Charity registration number 1060235 JULIAN TAYLOR CHARITABLE TRUST ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024
JULIAN TAYLOR CHARITABLE TRUST LEGAL AND ADMINISTRATIVE INFORMATION Trustees J D Taylor Mrs S E Abrahams A J Taylor Ms N S Taylor Charlty number 1060235 Princlpal address 49 Norrice Lea London N2 ORN Independent examlner Sandra Garrlnglon (F.C.A., F.C.C.A., C.T.A.) Price Pearson Finch House 28-30 Wolverhampton Street Dudley Wesl Midlands DY1 10B Bankers Coutts & Co 440 Strand London WC2R OQS Investment advlsors Coutts & Co 440 Slrand London WC2R OQS
JULIAN TAYLOR CHARITABLE TRUST CONTENTS Page Truslees, report Independenl examinerfs report Statement of financial activities Balance sheet Notes lo Ihe finanaaS statements 6-12
JULIAN TAYLOR CHARITABLE TRUST TRUSTEES, REPORT FOR THE YEAR ENDED 5 APRIL 2024 The trustees present their report and accounts for the year ended 5April 2024. The legal and adminislralive information forms part of this report. The accounts have been prepared in accordance with the accounting policies sel out in note 1 to the accounts and comply with the Charitable Irusl's governing document, the Charilies Act 2011 and 'Accounling and Reporting by Charities.. Statement of Recommended Practice applicable lo charities preparing their accounts in accordance with the Financial Reporling Standard applicable in the UK and Republic of Ireland (FRS 102). (as amended for accounting penods commencing from 1 January 2019) Objectives and activities The objects of the charitable trust are to apply the income of the charitable trust fund and such parts of Ihe capital of the trust fund as the trustees think fil for the following purposes.. "for or lowards such charitable purposes and in such proportions and in such manner and subject lo such lems as the trustees think fil.. The trustees confirm that they have given careful consideration lo the duly in section 17(5) of the Charilies Act 2011 to have due regards to the Charity Commissions general guidance on public benefit when reviewing the Trust's aims and obieclives and in planning future activities and setting the grant making policy for the year. Achievements and perfonnance Grants are primarily given lo, bul are not reslricled lo, charities meeting widely different charitable purposes within and on behalf of the Jewish community both in the UK and abroad. The trustees are pleased to note that the year was successful in terms of the number of grants and the amount of funds awarded. During the year 30 grants were awarded totalling £94.864 as shown in note 6 to the accounts. The trustees feel that the trust has been effective and fulfilled its objectives. Financlal revlew The total incoming resources and resources expended for Ihe year are shown in the Statement of Financial AGlivilies on page 4. The total incoming resources amounted lo £164.463 and further details can be found in notes 2 and 3. The total resources expended amount lo £107,075 and further delails can be found in notes 4, 5 and 10. Resèrves policy The trustees have built up the unrestrided funds to a level, (£1,944,545 at the balance sheet dale), where they propose lo seek lo make significant grants, whilst maintaining al the very least a minimal level of unrestricted funds sufficient lo meet the governance costs for the next year. The trustees keep this reseeS policy under review and are building reserves for the longer term lo enable the charity lo continue lo make a similar level of charitable grants on an annual basis in for as many years as possible in the event that the donations decrease. The reserves also remain high in part from unrealised profits on inveslmenls which may not malerialise in the current economic circumstances. This level of reserves allows the charity lo consider significant grants should the need arise.
JULIAN TAYLOR CHARITABLE TRUST TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2024 Investment policy and perfomiance The trustee's investment policy is to generate income to enable grants to be made whilst also providing for capital growth to support future grant making over the long term. The investments are managed by an investment ompany. The value of fixed asset investments of the trust at 5 April 2024 amounted to £1,717,339. The trustees are satisfied with the performance of the inveslmenls, bearing in mind market conditions prevailing al the year end. Risk Management The trustees have assessed the major risks to which the chartlable trust is exposed, and are satisfied that systems are in place to mitigate exposure lo the major risks. Structure, governance and management The charitable trust is an unincorporated trust, constiluled under a trust deed dated 18 March 1996, The Iruslees are responsible for the administration of the charitable trust and meet on a regular basis. New trustees will be appointed if and when required. At the trustees, meetings, the Iruslèes agree the broad strategy and 8reas of activity for the charitable trust, including consideration of grant making. investment, reserves and risk management policies and performance. The trustees who served during the year and up to the dale of signature of the financial statements were.. J D Taylor Mrs S E Abrahams A J Taylor Ms N S Taylor The trustees, report was approved by the Board of Trustees. J D Taylor Trustee Date..
JULIAN TAYLOR CHARITABLE TRUST INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF JULIAN TAYLOR CHARITABLE TRUST I report to Ihe trustees on my examination of the financial statements of Julian Taylor Charitable Trust {the charitable trust) for the year ended 5 April 2024, which are set out on pages 4 to 12. Responslbllltles and basls of report As the trustees of the charitable trust you are responsible for Ihe preparation of the financial statements in accordance with the requirements of the Charities Act 2011 {the 2011 Act). I report in respect of my examination of the charitable trust's financial slatemenls carried out under section 145 of the 2011 Act. In carrying out my examination I have followed all the applicable Direction5 given by the Charity Commission under section 145151{b) of the 2011 Act. Independent examiner's statement I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect.. accounting records were not kept in respecl of the charitable trust as required by section 130 of the 2011 Acl; or the financial statements do not accord wilh those records.. or the financial statements do not comply with the applicable requirements concerning the form and content of accounts sel 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 wilh the examinalion lo which attention should be drawn in this report in order to enable a proper understanding of the financial statements to be reached. Prlce Pearson Finch House 28-30 Wolverhampton Street Dudley West Midlands DY1 1DB Dated..
JULIAN TAYLOR CHARITABLE TRUST STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 5 APRIL 2024 Unrestricted Unrestricted funds funds 2024 2023 Notes Income from: Donations and legacies Income from investments 125,000 39,463 125,000 32,404 Total income 164,463 157,404 enditure on: Raising funds 4,799 7,879 Charitable activities 98,842 100,861 Other 10 3,434 368 Total expenditure 107,075 109,108 Nel gainsl(losses) on inveslments 11 197,194 (68,794) Net incominglloutgoing) resources 254,582 (20,498) Other recognised gains and108ses Other gains or losses 13 (260) (115) Net movement in funds 254,322 (20,613) Fund balances at 6 April 2023 1,690,223 1,710,836 Fund balances at S April 2024 1,944,545 1,690,223 The statement of financial activities indudes all gains and losses recognised in the year. All income and expendilure derive from conlinuing activities.
JULIAN TAYLOR CHARITABLE TRUST BALANCE SHEET AS AT5APRIL 2024 2024 2023 Notes Fixed assets Investments 14 1,717,339 1,537,557 Current assets Debtors Cash al bank and in hand 16 25,000 205,800 25,000 130,875 230,800 155,875 Creditors: amounts falling due within one year 17 (3,594) {3.209J Nel CLsrrent assets 227.206 152,666 Total assets less current liabilities 1,944,545 1,690,223 Income funds Unrestricted funds 1,944,545 1,690,223 1,944,545 1,690,223 The financial statements were approved by the Trustees on .. J D Taylor Trustee
JULIAN TAYLOR CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024 Accounting policies Charlty Inforniation Julian Taylor Charitable Trust is consliluted as a Charitable Trust under a Trust Deed dated 18 March 1996. 1.1 Accounting convention The accounts have been prepared in accordance with the charitable trust's governing document, the Charities AGI 2011 and "Accounting and Reporting by Charilies.. Statement of Recommended Practice applicable lo chanlies preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 102). (as amended for accounting periods commencing from 1 January 20191. The charitable trust is a Public Benefit Entity as defined by FRS 102. The charitable trust has taken advantage of the provisions in Ihe SORP for charities applying FRS 102 Update Bulletin 1 not lo prepare a Statement of Cash Flows. The financial slalemenls have departed from the Charities {Accounts and Reports) Regulations 2008 only to the extent required lo provide a true and fair view. This departure has involved following thè Statement of Recommended Practice for charities applying FRS 102 rather than the version of the Slalement of Recommended Practice which is referred lo in the Regulations but which has since been withdrawn. The financial statements are prepared in sterling, which is the functional currency of the charitable Irusl. Monetary amounts in these financial statements are rounded lo the nearest £. The acunIS have been prepared under the historical cost convention, modified lo indude the revaluation of certain fixed assets. The principal accounting policies adopled are sel out below. 1.2 Golng concem Al the lime of approving the financial slalemenls, the trustees have a reasonable expectation that the charitable 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 slalements. 1.3 Charitsble funds Unrestricted funds are available for use al the discrelion of the trustees in furtherance of their charitable obieclives. 1.4 Incoming resources Income is recognised when the charitable trust is legally enlilled to it after any performance conditions have been met, the amounts can be measured reliably, and il is probable Ihal income will be received. Dividends on investments are credited to the accounts at the time payment is due and are accounted for nel of any non repayable lax credit. 8ank interest is accounted for gross when receivable. Donalions are accounted for when received. Gift aid in respect of donations is accounted for when receivable.
JULIAN TAYLOR CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2024 Accounting policies (Continued} 1.5 Resources expended Resources expended are recognised once there is a legal or constructive obligation to make a payment lo a third party, it is probable that settlement will be required and the amount of Ihe obligation can be measured reliably. All expenditure is ac£ounted for on an accruals basis and includes irrecoverable VAT. Expendilure on charitable activities indudes grants payable to Ihird parties in the furtherance of the charitable objectives of the charitable trust, together with governan costs. Govemance costs comprise costs involved in the public accountability of the charity and its compliance with regulation and good practi. The direct costs of accountancy and the independenl examination (when required) have been charged to governance costs. 1.6 Fixed asset investments Fixed asset investments are initially measured at transaction price excluding iransaction costs, and are subsequently measured al fair value at each reporting date. Changes in fair value are recognised in net incomel(expendilure) for the year. Transaction costs are expensed as incurred. Current asset investments are staled al markel value. All gains and losses are taken to the Stslement of Finanual Activities as they arise. Realised gains and losses on investments are calculated as the difference beeen sales proceeds and their carrying value. Unreali5ed gains and losses are calculaled as the difference beeen the fair value at the year end and their carrying value. Realised and unrealised inveslmenl gains and losses are combined in the Statement of Financial Activities. 1.7 Cash and cash equivalents Cash and cash equivalents indude cash in hand, depostts held at call with banks, other short-lemi liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities. 1.8 Financial instruments The charrtable tru51 has elected to apply the provisions of Section 11 'Basic Financial Inslnjments. and Sedion 12 '0ther Financsal Instrumen15 15sues' of FRS 102 to all of its financial instruments. Financial instruments are recognised in the charitable trust's balance sheet when the charitable trust becomes paty to the contraclual provisions of the instrument. Financial assets and liabilities are offset, with the nel amounls presented in the financial statements, when there is a legally enfOrable 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 indude debtors and cash and bank balances, are initially measured al transaction price including Iransaclion costs and are subsequently carried at amortised cost using the effective inleresl method unless the arrangement constilules a finanung iransaclion, where the transaction is measured al the present value of the future receipts disoounled al a market rale of interesl. Finanaal assets dassified as receivable within one year are not amortised.
JULIAN TAYLOR CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2024 Accounting policies (Continued) Impairnient of financial assets Financial assets, other than Ih05e held al fair value through income and expenditure, are assessed for indicators of impairment at each reporting dale. Finanrial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after th8 initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the eslimaled cash flows discounted at the asset's original effeGlive interest rate. The impairment loss is recognised in net incomellexpenditurel for the year. If there is a decrease in the impaimient loss arising from an event occurring after the impaimienl was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amounl would have been, had the impairment not previously been recognised. The impairment reversal is recognised in nel incomel(expendilure) for the year. Derecognition of financlal assets Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when Ihe charitable 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 lo another paty that is able lo sell Ihe asset in ils entirely lo an unrelated Ihird party. Baslc financlal Ilabillties Basic financial liabilities, including creditors are initially recognised at transaction price unless the arrangement conslilutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted al a markèt 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 interesl rate method. Trade creditors are obligations lo 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-currenl liabilities. Trade creditors are recognised initially al Iransaction price and subsequently measured al amortised cost using the effective interest method. Derecognltlon of flnanclal Ilabilitles Financial liabilities are derecognised when the charitable trust's contractual obligation5 expire or are discharged or cancelled. 1.9 Forelgn exchange Transactions in Gurrencies other than pounds sterling are recorded 81 the rates of exchange prevailing al the dales of the Iransaclions. Al each reporting end dale. monetary assets and liabilities thal are denominated in foreign currencies are retranslated al the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss. Donations and legacles 2024 2023 Donations and gifts 125,000 125,000
JULIAN TAYLOR CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2024 Income from investments 2024 2023 Income from listed investments Interest receivable 37,566 1,897 31,018 1,386 39,463 32,404 Ralglng funds 2024 2023 Investment management 4,799 7,879 Charitsble actlvltles 2024 2023 Grant funding of activities (see note 6) Share of support costs (see note 71 94.864 3.978 97.441 3,420 98,842 100,881
JULIAN TAYLOR CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2024 Grants payable 2024 2023 Grants lo inslilulions130 grants, 2023.. 29 granlsl.. Supporting Jewish community Food poverty 86,864 8.000 93,941 3.500 94,864 97,441 Support costs Support Governance costs costs 2024 2023 Basls of allocatlon Independent examination Accountancy 1,000 2,978 1,000 2,978 1,000 Governan 2,420 Governance 3,978 3,978 3,420 Trustees No trustee (or person connected with them) received any remuneration or expenses during the year. Donations amounting lo £100,000 without conditions were received during the year from J D Taylor, who is a trustee. Employees There were no employees during the year. 10 Other Unrestricted funds 2024 Financing costs 3,434 10
JULIAN TAYLOR CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2024 11 Net gainslllosses) on investments Unrestricted Unrestricted funds funds 2024 2023 Revaluation of investments Gainl(loss) on sale of investments 136,881 60,313 (62,134) (6,660) 197,194 (68.794) 12 Taxation The charity is exempt from tax on income and gains falling within section 505 of the Taxes Act 1988 or section 252 of the Taxationof Chargeable Gains Act 1992 to the extent that these are applied to ils charitable objects. 13 Other gains or losses Unrestricted Unrestricted funds funds 2024 2022 Foreign exchange gains 260 115 14 Fixed asset investments Listed inveslments Cost or valuation At 5 April 2023 Addilions Valuation changes Disposals 1,537,557 1,163,681 136,881 (1,120,780) At 5 April 2024 1,717,339 Carrying amount At 05 April 2024 1,717,339 At 05 April 2023 1,537,557 11
JULIAN TAYLOR CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 5 APRIL 2024 14 Fixed asset investments Icontlnued) The portfolio of investments is split as follows.. Capital al 5 April 2024 (OAI Bonds Equities Property Cash Commodities 14 81 100.00 15 Flnanclal Instruments 2024 2023 Carrylng amount of Ilnanclal assets Debt instruments measured at amortised cost Equity inslnjments measured at fair value 25,000 1.717,339 25,000 1,537,557 Carrylng amount of flnanclal Ilabllltles Measured at amortised cost 3,594 3,209 16 Debtor8 2024 2023 Amounts falllng due wlthln one year: Other debtors- due from HMRC 25.000 25,000 17 Credltors: amounts falllng due wlthin one year 2024 2023 Accruals and deferred income 3,594 3,209 18 Analysls of net assets between funds Totsl Fund balances al 5 April 2024 are represented by.. Investments Current asselsl{liabilities) 1,717,339 227,206 1,944,545 19 Related paty transactions During Ihe year, grants amounting lo £25,000 were made to Camp Simcha in accordance with the grant making policy of Ihe charity- J D Taylor is a trustee of this charity- 12