ST JUDE'S TRUST REPORT AND FINANCIAL STATEMENTS For the Ygar Ended S April 2023 Charity number: 222883
ST JUDE'S TRUST FINANCIAL STATEMENTS S April 2023 Reference and adminislralive information Trustee's report Independent Examiner's report Statement of financial activities Balan sheet 10 Notes lo the accounts 11-15 The following pages are supplementary and do not form part of the financial slaternents Schedule of investments and income arising 16-20
ST JUDE'S TRUST REFERENCE AND ADMINISTRATIVE INFORMATION 5 April 2023 Trustees Mrs Rosemary Katherine Duckett William Duckett Roger Millman Charity number 222883 Registered address Salisbury House London Wall London EC2M 5PS Independent Examingr Edwin Smith Chartered Accountants 32 Queens Road Reading RG1 4AU Sollcltors Druces LLP Salisbury House London Wall London EC2M 5PS Investment Advisors JMFinn&Co 25 Copthall Avenue London EC2R 7AH Bankers Bank of Scotland 33 Old Broad Street London EC2N 1HZ Constitution Sl Jude's Trust is an unincorporated charity, governed by a Trust Deed dated 27 February 1961 and 22 June 1965 as amended on 29UI June 2021. Charity number 222883.
ST JUDE'S TRUST TRUSTEES, REPORT 5 April 2023 The Trustees are pleased to present their report and financial statements of the charity for the year ended 5 April 2023. Reference and 8dminislralive information set out on page 1 forms part of this report. The financial slalements comply with cutrenl stalulory requirements, the charity's trust deed and the Statement of Recommended Practice- Accounting and Reporting by Charities FRS 102. structure, Governance and Management Governln document st Jude's Trust is an unincorporated charity, governed by a declaration of trust dated 27 February 1961 and 22 June 1965 as amended on 291h June 2021. olntment of trustees The existing trustees have the power lo appoint new or additional trustees. Trustee inductlon and trainin In view of the size of the charity it is not considered necessary for the Iruslees lo undergo formal training. anisation The Trust is governed by a board of three trustees who meet lce annually to manage its affairs. Relatod artios Apart from the three trustees there a no lated parties during the year. Risk mana ement Since the charity has not ¢ommitted itself lo paying salaries and will continue lo rely on the trustees, solicitors lo provide offices for its meetings, the financial risk will be kept at a minimum. The trustees do not commit funds until they are available.
ST JUDE'S TRUST TRUSTEES, REPORT ICONTINUEDI 5 April 2023 Objectives and Activities The Iruslees hold the capital and income of the Charity to pay or apply the whole or any part or parts thereof in their absolute discretion lo such legally charitable institutions or foundations or for such legally charitable purposes as they shall deteTmine. Vvhen planning activities for the year the trustees have considered the Charity Commission's guidan on public benefit. The endowment fund is invested lo produce income which is available for unreslricled purposes. The Charity intends to achieve these objectives by making charitable donations within ils available income. Achievements and Performance During the year the Trust made 32 charitable donations lotaling £38,711 and 2 individu81 donations lolaling £820 as detailed in note 4 to the financial statements on page 13. The charitable donations provided by the Charity allows each beneficiary charity lo aid sections of the public. Financial review The statement of financial activities shows that the net incomellexpendilure} for the year, after net gains and losses on investments, amounted to1£123,033112022'. £94,388). The trustees consider the financial position of the Charity at the year-end to be sound. No salaries are paid, no unnecessary expenses have been incurred and there are no long-term commitrnenls lo any third paty. Investment powers and policy Under the trust deed the charity has the power lo make any investment the trustees see fil. The trustees are satisfied with the performance of the Charity's investments and regularly monitor them with the Investment Manager engaged lo manage the investments
ST JUDE'S TRUST TRUSTEES. REPORT ICONTINUEDI 5 April 2023 Reserves pollcy The trustees recognized that the objects of the charity were unlikely lo be satisfied in the foreseeable future and thus there was a need to generate income for the foreseeable future. The trustees recognized that, given the nature of the trust, further donations to the trust should not be relied upon. A reserve was neSSary to maintain the available funds for distribution from year lo year, bearing in mind that there may be a downturn in the ineome of the trust by reason of economic conditions. A reserve would also hopefully in the medium term allow for an increase in dislribulions from year lo year in line with inflation. It is recognized that in order lo maintain sufficient investment to ensure as far as possible that income rose in line with the above criteria, a reserve would need lo be established to genemte increased income over the medium term. A reserve was necessary as the demand for charitable gifts tended lo be greater when incomes were lower by reason of low economic activity. A reserve was necessary lo maintain income in light of the loss of tax relief in future years on dividend income. 11 is considered that unrestricted reserves should be mainlainecl for the present in the region of £75,000 to £100,000. Having regard to the history of the finances of the trust and foreseeable future, il is considered there is no reason lo change the reserves policy, The trustees recognized that the objects of the trust are not such as to normally give rise to any special risks or contingencies, or indeed opportunities. The distributions in each year in accordance with the poliGy set out below would therefore ensure the maintenance of sufficient reserves. The trustees consider that the reserves policy should be reviewed annually in their autumnlwinler meeting. Plans for futuro In future years the trustees intend lo continue making charitable donations within the income arising. The trustees are aware of the Unpredented circumstances in connection with Covid-19, Ukraine and other factors and will continue to ensure that funds are applied to those most in need. They are monitoring the charity investments in conjunction with the investment manager.
ST JUDE'S TRUST TRUSTEES, REPORT ICONTINUEDI 5 April 2023 Trustees, responslbilities in relation to the flnanclal statements The charity trustees are responsible for preparing a trustees, annual report and financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). The law applicable lo charities in England and ljvales require the Charity Trustees lo prepare financial statements for each financial year which give 8 true and fair view of the slate of affairs of the charity al the end of the financial year and of the incoming resources and application of resources, of the charity for that period. In preparing those financial statements the trustees are required to.. select suitable accounting policies and then apply them consislenlly., observe the methods and principles in the applicable Charities SORP IFRS 1021., make judgments and estimates that are reasonable and prudent., slate whether applicable accounting standards have been followed subject to any material departures that must be disclosed and explained in the fi'nancial slalements; prepare the financial ststements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation. The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any lime the financial position of the Charity and to enable them to ensure that the fi'nancial slalements comply with the Charities Act 2011, They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. The trustees are responsible for the maintenance and integrity of the charity and financial information included on the charity's website in accordance with legislation in the United Kingdom governing the preparation and dissemination of financial statements. Approved by the trustees on and signed on Ihelr behalf by.. Mrs. R K Duckett W Duckett R. Millman
TRUSTEES'INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF ST JUDE'S TRUST 5 April 2023 I report lo the trustees on my examination of the accounts of St. Jude's Trust {Ihe Trustl for the year ended 5 April 2023, which are sel out on pages 9 to 15. Responsibilities and basis of report As the charity Iruslees of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 20111'the Acl'l. I report in respect of my examination of the Trustee's accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 14515llbl of the 2011 Act. Independent ex8miner's statement I have completed my examination. I confirm that no materia1 matters have come lo my attention in connection with the examination giving me cause to believe that in any material respect.. 111 accounting records were not kept in respect of the Trust as required by section 130 of the Act., or 121 the accounts do not accord with those records,. or {31 the accounts do not comply with the applicable requirements conceming the fomi and content of accounts sel out in the Charities IAccounts and Reports) Regulations 2008 other than any requirement that the accounts give a 'true and fair view, which is not a matter considered as part of an independent examination. I have no concerns and have come across no other matters in connection with the examination to which allenlion should be drawn in this report in order to enable 8 proper understanding of the accounts to be rea¢hed. On behalf of.. Edwin Smith Chartered Accountants 32 Queens Road Reading RG14AU Signed.. Philip J Nixon Dale.. 7 December 2023
ST JUDE'S TRUST STATEMENT OF FINANCIAL ACTIVITIES 5 April 2023 Unrestricted Funds Endowment Funds Total 5.4.23 Total 5.4.22 Notes Income: Investment income Dividends and interest 54,884 54,884 48.066 Total 54.826 54.884 48,066 Ex endlture: Charitable activities Governance costs 39,531 11,084 39,531 17,924 38,729 18,622 6,840 Total 50,615 {6,840) 57,4S5 57,351 Nel gainslllossesl on investments 1120,4621 1120,4621 103,673 Net in¢omgllexpgndituro1 for the year and net movement in funds 4,269 {127,3021 {123,033) 94,388 Reconclllatlon of funds Total funds brought forward 6 April 2022 88,534 1,263N17 1.351.951 1.257563 Total funds carried forward at 5 April 2023 12 92,803 1,136,115 1,228,918 1,351,951 The notes on pages 1110 15 form part of these financial slatemenls.
ST JUDE'S TRUST BALANCE SHEET S April 2023 5A.23 5.4.22 Notes Fixed assets Investments 1&7 1,200,474 1,321,765 Current assets Debtors Cash at bank and in hand 58 33,746 45 36,170 33,804 36,215 Creditors: Amounts falling due withln one year 10 15,3601 16.0291 Net current assets 28,444 30,186 Total assets less current Ilablllties 1,228,918 1,351,951 Funds of the charity Unrestricted funds Endowment funds 12 12 92,803 1,136,115 88,534 1,263,417 Total Fund$ 1,228.918 1,351,951 The financial statements have been prepared in accordance with the Charities Act 2011 and the Statement of Recommended Practice- Accounting and Reporting by Charities IFRS 1021. Approved by the Board of Trustees on 2923 and signed Mrs R K Duckell {Trustee} W Duckett (Trusteel R Millman (Trusleel The notes on pages 1110 15 form part of these financial slatemenls. 10
ST JUDE'S TRUST NOTES TO THE ACCOUNTS AS AT 5 April 2023 ACCOUNTING POLICIES Basls of accounting The accounts (fi'nancial slalemenlsl have been Prepared under the historical cost convention with item$ recognised al cost or transaction value unless otherwise staled in the relevant notelsl to these accounts. The financial statements have been prepared in accordance with the Slalement of Recommended Practice.. Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard in the UK and Republic of Ireland (FRS 1021 leffeclive January 2019} - (Charities SORP IFRS 1021 and the Charities Act 2011. The trust constitutes a public benefit entity as defined by FRS 102. Preparatlon of the flnancial statemonts on a going concern basls The charity has a reasonable expectation that there are adequate reSoUrS to continue in operational existence for the foreseeable future. It has therefore continued to adopt the going concern basis in preparing its financial stalemenls. Income Income is recognised where there is entillemenl and there is sufficient certainty of receipt so it is probable the amount will be received, and the amount of income can be measured with sufficient reliability. Investment income This is included in the accounts when receipt is probable and the amount receivable can be measured reliably. Investment gains and losses This includes any realised or unrealised gains or losses on the sale of investments and any gain or loss resulting from revaluing investments to market value at the end of the year. Exponditure Resources expended are included in the Statement of Financial Activities on an accruals basis and are allocated as follows.. Charltable actlvltles Donations are those amounts paid to other charities for charitable purposes. These are included in the ststement of Financial Activities when approved by the trustees. Governance eosts Governance costs include all expenditure not direotly related to the charitable aclivib'es. These costs are detailed in note 5 on page 14. Fixed Asset Investments Investments are a form of basic financial instrument and are initially recognised at their transa¢lion value and subsequently measured at their fair value as al the balan sheet date using the closing quoted market price. The slalement of financial activities includes the nel gains and losses arising on revaluation and disposals throughout the year. The Trust does not acquire complex financial instruments.
ST JUDE'S TRUST SCHEDULE OF INVESTMENTS AND INCOME ARISING AS AT 5 April 2023 ACCOUNTING POLICIES (continued) Funds structure Funds held by the charity are.. Endowment funds - these are capital funds invested lo produce income. Unrestricted general funds- these are funds which can be used in accordance with the charitable objects at the discretion of Iruslees. Debtors Debtors are recognised al the settlement amount due. Cash at bank Cash at bank includes cash held al bank Gurrent accounts and short term highly liquid investments held on the deposit accounts. Creditors Creditors and provision are recognised as soon as there is a legal or constructive obligation commilling the charity to that expenditure, il 15 probable that settlement is required and the amount of the obligation can be measured reliably. Flnanclal Instruments The charity accounts for basic financial instruments on initial recognition as per paragraph 10.7 FRS 102 SORP. Subsequent measurement is as per paragraphs 11.17 10 11.19, FRS 102 SORP. Taxatlon The Charity is exempt from tax on its charitable aclivilies. LEGAL STATUS OF THE TRUST The Sl Jude's Trust is an unincorporated charity, governed by a declaration of trust dated 27 February 1961 and 22 June 1965 as amended on 29th June 2021. RELATED PARTY TRANSACTIONS The trustee, R Duckell, is also a trustee of the charity Henley YMCA to whom donations were made lolalling £1,00012022 - £1,000} during the year. The trustee, R Millman. is also a Consultant for Druces LLP. solicitor5, to which fees were paid for administration seNices provided lo the Charity lotslling £6,840 including VAT. He derives no benefit from the fees paid lo DrUS LLP for such servi¢e$. There were no other related party tmnsactions other than expenses reimbursed to the three tTuslees, as detailed in note 5 page 14. 12
ST JUDE'S TRUST SCHEDULE OF INVESTMENTS AND INCOME ARISING AS AT 5 April 2023 DONATIONS GoBeyond Mobility Trust Livability The Sequel Trust Birmingham Royal Ballet Henley YMCA Wheelpower Bluebell's Day Centre British Rowing Charitable Foundation Disabled Workers Co-operative Epilepsy Research Foundation GL11 Community Hub Grief Encounter Brain Tumour Charity Hothouse Theatre Lifelites 1,000 1,000 1,000 2,000 1,000 1,000 1,000 1,000 500 1,000 1,000 1,000 1,000 3,000 961 1,000 3,000 750 PACE Sl Nicholas Church St Mungo's st Luke's Healthcare for the Clergy Martha Trust Prickles Hedgehog Rescue Resolve West Henley Music School Sew Positive South Bucks Hospice The Brigitle Trust Woodland Trust 3,000 3,000 1,000 500 1,000 500 1,000 1.000 1,000 500 1,000 1,000 1,000 1,000 820 Worth Unlimited Become Mortimer Society Just Ice Donations to individuals Total 39,531 13
ST JUDE'S TRUST SCHEDULE OF INVESTMENTS AND INCOME ARISING AS AT 5 April 2023 5. GOVERNANCE COSTS 5.4.23 5.4.22 Adminislralion charges Accountancy charges Trustee's expenses Nominee and safe custody charges 8,090 2,120 875 6,840 8,296 2,016 797 7,513 No staff were employed during the year. The trustees received no remuneration bul were reimbursed for expenses of attending Iruslee's meetings and adminislralion expenses amounting to £87512022.. £7971 NET GAINSI{LOSSES} ON INVESTMENTS 5.4.23 S.4.22 Realised gainslllossesl on carrying value Unrealised gainslllossesl 127,705} 192.757} 12,486 91,187 120,462 103 673 FIXED ASSET INVESTMENTS 5.4.23 5.4.22 Listed investments Carrying Ifairl value at 6 April 2022 Acquisitions al cost Disposals al carrying value Nel gainlllossesl on revaluation 5 April 2023 1.321,765 147,436 1175,9701 192.7571 1,223,193 208,315 1200,9291 91,186 Carrying {fairl value at S April 2023 1200,474 1321765 Histori¢al,Co8t at S Aprll 2023 884 259 860,189 8. CASH AT BANK 5.4.23 5.4.22 Bank of Scotland J M Finn & Co- Income J M Finn & Co- Deposit 28,392 27.226 1,350 7,594 5,354 14
ST JUDE'S TRUST SCHELIULE OF INVESTMENTS AND INCOME ARISING AS AT 5 April 2023 9. DEBTORS 5A.23 5.4.22 Accrued in¢ome 58 45 58 45 10. CREDITORS 5.4.23 5.4.22 Trustee expenses Nominee and safe custody charges Professional fee5 fjoo 3.913 2,016 6,029 3,240 2.120 11. ANALYSIS OF FUNDS 5.4.23 5.4.22 Endowment funds Investments Current assets 1,200,474 164,3591 1,321,765 {58,3481 1 136 115 1263,417 Unreslricled funds Investments Current assets Current liabilitie5 98,105 {5,302} 94,563 16,0291 88,534 Total funds 1.228 918 1,351951 12. MOVEMENT OF FUNDS Fund balances brou forward Galns and Transfers losses Fund balances Carried forward Incomo Ex nditure Endowment fund 1.263,417 16,840) {120,4621 1,136,115 Unreslricled fund 88.534 54,884 150,6151 92,803 Total 1,351,951 54,884 157.4551 {120,4621 1,228,918 15
ST JUDE'S TRUST SCHEDULE OF INVESTMENTS AND INCOME ARISING AS AT 5 April 2023 Market Value asat ril 2022 Market Value asat 5 A ril 2023 Income received Holdin Artemis High Income Fund Units 31,000 23,680.90 921.20 Artgmis Fund Managers Income Trust Units Artemi$ Fund Managers Global Income Trust Units Law Dobenture Corp Ordinary share GBPO.05 12.000 30,558.60 30,393.60 1,810.90 27,000 46,753.20 28,520.10 1,290.09 3,500 28,245 27,580.00 1,054.38 Greencoat UK Wind PLC Ordinary 1 p Shares 25,600 39,808.00 40,883.20 1,976.32 Bellevue Healthcare Trust PLC Ordinary 0.01 p Shares 35,000 66,500 52,850.00 2,187.50 BHP Group PLC Ordinary $0.50 shares 1,500 44,467.50 36,187.50 8,266.40 Blg Yellow Group PLC Ordinary fjop Shares 2,000 30,800.00 23,040.00 874.00 Bluefleld Solar Income Ordinary NPV 23,000 30,475.00 31,832.00 1,902.10 Caledonla Invests @ 36.3602 GBP 575 19,348.75 Chesnara @ 2.839467 GBP 4,250 12,962.50 Dunedin Incorne Grovrth Inv Trusts Ordinary Shares GBPO.25 8,000 24,120.00 22,880.00 1,032.00 Dlgltal 9 Infrastructure plc Ordinary NPV 33,000 36,729.00 22,374.00 1,980.00 Ecclesiastlcal Insurance Office 8.6250/0 Non Cum £1 Pref Shares 18,333 26,307.86 23,924.57 1,581.22 Experlan Group PLC Ordinary $0.10 Shares 1,300 48,790.50 34,853.00 671.71 Glvaudan 18,799.02 268.51 ¢ld 477.235.56 426,428.24 25,816.33
ST JUDE'S TRUST SCHEDULE OF INVESTMENTS AND INCOME ARISING AS AT 5 April 2023 Market Value asat ril 2022 Market Value asat ril 2023 Income received Holdln blfwd 477.235.56 426,428.24 25,816.33 Glaxo Smithkline PLC Ordinary 25p Shares 395.53 1,069 18,213.62 CG portfolio fund PIC The Dollar Inc 250 25,971.00 41,652.50 423.04 Nallonal Grid Ordinary Shares GBP 0.12431289 2,100 25,431.00 23,709.00 1,083.60 GSK PLC Ordinary 0.3125p Shares 12,715.56 256.50 855 Premler Portfolio Managers 17000 19,251.00 30,855.00 829.87 JP Morgan American Investment Ordinary GBPO.05 3,200 24704.00 22.368.00 224.00 Polar Capital Funds PLC GLB Insurance 7.5711 GBP Legal & General Group PLC Ordinary 2.5p Shares 2,750 20,249.35 36.89 10,080 27,488.16 23,667.84 1,885.97 Lloyds Banking Group PLC 9.25 /0 preference Shares 15,000 23,317.50 20,137.50 1,387.50 Ml Sornerset Asla Income 20,000 28,948.00 26,569.00 1.299.50 FTanklln Templeton Funds INCXGBP Inc 28,500 40,413.00 36,594.00 2.094.75 M&G Securltles Ltd Global Dividend I Inc 13,000 38,629.50 37,871.60 1,123.91 Marston's PLC Ordinary 7.375p Shares 6,300 5,017.95 Ml Twfrnty Four Dynamic Bond Units 140 14,770.39 12,761.76 706.28 Reckitt Benckiser Group PLC Ordinary 10p Shares 335 19,959.30 21,225.60 584,91 cld 789,349.98 756,804.95 38,148.58 17
ST JUDE'S TRUST SCHEDULE OF INVESTMENTS AND INCOME ARISING AS AT 5 April 2023 Market Value asat ril 2022 Market Value asat ril 2023 Income received Holdln blfivd 789,349.98 756,804.95 38,148.58 Relx PLC Ordinary 14.44p Shares RIT Capital Partners PLC Ordinary £1 Shares Rlo Tinto PLC Ordinary 10p Shares 1,250 41.565.00 32,812.50 870.40 1,650 41.827.50 30,789.00 610.50 800 48,960.00 42,264.00 4,591.60 Royal Dutch Shell B'shares 2,104 44,625.84 49,717.52 1,815.74 Schroder Investments Fund Company Vanguard Funds PLC S&P 500 ETF INC NAV Segro PLC Ordinary 10p Shares 23,000 19,481.00 245.16 425 28,037.78 26,378.16 383.77 2,200 30,283.00 16.640.80 550.00 stewart Asla 3.0594 GBP 5000 14.946.50 SVS Church House Investment Units 39,660 45,768.18 42.635.01 1,280.41 Syncona Limlted Ordinary NPV 20,000 33,320.00 30,120.00 104.65 Treasury Stock 2.5 Index-Linked Stock 2024 1.25 Index-Linked Stock 2027 5,000 12,500 18,628.00 26,180.23 142.33 269.44 25,061.41 TM Crux European Special Situations I Inc 18,500 43,328.85 310.74 Unllever PLC Ordinary 31.111 p Shares 950 47,742.75 40,740.75 1,839.72 Astrazenca Ordinary shares Verizon Communications Stk$O.10 The Rgnewables infrastructure pi GBP Ordinary NPV Woodside Eneryy Group Ltd Ordinary NPV IDI) 290 29,968.60 33,622.60 693.68 276 11,139.02 376.23 30,000 41,040.00 38,460.00 2,052.00 271 584.17 1,321,764.73 1.200,474.20 54,871.46 18
ST JUDE'S TRUST SCHEDULE OF INVESTMENTS ANO INCOME ARISING- INVESTMENTS SOLD AS AT 5 April 2023 Holdln in Value 05.04.2022 Proceeds Realisgd Gain I Loss Unilever PLC Ordinary 31.111p Shares 400 14,146.00 16,241.15 2.095.15 Experian Group PLC Ordinary $0.10 Shares 350 10,349.50 9,488.59 1860.911 Verizon Communlcations Stk$O.10 276 11,139.02 8.551.56 12,587.46} TM Crux European Special Situations I In¢ 18,500 43,328.85 39,695.39 13,633.461 Relx PLC Ordinary 14.44p Shares 450 11,002.5 10,281.19 1721.311 Marston's PLC Ordinary 7.375p Share5 6300 5,017.95 2,128.03 12,889.921 Trgasury Stock 2.5 Index-Linked Stock 2024 5000 18,628.00 18,504.37 {123.631 Artemis High Income Fund Units 31,000 23.680.90 21,219.95 12.460.951 Artemls Fund Managers Income Trust Units Haleon PIC Ordinary GBPO.01 6,000 15,584.40 14,802.75 {781.651 1069 18,213.62 2,657.16 115,555.46} Woodside Eneryy Group Ltd Ordinary NPVIDII 271 4878.90 4694.04 1184.861 175,969.64 148,264.18 127,705.461 19