Charity registration number 1184965
ANIMAL JUSTICE PROJECT TRUST CIO
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
ANIMAL JUSTICE PROJECT TRUST CIO
LEGAL AND ADMINISTRATIVE INFORMATION
Trustees Ms S L Dedakis D Otieno Ms F Dawes Charity number 1184965 Principal address 27 Old Gloucester Street London WC1N 3AX Independent examiner Mark Garrett Chartered Accountant 23 Leafield Industrial Estate Leafield Way Corsham Wiltshire SN13 9RS
ANIMAL JUSTICE PROJECT TRUST CIO
CONTENTS
| Page | |
|---|---|
| Trustees' report | 1 - 2 |
| Independent examiner's report | 3 |
| Statement of financial activities | 4 |
| Balance sheet | 5 |
| Statement of cash flows | 6 |
| Notes to the financial statements | 7 - 11 |
ANIMAL JUSTICE PROJECT TRUST CIO
TRUSTEES' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
The trustees present their annual report and financial statements for the year ended 31 December 2023.
The accounts have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with the charity's consitution and the Statement of Recommended Practice, "Accounting and Reporting by Charities", issued in March 2005.
Objectives and activities
The charity's object is to educate the public about veganism and there has been no change in these during the year.
Public benefit
In all our activities the trustees have complied with our duty to have due regard to guidance on public benefit published by the charity commission.
Activities
As a funding body, the charity’s principal activities are to fundraise and then provide grants to projects which align with the charity’s objectives.
Achievements and performance
Significant activities and achievements against objectives
The charity is proud to have provided over £87k of financial support covering specific costs of multiple Animal Justice Project campaigns which the trustees considered aligned with the charity's objectives and did not endanger the charity, including:
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Lives Not Stock
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Expired
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Scammed!
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Foul Truth
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Respect All Life
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Exposed
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Fishing Hurts
Financial review
The charity's financial position is that it is in surplus with no significant commitments.
Reserves policy
The charity has a policy of only keeping minimal reserves.
We have no deficits at this time.
We also have no major financial risks at this time.
Major risks
The trustees have assessed the major risks to which the charity is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks.
The charity's only activity is to make grants, which it does from donations received. Its sole overhead is its accounting software subscription which is not a significant cost. The trustees do not believe that there are any significant risks.
Structure, governance and management
The charity is a charitable incorporated organisation and its constitution can be found at https://drive.google.com/ file/d/1_-alkWNpjZ5BlMkUD8wR-pkpVyBJ4iuY/view?usp=sharing
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ANIMAL JUSTICE PROJECT TRUST CIO
TRUSTEES' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
The trustees who served during the year and up to the date of signature of the financial statements were: Ms S L Dedakis
D Otieno
Ms F Dawes
Recruitment and appointment of trustees
The trustees are recruited from persons with a known alignment with the charity's objectives.
Organisational structure
The charity is controlled by its trustees. It has no employees.
The trustees' report was approved by the Board of Trustees.
D Otieno
Trustee
15 October 2024
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ANIMAL JUSTICE PROJECT TRUST CIO
INDEPENDENT EXAMINER'S REPORT
TO THE TRUSTEES OF ANIMAL JUSTICE PROJECT TRUST CIO
I report to the trustees on my examination of the financial statements of Animal Justice Project Trust CIO (the charity) for the year ended 31 December 2023.
Responsibilities and basis of report
As the trustees of the charity you are responsible for the 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 charity’s financial statements carried out under section 145 of the 2011 Act. In carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
Independent examiner's statement
Your attention is drawn to the fact that the charity has prepared financial statements in accordance with Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has now been withdrawn.
I understand that this has been done in order for financial statements to provide a true and fair view in accordance with Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015.
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
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1 accounting records were not kept in respect of the charity as required by section 130 of the 2011 Act; or
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2 the financial statements do not accord with those records; or
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3 the financial statements do not comply with the applicable requirements concerning the form and content of 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 financial statements to be reached.
Mark Garrett Chartered Accountant
23 Leafield Industrial Estate Leafield Way Corsham Wiltshire SN13 9RS
Dated: 15 October 2024
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ANIMAL JUSTICE PROJECT TRUST CIO
STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2023
| Unrestricted | Unrestricted | ||
|---|---|---|---|
| funds | funds | ||
| 2023 | 2022 | ||
| Notes | £ | £ | |
| Income from: | |||
| Donations and legacies | 3 | 89,320 | 26,247 |
| Charitable activities | 4 | 161 | 155 |
| Total income | 89,481 | 26,402 | |
| Expenditure on: | |||
| Charitable activities | 5 | 87,533 | 21,180 |
| Total expenditure | 87,533 | 21,180 | |
| Net income and movement in funds | 1,948 | 5,222 | |
| Reconciliation of funds: | |||
| Fund balances at 1 January 2023 | 6,983 | 1,761 | |
| Fund balances at 31 December 2023 | 8,931 | 6,983 |
The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
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ANIMAL JUSTICE PROJECT TRUST CIO
BALANCE SHEET
AS AT 31 DECEMBER 2023
| Notes Current assets Cash at bank and in hand Net current assets Net assets excluding pension liability The funds of the charity Unrestricted funds |
2023 £ 8,931 |
£ 8,931 8,931 8,931 8,931 |
2022 £ 6,983 |
£ 6,983 |
|---|---|---|---|---|
| 6,983 | ||||
| 6,983 | ||||
| 6,983 |
The financial statements were approved by the trustees on 15 October 2024
Ms S L Dedakis Trustee
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ANIMAL JUSTICE PROJECT TRUST CIO
STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2023
| 2023 Notes £ Cash flows from operating activities Cash generated from operations 14 Net cash used in investing activities Net cash used in financing activities Net increase in cash and cash equivalents Cash and cash equivalents at beginning of year Cash and cash equivalents at end of year |
2022 £ £ 1,948 - - 1,948 6,983 8,931 |
£ 5,222 - - |
|---|---|---|
| 5,222 1,761 |
||
| 6,983 |
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ANIMAL JUSTICE PROJECT TRUST CIO
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
1 Accounting policies
Charity information
Animal Justice Project Trust CIO is a Charitable Incorporated Organisation.
1.1 Accounting convention
The financial statements have been prepared in accordance with the charity's [governing document], the Charities Act 2011, FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the Charities SORP "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 charity is a Public Benefit Entity as defined by FRS 102.
The financial statements have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a true and fair view. This departure has involved following the Statement of Recommended Practice for charities applying FRS 102 rather than the version of the Statement of Recommended Practice which is referred to in the Regulations but which has since been withdrawn.
The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.
1.2 Going concern
At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3 Charitable funds
Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.
Restricted funds are subject to specific conditions by donors or grantors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.
Endowment funds are subject to specific conditions by donors that the capital must be maintained by the charity.
1.4 Income
Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.
Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.
Legacies are recognised on receipt or otherwise if the charity has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.
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ANIMAL JUSTICE PROJECT TRUST CIO
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023
1 Accounting policies
(Continued)
1.5 Expenditure
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement, and the amount of the obligation can be measured reliably.
Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges are allocated on the portion of the asset’s use.
1.6 Cash and cash equivalents
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Basic financial liabilities
Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Derecognition of financial liabilities
Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled.
2 Critical accounting estimates and judgements
In the application of the charity’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
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ANIMAL JUSTICE PROJECT TRUST CIO
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023
| 3 | Income from donations and legacies | ||
|---|---|---|---|
| Unrestricted | Unrestricted | ||
| funds | funds | ||
| 2023 | 2022 | ||
| £ | £ | ||
| Donations and gifts | 89,320 | 26,247 | |
| 4 | Income from charitable activities | ||
| Unrestricted | Unrestricted | ||
| funds | funds | ||
| 2023 | 2022 | ||
| £ | £ | ||
| Miscellaneous income | |||
| Amazon income | 161 | 155 | |
| 5 | Expenditure on charitable activities | ||
| Grant | Grant | ||
| making | making | ||
| 2023 | 2022 | ||
| £ | £ | ||
| Direct costs | |||
| Grant funding of activities (see note 6) | 87,228 | 21,000 | |
| Share of support and governance costs (see note 7) | |||
| Support | 305 | 180 | |
| 87,533 | 21,180 | ||
| Analysis by fund | |||
| Unrestricted funds | 87,533 | 21,180 | |
| 6 | Grants payable | ||
| Grant | Grant | ||
| making | making | ||
| 2023 | 2022 | ||
| £ | £ | ||
| Grants to institutions (1 grant): | |||
| Grants to Animal Justice Project Limited | 7,200 | 21,000 | |
| Other | 80,028 | - | |
| 87,228 | 21,000 |
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ANIMAL JUSTICE PROJECT TRUST CIO
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023
7 Support costs allocated to activities
| Analysed between: Grant making 8 Net movement in funds The net movement in funds is stated after charging/(crediting): |
2023 £ 305 305 2023 £ |
2022 £ 180 |
|---|---|---|
| 180 | ||
| 2022 £ |
9 Trustees
None of the trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year.
10 Employees
The average monthly number of employees during the year was:
| The average monthly number of employees during the year was: | ||
|---|---|---|
| 2023 | 2022 | |
| Number | Number | |
| Total | - | - |
| There were no employees whose annual remuneration was more than £60,000. |
Remuneration of key management personnel
The remuneration of key management personnel was as follows:
11 Taxation
The charity is exempt from taxation on its activities because all its income is applied for charitable purposes.
12 Unrestricted funds
The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes.
| At | 1 | January | Incoming | Resources | At 31 | |
|---|---|---|---|---|---|---|
| 2023 | resources | expended | December | |||
| 2023 | ||||||
| £ | £ | £ | £ | |||
| General funds | 6,983 | 89,481 | (87,533) | 8,931 |
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ANIMAL JUSTICE PROJECT TRUST CIO
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023
| 12 | Unrestricted funds | (Continued) | |||
|---|---|---|---|---|---|
| Previous year: | At 1 January | Incoming | Resources | At 31 | |
| 2022 | resources | expended | December | ||
| 2022 | |||||
| £ | £ | £ | £ | ||
| General funds | 1,761 | 26,402 | (21,180) | 6,983 |
13 Related party transactions
There were no disclosable related party transactions during the year (2022 - none).
| 14 Cash generated from operations Surplus for the year Cash generated from operations |
2023 £ 1,948 1,948 |
2022 £ 5,222 |
|---|---|---|
| 5,222 |
15 Analysis of changes in net funds
The charity had no material debt during the year.
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