**Charity Registration No. 280025**
## **THE J AND M CHARITABLE TRUST**
**ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS**
**FOR THE YEAR ENDED 5 APRIL 2023**
**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
## **CONTENTS**
## **THE J AND M CHARITABLE TRUST**
||**Page**|
|---|---|
|Trustees' report|1 - 2|
|Independent examiner's report|3|
|Statement of fnancial activities|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 2023**_
The trustees present their report and financial statements for the year ended 5 April 2023.
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 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 £1,356,222 as at 5 April 2023 (2022: £1,536,855). 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 14 (2022: 15) grants totaling £55,250 (2022: £47,700) 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.
- 1 -
## **THE J AND M CHARITABLE TRUST**
## **Financial review**
The trust is reliant on income generated from its investments. The trust received income of £53,768 (2022: £50,660) during the year. After making charitable donations of £55,250 (2022: £47,700) and paying administration expenses of £4,610 (2022: £4,125). The trust made a net loss of £153,946 (2022: net gain of £89,861) 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.
## **TRUSTEES' REPORT**
## **(CONTINUED)** _**FOR THE YEAR ENDED 5 APRIL 2023**_
## **Structure, governance and management**
The J and M Charitable Trust is an unincorporated body, constituted under a trust deed dated 11 August 1979 and is a registered charity (no. 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** ..... **Mr R** ..... Truste **Payman** Truste **Payman** Dated: ....................e Dated:....................e **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 2023.
- 2 -
## **THE J AND M CHARITABLE TRUST**
## **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 2 the financial statements do not accord with those records; or
- 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 30 Oct 2023 Dated: .........................
## **STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT** _**FOR THE YEAR ENDED 5 APRIL 2023**_
||**Unrestricted**|**Unrestricted**|Unrestricted|
|---|---|---|---|
|||**funds** funds||
|||**2023**|2022|
||**Notes**|**£**|**£**|
|**Income from:**||||
|Investment income|**3**|53,768|50,660|
|**Expenditure on:**||||
|Raising funds|**4**|20,595|12,510|
- 3 -
## **THE J AND M CHARITABLE TRUST**
|Charitable activities|**5**|59,860|51,825|
|---|---|---|---|
|**Total resources expended**||80,4
55|64,3
35|
|Net gains/(losses) on investments|**10**|(153,946)|89,861|
|**Net movement in funds**||(180,633)|76,186|
|Fund balances at 6 April 2022||1,536,855|1,460,669|
|**Fund balances at 5 April 2023**||1,356,2
~~22~~|1,536,8
~~55~~|
|The statement of fnancial activities includes all gains and losses recognised in the||year.||
|All income and expenditure derive from continuing activities.||||
## **BALANCE SHEET**
## _**AS AT 5 APRIL 2023**_
|**2023**
**Fixed assets**
**Notes**
**£**
**£**
Investments
**Current assets**
**11**
1,354,110
Cash at bank and in hand
22,540
**Creditors: amounts falling due**
**within one year**
**12**
(20,428)
Net current assets
2,112
**Total assets less current liabilities**
1,356,222
**Income funds**
Unrestricted
funds
1,356,2
22
1,356,2
~~22~~
The fnancial statements were approved by the Trustees
on .........................
.........................
.....
.........................
.....
**Mrs L**
**Payman**
**Mr R**
**Payman**
Truste
e
Truste
e|**2022**
**£**
**£**
1,504,4
42
46,288
(13,875)
32,413
1,536,8
55
1,536,8
55
1,536,8
5~~5~~|**£**
1,504,4
42
32,413|
|---|---|---|
|||1,536,8
55|
- 4 -
## **THE J AND M CHARITABLE TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS**
## _**FOR THE YEAR ENDED 5**_
## _**APRIL 2023**_
## **1 Accounting policies**
## **Charity information**
The J and M Charitable Trust is a registered charity (no: 280025) and is governed by its trust deed. The registered office address is 16, Kidderpore Gardens, London, NW3 7SR.
## **1.1Accounting 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 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 fixed asset investments at fair value. The principal accounting policies adopted are set out below.
## **1.2Charitable funds**
Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.
## **1.3Incoming 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.
## **1.4Resources 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.
Grant payable comprise donations related to the objects of the charity and are charged in the year when the offer is conveyed to the recipient.
Governance costs include costs payable to the independent examiner and other costs incurred in relation to statutory and constitutional requirements.
## **1.5Fixed 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.
## **1.6Financial 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.
- 5 -
## **THE J AND M CHARITABLE TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)**
## _**FOR THE YEAR ENDED 5 APRIL 2023**_
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. **2 Critical accounting estimates and judgements**
The trustees are satisfied that there are no material estimates or judgements in the financial statements.
## **3 Investment income**
||**Unrestricted**||
|---|---|---|
||Unrestricted||
||**funds**funds||
||**2023**|2022|
||**£**|£|
|Income from listed investments|42,075|38,564|
|Interest receivable|11,693|12,096|
||53,768|50,660|
## **4 Raising funds**
## **Unrestricted**
||**Raising funds**|**Unrestricted**|**Unrestricted**||
|---|---|---|---|---|
|||Unrestricted|||
|||**funds**|funds||
|||**2023**||2022|
|||**£**||£|
||Fundraising and publicity||||
||Tax on overseas dividend|365||20|
||Investment management fees|20,230|12,490||
|||20,595|12,510||
||**Charitable activities**||||
|||**2023**||2022|
|||**£**||£|
||Grant funding of activities (see note 6)|55,250|47,700||
||Governance costs (see note 7)|4,610|4,125||
|||59,860|51,825||
||**Grants payable**||||
|||**2023**||202|
|||||2|
## **5 Charitable activities**
## **6 Grants payable**
- 6 -
## **THE J AND M CHARITABLE TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 5 APRIL 2023**_
|**_FOR THE YEAR ENDED 5 APRIL 2023_**|||
|---|---|---|
||**£**|£|
|**Grants to institutions:**
**Education/training/religion**
Jewish Child’s Day
Side by Side
**Medical/health/sickness/poverty**
Chai Lifeline Cancer Care
Hatzola
Heart Cells Foudation
Jewish Womens Aid
Magen David Adom UK
Noah's Ark
North London Hospice
Jewish Care
Norwood Ravenswood
Sponsor a Child
The Chicken Soup Shelter
WIZO UK
World Jewish Relief
**Accomodation**
Nightingale Hammerson
**General**
Anne Frank Trust UK
Community Security Trust
JW3 Development
**7**
**Governance costs**
Accountancy|2,000
-
6,000
1,000
1,000
2,000
5,000
5,000
-
6,000
6,000
-
3,000
-
7,000
5,000
250
6,000
-
55,250
**2023**
**£**
3,410|2,00
0
2,00
0
6,00
0
-
1,00
0
2,00
0
-
-
1,00
0
6,00
0
6,00
0
500
3,00
0
500
4,20
0
5,00
0
-
6,00
0
2,50
0|
|||47,7
00|
|||202
2
£
2,92
5|
## **7 Governance costs** Accountancy
- 7 -
## **THE J AND M CHARITABLE TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)**
## _**FOR THE YEAR ENDED 5 APRIL 2023**_
|**_FOR THE YEAR ENDED 5 APRIL 2023_**|||
|---|---|---|
|Independent examination fees|1,200|1,20|
|Analysed between
Charitable activities|4,610
4,61
~~0~~|0
4,12
5
4,12
~~5~~|
## **8 Trustees**
None of the trustees (or any persons connected with them) received any remuneration or benefits from the trust during the prior or current year.
## **9 Employees**
There were no employees during the current or prior year.
## **10Net gains/(losses) on investments**
||**Unrestricted**
Unrestricted|**Unrestricted**
Unrestricted|
|---|---|---|
||**funds** funds||
||**2023**|2022|
||**£**|£|
|Revaluation of investments|(137,829)|90,080|
|Gain/(loss) on sale of investments|(16,117)|(219)|
||(153,94|89,8|
||~~6)~~|~~61~~|
- 8 -
## **THE J AND M CHARITABLE TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 5 APRIL 2023**_
## **11Fixed asset investments**
|**Cost or valuation**
At 6 April 2022
Additions
Valuation changes
Proft/(loss) of sale of investments
Disposals
At 5 April 2023
**Carrying amount**
At 05 April 2023
At 05 April 2022
Investments at fair value comprise:
Equities
Fixed interest securities
**Creditors: amounts falling due within one year**
Grants payable
Accruals|**Listed investments**
**£**
1,504,4
42
111,97
6
(137,82
9)
(16,117)
(108,36
2)
1,354,1
10
1,354,1
10
~~1,504,4~~
42
**2023**
**2022**
**£**
**£**
992,879
1,152,1
26
361,231
352,31
6
1,354,110
1,504,4
42
**2023**
**2022**
**£**
**£**
16,000
6,000
4,428
7,875
20,4
~~28~~
13,8
~~75~~|
|---|---|
## **12 Creditors: amounts falling due within one year**
## **13Related party transactions**
There were no disclosable related party transactions during the current or prior year.
- 9 -