REGISTERED CHARITY NUMBER: 1097209
REPORT OF THE TRUSTEES AND
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2022
FOR
THE CYRIL & EVE JUMBO CHARITABLE TRUST
Brindley Millen Ltd 167 Turners Hill Cheshunt Hertfordshire EN8 9BH
THE CYRIL & EVE JUMBO CHARITABLE TRUST
CONTENTS OF THE FINANCIAL STATEMENTS
for the Year Ended 5 April 2022
| Page | |||
|---|---|---|---|
| Report of the Trustees | 1 | to | 2 |
| Independent Examiner's Report | 3 | ||
| Statement of Financial Activities | 4 | ||
| Balance Sheet | 5 | ||
| Notes to the Financial Statements | 6 | to | 12 |
| Detailed Statement of Financial Activities | 13 |
THE CYRIL & EVE JUMBO CHARITABLE TRUST
REPORT OF THE TRUSTEES
for the Year Ended 5 April 2022
The trustees present their report with the financial statements of the charity for the year ended 5 April 2022. 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).
OBJECTIVES AND ACTIVITIES
Objectives and aims
The objectives of the charity are to pay and apply the whole of the trust funds towards such charitable purposes in any part of the world as the Trustees may in their discretion think fit.
Public benefit
In meeting the Trust's objectives the Trustees have given careful consideration to the Charity Commission's general guidance on public benefit and judge that all donations made meet this guidance. All donations are listed in note 4.
Investment Decisions
The Trustees make investment decisions which balance the protection of the Trust's capital and generating sufficient investment income. Risks are mitigated by the appointment of professional managing agents to manage the investment properties and professional wealth managers to advise and manage the investment of funds in bonds and other securities.
Grantmaking Decisions
Grants are awarded to charities and causes which are known to the trustees or have been recommended to them by trusted colleagues. The trustees direct charitable awards and grants toward known causes and where outcomes are measurable. Feedback and follow ups are always requested from the recipient Charities and where possible a visits from the trustees are carried out to assess the outcomes and ensure awards are being used for the intended purpose.
Grant making policy
Applications can be submitted to the Trustees by charitable institutions and these applications are considered by the Trustees on a regular basis. Applications should be in writing and incorporate full details of the Charity and the cause for which funding is requested.
ACHIEVEMENT AND PERFORMANCE
Charitable activities
The trustees have continued to support other charities within the objectives clause of the Trust Deed and there are no immediate plans to alter the way in which the income is applied to charitable courses. Donations totalling £310,099 were made in the year (2021: £303,796).
FINANCIAL REVIEW
Reserves policy
All of the charity's funds held at 5 April 2022 amounting to £1,882,628 (2021: £2,008,699) are general unrestricted funds which are expendable at the discretion of the Trustees in furtherance of the objectives of the charity.
As the charity does not currently seek funding but uses its resources to provide funding for the furtherance of its objectives, it is the Trustees' policy to maintain the charity's reserves at a sufficient level to enable it to continue to provide such funding in future years. This is monitored on a regular basis by the Trustees, who review the level of reserves in the light of future funding requirements.
The Trust's income from its investments was £84,741 (2021: £86,493).
The Trust's investment properties are managed by METRUS in consultation with the Trustees. The trustees agreed that there had been no material change in the properties' values and therefore kept them at the values agreed at 5 April 2015 revaluation.
FUTURE PLANS
The Trustees intend to continue providing grants in a similar way to the recent past but retaining flexibility as to the timing and scale of grant making.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The Cyril & Eve Jumbo Trust is constituted under a trust deed dated 24 March 2003 and is a registered charity no 1097209.
Page 1
THE CYRIL & EVE JUMBO CHARITABLE TRUST
REPORT OF THE TRUSTEES
for the Year Ended 5 April 2022
STRUCTURE, GOVERNANCE AND MANAGEMENT
Recruitment and appointment of new trustees
Trustees are recruited to ensure that there is an appropriate range of skills and experience on the board. When a new trustee is appointed they are referred to Charity Commission Guidance on becoming a trustee and are also introduced to the policies, procedures and systems within the charity.
Organisational structure
The Trustees who have served during the year and since the year end are set out as below. The power to appoint new Trustees is vested in the Settlor.
The Trustees meet to agree the broad strategy and areas of activity for the Trust, including consideration of grant making, investment, reserves and risk management policies and performance. It is the duty of each trustee to attend board meetings.
When a new trustee is appointed, as part of the induction process, they handed an Introductory Guidance Note for New Trustees, drafted by professional advisors. They ae invited to asks as many questions of the existing trustees as they need or wish to.
The Trustees have examined the major strategic, business and operational risks which the Trust faces and confirm that systems have been established to enable continuous monitoring of such risks so that appropriate steps can be taken to mitigate these risks.
REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number
1097209
Principal address
1st Floor 48 Great Marlborough Street London W1F 7BB
Trustees
G A Margolis Chair R A Hayat L Margolis E Engulu
Independent Examiner
Brindley Millen Ltd 167 Turners Hill Cheshunt Hertfordshire EN8 9BH
EVENTS SINCE THE END OF THE YEAR
Information relating to events since the end of the year is given in the notes to the financial statements.
Aug 16, 2022 Approved by order of the board of trustees on ............................................. and signed on its behalf by:
RAHAYAT
.................................................................................RAHAYAT (Aug 16, 2022 12:56 GMT+1) R A Hayat - Trustee
Page 2
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE CYRIL & EVE JUMBO CHARITABLE TRUST
Independent examiner's report to the trustees of The Cyril & Eve Jumbo Charitable Trust
I report to the charity trustees on my examination of the accounts of The Cyril & Eve Jumbo Charitable Trust (the Trust) for the year ended 5 April 2022.
Responsibilities and basis of report
As the charity trustees of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of 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 Act and in carrying out my examination I have followed all applicable Directions given by the Charity Commission under section 145(5)(b) of the 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 respect of the Trust as required by section 130 of the Act; or
-
the accounts do not accord with those records; or
-
the accounts do 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.
mwbrindley
mwbrindley (Aug 16, 2022 13:54 GMT+1)
Maurice William Brindley BSc FCA Institute of Chartered Accountants in England & Wales Brindley Millen Ltd 167 Turners Hill Cheshunt Hertfordshire EN8 9BH
Date: .............................................Aug 16, 2022
Page 3
THE CYRIL & EVE JUMBO CHARITABLE TRUST
STATEMENT OF FINANCIAL ACTIVITIES
for the Year Ended 5 April 2022
| Notes INCOME AND ENDOWMENTS FROM Donations and legacies Investment income 2 Total EXPENDITURE ON Charitable activities 3 Investment Management Costs & Overheads Donations Payable Total Net gains/(losses) on investments NET INCOME/(EXPENDITURE) RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD |
5.4.22 Unrestricted fund £ 102,087 84,741 186,828 16,482 310,099 326,581 13,682 (126,071) 2,008,699 1,882,628 |
5.4.21 Total funds £ 165,325 86,493 |
|---|---|---|
| 251,818 8,914 303,796 |
||
| 312,710 (16,901) |
||
| (77,793) 2,086,492 |
||
| 2,008,699 |
The notes form part of these financial statements
Page 4
THE CYRIL & EVE JUMBO CHARITABLE TRUST
BALANCE SHEET
5 April 2022
| Notes FIXED ASSETS Investments Investments 7 Investment property 8 CURRENT ASSETS Debtors 9 Cash at bank CREDITORS Amounts falling due within one year 10 NET CURRENT ASSETS TOTAL ASSETS LESS CURRENT LIABILITIES NET ASSETS FUNDS 11 Unrestricted funds TOTAL FUNDS |
5.4.22 Unrestricted fund £ 322,109 1,470,225 1,792,334 36,084 57,777 93,861 (3,567) 90,294 1,882,628 1,882,628 1,882,628 1,882,628 |
5.4.21 Total funds £ 308,427 1,470,225 |
|---|---|---|
| 1,778,652 24,688 208,926 |
||
| 233,614 (3,567) |
||
| 230,047 | ||
| 2,008,699 | ||
| 2,008,699 | ||
| 2,008,699 | ||
| 2,008,699 |
The financial statements were approved by the Board of Trustees and authorised for issue on .............................................Aug 16, 2022 and were signed on its behalf by:
RAHAYAT
RAHAYAT (Aug 16, 2022 12:56 GMT+1)
.............................................
R A Hayat - Trustee
The notes form part of these financial statements
Page 5
THE CYRIL & EVE JUMBO CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS
for the Year Ended 5 April 2022
1. ACCOUNTING POLICIES
Basis of preparing the financial statements and assessment of going concern
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.
The trustees consider that there are no material uncertainties about the charity's ability to continue as a going concern.
Income
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.
Expenditure
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, 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 accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure.
Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in the Statement of Financial Activities.
Taxation
The charity is exempt from tax on its charitable activities.
Debtors
Trade and other debtors are recognised at the settlement amount. Prepayments are valued at the amount prepaid.
Cash at bank and in hand
Cash at bank and in hand includes cash, current bank accounts and deposit bank accounts with no withdrawal limitations.
Creditors
Creditors are recognised where the charity has a present obligation resulting from a past event that will result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors are recognised at their settlement amount.
Financial instruments
The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially settled at transaction value and subsequently measured at their settlement value.
Fund accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
Investment holdings
Investment Holdings are shown on the Balance Sheet at historic cost.
Page 6
continued...
THE CYRIL & EVE JUMBO CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 5 April 2022
| 2. INVESTMENT INCOME Rents received Current asset investment income 3. NET INCOME/(EXPENDITURE) Net income/(expenditure) is stated after charging/(crediting): Independent examiners fee 4. GRANTS PAYABLE Donations Payable |
5.4.22 £ 80,465 4,276 84,741 |
5.4.22 £ 80,465 4,276 84,741 |
5.4.21 £ 77,749 8,744 86,493 |
5.4.21 £ 77,749 8,744 86,493 |
|---|---|---|---|---|
| 86,493 | ||||
| 5.4.21 | 5.4.20 | |||
| £ | £ | |||
| 1,850 | 1,850 | |||
| 5.4.22 £ 310,099 |
5.4.21 £ 303,796 |
continued...
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THE CYRIL & EVE JUMBO CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 5 April 2022
4. GRANTS PAYABLE - continued
The total grants paid to institutions during the year was as follows:
| GRANTS PAYABLE - continued The total grants paid to institutions during the year was as follows: |
||
|---|---|---|
| Access Sport CIO Action For Kids Charitable Trust Adele School for Special Children Ahmadiyya Muslim Association United Kingdom All Saints Enterprise Community Interest Company Alzheimer's Society Ambitious About Autism ASPIRE Barts Charity Cancer Research UK Chabad Lubavitch Centre NE London and Essex Limited Chabad Lubavitch UK Chiltern MS Centre Ltd Circle Community Ltd Collage Arts Community Security Trust ECPAT UK Evalina London Children's Hospital (St Guy's and St Thomas NHS Foundation Trust) Family Action Forest School Camps Friends of the Earth Charitable Trust Future Dreams Trust Limited Great Ormond Street Hospital Children's Charity Grief Encounter Happiness Eastern European Community - Slava Ukraini Limited Hestia Humanity First UK Jackson's Lane Jewish Care London Ambulance Service Charitable Fund Médecins Sans Frontières (UK) Metropolitan Police Muswell Hill Soup Kitchen Norwood Ravenswood Prism The Gift Fund PromiseWorks Property Gives Back Fund for the NHS Sanitation First Limited Scinergise Send a Cow Southwark Council St Mungo Community Housing Association The Big Issue Foundation The Central British Fund for World Jewish Relief The Connection at St Martin-in-the-Fields The Coroner's Court Support Service The Literacy Pirates Limited The Selby Trust The Stephen Lawrence Charitable Trust (Blueprint for All Ltd) The Trussell Trust Tzedek |
5.4.22 £ 500 41,560 - - - 2,000 - 17,200 - 500 1,000 2,000 4,550 1,000 4,530 2,000 - - - 5,000 200 1,000 350 - 2,000 - 5,000 2,300 30,174 - 15,000 - - 16,700 500 10,000 - - 600 15,000 - 5,135 - 52,500 6,800 - 30,000 - - - 35,000 310,099 |
5.4.21 £ - 41,560 6,259 10,000 5,000 - 3,000 8,600 1,000 - 1,500 - 2,500 - 15,580 6,000 2,500 1,000 5,000 - - - - 1,500 - 3,000 - 2,300 30,497 500 10,000 500 500 - - - 500 500 - 15,000 5,000 10,000 3,000 40,750 21,000 500 7,500 3,000 2,500 2,000 34,250 |
| 303,796 |
continued...
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THE CYRIL & EVE JUMBO CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued for the Year Ended 5 April 2022
5. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 5 April 2022 nor for the year ended 5 April 2021.
Trustees' expenses
There were no trustees' expenses paid for the year ended 5 April 2022 nor for the year ended 5 April 2021.
6. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
| Unrestricted | |
|---|---|
| fund | |
| £ | |
| INCOME AND ENDOWMENTS FROM | |
| Donations and legacies | 165,325 |
| Investment income | 86,493 |
| Total | 251,818 |
| EXPENDITURE ON | |
| Charitable activities | |
| Investment Management Costs & Overheads | 8,914 |
| Donations Payable | 303,796 |
| Total | 312,710 |
| Net gains/(losses) on investments | (16,901) |
| NET INCOME/(EXPENDITURE) | (77,793) |
| RECONCILIATION OF FUNDS | |
| Total funds brought forward | 2,086,492 |
| TOTAL FUNDS CARRIED FORWARD | 2,008,699 |
| FIXED ASSET INVESTMENTS | |
| Listed | |
| investments | |
| £ | |
| MARKET VALUE | |
| At 6 April 2021 | 308,427 |
| Revaluations | 13,682 |
| At 5 April 2022 | 322,109 |
| NET BOOK VALUE | |
| At 5 April 2022 | 322,109 |
| At 5 April 2021 | 308,427 |
7. FIXED ASSET INVESTMENTS
There were no investment assets outside the UK.
continued...
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THE CYRIL & EVE JUMBO CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 5 April 2022
7. FIXED ASSET INVESTMENTS - continued
Cost or valuation at 5 April 2022 is represented by:
| Listed | ||
|---|---|---|
| investments | ||
| £ | ||
| Valuation in | 2021 | (18,662) |
| Valuation in | 2022 | 13,683 |
| Cost | 327,088 | |
| 322,109 |
Mumbojumboland Limited was transferred into the name of the Trustees on 20 November 2007 at estimated balance sheet value of $525,000. The value of the balance sheet as at 5 April 2020 is $289,477. The investment has been re-valued to represent the change in value of the company and foreign exchange rates of US dollar as at the year end.
8. INVESTMENT PROPERTY
| INVESTMENT PROPERTY | ||
|---|---|---|
| FAIR VALUE At 6 April 2021 and 5 April 2022 NET BOOK VALUE At 5 April 2022 At 5 April 2021 Freehold Property at Cost |
£ 1,470,225 |
|
| 1,470,225 | ||
| 1,470,225 | ||
| East Kilbride Properties | ||
| 7 Albion Way | ||
| Sub-Station, Flakefield, East Kilbride | ||
| Capitalised purchase costs | ||
| Total | ||
The properties were valued in 2016 and the value was not materially different to the historic value. The Trustees consider that there has been no material change in valuation since 2016.
9.
DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
| 5.4.22 | 5.4.21 | |
|---|---|---|
| £ | £ | |
| Other debtors | 36,084 | 24,688 |
continued...
Page 10
THE CYRIL & EVE JUMBO CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 5 April 2022
10. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
| Other creditors 11. MOVEMENT IN FUNDS Unrestricted funds General fund TOTAL FUNDS Net movement in funds, included in the above are as follows: Incoming resources £ Unrestricted funds General fund 186,828 TOTAL FUNDS 186,828 Comparatives for movement in funds Unrestricted funds General fund TOTAL FUNDS Comparative net movement in funds, included in the above are as follows: Incoming resources £ Unrestricted funds General fund 251,818 TOTAL FUNDS 251,818 |
At 6.4.21 £ 2,008,699 2,008,699 Resources expended £ (326,581) (326,581) At 6.4.20 £ 2,086,492 2,086,492 Resources expended £ (312,710) (312,710) |
5.4.22 £ 3,567 Net movement in funds £ (126,071) (126,071) Gains and losses £ 13,682 13,682 Net movement in funds £ (77,793) (77,793) Gains and losses £ (16,901) (16,901) |
5.4.21 £ 3,567 At 5.4.22 £ 1,882,628 1,882,628 Movement in funds £ (126,071) (126,071) At 5.4.21 £ 2,008,699 2,008,699 Movement in funds £ (77,793) (77,793) |
|---|---|---|---|
continued...
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THE CYRIL & EVE JUMBO CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 5 April 2022
11. MOVEMENT IN FUNDS - continued
A current year 12 months and prior year 12 months combined position is as follows:
| Unrestricted funds General fund TOTAL FUNDS |
At 6.4.20 £ 2,086,492 2,086,492 |
Net movement in funds £ (203,864) (203,864) |
At 5.4.22 £ 1,882,628 |
|---|---|---|---|
| 1,882,628 |
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:
| Unrestricted funds General fund TOTAL FUNDS |
Incoming Resources resources expended £ £ 438,646 (639,291) 438,646 (639,291) |
Gains and Movement losses in funds £ £ (3,219) (203,864) (3,219) (203,864) |
Gains and Movement losses in funds £ £ (3,219) (203,864) (3,219) (203,864) |
|---|---|---|---|
| (203,864) |
12. OTHER FINANCIAL COMMITMENTS
The charity has made commitments to pay grants to charitable organisations in the following amounts:
2022/23 £246,032
13. RELATED PARTY DISCLOSURES
During the year grants totalling £Nil (2021: £10,000) were made to Ahmadiyya Muslim Association UK (Charity number 299081) with whom Mr R A Hayat is also a trustee.
14. POST BALANCE SHEET EVENTS
Following the year end, a property (12535 Burbank Boulevard, USA) which is owned by Jumbo Land Properties Inc, a subsidiary of Mumbojumboland Limited, was sold for the sum of $3,050,000. It is anticipated that net proceeds, after costs, loan repayments and tax will result in £1.1m, which will be available for charitable purposes.
Page 12