**REGISTERED CHARITY NUMBER: 263161** **REPORT OF THE TRUSTEES AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024** ## **FOR** ## **J P JACOBS CHARITABLE TRUST** Foxley Kingham Chartered Accountants 260 - 270 Butterfield Great Marlings Luton Bedfordshire LU2 8DL **J P JACOBS CHARITABLE TRUST** **CONTENTS OF THE FINANCIAL STATEMENTS for the Year Ended 5 APRIL 2024** |||**Page**|| |---|---|---|---| |**Report of the Trustees**|1|to|2| |**Independent Examiner's Report**||3|| |**Statement of Financial Activities**||4|| |**Balance Sheet**||5|| |**Notes to the Financial Statements**|6|to|11| **J P JACOBS CHARITABLE TRUST** ## **REPORT OF THE TRUSTEES for the Year Ended 5 APRIL 2024** The trustees present their report with the financial statements of the charity for the year ended 5 April 2024. The trustees have adopted the provisions of 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). ## **OBJECTIVES AND ACTIVITIES** ## **Objectives and activities** The charity is not involved in fund raising. The Charity's funds are held in investments which are used to generate income which is distributed annually amongst charities principally operation in the field of the arts, religion, health research, conservation and youth. The allocation of grants is determined in meetings held by the trustees. No upper limit on the amount payable is applicable. None of the charity's funds are restricted or designated. The trustees confirm that they have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the Trust's aims and objectives and in setting grant making policies. ## **ACHIEVEMENT AND PERFORMANCE** ## **Achievements and performance** Distributions totalling £150,500 were made during the year to various charities, as detailed in note 4 to the accounts. The statement of financial activities for the year is set out on page 4. There has been a decrease in the value of the investment portfolio of £11,791, as shown in note 8. Total additions for the year were £445,861 with disposal proceeds amounting to £531,479. The total of unrealised and realised gains for the year £73,827. All investments are held in a managed portfolio and their performance is considered to be satisfactory by the trustees. The net decrease in the funds in the year was £51,603 compared to a decrease in 2023 of £389,307. The trustees consider the financial position of the charity to be satisfactory as at 5 April 2024. The assets of the charity are deemed by the trustees to be adequate for the fulfilment of the obligations of the charity. ## **FINANCIAL REVIEW** ## **Financial review** The charity's reserves are unrestricted, however many are held as fixed assets. The Trust was set up a number of years ago with the intention of making annual distributions. Trustees have powers to invest and feel that it is most appropriate to accumulate reserves to enable them to make large, specific donations, when necessary. In the trustees' opinion, the level of free reserves is adequate to facilitate such donations should the need arise. All assets have been acquired in accordance with the powers contained in the Trust Deed. There have been no material changes in investment policy in the year. ## **PLANS FOR THE FUTURE** As in previous years, the strategy going forward is to use the charity's investments to generate income which will be distributed annually amongst various charities principally operating in the fields of the arts, religion, community, health research, conservation and youth. Page 1 **J P JACOBS CHARITABLE TRUST** ## **REPORT OF THE TRUSTEES for the Year Ended 5 APRIL 2024** ## **STRUCTURE, GOVERNANCE AND MANAGEMENT** ## **Governing document** The Trust is governed by a Trust Deed dated 17 August 1971. New Trustees are rarely appointed, but would be appointed by the existing trustees and trained as appropriate. All decisions are made by the trustees. ## **Risk management** There is a limited risk due to the high level of reserves. Investment risk is mitigated by the equity portfolio being varied and a substantial proportion of investments currently being in gilts or cash deposits. ## **REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number** 263161 ## **Principal address** 3 Dairy Cottages Siddington Cirencester Gloucestershire GL7 6ET ## **Trustees** Ms J Swift Mr M Swift Farrer & Co Trust Co (resigned 22.1.25) ## **Independent Examiner** Foxley Kingham Chartered Accountants 260 - 270 Butterfield Great Marlings Luton Bedfordshire LU2 8DL ## **Bankers** Lloyds Bank PLC Private Banking 21-23 Hill Street London W1J 5JW ## **Stockbrokers** Investec Wealth & Investment Limited 2 Gresham Street London EC2V 7QP Approved by order of the board of trustees on ............................................. and signed on its behalf by: ........................................................................ Ms J Swift - Trustee Page 2 INDEPEYDENf ExA￿lINER's REPORT TO THE TRUSfEES OF J P JACOBS CHARITABLE TRUST Independent examiner's r¢port ¢0 tb¢ irusiees of J P Jarobs ChJTitable Trust I report io th¢ charity trustees on my examinaiMTrn of the x¢ounts of J P Jacobs Clwitable Trust (the Trust} for th¢ year ended 5 April 2024. Responsibilities #nd basis of repDrt As ihe ¢harity trustees of the Trust you responsible for the preparation of the accounts Én accordan¢e with the requirements of the Charities Ad 2011 Ilhc ACY). I report in respe¢t of my examination of the Trust's accounts c8Yri¢d oui under Section 145 of the Act and in carying out My examination I have followed all appli¢oble Direciiotts given by the Charity Commission under Seciion 145{5Xb} of the Act. Independent examiner's 5tatemeDt I have completed my examtnaiion. l ¢or>fimi th* no material matters have Come ￿ my affeniion in ¢onne¢iion wth the examination giving me cause to believe that in any m•eria] respert: accountin8 reconts were noi kepi in respeci of the Trusi as required by Section 130 of the Act: or the aCco￿nts do Th)1 a¢¢ord with tho% record5: or the accounts do not comply with the applicable requirements concerning the forni and content of ac¢ounts sei oui in the Chariri¢s {At¢ounts and Reports) RegulatiorLS 2008 other than any requiTemeni ihai the accounts give true artd fair view whieh is Thot a mattercoosid¢red as Part of an Indepe￿Ient examination. I have no concerns and have come a¢ross no other matt¢TS in Connection with the examin*ion to which attention should be drawn in this rep)rt in order io enablt a proper understanding of the ¥¢OUMS to be rea¢hed. Tara Aldwin ACA Foxley Kingham Chartered Accountants 260- 270 Butterfield Gr¢at Marlin85 Luton Bedfordshire LU2 8DL Date.. Page 3 ## **J P JACOBS CHARITABLE TRUST** ## **STATEMENT OF FINANCIAL ACTIVITIES for the Year Ended 5 APRIL 2024** |Notes
**INCOME AND ENDOWMENTS FROM**
Investment income
2
**EXPENDITURE ON**
Raising funds
3
**Charitable activities**
Charitable Activities
**Total**
Net gains/(losses) on investments
**NET INCOME/(EXPENDITURE)**
**RECONCILIATION OF FUNDS**
Total funds brought forward
**TOTAL FUNDS CARRIED FORWARD**|2024
Unrestricted
fund
£
56,605
16,386
165,648
182,034
73,826
(51,603)
2,225,336
2,173,733|2023
Total
funds
£
50,816
13,616
213,284
226,900
(213,223)
(389,307)
2,614,643
2,225,336| |---|---|---| The notes form part of these financial statements Page 4 ## **J P JACOBS CHARITABLE TRUST** ## **BALANCE SHEET 5 APRIL 2024** |Notes
**FIXED ASSETS**
Investments
8
**CURRENT ASSETS**
Debtors
9
Cash at bank
**CREDITORS**
Amounts falling due within one year
10
**NET CURRENT ASSETS**
**TOTAL ASSETS LESS CURRENT**
**LIABILITIES**
**NET ASSETS**
**FUNDS**
11
Unrestricted funds
**TOTAL FUNDS**|2024
Unrestricted
fund
£
2,125,519
6,500
73,356
79,856
(31,642)
48,214
2,173,733
2,173,733
2,173,733
2,173,733|2023
Total
funds
£
2,137,310
5,000
111,669
116,669
(28,643)
88,026
2,225,336
2,225,336
2,225,336
2,225,336| |---|---|---| The financial statements were approved by the Board of Trustees and authorised for issue on ............................................. and were signed on its behalf by: ............................................. Ms J Swift - Trustee The notes form part of these financial statements Page 5 **J P JACOBS CHARITABLE TRUST** ## **NOTES TO THE FINANCIAL STATEMENTS for the Year Ended 5 APRIL 2024** ## **1. ACCOUNTING POLICIES** ## **Accounting convention** The financial statements of the charity, which is a public benefit entity under FRS 102, 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)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Charities Act 2011. The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value, as modified by the revaluation of certain assets. The presentation currency of the financial statements is in Pounds Sterling (£), which is the functional currency of the charity. ## **Investments** Investments are initially recognised at their transaction value and subsequently measured at their market value as at the Balance Sheet date using the closing quoted market price The Statement of Financial Activities includes the net gains and losses arising on revaluation and disposals throughout the year. ## **Income and expenses** Income relates to returns earned on the charity's investments. Income on cash and securities held are recorded in the year in which they are received. Expenses are recorded in respect of the year in which they are payable. Direct charitable expenditure and the cost of management and administration of the charity are allocated in line with the costs to which they relate. Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure. ## **Taxation** The charity is exempt from tax on its charitable activities. ## **Fund accounting** Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees. Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes. Further explanation of the nature and purpose of each fund is included in the notes to the financial statements. ## **Debtors** Debtors are measured at their recoverable amounts at the balance sheet date. ## **Creditors and provisions** Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts. ## **Financial instruments, cash and bank balances** Cash held by the charity is included at the amount actually held and counted at the year end. Bank balances, whether in credit or overdrawn, are shown at the amounts properly reconciled to the bank statements. Financial instruments are measured as fair value. In the case of unlisted investments they are valued at cost less impairment. continued... Page 6 **J P JACOBS CHARITABLE TRUST** ## **NOTES TO THE FINANCIAL STATEMENTS - continued for the Year Ended 5 APRIL 2024** ## **2. INVESTMENT INCOME** Income received on investments may be analysed as follows: **----- Start of picture text -----**
2024 2023
£ £
Listed investments 54,453 46,959
UK Government stocks 2,152 3,392
56,605 50,351
3. RAISING FUNDS
Investment management costs
2024 2023
£ £
Investment Manager fees 16,386 13,616
4. GRANTS PAYABLE
2024 2023
£ £
Charitable Activities 150,500 183,500
The total grants paid to institutions during the year was as follows:
2024 2023
£ £
Grants 150,500 183,500
Grant funding of
Activity or programme activities Total
£ £
Art 42,250 42,250
Community / Welfare 76,750 76,750
Religion 3,500 3,500
Health 28,000 28,000
150,500 150,500
**----- End of picture text -----**
All grants paid in the year were to institutions, amounts paid to individuals was NIL (2023:NIL) ## Grants above £5,000 |Grants above £5,000||||| |---|---|---|---|---| |||Grants|Grants Paid|| |||Awarded/Reversed|In The|Commitme| ||Commitments B/F|In The Period|Period|nts C/F| |**Charity Name**|£|£|£|£| |Horatio's Garden|-|7,500|7,500|| |Lamda Ltd|-|10,000|10,000|| |ENO - Breathe Campaign|-|10,000|10,000|| |Anne Frank Trust|-|20,000|20,000|| |Magic Breakfast|-|7,500|7,500|| continued... Page 7 **J P JACOBS CHARITABLE TRUST** ## **NOTES TO THE FINANCIAL STATEMENTS - continued for the Year Ended 5 APRIL 2024** ## **4. GRANTS PAYABLE - continued** ## **5.** **----- Start of picture text -----**
- -
Royal Opera House 10,000 10,000
Entelechy Arts 2,500 6,625 9,125
Leukaemia UK - 12,500 12,500
-
Felix Project 10,000 10,000
Co-Farm - 9,250 9,250
Open School East 2,000 8,625 10,625
Grants above £5,000 4,500 112,000 106,500 10,000
Grants £5,000 and below 12,000 38,500 47,000 3,500
Total Grants 16,500 150,500 153,500 13,500
INDEPENDENT EXAMINERS' REMUNERATION
2024 2023
£ £
Independent examiners' remuneration 1,800 1,000
Independent examiners' remuneration - non audit work 1,800 1,000
**----- End of picture text -----**
## **6. TRUSTEES' REMUNERATION AND BENEFITS** There were no trustees' remuneration or other benefits for the year ended 5 April 2024 nor for the year ended 5 April 2023. ## **Trustees' expenses** There were no trustees' expenses paid for the year ended 5 April 2024 nor for the year ended 5 April 2023. ## **7. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES** |**INCOME AND ENDOWMENTS FROM**
Investment income
**EXPENDITURE ON**
Raising funds
**Charitable activities**
Charitable Activities
**Total**
Net gains/(losses) on investments
**NET INCOME/(EXPENDITURE)**
**RECONCILIATION OF FUNDS**
Total funds brought forward|Unrestricted
fund
£
50,816
13,616
213,284
226,900
(213,223)
(389,307)
2,614,643| |---|---| continued... Page 8 **J P JACOBS CHARITABLE TRUST** ## **NOTES TO THE FINANCIAL STATEMENTS - continued for the Year Ended 5 APRIL 2024** ## **7. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued** |**TOTAL FUNDS CARRIED FORWARD**
**8.**
**FIXED ASSET INVESTMENTS**
Investments listed on
a recognised UK
stockexchange
£
Valuation at 6 April 2023
1,541,827
Additions at cost
171,911
Disposal proceeds
(380,529)
Net realised gains / (losses)
18,774
Net unrealised gains /(losses)
48,176
Valuation at 5 April 2024
1,400,160
Historical cost at 5 April 2024
1,187,192
**9.**
**DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**
Other debtors
**10.**
**CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**
Other creditors
Grant commitments
Accruals and deferred income
**11.**
**MOVEMENT IN FUNDS**
At 6.4.23
£
**Unrestricted funds**
General fund
2,225,336
**TOTAL FUNDS**
2,225,336|||||Unrestricted
fund
£
2,225,336| |---|---|---|---|---|---| ||Investments listed on
a recognised UK
stockexchange
£
1,541,827
171,911
(380,529)
18,774
48,176
1,400,160
1,187,192|Bonds
£
595,483
273,950
(150,950)
661
6,215
725,359
760,515|||Total
£
2,137,310
445,861
(531,479)
19,435
54,391
2,125,519
1,947,708| |||2024
£
6,500
2024
£
1,942
13,500
16,200
31,642
Net
movement
in funds
£
(51,603)
(51,603)|||2023
£
5,000
2023
£
1,943
16,500
10,200
28,643
At
5.4.24
£
2,173,733
2,173,733| continued... Page 9 **J P JACOBS CHARITABLE TRUST** ## **NOTES TO THE FINANCIAL STATEMENTS - continued for the Year Ended 5 APRIL 2024** ## **11. MOVEMENT IN FUNDS - continued** Net movement in funds, included in the above are as follows: |**Unrestricted funds**
General fund
**TOTAL FUNDS**|Incoming
resources
£
56,605
56,605|Resources
expended
£
(182,034)
(182,034)|Gains and
Movement
losses
in funds
£
£
73,826
(51,603)
73,826
(51,603)| |---|---|---|---| ## **Comparatives for movement in funds** |**Unrestricted funds**
General fund
**TOTAL FUNDS**
Comparative net movement in funds, included in the above are as
Incoming
resources
£
**Unrestricted funds**
General fund
50,816
**TOTAL FUNDS**
50,816|At 6.4.22
£
2,614,643
2,614,643
follows:
Resources
expended
£
(226,900)
(226,900)||Net
movement
in funds
£
(389,307)
(389,307)
Gains and
losses
£
(213,223)
(213,223)|At
5.4.23
£
2,225,336
2,225,336
Movement
in funds
£
(389,307)
(389,307)| |---|---|---|---|---| A current year 12 months and prior year 12 months combined position is as follows: |**Unrestricted funds**
General fund
**TOTAL FUNDS**|At 6.4.22
£
2,614,643
2,614,643|Net
movement
in funds
£
(440,910)
(440,910)|At
5.4.24
£
2,173,733
2,173,733| |---|---|---|---| continued... Page 10 **J P JACOBS CHARITABLE TRUST** ## **NOTES TO THE FINANCIAL STATEMENTS - continued for the Year Ended 5 APRIL 2024** ## **11. MOVEMENT IN FUNDS - continued** A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows: |**Unrestricted funds**
General fund
**TOTAL FUNDS**|Incoming
resources
£
107,421
107,421|Resources
expended
£
(408,934)
(408,934)|Gains and
Movement
losses
in funds
£
£
(139,397)
(440,910)
(139,397)
(440,910)| |---|---|---|---| ## **12. RELATED PARTY DISCLOSURES** Farrer & Co LLP are a firm of independent lawyers that served as Trustees for the charity up until they resigned on 22 January 2025. During the year, the firm provided legal and trusteeship services to the charity. The value of these services was £1,848 (2023 - £14,084). ## **13. CONTROL RELATIONSHIPS** The trustees control the charity, as they make decisions regarding how to distribute funds and other matters. Page 11