REGISTERED CHARITY NUMBER: 263161 REPORT OF THE TRUSTEES AND UliAVDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED S APRIL 2023 FOR J P JACO&S CHARITABLE TRUST Foxley Kingham Chanered Aecountan 260- 270 Butterfie]d Great Marlings Luton Bedfordshir¢ LU2 8DL
J P JACO CHARITABLE TRUST corTENTS OF THE FII%ANCIAL STATEMENTS for tbe Y¢r Ended S APRIL 2023 Pale Report Of the Trtel IndepeThd¢nt Exmlner'5 Report Statement of Fln4n¢lAI Aerfvltles Blnee Shttt Notu lo ihe Flu¢1#1 S¢¢¢m¢Jts 6 10 12
J P JACOBS CHAIUTABLE TRUST REPORT OF THE TRUSTEES for the Year Ended S APRIL 2023 The teeS present their report with the financial sialennIS of the charity for the vear ended 5 April 2023. The trusiees have adopted th¢ provisions of Accounting and Reportin8 by Charities.. Statement of Recommended Practice applicable to ¢haritie5 preparing their accounis in accordance wtth the Financial Reporting Standard applieabl¢ in th¢ UK and Republic of Ireland IFRS 1021 (effeciiY¢ l January 2019). OBJECTIVES AND ACTtVlTILS Objectives attd &ctlviti¢$ The charity is not involved in fimd raising. The Chariws funds are held in investments which ar¢ us¢d to gen¢rale income whÈch is di5tribuied annually anMTrngs¢ charities principally opetation in th¢ field of ihe arts, religion, health research, conservation and youth. The allocation of gants is deierniined in medtnBs h¢ld by the Iruslees. No upper limii on Ihe amount payable is applicablc. None of th¢ chari5 funds are restricted or des11¢¢d. Thc tTU5tec5 confirni ihai they have referred to thc guidance contained in the Charity Commi5S10ll'5 gerfftl guidance on public ben¢fii when reviewing the Trust's aims and objeciiwes and in setling grant making policie5. ACHIEVEMENT AND PERFORMALYCE Achlevementl aDd perform&n¢¢ Disiributlons tol3lling £183,500 were made durtn8 ihe year io vkriou5 charilies. as dethiled in noie 4 to th¢ 8¢eount$. The statement of financial activities for th¢ year is set on page 4. There has b¢¢n a i¥Kr¢a5e in the value of the investmeni portfolio of £538.735. a5 showTt in noie 8. The trustees inv¢st¢d ihc funds received from the £l.OIH),01)O legacy in the prior year. Total additions for Ihe year were £1,248.841 Mryih disposal Proceeds amountin8 to £496,882. The total of unrealised and realised los$¢s for the year £213.224. All inveslmenis ar¢ held in o mlnaged portfolio and iheir Perforne is eon5idered io be salisfaclory by Ihe trnslees. Th¢ n¢1 decrease in the funds in the yeir was £389.307 compared ¢0 an ireaSe in 2022 of £l.IKKI.037. The trustees consid¢r the finan¢ial posilion of the charity to be saiisfactory as at 5 April 2023. The assets of ihe charity are deen*d by th¢ truslees to bc adequate for the ]ri]ment of th¢ oblig¥tion5 of the charity- FINANCIAL REVIEW Flnan¢i&l review Th¢ chorily's reserves are unrestricted. however maoy ore held as fixed auets. The Trusi was sei up 8 number of years ago wih the intention of makin8 annual distributions. TThsiees have powers to invest and feel that li is mosi appropriate lo accumulait reserves to enabl¢ th¢m to make large. spe¢ift¢ donations. wh¢n necessary. In the tntees, opinioo the level of fre¢ r¢s¢rv¢$ is ad¢quale to faciliiaie such donaiioths should th¢ need arise. All assets have been acquired in accordance with the pow¢rs conlained in the Tnt Deed. There haye been no material changes in investment policy in the year. PLANS FOR THE FUTURE As in previous years. the Slraiegy going forward 15 to use ihe charity's itjveslments to g¢n¢rat¢ income which will be distribuied amiually atnong5t various charities principally opernting itt the fields of the arts, religion, Community, healih researth. cons¢rvation and youth. Pag¢ I
J P JACOBS CHARITABLE TRUST REPORT OF THE TRLTSTEES lor the Yelr Ended 5 APRIL 2023 STRUCTURE, GOVERNANCE AND MANAGEMENT C•vtrnlng document The Tryst IS governed by a TTUSt D¢¢d datcd 17 AU8ts 1971. New Trusices are r8r¢ly appointed. bul would be ap1)nted by the existitig trees and trained a5 appropriaie. All d¢cisi0Th5 ar¢ made by the mistee5. Rlsk management There is a limited risk due to the high l¢v¢l of r&%eTves. Jnvestsneni risk is mitigaled by the equity portfolio b¢ing varied and a substantial proportion of invesmKnts wrrcntly bein8 Irt gilts OT cash deposits. REFERENCE AND ADMIYISTRATIVE DETAIIS Registered Charlty ttumber 263101 Prlnelpgl addr¢ Wilion End Cottagc Radlett Lane Sh¢nl¢y Herts WD7 9AJ Tru$te¢$ M5 J Swift Mrmswft Farrer & Co Tn¢ Co Independent EX•0ner Foxley Kin8ham Chartered A¢coun¢an15 260- 270 Butterfield Great Mjrlings Luion Bcdfordshire LU2 8DL Banktrs Lloyd5 Bank PLC Privale Bankin8 21-23 Hill Str¢¢i London WlJ5JW Stockbroke Invesiec Wealth & Invc5tm¢nt Limited 2 Grcsham Street London EC2V 7QP Approv by order of ihe board of trustees on..... . and S1Cd on its behalf by.. Ms Swift- TTU5t¢¢ Page 2
INDEPENDENT Ex1[ER's REPORT TO THE TRUSTEES OF J PJACOBS CHAIUTABLE TRb'ST Independent ¢xamin¢r'$ report to the trustees of J P Jacobs Cb*rit3ble Trust I repon to the Charity rrusiees on my examinalion of ihe accouni.s of J P Jacobs Charitsble Ttwt (the Ttitstl for ihe year ended S April 2023. ReSPODSibilitifs and b•$i5 of report As the charity tNsiees of Ihe TnJsi you are resp0$1b1e for the preparalion of the accounts in accordance with the requirements of the Chat]"lies Act 2011 {'the Aci.). l Teport in respeci of my examination ofthe Trt[.5 accounts carried oui under Seciiort 145 of the Act and in can)ing oui my examination I have followed all applicable Direction5 given by the Charity Conunission und¢r S¢ction 14515llb) of the Act. Independent examlner'i stattment I have completed rny exarninatlOD. I confLrnI that no malerial rnallers hav¢ come to my 8tteDtIOD in connection with th¢ examination giking me cause to believe that in any material respecl.. accouniing records were noi kept in rcspeci of ihe Tnjsi as required by Section 130 of ihe Aci. or ¢h¢ J¢¢ounts do not accord wilh thos¢ cOrds. or Ihe accounts do not comply with thc applicablc requiremcDts concerning the forni and content of accowils sct OUT in the Chariiies (Accounts and Rcponsl Regulaiions 2008 other ihan any requiremeni thai the accounts give a truL and faLT vi¢w which is nol a TNall¥r considered a5 part of an indepvnden( examinativn. I have no conc¢rn5 and have come across no other rnitters in connection the examination to which attention $hould be drawry) in thi5 report in order lo enable a proper understanding of the accounts 10 be reached. Tara Aldwin ACA Foxley Kingham Chartcr¢d A¢countanl$ 260- 270 Buttcrficld GTeat Marlin85 Luion Bedfordshire LU2 8DL Dale.. Page 3
J P JACOBS CIIARITABLE TRUST STATEMENT OF FtNANCIAL ACmqTIES for the Year EDded 5 APRIL 2023 2023 Unrestricted fund 2022 Total funds Notes INCOME AND ENDOWMEliTS FROM Donations and legacies 1,000.000 Investmcnt income 50,816 36.306 Total 50.816 1,036,306 EXPENDITURE ON Raising fimd5 13.616 9.932 ChArltAble ietlvltlei Charitable Activilies 213.284 131,975 Total 226,900 141.907 Nel 8ainsl{10sses} on investments (213223) 105.638 NET INCOMEI(EXPENDITURE) 1389.3071 1,000,037 RECONCILIATIOY OF FUNDS Toial funds brought forward 2,614,643 ,614,606 TOTAL FUNDS CARRIED FORWARD 2,225,336 2,614.643 The thiies forn) pan of ibese financial atementS Page 4
J P JACOBS CHARITABLE TRLST BALANCE SHEET 5 APRIL 2023 2023 Unrestricted fund 2022 Total funds Notes FIXED ASSETS Investments 2,137,310 1.598,575 CURRENT ASSETS Debiois Cash at bank 1.002,587 28,181 111,669 116.669 1,030.768 CREDITORS nounis fallin8 due within on¢ ar 10 128.IA3} 114,700) NET CURRENT ASSETS 88,026 1,016,068 TOTAL ASSETS LESS CURRENT LIABILITIES 2.225,336 2,614.643 NET ASSETS 2225,336 2.614.643 FUNDS Unrestricted fund$ 2,225.336 2.614,643 TOTAL FUNDS 2.225,336 2.614.643 ents w¢r¢ ¥pproved by the Board of Trust¢¢s and authorised for issue and wer¢ signed on its behalf by.. on s J Swift- Tn&¢¢ The notes form part of tb¢5¢ financial ststemen Page 5
J P JACOBS CHARITABLE TRUST liOTES TO THE FtYAh'CIAL STATEMEYTS ror the I'vAr Ended 5 APRIL 2023 ACCOUNTING POLICIES A¢counting conveDtion The fuvdneial sthiements of the tban"iy. which is a public benefii entity under FRS 102. have been prepared in accoTdanc¢ with the Charities SORP (FRS 102) 'A¢couniitig and Reponing by Chariiies.. Stat¢ment of Recommended PTactiee applicable to charities preparing th¢ir accounts in accordan¢¢ wiib the Fina121 Reporting SrandaTd applicable in the UK and Republic of IT¢land (FRS 102} (effective l January 20191,, Financial Reponing Standard 102 Tr Financial R¢wrtin8 Siandard applicable in the UK and R¢publi¢ of Ireland, and the Charities Act 2011. The financial slatents have been pr¢pared under the hislorical eost convention, with the exception of investments which are i[uded ai markei valu¢, as modified by the revoluation of certain assets. The presellialion curreTbCy of the financial Sthi¢Trnts is in Pounds Sterling 1£), which is ihe functio1 currency of th¢ charity. FID¥ndAI reptsrtlng standard l(12- reduced dlx10511re ejemptioni The charity has taken advantag¢ of Ihe follo4ng d1105Ure exempiion in preparin8 these financial statements. as perniitled by FRS 102 The Financial Rcporting Standard applicable in ihe UK and R¢public of Ireland.: the requirements of Sedion 7 Statement of C¥sh Flow& Inve5tmcn¢s Invesiments are initially reco8nised ai their transaciion value and subsequently me8SUTcd at their market valuc as ai the Balance Sheet dal¢ using the Closing quol¢d market price Th¢ Statem¢ttt of Financial Aclivities includes th¢ net gains and losse5 arising ort r¢valuaiion and disposals throughout the year. Income and expen5¢$ Income relates io reNrns earned on ihe chari3 inv¢51mettis. IrKome on ¢h and securities held are r¢¢orded in the year in which ihey are received. Expenses are recorded in respect of the year in which ihey are payabl¢. Direct eharitsble expendi¢ur¢ and ihe cosl of nthnagemeni and admini$lration of thc charity arc alloeaied in linc with the ¢o$ts to which they rel¥tc. Granls offered 5ubJe¢t io Conditions whi¢h have noi been met at the yeaT end dale are noted as a commitment bui noi accrued as exp¢ndinire. Taxatlts The charity is exempt from tsx on its charitsble activitie& Fund Unrestrtcted fund5 can be used in accordanee with Ihe charitabl¢ objectives at the diKrelion of the trusitt5. Restricted funds can only be Sed for particular r¢$tricied pU5¢S within ih¢ objects of the charity. Restriciions ari5¢ when specified by the donor or Mphen funds ar¢ raised for particular re51Ti¢ted purposes. Further explanation of the nature and purpose of each fund is irKluded in the note5 to the fittancial statements. Hlre lea$lThg commitm¢nts Rentals paid und¢r operating leases are charged io the StaiemEnt of Fintiticial Activitle5 on a strai8bi line ba5]5 over tbe period of ih¢ l¢w. Debtors Debtors are measured at th¢ir recoverable anxjunts at the balance sh¢¢t date. Creditor$ 8Dd provlslons Creditors and provisions are recognised wh¢Te the charity has a present obligation resulting from a past event that will probably result in the transfer of funds lo a third party and the amount due to settle the obligation can be measured or estimated reliably. Credilors and provisions are nomhally recognised ai theiT seitlemeni arThiwit after allowing for any trade discounts. Page 6 ontinued...
J P JACOBS CHARITABLE TRUST NOTES TO THE FIh'AN'CIAL STATEMEN'TS- coTrtlnued for Ihe Year Ended 5 APRIL 2023 ACCOUNTJNG POLICIES- continued Debtors Flnattcill in5tTlllll¢nt5, cash bnk blnce5 Cash held by the charity is includ¢d at the anwunt a¢1]Y held and COUDt¢d at the year end. Bak balan¢es. whether in credit or overdrawn. are showTr at ihe atTh)unis property Ttton¢il¢d to the bank stsiements. Financial instruments aTe measured as fair valu¢. In the case of unliskd investhrtts ihey are valued at cosi less impairnient. INVESTMENT INCOME Income received on investments may be analysed as follows= 2023 2022 Li>ied investmcnt5 UK Governrn¢nt 5twks 46,959 3.392 35,825 946 50,351 36.771 RAISING FUNDS Investrnent mtt*%¢meDt costs 2023 2022 Investment Manager f¢¢s 13,616 9.932 GK4NTS PA YABLE 2023 2022 Charitable Acliviiies 183,5 116.575 The total grants pwid to institutions durin8 ihe year was Js follow5.' 2023 2022 Grants 183,500 16,575 Grant funding of activiiie5 Activity or progTamme Total 67.500 79.500 38.500 67.500 79,500 38.500 Community I Welfare Health 183,500 183.500 All 8rants paid in the year were io InllutIons. anM)unts paid to individuals was NIL12022..NIL) Page 7 continu¢d...
J P JACOBS CHARITABLE TRUST NOTES TO THE FIYANCIAL STATEMENTS- eorntlnued for the Year Ended 5 APRIL 2023 GRANTS PAYABLE - ¢•ntlDved Grants of £5,000 over Grants Commimxnts Awarded In Grdllts Paid In Commitments BIF The Period The Peri¢)d Chgrlty Name Horatio's Garden Lamda Lid ENO- Breaihe Campaign Anne Frdnk TTUSI Magic Br¢akfasi Royal Opera Hou5¢ Medical Aid UkraiDe Entclechy Arts Leukaemia UK Folix Project Opening Doors Re-Engage Swilchboard LGBT+ Young Urban Atts Foundation Kidney R¢seareh Mairreya School & H¢aling C¢otre National Kidney Fedcr?tion Racc Against Dementia Scrum Thcatre Company Extr¥ h¢alth 25.000 20.(MKJ 12,OIKJ 10.000 10.000 10.IMX) 10.0 25.000 20,000 12.000 10.000 10.000 10,o(M) 5.000 6,500 8.500 7.000 6.51)0 6,500 6.500 6.500 5.000 5.000 2.500 8.500 7,000 6.5¢)0 6,500 6.5) 6.5 (irants of £5,000 and over GrlS below £5,0(10 177.51)0 22,500 165.000 18.500 12.500 4.000 Total Grants 2().1JOO 183,500 16,500 INDEPENDENT EXAMIYERS. REMUYERATION 2023 2022 Independent examiners, remunerniion Indep¢ndent eaminerS. remuneratiort- non gudii work Auditors. remun¢ralion Auditors. remuneration - non audit work 1.0 3.000 1.000 TRUSTEES, REMUliERATION AND BENEFITS There were no trSts, remuiieration OT oth¢T b¢nefits for the ended 5 April 2023 nor for the yeaT ended 5 April 2022. Trnstees, expensej There wer¢ no tr¢s. expenses paid for the year ended 5 April 2023 nor for ihe year ended 5 April 2022. Pag¢ 8 continued...
J P JACOBS CHAIUTABLE TRUST I%OTES TO THE FINATr¥CIAL STATEMENTS- continued lor tht Yr Eed 5 APRIL 2023 COMPARATllfS FOR THE STATEIMENT OF FINANCIAL ACTIVITIES Unrestricted ffijnd INCOME AND ENDOWMENTS FROM Donations and legacies 1.000.000 Investment income 36,306 Tot1 1.036,306 EXPENDITURE ON Raising fiujds 9,932 CharltAbl¢ £dtIeS Charilabl¢ Activities 131,975 Total 141.907 Net gains on invesiments 105.638 NET INCOME l.O(K).037 RECONCILIATION OF FUNDS Total funds brou8hi forward 1,614.606 TOTAL FUNDS CARIUED FORWARD 2.614.643 FIXED ASSET INVESTMENTS Invesm)enis Ihsicd on a recognÈsed UK stock¢x¢hange Bonds Total Costlvaluaiion at 6 April 2022 AdditioLs ai cost Disposal proc¢¢d5 Ncl realised gains I (losses) Net unrealised gains Illosses) 1.113.710 484,865 956.108 292,732 {374.8991 1121,9821 (49.9151 (21.5681 (103,177) (38,564) 1,598.575 1,248.841 1496,8821 (71,483) {141,741} 1.541.827 595.483 2,137,310 Historical cost at 5 April 2023 1,327,748 636,417 1.964.165 Page 9 coniinued...
J P JACOBS CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENfs- tontinu¢d for ihe Tr'ear Ellded 5 APRIL 2023 DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2023 2022 Other d¢btors Prepa>incnts and a¢erued income 2,587 I,000,i)00 5.000 1,002.587 10. CREDITORS: AMOUNTS FALLING DUE THIN ONE YEAR 2023 2022 Other credi¢oTS Grant commiimcnts Ac¢Tuals and deferred income 1.943 16,5(KJ 10,200 14.700 28,643 14.700 MOVEMEliT IN FUNDS Net movemenl in fiJnd5 At 5.4.23 Ai 6.4.22 Unrestrlc¢ed funds Gencral fund 2,614,643 1389,307) 2,225.336 TOTAL FUNDS 2.614,643 (389,307) 2,225.336 Net movement in funds, included in the above are as follows.. Irthmin8 resources Resour¢es expended Gains and I0¢S Mov¢m¢ni in fuTvJs Unr¢Jtrieted funds General fund 50.816 (226,9(X)) (213,223) (389,307) TOTAL FUIYDS 50.816 {226.91KII (213.223) 1389,307) ComparAtlves for movement In fund5 Net movemenl in funds At 5.4.22 Al 6.4.21 Utsreitrleted fuDdi Generdl fvnd 1,614,606 1.000.037 2,614.643 TOTAL FUNDS 1,614.606 1.000.037 2,614,643 Page 10 continued...
J P JACOBS CHARITABLE TRUST NOTES TO THE FINA¥ClAL STATEMETs- eontlnued for the I'e*r Ended 5 APRIL 2023 MOVEMENT IN FUNiDS- CQDtinued Cornparative net movemeni in fimds. included in the abov¢ are as follows: Incoming resources Resources eXpeIed Gain5 and losses Movement in fimds Unrestrlcted fund$ General fund 1.036,306 (141.9071 105.638 i.(M)0,037 TOTAL FUNDS 1.036.306 (141.907) 105.638 I.1)00.037 A current year 12 month5 and prior year 12 nnthS combined position is as follows.. Net movement in funds At 5.4.23 At 6.4.21 Unrestrlcted lunds General fund 1.614,606 610,730 2.225.336 TOTAL FUNDS 1.614.606 610,730 2,225,336 A current year 12 months and prior year 12 Twnths Combined net movement in fitnds. includ in th¢ above are as follows: Incoming resource$ Resources expended Gains and loss¢s Movement in funds Unrestrleted fund$ Gcn¢ral fund 1.087.122 (368,8071 (107.5851 610,730 TOTAL FUNDS ,087,122 (368.807) (107,585) 610.730 12. RELATED PARTY DISCLOSURES Farrer & Co LLP are a firni of independeni lawyers that serve as Tnjsiees for the charity. During th¢ year, the firni provided legal and trusteeship serviccs to the charity. The value of ihese smiccs wa5 £14,08412022 - £nill. Pagcll Contind...
J P JACOBS CIIARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS- CotInUed ftsr the Year Ended S APRtL 2023 13. COIYTROL RELATIONSHIPS The trustees control the Charity. as they make decisions regdIng how io distribute funds and other matters. Page 12