Registered number: 03942136 Charity number: 1114730 JFS CHARITABLE TRUST LIMITED (FORMERLY JFS DEVELOPMENT CHARITABLE TRUST) (A company limited by guarantee) TRUSTEES, REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
JFS CHARITABLE TRUST LIMITED (FORMERLY JFS DEVELOPMENT CHARITABLE TRUST) (A company limited by guarantee) CONTENTS Page Reference and administrative details of the Company, its Trustees and advisers Trustees. report Trustees. responsibilities statement Independent auditors. report on the financial statements Statement of financial activities Balance sheet 10 Statement of cash flows Notes to the financial statements 12-20
JFS CHARITABLE TRUST LIMITED (FORMERLY JFS DEVELOPMENT CHARITABLE TRUST) (A company limited by guarantee) REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 MARCH 2025 Trustees Ishai Novick David Moody Robert Gershon Mark Hurst (appointed 1 September 2024) Michael Dunitz (appointed 4 January 2025) Isaac Cooper (appointed 22 July 2025) Stewart Sether (appointed 22 July 2025) Noam Attar {appointed 22 July 2025) Anthony Wagerman (appointed 1 September 2025) Miriam Benchetrit (appointed 28 October 2025) Andrew Moss (resigned 1 September 2024) Richard Kafton (resigned 23 July 2025) Stephen Pack (resigned 1 September 2025) Company registered number 03942136 Charity number 1114730 Registered office JFS School The Mall Kenton Harrow Middlesex HA3 9TE Company Secretary Ms Manpreet Bal Company Number 03942126 Independent auditors BKL Audit LLP 35 Ballards Lane London N3 1XW Bankers Barclays Bank PIC PO Box 3474 London NW17NQ Page 1
JFS CHARITABLE TRUST LIMITED (FORMERLY JFS DEVELOPMENT CHARITABLE TRUST) (A company limited by guarantee) TRUSTEES. REPORT FOR THE YEAR ENDED 31 MARCH 2025 Introduction The Trustees (who are also the Directors of the charitable company) submit the Report and audited Financial ststements of the JFS Charitable Trust Limited (the Trust) for the year ended 31 March 2025. The Trustees have adopted the provisions of the Statement of Recommended Practice "Accounting and Reporting by Charities" in preparing the annual report and financial statements of the charity. The financial ststements have been prepared in accordan with the accounting policies set out in notes to the accounts and comply with the charity's governing document, the Companies Act 2006, the Charities Act 2011 and the Statement of Recommended Practice "Accounting and Reporting by Charities" Legal and Administrative Infonnation The charity is incorporated as a company limited by guarantee. registration number 3942126. The governing instrument is the Memorandum and Articles of Association dated 2 March 2000, as amended on 17 February 2006. The charity was considered to be an exempt charity under the Charities Act 2011 on incorporation as it was under the control of the Goveming Body of the JFS School, itself an exempt charity. Following the decision of the Governing Body to relinquish control of the Trustee Body. the charity registered with the Charity Commission on 17 June 2006. The governance of the charity is vested in the Trustees. The Trustees who seNed during the year are listed on page 1 and 3 were Governors of the JFS School for most of the time during the year. The Trustees are selected to ensure that there is an appropriate balance of skills and experience within the Trustee Board. New Trustees are appointed by the existing Trustee Board. Structure, governance and management The day to day running of the Trust is delegated to an administrator and overseen by the Trustees who meet termly. Trust Objects and Public Benefit The objects of the Trust are to advan the education of pupils at the JFS School (the School} by the acquisition of land for the School and the provision of reSoUrs. equipment, teaching and facilities for education in addition to those provided out of public funds. The Trustees confirm that they have paid due regard to the Charity Commission's guidance on Charities and Public Benefit when reviewing the activities of the Trust. Objectives and Activities The objectives of the charity as per its governing document are- To advance the education of pupils at the School by the acquisition of land for the School- and The provision of resources, equipment, teaching and facilities for education in addition to those provided out of public funds In furtherance of its charitable objects. during the year to 31 March 2025, the Trust raised charitable donations to enable JFS to continue to advance the educab'on of all children who attend the school, including Jewish religious education. In setting objectives and planning for activities, the Trustees have given due consideration to general guidance published by the Charity Commission relating to public benefit. including the guidance 'Public benefit- running a charity {PB2}'. Page 2
JFS CHARITABLE TRUST LIMITED (FORMERLY JFS DEVELOPMENT CHARITABLE TRUST) (A company limited by guarantee) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Strategies for achieving objectives The trustees have the key strategic objective of raising charitable funds in order to support JFS and enable the school to.. Maintaining the school premises to provide a facility that ensures the highest quality of education for the children Continuing maximum potential pupil intakes in each year Retaining and recruiting leading£dge staff members to drive the delivery of the school's ethos whilst supporting staff training and development needs Achieving core financial stability The delivery of this is underpinned by a comprehensive and detailed fundraising plan. Activities and Achievements The trustees will continue to undertake a number of fundraising activities and maintain spending priorities for the school, in line with the strategic priorities of JFS. During the year the charity has supported developments in the school including curriculum development as well as investment in the physical and academic structure of the school through a series of financial donations made to the school in support of its overall budget. The Trust administers the system of parental Voluntary Contributions, claiming Gift Aid on qualifying donations, together with general fiJndraising activities in support of JFS. During the year the Trust undertook a major review of its governan structure and fvture strategic direction which lead to Enhand Governan and Administrative oversight including the adoption of updated governance instruments Direct employment of a dedicated Director of Fundraising Focus on increasing parental Voluntary Contribution rates There were also a number of changes to the Board of Trustees that are detailed above. Review of the Business and Future Plans The financial results for the year are set out on Page 9. The Trust will continue to support the development of JFS School. Further support will be provided to curriculum development and the School infrastructure. Financial Review Goin concern After making appropriate enquiries, the Trustees have a reasonable expectation that the Trust has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the accounting policies. Page 3
JFS CHARITABLE TRUST LIMITED (FORMERLY JFS DEVELOPMENT CHARITABLE TRUST) (A company limited by guarantee) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Reserves olic As of 31 March 2025, the trust had total funds of approximately £241.053 all of which were unrestricted funds. Princi al fundin The major sources of incoming resources during 2024-25 were charitable donations. It is only with this range of donations that the Trust can provide the quality and range of SeNiS expected by the school community. The costs of providing charitable activities are met entirely from donations. Reserves Funds as at 31 March 2025 amounted to £241.053 (2024- £303.168) of which all was unrestricted. The primary purpose of the Trust is to raise funds for JFS School and to consider funding requests from the School for purposes in accordance with the objects of the Trust. It is the intention of the Trustees to maintain a significant level of unrestricted reserves to enable the settlement of expenses associated with the continuing expansion of the School and to provide for its future development needs. Investment Policy During the year, Trustees maintained the investment portfolio in cash management funds. The Trustees are satisfied that the Trust can continue to meet all its financial obligations on an on-going basis. Risk Management The Trustees have examined the principal areas of the Trust's operations and considered the major risks faced in each of these areas. In the opinion of the Trustees, the Trust has an effective review system and has allocated sufficient resources to ensure that those risks identified will be mitigated to a level acceptable for the Trust's day to day operations. Disclosure of Information to Auditors The Trustees who held office at the date of approval of this Trustees, Report confirm that, so far as they are individually aware, there is no relevant audit information of which the charity's auditors are unaware- and each Trustee has taken all reasonable steps that they ought to have taken as a Trustee to make themselves aware of any relevant audit information and to establish that the charity's auditors are aware of that information. In preparing this report. the Trustees have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006. Auditors Our independent auditor BKL Audit LLP has signified its willingness to continue in office. Approved by order of the members of the board of Trustees on 30110/2025 and signed on their behalf by.. Ishai Novick Trustee Page 4
JFS CHARITABLE TRUST LIMITED (FORMERLY JFS DEVELOPMENT CHARITABLE TRUST) (A company limited by guarantee) STATEMENT OF TRUSTEES. RESPONSIBILITIES FOR THE YEAR ENDED 31 MARCH 2025 The Trustees (who are also the directors of the Company for the purposes of company law) are responsible for preparing the Trustees, report and the financial statements in accordan with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Company law requires the Trustees to prepare financial statements for each financial year. Under company law, the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of its incoming reSoUrS and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the Trustees are required to.. select suitable accounting policies and then apply them consistently., observe the methods and principles of the Charities SORP (FRS 102)., make judgments and accounting estimates that are reasonable and prudent" state whether applicable UK Accounting Standards (FRS 1021 have been followed, subject to any material departures disclosed and explained in the financial statements., prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business. The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Approved by order of the members of the board of Trustees on 30110/2025 and signed on its behalf by.. Ishai Novick Trustee Page 5
JFS CHARITABLE TRUST LIMITED (FORMERLY JFS DEVELOPMENT CHARITABLE TRUST) (A company limited by guarantee) INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF JFS CHARITABLE TRUST LIMITED (FORMERLY JFS DEVELOPMENT CHARITABLE TRUST) Opinion We have audited the financial statements of JFS Charitable Trust Limited (formerly JFS Development Charitable Trust) (the 'charitable company) for the year ended 31 March 2025 which comprise the Statement of financial activities, the Balance sheet. the Statement of cash flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards. including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland, (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements- give a true and fair view of the stste of the charitable company's affairs as at 31 March 2025 and of its incoming resources and application of reSoUrs, induding its income and expenditure for the year then ended., have been properly prepared in accordan with United Kingdom Generally ACpted Accounting Practice., and have been prepared in accordan with the requirements of the Charities Act 2011. Basis for opinion We conducted our audit in accordan with Intemational Standards on Auditing (UK) (ISAS (UK}) and applicable law. Our responsibilities under those standards are further described in the Auditors, responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit eviden we have obtained is sufficient and appropriate to provide a basis for our opinion. Conclusions relating to going concern In auditing the financial statements, we have concluded that the Trustees, use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company's ability to continue as a going concem for a period of at least e1ve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the Trustees with respect to going cOnM are described in the relevant sections of this report. Page 6
JFS CHARITABLE TRUST LIMITED (FORMERLY JFS DEVELOPMENT CHARITABLE TRUST) (A company limited by guarantee) INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF JFS CHARITABLE TRUST LIMITED IFORMERLY JFS DEVELOPMENT CHARITABLE TRUST) (CONTINUED) Other infonnation The other information comprises the information included in the Annual report other than the financial statements and our Auditors, report thereon. The Trustees are responsible for the other information contained within the Annual report. Our opinion on the financial statements does not cover the other information and, except to the extent othetwise explicitly stated in our report. we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and. in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or othewise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. Matters on which we are required to report by exception We have nothing to report in respect of the following matters where the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if. in our opinion.. the information given in the Trustees, report is inconsistent in any material respect with the financial statements., or sufficient accounting records have not been kept; or the financial statements are not in agreement with the accounting records and returns,. or we have not received all the information and explanations we require for our audit. Responsibilities of trustees As explained more fully in the Trustees, responsibilities statement, the Trustees (who are also the directors of the charitable company for the purposes of company law} are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the Trustees are responsible for assessing the charitable company's ability to continue as a going concern, disclosing, as applicable, matters related to going cOnM and using the going concern basis of accounting unless the Trustees either intend to liquidate the charitable company or to cease operations, or have no realistic altemative but to do so. Page 7
JFS CHARITABLE TRUST LIMITED (FORMERLY JFS DEVELOPMENT CHARITABLE TRUST) (A company limited by guarantee) INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF JFS CHARITABLE TRUST LIMITED IFORMERLY JFS DEVELOPMENT CHARITABLE TRUST) (CONTINUED) Auditors. responsibilities for the audit of the financial statements We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder. Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement. whether due to fraud or error, and to issue an Auditors, report that includes our opinion. Reasonable assurance is a high level of assuran, but is not a guarantee that an audit conducted in accordance with ISAS (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if. individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.. We obtained an understanding of the charitable company and the sector in which it operates to identify laws and regulations that could reasonably be expected to have a direct effect on the financial statements. We obtained our understanding in this regard through discussions with management. industry research, application of cumulative audit knowledge and experience of the sector. A further description of our responsibilits-es for the audit of the financial statements is located on the Financial Reporting Council's website at" www.frc.or .ukJauditorsres onsibilities. This description forms part of our Auditors, report. Use of our report This report is made solely to the charitable company's trustees, as a body. in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charitable company's trustees those matters we are required to state to them in an Auditors, report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and its members. as a body, for our audit work, for this report, or for the opinions we have formed. Carly Pinkus (Senior Statutory Auditor) BKL Audit LLP 35 Ballards Lane London N3 1XW Date: 09/1112025 BKL Audit LLP are eligible to act as auditors in terms of section 1212 of the Companies Act 2006. Page 8
JFS CHARITABLE TRUST LIMITED (FORMERLY JFS DEVELOPMENT CHARITABLE TRUST) (A company limited by guarantee) STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2025 Unrestricted funds 2025 Total funds 2025 Total funds 2024 Note Income from: Donations 1.721,776 85,383 1.721,776 85,383 2,370,947 71,275 Investments Total income 1,807,159 1,807,159 2,442,222 Expenditure on: Activities for generating voluntary income Charitable activities Support costs 14,655 1.820,278 34,341 14,655 1.820,278 34,341 21,011 2,501, 126 41,022 Total expenditure 1,869,274 1,869,274 2,563, 159 Net expenditure before net losses on investments Net losses on investments (62,1151 {62,115) (120, 937) (19,947) Net movement in funds 162,115 (62,115) (140, 884) Reconciliation of funds: Total funds brought forward Net movement in funds 303,168 (62,1151 303,168 {62,115) 444, 052 (140, 884) Total funds carried forward 241,053 241,053 303, 168 The funds of the Trust derive from continuing activities. The Trust had no recognised gains and losses other than those included above. The notes on Pages 12 to 20 form part of these financial statements. Page 9
JFS CHARITABLE TRUST LIMITED (FORMERLY JFS DEVELOPMENT CHARITABLE TRUST) (A company limited by guarantee) REGISTERED NUMBER: 03942136 BALANCE SHEET AS AT 31 MARCH 2025 2025 2024 Note Fixed assets Investments 145,035 1,910,471 Current assets Debtors Cash at bank and in hand 17.301 110.607 126,672 747, 896 127,908 874, 568 Current liabilities Creditors.. amounts falling due within one year 10 (31.890) (2,481,871) Net current assets I liabilites 96,018 (1, 607,303) Net Assets 241,053 303, 168 Funds Unrestricted 241,053 303, 168 241,053 303, 168 The entity was entitled to exemption from audit under section 477 of the Companies Act 2006. The members have not required the entity to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006. However, an audit is required in accordan with section 144 of the Charities Act 2011. The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements. The financial statements have been prepared in accordan with the provisions applicable to entities subject to the small companies regime. The financial statements were approved and authorised for issue by the Trustees on 3011012025 and signed on their behalf by.. shai Novick Trustee The notes on pages 12 to 20 form part of these financial statements. Page10
JFS CHARITABLE TRUST LIMITED (FORMERLY JFS DEVELOPMENT CHARITABLE TRUST) (A company limited by guarantee) STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2025 2025 2024 Cash flows from operating activities Net cash used in operating activities (2,487.289) 1,477,339 Cash flows from investing activities Investment income 84.564 71,275 (843,380) Purchase of investments Net cash movements in Cazenove investment 1,765.436 Net cash provided byl(used in) investing activities 1,850,000 {772,105 Change in cash and cash equivalents in the year Cash and cash equivalents at the beginning of the year 1637.289) 705.234 747.896 42,662 Cash and cash equivalents at the end of the year 110,607 747,896 The notes on pages 12 to 20 form part of these financial statements Page11
JFS CHARITABLE TRUST LIMITED (FORMERLY JFS DEVELOPMENT CHARITABLE TRUST) (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Accounting policies 1.1 Basis of preparation of financial statements The financial statements 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), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102), the Companies Act 2006 and the Companies Act 2006. JFS Charitable Trust Limited (formerly JFS Development Charitable Trust) meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy. 1.2 Income All income is recognised once the Company has entitlement to the income, it is probable that the income will be received. and the amount of income receivable can be measured reliably. The recognition of income from legacies is dependent on establishing entitlement, the probability of receipt and the ability to estimate with sufficient accuracy the amount receivable. Evidence of entitlement to a legacy exists when the Company has sufficient evidence that a gift has been left to them (through knowledge of the existence of a valid will and the death of the benefactor) and the executor is satisfied that the propety in question will not be required to satisfy claims in the estate. Receipt of a legacy must be recognised when it is probable that it will be received and the fair value of the amount receivable, which will generally be the expected cash amount to be distributed to the Company, can be reliably measured. Income tax recoverable in relation to investment income is recognised at the time the investment income is re1Vable. 1.3 Expenditure Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third paty. 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 beeen 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 allocated on the portion of the asset's use. Expenditure on raising funds includes all expenditure incurred by the Company to raise funds for its charitable purposes and includes costs of all fundraising activities events and non-charitable trading. Expenditure on charitable activities is incurred on directly undertaking the activities which further the Company's objectives. as well as any associated support costs. All expenditure is inclusive of irrecoverable VAT. Page 12
JFS CHARITABLE TRUST LIMITED (FORMERLY JFS DEVELOPMENT CHARITABLE TRUST) (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Accounting policies (continued) 1.4 Interest receivable Interest on funds held on deposit is included when re1vable and the amount can be measured reliably by the Company- this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited. 1.5 Fund accounting General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Company and which have not been designated for other purposes. 1.6 Investments Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the Balance sheet date, unless the value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses. whether realised or unrealised, are combined and presented as 'Gainsl(Lossesl on investments, in the Statement of financial activities. 1.7 Taxation The Trust as a registered charity is not liable to income tax or corporation tax on income derived from its charitable activities. Income arising from non-charitable activities may be subject to taxation. The Trust is not registered for VAT. All amounts in the Financial Statements are shown inclusive of VAT, where relevant. Page13
JFS CHARITABLE TRUST LIMITED (FORMERLY JFS DEVELOPMENT CHARITABLE TRUST) (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Income from donations and legacies Unrestricted funds 2025 Total funds 2025 Donations GiftAid 1,490,091 230,555 1,130 1,490,091 230.555 1,130 Alumni 1,721,776 1,721,776 Unrestricted funds 2024 Total funds 2024 Donations Gift Aid Alumni 2, 112,505 256, 032 2,410 2, 112,505 256, 032 2,410 2,370,947 2,370,947 Investment income Unrestricted funds 2025 Total funds 2025 Bank interest 819 819 Investment income 84,564 84,564 85,383 85,383 Page 14
JFS CHARITABLE TRUST LIMITED (FORMERLY JFS DEVELOPMENT CHARITABLE TRUST) (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Investment income (continued) Unrestricted funds 2024 Total funds 2024 Bank interest 3,849 67,426 3, 849 67,426 Investment income 71,2T5 Tt,275 Activities for generating voluntary income Unrestricted funds 2025 Total funds 2025 Alumni costs Other costs Costs of raising voluntary income 125 46 125 46 14,484 14,484 14,655 14,655 Unrestricted funds 2024 Total funds 2024 other costs 14,638 6,373 14,638 6,373 Costs of raising voluntary income 21,Olt 21,011 Page15
JFS CHARITABLE TRUST LIMITED (FORMERLY JFS DEVELOPMENT CHARITABLE TRUST) (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Resources Expended on Charitable Activities Unrestricted funds 2025 Total 2025 Payments for additional equipment outside the PFI contract Pension costs Transfers to JFS School 19,739 539 1,800,000 19.739 539 1,800.000 1,820,278 1,820.278 Unrestricted funds 2024 Total 2024 Payments for additional equipment outside the PFI contract Other Donations Other Transfers to JFS School 38, 777 960, 000 2,349 1, 500, 000 38, 777 960, 000 2,349 1, 500, 000 2,501, 126 2,501, 126 Staff costs In January 2025, the Trust appointed a Director of Fundraising and the costs are met from the funds of the Trust. None of the Trustees reiVed remuneration directly or indirectly from the Trust. No Trustees, expenses have been incurred in the year ended 2025 or 2024. Page 16
JFS CHARITABLE TRUST LIMITED (FORMERLY JFS DEVELOPMENT CHARITABLE TRUST) (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Support costs Unrestricted funds 2025 Total funds 2025 Auditors, remuneration - current year charge Bank charges Professional fees 12,653 7,882 13,806 12.653 7,882 13.806 34,341 34.341 Unrestricted funds 2024 Total funds 2024 Auditors, remuneration - current year charge Bank charges Professional fees 7, 723 6,249 27,050 7, 723 6,249 27,050 41,022 41,022 Investments Listed investments Cost or valuation At 1 April 2024 Additions Disposals 1.910,471 84,564 {1.850,000) At 31 March 2025 145,035 Net book value At 31 March 2025 145,035 At 31 March 2024 1,910,471 Page17
JFS CHARITABLE TRUST LIMITED (FORMERLY JFS DEVELOPMENT CHARITABLE TRUST) (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Investments (continued) Portfolio 2025 2024 Cash equivalents (Money Market) 145.035 1,910,471 145,035 1,910,471 Investments consist of cash funds of £145,035 held in Cazenove-managed money market funds. These are highly liquid, short-term investments that are readily convertible into cash with minimal risk of changes in value. Debtors 2025 2024 Due within one year Gift Aid tax refund re1vable Prepayments 6,131 11,170 116,961 9,711 17,301 126,672 10. Creditors: Amounts falling due within one year 2025 2024 Trade creditors 2,797 25,182 Accruals Amounts owed to JFS Student Fund Other taxation and social security Pension payable Trust funding committed to the JFS School 1,719,802 309,378 2,086 310 1,515 452,691 31,890 2,481,871 Page18
JFS CHARITABLE TRUST LIMITED (FORMERLY JFS DEVELOPMENT CHARITABLE TRUST) (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 11. Reconciliation of net movement in funds to net cash flow from operating activities 2025 2024 Net expenditure for the year (as per Ststement of Financial Activities) (62,115) (140,884) Adjustments for: Losses on investments 19,947 (Tt,275) (62,635) 1, 780,943 Investment income Decreasel(increase) in debtors (Decrease)Ilncrease in creditors (84,564) 109.371 (2,449,981) Net cash provided byl (used in) operating activities (2,487,289) 1,526,096 12. Anatysis of cash and cash equivalents 2025 2024 Cash in hand 110,607 747,896 Total cash and cash equivalents 110,607 747,896 13. Anatysis of changes in net debt At 1 April 2024 Cash flows At 31 March 2025 Cash at bank and in hand 747,896 (637,289 (310) 110,607 1310) Debt due within 1 year 747.896 (637,599) 110,297 14. Contingent liabilities There were no contingent liabilities at 31 March 2025 or 31 March 2024. Page19
JFS CHARITABLE TRUST LIMITED (FORMERLY JFS DEVELOPMENT CHARITABLE TRUST) (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 15. Connected Charities and related party transactions The JFS Charitable Trust Limited was set up in order to raise funds to acquire land on behalf of and to support other activities of the JFS School, an exempt charity and voluntary aided school. At 31 March 2025, the Charity had committed to providing specific funding to JFS School of £1,515 (2024 - £452,691) which was subsequently drawn down after the year end. The JFS Charitable Trust Limited made donations of £1.809,893 to JFS School during the financial year. The school is a related paty by virtue of the headteacher and two school governors being trustees of the trust. The donations were made to support general operations of the school and were approved in accordance with the trust's governance and financial policies. At the year-end, the total accrued balan of £9,893 (2024 £1,698,778} remained outstsnding and is included within creditors on the trust's balance sheet. 16. Limitation of Liability and Distribution of Assets The Company is limited by guarantee having no share capital. If the Charity is dissolved, every member remaining or who was a member within 12 months of the winding up has agreed to contribute up to £1 towards the costs of dissolution and the liabilities incurred by the Charity whilst the contributor was a member. If the Charity is dissolved the assets remaining (if any. after provision has been made for all its liabilities) shall be transferred to the JFS School or in the event of the closure of the School, applied either by transfer to one or more bodies established for charitable purposes similar to the objects nominated by the body or organisation that at the time has the power to appoint the foundation governors of the School or in such other manner consistent with charitable status as the Charity Commission shall approve in writing in advance. 17. Ultimate Controlling Party The Trustees do not consider that there is an Ultimate Controlling Paty. Page 20