The CJM Charitable Trust Dated 29 August 1989 (Charity Commission No 802325) Accounts for the year ended 30 September 2021 Mercer Hole Trustees
The CJM Charitable Trust Dated 29 August 1989 Trustees. Annual Report for the year ended 30 September 2021 Reference and admlnlstratlve detalls Nam8 of Charlty. Trust8•S: The CJM Charltsble TTUSt Icharlty No.802325) Chlistopher James Marks Timothy John Marks William Robert Marks Rupert Philip Mark5 Farr & Co TTUSt Corpordlion Lirniled The present directors of Farrer & Co Trust Corporatlon are- K N Dunnell (Appointed on 19 February 20211 S P Shah (Appointed on 15 JLsne 20211 J H C8rlelon (Resigned on 5 January 20231 BLACove D E Davldson W J A Gordon S P Graham (Resigned on 7 June 20221 A M L Hollingshead C A Kirby R hAainw8ring-Taylor IResiqned on 28 April 20231 C M mleaveY (Resigned on 30 November 2023 R S M¢Dermott OIGPipèr S J Prlng JAVSmlth A A G Turner S S Von Schmidl Auf Aftenstadt R P G Voremb9rg (Resigned on 14 December 20211 L R C Horwood (Appointed on 7 June 2022) S H J MacDonald (Apptsinled on 28 June 20221 J C Ridgeway IAppointsd on 13 December 20221 N J Pomfret (Appointgd on 6 June 20231 C V Fraser (Appointed on 18 January 2024) Prln¢lpal Office Address: Farrer & Co LLP 66 Lincoln's Inn Fields, London. WC2 3LH Sollcltors.. Farrer & Co LLP las above) Coutts & Co 440 Strand London. WC2R OQS Banker5: Inv•stm&nt Manag•r$- Sara5in & Partners LLP Juxon House. 100 St Paul's Churchyard London, EC4M 8BU Accountants: Mercer & Hole Trustees Ltd 72 London Road Sl Albans, Hertford$hlre AL1 1NS Independent Examlnor: stev6 Robinson FCA Mercer & Hol8 LLP 72 London Road St Albans. Hertfordshlre AL1 1NS Page 1
The CJM Charitable Trust Dated 29 August 1989 Trustees, Annual Report for the year end•d 30 September 2021 structurol governance and managamgnt Settlor: Christopher James Marks The principal goveming document is a tnjst deed datsd 29 August 1989. The twsl is a private charitable trust controlled by ils trustees. Appolntm•nt of trustees: The setttor, Christopher James Mark5 has the power to appolnt tnJsl$es. Existing trustees have been drawn from family members. plus a professional Trust corporation. The lay Iruslees rdy on outside advisors as nÈ¢essary. Management and contral: The setdor and Iruslee. Christopher Jamès Marks, has control and overall responsibility of the day lo day management of the ¢h8rity. The trustees have wide investm$nl powers, including power to delegate to professional investment managers and to invest in the name of nominees. The trustees do not conslder that they are exposed to any m*erfal rlsks other than fluctuations in the value of their investment portfolio. They have appointed profession81 investment managers and rèviéw the inve$lTnent performance on a regular ba515. Governlng Document: Investment Powors: Rl$ks: ObJectIS and activitle5 Objectlves of the Charlty: The trust was Created for the benefit of the followlng.. 1} Any body or organisalion whose objects are gxdusively charitable by the law of England and Wale5. 21 Any othei exclusively charitable purpose. The trust8os had power to accumulate income untll 29 August 2010. The trust has a particular emphasis on social development. and on cornmunily benefit Sn Scotland. The Charity achieves its objectiveg for the public benefit by making gmnts to other charitable bodies at the dlscrelion of the Iruslees, having regard to the public benefit guidance publl$hed by the Charity Commission. Actlvltles: AchI•M0nts and perfomiance Revlew of activittes: Distributions lotalling £74.420 were made dufing the year to a number of beneficiaries. Further detsils of distributions are shown in note 5 to the accounts. Flnan¢lal revlew: Totsl income was £297,952.9412020.. £228.2501 with expendllure amounting to £82.242.270 {2020.' £62,861). Nel assets at the end of the year we £1,920.555.71 12020.. £1,574,802). Grant rnaklng Pollc The Iruslees, policy is to make grants as they consider appropriate. Reserves: The trustees had power lo accumulate income until 2010, bul they have not retained any rgsgrves of accumulated income. They have no quIrement to retain reseeS for any specific purpose. Page 2
The CJM Charitable Trust Dated 29 August 1989
Trustees' Annual Report
for the year ended 30 September 2021
Investment Policy: The trustees' investment portfolio is managed by Sarasin & Partners and is held in Sarasin Alpha CIF for Endowments a specialist investment fund for charities.
The portfolio appreciated by 11.4% during the year, lagging its benchmark, which appreciated by 16.8%. Over a five-year period, the portfolio has outperformed the long-term target (CPI +4%) by more than 2% annualised (per year), meeting the long term objective set by the trustees on 19 November 2014. The portfolio gives the trust’s capital a healthy diversified mix of asset classes, geographies, and currency and the trustees are satisfied that it is an appropriate investment for their level of funds and attitude to risk.
Signed: ....................................................... on behalf of the trustees Date: .......................................................
Page 3
Independent Examiner's Report to the Trustees of CJM ChariLqble Trust l pOrt to the charfty trustees on my examination of the accounts of the tharity for the year ended 30 September 2021 whSch are sot out on pages 1 to 10. Responsibllitlas and basls of report As tho charity's INstees you are responsible forthe preparation of the accounts in accordancewith the requirements of the Charities Act 2011 Ilhe Acl'}. I report in respect of my examinaiion of the charity's accounts carried out under section 145 oflhe Ad and in carrying out my exarnination I have fdlowed all the applicable Directions given ty the Charity Commission under section 145lSllbl of tho Acl. Independent examlnerfs statgm¢nt I have completed my examination. l eonfirm that no material mattets have come lo my attention in connection with the ex8mlnalion giving me cause to believe thal in any material respect.. accounting records were not kept in respect of the charty as required by section 130 of the Act; or 2. the accounts do not accord with those records. 3. the accounts do not comply with the applicable requirements concerning the fomi and contènt of accounts sel out in the Charities (Accounts and Reportsl Regulations 2008 other Ihan any requirement that the accounts give a 'lrue ar fair view which is not a matter considered as part of an independent examination. I have no concems and have come across no other matters in connedon with the exarnlnalion lowhich attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. Steve Robinson FCA 72 London Road Sl Albans Herts AL1 1NS Date: Page 4
The ¢JM Charftable Trust Dated 29 August 1989 Statement of Flnanclal Actlvltl•$ fortho 818nd• 30 S•ptombt 2021 2021 2020 Endoymient Unrestrlcted Funds Funds Total Endowmènt Unro$triet•d Funds Fund$ Tolal Income and endowm•nts: Inve51menl incom Other incorn8 Other wcoming resour¢88 Donation rerAved Addthonal endowmentfecewed Incometa¥ 18¢overat4e cn GiftAid 44,575.00 44,575.00 44.03 40.311 439 40.311 439 50.924.00 50,924.00 202,409.91 150.0 15),QOD 202.409.91 202409.91 95 543.03 297.952.9d 228 250 8.250 Expendltur• on.. C051s of raislng fvnds Investment m8nagg¢s fees ChBrit8b 8ollviUe5 810.52 810.92 770 770 62.091 81 81431.35 611 810.92 82 242.27 770 Nèt Incomgllexpendlturol bofor• n•t yainslllosse51 on Investments 201.596.9 14,111.68 215,710.87 17701 166,159 165?89 N81 ws1llos) on investrnÉnts 130 Tr42.Sd t30.042fj2 50.710 50.710 Net mowmènt Infurtds 331,641.51 14,t11.68 345.753.79 49.940 166.159 216,099 Rg¢on¢lllaU•n of fuhds Tot funds brought tOard 1.258.740.30 316.062.22 1 574.802.52 1,208,800 149.903 1 358.703 Total fun(Ts carrled forward 1.590 381.81 330 173.90 1920 555.71 1258 740 316.062 174.802 Paye S
The CJM Charitable Trust Dated 29 August 1989
Balance sheet
30 September 2021
| Balance sheet 30 September 2021 |
||
|---|---|---|
| Note Fixed assets Listed investments at market value 2 Current assets Investment managers' accounts Income tax recoverable on Gift Aid Bank balance Liabilities Creditors: amounts falling due within one year Loan from Mr CJ Marks Legal charges Accountants' and independent examiner's charges Net current assets/(liabilities) Net assets Allocation of the charity net assets: 9 The net assets are held for the various funds as follows:- Expendable endowment Unrestricted income funds Total charity funds |
£ £ 1,812,852.00 46,800.51 75,000.00 26,666.23 148,466.74 31,463.03 - 9,300.00 40,763.03 107,703.71 1,920,555.71 1,590,381.81 330,173.90 1,920,555.71 2021 |
2020 £ 1,424,450 58,942 75,000 55,278 |
| 189,220 | ||
| 31,463 924 6,480 38,867 |
||
| 150,353 | ||
| 1,574,803 | ||
| 1,258,740 316,063 |
||
| 1,574,803 |
Approved by the trustees on ................................. and signed on their behalf by
.................................................................Trustee
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The CJM Charltable Trust Dated 29 August 1989 Notes to the accounts for the yoar ended 30 Septombar 2021 Accounting pollcles a) Accounling convention The Charity constittjtes a public benefft entity as defined by FRS102. Thè financial statements have been prepared in accordance with Accounting and Reporting by Charities.. Statement of Recommended Practice applicable lo charities preparing their accounts In accordance wth the Financial Reporting Standard applicable in the UK and Rgpublic of Ireland IFRS1021 issued on 16 July 2014 (as updated through Update Bulletin 1 published on 2 February 20161, the Financial Reporting Standard applicable in the Unltsd Kingdom and Republlc of Ireland {FRS102}. the Charities Act 2011. and UK Generally Accepted Accounting Practice. The financial statements have been prepargd lo give a 'trug and faiw view and have therefore necessarily departed from the extant Charities (Accounts and Reports) Regulations 2D08 only lo the extent required to provide a 'lrue and fairf view. This departure has involved following the Statement of Recommended Practice.. Accounliro and Reporbng by Charities applicable to charities preparlng Ihelr fin8nclal ststements in accordance wlth the Flnancial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 issued on 16 July 2014. The accounts are prepared in sterling, vthich is the functional currency. Monetary amounts in these financial Statements are rounded to the nearest £. The accounts have been prepared under the historical cost convention. bj Going concem The trustees constder that there are no material uncertainties about the Tnjsvs ability to continue as a going concern. There are no material uncertainties affecting the current yearf$ accounts. In future years, the key risks lo the Trust are fluetuation in the value of their investment ané a fall in investment an(J a fall in inves(ment income bul the trustees have arrangements in place to mitigate those llsks by delegating the management of the portfolio lo professional mark2gers and regularly reviewing Ihelr performance. c) Income Dividend income and Intoresl from investment managers are received gross and shown gross. d) Investmenls All Investments held are Ilsted on a recognlsed stock exchange and are included in the accounts at their market value. ej Grants payable Grdnts are included in the accounts when paid. Govemance costs These are the costs assoclated wtth the governance arrangements of the ¢harity which relate lo the general running of the charty as opposed lo those costs associated with fundraising or charitable activity. The costs will normally inclde internal and exlemal audit. legal advice for Irusl8es and costs asso¢iat¢d with constilulional and stslulory requirements e.g. the cost of trustee meetings and preparing statutory accoun15. Included within this category are any costs associated wth the strategic as opposed to day to day management of the charltys activllles. Page 7
The CJM Charitable Trust Dated 29 August 1989 Notes to the accounts for the year Ènded 30 September 2021 A¢¢ounting policies Icontlnuod) g) Fotsign exchange Monetary assets and liabilities denominated in foreign currencie5 are translated into sterting at the rates of exchange ruling al the balance sheet dale. Transa¢lions in foreign currencies are recorded al the rate ruling at the dats of Iransaclion. Al diffeiences aro takgn to Ihg Statement of Financial Aclivilies. h) Transfers belween funds The trustees transfer funds from expendable endowment to income lo fund grants and donations as thes8 are made. Endowment fund- income Any gifts made to the Charity as addiltons to the endowment fvnd will be treated as expendable endowment unless otherwise directed by the donor. J) Expendilure and I&CoVerable VA T Expenditure is recognlsed once there is a legal or conslructiva obligation to make a payment to a third party. il is probable that sefflemenl will be iequired and the amount of the obligation can be measured reliably. Expenditure is classified under the following activity headings.. Expendilure on charitable activities includes costs of exhibitions and other educational a¢livities undertaken to further the purposes of the charity Other expenditure represents those items not falling into any other heading. IeCOVerable VAT Is charged as a cost against the activty for which the expenditu was Incurred. k) Debtors Trade and other debtors are recognised at the setuemenl amount due after any discount offered. Prepayments are valued at the amount propaid after taking account of any discounts offered. i) Cash and cash 8quivalents Cash and cash equivalents Includes cash and short temi highly liquid investments vAlh a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account. m) Cradifors and provisions Creditors and provisioris are recognised when the Gharity has a present obligation resulting from past event that will Pfobably result in the transfer of funds to a Ihird paty and the am(1 due to settle the obligation Gan be measured or estimated reliably. Credltors and provisions are normally recognis8d at their settlement amount after allowirNJ for any dis¢ounls due. Page 8
The CJM Charitable Trust Dated 29 August 1989 Notes to the accounts for thè yoar ended 30 September 2021 Flxed asset Investment 2021 2020 Market value at 30 September 2020 Adijilions Disposals Nel realised investmont gainslllosse51 Nel unrealised investrnent gainslllossesl Market value at 30 Septembèr 2021 1.424,450.00 479,599.91 1221,240.43) 18,830.52 111,212.00 1.812,852.QQ 1.201,100 172,640 50,710 1424.450 Hlslorlcal cost at 30 September 2021 1.365.323.37 1,088,133 The trustees. investment conslsts of 800,000 unlts in the Sarasin Endowments Fund. alld 675.000 units In the Sarasin Climate Active Endowments Funds. These are collective investm8nt schemes specifically for charities. Investment In¢ome Investment incom& of £44,575 was received during the year {2020: £40,311). Charitable actlvltles 2021 2020 Grants and donations Inola 51 GoVernare costs (below) 74.420.00 7.011.35 81,431.35 57.393 4.698 62,091 2021 216.00 3.900.00 2,400.00 495.35 7.011.35 2020 Legal charges Accountsnts. charges Independent ex8minerfs charges Bank charges 4,200 498 4,698 Material Donations The following donations were made to institutions during the year 2021 2020 Network for Social Change The Finding Network Elhical Giving 74.420.00 55.793 800 800 57,393 74 420.00 Soclal Welfare Network for Social Change Thg Finding Network Ethical Giving 74.420.00 55,793 800 800 57.393 74.420.00 Employees The charity had no employees during the period. Trustees r•muneratlon and expenses During the period the trust88s' remuneration and relmbursed expenses were nil12020.' nill. Page g
The CJM Charitable Trust Dated 29 August 1989 Notes to the accounts tor the year ended 30 September 2021 Transactions with related partles Al the year end, a loan of £31,463 (2020.. £31,463) from Mr CJ Marks, the selttor and trustee of th8 charitable trust, remained outstanding. On 31 March 2021 Mr CJ Marks gffted 135 shares worth £202,409.91 in Alphabet Inc to the charllable Irusl. The charitsble trust sold these Shares for £221,240.43 on 19 4)ri12021. 9. Analys1$ of net assets betwegn fund$ 2021 Endowment Funds Unrnstrletad Funds Total Fund$ Fixed assets Net current assots 1,812,852.00 222,470.19 1,590,381.81 1,812.852.00 107.703.71 1.920.555.71 330 173.90 330,173.90 2020 Endowmènt Funds Unrestricted Funds Total Funds Fixed assets Net current assets 1,424,450.00 165,710.00 1,258,740.00 1.424,450.00 150 353.00 1,574,803.00 316.063.00 316.063.00 Page 10