THE JERUSALEM TRUST 5 April 2025 I
THE JERUSALEM TRUST
ANNUAL REPORT AND FINANCIAL STATEMENTS
5 APRIL 2025
The Peak 5 Wilton Road London SW1V 1AP
THE JERUSALEM TRUST 5 April 2025
CONTENTS PAGE Legal and Administrative The Report of the Trustees Statement of Trustees, Responsibilities Independent Auditor's Report 9-12 Statement of Financial Activities 13 Balance Sheet 14 Cash Flow Statement Notes to the Accounts 16-27
THE JERUSALEM TRUST 5 A p r i l 2025 I
Legal and Administrative
The Jerusalem Trust (No. 285696) was established under a Trust Deed dated 28 September 1982 and became a registered charity on 13 December 1982.
| Trustees | Lady Susan Sainsbury |
|---|---|
| Mr Mark Browning | |
| Prof Peter Frankopan | |
| Mrs Melanie Townsend | |
| Mr David Wright | |
| Mr Peter Toby Hartley Booth | |
| Registered Office |
The Peak 5 Wilton Road London SW1V 1AP |
| Principal Officers |
Mrs K Everett Ms V Mclachlan Ms R Tiley Chief Executive Officer Executive Executive |
| Bankers | Royal Bank of Scotland |
| 36 St Andrew Square | |
| Edinburgh | |
| EH2 2YB | |
| Solicitors | Broadfield Law UK LLP |
| One Bartholomew Close | |
| London EC1A ?BL | |
| Auditor | Sayer Vincent LLP |
| 110 Golden Lane | |
| London | |
| EC1Y 0TG | |
| Investment | Sarasin & Partners |
| Advisers | Juxon House |
| 100 St Paul's Churchyard | |
| London EC4M 8BU |
Report and Accounts - 5 April 2025
5 April 2025 I[THE JERUSALEM TRUST]
The Report of the Trustees
The Trustees present their report and the audited financial statements for the year ended 5 April 2025.
Legal and administrative information set out on page 1 forms part of this report. The financial statements comply with current statutory requirements, the Trust deed, and the Statement of Recommended Practice - Accounting and Reporting by Charities: SORP applicable to charities preparing their accounts in accordance with FRS 102.
Obiects
The objects of the Trust as given in the Trust Deed are:
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i) to or for the advancement of the Christian religion and the promotion for charitable purposes only of any Christian body or organisation;
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ii) to or for the advancement of Christian education and learning;
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iii) to or towards or for the benefit of such one or more charitable purposes or charitable institutions as shall be supported, undertaken or effected by any Christian body or organisation at such time or times in such manner and in such proportions as the Trustees may from time to time at their discretion determine.
Achievements and Performance During the period the Trustees considered proposals under the following categories:
Christian Education Christian Evangelism and Relief Work Overseas Christian Media
Evangelism and Christian Mission in the UK
Proposals are generally invited by the Trustees or initiated at their request. Trustees do not normally make grants towards building or repair work for churches and grants are not normally made to individuals.
There have been no significant changes in the grant making policies of the Trust over the period under review. Trustees will regularly consider support for Resource Churches.
Charity and Public Benefit
Trustees are aware of the Charity Commission guidance on Public Benefit and confirm that they have complied with the duty in Section 17 of the Charities Act 2011 to have due regard to it. They consider the full information which follows in this annual report, about the Trust's aims, activities and achievements in the many areas of interest that the Trust supports demonstrates the benefit to its beneficiaries, and through them to the Public, that arise from those activities.
Review of the Past Period
The Trustees met four times during the year to make grants and a further twice to review investment activity.
Report and Accounts - 5 April 2025
2
THE JERUSALEM TRUST 5 Apr i l 2025
The asset value of the Trust decreased by 5% from £114.4 million at 5 April 2024 to £108.4 million at 5 April 2025. The net unrestricted income of the Trust for the year after charging grant related support costs was £2.0 million compared to £2.8 million for the year to 5 April 2024.
Trustees have decided that the best way of benchmarking the expenses incurred in running the charity is to measure these costs relative to its day to day activity of grant-making, as income alone is an unsuitable benchmark for charitable activity. On that basis, grant related support costs represented 11.9% (2024: 7. 7%) of the value of grants paid, which totalled £4.5 million (2024: £4.8 million)
Reserves Policy and Going Concern
It is the policy of the Trustees to approve grants for payment over a period of years, subject to certain conditions over the life of the grant. Those expected to be paid within twelve months of the year end are accrued in the accounts, whilst those due to be paid later than this are not accrued. These are referred to in note 4 to the accounts and amount to £1.9 million (2024: £2 million). They represent funds earmarked for continued support to certain existing beneficiaries, although formal commitments have not yet been made.
Cash flow projections for income and expenditure are regularly reviewed to ensure that the level of available resources is adequate and that the Trust is in a position to meet all its commitments.
The Trustees consider that when possible, it is appropriate to hold free funds, both to meet the short-term working capital needs of the Trust and in anticipation of the potential payment of subsequent grant instalments. In the event that the Trustees find themselves unable to meet current commitments from unrestricted reserves, they would be willing to draw on the expendable endowment in order to meet those commitments as they see fit.
As at 5 April 2025, the Trust held total funds of £108.4 million (2024: £114.4 million), comprising of an expendable endowment fund of £108.3 million (2024: £114.2 million) and unrestricted reserves of £193K (2024: £210k).
Investment Powers
The Trust Deed empowers the Trustees to appoint investment advisers, who have discretion to invest the funds of the Trust within guidelines established by the Trustees.
Investment Policy and Performance
Trustees meet with their investment managers regularly to discuss investment strategy and also to seek to ensure that the Trust's income requirements are met, and that long term capital growth is in line with relevant indices. The Trustees normally hold investments for the long term and look principally to income for their grant making, supplemented by the use of capital where required.
The Trust's main portfolio generated a total return net of all costs of-0.9% (1 year to 5th April 2025). This was behind the composite benchmark return of +0.4% and the ARC Steady Growth Charity peer group index return of +2. 7%.
As at 5 April 2025, J Sainsbury shares represented 5.3% of the Trust's net asset value.
The Trust received £2.4 million of income over the 12-month period. For the same period, £1.3 of capital was withdrawn.
Report and Accounts - 5 April 2025
3
5 April 2025 I[THE JERUSALEM TRUST]
Risk Assessment
The Trustees have examined the major strategic, business and operational risks to which the Trust may be exposed. Through the joint office of the Sainsbury Family Charitable Trusts, adequate systems are in place to meet such potential risks as the Trustees have identified. The Trustees continue to be vigilant and to keep processes under review.
The Trustees identified the uncertainty of financial returns to constitute the charity's major financial risk. This is mitigated by having a diversified financial portfolio under the management of a major investment house. The Trustees regularly review investment strategy and monitor financial performance. They also operate a grant distribution formula which helps to ensure the stability of resources available for grant awards in any given year.
Another major risk is a misuse of funds by a grantee charity. To mitigate this risk the Trustees normally restrict grants to charities registered with the Charity Commission or equivalent bodies. The awards are made following a thorough assessment and grants are regularly monitored; multi year grants are paid only on receipt of satisfactory progress reports.
Organisation
The Trust is one of the Sainsbury Family Charitable Trusts (SFCT), which share a common administration.
One Trustee may be nominated by the Bishop of Winchester. All Trustees are appointed by the Settlor. All Trustees are provided with relevant information relating to their responsibilities as Trustees.
Trustees are aware of the Charity Governance Code updated in 2020 which sets out the principles and recommended practice for good governance within the sector. The Charity has reviewed its governance arrangements against the principles within the code and believes that it is compliant with the code whilst maintaining its need to operate its governance efficiently.
The remuneration of the senior staff (including key management personnel) is reviewed by the Chairman on an annual basis taking into account the requirements of their role and performance during the year. From time to time the SFCT Management Committee benchmarks pay levels against the comparable positions in similar organisations.
The Trust and its Trustees are fully aware of the requirements and duties set out in the Charities (Protection and Social Investment) Act 2016. The Trust does not raise funds from the public and as such has no fund raising activities requiring disclosure under s162A of the Charities Act 2011.
The Trust does not undertake fundraising from the general public and does not use professional fundraisers or commercial participators.
The income of the Trust is not bound by any regulatory scheme, and the Trust does not consider it necessary to comply with any voluntary code of practice relating to fundraising. We have received no complaints in relation to any fund raising activities. As we do not approach individuals for the purpose of raising funds, we do not have specific requirements related to fundraising activities, nor do we consider it necessary to design specific procedures to monitor such activities.
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Report and Accounts - 5 April 2025
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[THE JERUSALEM TRUST] 5 April 2 0 2 5 I
The Trustees are responsible for the overall direction and supervision of the Jerusalem Trust; they set the Trust's strategy, review proposals and approve grants. The Trustees delegate day to-day operations to the Trust's Lead Executive, Victoria Mclachlan.
Grants Approved
The grants approved may be analysed by number and by value in the categories set out below:
| Christian Education Christian Evangelism and Relief Work Overseas Christian Media Evangelism and Christian Mission in the UK |
Grants Approved 11 22 9 56 98 Value £ £583,000 £342,250 £850,500 £2,568,500 £4 344 250 |
|
|---|---|---|
CHRISTIAN EDUCATION - £583,000
Trustees' priority areas in this category are as follows:
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The development of Christian education and curriculum materials for schools in RE and other subjects;
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The support of RE as a subject, both curriculum development and support for RE teachers and teacher training;
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Adult and lay education.
Grants approved in this category were to:
24-7 Prayer - £60,000 Culham St Gabriel's Trust - Culham College Institute - £150,000 Festive - £45,000 London School of Theology - £50,000 RE Grants - £200,000 SU Scotland (SUS) - £10,000 Walk Through the Bible - £10,000 Wintershall Charitable Trust - 2 grants totalling £54,000
A further two smaller grants were awarded totalling: £4,000
CHRISTIAN EVANGELISM AND RELIEF WORK OVERSEAS - £342,250
Trustees' priority areas in this category are as follows:
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Christian relief and development work overseas;
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The support of persecuted Christians;
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Support for theological training colleges;
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Capacity building of local churches;
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The translation of Christian literature.
The Trust's geographical focus areas are Anglophone sub-Saharan Africa and Ethiopia, Jordan, Syria, Lebanon, Egypt, Iraq and Iran. The Trustees regularly review their geographical priority areas.
Report and Accounts - 5 April 2025
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[THE JERUSALEM TRUST] 5 April 2 0 2 5 I
Grants approved in this category were to:
Anglican International Development -£20,000 Bible Society -£40,000 Christian Solidarity Worldwide -£45,000 Dignity -£10,000 Embrace the Middle East -£40,000 Open Doors with Brother Andrew -£80,000 Pioneers UK Ministries -£10,000 Release International -£9,000
Chrstian Evangelism and Relief Work Overseas emergency grants: lnnovista International -£5,000 Medecins Sans Frontieres -Doctors without Borders -£10,000 Tearfund -£50,000
A further 11 grants were awarded totalling: £23,250
CHRISTIAN MEDIA -£850,500
Trustees' priority areas in this category are as follows:
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The use of digital media and the internet for creative ways to promote Christianity;
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Media projects that promote Christianity in the UK, North Africa and the Middle East.
Grants approved in this category were to:
Christ Church Leamington -£14,000 Jerusalem Productions Ltd -£520,000 Speak Life -£80,000 SAT 7 Trust Ltd - Oxford -£160,000 Theos -£50,000 Wintershall Charitable Trust -£20,000
A further 3 grants were awarded totalling: £6,500
EVANGELISM AND CHRISTIAN MISSION IN THE UK-£2,568,500
The trustees' priority areas in this category are as follows:
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Support for Resource Churches;
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Christian projects that work with children and young people, in particular those working with children who have little or no contact with the church;
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Support for youth work and projects with young adults;
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Evangelistic projects, especially new and emerging evangelists;
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Work with prisoners, ex-prisoners and their families.
Report and Accounts - 5 April 2025
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THE JERUSALEM TRUST 5 Aprll 2025 Grants approved in this category were to: Alpha Internatlonal - £60.000 Ambassadors Football - £30,000 Bible Reading Fellowship - £150,000 Christians in Sport - £90,000 Eastbourne Foodbank - £10,000 Eternal Wall of Answered Prayer- £1,000,000 Evangelical Council for the Manchester Area Trust- £25,000 Falth in Later Llfe - £10,000 Hope 08 - £20,000 Liberty Choir- £10.000 London City Mission - £40.000 London Institute for Contemporary Christlanity- £40,000 Orchards - £10,000 Prison Advice & Care Trust {Pact)- 2 grants totalllng £135,000 Safe Families for Children - £150,000 St John's Southend - £120,000 St Michael's Church, Wimbledon - £120.000 The Welcome Directory- £30,000 There is Hope - £10,000 Transfomiing Lives for Good - £240,000 Wycliffe Bible Translators - £50,000 Yeldall Christian Centres - £10,000 Youthscape - £150.000 A further 32 grants were awarded totalling £58.500 GRANTS CANCELLED One grant totalling £2,000 was cancelled during the perbod. Future Plans The Trust will continue to support the activities set out on page 2 by the award of grants. Trustees will continue support for long-standing grantees within the current challenging fundraising landscape. Report and Accounts- 5 April 2025
THE JERUSALEM TRUST 5 April 2025 Statement of Trustees, Responsibilities Law applicable to charities in England and Wales requires the trustees to prepare financial statements for each financial year which give a true and fair view of the charity's financial activities during the period and of its financial position at the end of the period. In preparing financial statements giving a true and fair view, the trustees should follow best practice and: Select suitable accounting policies and then apply them consistently ObseNe the methods and principles in the Charities SORP Make judgements and estimates that are reasonable and pwdent State whether applicable UK Accounting Standards and statements of recommended practice have been followed, subject to any material departures disclosed and explained in the financial statements Prepare the financial statements on the going concem basis unless it is inappropriate to presume that the charity will continue in operation The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charilies Act 2011. They are also responsible for safeguarding the assets of the charity and hence fr)r taking reasonable steps for the prevention and detection of fraud and other irregularities. The trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charity's website. Legislation in the United Kingdom goveming the preparation and dissemination of financial statements may differ from legislation in other jurisdictions. Approved by the Board of Trustees on 2 October 2025 and signed on their behalf by Lady Susan Sainsbury TRUSTEE Report and Accounts- 5 April 2025
THE JERUSALEM TRUST 5 April 2025 Independent Auditor's Report to the Trustees of Jerusalem Trust Opinion We have audrted the financial statements of the Jerusalem Trust (the 'charity') for the year ended 5 April 2025 which comprise the statement of financial activities. balance sheet. statement of cash flows and noles to the financial stalements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion. the financial statements.. Give a true and fair view of the state of the charity's affairs as at 5 April 2025 and of its incorning resources and application of resources, for the year then ended Have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice Have been prepared in accordance with the requirements of the Charities Act 2011 Basis for opinion We conducted our audit in accordance wilh Intemational Standards on Auditing (UK) (ISAS (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with Ihe ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC'S Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Conclusions relating to going concern In auditing the financial statements, we have concluded that the trustees, use of the going concem basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Jerusalem Trust's ability to continue as a going concern for a period of at least trNelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the trustees with respect to going concem are described in the relevant sections of this report. Report and Accounts- 5 April 2025
THE JERUSALEM TRUST 5 April 2025 I
Other Information
The other information comprises the information included in the trustees' annual report, other than the financial statements and our auditor's report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Matters on which we are required to report by exception
We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion:
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The information given in the trustees' annual report is inconsistent in any material respect with the financial statements;
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Sufficient accounting records have not been kept; or
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The financial statements are not in agreement with the accounting records and returns; or
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We have not received all the information and explanations we require for our audit
Responsibilities of trustees
As explained more fully in the statement of trustees' responsibilities set out in the trustees' annual report, the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the trustees are responsible for assessing the charity's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.
Auditor's responsibilities for the audit of the financial statements
We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with regulations made under section 154 of that Act.
Report and Accounts - 5 April 2025
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[THE JERUSALEM TRUST] 5 April 2025 I
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud are set out below.
Capability of the audit in detecting irregularities
In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, our procedures included the following:
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We enquired of management and the board of trustees, which included obtaining and reviewing supporting documentation, concerning the charity's policies and procedures relating to:
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Identifying, evaluating, and complying with laws and regulations and whether they were aware of any instances of non-compliance;
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Detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected, or alleged fraud;
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The internal controls established to mitigate risks related to fraud or non-compliance with laws and regulations.
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We inspected the minutes of meetings of those charged with governance.
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We obtained an understanding of the legal and regulatory framework that the charity operates in, focusing on those laws and regulations that had a material effect on the financial statements or that had a fundamental effect on the operations of the charity from our professional and sector experience.
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We communicated applicable laws and regulations throughout the audit team and remained alert to any indications of non-compliance throughout the audit.
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We reviewed any reports made to regulators.
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We reviewed the financial statement disclosures and tested these to supporting documentation to assess compliance with applicable laws and regulations.
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We performed analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud.
Report and Accounts - 5 April 2025
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THE JERUSALEM TRUST 5 April 2025 In addressing the risk of fraud through management override of controls, we tested the approprialeness of journal entries and other adjustments, assessed whether the judgements made in making accounting estimates are indicative of a potential bias and tested significant transactions that are unusual or those outside the normal course of business. Because of the inherent limitations of an audit, there is a risk that we will not deted all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements. as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion. omission or misrepresentation. A further description of our responsibilities is available on the Financial Reporting Council's website at.. www.frc.org.uklauditorsresponsibililies. This description forms part of our auditor's report. Use of our report This report is made solely to the charity's trustees as a body, in accordance with section 144 of the Charities Act 2011 and regulations made under section 154 of that Act. Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charitrfs trustees as a body, for our audit work, for this report, or for the opinions we have formed. Date 15 October 2025 Sayer Vincent LLP, Statutory Auditor 110 Golden Lane, LONDON, EC1Y OTG Sayer Vincent LLP is eligible to act as auditor in terms of section 1212 of the Companies Act 2006 Report and Accounts- 5 April 2025 12
THE JERUSALEM TRUST 5 April 2025
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 5 APRIL 2025
| Notes Income Income from investments 2 Total income Expenditure Cost of raising funds Investment management costs 3 Charitable actvities Grant-making: Grant expenditure 4 Grant related support costs 5 Cost of grant-making Total expenditure Net expenditure before net gains/(losses) on investments Exchange gains Net gains on investments 8 Transfers between funds 11 Net movement in funds Reconciliation of funds Total funds brought forward Total funds carried forward |
Total Total Unrestricted Expendable Funds Funds Funds Endowment 2025 2024 |
|---|---|
| £'000 £'000 £'000 £'000 2,432 2,432 3,209 2,432 2,432 3,209 |
|
| 482 482 460 |
|
| 4,8031 4,507 4,507 442 442 375 |
|
| 4,949 4,949 5,178 |
|
| 4,949 482 5,431 5,638 |
|
| (2,517) (482) (2,999) (2,429) 866 866 177 (3,801) (3,801) 8,067 2,500 (2,500) |
|
| (17) (5,917) (5,934) 5,815 210 114,168 114,378 108,563 193 108,251 108,444 114,378 |
All of the above results are derived from continuing activities. There were no other recognised gains or losses other than those stated above.
Report and Accounts - 5 April 2025
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THE JERUSALEM TRUST S April 2025 BALANCE SHEET AS AT 5 APRIL 2025 Notes 2025 £'ooo 2024 £'ooo £'ooo FIXED ASSETS Tangible fixed assets Investments 111,494 111,500 116,335 116,344 CURRENT ASSETS Debtors Cash al bank and in hand 52 566 618 207 733 934 CURRENT LIABILITIES Creditors - amounts falling due within 1 year 10 3,674 2,900 NET CURRENT LIABILITIES {3,056) (1,966) NET ASSETS 108,444 714,378 CAPITAL FUNDS Expendable endowment 108,251 114, 168 INCOME FUNDS Unrestricted funds 193 210 108,444 114,378 The financial statements were approved and authorised for issue by the Trustees on 2 October 2025 and were signed on their behalf by '. TRUSTEE Lady Susan Sainsbury Report and Accounts- 5 April 2025 14
THE JERUSALEM TRUST 5 April 2025
STATEMENT OF CASHFLOWS FOR THE YEAR ENDED 5 APRIL 2025
| TATEMENT OF CASHFLOWS FOR THE YEAR ENDED 5 APRIL 2025 |
|||
|---|---|---|---|
| 2025 | 2024 | ||
| £'000 | £'000 | ||
| Cash flows from operating activities | |||
| Net cash (used in) operating activities | (3,734) | (5,328) | |
| Cash flows from investing activities | |||
| Dividends and interest | 2,432 | 3,209 | |
| Purchase of investments | (47,672) | (44,347) | |
| Sale of investments | 56,593 | 38,446 | |
| Net cash generated by/(used in) investing activities | 11,353 | (2,692) | |
| Change in cash and cash equivalents in the year | 7,619 | (8,020) | |
| Cash and cash equivalents at the beginning of the year | 3,770 | 11,790 | |
| Cash and cash equivalents at the end of the year | 11,389 | 3,770 | |
| Reconciliation of net expenditure to net cash flow from operating | activities | 2025 | 2024 |
| £'000 | £'000 | ||
| Net movement in funds (as per the statement of financial activities) | (5,934) | 5,815 | |
| Losses/(gains) on investments | 3,801 | (8,067) | |
| Dividends and interest | (2,432) | (3,209) | |
| (Decrease)/increase in forward exchange contracts | (95) | 231 | |
| Depreciation charge | 3 | 3 | |
| Decrease in debtors | 150 | 28 | |
| Increase/( decrease) in creditors | 773 | (129) | |
| Net cash (used in) operating activities | (3,734) | (5,328) | |
| Analysis of the balance of cash as shown in the balance sheet | |||
| Change | |||
| in | |||
| 2025 | 2024 | year | |
| £'000 | £'000 | £'000 | |
| Cash at bank and in hand | 566 | 733 | (167) |
| Cash balances held by investment manager for reinvestment | 10,823 | 3,037 | 7,786 |
| 11,389 | 3,770 | 7,619 |
Report and Accounts - 5 April 2025
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THE JERUSALEM TRUST 5 Ap ril 2025 I
NOTES TO THE FINANCIAL STATEMENTS
CHARITY INFORMATION
The charity is unincorporated and registered in England and Wales with the Charity Commission (registration number 285696). The address of the registered office is:
The Peak 5 Wilton Road London SW1V 1AP
1. PRINCIPAL ACCOUNTING POLICIES
a) Basis of preparation
The financial statements have been prepared in accordance with 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) - (Charities SORP FRS 102), The Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.
The financial statements have been prepared to give a 'true and fair view' and 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 Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.
In the view of the Trustees, there are no material uncertainties casting doubt on the going concern of the charity.
Having assessed the Trust's financial position and plans for the foreseeable future, the Trustees are satisfied that it remains appropriate to prepare the financial statements on the going concern basis.
The endowment assets of the Trust remain significant, and the Trust will continue to pay out to its beneficiaries in accordance with the Trust's objects.
b) Income
Income is shown gross, including the associated tax credit unless the tax so deducted is considered irrecoverable.
Dividends are included by reference to their due dates.
Interest is recorded when it has been received.
Report and Accounts - 5 April 2025
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THE JERUSALEM TRUST 5 Ap ril 2025
NOTES TO THE FINANCIAL STATEMENTS
1. PRINCIPAL ACCOUNTING POLICIES continued
c) Expenditure
Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably.
Costs of generating funds represent amounts paid to the Trust's external investment advisors.
Charitable activities expenditure comprises grants and donations awarded by the Trustees in accordance with the criteria set out in the Trust Deed, together with grant related support costs.
Grants payable are made to third parties in furtherance of the charity's objects. Single or multi-year grants are accounted for when either the recipient has a reasonable expectation that they will receive a grant and the trustees have agreed to pay the grant without condition, or the recipient has a reasonable expectation that they will receive a grant and that any condition attaching to the grant is outside of the control of the charity.
The view of the trustees is that any instalments payable within 12 months of the reporting date are expected to be paid regardless of the status of attached conditions and so these are accrued. Any payments due in more than 12 months from the reporting date, where conditions exist that have not been met at the reporting date, are not accrued but are reported as an unaccrued future commitment.
Grants approved subject to conditions that have not been met at the year-end are noted as a commitment but not accrued as expenditure.
Grant related support costs represent staff, office and governance costs incurred in managing the grant award programme. They include a share of the staff and office costs of the joint offices of the Sainsbury Family Charitable Trusts, which are allocated in proportion to the time spent on Trust matters and grants paid.
Contributions to defined contribution pension plans are charged to the statement of financial activities in the period to which they relate.
Governance costs comprise all costs involving the public accountability of the charity and its compliance with regulation and good practice. These costs include fees for statutory audit and legal fees where relevant.
Report and Accounts - 5 April 2025
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THE JERUSALEM TRUST 5 April 2025 I
NOTES TO THE FINANCIAL STATEMENTS
1. PRINCIPAL ACCOUNTING POLICIES continued
d) Investments
Investments are a form of basic financial instrument and are initially recognised at their transaction value and subsequently measured at their fair value as at the balance sheet date using the closing quoted market price. Any change in fair value will be recognised in the statement of financial activities. Investment gains and losses, whether realised or unrealised, are combined and shown in the heading "Net (losses)/gains on investments" in the statement of financial activities.
e) Financial instruments
The Trust 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.
Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.
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 due.
f) Cash and cash equivalents
Cash and cash equivalents include cash at bank and in hand, cash held for reinvestment and short-term deposits.
g) Fixed assets
Fixed assets are depreciated at rates which reflect their useful life to the Trust. Leasehold improvements are depreciated over the outstanding life of the lease at the time the work was completed. The following rates have been used:
Items of equipment are capitalised where the purchase price exceeds £5,000. Depreciation costs are allocated to activities on the basis of the use of the related assets in those activities. Assets are reviewed for impairment if circumstances indicate their carrying value may exceed their net realisable value and value in use.
Major components are treated as a separate asset where they have significantly different patterns of consumption of economic benefits and are depreciated separately over its useful life.
Report and Accounts - 5 April 2025
18
THE JERUSALEM TRUST 5 Ap ril 2025
NOTES TO THE FINANCIAL STATEMENTS
1. PRINCIPAL ACCOUNTING POLICIES
h) Debtors
Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.
i) 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 due.
j) Pensions
Contributions to defined contribution plans are charged to the statement of financial activities in the period to which they relate.
k) Critical accounting judgements and key sources of estimation uncertainty
In the application of the charity's accounting policies, which are described in note 1, Trustees are required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects the current and future periods.
In the view of the Trustees, no assumptions concerning the future or estimation uncertainty affecting assets and liabilities at the balance sheet date are likely to result in a material adjustment to their carrying amounts in the next financial year.
Report and Accounts - 5 April 2025
19
5 April 2025 I THE JERUSALEM TRUST
NOTES TO THE FINANCIAL STATEMENTS
2. INCOME FROM INVESTMENTS
Income received on investments may be analysed as follows:
| 2025 | 2024 | |||
|---|---|---|---|---|
| £'000 | % | £'000 | % | |
| Fixed Interest | 303 | 12 | 181 | 6 |
| Equities Property |
1,448 158 |
60 7 |
1,991 229 |
62 7 |
| Alternative investments | 349 | 14 | 317 | 10 |
| Multi Assets | 17 | 1 | 57 | 2 |
| 2,275 | 94 | 2,775 | 87 | |
| Interest | 157 | 6 | 434 | 13 |
| 2,432 | 100 | 3,209 | 100 |
3. COST OF RAISING FUNDS
These costs relate to the investment manager's fees. The Trustees are of the opinion that these relate to the generation of a total return on the investment portfolio and, as such, have charged the Expendable Endowment with these fees.
4. GRANTS EXPENDED
| GRANTS EXPENDED | ||||
|---|---|---|---|---|
| 2025 | 2024 | |||
| £'000 | £'000 | £'000 | £'000 | |
| Reconciliation of grants expended: | ||||
| Commitments at 6 April 2024 | 2,725 | 2,769 | ||
| Grants not accrued at 6 April 2024 | 2,020 | 441 | ||
| Grants approved in the year | 4,344 | 6,395 | ||
| Grants cancelled, refunded or amended | (2) | (13) | ||
| Grants not accrued at 5 April 2025 Grants payable for the year |
(1,855} | 4,507 | (2,0201 | 4,803 |
| Grants paid during the year | (3,733) | (4,847) | ||
| Commitments at 5 April 2025 | 3,499 | 2,725 | ||
| Commitments at 5 April 2025 are payable as follows: | ||||
| 2025 | 2024 | |||
| £'000 | £'000 | |||
| Within one year (note 10) | 3,499 | 2,725 |
Contingent Liabilities
In addition to the amounts committed and accrued noted above, the Trustees have also authorised certain grants which are subject to the recipient fulfilling certain conditions relating to the delivery of the grant-funded activities.
The total amount authorised but not accrued as expenditure at 5 April 2025 was £1,855,000 (2024: £2,020,000).
The Trustees are confident that these authorised amounts will be met from future income.
A list of grants payable is included in Appendix A.
Report and Accounts - 5 April 2025
20
[THE JERUSALEM TRUST] 5 April 2025 I
NOTES TO THE FINANCIAL STATEMENTS
5. GRANT RELATED SUPPORT COSTS
| Staff costs Share of joint ofice costs Direct costs including travel Depreciation Legal and professional fees Auditor's remuneration |
2025 2024 Grant- Governance Total Total making £'000 £'000 £'000 £'000 312 6 318 270 104 104 84 5 5 5 3 3 3 |
|---|---|
| 424 6 430 362 1 12 12 12 |
|
| 424 18 442 375 |
The auditor's remuneration excluding VAT is £10,100 (2024: £9,650 excluding VAT). During the year no Trustee received any remuneration or reimbursement of expenses (2024: NIL). Included in the support costs for 2025 are governance costs of £17,193 (2004: £14,301) which was comprised of staff costs of £5,793 (2004: £3,921) and auditor's remuneration of £12,120 (2004: £10,380).
6. ANALYSIS OF STAFF COSTS
| Wages and salaries Social security costs Other pension costs |
2025 2024 |
|---|---|
| £'000 £'000 259 219 30 26 29 25 318 270 |
As mentioned in the Report of the Trustees, the Trust is one of the Sainsbury Family Charitable Trusts which share a joint administration at the Registered Office. 2.6% (2023/24: 2.7%) of the total support and administration costs of these trusts have been allocated to the Jerusalem Trust, including a proportionate share of the costs of employing the total number of staff serving in the office in 2024/25.
The average number of staff employed during the year was 8, all on a part-time basis (2023/24: 8). This equates to 3 full-time employees (2023/24: 2. 7)
Having regard to the small number of employees, the Trust considers its key management personnel to comprise of 3 part-time staff (2023/24: 3). The total employment benefits, including employer contributions to group personal pensions, of these key management personnel, were £169,349 (2023/24: £146,422). One employee earned between £60,000 - £70,000 during the year (2024: no employee earned more than £60,000).
No trustee received any remuneration for their services during the current or prior year.
Report and Accounts - 5 April 2025
21
THE JERUSALEM TRUST 5 April 2025
NOTES TO THE FINANCIAL STATEMENTS
7. TANGIBLE FIXED ASSETS Leasehold Improvements
2025 £'000 Cost At 6 April 2024 20 Disposals At 5 April 2025 20 Depreciation At 6 April 2024 11 Charge for the year 3 Disposals At 5 April 2025 14 Net Book Value Carried Forward 6 Brought Forward 9
Report and Accounts - 5 April 2025
22
THE JERUSALEM TRUST 5 April 2025 I
NOTES TO THE FINANCIAL STATEMENTS
8. FIXED ASSET INVESTMENTS
Market value Brought Forward Less: Disposals at proceeds Add: Acquisitions at cost Net (losses )/gains on investments Market value Carried Forward Forward exchange contracts Investment cash
Total investments
| 2025 | 2024 |
|---|---|
| £'000 | £'000 |
| 113,393 | 99,425 |
| (56,593) | (38,446) |
| 47,672 | 44,347 |
| {3,801} | 8,067 |
| 100,671 | 113,393 |
| 0 | (95) |
| 10,823 | 3,037 |
| 111,494 | 116,335 |
The investments held were as follows:
| The investments held were as follows: | ||||
|---|---|---|---|---|
| 2025 | 2024 | |||
| Cost | Market | Cost | Market | |
| Value | Value | |||
| £'000 | £'000 | £'000 | £'000 | |
| Fixed Income | 6,346 | 5,720 | 11,486 | 9,792 |
| Equities | 69,767 | 71,239 | 68,889 | 81,546 |
| Property | 4,054 | 3,696 | 4,054 | 3,649 |
| Alternative Investments | 13,417 | 14,095 | 17,581 | 11,394 |
| Other | 5,888 | 5,921 | 1,640 | 7,011 |
| 99,472 | 100,671 | 103,650 | 113,393 |
Investments include the following holding at market value:
U.K. Equities -J Sainsbury PLC- £5,766, 018 (2024; £6,452,101).
As part of the overall management of funds, the investment managers have entered into commitments to sell EUR 5,563,262; JPY 98,054,000; CHF 1,860,000; and USO 25,316,827 and buy USO 1,370,000 under forward rate contracts as at 5 April 2025. (2024: to sell a total of EUR 5,976,151; JPY 98,054,000; CHF 660,000; NOK 22,840,000 and USO 25,181,201).
All contracts matured on 12 June 2024 and are included within investments as forward exchange contracts.
9. DEBTORS
| DEBTORS | ||
|---|---|---|
| 2025 | 2024 | |
| £'000 | £'000 | |
| Accrued income | 45 | 199 |
| Income tax recoverable | 4 | |
| Prepayments | 3 | |
| 52 | 201 |
Report and Accounts - 5 April 2025
23
THE JERUSALEM TRUST 5 April 2025
NOTES TO THE FINANCIAL STATEMENTS
10. CREDITORS - amounts falling due within one year
| CREDITORS - amounts falling due within one year | ||
|---|---|---|
| 2025 | 2024 | |
| £'000 | £'000 | |
| Grants payable within one year | 3,499 | 2,725 |
| Professional charges | 8 | 8 |
| Other creditors | 167 | 167 |
| 3,674 | 2,900 |
11. ANALYSIS OF NET ASSETS BETWEEN FUNDS
| Unrestricted | Expendable | Totals | |
|---|---|---|---|
| Funds | Endowment | 2025 | |
| £'000 | £'000 | £'000 | |
| Fund balances at 5 April 2025 are represented by: | |||
| Tangible fixed assets | 6 | 6 | |
| Investments | 111,494 | 111,494 | |
| Current assets | 3,737 | (3,126) | 611 |
| Current liabilities | (3,544} | (123} | (3,6672 |
| Total net assets | 193 | 108,251 | 108,444 |
| Movement in the year | |||
| Opening balance as at 5 April 2024 | 210 | 114,168 | 114,378 |
| Total income and endowments | 2,432 | 2,432 | |
| Cost of raising funds | (482) | (482) | |
| Cost of grant-making | (4,949) | (4,949) | |
| Net gains on investments | (3,801) | (3,801) | |
| Currency exchange gains | 866 | 866 | |
| Transfers between funds | 2,500 | (2,500} | |
| Closing balance as at 5 April 2025 | 193 | 108,251 | 108,444 |
| Comparative | Unrestricted | Expendable | Totals |
| Funds | Endowment | 2024 | |
| £'000 | £'000 | £'000 | |
| Fund balances at 5 April 2024 are represented by: | |||
| Tangible fixed assets | 9 | 9 | |
| Investments | 116,335 | 116,335 | |
| Current assets | 2,992 | (2,058) | 934 |
| Current liabilities | (2,782} | (118} | (2,9002 |
| Total net assets | 210 | 114,168 | 114,378 |
| Movement in the year | |||
| Opening balance as at 5 April 2023 | 179 | 108,384 | 108,563 |
| Total income and endowments | 3,209 | 3,209 | |
| Cost of raising funds | (460) | (460) | |
| Cost of grant-making | (5,178) | (5,178) | |
| Net gains on investments | 8,067 | 8,067 | |
| Currency exchange (losses) | 177 | 177 | |
| Transfers between funds | 2,000 | (2,000} | |
| Closing balance as at 5 April 2024 | 210 | 114,168 | 114,378 |
Report and Accounts - 5 April 2025
24
5 April 2025 I _[THE JERUSALEM TRUST]
NOTES TO THE FINANCIAL STATEMENTS
12. RELATED PARTY TRANSACTIONS
Two Trustees of the Jerusalem Trust, Lady Susan Sainsbury and Mr. Mark Browning, are also Directors of Jerusalem Productions Limited. The Settlor and one Trustee of Jerusalem Trust hold one share each in Jerusalem Productions Limited, a company incorporated and registered in England (no. 02461543). The Trustees hold the shares of JPL in trust for the Trustees for its charitable purposes.
At the year end, an amount of £350,000 (2024: £350,000) was payable to Jerusalem Productions Limited. Grants totalling £520,000 (2024: £1,934,500) were awarded by the Jerusalem Trust to Jerusalem Productions Ltd during the year. There are no donations from related parties which are outside the normal course of business.
13. COMPARATIVE STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 5 APRIL 2024
| Unrestricted | Expendable | ||
|---|---|---|---|
| Funds | Endowment | 2024 | |
| £'000 | £'000 | £'000 | |
| Income | |||
| Income from investments | 3,209 | 3,209 | |
| Total income | 3,209 | 3,209 | |
| Expenditure | |||
| Cost of raising funds | |||
| Investment management costs | 460 | 460 | |
| Charitable activities | |||
| Grant-making: Grant expenditure Grant related support costs |
4,803 375 |
4,803 1 375 |
|
| Cost of grant-making | 5,178 | 5,178 | |
| Total expenditure | 5,178 | 460 | 5,638 |
| Net expenditure before net losses on | |||
| investments | (1,969) | (460) | (2,429) |
| Exchange losses | 177 | 177 | |
| Net losses on investments | 8,067 | 8,067 | |
| Transfers between funds | 2,000 | (2,000) | |
| Net movement in funds | 31 | 5,784 | 5,815 |
| Reconciliation of funds Total funds brought forward Total funds carried forward |
179 210 |
108,384 114,168 |
108,563 114,378 |
Report and Accounts - 5 April 2025
25
THE JERUSALEM TRUST I . 5 Apr il 202 5
NOTES TO THE FINANCIAL STATEMENTS
Appe ndix A
The amount payable in the year ended 5 April 2025 consisted of the following:
| Appe ndix A he amount payable in the year ended 5 April 2025 consisted of the fo |
llowing: |
|---|---|
| Christian Education | |
| 24-7 Prayer | 40,000 |
| Culham St Gabriel's Trust - Culham College Institute | 100,000 |
| Festive | 30,000 |
| London School of Theology | 50,000 |
| RE Grants | 200,000 |
| Wintershall Charitable Trust | 54,000 |
| Net grants payable/cancelled up to £20,000 | 24,000 |
| Christian Evangelism & Relief | |
| Bible Society | 40,000 |
| Catholic Agency for Overseas Development (CAFOD) | 25,000 |
| Christian Solidarity Worldwide | 45,000 |
| Embrace the Middle East | 40,000 |
| Five Talents | 25,000 |
| Open Doors with Brother Andrew | 80,000 |
| Tearfund | 50,000 |
| Net grants payable/cancelled up to £20,000 | 87,250 |
| Christian Media | |
| Jerusalem Productions Ltd | 870,000 |
| SAT 7 Trust Ltd - Oxford | 80,000 |
| Speak Life | 80,000 |
| Theos | 50,000 |
| Net grants payable/cancelled up to £20,000 | 40,500 |
| Evangelism & Christian Mission | |
| Alpha International | 60,000 |
| Bible Reading Fellowship | 100,000 |
| Christians in Sport | 62,000 |
| Church Revitalisation Trust | 250,000 |
| Eternal Wall of Answered Prayer | 500,000 |
| Hope Into Action | 50,000 |
| Prison Advice & Care Trust (Pact) Safe Families for Children |
95,000 100,000 |
| St John's Southend | 120,000 |
| St Mary's Andover | 60,000 |
| St Michael's Church, Wimbledon | 120,000 |
| St Werburgh's Derby Tearfund Transforming Lives for Good |
60,000 200,000 160,000 |
| Wycliffe Bible Translators | 50,000 |
| Youthscape | 100,000 |
| Net grants payable/cancelled up to £50,000 | 409,500 |
| Total grants payable per Statement of Financial Activities | 4,507,250 |
Report and Accounts - 5 April 2025
26
THE JERUSALEM TRUST 5 A p r i l 20 25 I _
NOTES TO THE FINANCIAL STATEMENTS
Appendix A continued
| NOTES TO THE FINANCIAL STATEMENTS Appendix A continued |
|
|---|---|
The amount payable in the year ended 5 April 2024 consisted of the following: |
|
| Christian Education | |
| Bible Society | 60,000 |
| Christian Education Movement | 50,000 |
| RE Grants | 150,000 |
| Net grants payable/cancelled up to £20,000 | 12,000 |
| Christian Evangelism & Relief | |
| Catholic Agency for Overseas Development (CAFOD) | 25,000 |
| Christian Solidarity Worldwide | 50,000 |
| Five Talents | 25,000 |
| Flame International | 60,000 |
| Middle East Media | 35,000 |
| Mosaic Middle East (Foundation for Reconciliation in the Middle East) | 21,000 |
| One for Israel | 70,000 |
| Open Doors with Brother Andrew | 100,000 |
| Wycliffe Bible Translators | 20,350 |
| Net grants payable/cancelled up to £20,000 | 69,650 |
| Christian Media | |
| Centre for Cultural Witness | 24,000 |
| Jerusalem Productions Ltd | 1,234,500 |
| Passion Trust | 40,000 |
| Premier Christian Media Trust | 100,000 |
| SAT 7 Trust Ltd - Oxford | 60,000 |
| Net grants payable/cancelled up to £20,000 | 44,000 |
| Evangelism & Christian Mission in the UK | |
| A ROCHA UK | 60,000 |
| Beyond the Streets | 60,000 |
| Bible Reading Fellowship | 52,000 |
| Bringing Hope | 50,000 |
| Church Revitalisation Trust | 500,000 |
| Harbour Church Portsmouth | 120,000 |
| Home for Good | 254,000 |
| Hope Into Action | 126,000 |
| Luis Palau Evangelistic Association - Europe | 114,000 |
| Nehemiah Project - London | 52,000 |
| St Mary's Andover | 72,000 |
| St Werburgh's Derby | 60,000 |
| Tearfund | 200,000 |
| Urban Expression | 89,000 |
| Net grants payable/cancelled up to £50,000 | 698,968 |
| Christian Art | |
| Zurbaran Trust | 40,000 |
| Net grants payable/cancelled up to £15,000 | 4,400 |
| Total grants payable per Statement of Financial Activities | 4,802,868 |
Report and Accounts - 5 April 2025
27