Charity Registration No. 280025
THE J AND M CHARITABLE TRUST
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 5 APRIL 2022
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 office 16 Kidderpore Gardens London NW3 7SR Independent examiner Andrew Subramaniam c/o HW 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
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 |
THE J AND M CHARITABLE TRUST
TRUSTEES' REPORT
FOR THE YEAR ENDED 5 APRIL 2022
The trustees present their report and financial statements for the year ended 5 April 2022.
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.
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 £1,534,980 as at 5 April 2022 (2021: £1,466,669). 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 15 (2021 : 13) grants totaling £47,700 (2021 : £49,000) 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 £50,660 (2021 : £45,125) during the year. After making charitable donations of £47,700 (2021 : £49,000) and paying administration expenses of £4,000 (2021 : £3,900) the trust’s resources decreased by £15,550 (2021 : decrease by £19,597). The trust made a net gain of £89,861 (2021 : net gain of £256,900) on its investments.
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
- 1 -
THE J AND M CHARITABLE TRUST
TRUSTEES' REPORT (CONTINUED)
FOR THE YEAR ENDED 5 APRIL 2022
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 07 Dec 2022 07 Dec 2022 Dated: ......................... Dated:.........................
- 2 -
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 2022.
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:
-
1 accounting records were not kept in respect of the charity as required by section 130 of the Act; or
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2 the financial statements do not accord with those records; or
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3 the financial statements do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the financial statements 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 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 HW Fisher LLP Chartered Accountants Acre House 11-15 William Road London NW1 3ER
08 Dec 2022 Dated: .........................
- 3 -
THE J AND M CHARITABLE TRUST
STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 5 APRIL 2022
| Unrestricted | Unrestricted | ||
|---|---|---|---|
| funds | funds | ||
| 2022 | 2021 | ||
| Notes | £ | £ | |
| Income from: | |||
| Investment income | 3 | 50,660 | 45,125 |
| Expenditure on: | |||
| Raising funds | 4 | 12,510 | 11,822 |
| Charitable actvites | 5 | 51,825 | 52,900 |
| Total resources expended | 64,335 | 64,722 | |
| Net gains/(losses) on investments | 10 | 89,861 | 256,900 |
| Net movement in funds | 76,186 | 237,303 | |
| Fund balances at 6 April 2021 | 1,460,669 | 1,223,366 | |
| Fund balances at 5 April 2022 | 1,536,855 | 1,460,669 |
The statement of financial activities includes all gains and losses recognised in the year.
All income and expenditure derive from continuing activities.
- 4 -
THE J AND M CHARITABLE TRUST
BALANCE SHEET
AS AT 5 APRIL 2022
| 2022 Notes £ Fixed assets Investments 11 Current assets Cash at bank and in hand 46,288 Creditors: amounts falling due within one year 12 (13,875) 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 07 Dec 2022 |
£ 1,504,442 32,413 1,536,855 1,536,855 1,536,855 |
2021 £ 23,428 (13,500) |
£ 1,450,741 9,928 |
|---|---|---|---|
| 1,460,669 | |||
| 1,460,669 | |||
| 1,460,669 | |||
- 5 -
THE J AND M CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 5 APRIL 2022
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 Charitable funds
Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.
1.3 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.
1.4 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.
1.5 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.
1.6 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.
- 6 -
THE J AND M CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2022
1 Accounting policies
(Continued)
1.7 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.
1.8 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 | |
| 2022 | 2021 | |
| £ | £ | |
| Income from listed investments | 38,564 | 33,540 |
| Interest receivable | 12,096 | 11,585 |
| 50,660 | 45,125 |
4 Raising funds
| Raising funds | ||
|---|---|---|
| Unrestricted | Unrestricted | |
| funds | funds | |
| 2022 | 2021 | |
| £ | £ | |
| Fundraising and publicity | ||
| Tax on overseas dividend | 20 | 344 |
| Investment management fees | 12,490 | 11,478 |
| 12,510 | 11,822 |
- 7 -
THE J AND M CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 5 APRIL 2022
| 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 Heart Cells Magen David Adom UK Noah’s Ark Hospice North London Hospice Jewish Womens Aid One to One Children's Fund Jewish Care Norwood Ravenswood The Chicken Soup Shelter WIZO UK World Jewish Relief Accomodaton Nightngale Hammerson General Community Security Trust JW3 Development |
2022 £ 47,700 2,925 1,200 51,825 2022 £ 2,000 2,000 6,000 - 1,000 - - 1,000 2,000 - 6,000 6,000 3,000 500 4,200 5,000 6,000 2,500 47,700 |
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 |
- 8 -
THE J AND M CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 5 APRIL 2022
7 Support costs
| Support costs Governance costs £ £ Accountancy fees 2,925 - Independent examinaton fees - 1,200 2,925 1,200 Analysed between Charitable actvites 2,925 1,200 |
2022 Support costs Governance costs £ £ £ 2,925 2,700 - 1,200 - 1,200 4,125 2,700 1,200 4,125 2,700 1,200 |
2021 £ 2,700 1,200 |
|---|---|---|
| 3,900 | ||
| 3,900 |
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 | |
| 2022 | 2021 | |
| £ | £ | |
| Revaluaton of investments | 90,080 | 225,377 |
| Gain/(loss) on sale of investments | (219) | 31,523 |
| 89,861 | 256,900 |
- 9 -
THE J AND M CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 5 APRIL 2022
11 Fixed asset investments
| Cost or valuaton At 6 April 2021 Additons Valuaton changes Loss of sale of investments Disposals At 5 April 2022 Carrying amount At 05 April 2022 At 05 April 2021 Investments at fair value comprise: Equites Fixed interest securites Creditors: amounts falling due within one year Other creditors Accruals |
Listed investments £ 1,450,741 127,471 90,081 (219) (163,632) 1,504,442 1,504,442 1,450,741 2022 2021 £ £ 1,152,126 1,042,938 352,316 407,803 1,504,442 1,450,741 2022 2021 £ £ 6,000 6,000 7,875 7,500 13,875 13,500 |
|---|---|
12 Creditors: amounts falling due within one year
13 Related party transactions
There were no disclosable related party transactions during the year (2021 - none).
- 10 -
Issuer
HW Fisher
Document generated Wed, 7th Dec 2022 14:32:48 UTC
Document fingerprint 889856877ac94247edb869918c260ee0
Parties involved with this document
Document processed
Party + Fingerprint
Wed, 7th Dec 2022 14:40:50 UTC Wed, 7th Dec 2022 17:18:02 UTC Wed, 7th Dec 2022 17:19:52 UTC Thu, 8th Dec 2022 9:28:38 UTC Thu, 8th Dec 2022 16:35:23 UTC Thu, 8th Dec 2022 16:44:42 UTC
Brad Sell - Signer (a55b7236b0aacb587d11d95de545762e) Bob Payman - Signer (117757dde2f1d49b60e9a3b7cb972f89) Linda Payman - Signer (3223f084006ff9365eebef7d66e102e1) Jemel Yusuf - Signer (a9049fde655a7d1bc034e1f2142e8065) Brad Sell - Signer (82c89880f2522c8d142d2b265cd41e73) Andrew Subramaniam - Signer (beea7af442a9420d85df5bda345468fd)
Audit history log
Date
Action
Thu, 8th Dec 2022 16:44:46 UTC Andrew Subramaniam viewed the envelope. (185.105.75.178) Thu, 8th Dec 2022 16:44:42 UTC The envelope has been signed by all parties. (185.105.75.178) Thu, 8th Dec 2022 16:44:42 UTC Andrew Subramaniam signed the envelope. (185.105.75.178) Thu, 8th Dec 2022 16:44:27 UTC Andrew Subramaniam viewed the envelope. (185.105.75.178) Thu, 8th Dec 2022 16:35:25 UTC Brad Sell viewed the envelope. (185.105.75.178) Thu, 8th Dec 2022 16:35:24 UTC Document emailed to ASubramaniam@hwfisher.co.uk (18.132.196.125) Thu, 8th Dec 2022 16:35:23 UTC Sent the envelope to Andrew Subramaniam (ASubramaniam@hwfisher.co.uk) for signing. (185.105.75.178) Thu, 8th Dec 2022 16:35:23 UTC Brad Sell signed the envelope. (185.105.75.178) Thu, 8th Dec 2022 16:34:56 UTC Brad Sell viewed the envelope. (185.105.75.178) Thu, 8th Dec 2022 10:05:01 UTC Brad Sell opened the document email. (185.105.75.177) Thu, 8th Dec 2022 10:05:01 UTC Brad Sell opened the document email. (185.105.75.177) Thu, 8th Dec 2022 10:04:47 UTC Brad Sell opened the document email. (185.105.75.177) Thu, 8th Dec 2022 9:53:40 UTC Brad Sell viewed the envelope. (185.105.75.177) Thu, 8th Dec 2022 9:28:40 UTC Jemel Yusuf viewed the envelope. (185.105.75.178) Thu, 8th Dec 2022 9:28:39 UTC Document emailed to bsell@hwfisher.co.uk (3.9.190.11)
Thu, 8th Dec 2022 9:28:38 UTC
Sent the envelope to Brad Sell (bsell@hwfisher.co.uk) for signing.
Thu, 8th Dec 2022 9:28:38 UTC Thu, 8th Dec 2022 9:28:31 UTC Wed, 7th Dec 2022 17:19:54 UTC Wed, 7th Dec 2022 17:19:53 UTC Wed, 7th Dec 2022 17:19:52 UTC
Wed, 7th Dec 2022 17:19:52 UTC Wed, 7th Dec 2022 17:18:57 UTC Wed, 7th Dec 2022 17:18:26 UTC Wed, 7th Dec 2022 17:18:14 UTC Wed, 7th Dec 2022 17:18:12 UTC Wed, 7th Dec 2022 17:18:11 UTC Wed, 7th Dec 2022 17:18:04 UTC Wed, 7th Dec 2022 17:18:02 UTC Wed, 7th Dec 2022 17:18:02 UTC
Wed, 7th Dec 2022 17:18:02 UTC Wed, 7th Dec 2022 17:15:49 UTC Wed, 7th Dec 2022 17:14:37 UTC Wed, 7th Dec 2022 14:40:52 UTC Wed, 7th Dec 2022 14:40:51 UTC Wed, 7th Dec 2022 14:40:50 UTC
Wed, 7th Dec 2022 14:40:50 UTC Wed, 7th Dec 2022 14:40:26 UTC Wed, 7th Dec 2022 14:39:00 UTC Wed, 7th Dec 2022 14:39:00 UTC
Wed, 7th Dec 2022 14:35:44 UTC
Wed, 7th Dec 2022 14:35:44 UTC Wed, 7th Dec 2022 14:35:44 UTC Wed, 7th Dec 2022 14:35:44 UTC Wed, 7th Dec 2022 14:35:44 UTC Wed, 7th Dec 2022 14:35:44 UTC Wed, 7th Dec 2022 14:33:31 UTC
Wed, 7th Dec 2022 14:32:48 UTC
(185.105.75.178) Jemel Yusuf signed the envelope. (185.105.75.178) Jemel Yusuf viewed the envelope. (185.105.75.178) Linda Payman viewed the envelope. (81.133.254.44) Document emailed to jyusuf@hwfisher.co.uk (3.9.12.189) Sent the envelope to Jemel Yusuf (jyusuf@hwfisher.co.uk) for signing. (81.133.254.44)
Linda Payman signed the envelope. (81.133.254.44) Linda Payman viewed the envelope. (81.133.254.44) Bob Payman viewed the envelope. (81.133.254.44) Bob Payman viewed the envelope. (81.133.254.44) Bob Payman viewed the envelope. (81.133.254.44) Bob Payman viewed the envelope. (81.133.254.44) Bob Payman viewed the envelope. (81.133.254.44) Document emailed to bobpayman@hotmail.com (3.9.12.189) Sent the envelope to Linda Payman (bobpayman@hotmail.com) for signing. (81.133.254.44)
Bob Payman signed the envelope. (81.133.254.44) Bob Payman viewed the envelope. (81.133.254.44) Bob Payman viewed the envelope. (81.133.254.44) Brad Sell viewed the envelope. (176.24.182.42) Document emailed to bobpayman@hotmail.com (18.134.155.179) Sent the envelope to Bob Payman (bobpayman@hotmail.com) for signing. (176.24.182.42)
Brad Sell signed the envelope. (176.24.182.42) Brad Sell viewed the envelope. (176.24.182.42) Document emailed to bsell@hwfisher.co.uk (18.169.237.121) Sent the envelope to Brad Sell (bsell@hwfisher.co.uk) for signing. (185.105.75.178)
Andrew Subramaniam has been assigned to this envelope (185.105.75.177)
Brad Sell has been assigned to this envelope (185.105.75.177) Jemel Yusuf has been assigned to this envelope (185.105.75.177) Linda Payman has been assigned to this envelope (185.105.75.177) Bob Payman has been assigned to this envelope (185.105.75.177) Brad Sell has been assigned to this envelope (185.105.75.177) Document generated with fingerprint 889856877ac94247edb869918c260ee0 (185.105.75.178) Envelope generated by Jemel Yusuf (185.105.75.178)