OpenCharities

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator.

2021-04-05-accounts

Draft Financial Statements at 31 January 2022 at 12:38:19

Charity Registration No. 280025

THE J AND M CHARITABLE TRUST

ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 5 APRIL 2021

Draft Financial Statements at 31 January 2022 at 12:38:19 THE J AND M CHARITABLE TRUST

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees Mr A Kemble
Mrs G Kemble
Mrs L Payman
Mr R Payman
Charity number 280025
Registered ofce 16 Kidderpore Gardens
London
NW3 7SR
Independent examiner Andrew Subramaniam
c/o H W Fisher LLP
Chartered Accountants
Acre House
11-15 William Road
London
NW1 3ER
Investment advisors Investec Wealth and Investment Limited
30 Gresham Street
London
EC2V 7QN

Draft Financial Statements at 31 January 2022 at 12:38:19 THE J AND M CHARITABLE TRUST

CONTENTS

Page
Trustees' report 1 - 2
Independent examiner's report 3
Statement of fnancial actvites 4
Balance sheet 5
Notes to the fnancial statements 6 - 10

Draft Financial Statements at 31 January 2022 at 12:38:19 THE J AND M CHARITABLE TRUST

TRUSTEES' REPORT

FOR THE YEAR ENDED 5 APRIL 2021

The trustees present their report and financial statements for the year ended 5 April 2021.

The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's trust deed, the Charities Act 2011 and “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 from 1 January 2019).

Objectives and activities

The object of the trust is to apply the capital and income of the trust fund for such charitable purposes as the trustees in their absolute discretion think fit. The policies adopted by the trustees in achieving these aims are to make grants to suitable organisations themselves charitable in nature.

Public benefit

The trustees have given due consideration to the Charity Commission’s published guidance on the public benefit requirements. The Trust constitutes a public benefit entity as defined by FRS 102.

Grant making policy

All proposals for grants are generated internally and the trustees regret that they do not consider external applications for funding.

Plans for the future

The trustees intend to continue providing grants in a similar way to the recent past continuing the emphasis on charitable causes but retaining flexibility as to the timing, and scale of grant making. The trustees have no immediate plans to modify or radically change any of the objects, activities or policies of the trust.

Covid-19

The Trustees have considered the effect of the Covid-19 outbreak that has been spreading throughout the world since early 2020. The Trustees do not anticipate significant disruption to the charity’s activities as a result of the Covid outbreak as it does not rely on external funding from the general public.

Investment policy and performance

There are no restrictions on the trust’s power to invest and the trustees have not adopted an ethical investment policy. The investment managers have been instructed to manage the portfolio on the basis of greatest income consistent with security and protection. Investment performance during the year was considered satisfactory.

Reserves policy

It is the policy of the trust to maintain unrestricted funds (free reserves) at a level which, on investment, generate sufficient income each year to allow the trust to carry out its charitable activities (making grants) and cover administration costs. Expenditure on charitable activities is variable year on year, dependent on levels of income generated from the trust’s investment portfolio and the overheads of the trust are minimal.

The charity held unrestricted funds of £1,466,669 as at 5 April 2021 (2020: £1,223,366). The trustees consider this level of reserves to be adequate for the above purposes.

Achievements and performance

The Trustees continued to give grants to support various charities registered in the United Kingdom. During the year 13 (2020 : 16) grants totaling £49,000 (2020 : £55,920) were approved. The trustees consider that the grants represent an appropriate exercise of their discretionary powers. Details of grants made are given in note 6 to the financial statements.

Financial review

The trust is reliant on income generated from its investments. The trust received income of £45,125 (2020 : £55,914) during the year. After making charitable donations of £49,000 (2020 : £55,920) and paying administration expenses of £3,900 (2020 : £3,594) the trust’s resources decreased by £19,597 (2020 : decrease by £15,523). The trust made a net gain of £256,900 (2020 : net loss of £215,334) on its investments.

Draft Financial Statements at 31 January 2022 at 12:38:19 THE J AND M CHARITABLE TRUST

TRUSTEES' REPORT (CONTINUED)

FOR THE YEAR ENDED 5 APRIL 2021

The trustees have assessed the major risks to which it is exposed, and are satisfied that systems are in place to mitigate exposure to these risks.

Structure, governance and management

The J and M Charitable Trust is an unincorporated body, constituted under a trust deed dated 11th August 1979 and is a registered charity, number 280025. The Trust was established by initial gift from Mrs. Maud Whiteley. The trust does not actively fundraise and maintains a careful stewardship of its existing resources.

The trust deed provides for a minimum of three trustees and a maximum of seven trustees. The power of appointing new or additional trustees is exercisable by the trustees. The trustees meet at such intervals as they consider appropriate.

The trust has no employees or volunteers to assist in its running; the daily administration being carried out by the trustees themselves.

The trustees who served during the year and up to the date of signature of the financial statements were: Mr A Kemble

Mrs G Kemble Mrs L Payman Mr R Payman

The trustees' report was approved by the Board of Trustees.

.............................. .............................. Mrs L Payman Mr R Payman Trustee Trustee 31 Jan 2022 Dated: ......................... Dated:.........................31 Jan 2022

Draft Financial Statements at 31 January 2022 at 12:38:19 THE J AND M CHARITABLE TRUST

INDEPENDENT EXAMINER'S REPORT

TO THE TRUSTEES OF THE J AND M CHARITABLE TRUST

I report to the trustees on my examination of the financial statements of The J and M Charitable Trust (the charity) for the year ended 5 April 2021.

Responsibilities and basis of report

As the trustees of the charity you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 ('the Act').

I report in respect of my examination of the charity’s financial statements 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 145(5) (b) of the 2011 Act.

Independent examiner's statement

I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the financial statements to be reached.

Andrew Subramaniam

Andrew Subramaniam H W Fisher LLP Chartered Accountants Acre House 11-15 William Road London NW1 3ER

31 Jan 2022 Dated: .........................

Draft Financial Statements at 31 January 2022 at 12:38:19 THE J AND M CHARITABLE TRUST

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 5 APRIL 2021

Unrestricted Unrestricted
funds funds
2021 2020
Notes £ £
Income from:
Investment income 3 45,125 55,914
Expenditure on:
Raising funds 4 11,822 11,923
Charitable actvites 5 52,900 59,514
Total resources expended 64,722 71,437
Net gains/(losses) on investments 10 256,900 (215,334)
Net movement in funds 237,303 (230,857)
Fund balances at 6 April 2020 1,223,366 1,454,223
Fund balances at 5 April 2021 1,460,669 1,223,366

The statement of financial activities includes all gains and losses recognised in the year.

All income and expenditure derive from continuing activities.

Draft Financial Statements at 31 January 2022 at 12:38:19 THE J AND M CHARITABLE TRUST

BALANCE SHEET

AS AT 5 APRIL 2021

2021
Notes
£
Fixed assets
Investments
11
Current assets
Cash at bank and in hand
23,428
Creditors: amounts falling due within one year
12
(13,500)
Net current assets
Total assets less current liabilites
Income funds
Unrestricted funds
The fnancial statements were approved by the Trustees on .........................
..............................
..............................
Mrs L Payman
Mr R Payman
Trustee
Trustee
31 Jan 2022		 £
1,450,741
9,928
1,460,669
1,460,669
1,460,669		 2020
£
40,121
(9,600)		 £
1,192,845
30,521
1,223,366
1,223,366
1,223,366

Draft Financial Statements at 31 January 2022 at 12:38:19 THE J AND M CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 5 APRIL 2021

1 Accounting policies

Charity information

The J and M Charitable Trust is a registered charity (no: 280025) and is governed by its trust deed.

1.1 Accounting convention

The financial statements have been prepared in accordance with the charity's trust deed, the Charities Act 2011 and “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 from 1 January 2019). The trust is a Public Benefit Entity as defined by FRS 102.

The trust has taken advantage of the provisions in the SORP for charities applying FRS 102 Update Bulletin 1 not to prepare a Statement of Cash Flows.

The financial statements have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a true and fair view. This departure has involved following the Statement of Recommended Practice for charities applying FRS 102 rather than the version of the Statement of Recommended Practice which is referred to in the Regulations but which has since been withdrawn.

The financial statements are prepared in sterling, which is the functional currency of the trust. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention modified to include the investments certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2 Going concern

The Trustees have considered the effect of the Covid-19 outbreak that has been spreading throughout the world since early 2020. The Trustees do not anticipate significant disruption to the charity’s activities as a result of the Covid outbreak as it does not rely on external funding from the general public. As such, the trustees are confident that the charity has sufficient resources to continue in operational existence for the foreseeable future and thus continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3 Charitable funds

Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.

1.4 Incoming resources

Income is recognised when the trust is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.

1.5 Resources expended

Resources expended are recognised in the period to which they relate.

Direct charitable expenditure comprises all the expenditure relating to the activities carried out to achieve the charitable objectives.

Support costs represent costs that cannot be directly attributed to charitable activities but are necessarily incurred in running the charity.

Governance costs include costs payable to the independent examiner and other costs incurred in relation to statutory and constitutional requirements.

1.6 Fixed asset investments

Fixed asset investments are initially measured at transaction price, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in net income/(expenditure) for the year.

Draft Financial Statements at 31 January 2022 at 12:38:19 THE J AND M CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 5 APRIL 2021

1 Accounting policies

(Continued)

1.7 Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks and other short-term liquid investments with original maturities of three months or less.

1.8 Financial instruments

The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

The Charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.

1.9 Employee benefits

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

2 Critical accounting estimates and judgements

The trustees are satisfied that there are no material estimates or judgements in the accounts.

3 Investment income

Unrestricted Unrestricted
funds funds
2021 2020
£ £
Income from listed investments 33,540 43,731
Interest receivable 11,585 12,183
45,125 55,914

4 Raising funds

Unrestricted Unrestricted
funds funds
2021 2020
£ £
Fundraising and publicity
Tax on overseas dividend 344 -
Investment management fees 11,478 11,923
11,822 11,923

Draft Financial Statements at 31 January 2022 at 12:38:19 THE J AND M CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2021

5
Charitable actvites
Grant funding of actvites (see note 6)
Share of support costs (see note 7)
Support and governance costs (see note 7)
6
Grants payable
Grants to insttutons:
Educaton/training/religion
Jewish Child’s Day
Side by Side
Medical/health/sickness/poverty
Chai Cancer Care
Camp Simcha
Macmillan Nurses
Heart Cells
Magen David Adom UK
Noah’s Ark Hospice
Jewish Womens Aid
Milly Giveaway
One to One Children's Fund
Jewish Care
Norwood Ravenswood
The Chicken Soup Shelter
World Jewish Relief
Accomodaton
Nightngale Hammerson
General
Community Security Trust
JW3 Development		 2021
£
49,000
2,700
1,200
52,900
2021
£
-
-
5,000
2,000
-
1,000
5,000
5,000
-
-
500
6,000
6,000
2,500
3,000
5,000
6,000
2,000
49,000		 2020
£
55,920
2,394
1,200
59,514
2020
£
120
2,000
5,000
-
2,000
1,300
5,000
5,000
5,000
1,500
-
6,000
6,000
2,000
1,000
6,000
6,000
2,000
55,920

Draft Financial Statements at 31 January 2022 at 12:38:19 THE J AND M CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2021

7 Support costs

Support costs
Governance
costs
£
£
Accountancy fees
2,700
-
Independent examinaton
fees
-
1,200
2,700
1,200
Analysed between
Charitable actvites
2,700
1,200		 2021
Support costs
Governance
costs
£
£
£
2,700
2,394
-
1,200
-
1,200
3,900
2,394
1,200
3,900
2,394
1,200		 2020
£
2,394
1,200
3,594
3,594

8 Trustees

None of the trustees (or any persons connected with them) received any remuneration or benefits from the trust during the year.

9 Employees

There were no employees during the current or prior year.

10 Net gains/(losses) on investments

Unrestricted Unrestricted
funds funds
2021 2020
£ £
Revaluaton of investments 225,377 (225,704)
Gain/(loss) on sale of investments 31,523 10,370
256,900 (215,334)

Draft Financial Statements at 31 January 2022 at 12:38:19 THE J AND M CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 5 APRIL 2021

11 Fixed asset investments

Cost or valuaton
At 6 April 2020
Additons
Valuaton changes
Loss of sale of investments
Disposals
At 5 April 2021
Carrying amount
At 05 April 2021
At 05 April 2020
Investments at fair value comprise:
Equites
Fixed interest securites
Creditors: amounts falling due within one year
Other creditors
Accruals		 Listed investments
£
1,192,845
170,986
225,377
31,523
(169,990)
1,450,741
1,450,741
1,192,845
2021
2020
£
£
1,042,938
809,350
407,803
383,495
1,450,741
1,192,845
2021
2020
£
£
6,000
6,000
7,500
3,600
13,500
9,600

12 Creditors: amounts falling due within one year

13 Related party transactions

There were no disclosable related party transactions during the year (2020 - none).