Charity registration number 1186784 (England and Wales)
THE RONALD AND JOAN JOHNSTON CHARITABLE TRUST ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2025
THE RONALD AND JOAN JOHNSTON CHARITABLE TRUST
LEGAL AND ADMINISTRATIVE INFORMATION
Trustees Mr D P Kramer Mr A M Lesser Charity number (England and Wales) 1186784 Independent examiner Gravita Business Services II Limited Aldgate Tower 2 Leman Street London E1 8FA United Kingdom
THE RONALD AND JOAN JOHNSTON CHARITABLE TRUST
CONTENTS
| Page | |
|---|---|
| Trustees' report | 1 |
| Independent examiner's report | 2 |
| Statement of financial activities | 3 |
| Balance sheet | 4 |
| Notes to the financial statements | 5 - 11 |
THE RONALD AND JOAN JOHNSTON CHARITABLE TRUST
TRUSTEES' REPORT
FOR THE YEAR ENDED 5 APRIL 2025
The trustees present their annual report and financial statements for the year ended 5 April 2025.
The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the trust's charitable deed, the Charities Act 2011 and "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
The trust's objects are to support wholly charitable purposes at the absolute discretion of the trustees and there has been no change in these during the year.
The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the trust should undertake.
Achievements and performance
The trustees continue to look at which charities they can support in the future and assess applications for funding on an individual basis.
Financial review
It is the policy of the trust that unrestricted funds which have not been designated for a specific use should be maintained at a level equivalent to at least six month’s expenditure. The trustees consider that reserves at this level will ensure that, in the event of a significant drop in funding, they will be able to continue the trust’s current activities while consideration is given to ways in which additional funds may be raised. This level of reserves has been maintained throughout the year.
The trustees have assessed the major risks to which the trust is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks.
Structure, governance and management
The trustees who served during the year and up to the date of signature of the financial statements were: Mr D P Kramer
Mr A M Lesser
Future trustees will be appointed by the existing trustees as and when a vacancy arises.
The trust is run by the board of trustees.
The trustees' report was approved by the Board of Trustees.
..............................
Mr D P Kramer Trustee
16/3/2026
Date: .............................................
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THE RONALD AND JOAN JOHNSTON CHARITABLE TRUST
INDEPENDENT EXAMINER'S REPORT
TO THE TRUSTEES OF THE RONALD AND JOAN JOHNSTON CHARITABLE TRUST
I report to the trustees on my examination of the financial statements of The Ronald and Joan Johnston Charitable Trust (the trust) for the year ended 5 April 2025.
Responsibilities and basis of report
As the trustees of the trust you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011.
I report in respect of my examination of the trust’s financial statements carried out under section 145 of the Charities Act 2011. In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the Charities Act 2011.
Independent examiner's statement
Your attention is drawn to the fact that the charity has prepared the financial statements in accordance with the relevant version of the Statement of Recommended Practice applicable to charities preparing their financial statements 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 the financial statements to provide a true and fair view in accordance with UK Generally Accepted Accounting Practice.
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 trust as required by section 130 of the Charities Act 2011.
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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 financial statements set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the financial statements 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.
Paul Woosey FCCA FCA Gravita Business Services II Limited Aldgate Tower 2 Leman Street London E1 8FA
11/3/2026 Dated :......................................................
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THE RONALD AND JOAN JOHNSTON CHARITABLE TRUST
STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 5 APRIL 2025
| **Unrestricted ** | Unrestricted | ||
|---|---|---|---|
| funds | funds | ||
| 2025 | 2024 | ||
| Notes | £ | £ | |
| Income and endowments from: | |||
| Investments | 2 | 66,407 | 57,890 |
| Other income | 3 | 488 | 192 |
| Total income | 66,895 | 58,082 | |
| Expenditure on: | |||
| Charitable activities | 4 | 76,229 | 83,398 |
| Net gains/(losses) on investments | 8 | 35,016 | 37,700 |
| Net movement in funds | 25,682 | 12,384 | |
| Fund balances at 6 April 2024 | 2,429,390 | 2,417,006 | |
| Fund balances at 5 April 2025 | 2,455,072 | 2,429,390 |
The statement of financial activities includes all gains and losses recognised in the year.
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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THE RONALD AND JOAN JOHNSTON CHARITABLE TRUST
BALANCE SHEET
AS AT 5 APRIL 2025
| Notes Fixed assets Investment property 9 Investments 10 Current assets Debtors 11 Cash at bank and in hand Creditors: amounts falling due within one year 12 Net current assets Total assets less current liabilities The funds of the trust Unrestricted funds 13 |
2025 £ £ 650,000 614,403 1,264,403 1,186 1,192,483 1,193,669 (3,000) 1,190,669 2,455,072 2,455,072 2,455,072 |
2024 £ £ 1,750,000 629,805 2,379,805 2,583 53,322 55,905 (6,320) 49,585 2,429,390 2,429,390 2,429,390 |
2024 £ £ 1,750,000 629,805 2,379,805 2,583 53,322 55,905 (6,320) 49,585 2,429,390 2,429,390 2,429,390 |
|---|---|---|---|
| 2,379,805 49,585 |
|||
| 2,429,390 | |||
| 2,429,390 | |||
| 2,429,390 |
16/3/2026
The financial statements were approved by the trustees on .........................
.............................. Mr D P Kramer Trustee
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THE RONALD AND JOAN JOHNSTON CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2025
1 Accounting policies
Charity information
The Ronald and Joan Johnston Charitable Trust is an unincorporated charitable trust.
1.1 Accounting convention
The financial statements have been prepared in accordance with the trust'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 trust is a Public Benefit Entity as defined by FRS 102.
The trust has taken advantage of the provisions in the SORP for charities not to prepare a Statement of Cash Flows.
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 trust. 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 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 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 trust.
1.4 Income
Income is recognised when the trust 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 trust 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 trust 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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THE RONALD AND JOAN JOHNSTON CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2025
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 Investment property
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. The surplus or deficit on revaluation is recognised in profit or loss.
1.7 Fixed asset investments
Fixed asset investments are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in net income/(expenditure) for the year. Transaction costs are expensed as incurred.
1.8 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.
1.9 Financial instruments
The trust has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the trust's balance sheet when the trust becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable 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 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.
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THE RONALD AND JOAN JOHNSTON CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2025
1 Accounting policies
(Continued)
Impairment of financial assets
Financial assets, other than those held at fair value through income and expenditure, are assessed for indicators of impairment at each reporting date. Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the 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 estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in net income/(expenditure) for the year.
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in net income/(expenditure) for the year.
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.
Derecognition of financial liabilities
Financial liabilities are derecognised when the trust’s contractual obligations expire or are discharged or cancelled.
1.10 Employee benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the trust is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
2 Investments
| Unrestricted | Unrestricted | |
|---|---|---|
| funds | funds | |
| 2025 | 2024 | |
| £ | £ | |
| Rental income | 49,407 | 57,647 |
| Investment Portfolio Income | 17,000 | 243 |
| 66,407 | 57,890 |
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THE RONALD AND JOAN JOHNSTON CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 5 APRIL 2025
3 Other income
| Unrestricted | Unrestricted | |
|---|---|---|
| funds | funds | |
| 2025 | 2024 | |
| £ | £ | |
| Realised gains on investments | 488 | 192 |
4 Charitable activities
| Donations Share of governance costs (see note 5) |
2025 £ 3,773 72,456 76,229 |
2024 £ 40,000 43,398 |
|---|---|---|
| 83,398 |
5 Support costs
| Support costs Governance costs £ £ Power, light and heat 169 - Legal and professional - 41,305 Property repairs 17,765 - Bank charges - 59 Portfolio management fees - 5,846 Agents fees 4,664 - Insurance 2,648 - 25,246 47,210 |
2025 £ 169 41,305 17,765 59 5,846 4,664 2,648 72,456 |
2024 £ - 5,875 21,720 60 5,464 7,927 2,352 |
|---|---|---|
| 43,398 |
6 Trustees
None of the trustees (or any persons connected with them) received any remuneration or benefits from the trust during the year.
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THE RONALD AND JOAN JOHNSTON CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 5 APRIL 2025
7 Employees
The average monthly number of employees during the year was:
| 2025 | |
|---|---|
| Number | |
| Total | - |
There were no employees whose annual remuneration was more than £60,000.
8 Gains and losses on investments
| Unrestricted | Unrestricted | |
|---|---|---|
| funds | funds | |
| 2025 | 2024 | |
| Gains/(losses) arising on: | £ | £ |
| Revaluation of investments | (22,116) | 37,700 |
| Sale of investment property | 57,132 | - |
| 35,016 | 37,700 |
9 Investment property
| Investment property | |
|---|---|
| 2025 | |
| £ | |
| Fair value | |
| At 6 April 2024 | 1,750,000 |
| Disposals | (1,100,000) |
| At 5 April 2025 | 650,000 |
There were two Investment properties in Dunmore Road, London N16. During the period, number 10 Dunmore Road, London N16 was disposed. The fair value of 16 Dunmore Road, London N16 has been arrived at on the basis of a valuation carried out on 5 April 2025 by the Trustees. The valuation was made on an open market value basis by reference to open market evidence of transaction prices for similar properties.
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THE RONALD AND JOAN JOHNSTON CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 5 APRIL 2025
10 Fixed asset investments
| Cost or valuation At 6 April 2024 Valuation changes At 5 April 2025 Carrying amount At 05 April 2025 At 05 April 2024 11 Debtors Amounts falling due within one year: Other debtors Prepayments and accrued income 12 Creditors: amounts falling due within one year Accruals and deferred income |
Unlisted investments £ 629,805 (15,402) 614,403 614,403 629,805 2025 2024 £ £ 336 1,861 850 722 1,186 2,583 2025 2024 £ £ 3,000 6,320 |
|---|---|
13 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.
| General funds Previous year: General funds |
At 6 April 2024 Incoming resources Resources expended Gains and losses £ £ £ £ 2,429,390 66,895 (76,229) 35,016 At 6 April 2023 Incoming resources Resources expended Gains and losses £ £ £ £ 2,417,006 58,082 (83,398) 37,700 |
At 5 April 2025 £ 2,455,072 At 5 April 2024 £ 2,429,390 |
|---|---|---|
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THE RONALD AND JOAN JOHNSTON CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2025
14 Related party transactions
There were no disclosable related party transactions during the year.
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