (see note | 9) | 9,000 | 122,700 | 131,700 | 107,410 |
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THE J & H ORLANDER TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024
9 Grants payable
| Grants to institutions: Chai Cancer Care Food Bank Aid Jewish Community Secondary School Other institutions Archer Academy UJIA World Jewish Relief Ukraine Appeal MyIsrael Leigh Caring Kitchen The Separated Child Waterloo Community Stonewall World Jewish Relief Earthquake Appeal Moss Hall Nursery UK Gives The Whittington Hospital StandWithUs Pancreatic Cancer UK British Friends Of Isreal War Disabled Eko Donation Grants to individuals |
2024 £ - 9,000 46,500 1,200 - - - - - 12,000 15,000 - - 5,000 17,000 10,000 1,000 1,000 4,000 1,000 122,700 9,000 131,700 |
2023 £ 10,000 7,000 38,000 1,910 2,000 10,000 1,000 1,000 1,000 2,000 10,000 1,000 1,000 10,000 - - - - - - |
|---|---|---|
| 95,910 11,500 |
||
| 107,410 |
The Trustees review a number of referrals from various sources, taking account of the Charity's objects, and approve grants based on the circumstances relating to each referral.
The number of individuals who received grants during the year was 2 (2023: 3)
9 Employees
The average monthly number of employees during the year was: Nil (2023: Nil).
10 Net gains/(losses) on investments
| **Total ** | **Unrestricted ** | Endowment | Total | |
|---|---|---|---|---|
| funds | funds - | |||
| expendable | ||||
| 2024 | 2023 | 2023 | 2023 | |
| £ | £ | £ | £ | |
| Revaluation of investment properties | - | (115,000) | (130,000) | (245,000) |
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THE J & H ORLANDER TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024
11 Investment property
| Investment property | |
|---|---|
| 2024 | |
| £ | |
| Fair value | |
| At 1 April 2023 and 31 March 2024 | 2,090,000 |
The valuation of the investment properties was carried out in September 2023 on an open market basis by Glenny LLP. The trustees do not believe that the value at 31 March 2024 is materially different to the value in September 2023. No depreciation is provided in respect of these properties.
If investment properties were stated on an historical cost basis rather than a fair value basis, the amounts would have been included as follows:
| Cost 12 Debtors Amounts falling due within one year: Other debtors Prepayments and accrued income |
2024 £ 1,531,599 2024 £ 9 2,409 2,418 |
2023 £ 1,531,599 |
|---|---|---|
| 2023 £ 9 2,409 |
||
| 2,418 |
13 Creditors: amounts falling due within one year
| Notes Bank loans Other taxation and social security Trade creditors Accruals and deferred income |
2024 £ - 16,413 15,425 52,374 84,212 |
2023 £ 699,870 8,814 16,625 34,892 |
|---|---|---|
| 760,201 |
The bank loan is secured by way of a legal charge over the investment properties. The amount bank loan is being renegotiated in 2024 and the current annual interest rate is 3.5% over LIBOR.
14 Creditors: amounts falling due after more than one year
| 2024 | 2023 | ||
|---|---|---|---|
| Notes | £ | £ | |
| Bank loans | 700,000 | - |
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THE J & H ORLANDER TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024
14 Creditors: amounts falling due after more than one year
(Continued)
The bank loan is secured by way of a legal charge over the investment properties. The amount bank loan is being renegotiated in 2024 and the current annual interest rate is 3.5% over LIBOR.
15 Analysis of net assets between funds
| Unrestricted funds Endowment funds expendable 2024 2024 £ £ Fund balances at 31 March 2024 are represented by: Investment properties 875,000 1,215,000 Current assets 79,969 Creditors (506,829) (277,383) 448,140 937,617 |
Total Unrestricted funds Endowment funds expendable 2024 2023 2023 £ £ £ 2,090,000 875,000 1,215,000 79,969 129,848 - (784,212) (482,818) (277,383) 1,385,757 522,030 937,617 |
Total 2023 £ 2,090,000 129,848 (760,201) 1,459,647 |
|---|---|---|
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THE J & H ORLANDER TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024
16 Related party transactions
Transactions with related parties
During the year the Trust entered into the following transactions with related parties:
During the year two payments were made to Jackman Silverman from the trust to cover insurance costs of £13,767.
During the year the sum of £6,372 (2023: £250) was paid to Howard Kennedy LLP for legal and professional advice to the Trust. M Lewis is a consultant in that business and is a Trustee of the Trust.
R Jackman has provided a personal guarantee in respect of the bank loan.
During the prior year, the sum of £2,000 was paid to A Jackman, the daughter of R M H Jackman, a Trustee of the Trust. This was in connection with providing administrative support for the day to day operations of the Trust. A Jackman was appointed a Trustee 24 June 2022 and has received no payments from the trust after this date.
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