JOHN JAMES CHARITABLE TRUST FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 Register8d number.. 328359
JOHN JAMES CHARITABLE TRUST
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
CONTENTS
| Page | |
|---|---|
| Trustees' report | 1 - 2 |
| Independent examiner’s report | 3 |
| Statement of assets and liabilities | 4 |
| Receipts and payments account | 5 |
| Notes to the accounts | 6 - 7 |
JOHN JAMES CHARITABLE TRUST
TRUSTEES REPORT
FOR THE YEAR ENDED 31 MARCH 2023
Charity Number : 328359
| Trustees: | G W Reid |
|---|---|
| P J Reid | |
| R P Dunn | |
| C G Pate | |
| Principal Office: | 6 Mina Road |
| Wimbledon | |
| London | |
| SW19 3AU | |
| Bankers: | CAF Bank Ltd |
| 25 Kings Hill Avenue | |
| Kings Hill | |
| West Malling | |
| Kent | |
| ME19 4JQ | |
| Independent Examiner: | L R Brain FCA |
| Brosnans Chartered Accountants | |
| Birkby House | |
| Birkby Lane | |
| Brighouse | |
| West Yorkshire | |
| HD6 4JJ | |
| Investment Manager: | Vestra Wealth LLP |
| 14 Cornhill | |
| London | |
| EC3V 3NR |
Objectives and activities
To promote the advancement of education in the Christian religion amongst children and young people.
To advance the Christian faith by providing grants to those undertaking training for a specific ministry.
To relieve poverty, advance religion, promote education and do anything charitable for the benefit of the community.
The Charity has pursued its objects in the past year in the following ways:
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byChristian ministry; making grants to individuals and organisations to allow people to be trained in different areas of
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by making grants to organisations working with children and young people, running schools
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- programmes and youth clubs providing a place of support, activities and relaxation as well as an environment where the Christian faith is explained; and
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by making grants to parish churches and other organisations in deprived areas to support pastoral and
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- support work amongst families in the context of which there is opportunity for individuals to explore the Christian faith.
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JOHN JAMES CHARITABLE TRUST
TRUSTEES REPORT
FOR THE YEAR ENDED 31 MARCH 2023
The trustees have complied with their duty under section 17(5) of the Charities Act 2011 to have due regard to public benefit guidance published by the Charity Commission when performing their role and duties.
The existing trustees are responsible for recruiting and training new trustees as and when required.
The governing document of the charity is its trust deed, dated 13 September 1989.
How our activities deliver public benefit
Training in ministry develops those who undertake the training as well as equipping them to serve communities in a variety of ways, including providing instruction in the Christian faith, pastoral care and counselling.
The activities run by the organisations which receive grants (many of which operate in deprived areas) are open to all families, children and young people in the schools or communities in which they are carried on, providing an opportunity for fun and enjoyment, personal care and support and to receive instruction in the Christian faith.
The individuals and organisations who receive grants provide regular feedback on their activities so that the Charity can be satisfied that those activities continue to be in line with the Charity's objects.
Review of the year
Income for the year amounted to £43,662 (2022: £108,578) before share sale proceeds. The directors of FTL Holdings Limited decided in late 2021 that the company should be placed in voluntary liquidation with assets realised and distributed to shareholders. This meant that the Trust would cease to receive dividend income but would receive a capital sum once the liquidation had been concluded. The distribution of assets occurred after the end of the year under review. Income for the year under review was reduced since no dividends were paid during the liquidation process. The trustees continued to support a range of projects during the year, as funds permitted, and also decided to adopt a new strategy which, in addition to ongoing grants, would involve the development of a number of key partnerships resulting in the payment of larger grants for specific projects. This part of the Trust’s work continues to develop but two partnerships have already been established.
Grant payments of £137,935 (2022: £108,150) were made during the year.
The statement of assets and liabilities now shows net assets of £154,496 (2022: £510,252).
Investment policy
During the year under review, the charity’s funds were held partly in cash and partly in an investment portfolio managed by Vestra Wealth (now LGT Wealth) - in order to spread the risk by maintaining the capital but still generating sufficient income to fund the grants payable. The LGT portfolio contains both UK and international fixed interest and equity investments.
Reserves policy
The trustees considered that the present level of reserves was required during the year under review:
a) to maintain an income stream sufficient to meet the recurring level of grants;
b) to provide a reserve to meet exceptional demands for grants in any year, or to use to support normal demand if dividend income were to be lower than expected.
In light of the position outlined under “Review of the year” the trustees are working on a revised reserves policy more appropriate to the Trust’s changed circumstances.
Approved on behalf of the trustees on 4 January 2024.
R Dunn
Trustee
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JOHN JAMES CHARITABLE TRUST
INDEPENDENT EXAMINERS REPORT
FOR THE YEAR ENDED 31 MARCH 2023
I report to the trustees on my examination of the accounts of the John James 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 accounts in accordance with the requirements of the Charities Act 2011 (‘the Act’).
I report in respect of my examination of the Charity’s accounts 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 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:
- accounting records were not kept in respect of the Charity as required by section 130 of the 2. the accounts do not accord with those records.
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 accounts to be reached.
L R Brain FCA
Brosnans Chartered Accountants Birkby House Birkby Lane Brighouse West Yorkshire HD6 4JJ
Dated: 4 January 2024
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JOHN JAMES CHARITABLE TRUST
STATEMENT OF ASSETS AND LIABILITIES
AS AT 31 MARCH 2023
| Cash funds Investments at valuation COIF fixed interest fund Absolute return investments Overseas bonds/fixed interest investments UK equities Overseas equities Unrestricted funds held Other assets/liabilities Debtors Tax refund due Creditors Grants committed Trade creditors Accruals Refund due for receipt in error Total assets less liabilities |
£ £ £ £ 64,925 151,200 11,276 11,986 132,836 133,577 - 54,331 52,131 102,794 182,351 102,194 378,594 404,882 443,519 556,082 347 125 (287,590) (45,150) (1,120) - (660) (660) - (145) 154,496 510,252 2023 2022 |
|---|---|
All funds held are unrestricted.
Approved on behalf of the trustees on 4 January 2024
R Dunn Trustee
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JOHN JAMES CHARITABLE TRUST
RECEIPTS AND PAYMENTS ACCOUNT
FOR THE YEAR ENDED 31 MARCH 2023
| Receipts Income from investments:- Interest received COIF deposit account Dividends and unit trust income received COIF fixed interest shares FTL Holdings Ltd Vestra Investments:- UK unit trust interest UK unit trust dividends UK company dividends Property income distributions Overseas company dividends Overseas unit trust interest Overseas unit trust dividends Receipt received in error Income tax refund Gross income Investment sales proceeds Total receipts Payments Grants and donations paid:- Children & Youth Organisations Support for Full Time Training Support for Clergy Voluntary Organisations/Other Support costs: Independent examiner’s fee Bank charges Website and computer costs Administration expenses Gross expenditure Purchase of investments Total payments Net (payments)/receipts Cash funds brought forward Cash funds carried forward |
£ £ £ £ 535 39 308 345 39,143 104,380 56 570 1,200 - 561 154 1,074 1,227 - - - 216 930 1,503 (145) 145 - - 43,662 108,578 99,444 70,707 143,106 179,285 43,465 44,000 80,320 44,500 - 0 14,150 19,650 137,935 108,150 - 624 72 96 184 225 2,008 2,273 2,264 3,218 140,199 111,368 89,182 18,614 229,381 129,982 (86,275) 49,303 151,200 101,897 64,925 151,200 2023 2022 |
|---|---|
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JOHN JAMES CHARITABLE TRUST
NOTES TO THE ACCOUNTS
FOR THE YEAR ENDED 31 MARCH 2023
1 Investments
Donated investments
The investment held in FTL Holdings Ltd was donated to the trust. The value at time of donation and current market value are not readily available.
Other investments cost
| COIF fixed interest shares Listed investments |
2023 2022 £ £ 11,000 11,000 307,977 304,760 318,977 315,760 |
|---|---|
2 Commitments
Before the year end, the charity had entered into the following commitments to pay specific grants under the trust objects over the next four years:
| Object 4 (A) Support of Children & Youth Organisations Object 4 (B) Support for Full Time Training Object 4 (D) Support of Voluntary Organisations |
Commitments at 31 March 2022 New grant awards in the year Amounts paid in the year Commitments at 31 March 2023 £ £ £ £ 20,000 203,435 (43,465) 179,970 18,000 138,940 (80,320) 76,620 7,150 38,000 (14,150) 31,000 45,150 380,375 (137,935) 287,590 |
|---|---|
Further commitments totalling £95,400 (2022: £235,865) have been entered in to since the year end date.
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JOHN JAMES CHARITABLE TRUST
NOTES TO THE ACCOUNTS
FOR THE YEAR ENDED 31 MARCH 2023
3 Accounting policies
The accounts of the trust are prepared on a receipts and payments basis. Both the current and previous accounting periods covered twelve months.
4 Grants paid in the year
| Object 4 (A) Support of Children & Youth Organisations Object 4 (B) Support for Full Time Training Object 4 (C) Support of Clergy Object 4 (D) Support of Voluntary Organisations Object 4 (A) Support of Children & Youth Organisations Object 4 (B) Support for Full Time Training Object 4 (C) Support of Clergy Object 4 (D) Support of Voluntary Organisations |
2023 2022 £ £ 43,465 44,000 80,320 44,500 - - 14,150 19,650 137,935 108,150 2023 2022 Number Number 19 24 44 28 - - 7 9 70 61 |
|---|---|
Of the grants paid in the year, 23 (totalling £58,675) were paid to institutions (being churches, other charities or training establishments) with the balance paid to individiuals. The average grant paid to an institution was £2,551. Grants considered to be material were paid to CrossTeach (£8,000), Friends International (£5,626), St Cuthbert’s Church, Wood Green (£5,000) and Servants of the Word Ministries, a ministry training institution in The Gambia (£4,500). Material grants amounted to 39% of the total paid to institutions in the year. Other institutions in receipt of grants in the year include Youth for Christ, Africa Inland Mission, The Joy Foundation, Church Pastoral Aid Society (CPAS), St Matthew’s Church, St Leonards-on-Sea, and South West Youth Ministries.
All of the charity’s support costs relate to grant-making activities.
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