Docusign Envelope ID: B4E78C0F-B431-4EE8-85AE-41211E265155
**Charity number: 1193725**
## **THE JESMOND TRUST**
## **TRUSTEES' REPORT AND FINANCIAL STATEMENTS**
**FOR THE YEAR ENDED 31 DECEMBER 2024**
Docusign Envelope ID: B4E78C0F-B431-4EE8-85AE-41211E265155
## **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|
|**Balance Sheet**|13|
|**Statement of Cash Flows**|14|
|**Notes to the Financial Statements**|15 - 34|
Docusign Envelope ID: B4E78C0F-B431-4EE8-85AE-41211E265155
## **THE JESMOND TRUST**
## **REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 DECEMBER 2024**
|**Trustees**|Rt Rev J J S Pryke|
|---|---|
||Mr R G Clifton (resigned 8 July 2024)|
||Mr W A Coulson|
||Dr W Tufton|
||Mrs H L Caisley|
||Mr M R Whitehall|
||Miss R P Charlesworth (appointed 8 July 2024)|
|**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||
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Docusign Envelope ID: B4E78C0F-B431-4EE8-85AE-41211E265155
## **THE JESMOND TRUST**
## **TRUSTEES' REPORT FOR THE YEAR ENDED 31 DECEMBER 2024**
## Introduction
The trustees present their annual report and accounts for the year ended 31 December 2024. 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.
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 of the original Jesmond Trust 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.
The Trust co-operates with many other charitable organisations, in particular Jesmond Parish Church, through the financial support that it gives and the work in which it is engaged.
The trustees have identified and addressed the following risks faced by the charity:
- Financial risk
- 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.
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Docusign Envelope ID: B4E78C0F-B431-4EE8-85AE-41211E265155
## **THE JESMOND TRUST**
## **TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024**
- 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.
• Legal risk managed mainly through tasking those who administer the Trust with responsibility for ensuring compliance with relevant legislation and purchasing adequate insurance cover.
• Operational risk managed mainly through supporting only appropriately gifted and qualified Christian workers and volunteers who fill positions of pastoral responsibility.
## **Objectives and principal activity**
• The object of the Trust is to see the advancement of the Christian Religion through the provision of property (including accommodation for clergy), finance, ministry and other help for the whole mission of the Church, pastoral, evangelistic, social and ecumenical in accordance with the Anglican doctrine that is “grounded in the Holy Scriptures, and in such teachings of the ancient Fathers and Councils of the Church that are agreeable to the said Scriptures.”
• This includes the Trust’s concern to see the advancement of the Christian Religion by the ministry of the clergy and other members of Jesmond Parish Church, a church established as a central point for the maintenance and promulgation of sound Scriptural and evangelical truth in a large and populous town, in and beyond the parish of Jesmond.
• In its concern for other charitable religious purposes concerned with the advancement of the Christian religion it makes payments to facilitate general Christian pastoral, evangelistic, social and aid work in the parish of Jesmond, on Tyneside generally, but also elsewhere in the UK and abroad.
- It enables charitable giving to mission work.
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.
• GODLY LIVING is based on the First and Greatest Commandment: "Jesus [said], 'Love the Lord your God with all your heart and with all your soul with all your mind. This is the first and greatest commandment" (Matthew 22.37-38). Godly Living covers personal religion; accepting the importance of the Christian fellowship - the church - and its sacraments; belonging through small groups; biblical finance; Christian reading; and care for the poor - at home and abroad.
• CHURCH GROWTH is based on the Great Commission: "Jesus … said, 'All authority in heaven and earth has been given to me. Therefore go and make disciples of all nations, baptizing them in the name of the Father and of the Son and of the Holy Spirit, and teaching them to obey everything I have commanded you'" (Matthew 28.19-20). Church Growth covers evangelism at home and abroad; expository preaching; youth work; work with students - both UK students and international students; learning from and helping other churches and planting new churches; pastoral care; the welcome and incorporation of newcomers; the music ministry; overseas mission; Christian discipleship Seminars; and the use of the public media.
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Docusign Envelope ID: B4E78C0F-B431-4EE8-85AE-41211E265155
## **THE JESMOND TRUST**
## **TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024**
• CHANGING BRITAIN is based on the Second Great Commandment. "And the second is like it: 'Love your neighbour as yourself.' All the Law and the Prophets hang on these two commandments" (Matthew 22.3940). Changing Britain covers influencing education; influencing the media; influencing politics; influencing the therapeutic services; influencing commerce; and re-evangelizing the nation. It also involves meeting local needs through activities such as mother and toddler groups, holiday clubs for children, and uniformed groups (Beavers, Cubs, Scouts, Rainbows, Brownies, Guides).
In line with this strategy, the main objectives of the Trust for 2024 were as follows:
• to continue support for the work of Jesmond Parish Church and especially the support of Christian workers based at Jesmond Parish Church.
• 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 both in Newcastle, and also elsewhere in the UK and in other countries of the world through support for church planting, world mission and “aid” work.
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.
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 2024 were 740 not including children, 15% higher than a year earlier. There were 250 on the Church Electoral Roll at the 2024 AGM. The eight Carols by Candlelight services in December had a combined attendance of 4300, 19% more than the previous year.
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Docusign Envelope ID: B4E78C0F-B431-4EE8-85AE-41211E265155
## **THE JESMOND TRUST**
## **TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024**
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:
- toddler and baby group, Sunday crèches, Sunday School groups for children, with mid-week activities, outreach events and ‘holiday weekends away’.
- Scout and Guide groups;
- youth groups, with outreach events and a ‘summer house party’ for young people;
- for students, ‘Focus’ groups, and an annual conference;
- football and hockey teams;
- for internationals, a ‘Globe Café’ as well as Christian fellowship groups, English classes, day trips and weekends away;
- a Mandarin Fellowship;
- ‘Life Explored’, ‘Christianity Explored’ and ‘Discipleship Explored’ groups for students and older adults;
- music groups with over 100 in the choirs, and other musical ensembles;
- home groups with a total membership of over 400;
- a number of groups for women at different stages of life;
- activities and meals for those of retirement age
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 online services morning and evening 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 2024 (not including support for its Gateshead and Benwell churches) amounted to £170,842.
## 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 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.
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Docusign Envelope ID: B4E78C0F-B431-4EE8-85AE-41211E265155
## **THE JESMOND TRUST**
## **TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024**
During the year, the Trust's total income decreased from £2,089,910 to £1,408,611, a decrease of £681,299 or 33%. Voluntary donations decreased from £1,483,536 to £1,284,580, a decrease of £198,956 or 13%, £173,958, 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 £1,666,943 to £1,335,754, a decrease of £331,189 or 20%. £1,060 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 £39,578, of which there was an unrestricted surplus of £68,572 and a restricted deficit of £108,150.
The Trust held fund balances at 31 December 2024 of £2,125,332 comprising £1,915,387 unrestricted and £209,945 restricted funds. Unrestricted funds are made up of a retained surplus in the General Fund of £835,387 and a fund balance of £1,080,000 in the Capital Reserve. The Capital Reserve holds the value of the Trust's own properties.
The budget for the 2025 financial year has been agreed by the Trustees and includes for a similar level of staffing as in 2024.
The policy of the trustees on reserves has been that any unrestricted accumulated surplus will be budgeted to be spent on needed work. 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.
## 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.
## Disclosure of information to auditors
So far as each trustee at the date of approval of this report is aware:
- there is no relevant audit information of which the charity’s auditors are unaware; and
- the trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditors are aware of that information.
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## **THE JESMOND TRUST**
## **TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024**
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 28 April 2025 and signed on their behalf by:
**Rt Rev J J S Pryke** Trustee
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## **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 2024 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:
- give a true and fair view of the state of the charity's affairs as at 31 December 2024 and of its incoming resources and application of resources for the year then ended;
- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
- have been prepared in accordance with the requirements of the Charities Act 2011.
## **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.
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Docusign Envelope ID: B4E78C0F-B431-4EE8-85AE-41211E265155
## **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:
- the information given in the Trustees' Report is inconsistent in any material respect with the financial statements; or
- sufficient accounting records have not been kept; or
- the financial statements are not in agreement with the accounting records and returns; or
- we have not received all the information and explanations we require for our audit.
## **Responsibilities of trustees**
As explained more fully in the Trustees' Responsibilities Statement, the Trustees 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.
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## **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:
- the engagement partner ensured that the engagement team collectively have the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
- we identified the laws and regulations applicable to the Charity through discussions with management, and from our commercial knowledge and experience of the Charity sector;
- we focussed on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the Charity, including Charities Act 2011 et seq. and Charity Commission regulation;
- we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and
- we ensured that the identified laws and regulations were communicated within the audit team regularly and the team remain alert to instances of non-compliance throughout the audit.
We assessed the susceptibility of the Charity’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by: -
- making enquiries of management as to where they considered there was susceptibility to fraud and their knowledge of actual, suspected and alleged fraud; and
- considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.
To address the risk of fraud through management bias and override of controls, we: -
- performed analytical procedures to identify any unusual or unexpected relationships;
- tested journal entries to identify unusual transactions; and
- assessed whether judgements and assumptions made in determining the accounting estimates set out in the notes to the financial statements were indicative of potential bias.
In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included: -
- agreeing financial statement disclosures to underlying supporting documentation;
- reading the minutes of meetings of those charged with governance;
- enquiring of management as to actual and potential litigation and claims; and
- requesting copies of non-routine correspondence with HMRC and the Charity Commission advisors.
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
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## **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
30-Apr-2025 Date:
Kinnair Associates Limited are eligible to act as auditors in terms of section 1212 of the Companies Act 2006.
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Docusign Envelope ID: B4E78C0F-B431-4EE8-85AE-41211E265155
## **THE JESMOND TRUST**
## **STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2024**
|**Note**
**Income from:**
Donations and legacies
3
Charitable activities
4
Investments
5
Other income
6
**Total income**
**Expenditure on:**
Charitable activities
7
Exceptional expenditure
8
**Total expenditure**
**Net movement in funds before other**
**recognised gains/(losses)**
**Other recognised gains/(losses):**
Gains on revaluation of fixed assets
**Net movement in funds**
**Reconciliation of funds:**
Total funds brought forward
Net movement in funds
**Total funds carried forward**|**Unrestricted**
**funds**
**2024**
**£**
**1,110,622**
**80,441**
**14,167**
**1,589**
**1,206,819**
**1,138,247**
**-**
**1,138,247**
**68,572**
**5,000**
**73,572**
**1,841,815**
**73,572**
**1,915,387**|**Restricted**
**funds**
**2024**
**£**
**173,958**
**27,834**
**-**
**-**
**201,792**
**197,507**
**112,435**
**309,942**
**(108,150)**
**-**
**(108,150)**
**318,095**
**(108,150)**
**209,945**|**Total**
**funds**
**2024**
**£**
**1,284,580**
**108,275**
**14,167**
**1,589**
**1,408,611**
**1,335,754**
**112,435**
**1,448,189**
**(39,578)**
**5,000**
**(34,578)**
**2,159,910**
**(34,578)**
**2,125,332**|_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)_
_4,272,438_
_(2,112,528)_
_2,159,910_|
|---|---|---|---|---|
The Statement of Financial Activities includes all gains and losses recognised in the year.
The notes on pages 15 to 34 form part of these financial statements.
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Docusign Envelope ID: B4E78C0F-B431-4EE8-85AE-41211E265155
## **THE JESMOND TRUST**
## **BALANCE SHEET AS AT 31 DECEMBER 2024**
|**Note**
**Fixed assets**
Tangible assets
13
**Current assets**
Stocks
14
Debtors
15
Investments
16
Cash at bank and in hand
Creditors: amounts falling due within one
year
17
**Net current assets**
**Total assets less current liabilities**
Creditors: amounts falling due after more
than one year
18
**Net assets excluding pension asset**
**Total net assets**
**Charity funds**
Restricted funds
19
Unrestricted funds
19
**Total funds**|**7,018**
**244,468**
**497,342**
**324,289**
**1,073,117**
**(27,785)**|**2024**
**£**
**1,080,000**
**1,080,000**
**1,045,332**
**2,125,332**
**-**
**2,125,332**
**2,125,332**
**209,945**
**1,915,387**
**2,125,332**|_7,357_
_558,217_
_-_
_483,347_
_1,048,921_
_(55,988)_|_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_|
|---|---|---|---|---|
The financial statements were approved and authorised for issue by the Trustees on 28 April 2025 and signed on their behalf by:
## **Rt Rev J J S Pryke**
Trustee
The notes on pages 15 to 34 form part of these financial statements.
Page 13
Docusign Envelope ID: B4E78C0F-B431-4EE8-85AE-41211E265155
## **THE JESMOND TRUST**
## **STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2024**
|**Note**
**Cash flows from operating activities**
Net cash used in operating activities
22
**Cash flows from investing activities**
Interest received
Cash disposed of within disposal of undertakings
Purchase of investments
**Net cash used in investing activities**
**Cash flows from financing activities**
Repayments of borrowing
**Net cash provided by/(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|**2024**
**£**
**363,035**
**13,175**
**(38,917)**
**(496,351)**
**(522,093)**
**-**
**-**
**(159,058)**
**483,347**
**324,289**|_2023_
_£_
_45,371_
_2,011_
_(85,368)_
_-_
**(83,357)**
_(19,574)_
**(19,574)**
**(57,560)**
_540,907_
_483,347_|
|---|---|---|
The notes on pages 15 to 34 form part of these financial statements
Page 14
Docusign Envelope ID: B4E78C0F-B431-4EE8-85AE-41211E265155
## **THE JESMOND TRUST**
**NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024**
## **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.
The financial statements are presented in pounds Sterling and rounded to the nearest pound.
## **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 15
Docusign Envelope ID: B4E78C0F-B431-4EE8-85AE-41211E265155
## **THE JESMOND TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024**
## **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.
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, using the straight-line method.
The estimated useful lives are as follows:
Freehold property - 100 years Plant and equipment - 10 years
## **2.6 Stocks**
Stocks are valued at the lower of cost and net realisable value.
## **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.
Page 16
Docusign Envelope ID: B4E78C0F-B431-4EE8-85AE-41211E265155
## **THE JESMOND TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024**
## **2. Accounting policies (continued)**
## **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 17
Docusign Envelope ID: B4E78C0F-B431-4EE8-85AE-41211E265155
## **THE JESMOND TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024**
## **3. Income from donations and legacies**
|**Unrestricted**
**funds**
**2024**
**£**
**Donations**
General donations
778,263
World Mission
-
Tax recovered on Gift Aid
167,230
Legacies
165,129
1,110,622
_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_
**4.**
**Income from charitable activities**
**Unrestricted**
**funds**
**2024**
**£**
Income from charitable activities - Direct ministry
80,441|**Restricted**
**funds**
**2024**
**£**
-
142,850
31,108
-
173,958
_Restricted_
_funds_
_2023_
_£_
_-_
_131,092_
_3,786_
_279,603_
_84,148_
_-_
_498,629_
**Restricted**
**funds**
**2024**
**£**
27,834|**Total**
**funds**
**2024**
**£**
**778,263**
**142,850**
**198,338**
**165,129**|
|---|---|---|
|||**1,284,580**|
|||_Total_
_funds_
_2023_
_£_
_823,896_
_131,092_
_3,786_
_279,603_
_245,159_
_480,000_|
|||_1,963,536_|
|||**Total**
**funds**
**2024**
**£**
**108,275**|
Page 18
Docusign Envelope ID: B4E78C0F-B431-4EE8-85AE-41211E265155
## **THE JESMOND TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024**
## **4. Income from charitable activities (continued)**
||_Unrestricted_|_Restricted_|_Total_|
|---|---|---|---|
||_funds_|_funds_|_funds_|
||_2023_|_2023_|_2023_|
||_£_|_£_|_£_|
|Income from charitable activities - Direct ministry|_97,003_|_25,983_|_122,986_|
## **5. Investment income**
||**Unrestricted**|**Total**|_Total_|
|---|---|---|---|
||**funds**|**funds**|_funds_|
||**2024**|**2024**|_2023_|
||**£**|**£**|_£_|
|Income from cash held on deposit|14,167|**14,167**|_2,011_|
## **6. Other incoming resources**
|**Unrestricted**
**funds**
**2024**
**£**
Miscellaneous sales
1,589
_Unrestricted_
_funds_
_2023_
_Restricted_
_funds_
_2023_
_£_
_£_
Other incoming resources
_1,377_
_-_|**Total**
**funds**
**2024**
**£**
**1,589**|
|---|---|
||_Total_
_funds_
_2023_
_£_
_1,377_|
Page 19
Docusign Envelope ID: B4E78C0F-B431-4EE8-85AE-41211E265155
## **THE JESMOND TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024**
## **7. Analysis of expenditure on charitable activities**
## **Summary by fund type**
|**Unrestricted**
**funds**
**2024**
**£**
Direct ministry
858,541
Property
56,706
Donations to the PCC
223,000
World Mission
-
1,138,247
_Unrestricted_
_funds_
_2023_
_£_
Direct ministry
_716,097_
Property
_144,440_
Donations to the PCC
_192,426_
World Mission
_-_
_1,052,963_
**8.**
**Exceptional expenditure**
**Restricted**
**funds**
**2024**
**£**
Grant of transfer of assets and undertakings to other
churches
112,435|**Restricted**
**funds**
**2024**
**£**
26,665
-
-
170,842
197,507
_Restricted_
_funds_
_2023_
_£_
_393,075_
_7,479_
_-_
_213,426_
_613,980_
**Total**
**funds**
**2024**
**£**
**112,435**|**Total**
**2024**
**£**
**885,206**
**56,706**
**223,000**
**170,842**|
|---|---|---|
|||**1,335,754**|
|||_Total_
_2023_
_£_
_1,109,172_
_151,919_
_192,426_
_213,426_|
|||_1,666,943_|
|||_Total_
_funds_
_2023_
_£_
_2,535,495_|
Page 20
Docusign Envelope ID: B4E78C0F-B431-4EE8-85AE-41211E265155
## **THE JESMOND TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024**
## **8. Exceptional expenditure (continued)**
At the beginning of the year, 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 net assets transferred in 2024 is £112,435.
## **9. Analysis of expenditure by activities**
|Direct ministry
Property
Donations to the PCC
World Mission
Direct ministry
Property
Donations to the PCC
World Mission|**Activities**
**undertaken**
**directly**
**2024**
**£**
694,977
56,706
223,000
170,842
1,145,525
_Activities_
_undertaken_
_directly_
_2023_
_£_
_878,682_
_151,919_
_192,426_
_213,426_
_1,436,453_|**Support**
**costs**
**2024**
**£**
190,229
-
-
-
190,229
_Support_
_costs_
_2023_
_£_
_230,490_
_-_
_-_
_-_
_230,490_|**Total**
**funds**
**2024**
**£**
**885,206**
**56,706**
**223,000**
**170,842**|
|---|---|---|---|
||||**1,335,754**|
||||_Total_
_funds_
_2023_
_£_
_1,109,172_
_151,919_
_192,426_
_213,426_|
||||_1,666,943_|
Page 21
Docusign Envelope ID: B4E78C0F-B431-4EE8-85AE-41211E265155
## **THE JESMOND TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024**
## **9. 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
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|**Direct**
**ministry**
**2024**
**£**
498,805
-
4,992
30,614
830
4,916
12,618
41,148
10,863
3,878
13,810
11,757
5,330
35,349
4,660
-
-
3,431
11,976
-
-
-
694,977|**Property**
**2024**
**£**
-
1,060
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
3,527
26,434
25,685
56,706|**PCC**
**2024**
**£**
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
223,000
-
-
-
-
-
-
223,000|**World**
**Mission**
**2024**
**£**
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
170,842
-
-
-
-
-
170,842|**Total**
**funds**
**2024**
**£**
**498,805**
**1,060**
**4,992**
**30,614**
**830**
**4,916**
**12,618**
**41,148**
**10,863**
**3,878**
**13,810**
**11,757**
**5,330**
**35,349**
**4,660**
**223,000**
**170,842**
**3,431**
**11,976**
**3,527**
**26,434**
**25,685**|
|---|---|---|---|---|---|
||||||**1,145,525**|
Page 22
Docusign Envelope ID: B4E78C0F-B431-4EE8-85AE-41211E265155
## **THE JESMOND TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024**
## **9. 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_
_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 23
Docusign Envelope ID: B4E78C0F-B431-4EE8-85AE-41211E265155
## **THE JESMOND TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024**
## **9. Analysis of expenditure by activities (continued)**
## **Analysis of support costs**
|Staff costs
Pastoral and prayer
Training
Other support costs
General office costs
Professional fees
Loan interest payable
Property repairs and maintenance|**Direct**
**ministry**
**2024**
**£**
125,063
(139)
450
15,602
21,206
23,330
2,760
1,957
190,229|**Total**
**funds**
**2024**
**£**
**125,063**
**(139)**
**450**
**15,602**
**21,206**
**23,330**
**2,760**
**1,957**
**190,229**|_Total_
_funds_
_2023_
_£_
_131,840_
_-_
_-_
_34,543_
_28,856_
_22,268_
_8,461_
_4,522_|
|---|---|---|---|
||||_230,490_|
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 £8,004 (2023: £7,620) relating to the preparation and audit of the annual financial statements.
## **10. Auditors' remuneration**
_-_ The total auditors' remuneration exclusive of VAT amounts to an auditor fee of £6,670 _(2023 £5,954)_ , and other fees of £12,772 ( _2023_ - _£13,224_ ).
## **11. Staff costs**
|Wages and salaries
Social security costs
Contribution to defined contribution pension schemes|**2024**
**£**
**538,505**
**38,292**
**47,071**
**623,868**|_2023_
_£_
_701,662_
_36,434_
_61,065_|
|---|---|---|
||||
|||_799,161_|
Page 24
Docusign Envelope ID: B4E78C0F-B431-4EE8-85AE-41211E265155
## **THE JESMOND TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024**
## **11. Staff costs (continued)**
The average number of persons employed by the Charity during the year was as follows:
|Senior workers
Lay workers
Administration|**2024**
**No.**
**4**
**13**
**5**
**22**|_2023_
_No._
_7_
_20_
_7_|
|---|---|---|
||||
|||_34_|
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.
## **12. Trustees' remuneration and expenses**
During the year, no Trustees received any remuneration or other benefits _(2023 - £NIL)_ .
During the year ended 31 December 2024, no Trustee expenses have been incurred _(2023 - £NIL)_ .
Page 25
Docusign Envelope ID: B4E78C0F-B431-4EE8-85AE-41211E265155
## **THE JESMOND TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024**
## **13. Tangible fixed assets**
|**Cost or valuation**
At 1 January 2024
Disposals
Revaluations
At 31 December 2024
**Depreciation**
At 1 January 2024
Charge for the year
On disposals
On revalued assets
At 31 December 2024
**Net book value**
At 31 December 2024
_At 31 December 2023_|**Freehold**
**property**
**£**
**1,075,000**
**-**
**5,000**
**1,080,000**
**-**
**10,750**
**-**
**(10,750)**
**-**
**1,080,000**
_1,075,000_|**Long-term**
**leasehold**
**property**
**£**
**220,000**
**(220,000)**
**-**
**-**
**13,028**
**-**
**(13,028)**
**-**
**-**
**-**
_206,972_|**Plant and**
**equipment**
**£**
**74,813**
**(10,584)**
**-**
**64,229**
**72,694**
**1,060**
**(9,525)**
**-**
**64,229**
**-**
_2,119_|**Total**
**£**
**1,369,813**
**(230,584)**
**5,000**|
|---|---|---|---|---|
|||||**1,144,229**|
|||||**85,722**
**11,810**
**(22,553)**
**(10,750)**|
|||||**64,229**|
|||||**1,080,000**|
|||||_1,284,091_|
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 a 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:
||**2024**|_2023_|
|---|---|---|
||**£**|_£_|
|Freehold property|**768,950**|_777,400_|
Properties with a carrying value of £440,000 are pledged as security for loans obtained to purchase a residential property now transferred to St Joseph’s. The loan has been repaid in 2024. The security facility has been retained in case of future borrowing need.
Page 26
Docusign Envelope ID: B4E78C0F-B431-4EE8-85AE-41211E265155
## **THE JESMOND TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024**
## **14. Stocks**
|Finished goods and goods for resale
**15.**
**Debtors**
**Due within one year**
Other debtors
Prepayments and accrued income
Tax recoverable
Legacies receivable
**16.**
**Current asset investments**
Deposit accounts
**17.**
**Creditors: Amounts falling due within one year**
Bank loans
Trade creditors
Amounts owed to the PCC
Other creditors
Accruals and deferred income|**2024**
**£**
**7,018**
**2024**
**£**
**45,733**
**41,557**
**32,946**
**124,232**
**244,468**
**2024**
**£**
**497,342**
**2024**
**£**
**-**
**3,258**
**11,579**
**1,710**
**11,238**
**27,785**|_2023_
_£_
_7,357_|
|---|---|---|
|||_2023_
_£_
_45,645_
_15,319_
_17,253_
_480,000_|
||||
|||_558,217_|
|||_2023_
_£_
_-_|
|||_2023_
_£_
_17,400_
_14,364_
_10,660_
_900_
_12,664_|
||||
|||_55,988_|
Page 27
Docusign Envelope ID: B4E78C0F-B431-4EE8-85AE-41211E265155
## **THE JESMOND TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024**
## **18. Creditors: Amounts falling due after more than one year**
||**2024**|_2023_|
|---|---|---|
||**£**|_£_|
|Bank loans|**-**|_117,114_|
Bank loans totalling £nil (2023: £134,514) are secured by a first legal charge over Eslington House.
## **19. Statement of funds**
## **Statement of funds - current year**
|**Balance at 1**
**January**
**2024**
**£**
**Unrestricted funds**
General fund
**766,815**
Capital reserve
**1,075,000**
**1,841,815**
**Restricted funds**
Capital Projects Fund
**7,840**
World Mission
**175,442**
St Joseph's Church
**112,435**
Sports Teams
**14,521**
St Josephs Other Projects
**3,485**
Other Projects
**4,372**
**318,095**
**Total of funds**
**2,159,910**|**Income**
**£**
**Expenditure**
**£**
**1,206,819**
**(1,138,247)**
**-**
**-**
**1,206,819**
**(1,138,247)**
**-**
**-**
**173,958**
**(170,842)**
**-**
**(112,435)**
**27,834**
**(26,665)**
**-**
**-**
**-**
**-**
**201,792**
**(309,942)**
**1,408,611**
**(1,448,189)**|**Gains/**
**(Losses)**
**£**
**-**
**5,000**
**5,000**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**5,000**|**Balance at**
**31**
**December**
**2024**
**£**
**835,387**
**1,080,000**|
|---|---|---|---|
||||**1,915,387**|
||||**7,840**
**178,558**
**-**
**15,690**
**3,485**
**4,372**|
||||**209,945**|
||||**2,125,332**|
Page 28
Docusign Envelope ID: B4E78C0F-B431-4EE8-85AE-41211E265155
## **THE JESMOND TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024**
## **19. 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 senior minister and churchwardens of Jesmond Parish Church or any such committee as they decide but at all times subject to the discretion of the trustees.
**St Joseph's** . During 2023 the majority of the funds relating to St Joseph's were transferred to that Church. At the beginning of the year some funds were still held as explained more fully in note 7. In January 2024, as legal matters concerned with the transfer had been dealt with, the property was transferred over and the Trust received cash from St Joseph's to the value of the related loan at the same date.
**St Joseph's Other Projects.** The Trust also retained funds that had had been generated from net income raised by St Joseph's Benwell during 2023, this was still to be transferred at the year end.
**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.
**Other Projects.** 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.
Page 29
Docusign Envelope ID: B4E78C0F-B431-4EE8-85AE-41211E265155
## **THE JESMOND TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024**
## **19. 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_
_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: B4E78C0F-B431-4EE8-85AE-41211E265155
## **THE JESMOND TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024**
## **20. Summary of funds**
## **Summary of funds - current year**
|**Balance at 1**
**January**
**2024**
**£**
General funds
**1,841,815**
Restricted funds
**318,095**
**2,159,910**
**Summary of funds - prior year**
_Balance at_
_1 January_
_2023_
_£_
General funds
_1,329,523_
Restricted funds
_2,933,317_
Restricted capital reserve
_9,598_
_4,272,438_|**Income**
**£**
**Expenditure**
**£**
**1,206,819**
**(1,138,247)**
**201,792**
**(309,942)**
**1,408,611**
**(1,448,189)**
_Income_
_£_
_Expenditure_
_£_
_1,563,136_
_(1,052,963)_
_526,774_
_(3,141,996)_
_-_
_(7,479)_
_2,089,910_
_(4,202,438)_|**Gains/**
**(Losses)**
**£**
**5,000**
**-**
**5,000**
_Transfers_
_in/out_
_£_
_2,119_
_-_
_(2,119)_
_-_|**Balance at**
**31**
**December**
**2024**
**£**
**1,915,387**
**209,945**|
|---|---|---|---|
||||**2,125,332**|
||||_Balance at_
_31_
_December_
_2023_
_£_
_1,841,815_
_318,095_
_-_|
|**Summary of funds - prior year**||||
|General funds
Restricted funds
Restricted capital reserve||||
||||_2,159,910_|
## **21. Analysis of net assets between funds**
## **Analysis of net assets between funds - current period**
|**Unrestricted**
**funds**
**2024**
**£**
Tangible fixed assets
1,080,000
Current assets
863,172
Creditors due within one year
(27,785)
**Total**
1,915,387|**Restricted**
**funds**
**2024**
**£**
-
209,945
-
209,945|**Total**
**funds**
**2024**
**£**
**1,080,000**
**1,073,117**
**(27,785)**|
|---|---|---|
|||**2,125,332**|
Page 31
Docusign Envelope ID: B4E78C0F-B431-4EE8-85AE-41211E265155
## **THE JESMOND TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024**
## **21. Analysis of net assets between funds (continued)**
## **Analysis of net assets between funds - prior period**
|Tangible fixed assets
Current assets
Creditors due within one year
Creditors due in more than one year
**Total**|_Unrestricted_
_funds_
_2023_
_£_
_1,077,119_
_803,284_
_(38,588)_
_-_
_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_|
|---|---|---|---|
|**22.**
**Reconciliation of net movement in funds to net cash flow from operating activities**
**2024**
**£**
Net expenditure for the period (as per Statement of Financial Activities)
**(39,578)**
**Adjustments for:**
Depreciation charges
**1,060**
Interest receivable
**(14,167)**
Interest payable
**-**
Decrease/(increase) in stocks
**339**
Decrease/(increase) in debtors
**313,749**
Decrease in creditors
**(10,803)**
Exceptional expenditure - grant of transfer to new entities
**112,435**
Adjustment for net non-cash liabilities transferred within grant
**-**
**Net cash provided by operating activities**
**363,035**
**23.**
**Analysis of cash and cash equivalents**
**2024**
**£**
Cash in hand
**324,289**
**Total cash and cash equivalents**
**324,289**|_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_|
|---|---|
Page 32
Docusign Envelope ID: B4E78C0F-B431-4EE8-85AE-41211E265155
## **THE JESMOND TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024**
## **24. Analysis of changes in net debt**
|Cash at bank and in hand
Debt due within 1 year
Debt due after 1 year
Liquid investments|**At 1**
**January**
**2024**
**£**
**483,347**
**(17,400)**
**(117,114)**
**-**
**348,833**|**Cash flows**
**£**
**(159,058)**
**17,400**
**117,114**
**497,342**
**472,798**|**At 31**
**December**
**2024**
**£**
**324,289**
**-**
**-**
**497,342**|
|---|---|---|---|
||||**821,631**|
## **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 £47,071 (2023 - £61,065). No amounts were outstanding to the fund at the balance sheet date.
## **26. Operating lease commitments**
At 31 December 2024 the Charity had commitments to make future minimum lease payments under non-cancellable operating leases as follows:
|Not later than 1 year
Later than 1 year and not later than 5 years|**2024**
**£**
**4,600**
**1,908**
**6,508**|_2023_
_£_
_9,514_
_6,508_|
|---|---|---|
||||
|||_16,022_|
Page 33
Docusign Envelope ID: B4E78C0F-B431-4EE8-85AE-41211E265155
## **THE JESMOND TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024**
## **27. Related party transactions**
The charity had the following transactions and balances with the Parochial Church Council of Jesmond Parish Church ("the PCC").
||**2024**|_2023_|
|---|---|---|
||**£**|_£_|
|Donations to the PCC, shown within resources expended|**223,000**|_192,426_|
|Amounts owing (to) / from the PCC at the year end|**(11,579)**|_(10,660)_|
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 34