OpenCharities

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator.

2023-12-31-accounts

DocuSign Envelope ID: BE640E43-6620-4A22-A351-58CC85C2E229

Charity number: 1193725

THE JESMOND TRUST

TRUSTEES' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

DocuSign Envelope ID: BE640E43-6620-4A22-A351-58CC85C2E229

THE JESMOND TRUST

CONTENTS

Page
Reference and Administrative Details of the Charity, its Trustees and Advisers 1
Trustees' Report 2 - 7
Independent Auditors' Report on the Financial Statements 8 - 11
Statement of Financial Activities 12 - 13
Balance Sheet 14
Statement of Cash Flows 15
Notes to the Financial Statements 16 - 37

DocuSign Envelope ID: BE640E43-6620-4A22-A351-58CC85C2E229

THE JESMOND TRUST

REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 DECEMBER 2023

Trustees Rev D R J Holloway (resigned 27 April 2023)
Dr J S Holloway (resigned 27 April 2023)
Rt Rev J J S Pryke
Mr R G Clifton
Mr W A Coulson
Dr W Tufton
Mrs H L Caisley (appointed 27 April 2023)
Mr M R Whitehall (appointed 27 April 2023)
Charity registered
number
1193725
Principal office
Jesmond Parish Church
Eskdale Terrace
Newcastle upon Tyne
NE2 4DJ
Independent auditors
Kinnair Associates Limited
Chartered Accountants
Statutory Auditors
Aston House
Redburn Road
Newcastle upon Tyne
NE5 1NB
Bankers
Lloyds Bank plc
102 Grey Street
Newcastle upon Tyne
NG9 1BS
Solicitors
Ellis-Fermor and Negus
2 Devonshire Avenue
Beeston
Nottingham
NE3 5TT
Treasurer
Mr W A Coulson

Page 1

DocuSign Envelope ID: BE640E43-6620-4A22-A351-58CC85C2E229

THE JESMOND TRUST

TRUSTEES' REPORT FOR THE YEAR ENDED 31 DECEMBER 2023

Introduction

The trustees present their annual report and accounts for the year ended 31 December 2023. These are prepared in accordance with the governing document, applicable accounting standards and the recommendations of Statement of Recommended Practice: Accounting and Reporting by Charities.

Reference and Administrative Details

The Jesmond Trust (the Trust, the charity) is a registered charity (registration number 1193725).

The governing body of the charity is the board of trustees, which currently comprises six members. The trustees who acted during the year and up to the date of this report are shown on page 1.

The registered office of the charity and details of its principal advisers are given on page 1.

Structure, governance and management

The Jesmond Trust was registered as a CIO on 8 March 2021, with the intention that the assets and activities of the original Jesmond Trust (registration number 504491) would be transferred to it. This transfer took place on 5 April 2023. Consequently, this report relates to this new CIO Trust’s activities after that date.

New trustees are appointed for a term of three years by a resolution passed at a properly convened meeting of the charity trustees. In selecting individuals for appointment as charity trustees, the charity trustees have regard to the skills, knowledge and experience needed for the effective administration of the CIO. The trustees elect one of their number to act as chair of trustees. The trustees approve the annual report and accounts.

The trustees appoint a qualified accountant as treasurer, produce an annual budget, have an annual giving review based on the financial needs identified in the budget and monitor income and expenditure during the year on a regular basis. The trustees support Christian workers, and volunteers who fulfil positions of pastoral responsibility, who have been thoroughly vetted and trained, and who are appropriately gifted and qualified. The trustees ensure compliance with relevant legislation and the purchase of adequate insurance cover. These arrangements are reviewed internally by the trustees. They are also reviewed externally. This is done on an annual basis, from a financial perspective, by our auditors. There was also a Charity Commission Review in 2004.

The induction and training of any new trustees takes place in a number of ways. First, the new trustee is given by the trustees a copy of the Trust document and other relevant documentation explaining the workings, objectives, policies and activities of the Trust. Secondly, the new trustee is briefed by one or more of the trustees on the workings, objectives, policies and activities of the Trust. Thirdly, the new trustee becomes familiar with the work that the Trust supports through a careful introduction to the ministry of Jesmond Parish Church. And fourthly, the new trustee is trained ‘on the job’ in trustees' meetings by observation and explanation by other Trustees of the workings of the Trust.

Though it co-operates with many other charitable organisations through the financial support that it gives and the work in which it is engaged, the Trust has no other structural relationships with charities or other parties, apart from that with Jesmond Parish Church as set out above. It has no subsidiaries.

The trustees have identified and addressed the following risks faced by the charity:

Page 2

DocuSign Envelope ID: BE640E43-6620-4A22-A351-58CC85C2E229

THE JESMOND TRUST

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

managed mainly through the appointment of a qualified accountant as Treasurer, producing an annual budget, having an annual giving review based on the financial needs identified in the budget and monitoring income and expenditure during the year on a regular basis.

 Reputational risk

managed mainly through supporting only Christian workers who have been rigorously vetted and trained. In addition, the church’s Child Protection policy requires that all individuals involved in regular work with children and young people provide a reference and submit to a Disclosure and Barring Service (DBS) check.

managed mainly through tasking those who administer the Trust with responsibility for ensuring compliance with relevant legislation and purchasing adequate insurance cover.

managed mainly through supporting only appropriately gifted and qualified Christian workers and volunteers who fill positions of pastoral responsibility.

Objectives and principal activity

The main strategy of the Jesmond Trust is to support the mission of Jesmond Parish Church and to help enable the vision of the church to become reality. This mission is summed up as GODLY LIVING, CHURCH GROWTH and CHANGING BRITAIN. This comes from the Great Commandments of Jesus and his Great Commission.

Page 3

DocuSign Envelope ID: BE640E43-6620-4A22-A351-58CC85C2E229

THE JESMOND TRUST

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

music ministry; overseas mission; Christian discipleship Seminars; and the use of the public media.

In line with this strategy, the main objectives of the Trust for 2023 were as follows:

More detail of the Trust’s activities associated with these objectives, as well as the volunteer work that the Trust supports, are in the following section.

Achievements and performance

As noted above, in 2021 the trustees established this new ‘Jesmond Trust CIO’ with a view to transferring the activities of the original Jesmond Trust to it as soon as practicable. This was regarded as a prudent change, that would not in itself significantly affect the activities of the Trust. In line with this policy and plan, the assets and activities of the original Trust were transferred to this new Jesmond Trust CIO on 5 April 2023. Consequently, this report relates to this new CIO Trust’s activities after that date.

The trustees have continued their support of the work of Jesmond Parish Church and especially the support of Christian workers based at Jesmond Parish Church. These have included senior assistant ministers, an executive minister, a head of youth and children’s work, a women’s worker, a music co-ordinator, an administration co-ordinator, a student co-ordinator, an internationals co-ordinator, a youth co-ordinator, church workers and other workers involved in children’s work, student work, community work, music ministry, communications and pastoral work. All this work was itself supported through the Trust by (working with the executive minister and administration co-ordinator) a finance administrator, a finance assistant, administration assistants, and a facilities worker. The vicar and senior minister at Jesmond Parish Church (whose stipends, unlike the stipends of other workers at the Church, are not paid by the Trust) have helped co-ordinate and further the objectives of the Trust.

Hundreds of volunteers who are members of the church gave wide-ranging help across all the different aspects of the church's work. Without all of this dedicated and committed work the Trust would not be able to accomplish all that it does. The trustees would like to record their gratitude to God for these volunteers.

Average Sunday attendances at services at Jesmond Parish Church during October and November 2023 were 645 not including children. There were 238 on the Church Electoral Roll at the 2023 AGM. The six Carols by Candlelight services in December had a combined attendance of 3700.

Thanks to the hard work and creativity of many teams of people, throughout the year there was a wide range of extensive ministries with those in all ages and stages of life. These include:

Page 4

DocuSign Envelope ID: BE640E43-6620-4A22-A351-58CC85C2E229

THE JESMOND TRUST

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

outreach events and holiday club and weekends away.

The Trust enables this diverse, seven-days-a-week activity, centred on Jesmond Parish Church and involving people throughout Newcastle and Tyneside.

Through its support of Clayton TV the Trust continued the development of a 24-hour internet TV channel (www.clayton.tv). The channel’s ‘flagship’ TV programmes during the year were the morning and evening services from Jesmond Parish Church. Clayton TV has established links with an increasing number of ministries including New Word Alive, Keswick Ministries, the Proclamation Trust, the GAFCON movement and Christianity Explored, and is broadcasting programming from them.

The trustees have again seen Jesmond Parish Church benefit from the provision and improvement of physical facilities by the Trust. These have included the offices and meeting rooms of Eslington House and 3 Osborne Road. Over the year the trustees have helped to fund necessary renewals and improvements in the Trust’s property and in the main church buildings.

As in previous years the supporters of the Trust and the trustees have not only been concerned to see the growth of Christian work in Newcastle, but also elsewhere in the UK and in other countries of the world. They have continued their support for world mission and “aid” work through their support of Christian mission and missionaries in Africa, Papua New Guinea, and elsewhere; through their support of Christian “aid” work with projects in Sri Lanka, Kenya, and South Sudan; and they have also supported Christian work elsewhere in the UK. The Trust continued to support the Navajeevana Health Care Centre in Colombo, Sri Lanka, which two members of Jesmond Parish Church helped pioneer, as well as continuing its long-term partnership with St Philip’s Community Centre, Mburi, and the Diocese of Kirinyaga, Kenya. The Trust also supported the work of ‘AID’ (Anglican International Development for relief and change). The Trust’s total support for such work in the UK and around the world in 2023 (not including support for its Gateshead and Benwell churches) amounted to £139,426.00.

In the early part of the year, Holy Trinity Church, Gateshead continued to be supported by the original Jesmond Trust. Support for Holy Trinity Gateshead was seen by the trustees as enabling the beginning of the fulfilment of the vision of Jesmond Parish Church for church planting over the next generation. The trustees were pleased that in line with this vision and its stated intention, all the assets and ministry of Holy Trinity Church were transferred on 5 April 2023 from the original Jesmond Trust to the Holy Trinity Gateshead Church Trust CIO (Charity Commission registration number 1199331).

In November 2013 the Trust acquired St Joseph’s Church and Presbytery, Benwell from the Roman Catholic Diocese of Hexham and Newcastle. A gift week in June 2013 secured funding from the supporters of the Trust for the needed renovation of these buildings. This was supplemented by a further gift week in November 2014. The trustees regard this site as an excellent base for extending the Christian ministry supported by the Trust in the West of Newcastle and Tyneside, in accordance with the vision of Jesmond Parish Church. The renovation work was carried out in 2015 as planned, with some finalising of this during 2016. The new St Joseph’s Church Benwell, working in conjunction with Jesmond Parish Church, launched in February 2016. A wide range of ministries has been developed. Total Sunday attendances average around 250, and the church is growing. The trustees were pleased that in line with its vision and its stated intention, most of the assets and ministry of St

Page 5

DocuSign Envelope ID: BE640E43-6620-4A22-A351-58CC85C2E229

THE JESMOND TRUST

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

Joseph’s Church were transferred on 30 November to 2023 to the St Joseph’s Benwell Church Trust CIO (Charity Commission registration number 1201951).

Financial review

Funds are donated primarily as people are taught the principles of Christian giving by the clergy, lay workers and volunteers. This is especially done annually at the end of January and/or the beginning of February. The Trust’s income therefore results from the willingness of those associated with Jesmond Parish Church to support the objectives of the Trust. Such support is solely on the basis that funds will be used to further biblically-based Christian work in and beyond Newcastle.

During the year, the Trust's total income increased from £1,743,854 to £2,089,910, an increase of £346,056 or 20%. Voluntary donations decreased from £1,636,651 to £1,483,536, a decrease of £153,115 or 9%, £159,383, of which was earmarked for world mission and other specific projects. The trustees thank God for his generous provision of these funds.

During the year, the Trust's total expenditure before exceptional expenditure decreased from £1,763,070 to £1,666,943, a decrease of £96,127 or 5%. £24,589 of this cost was depreciation of fixed assets.

Looking at the net change in funds over the year before accounting for revaluation gains on property, the Trust suffered a deficit of £2,112,528, of which there was an unrestricted surplus of £510,173 and a restricted deficit of £2,622,701. The large reported deficit was due to exceptional costs recorded on the transfer of the net assets and undertakings of two churches to new charitable incorporated organisations, as discussed further below and in note 7 to the financial statements.

The Trust held fund balances at 31 December 2023 of £2,159,910 comprising £1,839,696 unrestricted and £320,214 restricted funds. Unrestricted funds are made up of a retained surplus in the General Fund of £764,696 and a fund balance of £1,075,000 in the Capital Reserve. The Capital Reserve holds the value of the Trust's own properties.

The budget for the 2024 financial year has been agreed by the Trustees and includes for a similar level of staffing as in 2023.

The policy of the trustees on reserves has been that any unrestricted accumulated surplus will be budgeted to be spent on needed work in the following year. As a result, there have been no unrestricted long-term reserves apart from the value of the properties held by the Trust. The Trust's supporters are kept informed through regular financial updates, and in the event of a projected shortfall, additional giving is sought. This long-term policy has served the Trust well.

Significant cash balances are held by the Trust during the year. These are usually held in deposit accounts with the Trust’s bankers, Lloyds, to earn interest. No investments are held.

Statement of trustees' responsibilities

The trustees are required to prepare accounts for each financial year which give a true and fair view of the state of affairs of the charity and of the surplus or deficit for that period. In preparing those financial statements the trustees are required to: select suitable accounting policies and then apply them consistently; make judgements and estimates that are reasonable and prudent; state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the accounts; and prepare the accounts on the going concern basis unless it is inappropriate to assume that the charity will continue its activities.

The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the accounts comply with statutory requirements and the charity’s constitution and rules. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud or other irregularities.

Page 6

DocuSign Envelope ID: BE640E43-6620-4A22-A351-58CC85C2E229

THE JESMOND TRUST

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

Disclosure of information to auditors

So far as each trustee at the date of approval of this report is aware:

Plans for future periods

The trustees remain convinced that the strategy of the Trust is sound, and will continue in the direction established by this strategy. The Trust’s main objectives for the coming year are:

To continue support for the work of Jesmond Parish Church and especially the support of workers based at Jesmond Parish Church. This will include support for the work of Clayton TV.

To continue to provide and improve physical facilities to support the vision and work of Jesmond Parish Church.

To continue support for the growth of Christian work in the UK (on Tyneside and beyond) and in other countries of the world.

Approved by order of the members of the board of Trustees on 29 April 2024 and signed on their behalf by:

Rt Rev J J S Pryke Trustee

Page 7

DocuSign Envelope ID: BE640E43-6620-4A22-A351-58CC85C2E229

THE JESMOND TRUST

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE JESMOND TRUST

Opinion

We have audited the financial statements of The Jesmond Trust (the 'charity') for the year ended 31 December 2023 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).

The financial statements have been prepared in accordance with Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standards 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 been withdrawn.

This has been done in order for the accounts to provide a true and fair view in accordance with the Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015.

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International 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 charity 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 evidence 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 charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report.

Page 8

DocuSign Envelope ID: BE640E43-6620-4A22-A351-58CC85C2E229

THE JESMOND TRUST

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE JESMOND TRUST (CONTINUED)

Other information

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 otherwise 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 otherwise 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:

Responsibilities of trustees

As explained more fully in the Trustees' Responsibilities Statement, the Trustees are responsible for the preparation of the financial statements which 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 charity's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.

Page 9

DocuSign Envelope ID: BE640E43-6620-4A22-A351-58CC85C2E229

THE JESMOND TRUST

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE JESMOND 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 assurance, 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 assessed the susceptibility of the Charity’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by: -

To address the risk of fraud through management bias and override of controls, we: -

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included: -

There are inherent limitations in our anticipated audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of noncompliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the trustees and other management and the inspection of regulatory and legal

Page 10

DocuSign Envelope ID: BE640E43-6620-4A22-A351-58CC85C2E229

THE JESMOND TRUST

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE JESMOND TRUST (CONTINUED)

correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.

Use of our report

This report is made solely to the charity'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 charity'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 charity and its trustees, as a body, for our audit work, for this report, or for the opinions we have formed.

Kinnair Associates Limited

Chartered Accountants Statutory Auditors

Aston House

Redburn Road

Newcastle upon Tyne

NE5 1NB

08-May-2024 Date:

Kinnair Associates Limited are eligible to act as auditors in terms of section 1212 of the Companies Act 2006.

Page 11

DocuSign Envelope ID: BE640E43-6620-4A22-A351-58CC85C2E229

THE JESMOND TRUST

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2023

Note
Income from:
Donations and legacies
3
Charitable activities
4
Investments
Other income
5
Total income
Expenditure on:
Charitable activities
6
Exceptional expenditure
7
Total expenditure
Net income/(expenditure)
Transfers between funds
18
Net movement in funds
before other recognised
gains/(losses)
Other recognised
gains/(losses):
Gains on revaluation of fixed
assets		 Unrestricted
funds
2023
£
1,464,907
97,003
2,011
(785)
1,563,136
1,052,963
-
1,052,963
510,173
2,119
512,292
-		 Restricted
funds
2023
£
498,629
25,983
-
2,162
526,774
613,980
2,535,495
3,149,475
(2,622,701)
(2,119)
(2,624,820)
-		 Continuing
operations
2023
£
1,624,290
119,777
2,011
(785)
1,745,293
1,301,053
-
1,301,053
444,240
-
444,240
-		 Discontinued
operations
2023
£
339,246
3,209
-
2,162
344,617
365,890
2,535,495
2,901,385
(2,556,768)
-
(2,556,768)
-		 Total
funds
2023
£
1,963,536
122,986
2,011
1,377
2,089,910
1,666,943
2,535,495
4,202,438
(2,112,528)
-
(2,112,528)
-		 Continuing
operations
2022
£
1,138,299
97,141
107
505
1,236,052
1,273,648
-
1,273,648
(37,596)
-
(37,596)
-		 Discontinued
operations
2022
£
498,352
9,190
-
260
507,802
489,422
-
489,422
18,380
-
18,380
23,106		 Total
funds
2022
£
1,636,651
106,331
107
765
1,743,854
1,763,070
-
1,763,070
(19,216)
-
(19,216)
23,106

Page 12

DocuSign Envelope ID: BE640E43-6620-4A22-A351-58CC85C2E229

THE JESMOND TRUST

STATEMENT OF FINANCIAL ACTIVITIES (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

Note
Net movement in funds
Reconciliation of funds:
Total funds brought forward
Net movement in funds
Total funds carried forward		 Unrestricted
funds
2023
£
512,292
1,329,523
512,292
1,841,815		 Restricted
funds
2023
£
(2,624,820)
2,942,915
(2,624,820)
318,095		 Continuing
operations
2023
£
444,240
1,603,235
444,240
2,047,475		 Discontinued
operations
2023
£
(2,556,768)
2,669,203
(2,556,768)
112,435		 Total
funds
2023
£
(2,112,528)
4,272,438
(2,112,528)
2,159,910		 Continuing
operations
2022
£
(37,596)
1,594,619
(37,596)
1,557,023		 Discontinued
operations
2022
£
41,486
2,673,929
41,486
2,715,415		 Total
funds
2022
£
3,890
4,268,548
3,890
4,272,438

The Statement of Financial Activities includes all gains and losses recognised in the year.

The notes on pages 16 to 37 form part of these financial statements.

Page 13

DocuSign Envelope ID: BE640E43-6620-4A22-A351-58CC85C2E229

THE JESMOND TRUST

BALANCE SHEET AS AT 31 DECEMBER 2023

Note
Fixed assets
Tangible assets
13
Current assets
Stocks
14
Debtors
15
Cash at bank and in hand
Creditors: amounts falling due within one
year
16
Net current assets
Total assets less current liabilities
Creditors: amounts falling due after more
than one year
17
Net assets excluding pension asset
Total net assets
Charity funds
Restricted funds:
Restricted funds
18
Restricted capital funds
18
Total restricted funds
18
Unrestricted funds
18
Total funds		 7,357
558,217
483,347
1,048,921
(55,988)
318,095
-		 2023
£
1,284,091
1,284,091
992,933
2,277,024
(117,114)
2,159,910
2,159,910
318,095
1,841,815
2,159,910		 7,211
85,492
540,907
633,610
(63,850)
2,933,317
9,598		 2022
£
3,893,441
3,893,441
569,760
4,463,201
(190,763)
4,272,438
4,272,438
2,942,915
1,329,523
4,272,438

The financial statements were approved and authorised for issue by the Trustees on 29 April 2024 and signed on their behalf by:

Rt Rev J J S Pryke

Trustee

The notes on pages 16 to 37 form part of these financial statements.

Page 14

DocuSign Envelope ID: BE640E43-6620-4A22-A351-58CC85C2E229

THE JESMOND TRUST

STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2023

Note
Cash flows from operating activities
Net cash used in operating activities
22
Cash flows from investing activities
Interest received
Proceeds from sale of investments
Cash disposed of within disposal of undertakings
Net cash (used in)/provided by investing activities
Cash flows from financing activities
Repayments of borrowing
Net cash used in financing activities
Change in cash and cash equivalents in the year
Cash and cash equivalents at the beginning of the year
Cash and cash equivalents at the end of the year
23		 2023
£
45,371
2,011
-
(85,368)
(83,357)
(19,574)
(19,574)
(57,560)
540,907
483,347		 2022
£
13,097
107
-
-
107
(22,645)
(22,645)
(9,441)
550,348
540,907

The notes on pages 16 to 37 form part of these financial statements

Page 15

DocuSign Envelope ID: BE640E43-6620-4A22-A351-58CC85C2E229

THE JESMOND TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

1. General information

Jesmond Trust is a charity registered with the Charity Commission in England and Wales. Its registered office is Jesmond Parish Church, Eskdale Terrace, Newcastle upon Tyne NE2 4DJ

2. Accounting policies

2.1 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) and the Charities Act 2011.

The financial statements have been prepared to give a 'true and fair' view and 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 Charities SORP (FRS 102) published in October 2019 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.

The Jesmond 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.

2.2 Going concern

The trustees assess whether the use of the going concern basis is appropriate i.e. whether there are any material uncertainties related to events or conditions that may cast significant doubt on the ability of the Trust to continue as a going concern. The trustees make this assessment in respect of a period one year from the date of authorisation of issue of the financial statements and have concluded that the trust has adequate resources to continue in operational existence for the forseeable future and there are no material uncertainties about the trust's ability to continue as a going concern, thus they continue to adopt the going concern basis of accounting in preparing the financial statements.

2.3 Income

Voluntary income is recognised in the financial statements when it is received, or on an accruals basis where it can be assured with reasonable certainty and is receivable by the balance sheet date. It includes income tax recoverable on voluntary donations which is recognised in the financial statements when it is receivable from HM Revenue and Customs.

All other incoming resources is recognised once the Charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.

Page 16

DocuSign Envelope ID: BE640E43-6620-4A22-A351-58CC85C2E229

THE JESMOND TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

2. Accounting policies (continued)

2.4 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 support costs involved in undertaking each activity.

Direct costs are those costs that are capable of being allocated directly to a charitable activity.

Support costs are those costs which cannot be attributed to a single activity, such as the administration staff roles. The Charities Statement of Recommended Practice requires that Support costs are separately identified and then allocated between the Charity's activities on a basis consistent with the use of resources. In practice, all support costs are allocated against ministry activities.

Expenditure on charitable activities is incurred on directly undertaking the activities which further the Charity's objectives, as well as any associated support costs.

All expenditure is inclusive of irrecoverable VAT.

2.5 Tangible fixed assets and depreciation

Freehold land and buildings are initially recognised at cost. After recognition, under the revaluation model, tangible fixed assets whose fair value can be measured reliably shall be carried at a revalued amount, being their fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

Revaluations are made with sufficient regularity to ensure that the carrying amount does not differ materially from that which would be determined using fair value at the end of the reporting date.

The value of the freehold land and builidngs at the end of their useful lives are deemed to be equivalent to their current value and hence these properties are not depreciated.

Gains and losses on revaluation are recognised in the Statement of Financial Activities.

Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives, .

Depreciation is provided on the following bases:

2.6 Stocks

Stocks are valued at the lower of cost and net realisable value.

Page 17

DocuSign Envelope ID: BE640E43-6620-4A22-A351-58CC85C2E229

THE JESMOND TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

2. Accounting policies (continued)

2.7 Debtors

Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

2.8 Cash at bank and in hand

Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

2.9 Liabilities and provisions

Liabilities are recognised when there is an obligation at the Balance Sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.

Liabilities are recognised at the amount that the Charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.

2.10 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 recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.

2.11 Pensions

Staff are able to join the Trust's pension scheme administered by The People's Partnership. The scheme is a defined contribution scheme. The pensions charge in the financial statements is equivalent to the employer's contribution due to the Scheme.

2.12 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 Charity and which have not been designated for other purposes.

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the Charity for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.

Investment income, gains and losses are allocated to the appropriate fund.

Page 18

DocuSign Envelope ID: BE640E43-6620-4A22-A351-58CC85C2E229

THE JESMOND TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

3. Income from donations and legacies

Unrestricted
funds
2023
£
Donations
General donations
823,896
World Mission
-
Holy Trinity Church, Gateshead
-
St Joseph's, Benwell
-
Tax recovered on Gift Aid
161,011
Legacies
480,000
1,464,907
Unrestricted
funds
2022
£
Donations
General donations
1,001,275
World Mission
-
Holy Trinity Church, Gateshead
-
Tax recovered on Gift Aid
230,678
1,231,953		 Restricted
funds
2023
£
-
131,092
3,786
279,603
84,148
-
498,629
Restricted
funds
2022
£
-
174,334
159,938
70,426
404,698		 Total
funds
2023
£
823,896
131,092
3,786
279,603
245,159
480,000
1,963,536
Total
funds
2022
£
1,001,275
174,334
159,938
301,104
1,636,651

4. Income from charitable activities

Unrestricted Restricted Total
funds funds funds
2023 2023 2023
£ £ £
Income from charitable activities - Direct ministry 97,003 25,983 122,986

Page 19

DocuSign Envelope ID: BE640E43-6620-4A22-A351-58CC85C2E229

THE JESMOND TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

4. Income from charitable activities (continued)

Unrestricted Restricted Total
funds funds funds
2022 2022 2022
£ £ £
Income from charitable activities - Direct ministry 75,248 31,083 106,331

5. Other incoming resources

Unrestricted
funds
2023
£
Miscellaneous sales
1,377
Unrestricted
funds
2022
£
Transition contribution
505		 Restricted
funds
2023
£
-
Restricted
funds
2022
£
260		 Total
funds
2023
£
1,377
Total
funds
2022
£
765

6. Analysis of expenditure on charitable activities

Summary by fund type

Unrestricted
funds
2023
£
Direct ministry
716,097
Property
144,440
Donations to the PCC
192,426
World Mission
-
1,052,963		 Restricted
funds
2023
£
393,075
7,479
-
213,426
613,980		 Total
2023
£
1,109,172
151,919
192,426
213,426
1,666,943

Page 20

DocuSign Envelope ID: BE640E43-6620-4A22-A351-58CC85C2E229

THE JESMOND TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

6. Analysis of expenditure on charitable activities (continued)

Summary by fund type (continued)

Direct ministry
Property
Donations to the PCC
World Mission
Exceptional expenditure
Grant of transfer of assets and undertakings to other
churches		 Unrestricted
funds
2022
£
938,167
174,902
215,000
-
1,328,069
Restricted
funds
2023
£
2,535,495		 Restricted
funds
2022
£
213,888
-
-
221,113
435,001
Total
funds
2023
£
2,535,495		 Total
2022
£
1,152,055
174,902
215,000
221,113
1,763,070
Total
funds
2022
£
-

7. Exceptional expenditure

Page 21

DocuSign Envelope ID: BE640E43-6620-4A22-A351-58CC85C2E229

THE JESMOND TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

7. Exceptional expenditure (continued)

The Trust has passed over by way of a grant all of the assets and undertakings of two Churches to new Charitable Incorporated Organisations that have been set up to take on the activities of these Churches - Holy Trinity, Gateshead and St Josephs, Benwell.

The assets and undertakings of Holy Trinity, Gateshead were transferred on 5th April 2023. The balance sheet transferred was as set out below:

Church and other land and buildings
Other fixed assets
Loan
Current assets
Current liabilities
Net Assets		 £
1,130,037
18,783
69,507
-
1,273
11,376
-
1,069,210

The undertakings of St Joseph's Benwell were transferred on 30th November 2023 and the majority of its net assets were transferred on the same date. The balance sheet transferred was as set out below:

Church
Equipment and furniture
Cash
Other net liabilities transferred
Net Assets		 £
1,421,326
14,614
72,774
42,429
-
1,466,285

At the year end, some net assets of St Joseph's Benwell were still held by the Trust. These comprised a property and associated loan (which had been retained until legal matters relating to the property had been resolved) along with additional net assets generated from income and expenditure relating to St Joseph's that had accumulated over the year. The value of these remaining net assets is shown within the funds note 18.

Page 22

DocuSign Envelope ID: BE640E43-6620-4A22-A351-58CC85C2E229

THE JESMOND TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

8. Analysis of expenditure by activities

Direct ministry
Property
Donations to the PCC
World Mission		 Activities
undertaken
directly
2023
£
878,682
151,919
192,426
213,426
1,436,453		 Support
costs
2023
£
230,490
-
-
-
230,490		 Total
funds
2023
£
1,109,172
151,919
192,426
213,426
1,666,943
Direct ministry
Property
Donations to the PCC
World Mission		 Activities
undertaken
directly
2022
£
921,590
174,902
215,000
221,113
1,532,605		 Support
costs
2022
£
230,465
-
-
-
230,465		 Total
funds
2022
£
1,152,055
174,902
215,000
221,113
1,763,070

Page 23

DocuSign Envelope ID: BE640E43-6620-4A22-A351-58CC85C2E229

THE JESMOND TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

8. Analysis of expenditure by activities (continued)

Analysis of direct costs

Staff costs
Depreciation
Pastoral and prayer
Evangelism
Discipleship
Fellowship and small groups
UK Student work
Youth work
Children's work
International student work
World Mission teams
Services
Leadership
Music
Technical
Changing Britain
Donations to the PCC
World Mission payments
Staff expenses
Staff training
Property repairs and
maintenance
Rates and utilities
Other property charges
Mortgage Interest		 Direct
ministry
2023
£
667,321
-
3,544
45,958
2,771
9,156
10,161
43,036
11,162
4,155
102
14,637
9,109
1,160
30,120
8,656
-
-
3,796
13,838
-
-
-
-
878,682		 Property
2023
£
-
24,589
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
16,311
64,303
45,354
1,362
151,919		 PCC
2023
£
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
192,426
-
-
-
-
-
-
-
192,426		 World
Mission
2023
£
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
213,426
-
-
-
-
-
-
213,426		 Total
funds
2023
£
667,321
24,589
3,544
45,958
2,771
9,156
10,161
43,036
11,162
4,155
102
14,637
9,109
1,160
30,120
8,656
192,426
213,426
3,796
13,838
16,311
64,303
45,354
1,362
1,436,453

Page 24

DocuSign Envelope ID: BE640E43-6620-4A22-A351-58CC85C2E229

THE JESMOND TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

8. Analysis of expenditure by activities (continued)

Analysis of direct costs (continued)

Staff costs
Depreciation
Pastoral and prayer
Evangelism
Discipleship
Fellowship and small groups
UK Student work
Youth work
Children's work
International student work
World Mission teams
Services
Leadership
Music
Technical
Changing Britain
Donations to the PCC
World Mission payments
Staff expenses
Staff training
Property repairs and
maintenance
Rates and utilities
Other property charges
Mortgage Interest		 Direct
ministry
2022
£
716,708
-
5,719
33,627
3,009
10,084
10,679
28,955
16,246
6,295
127
15,411
11,604
2,800
31,371
12,026
-
-
7,262
9,667
-
-
-
-
921,590		 Property
2022
£
-
36,527
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
40,214
42,148
52,890
3,123
174,902		 PCC
2022
£
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
215,000
-
-
-
-
-
-
-
215,000		 World
Mission
2022
£
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
221,113
-
-
-
-
-
-
221,113		 Total
funds
2022
£
716,708
36,527
5,719
33,627
3,009
10,084
10,679
28,955
16,246
6,295
127
15,411
11,604
2,800
31,371
12,026
215,000
221,113
7,262
9,667
40,214
42,148
52,890
3,123
1,532,605

Page 25

DocuSign Envelope ID: BE640E43-6620-4A22-A351-58CC85C2E229

THE JESMOND TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

8. Analysis of expenditure by activities (continued)

Analysis of support costs

Staff costs
Other support costs
General office costs
Professional fees
Loan interest payable
Property repairs and maintenance		 Direct
ministry
2023
£
131,840
34,543
28,856
22,268
8,461
4,522
230,490		 Total
funds
2023
£
131,840
34,543
28,856
22,268
8,461
4,522
230,490		 Total
funds
2022
£
148,965
19,556
29,881
20,159
6,805
5,099
230,465

Support costs are wholly allocated against Direct Ministry activities, other activities being of a nature that would not be anticipated to attract significant support time and costs.

Professional fees include governance costs inclusive of VAT of £7,620 (2022: £6,926) relating to the preparation and audit of the annual financial statements.

9. Auditors' remuneration

- The total auditors' remuneration exclusive of VAT amounts to an auditor fee of £5,954 (2022 £5,400) , and other fees of £13,224 ( 2022 - £15,606 ).

10. Staff costs

Wages and salaries
Social security costs
Contribution to defined contribution pension schemes		 2023
£
701,662
36,434
61,065
799,161		 2022
£
733,955
51,732
79,986
865,673

Page 26

DocuSign Envelope ID: BE640E43-6620-4A22-A351-58CC85C2E229

THE JESMOND TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

10. Staff costs (continued)

The average number of persons employed by the Charity during the year was as follows:

Senior workers
Lay workers
Administration
Ministry assistants		 2023
No.
7
20
7
-
34		 2022
No.
9
15
9
4
37

No employee received remuneration amounting to more than £60,000 in either year.

Key management personnel are the Trustees of the charity. Trustees are not remunerated in their role as Trustees.

11. Trustees' remuneration and expenses

During the year, no Trustees received any remuneration or other benefits (2022 - £NIL) .

During the year ended 31 December 2023, no Trustee expenses have been incurred (2022 - £NIL) .

12. Discontinued activities

During the year, the activities relating to the churches of Holy Trinity Gateshead and St Joseph's Benwell were transferred out of the Trust. Further information is provided in note 7. The Statement of Financial activities provides information on the income and expenditure related to those churches.

Page 27

DocuSign Envelope ID: BE640E43-6620-4A22-A351-58CC85C2E229

THE JESMOND TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

13. Tangible fixed assets

Cost or valuation
At 1 January 2023
Disposals
At 31 December 2023
Depreciation
At 1 January 2023
Charge for the year
On disposals
At 31 December 2023
Net book value
At 31 December 2023
At 31 December 2022		 Freehold
property
£
2,686,326
(1,611,326)
1,075,000
-
-
-
-
1,075,000
2,686,326		 Long-term
leasehold
property
£
1,328,402
(1,108,402)
220,000
177,280
4,111
(168,363)
13,028
206,972
1,151,122		 Plant and
equipment
£
240,199
(165,386)
74,813
184,206
20,479
(131,991)
72,694
2,119
55,993		 Total
£
4,254,927
(2,885,114)
1,369,813
361,486
24,590
(300,354)
85,722
1,284,091
3,893,441

Freehold property is carried at fair value which is determined annually by the Trustees using an assessment of current sales data of similar properties at the locations held.

Disposals in the year relate to transfers of fixed assets to two new CIO's as explained more fully in note 7.

The Charity has adopted a policy of revaluation for tangible fixed assets. Had these assets been measured at historic cost, the carrying values would have been as follows:

2023 2022
£ £
Freehold property 845,000 2,448,153

The Trust's two leasehold properties are carried at historical cost and depreciated over the length of the leases.

Properties with a carrying value of £440,000 are pledged as security for loans obtained to purchase those properties.

Page 28

DocuSign Envelope ID: BE640E43-6620-4A22-A351-58CC85C2E229

THE JESMOND TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

14. Stocks

2023 2022
£ £
Finished goods and goods for resale 7,357 7,211

15. Debtors

Due within one year
Amounts owed by the PCC
Other debtors
Prepayments and accrued income
Tax recoverable
Legacies receivable
16.
Creditors: Amounts falling due within one year
Bank loans
Trade creditors
Amounts owed to the PCC
Other taxation and social security
Other creditors
Accruals and deferred income
17.
Creditors: Amounts falling due after more than one year
Bank loans		 2023
£
-
45,645
15,319
17,253
480,000
558,217
2023
£
17,400
14,364
10,660
-
900
12,664
55,988
2023
£
117,114		 2022
£
8,307
1,960
33,618
41,607
-
85,492
2022
£
23,009
12,734
-
12,301
-
15,806
63,850
2022
£
190,763

Bank loans totalling £134,514 (2022: £142,145) are secured by a first legal charge over Eslington House.

Page 29

DocuSign Envelope ID: BE640E43-6620-4A22-A351-58CC85C2E229

THE JESMOND TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

18. Statement of funds

Statement of funds - current year

Unrestricted funds
General fund
Capital reserve
Restricted funds
Capital Projects Fund
World Mission
Holy Trinity Church
St Joseph's Church
Sports Teams
St Josephs Other Projects
Other Projects
Restricted Capital Funds
Restricted Capital Reserve
Total Restricted funds
Total of funds		 Balance at 1
January
2023
£
254,523
1,075,000
1,329,523
7,840
229,276
1,082,161
1,587,042
18,900
3,726
4,372
2,933,317
9,598
2,942,915
4,272,438		 Income
£
1,563,136
-
1,563,136
-
159,383
7,079
337,538
22,774
-
-
526,774
-
526,774
2,089,910		 Expenditure
£
(1,052,963)
-
(1,052,963)
-
(213,217)
(1,089,240)
(1,812,145)
(27,153)
(241)
-
(3,141,996)
(7,479)
(3,149,475)
(4,202,438)		 Transfers
in/out
£
2,119
-
2,119
-
-
-
-
-
-
-
-
(2,119)
(2,119)
-		 Balance at
31
December
2023
£
766,815
1,075,000
1,841,815
7,840
175,442
-
112,435
14,521
3,485
4,372
318,095
-
318,095
2,159,910

Page 30

DocuSign Envelope ID: BE640E43-6620-4A22-A351-58CC85C2E229

THE JESMOND TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

18. Statement of funds (continued)

Unrestricted Capital Funds. These unrestricted funds hold the value of the Trust's properties.

Restricted Funds

World Mission . The Trust receives income that is restricted for world mission purposes. Payments from the world mission fund are made in accordance with the wishes of the donor or, in the case of income received for general mission purposes, as advised by the vicar and churchwardens of Jesmond Parish Church or any such committee as they decide but at all times subject to the discretion of the trustees.

Holy Trinity Church . Donations and other income received that is allocated by the donors to Holy Trinity Church, Gateshead.

St Josephs . Funds received or held by the Trust that relate to St Josephs, Benwell. During the year the majority of the funds relating to St Josephs were transferred to that Church as explained more fully in note 7. At the year end, the Trust retained a property valued at £206,972 and a related loan £134,513 that forms part of the assets and liabilities of St Joseph's Benwell. This asset and liability remained with the Trust until various legal matters concerned with the transfer had been dealt with. The property was transferred in January 2024 and the Trust received cash from St Joseph's to the value of the related loan at the same date. The Trust also retained funds that had had been generated from net income raised by St Joseph's Benwell during the year ended 31 December 2023, to be transferred shortly.

Capital Projects . This reserve represents unspent monies from a previous May Gift Week.

Sports Teams. The Trust has a Football and a Hockey team. Income generated by these teams is retained for the use of those teams.

The Trust also receives restricted income for other specific projects. Payments from these funds are made only in accordance with the wishes of the donor.

Restricted Capital Funds

These funds held the plant & equipment utilised by the Trust, equivalent to the net book value of those assets.

Following the transfer of various assets from the Trust this year as described in note 7, the residual value of plant & equipment held by the Trust was minimal and a transfer of the value of these residual assets has been made back to general funds this year.

Page 31

DocuSign Envelope ID: BE640E43-6620-4A22-A351-58CC85C2E229

THE JESMOND TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

18. Statement of funds (continued)

Statement of funds - prior year

Unrestricted
funds
General fund
Capital reserve
Restricted
funds
Capital Projects
Fund
World Mission
Holy Trinity
Church
St Joseph's
Church
Sports Teams
St Josephs
Other Projects
Other Projects
Restricted
Capital Funds
Restricted
Capital Reserve
Total Restricted
funds
Total of funds		 Balance at
1 January
2022
£
328,077
3,543,070
3,871,147
7,840
240,780
19,210
-
16,309
4,028
4,236
292,403
104,998
397,401
4,268,548		 Income
£
1,307,813
-
1,307,813
-
209,728
200,809
-
25,504
-
-
436,041
-
436,041
1,743,854		 Expenditure
£
(1,328,069)
-
(1,328,069)
-
(221,232)
(190,554)
-
(22,913)
(302)
-
(435,001)
-
(435,001)
(1,763,070)		 Transfers
in/out
£
(53,298)
(2,468,070)
(2,521,368)
-
-
1,047,696
1,568,936
-
-
136
2,616,768
(95,400)
2,521,368
-		 Gains/
(Losses)
£
-
-
-
-
-
5,000
18,106
-
-
-
23,106
-
23,106
23,106		 Balance at
31
December
2022
£
254,523
1,075,000
1,329,523
7,840
229,276
1,082,161
1,587,042
18,900
3,726
4,372
2,933,317
9,598
2,942,915
4,272,438

Page 32

DocuSign Envelope ID: BE640E43-6620-4A22-A351-58CC85C2E229

THE JESMOND TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

19. New Charitable Incorporated Organisation

This Charitable Incorporated Organisation (CIO) is a new entity. On 5th April 2023 the assets and undertakings of the old charity, The Jesmond Trust, were transferred to this CIO. There have been no changes in the activities or governance arrangements of The Jesmond Trust arising from this transfer.

The transfer has been accounted for under merger accounting rules as set out in the Charities Statement of Recommended Practice. This requires that the transactions of the old and new entities are reported together as if a single entity had been operating for the entire period. The figures in these financial statements represent the trading of The Jesmond Trust for the full year, regardless of the entity in which the transactions occurred.

The aggregate amount of the net assets of The Jesmond Trust at the transfer date was £4,110,757.

The split of income and expenditure between the pre-and post transfer dates is set out below:

Total Income
Total Expenditure
Net Income / (Expenditure)		 Pre-transfer
Post-transfer
379,842
1,710,068
541,519
3,660,919
161,677 )
(
1,950,851 )
(

20. Summary of funds

Summary of funds - current year

General funds
Restricted funds
Restricted funds - Class II		 Balance at 1
January
2023
£
1,329,523
2,933,317
9,598
4,272,438		 Income
£
1,563,136
526,774
-
2,089,910		 Expenditure
£
(1,052,963)
(3,141,996)
(7,479)
(4,202,438)		 Transfers
in/out
£
2,119
-
(2,119)
-		 Balance at
31
December
2023
£
1,841,815
318,095
-
2,159,910

Page 33

DocuSign Envelope ID: BE640E43-6620-4A22-A351-58CC85C2E229

THE JESMOND TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

20. Summary of funds (continued)

Summary of funds - prior year

General funds
Restricted funds
Restricted funds
- Class II		 Balance at
1 January
2022
£
3,871,147
292,403
104,998
4,268,548		 Income
£
1,307,813
436,041
-
1,743,854		 Expenditure
£
(1,328,069)
(435,001)
-
(1,763,070)		 Transfers
in/out
£
(2,521,368)
2,616,768
(95,400)
-		 Gains/
(Losses)
£
-
23,106
-
23,106		 Balance at
31
December
2022
£
1,329,523
2,933,317
9,598
4,272,438

21. Analysis of net assets between funds

Analysis of net assets between funds - current year

Unrestricted
funds
2023
£
Tangible fixed assets
1,077,119
Current assets
803,284
Creditors due within one year
(38,588)
Creditors due in more than one year
-
Total
1,841,815		 Restricted
funds
2023
£
206,972
245,637
(17,400)
(117,114)
318,095		 Total
funds
2023
£
1,284,091
1,048,921
(55,988)
(117,114)
2,159,910

Analysis of net assets between funds - prior year

Tangible fixed assets
Current assets
Creditors due within one year
Creditors due in more than one year
Total		 Unrestricted
funds
2022
£
1,074,999
283,810
(29,286)
-
1,329,523		 Restricted
funds
2022
£
2,808,844
349,800
(34,564)
(190,763)
2,933,317		 Restricted
capital
reserve
2022
£
9,598
-
-
-
9,598		 Total
funds
2022
£
3,893,441
633,610
(63,850)
(190,763)
4,272,438

Page 34

DocuSign Envelope ID: BE640E43-6620-4A22-A351-58CC85C2E229

THE JESMOND TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

21. Analysis of net assets between funds (continued)

22. Reconciliation of net movement in funds to net cash flow from operating activities

Net expenditure for the year (as per Statement of Financial Activities)
Adjustments for:
Depreciation charges
Interest receivable
Interest payable
Decrease/(increase) in stocks
Increase in debtors
Increase/(decrease) in creditors
Exceptional expenditure - grant of transfer to new entities
Adjustment for net non-cash liabilities transferred within grant
Net cash provided by operating activities
23.
Analysis of cash and cash equivalents
Cash in hand
Total cash and cash equivalents		 2023
£
(2,112,528)
24,590
(2,011)
9,823
(146)
(472,725)
(2,253)
2,535,495
65,126
45,371
2023
£
483,347
483,347		 2022
£
(19,216)
36,528
(106)
-
986
(8,814)
3,719
-
-
13,097
2022
£
540,907
540,907

Page 35

DocuSign Envelope ID: BE640E43-6620-4A22-A351-58CC85C2E229

THE JESMOND TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

24. Analysis of changes in net debt

Cash at bank and in hand
Debt due within 1 year
Debt due after 1 year		 At 1
January
2023
£
540,907
(23,009)
(190,763)
327,135		 Cash flows
Transfer out
to new
entities
£
£
27,808
(85,368)
5,609
-
4,140
69,509
37,557
(15,859)		 At 31
December
2023
£
483,347
(17,400)
(117,114)
348,833

25. Pension commitments

The Trust operates a defined contribution pension scheme through The People's Pension. The assets of the scheme are held separately from those of the group in an independently administered fund. The pension cost charge represents contributions payable by the Trust to the fund and amounted to £61,065 (2022 - £79,986). No amounts were outstanding to the fund at the balance sheet date.

26. Operating lease commitments

At 31 December 2023 the Charity had commitments to make future minimum lease payments under noncancellable operating leases as follows:

Not later than 1 year
Later than 1 year and not later than 5 years		 2023
£
9,514
6,508
16,022		 2022
£
3,705
5,228
8,933

Page 36

DocuSign Envelope ID: BE640E43-6620-4A22-A351-58CC85C2E229

THE JESMOND TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

27. Related party transactions

The charity had the following transactions and balances with the Parochial Church Council of Jesmond Parish Church ("the PCC").

2023 2022
£ £
Donations to the PCC, shown within resources expended 192,426 215,000
Amounts owing (to) / from the PCC at the year end (10,660) 8,307

The Trust maintains an "inter-company" account with the PCC to ensure proper accounting for costs and donations paid or received in oneTrust belonging to the other. Amounts owed at the year end in respect of these transactions are set out above.

Page 37