## **J A R CHARITABLE TRUST**
## **REPORT AND FINANCIAL STATEMENTS**
**for the year ended 5th April 2021**
Hunters Law LLP 9 New Square Lincoln’s Inn London WC2A 3QN SEC.WVM.35731-1
## **J A R CHARITABLE TRUST**
## **ACCOUNTS FOR THE YEAR ENDED 5[TH] APRIL 2021**
|**Contents**|**Page**|
|---|---|
|Independent examiner’s report|1|
|Trustees’ Report|2-5|
|Balance sheet|6|
|Statement of Financial Activities|7|
|Donations|8|
|Investments|9-10|
|Investment Changes|11|
|Notes to the Accounts|12|
Independent Examiners Report to the Trustees of JAR Charitable Trust
I report on the accounts of the Trust for the year ended 5 April 2021
RespeGÈive responsibilities of trustees and examiner
The charity's truslees are responsible for the preparation of the accounts. The charity's
trustees consider that an audit is not required for this year under section 144121 of the Charities
Act 2011 Ilhe 2011 Act) and that an independent examination is needed.
11 is my responsibility to..
examine the accounts under section 145 of the 2011 Act.,
lo follow the procedures laid down in the General Direclions given by the Charity
Commissioner under section 145151(bl of the 2011 Act., and
lo slate whether particular matters have come lo my altenlion.
Basis of independent examiner s report
My examination was carried out in accordance with the General Directions given by the
Charity Commissioner. An examination includes a review of the accounting records kept by
the charity and a comparison of the accounts presented with those records. It also includes
consideration of any unusual items or disclosures in the accounts, and the seeking of
explanations from you as trustees concerning any such matters. The procedures undertaken
do not provide all the evidence that would be required in an audit and, consequently no opinion
is given as to whether the accounts present a 'lrue and fair view, and the report is limited lo
those matters set out in the slalemenl below.
Independent examiner's statement
In connection with my examinalian, no matter has come to my attention..
which gives me reasonable cause to believe that, in any material respect, the
requirements..
la)
(b)
lo keep accounting records in accordance with seclian 130 of the 2011 Act-, and
lo prepare accounts which accord with the accounting records and to comply with
the accounting requirements of the 2011 Act have not been met., or
to which, in my opinion, attention should be drawn in order to enable a proper
understanding of the accounts to be reached.
Mark Laughton FCCA
Burgess Hodgson LLP
Chartered Accountants
27 New Dover Road
Canterbury
Kent
CT1 3DN
13 October 2021
## **J A R CHARITABLE TRUST**
## **Report of the Trustees for the year ended 5th APRIL 2021**
The Trustees present their report and the unaudited Financial Statements of the charity for the year ended 5th April 2021. The Financial Statements comply with the statutory requirements, the governing document and the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (Charities SORP (FRS 102)).
## **OBJECTIVES AND ACTIVITIES**
## **Objectives and aims**
The charity’s objectives as defined in the governing document give the Trustees absolute discretion over payments of income and capital with prior consideration being given to the advancement of religion in any part or parts of the world in connection with the Roman Catholic Church, provision for the education at schools or other educational establishments of person or persons under the age of 30 years and provision of food clothing and accommodation for needy persons over the age of 55 years where such persons would by reason of illness or other hardship and through no fault of their own be otherwise deprived of the standard of living which they might reasonably expect to enjoy.
## **Public benefit**
The Trustees have referred to the Charity Commission’s general guidance on public benefit when reviewing their aims and objectives and in planning their future activities, as required under Section 17(5) of the Charities Act 2011.
## **ACHIEVEMENT AND PERFORMANCE**
The Trustees supported 29 charities in the year all connected with different aspects of the Roman Catholic Church both at home and overseas. The amount donated decreased by 5.68%. Payments in support of work overseas were made to charities registered with the UK Charity Commission.
## **Investment performance**
The charity holds no investment properties. Its funds are held in investments. The Trust has professional investment advisers who manage the charity's investments. During the year the charity purchased investments for £98,620 and the annual revaluation saw a gain of £1,469,296. Proceeds from the sale of investments were £101,999 and there was a loss on disposals of £11,599.
At 5th April 2019 the investments were in the following sectors:
**----- Start of picture text -----**
2021 2020
UK fixed interest 5.36% 7.90%
UK listed equities 44.00% 43.56%
Overseas equities 49.81% 46.44%
Cash 0.83% 2.10%
Total financial investments 100% 100%
**----- End of picture text -----**
## **FINANCIAL REVIEW**
## **Financial position**
The charity's funds increased by £1,443,507 from £3,817,467 to £5,260,973.
2
All the charity's income is derived from its investments. Income decreased by £26,498 (21.49%) to £96,812.
## **Investment policy and objectives**
The charity's governing document places no restrictions on the discretion of the Trustees in investing the charity's assets. The investment fund managers invest on a medium high risk basis with a balanced investment objective and the investments are reviewed by correspondence twice a year.
## **Reserves policy**
The Trustees have power under the governing document to apply income and capital for the Trust's objectives. In practice the Trustees aim to distribute the income and to build up the capital content as unrestricted reserves. The reserves at the year end were £5,260,973.
## **FUTURE PLANS**
The charity intends to continue its existing work to relieve persons in conditions of need, hardship or distress and to promote the Roman Catholic faith.
## **STRUCTURE GOVERNMENT AND MANAGEMENT**
The governing document is a Deed of Settlement dated 30 March 1966 made by Jeffery Arthur Rose. The Trustees have unlimited power of investment and if there are more than two Trustees they have power to act by a majority. The power to appoint new or additional Trustees is vested in the remaining trustees.
## **Organisation**
The Trustees are responsible for the general governance of the charity and meet once a year to manage and review the charity's activities and achievements. They identify projects and organizations they wish to support and the charity does not make grants to people or organizations who apply speculatively. The charity supports a number of charities on a regular basis, most of which are known personally to one or more of the Trustees.
The charity has a policy of not responding to any correspondence unless it relates to grants it has agreed to make or to the general management of the charity.
## **Induction and training of new trustees**
New trustees would be provided with a copy of the charity's governing documents, annual report and financial statements for the previous three years and the Charity Commission's documents relating to the responsibilities of charity trustees.
## **Risk management**
The principal risk faced by the charity lies in the performance of investments. This is mitigated by retaining expert investment managers and having a diversified investment portfolio.
## **REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity Number:**
248418
## **Principal address**
c/o Hunters Law LLP, 9 New Square, Lincoln’s Inn, London WC2A 3QN
3
## **Trustees**
William Young (Retired 30 October 2020) Paschal Ryan (Chair of Trustees) Benedict Henry Noble Martin Boland (Appointed 30 October 2020)
## **Bankers**
CAF Bank Ltd, 25 Kings Hill Avenue, Kings Hill, West Malling, Kent ME19 4JQ
## **Solicitors**
Hunters Law LLP, 9 New Square, Lincoln’s Inn, London WC2A 3QN
## **Investment Managers**
Raymond James Investment Services Limited, 1 King William Street, London, EC4N 7AF.
## **Independent Examiner**
Mark Laughton, Burgess Hodgson LLP Chartered Accountants, 27 New Dover Road, Canterbury, Kent CT1 3DN
## **STATEMENT OF TRUSTEES RESPONSIBILITIES**
The charity’s Trustees are responsible for preparing the Trustees Annual Report and the Financial Statements in accordance with applicable law and regulations.
The law applicable to charities in England and Wales requires the Trustees to prepare Financial Statements for each financial year. Under that law the Trustees have elected to prepare the Financial Statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accountants Standards and applicable law). Under company law the Trustees must not approve the Financial Statements unless they are satisfied that they give a true and fair view of the state of affairs of the charity and the income and expenditure of the charity for that period.
In preparing these Financial Statements the Trustees are required to:-
- select suitable accounting policies and then apply them consistently
- observe the methods and principles in the Charities SORP
- make judgments and accounting estimates that are reasonable and prudent
- state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the Financial Statements
- prepare the Financial Statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.
The Trustees are responsible for keeping accounting records that are sufficient to show and explain the charity’s transactions and disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the Financial Statements comply with the Charities Act 2011 and the Charity (Accounts and Reports) Regulations 2008. 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.
## **Independent Examiner**
Mark Laughton FCCA of Burgess Hodgson LLP has been re-appointed as independent examiner for the ensuing year.
4
Approved by the Trustees on ………………………. and signed on their behalf by:
…………………………………… ……………………………………. Trustee Trustee
………………………………….. Trustee
5
## **J A R CHARITABLE TRUST**
## **BALANCE SHEET as at 5th April 2021**
|**UNRESTRICTED FUNDS**
**There are no Restricted or Endowment Funds**
represented by:-
**INVESTMENTS**at Market Value
**CASH**
Raymond James GBP account
CAF Bank
**CREDITOR**
Hunters
**NET ASSETS**|**2020/21**
**2019/20**
£
£
5,260,973.28
3,817,466.53
5,190,004.38
3,735,687.54
43,695.41
80,001.84
27,273.49
7,177.15
0.00
-5,400.00
5,260,973.28
3,817,466.53|
|---|---|
6
## **J A R CHARITABLE TRUST**
## **STATEMENT OF FINANCIAL ACTIVITIES for the year ended 5th April 2021**
||**2020/21**|**2019/20**|
|---|---|---|
|**INCOMING RESOURCES**|£|£|
|UK Fixed Interest (gross)|14,423.61|14,171.00|
|UK Dividends|58,001.58|85,327.21|
|Unit Trust Dividends|4,964.21|5,215.45|
|Overseas Dividends|19,144.50|18,534.00|
|Property Income Distributions|0.00|0.00|
|Gain on currency conversion|277.91|61.99|
||96,811.81|123,309.65|
|**RESOURCES EXPENDED**
**Direct Charitable Expenditure**
**Management and Administration Expenditure**
Hunters professional charges to 5/4/21 (including
£1,284.70 VAT)
Burgess Hodgson - Independent Examiners fee for
Accounts to 5/4/20
Charles Stanley Management fees
Charles Stanley Overseas Custody Charge
Raymond James Management fees
Raymond James Overseas Custody Charge
LEI application fee
Bank charges
Loss on currency conversion|81,000.00
7,708.20
725.96
0.00
0.00
21,497.87
0.00
0.00
69.50
0.00|88,000.00
5,400.00
710.63
6,195.88
638.47
10,985.43
0.00
0.00
71.00
0.00|
||111,001.53|112,001.41|
|**THERE ARE NO PUBLICITY OR FUND-RAISING COSTS**
**Net Incoming/Outgoing Resources in the year**
GAINS/LOSSES ON INVESTMENT ASSETS
Realised
Unrealised
Total funds brought forward
**TOTAL FUNDS CARRIED FORWARD TO THIS YEAR'S**
**BALANCE SHEET**|-14,189.72
-11,599.39
1,469,295.87
3,817,466.53
5,260,973.28|11,308.24
1,323.34
-263,600.57
4,068,435.52
3,817,466.53|
7
## **J A R CHARITABLE TRUST**
## **DONATIONS in the year ended 5th April 2021**
|Cheque
No
98
Ordinariate of Our Lady of Walsingham
99
Bishop of Brentwood
100
Tongabezi School Trust
142
Little Sisters of the Poor
143
Cardinal Hume Centre
144
Church of St James
145
LIFE
146
St Joseph's Hospice
147
Eastbourne College
148
St Patrick's Soho Square
149
HCPT
180
The Passage
181
Catholic Children's Society Westminster
182
Ministry of Stories
183
Audio Active
184
JMB Educational Fund
185
Prisoners Abroad
186
Archdiocese of Liverpool
187
Catholic Children's Society Brentwood
188
Walsingham House
206
Anchor House
207
Friends of Tumaini
208
Aid to the Church in Need
209
Liverpool Archdiocesan Youth Pilgrimage
210
Nazareth House
211
Marriage Care
213
St Joseph's Pastoral Centre|£
5,000
3,000
2,500
3,000
3,000
2,000
2,000
3,000
4,000
2,000
3,000
4,000
3,000
1,000
500
4,500
2,000
3,000
3,000
4,000
5,000
2,500
4,000
3,000
3,000
2,000
4,000
81,000|
|---|---|
8
## **J A R CHARITABLE TRUST**
## **INVESTMENTS held at 5th April 2021**
|||**Value at**|**Value at**|
|---|---|---|---|
|||**5/4/21**|**5/4/20**|
|**UK Bonds**||£|£|
|£300,000|Tesco 6.15% Snr Nts 15/11/2037|280,534.70|301,407.03|
|**UK Companies**||||
|28,000|Aviva 8.75% Cum Irr Pref £1|43,820.00|33,600.00|
|30,000|Barclays PLC Ord 25p|55,200.00|24,072.00|
|8,800|BP Ord US$0.25|25,502.40|29,682.40|
|10,000|Experian Group US$0.10|254,600.00|239,981.28|
|14,300|Glaxosmithkline Ord 25p|182,696.80|212,984.20|
|9,730|HSBC Holdings Ord US$0.50|41,177.36|38,647.56|
|100,000|Lloyds Banking Group Ord 0.10p|42,770.00|27,725.00|
|3,900|M&G Plc Ord GBP 0.05|8,166.60|4,266.60|
|0|Marston's Ord 0.07375p|0.00|18,060.00|
|6,000|National Grid Ord 0.12431289p|51,810.00|50,508.00|
|3,900|Prudential Corp 5p|60,508.50|35,887.80|
|700|Reckitt Benckiser Group Ord 10p|45,479.00|43,764.00|
|4,000|Rio Tinto Ord 10p|219,200.00|150,440.00|
|6,723|Royal Dutch Shell "B" €0.07|89,778.94|95,359.03|
|80,000|Scottish Mortgage Inv Trust Ord 0.05p|931,200.00|430,800.00|
|5,500|SSE Ord 50p|80,135.00|59,015.00|
|3,696|Unilever Ord 0.031111p|148,653.12|149,207.52|
|16,363|Vodafone Group Ord US$0.2095238|21,870.79|18,166.20|
|**Europe**||||
|1,300|Nestle SA CHF0.10|105,378.14|111,033.41|
|**USA**||||
|130|Adobe Inc Com USD 0.0001|45,954.71|0.00|
|60|Alphabet Cap $0.001 "C" Class|96,016.48|53,800.06|
|22|Amazon Com Inc|51,043.74|34,257.57|
|2,200|Apple Inc Com US$0.00001|199,161.59|124,214.55|
|400|Becton Dickinson Com US$1|70,492.48|74,070.56|
|700|Bristol-Myers Squibb Com US$0.10|31,790.50|31,746.97|
|300|Equifax Inc Com $1.25|40,282.44|26,123.81|
|500|Facebook Inc Com Cl "A"|111,060.38|62,961.45|
|1,600|Findlay Park Funds American USD|190,058.46|147,585.75|
|14,451.52|Henderson JH N American Index**Acc**|346,178.36|240,223.71|
|200|Indexx Laboratories Inc Com|70,654.98|38,312.64|
|200|Intuit Inc Com|57,831.50|35,672.98|
|1,260|Johnson & Johnson Com|148,067.42|138,071.05|
|600|Microsoft Corp Com|107,455.80|75,382.22|
|800|Paypay Holdings Inc Com|144,396.11|60,365.89|
|1,500|Pinterest Inc Com USD 0.00001|85,778.69|0.00|
|1,000|Procter & Gamble Com NPV|98,113.94|93,988.89|
|150|Servicenow Inc Com|55,440.67|30,574.56|
|300|Stryker Corp Com Stock|53,600.63|36,279.81|
|1,500|Verizon Communications Com $0.10|63,495.43|67,012.41|
9
## **J A R CHARITABLE TRUST**
## **INVESTMENTS held at 5th April 2021**
|**Asia Pacific**||||
|---|---|---|---|
|3,900|Australia & New Zealand Bank NPV|60,614.20|30,200.08|
|15,000|Australian Foundation Inv NPV|61,172.26|40,826.83|
|18,981.447|First State Inv Asia Pacific Leaders B**Acc**|182,728.70|126,659.39|
|816|Jardine Matheson Holdings US$0.25|39,053.56|32,629.33|
|18,000.000|JP Morgan Asian Inv Trust Ord 25p|91,080.00|60,120.00|
|||5,190,004.38|3,735,687.54|
||**Market Value at 5/4/20 of investments sold in year to 5/4/21**||-113,598.57|
||**Cost of investments purchased**||98,619.55|
||**Adjusted value at 5/4/20**||3,720,708.51|
||**Value at 5/4/21**||5,190,004.38|
||**GAIN(/LOSS) IN YEAR TO 5/4/21**||1,469,295.87|
10
## **J A R CHARITABLE TRUST**
## **INVESTMENTS CHANGES in the year ended 5th April 2021**
|**Disposals**
3/6/20
50,000 Marston's Ord GBP 0.07375
1/9/20
1,352 Experian Oord USD0.10
1/9/20
320 Apple Inc Com USD 0.00001
**Acquisitions**
20/6/20
Henderson North America acc income
1/9/20
130 Adobe Inc Com USD 0.0001
1/9/20
1,500 Pinterest Inc Com USD 0.00001
30/9/20
First State Investments acc income
31/12/20
Henderson North America acc income
31/3/21
First State Investments acc income|**Proceeds**
£
34,065.05
36,805.52
31,128.61
101,999.18|**Market**
**Value at**
**5/4/20**
**Gain/Loss**
£
£
18,060.00
16,005.05
32,445.47
4,360.05
63,093.10
-31,964.50
113,598.57
-11,599.39
**Cost**
2,019.91
51,597.68
42,057.66
989.27
1,863.20
91.83
98,619.55|
|---|---|---|
11
## **J A R CHARITABLE TRUST**
## **NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 5TH APRIL 2021**
## **Basis of Accounting**
In preparing the Accounts the charity follows best practice as laid down in the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (Charities SORP (FRS 102)).
Historical cost accounting rules have been applied in all instances except for the valuation of investments. Investments have been valued at their year end market value, on a middle price basis. Any corresponding gain or loss on this revaluation is shown in the Statement of Financial Activities for the year.
## **Income**
The Trust income is derived solely from its investment portfolio. The Trust receives no donations and is not involved in fund-raising or publicity.
## **Trustees Remuneration and Expenses**
None of the Trustees receive remuneration or expenses in connection with their work as Trustees.
## **Investments at Market Value**
|**Investments at Market Value**|||||
|---|---|---|---|---|
|Comprised:-|**2020/21**
**£**||**2019/20**
**£**||
|Fixed Interest securities|280,535|5.41%|301,407|8.07%|
|Equities|4,909,470|94.59%|3,434,281|91.30%|
All investments are carried at their fair value. Investments in equities and fixed interest securities are all traded in quoted public markets, primarily the London Stock Exchange. Holdings in common investments funds, unit trusts and open-ended investment companies are at the bid price. The basis of fair value for quoted investments is equivalent to the market value, using the bid price. Asset sales and purchases are recognized at the date of trade at cost (that is their transaction value).
The trustees note the slight increase in proportion held in fixed interest at the end of the year compared to the start of the year and are happy with the balance between the asset classes at the end of the year.
12