Chartty R?glstTatk¥n No. 1205926 Company Reglstratlon No. 14893213 IErt9land and Wal•sl THE JERICHO TRUST (LIMITED BY GUAK4NTeei TRUSTEES, REPORT AND ACCOUNTS FOR THE PERIOD ENDED 30 SEPTEMBER 2024
THE JERICHO TRUST (LIMITED BY GUARANTEEI LEGAL AND ADMINISTRATIVE INFORMATION Trustees James Foottrt ICh8irl Carnilla Foottil Mark C Campbell Charfty number 1205926 Cornpany numbgr 14893213 RogIStsr offl¢o and prln¢lpal ad(Iross The COutya. Shoreham Road, Upper Beeding, Steyning, West Sussex, BN44, 3TN Independent Examiners TC Group. The Courtyard. Shoreham Road. Upper Beeding, SleynÈng. West Sussax, BN44 3TN Bankern Lloyd$ Banklng 25 Gresham Street London EC2V7HN
THE JERICHO TRUST ILIMITED BY GUARANTEEI CONTENTS Pago Trustees, report Independent examiners, report Statèment of finanaal activil'ès Balance sheol Cashflow stslement Not•s tt> the Unts 7-12
THE JERICHO TRUST ILIMITED BY GUARANTEEI TRUSTEES, REPORT FOR THE PERIOD ENDED 30 SEPTEMBER 2024 The Trusteos prèsent their Annual report, logeth8rwith the financial $tslèments forThe Jeri¢ho Tiust forthe Period of25 May 2023 to 30 Saptember 2024. Thè accounts mplY with the Charities Act 2011. th& Companies Act 2006, our Memorandum and Artides of Assorialion, and A¢counting and R&porbng by Charrtie8'. Statement ol Rècommended Pra¢ti¢e applicable to ch8ri1ies preparing Iheir accounts in accordance with th8 Financial Rewbng Standard applicabla in the UK and Republi¢ of Ireland IFRS 102) (effectivè 1 January 2019}. Struetur¢ and Gov•manc• In 2023 The Jericho Trust bpcame a charitablè company limited by guarante6 govemèd by Memorandum and Articles ofAssociation. The organization was gIStered with Companies Htsuse on the 25th May 2023 and became registered th Charity Commission on the 28th Novèmber 2023. Th¢ trustees who are also the directors of the company who served durin9 the period were as follow5- Jam&s Foottit (Chairl Camilla Fo¢)ttit ma Campbell Tiusle&$ are to be appointed by incumb8nt trustees. Public Benefit The Trustees hav8 had regard to tho guidance issues by the Charity Commission on public benefft. Objectlves & ACVIties The Charivs maSn objective is the provision and maintenance of 11 housing, and any assoeialed faalities, amenities and service8 for thos& in need by reason of youth, age. ill-h6alth, disability or finandal hardship, upon term8 appropriate to their rneans. Achlèvèmènts and perforniance During the periDd a Suitable building has been identlfiÈd and purchased, with the intention of leasing to another charity. It wll be us6d lor sooal housing for young people. Financlal Summary and rnvl•w During the period, gross income of £910,976 was aehieved, resource5 exponded on Charitablè Aetiviligs were £20,664 resulting in 8 surplus of £890,312. The charitablè companls urldesignated freè réserves at 30 September 2024 were £8,312 which are currently being held in preparation of development of the purchased property.
THE JERICHO TRUST (LIMITED BY GUARANTEE} TRUSTEES, REPORT FOR THE PERIOD ENDED 30 SEPTEMBER 2024 Trustèè8' r•8 on ibilities In relauon to the a unt The trustees, who are also the directors of The Jericho Trust for the purposes of company law, 8rÉ rÈsptyn$ible for preparing the Trustees, Report and the financial statements in accordanGe with applicable law and United Kingdom Accounting Standards (unit Kingdom Generally Accepted Accounting Piacticel. Company law requires the Iruslees to prepara finanual Ètalefflents for each financial year whi¢h give a tru? and fair view of the slate of affaSrs of the Gharty 8nd of the incoming resources and appli¢8b'on of $OuT¢O3. including the income and expendrture. of Ihp Gharitable company foi that year. In preparing th8se finanryal sta18menls. the Iruslees are roquiTed to.. Select suitable accounting polides and th8n apply them consistentty.. Observe th8 methods and principles in the Charites SORP,. Make Judgtnents and eslimales that are reasonable and prudent., Staté whèther applicable UK accounting slanijards have been followed, subject to any material dèp8rturè8 disdosed and explained in the financial statements,. and Prepare the finanaal stalomonls on the going concern basis unlèss Ki is in8ppropri81e to presume that the charity will continue in operation. The trustees are responsiblè for maintaining proper accounting T¢rS which di5cIo8e with reasonable accuracy al any limo the financial position of charity and enable them lo ensure that the finanaal ststem6nts eomply wrth the Ctsmpany Act 2006. The trustees are also responsible for safeguarding the assets of the ¢harity and honG9 for taking reasonable steps for the prevention and dÈtedion of fraud and other irregularities. This rewrt has been prepared in accordance with the special provisions of Part 15 of the Companies Act 2008 relating to small companiès. Signgd on behalf of the board on ,./¥2r James Footbt Chairman
THE JERICHO TRUST (LIMITED BY GUARANTEEI INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE JERICHO TRUST I rop)rt to the charity trustées on my examination of the accwnts of the Charitable Company for thF period ended 30 September 2024, Responslbllities and basls of r•port As tha tharivs Iruslees ofthe Charitable Company land al80 its di¢tOrS forthe Plwes of company lawl you ar8 rèsponsiblo for the pr8p8ration of the 8¢counts in accordancè with the requirements of the Companies Act 20061'the 2006 Act'l. Hawng satisfied myself that Ihe ac¢ounls ofthe Charilable Company are not required to be audited under Part 16 of the 2C¢)6 Act and arE oligible for independent examination. I report in rèspect of my oxaminalion of your charty's accounts as carried out undèr Se10n 145 ofthe Charitiès Act 2011 I'lhe 2011 Acl'l. In carying out rny examination I have fdlowed the Directions given bythè Charity Cvmmission undersection 145151 Ib) of the 2011 Act. Independent •xaminerf8 Statement Since the charitable company's gross I[Me excÈÉded £250,000 your examiner rnust be a rnember of a body listed in section 145 of the 2011 Act. I confirm that l am qualtfied lo undertakè the examination because l am a member of the Associ81ion of Chartered Certified Accountants, which i& one of the listéd bodies. I have completed my exarnination. I conThmi that no matters have COMÈ to my attention in connéction with the examination giving me caus& to believe.. accounting records were not kept in resPt of the Charitable Company as required by section 386 of ttr 2006 Act,. or 2. the arxounts do not accord with those rgcords,. or 3. the accounts do not complywith thè a¢countifig requiremonts of section 396 ollhe 20( Act other than any requirement that the accounts give a 'true and fair view which is not a matter considered as part of n independent examination-, or 4, the accounts havo not been prepared in aceordance wth the methods and princIpS of the Staternent of Recommended Practice for accountin9 and reporting by chariti'es. I have no ncernS and havecome aGross no othermatters in connection with the examination lowhich attention should be drawn in this repc¢rt in oriler lo enable 8 proper understanding of the accounts lo be reached. Mr Mark Cummins FCCA FCIE for and on behalf of TC Group The Coutyard Shoreham Road Upper BeIng Steyning West Sussex BN44 3TN Dal•d..
THE JERICHO TRUST (LIMITED BY GUARANTEEI STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE PERIOD ENDED 30 SEPTEMBER 2024 Total 2024 Not•¥ Incom• from: Donations and legaues 902.500 Chantable 6cINitses Investment income 8.478 Total incomg 910,976 Expendrture on: Charttoble activtbe 20.664 Total expenditure 20,664 Net Income l Net movement in funds 890.312 Reconeiliatlon of funds Tot81 funds brought forward Total funds carrigd fonvard 890,312 The Statement of Finantial Activities also cmplIeS wlth the requirements for an incorne and Èxpendrture account underthe Companies Act 2006. All activllies are da88ed as Continuing. There are no recogni%d gai)s or loss¢$ other th8n those reported on thg Slatemant of Financial Acttvitios. All incomè and exp¢nditur8 W8s UnstriCted.
THE JERICHO TRUST ILIMITED BY GUARANTEEI BALANCE SHEET AS A T 30 SEPTEMBER 2024 2024 Not•$ Flxad assèts Investment wopety 1,750,000 Current ass•ts Debtors Cash at bank and in hand 12 2,666 328.634 331.300 Creditarn: arnounts falling du• within Qne year 13 {390,988 Not current118biliti•s {S9.6881 Total asset8 less ¢urrent Ilabllltles 1,690,312 Cr¥ditors: amounts falllng dug after ong year 14 1800,0001 Net assets 890.312 Tho funds ofthe Charity Unrestricted funds 890.312 890,312 For thè financial year in question th¢ wmpany was entitled to exemption under s*tion 477 of the Companies Aci 2006 relating to small ¢x)rnpanies. No members have required thè Ojrnpany to obtain an audti of rfts aGwunls for the ygar in question in accordance with seclion 476 of tho Companies Act 2006. The directors acknowledge their SponSIbility for ¢omplying wrth the Act wth respect to accounting recoid8 for the preparation of accounts. Th959 finanrAal stalemenis havè been prepared in accordance with the specSal provlsions of Part 15 of the Cotnpanies Act 2008 relating to sm811 ex)rnpanies and constitute the annual financial statemonls Tequired by the Comp8nies Act 2006 and ar¢ for orrulalion to memb&rs of the company. The accounts wÉr8 8PPtoved by Ihe Board on .............. J Foottlt - Trusts• Ichalnnanl Company Rfrglstration No. 14893213 Charlty Re919tr8tlon No. 1205928
THE JERICHO TRUST (LIMITED BY GUARANTEE} CASHFLOW STATEMENT FOR THE PERIOD ENDED 30 SEPTEMBER 2024 2024 Note Ch flows from operatlng activltles 16 938.634 Cashfiaw from invg8ting actFvities Payments to acquire fixed assets 11 11.750,0001 Cash fl¢)w$ from financlng actlvitlOS New Loan5 in thè year 1.150,000 Incrgaselldecrnas•l in cash 328,634 Cash and cash •quivalent8 at Start of yaar Cash and cash equivalents at end of year 328.634 All cash is cash al bank and in hand. Re¢onclllation of net ¢ash Ilow movement in ngt debt Increaselld8ttèasel in cash and cash equivalent in the year Iln¢reaSe}1deea$e in debt Change in net fundsl{debll re8ulting from cash tlows 328,834 11,150.0001 1821.3661 Net ftjnds at 25 May 2023 N8t funds al 30 September 2024 1821,368}
THE JERICHO TRUST ILIMITED 8Y GUAPANTEEI NOTES TO THE ACCOUNTS FOR THE PERIOD ENDED 30 SEPTEMBER 2024 L•gal ststus of ¢harltablo company The JeriGho Trust is a charitable company, limited by guarant8e, registered In England and Wales. Tha aritable companls registered number and re9i$tered office 8ddress can be found in the irustees. rgport. In the event of the Charity beiwjg wound up, the liability In respect of the guaraniea is limited to £10 per membgr of the charity. A¢¢ountlng pollcles Basis of proparation The accounts have been pPared in accordance with Accounting Bnd Reporting by Charities.. Statsmenl of Recommendèd Practi applicable to charities preparing their accounts in ac¢tsrdan with the Financial R8POrting Standard applicable in the UK and Republic of Ireland {FRS 1021 (effective 1 January 20191- (Charities SORP IFRS 10211, and the Cofflpanies Act 2006. The Jerh0 Trust meets thè definition of a public benefit entity undar FRS 102. Assets and liabilities a initially recognised at historical cost or transaction value unless oth8rwise stated the relevant 8wountin9 pr)licy note{sl. The arè no material uncertainties 8boul The Jericho Trust's 8bi14ty to continue as a going cOnrn. The financial stal?rnen18 are pfepared In sterfing, which is the functional curren¢y of the charitable company. Monetary amounts in these financlal statements are rounded to the nearest pound. 2.2 Invèstment inwme Investment income is eamed through holdin9 assets for invèstment purposes 8uch as propety. It indudes rent. It is included when the amount can be measured rèliably. Inter¢sl income is rècognised using the effective interest method rent income is reeognised a5 the charity's right lo reNe payment is Established. 23 Income Donations and othor forms of voluntary income are recognised as incoming resou¢$ when r8cèThiable. except insofar as they are iicapable of fInaNal measurèment. Chatitable actvrties- repiosenl incomè from rent and are recognised when receivable_ Expendlture Expenditure is attounted for on an accruals basis with thé irrecoverable element of VAT indud6d with the item of expensè to which il lates. Charitable expènditure cornprises thosè costs incurrgd by the ch8rity in the delSvery of its &clivilies and sejvices ftsr its beneficiaries. Governancè wsts indudethose costs associat8d with meeting the conslilutional and slatulory requiremerrts of the charity and indude independent examination fees and eosls linked to the strategic managem6nt of the charity. These are induded as 8UPPOrt costs. All costs are allocatèd beeen expenditure categories of tho SOFA on a basis designad tts reflect the use of the resource. Costs relating tts a partic¢Jlar activity are allocated directly, othèrs are apportioned base(A on estimal&d usage as a proportion of 1ctlY attributable expÉndilure.
THE JERICHO TRUST (LIMITED BY GUARANTEEI NOTES TO THE ACCOUNTS (CONTINUED) FOR THE PERIOD ENDED 30 SEPTEMBER 2024 Fund accounting Unre$iricled 9enot81 fijnds - these Bre fund8 which are available for use at the discretion of the trustees in furtheranc¢ of the general objoctives of the thaNty and which have not been dasignaled for other purposes. Investmènt propertles Investment properties are measured at fair value al each reporting date with changes in falr value recognised in Co$h at bank and In hand Cash at bank and Ixsh in hand n)dudes cash and shorttem) highly liquid investrnentswith a short matLEftty of three months or less from dale of acquisition or opening of thè deposit or $lmilar 8co)unt. Crodltors and provi8ion8 Creditots and provisions arè Tecognised wh¢re the charty has present obligation 3vItIng from 8 pa81 event that will probably result in a transfer of fund8 to a third paty and the amount due to settle the obligation can be measured or estimated reliably. 2.10 Estimates and Judgèments In the application of the chadtys accounting poliues. the trustees arè rÉquired to make judgements, estimates and assumptions aboul Ihg rnTrng amount of assets and liabilitiès that are not adIlY apparent frorn other sources. The estirnates and aOated assumptions are based on histerieal experien and other faclDrs that are considèred to be relevant. Aclual results may dtffertrom tho$8 esbmates. Th8 Èstimates and underlying assumpth'ons are reviewed on an ongoing basi$_ Revisions to aecx)unting estimatès are recognised in the period in which the estimat¢1s revised. Th8 tru8tees do not wnsider Ihal there are any crttiC81 estimates or areas of judgement that need to ba brought to the attention of the read¢rs vf the financial statamenls. Trust9•8 Nonè of the trustees lor any persons connected with them) rè1Ved any remuneration or expenditure r8imbur8ements during 2024. Taxatlon The charitable company is registered as a chaiity and all of its incom8 falls within the exemptions under Part 11 of thè C<)rporation Tax Act 2010. Net rn¢omellexpendlturel for th• year This is stated after charging.. 2024 Independent Examination fees 3.600
THE JERICHO TRUST (LIMITED BY GUARANTEEI NOTES TO THE ACCOUNTS (CONTINUED) FOR THE PERIOD ENDED 30 SEPTEMBER 2024 In¢om¢ from donauons Total 2024 Donatlon5 and lègacles Donation$ 902.500 Total donations and legacles 902,500 Income from charftabE8 activities Total 2024 Charitable activitiès Inveslmenl IncomÈ 8,476 Total charltablè activltle8 8,476 Expendlturè Total 2024 Charltablg actlvities Cost of charitable aclivili¢$ Supp¢xt 518 807 19,857 Total expenditu 20.664 Support Costs 2024 Audit and accountancy feès Insurance Legal and professional fees Bank fees 5,322 128 14,312 95 19.857 Of audit and accouniancy f8es £3,600 relates lo independent examlnation f$os.
THE JERICHO TRUST ILIMITED BY GUARANTEEI NOTES TO THE ACCOUNTS (CONTINUED) FOR THE PERIOD ENDED 30 SEPTEMBER 2024 10 Staft costs There were no employees during the year. 11 Invèstment properti•¥ 2024 Cost or v•luatlon At 25 May 2023 Addition Rèvaluation 1.750.000 Ag at 30 Sgptembèr 2024 1,750.000 Fair Valuo At 30 Septembgr 2024 1,750.000 Al 25 May 2023 There was no rnaterfal ¢hang¢ lo the valuÈ of the property from when aUlTed and as at 30 Sept&mber 2024 12 Debtors 2024 Prepayments 2.666 2,666 13 Creditors: amounts falling due withln one year 2024 Trade credltors AcuuÈ15 and other cr6ditors Deferred Incorne Loans (Note 18} 1,165 17.179 22.644 350,000 390,988 io
THE JERICHO TRUST (LIMITED BY GUARANTEEI NOTES TO THE ACCOUNTS (CONTINUED) FOR THE PERIOD ENDED 30 SEPTEMBER 2024 14 Creditors.. amounts falllng due aftsr one year 2024 Loans 800,000 800,000 The abovo loan was obtained for the purchase of property. The loan is secured on the propety hÈld by the charity. The loan is rèpayable in 10 years from the commencement dale. No int8rÈsl will be tharg on thè loan. 15 Control The charity 18 under the rA)ntrol of the Trustees. 16 Cashflow from operattng activi99 2024 Surplus for tho year Ilncreaselldèuease in debtors Incmaselldecreose) in crethlors 890.312 12,668) 40.988 Net cashflow from operating activitie$ 928.634 17 Ralated patty trttnsaetion8 National Philanthroplc Trust INPT) During the year Jame8 Foottit and Camilla Foolit (trustèès of Jericho Trust) made d¢Trnalions through a DAF acwunt {Donoi Advised Fund) held with National PhilanthropiG Tru51 totalling £692,500. This was made with the intention of as8is1ing in st*t up costs of the trust. JMC Larkswood Ltd During the year JMC Larkswood Ltd, of which James Foottil and Mark C Campb¢ll are directois of, providgd a bridging loan of £175,000 wtth the intention of funding Ihg purchase of Thameswork property. This loan was prowded with 0% interest ar at the Bal8nce Sheet dale £Nil was owed to JMC Larkswood Ltd. Thg Jericho Management Company Ltd Duréng the year Thè Jericho Trust recewed a brldgSng loan of£250.(M)O from Thè Jericho Management Company Ltd. of which Jamos Foottit, Camilla Foottit and ma C Campbell are all direclors. Tttis loan was provided with the intèntion of funding the purcthase of Thamèswork property. This 108n had 0% interest and at the Balancè Sheet dale £Nil was owed to The Jgricho Management Company Ltd. During the year payments to The Jerichf) Management Company Ltd totalling £6,952 for consultancy fees. li
THE JERICHO TRUST (LIMITED BY GUARANTEE} NOTES TO THE ACCOUNTS (CQNTINUED) FOR THE PERIOD ENDED 30 SEPTEMBER 2024 17 Related party tran$action$ Icontinuedl Turns Holdlng Limlted During the year Turus Holding Limited, of which Mark C Campbell is a director, have pre a £1(Xl,000 donation. Turus Holding Limited hav8 also provided a non-intorest bearing loan of £IOO,000 for the intention of supporting ¢a8hffow. At Balan Sheet dale £100,000 was owed to Turus Holding Limited. 18 Loan8 due thIn ono year A £250.000 brid9ing loan was made for the purchase of propety. The108n is se¢ured against Jatlles Foottit. Th8 loan is repayable In 3 months from the commencement datè. 5°A per annum interest wll bo charged the loan. A £100,0(K) loan was obtsined for the purchase of property. The Igan is rgpayable within 1 year of the Commencement date. No intsrest will be tharged on tho Joan. 12