## **Trustees' Annual Report for the period**
Period start date Period end date **From 01 APRIL 2022 To 31 MARCH 2023**
Section A Reference and administration details
## **Charity name JMC TRUST FUND**
**Other names charity is known by**
**Registered charity number (if any) 1054076**
**Charity's principal address 2 GRAVEL LANE**
## **LONDON**
**Postcode E1 7AW**
## **Names of the charity trustees who manage the charity**
**----- Start of picture text -----**
Dates acted if not for whole Name of person (or body) entitled
Trustee name Office (if any)
year to appoint trustee (if any)
1 MARGALIT COHEN
2 MICHAEL COHEN
3 HANNAH MANSOOR
4 MIMAH COHEN
5 MICHELLE COHEN
**----- End of picture text -----**
**Names of the trustees for the charity, if any, (for example, any custodian trustees)**
**Name Dates acted if not for whole year**
March **2012**
**TAR**
1
**Names and addresses of advisers (Optional information)**
**Type of adviser Name Address**
## **Name of chief executive or names of senior staff members (Optional information)**
## **Section B Structure, governance and management**
## **Description of the charity’s trusts**
Trust Deed dated 12 March 1996 Type of governing document (eg. trust deed, constitution) Trust How the charity is constituted (eg. trust, association, company) Appointed by existing trustees as required Trustee selection methods
(eg. appointed by, elected by)
## **Additional governance issues (Optional information)**
You **may choose** to include additional information, where relevant, about:
- policies and procedures adopted for the induction and training of trustees;
- the charity’s organisational structure and any wider network with which the charity works;
- relationship with any related parties;
- trustees’ consideration of major risks and the system and procedures to manage them.
## **Section C Objectives and activities**
General charitable objects
**Summary of the objects of the charity set out in its governing document**
March **2012**
**TAR**
2
The charity seeks donations from individuals and organisations in order for the charity to have funds available to make donations to suitable organisations that fall within the objects of the charity.
**Summary of the main activities undertaken for the public benefit in relation to these objects (include within this section the statutory declaration that trustees have had regard to the guidance issued by the Charity Commission on public benefit)**
The Trustees have had regard to the guidance on public benefit issued by the Charity Commission when planning and carrying out the activities of the charity.
## **Additional details of objectives and activities (Optional information)**
You **may choose** to include further statements, where relevant, about:
- policy on grantmaking;
- policy programme related investment;
- contribution made by volunteers.
## Section D Achievements and performance
**Summary of the main** The charity raised income of £36,000 during the year and made no **achievements of the charity** charitable donations during the year. **during the year**
## **Section E Financial review**
March **2012**
**TAR**
3
**Brief statement of the**
## **charity’s policy on reserves**
The charity maintains reserves sufficient to meet any liabilities arising in the foreseeable future.
**Details of any funds materially in deficit**
No funds were in deficit during the year.
## **Further financial review details (Optional information)**
You **may choose** to include additional information, where relevant about:
- the charity’s principal sources of funds (including any fundraising);
- how expenditure has supported the key objectives of the charity;
- investment policy and objectives including any ethical investment policy adopted.
## **Section F Other optional information**
## **Section G Declaration**
**The trustees declare that they have approved the trustees’ report above.**
**Signed on behalf of the charity’s trustees**
**Signature(s) Full name(s)** MICHAEL COHEN **Position (eg Secretary, Chair, etc) Trustee Trustee**
**Date** 04 January 2024
March **2012**
**TAR**
4
||**JMC TRUST FUND**
Charity No
(if any)
**1054076**
Annual accounts for the period
Period start date
01/04/2022
**To**
Period end
date
31/03/2023|
|---|---|
## **Section A Statement of financial activities (including summary income and expenditure account)**
|**Recommended categories by**
**activity**
**Incoming resources (Note 3)**
**Income and endowments from:**
Donations and legacies
Gift aid
Other trading activities
Investments
Separate material item of income
Rental income
**_Total_**
**Resources expended (Note 4)**
**Expenditure on:**
Raising funds
Charitable activities
Separate material item of expense
Other
**_Total_**
**before investment**
**gains/(losses)**
Net gains/(losses) on investments
**Net income/(expenditure)**
**Extraordinary items**
**Transfers between funds**
**gains/(losses):**
Gains and losses on revaluation of fixed assets
for the charity’s own use
Other gains/(losses)
**_Net movement in funds_**
**_Reconciliation of funds:_**
Total funds brought forward
**_Total funds carried forward_**|**Unrestricted**
**funds**
**Restricted**
**income**
**funds**
**Endowment**
**funds**
**Total funds**
**Prior year**
**funds**
**£**
**£**
**£**
**£**
**£**
F01
F02
F03
F04
F05
36,000
36,000
450
10
10
1
-
1,167
36,010
36,010
1,618
-
6,169
360
360
360
360
360
6,529
35,650
35,650
4,911
-
-
-
-
35,650
35,650
4,911
-
35,650
35,650
4,911
-
561,235
561,235
566,146
596,885
596,885
561,235|
|---|---|
1
## **Section B Balance sheet**
|**Fixed assets**
**Intangible assets**
**Tangible assets (Note 7)**
**Heritage assets**
**Investments**
**_Total fixed assets_**
**Current assets**
**Stocks**
**Debtors (Note 8)**
**Investments**
**Cash at bank and in hand (Note 10)**
**_Total current assets_**
**Creditors: amounts falling due within**
**one year (Note 9)**
**_Net current assets/(liabilities)_**
**_Total assets less current liabilities_**
**Creditors: amounts falling due after**
**one year (Note 9)**
**Provisions for liabilities**
**_Total net assets or liabilities_**
**Funds of the Charity**
**Endowment funds**
**Restricted income funds**
**Unrestricted funds**
**Revaluation reserve**
**_Total funds_**
Signed by one or two trustees on behalf of all
the trustees|
|**Unrestricted**
**funds**
**£**
F01
903,253
903,253
39,433
39,433
14,764
24,669
927,922
331,037
596,885
596,885
596,885|
**Restricted**
**income**
**funds**
**£**
F02|**Endowment**
**funds**
**Total this**
**year**
**£**
**£**
F03
F04
903,253
903,253
39,433
39,433
14,764
24,669
927,922
331,037
596,885
596,885
596,885
Print Name
MICHAEL COHEN|**Total last**
**year**
**£**
F05
903,253
903,253
3,783
3,783
14,764
10,981
-
892,272
331,037
561,235
561,235
561,235
Date of
approval
dd/mm/yyyy
04/01/2024|
|---|---|---|---|---|---|
2
## **Section C Notes to the accounts**
Note 1 **Basis of preparation**
## **1.1 Basis of accounting**
These 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.
The accounts have been prepared in accordance with: the Statement of Recommended Practice: 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) issued on 16 July 2014
and with the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and with the Charities Act 2011.
The charity constitutes a public benefit entity as defined by FRS 102.
## **1.2 Going concern**
_**If there are material uncertainties related to events or conditions that cast significant doubt on the charity's ability to continue as a going concern, please provide the following details or state "Not applicable", if appropriate:**_
**----- Start of picture text -----**
An explanation as to those factors that support the not applicable
conclusion that the charity is a going concern;
Disclosure of any uncertainties that make the going concern not applicable
assumption doubtful;
Where accounts are not prepared on a going concern basis, not applicable
please disclose this fact together with the basis on which the
trustees prepared the accounts and the reason why the
charity is not regarded as a going concern.
**----- End of picture text -----**
## **1.3 Change of accounting policy**
The accounts present a true and fair view and the accounting policies adopted are those outlined in note 2.
**----- Start of picture text -----**
Yes*
* -Tick as appropriate
No*
Please disclose:
(i) the nature of the change in accounting policy; not applicable
not applicable
(ii) the reasons why applying the new accounting policy
provides more reliable and more relevant information; and
(iii) the amount of the adjustment for each line affected in the not applicable
current period, each prior period presented and the
aggregate amount of the adjustment relating to periods
before those presented, 3.44 FRS 102 SORP.
**----- End of picture text -----**
## **1.4 Changes to accounting estimates**
No changes to accounting estimates have occurred in the reporting period (3.46 FRS 102 SORP).
## _**Please disclose:**_
|**_Please disclose:_**||
|---|---|
|**_(i) the nature of any changes;_**|**_not applicable_**|
|**_(ii) the effect of the change on income and expense or assets_**|**_not applicable_**|
|**_and liabilities for the current period; and_**||
|**_(iii) where practicable, the effect of the change in one or more_**|**_not applicable_**|
|**_future periods._**||
## **1.5 Material prior year errors**
No material prior year error have been identified in the reporting period (3.47 FRS 102 SORP).
3
## **Section C Notes to the accounts (cont)**
## **Note 2 Accounting policies**
## **2.2 INCOME**
_This standard list of accounting policies has been applied by the charity except for those ticked "No" or "N/a". Where a different or additional policy has been adopted then this is detailed in the box below._
|**Recognition of income**
Donated services and facilities that are consumed immediately are recognised as
income with an equivalent amount recognised as an expense under the appropriate
heading in the SOFA.
The cost of any stock of goods donated for distribution to beneficiaries is deemed to be
the fair value of those gifts at the time of their receipt and they are recognised on
receipt. In the reporting period in which the stocks are distributed, they are recognised
as an expense at the carrying amount of the stocks at distribution.
**Donated services and**
**facilities**
Donated services and facilities are included in the SOFA when received at the value of
the gift to the charity provided the value of the gift can be measured reliably.
This includes any realised or unrealised gains or losses on the sale of investments and
any gain or loss resulting from revaluing investments to market value at the end of the
year.
**Income from interest,**
**royalties and dividends**
This is included in the accounts when receipt is probable and the amount receivable can
be measured reliably.
**Income from membership**
**subscriptions**
Membership subscriptions received in the nature of a gift are recognised in Donations
and Legacies.
Membership subscriptions which gives a member the right to buy services or other
benefits are recognised as income earned from the provision of goods and services as
income from charitable activities.
**Investment gains and**
**losses**
These are included in the Statement of Financial Activities (SoFA) when:
the charity becomes entitled to the resources;
· it is more likely than not that the trustees will receive the resources; and
the monetary value can be measured with sufficient reliability.
**Donated goods**
**Contractual income and**
**performance related**
**grants**
**Offsetting**
There has been no offsetting of assets and liabilities, or income and expenses, unless required
or permitted by the FRS 102 SORP or FRS 102.
**Grants and donations**
Grants and donations are only included in the SoFA when the general income
recognition criteria are met (5.10 to 5.12 FRS102 SORP).
This is only included in the SoFA once the charity has provided the related goods or
services or met the performance related conditions.
Donated goods are measured at fair value (the amount for which the asset could be
exchanged) unless impractical to do so.
In the case of performance related grants, income must only be recognised to the extent
that the charity has provided the specified goods or services as entitlement to the grant
only occurs when the performance related conditions are met (5.16 FRS 102 SORP).
**Legacies**
Legacies are included in the SOFA when receipt is probable, that is, when there has
been grant of probate, the executors have established that there are sufficient assets in
the estate and any conditions attached to the legacy are either within the control of the
charity or have been met.
**Government grants**
The charity has received government grants in the reporting period
**Tax reclaims on**
**donations and gifts**
Gift Aid receivable is included in income when there is a valid declaration from the
donor. Any Gift Aid amount recovered on a donation is considered to be part of that gift
and is treated as an addition to the same fund as the initial donation unless the donor or
the terms of the appeal have specified otherwise.
**Settlement of insurance**
**claims**
Insurance claims are only included in the SoFA when the general income recognition
criteria are met (5.10 to 5.12 FRS102 SORP) and are included as an item of other
income in the SoFA.
Gifts in kind for use by the charity are included in the SoFA as income from donations
when receivable.
**Support costs**
The charity has incurred expenditure on support costs.
**Volunteer help**
Donated goods for resale are measured at fair value on initial recognition, which is the
expected proceeds from sale less the expected costs of sale, and recognised in 'Income
from other trading activities' with the corresponding stock recognised in the balance
sheet. On its sale the value of stock is charged against 'Income from other trading
activities' and the proceeds from sale are also recognised as 'Income from other trading
activities'.
Goods donated for on-going use by the charity are recognised as tangible fixed assets
and included in the SoFA as incoming resources when receivable.
The value of any voluntary help received is not included in the accounts but is described
in the trustees’ annual report.|Yes
No
N/a
Yes
No
N/a
Yes
No
N/a
Yes
No
N/a
Yes
No
N/a
Yes
No
N/a
Yes
No
N/a
Yes
No
N/a
Yes
No
N/a
Yes
No
N/a
Yes
No
N/a
Yes
No
N/a
Yes
No
N/a
Yes
No
N/a
Yes
No
N/a
Yes
No
N/a
Yes
No
N/a
Yes
No
N/a
Yes
No
N/a
Yes
No
N/a
Yes
No
N/a
Yes
No
N/a
|
|---|---|
4
**Section C Notes to the accounts (cont)**
## **2.3 EXPENDITURE AND LIABILITIES**
|**2.4 ASSETS**
**Intangible fixed assets**
**Heritage assets**
**Current asset**
**investments**
The charity has has investments which it holds for resale or pending their sale and cash and
cash equivalents with a maturity date less than one year. These include cash on deposit and
cash equivalents with a maturity date of less than one year held for investment purposes rather
than to meet short term cash commitments as they fall due.
They are valued at fair value except where they qualify as basic financial instruments.
**Debtors**
Debtors (including trade debtors and loans receivable) are measured on initial recognition at
settlement amount after any trade discounts or amount advanced by the charity. Subsequently,
they are measured at the cash or other consideration expected to be received.
They are valued at cost.
**Investments**
Fixed asset investments in quoted shares, traded bonds and similar investments are
valued at initially at cost and subsequently at fair value (their market value) at the year
end. The same treatment is applied to unlisted investments unless fair value cannot be
measured reliably in which case it is measured at cost less impairment.
Investments held for resale or pending their sale and cash and cash equivalents with a
maturity date of less than 1 year are treated as current asset investments
**Stocks and work in**
**progress**
Stocks held for sale as part of non-charitable trade are measured at the lower or cost or net
realisable value.
Goods or services provided as part of a charitable activity are measured at net realisable value
based on the service potential provided by items of stock.
Work in progress is valued at cost less any foreseeable loss that is likely to occur on the
contract.
The charity has heritage assets, that is, non-monetary assets with historic, artistic,
scientific, technological, geophysical or environmental qualities that are held and
maintained principally for their contribution to knowledge and culture. The depreciation
rates and methods used as disclosed in note 9.6.1.4.
**Tangible fixed assets for**
**use by charity**
The depreciation rates and methods used are disclosed in note 9.2.
**Governance and support**
**costs**
Support costs have been allocated between governance costs and other support.
Governance costs comprise all costs involving public accountability of the charity and
its compliance with regulation and good practice.
The charity made no redundancy payments during the reporting period.
**Deferred income**
No material item of deferred income has been included in the accounts.
**Creditors**
The charity has creditors which are measured at settlement amounts less any trade
discounts
**Provisions for liabilities**
The charity has intangible fixed assets, that is, non-monetary assets that do not have
physical substance but are identifiable and are controlled by the charity through custody
or legal rights. The amortisation rates and methods used are disclosed in note 9.5
They are valued at cost.
**Liability recognition**
Liabilities are recognised where it is more likely than not that there is a legal or
constructive obligation committing the charity to pay out resources and the amount of
the obligation can be measured with reasonable certainty.
The charity accounts for basic financial instruments on initial recognition as per
paragraph 10.7 FRS102 SORP. Subsequent measurement is as per paragraphs 11.17
to 11.19, FRS102 SORP.
They are valued at cost.
These are capitalised if they can be used for more than one year, and cost at least
**Redundancy cost**
A liability is measured on recognition at its historical cost and then subsequently
measured at the best estimate of the amount required to settle the obligation at the
reporting date
**Basic financial**
**instruments**
Support costs include central functions and have been allocated to activity cost
categories on a basis consistent with the use of resources, eg allocating property costs
by floor areas, or per capita, staff costs by the time spent and other costs by their
usage.
**Grants with performance**
**conditions**
Where the charity gives a grant with conditions for its payment being a specific level of
service or output to be provided, such grants are only recognised in the SoFA once the
recipient of the grant has provided the specified service or output.
**Grants payable without**
**performance conditions**
Where there are no conditions attaching to the grant that enables the donor charity to
realistically avoid the commitment, a liability for the full funding obligation must be
recognised.|Yes
No
N/a
Yes
No
N/a
Yes
No
N/a
Yes
No
N/a
Yes
No
N/a
Yes
No
N/a
Yes
No
N/a
Yes
No
N/a
Yes
No
N/a
Yes
No
N/a
Yes
No
N/a
Yes
No
N/a
Yes
No
N/a
Yes
No
N/a
Yes
No
N/a
Yes
No
N/a
Yes
No
N/a
Yes
No
N/a
Yes
No
N/a
Yes
No
N/a
Yes
No
N/a
Yes
No
N/a
Yes
No
N/a
|
|---|---|
5
**----- Start of picture text -----**
Section C Notes to the accounts (cont)
Note 3 Analysis of income
Restricted
Unrestricted income Endowment
funds funds funds Total funds Prior year
Analysis £ £
Donations and Donations and gifts 36,000 36,000 450
legacies: Gift Aid
Legacies
General grants provided by government/other
charities
Membership subscriptions and sponsorships which
are in substance donations
Donated goods, facilities and services
Other
Total 36,000
36,000 450
Charitable
activities:
Other
Total
Other trading
activities:
Other
Total
Income from Interest income 10 10 1
investments: Dividend income
Rental and leasing income
Other
Total 10 10
Separate
material item of
income:
Total
Other: Rental income - 1,167
Gain on disposal of a tangible fixed asset held for
charity's own use
Gain on disposal of a programme related
investment
Royalties from the exploitation of intellectual
property rights
Other
Total - - 1,167
TOTAL INCOME 36,010 36,010 1,618
**----- End of picture text -----**
6
## **Note 4 Analysis of expenditure**
|**TOTAL EXPENDITURE**
**Total other expenditure**
**Other**
Accountancy
Bank loan interest
**Expenditure on**
**charitable**
**activities**
Charitable donations
**Total expenditure on charitable**
**activities**
**Analysis**
**Separate material**
**item of expense**
**Total**|**Unrestricted**
**funds**
**Restricted**
**income**
**funds**
**Endowment**
**funds**
**Total funds**
**Prior year**
**£**
**£**
- 6,169
-
- 6,169
360
360 360
360
360 360
360
360
6,529|
|---|---|
## **Note 5 Details of certain items of expenditure**
## **10.1 Fees for examination of the accounts**
_**Please provide details of the amount paid for any statutory external scrutiny**_
|**Independent examiner’s fees**
**Assurance services other than audit or independent examination**
**Tax advisory fees**
**Other fees (for example: financial advice, consultancy, accountancy**|**This year**
**Last year**
**£**
**£**
360
720|
|---|---|
## **Note 6 Grantmaking**
## **Grants made to institutions**
|**Purpose**
**Names of institution**
**_TOTAL GRANTS PAID_**
**_Other unanalysed grants_**
**_Total grants to institutions in reporting period_**|**Total**
**amount**
**of grants**
**paid £**
**-**
-
**-**|
|---|---|
7
## **Note 7 Tangible fixed assets**
## **Cost or valuation**
|At the beginning of the year
Additions
Revaluations
Disposals
At end of the year|**Freehold land &**
**buildings**
**Other land &**
**buildings**
**Fixtures, fittings**
**and equipment**
**Total**
**£**
**£**
**£**
**£**
903,253
903,253
903,253
903,253|
|---|---|
The charity owns the freehold of 130 Hendon Lane, London N3 3SJ which is used as premises for a learning centre for members of the London Community of religious Jews originating from Aden.
No provision is made for amortisation as, in the opinion of the Trustees, the market value exceeds the historic cost as shown on the Balance Sheet
## **Note 8 Debtors and prepayments**
|**19.1 Analysis of debtors**
Trade debtors
Prepayments and accrued income
Other debtors
**Total**|**This year**
**Last year**
**£**
**£**|
|---|---|
## **Note 9 Creditors and accruals**
## **9.1 Analysis of creditors**
|**9.1 Analysis of creditors**|||||||||
|---|---|---|---|---|---|---|---|---|
|||Amounts|falling due within one year||Amounts falling due after one year||||
|||**This year**||**Last year**|**This year**||**Last year**||
|||**£**||**£**|**£**|||**£**|
|Deferred liability||||||331,037||331,037|
|Bank loans and overdrafts|||||||||
|Trade creditors|||||||||
|Accruals and deferred income||||360 360|||||
|Taxation and social security|||||||||
|Other creditors|||14,404 14,404||||||
||**Total**||14,764 14,764|||331,037||331,037|
## **9.2 Deferred liability**
The deferred liability represents the contributions paid by AJC Magen Avraham Limited (registered charity number 1105896) towards the purchase cost of 130 Hendon Lane, London N3 3SJ, the freehold property owned by the JMC Trust Fund.
8
## **Note 10 Cash at bank and in hand**
|**Short term cash investments (less than 3 months maturity date)**
**Short term deposits**
**Cash at bank and on hand**
**Other**
**Total**|**This**
**year**
**Last**
**year**
**£**
**£**
- -
- -
39,433 3,783
- -
39,433 3,783|
|---|---|
## **Note 11 Transactions with trustees and related parties**
## **11.1 Trustee remuneration and benefits**
None of the trustees have been paid any remuneration or received any other benefits from an employment with their charity or a related entity
## **11.2 Transaction(s) with related parties**
The charity owed £14,404 (last year: £14,404) to Mrs Margalit Cohen, a trustee of the charity.
9
# **Independent examiner's report on the accounts**
**Section A Independent Examiner’s Report**
**Report to the trustees/ JMC TRUST FUND members of On accounts for the year 31 MARCH 2023 Charity no 1054076 ended (if any) Set out on pages 1-9**
I report to the trustees on my examination of the accounts of the above charity (“the Trust”) for the year ended 31/03/2021
**Responsibilities and** As the charity trustees, you are responsible for the preparation of the **basis of report** accounts in accordance with the Charities Act 2011 (“the Act”). I report in respect of my examination of the Trust’s accounts 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** I have completed my examination. I confirm that no material matters have **examiner's statement** come to my attention in connection with the examination which gives me cause to believe that in, any material respect,:
- the accounting records were not kept in accordance with section 130 of the Act; or
- the accounts did not accord with the accounting records; or
- the accounts did 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.
**Signed: Name: SIMON D STERN Relevant professional CHARTERED ACCOUNTANT qualification(s) or body 2 HELENSLEA AVENUE Address: LONDON NW11 8ND**
**Date: 04/01/2024**
**October 2018**
1
**IER**
**Section B Disclosure**
Only complete if the examiner needs to highlight matters of concern (see CC32, Independent examination of charity accounts: directions and guidance for examiners).
**Give here details of any items that the examiner wishes to disclose** .
**October 2018**
2
**IER**