Charity registration number 326252
THE JG CHARITABLE TRUST
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
THE JG CHARITABLE TRUST
LEGAL AND ADMINISTRATIVE INFORMATION
| Trustees | Mr N C Goodman |
|---|---|
| Mr J J Goodman | |
| Sach Goodman | |
| Charity number | 326252 |
| Registered office | 42 Compton Way |
| Farnham | |
| Surrey | |
| GU10 1QU | |
| Independent examiner | Grunberg & Co Limited |
| 5 Technology Park | |
| Colindeep Lane | |
| London | |
| NW9 6BX |
THE JG CHARITABLE TRUST
CONTENTS
| Page | |
|---|---|
| Trustees' report | 1 - 2 |
| Independent examiner's report | 3 |
| Statement of financial activities | 4 |
| Statement of financial position | 5 |
| Notes to the financial statements | 6 - 10 |
THE JG CHARITABLE TRUST
TRUSTEES' REPORT
FOR THE YEAR ENDED 31 MARCH 2023
The Trustees present their annual report and financial statements for the year ended 31 March 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 governing document, 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 1 January 2019).
Objectives and activities
The Charitable Trust is constituted by Trust Deed, and its objects are to provide financial support to charitable institutions.
Public benefit
The Trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake.
Achievements and performance
Significant activities and achievements against objectives
The charity acquired an additional investment property during the year in order to generate additional rental income to grant to charitable institutions.
The charity donated £148,000 (2022: £139,000) to other registered charities during the year.
Financial review
Structure, governance and management
The charity is controlled by its Trust Deed.
The Trustees who served during the year and up to the date of signature of the financial statements were: Mr N C Goodman Mr J J Goodman Sach Goodman
Recruitment and appointment of trustees
The management of the charity is the responsibility of the Trustees. Appointment of trustees is governed by the Trust Deed of the charity. The Board of Trustees is authorised to appoint new trustees to fill vacancies arising through resignation or death of an existing trustee.
Risk management
The Trustees have a duty to identify and review the risks to which the charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error.
Reference and Administrative Details
Registered Charity number
326252
Registered office
42 Compton Way Farnham Surrey GU10 1QU
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THE JG CHARITABLE TRUST
TRUSTEES' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
The Trustees' report was approved by the Board of Trustees.
Mr N C Goodman Trustee
25 January 2024
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THE JG CHARITABLE TRUST
INDEPENDENT EXAMINER'S REPORT
TO THE TRUSTEES OF THE JG CHARITABLE TRUST
Independent examiner's report to the Trustees of The JG Charitable Trust
I report to the Trustees on my examination of the financial statements of The JG Charitable Trust (the charity) for the year ended 31 March 2023.
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 2011 Act).
Having satisfied myself that the financial statements of the Charity are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of the Charity's financial statements carried out under section 145 of the Charities Act 2011 (the 2011 Act). In carrying out my examination I have followed all the applicable Directions given by the Charities Commission under section 145(5)(b) of the 2011 Act.
Independent examiner's statement
I have completed my examination. I confirm that no 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 2011 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 accounts 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.
Gedalia Waldman BA FCA Grunberg & Co Limited Chartered Accountants 5 Technology Park Colindeep Lane Colindale London NW9 6BX
Dated: 25 January 2024
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THE JG CHARITABLE TRUST
STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 31 MARCH 2023
| Unrestricted | Unrestricted | ||
|---|---|---|---|
| funds | funds | ||
| 2023 | 2022 | ||
| Notes | £ | £ | |
| Income from: | |||
| Other trading activities | 2 | 14,044 | 100 |
| Investments | 3 | 171,254 | 120,398 |
| Total income | 185,298 | 120,498 | |
| Charitable activities | 4 | 194,422 | 156,762 |
| Net expenditure and movement in funds | (9,124) | (36,264) | |
| Reconciliation of funds: | |||
| Fund balances at 1 April 2022 | 1,459,219 | 1,495,483 | |
| Fund balances at 31 March 2023 | 1,450,095 | 1,459,219 |
The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
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THE JG CHARITABLE TRUST
STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2023
| Notes Fixed assets Investment property 9 Current assets Debtors 10 Cash at bank and in hand Creditors: amounts falling due within one year 11 Net current assets Total assets less current liabilities The funds of the charity Unrestricted funds |
2023 £ 6,149 318,252 324,401 28,731 |
£ 1,154,425 295,670 1,450,095 1,450,095 1,450,095 |
2022 £ 5,442 881,016 886,458 22,946 |
£ 595,707 863,512 |
|---|---|---|---|---|
| 1,459,219 | ||||
| 1,459,219 | ||||
| 1,459,219 |
The notes on pages 6 to 10 form part of these financial statements.
The financial statements were approved by the Trustees on 25 January 2024
Mr N C Goodman
Trustee
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THE JG CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
1 Accounting policies
Charity information
The JG Charitable Trust is a registered charity incorporated in England and Wales. The registered office is 42 Compton Way, Farnham, GU10 1QU.
1.1 Accounting convention
The financial statements have been prepared in accordance with the charity's [governing document], the Charities Act 2011, FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the Charities SORP "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)" (effective 1 January 2019). The charity is a Public Benefit Entity as defined by FRS 102.
The charity has taken advantage of the provisions in the SORP for charities not to prepare a Statement of Cash Flows.
The financial statements are prepared in sterling, which is the functional currency of the charity. 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 revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.
1.2 Going concern
At the time of approving the financial statements, the Trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the Trustees continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3 Charitable funds
Unrestricted funds are available for use at the discretion of the Trustees in furtherance of their charitable objectives.
1.4 Income
Income represents rent receivable from the charity's investment properties, and is recognised on a straight-line basis over the life of the lease.
1.5 Expenditure
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement, and the amount of the obligation can be measured reliably.
Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges are allocated on the portion of the asset’s use.
1.6 Investment property
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. The surplus or deficit on revaluation is recognised in profit or loss.
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THE JG CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1 Accounting policies
(Continued)
1.7 Cash and cash equivalents
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.8 Financial instruments
The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Basic financial liabilities
Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Derecognition of financial liabilities
Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled.
2 Income from other trading activities
| Unrestricted | Unrestricted | |
|---|---|---|
| funds | funds | |
| 2023 | 2022 | |
| £ | £ | |
| Insurance income and recharges | 14,044 | 100 |
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THE JG CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
| 3 | Income from investments | ||
|---|---|---|---|
| Unrestricted | Unrestricted | ||
| funds | funds | ||
| 2023 | 2022 | ||
| £ | £ | ||
| Rental income | 171,254 | 120,398 | |
| 4 | Expenditure on charitable activities | ||
| Expenditure | Expenditure | ||
| 2023 | 2022 | ||
| £ | £ | ||
| Direct costs | |||
| Grant funding of activities (see note 5) | 148,000 | 139,000 | |
| Share of support and governance costs (see note 6) | |||
| Support | 44,442 | 16,262 | |
| Governance | 1,980 | 1,500 | |
| 194,422 | 156,762 | ||
| Analysis by fund | |||
| Unrestricted funds - general | 194,422 | 156,762 | |
| 5 | Grants payable | ||
| Expenditure | Expenditure | ||
| 2023 | 2023 | ||
| £ | £ | ||
| Grants to institutions: | |||
| Total charitable donations | 148,000 | 139,000 |
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THE JG CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
6 Support costs allocated to activities
| Support costs allocated to activities | ||
|---|---|---|
| Bank fees Insurance Rates Legal and professional fees Insurance Governance costs Analysed between: Expenditure |
2023 £ 25 2,212 2,603 26,902 12,700 1,980 46,422 46,422 |
2022 £ 6,220 2,446 3,169 2,400 2,027 1,500 |
| 17,762 | ||
| 17,762 |
7 Trustees
None of the Trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year (2022: £nil). No expenses were reimbursed to the Trustees in the year (2022: £nil).
8 Taxation
The charity is exempt from tax on income and gains falling within section 505 of the Taxes Act 1988 or section 252 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects.
9 Investment property
| Investment property | |
|---|---|
| Fair value At 1 April 2022 Additions through external acquisition At 31 March 2023 |
2023 £ 595,707 558,718 |
| 1,154,425 |
The valuation was made by the trustees on an open market value basis by reference to market evidence of transaction prices for similar properties.
| 10 Debtors Amounts falling due within one year: Other debtors Prepayments and accrued income |
2023 £ 1,740 4,409 6,149 |
2022 £ 1,740 3,702 |
|---|---|---|
| 5,442 |
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THE JG CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
11 Creditors: amounts falling due within one year
| Creditors: amounts falling due within one year | ||
|---|---|---|
| Other creditors Accruals and deferred income |
2023 £ 18,454 10,277 28,731 |
2022 £ 21,446 1,500 |
| 22,946 |
12 Unrestricted funds
The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes.
| At 1 General funds Previous year: At 1 General funds |
April 2022 £ 1,459,219 April 2021 £ 1,495,483 |
Incoming resources £ 185,298 Incoming resources £ 120,498 |
Resources expended At 31 March 2023 £ £ (194,422) 1,450,095 Resources expended At 31 March 2022 £ £ (156,762) 1,459,219 |
|---|---|---|---|
13 Operating lease commitments
Lessor
At the reporting end date the charity had contracted with tenants for the following minimum lease payments:
| Within one year Between two and five years |
2023 £ 85,470 103,394 188,864 |
2022 £ 144,626 - |
|---|---|---|
| 144,626 |
14 Related party transactions
There were no disclosable related party transactions during the year (2022 - none).
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