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← The C J M Charitable Trust

2022-09-30-accounts

The CJM Charitable Trust Dated 29 August 1989 (Charity Commission No 802325) Accounts for the year ended 30 September 2022 Mercer Trustees

The CJM Charitable Trust Dated 29 August 1989

Trustees' Annual Report

for the year ended 30 September 2022

Reference and administrative details

Name of Charity: The CJM Charitable Trust (Charity No.802325)
Trustees: Christopher James Marks
Timothy John Marks
William Robert Marks
Rupert Philip Marks
Farrer & Co Trust Corporation Limited
The present directors of Farrer & Co Trust Corporation are:
K N Dunnell
S P Shah
J H Carleton (Resigned on 5 January 2023)
B L A Cove
D E Davidson
W J A Gordon
S P Graham (Resigned on 7 June 2022)
A M L Hollingshead
C A Kirby
R Mainwaring-Taylor (Resigned on 28 April 2023)
C M McAleavey (Resigned on 30 November 2023)
R S McDermott
O I G Piper
S J Pring
J A V Smith
A A G Turner
S S Von Schmidt Auf Altenstadt
R P G Voremberg (Resigned on 14 December 2021)
L R C Horwood (Appointed on 7 June 2022)
S H J MacDonald (Appointed on 28 June 2022)
J C Ridgeway (Appointed on 13 December 2022)
N J Pomfret (Appointed on 6 June 2023)
C V Fraser (Appointed on 18 January 2024)
Principal Office Address: Farrer & Co LLP
66 Lincoln's Inn Fields,
London, WC2 3LH
Solicitors: Farrer & Co LLP (as above)
Bankers: Coutts & Co
440 Strand
London, WC2R 0QS
Investment Managers: Sarasin & Partners LLP
Juxon House, 100 St Paul's Churchyard
London, EC4M 8BU
Accountants: Mercer & Hole Trustees Ltd
72 London Road
St Albans, Hertfordshire
AL1 1NS
Independent Examiner: Steve Robinson FCA
Mercer & Hole LLP
72 London Road
St Albans, Hertfordshire
AL1 1NS

Page 1

The CJM Charitable Trust Dated 29 August 1989

Trustees' Annual Report

for the year ended 30 September 2022

Structure, governance and management
Settlor: Christopher James Marks
Governing Document: The principal governing document is a trust deed dated 29 August 1989.
The trust is a private charitable trust controlled by its trustees.
Appointment of trustees: The settlor, Christopher James Marks has the power to appoint trustees.
Existing trustees have been drawn from family members, plus a professional
Trust Corporation. The lay trustees rely on outside advisors as necessary.
Management and control: The settlor and trustee, Christopher James Marks, has control and overall
responsibility of the day to day management of the charity.
Investment Powers: The trustees have wide investment powers, including power to delegate to
professional investment managers and to invest in the name of nominees.
Risks: The trustees do not consider that they are exposed to any material risks other
than fluctuations in the value of their investment portfolio.
They have
appointed professional investment managers and review the investment
performance on a regular basis.
Objectives and activities
Objectives of the Charity: The trust was created for the benefit of the following:
1) Any body or organisation whose objects are exclusively charitable by the
law of England and Wales.
2) Any other exclusively charitable purpose.
The trustees had power to accumulate income until 29 August 2010.
Activities: The trust has a particular emphasis on social development, and on community
benefit in Scotland.
The Charity achieves its objectives for the public benefit
by making grants to other charitable bodies at the discretion of the trustees,
having regard to the public benefit guidance published by the Charity
Commission.
Achievements and performance
Review of activities: Distributions totalling £112,195 were made during the year to a number of
beneficiaries. Further details of distributions are shown in note 5 to the
accounts.
Financial review: Total income was £433,279.61 (2021: £297,953) with expenditure amounting
to £118,710.07 (2021: £82,242). Net assets at the end of the year were
£2,002,905.43 (2021: £1,920,556).
Grant making Policy: The trustees' policy is to make grants as they consider appropriate.
Reserves: The trustees had power to accumulate income until 2010, but they have not
retained any reserves of accumulated income.
They have no requirement to retain reserves for any specific purpose.

Page 2

The CJM Charitable Trust Dated 29 August 1989

Trustees' Annual Report

for the year ended 30 September 2022

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 depreciated by 8.4% during the year, lagging its benchmark, which depreciated by 6.2%. High inflation has challenged the long-term target objective of the portfolio, and the portfolio currently lags the long-term target following a challenging period. 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 Charitable Trust

I report to the charity trustees on my examination of the accounts of the charity for the year ended 30 September 2022 which are set out on pages 1 to 10.

Responsibilities and basis of report

Since the Trust’s gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the Charities Act. I confirm that I am qualified to undertake the examination because I am a member of ICAEW, which is one of the listed bodies.

As the charity’s trustees 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 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:

  1. accounting records were not kept in respect of the charity as required by section 130 of the Act; or

  2. the accounts do not accord with those records; or

  3. the accounts 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 accounts to be reached.

Steve Robinson FCA 72 London Road St Albans Herts AL1 1NS

Date:

Page 4

The CJM Charitable Trust Dated 29 August 1989

Statement of Financial Activities

for the year ended 30 September 2022

Note
Income and endowments:
Investment income
3
Other income
Other incoming resources
Donation received
Additional endowment received
Expenditure on:
Investment manager's fees
Charitable activities
4
Net income/(expenditure) before net
gains/(losses) on investments
Net gains/(losses) on investments
2
Net movement in funds
Reconciliation of funds
Total funds brought forward
Total funds carried forward		 Endowment
Funds
£
-
-
-
333,037.81
333,037.81
428.14
-
428.14
332,609.67
(232,219.82)
100,389.85
1,590,381.81
1,690,771.66		 Unrestricted
Funds
£
49,923.90
317.90
50,000.00
-
100,241.80
-
118,281.93
118,281.93
( 18,040.13)
-
( 18,040.13)
330,173.90
312,133.77
2022		 Total
£
49,923.90
317.90
50,000.00
333,037.81
433,279.61
428.14
118,281.93
118,710.07
314,569.54
(232,219.82)
82,349.72
1,920,555.71
2,002,905.43		 Endowment
Funds
£
-
-
-
202,410
202,410
811
-
811
201,599
130,042
331,641
1,258,741
1,590,382		 Unrestricted
Funds
£
44,575
44
50,924
-
95,543
-
81,431
81,431
14,112
-
14,112
316,062
330,174
2021		 Total
£
44,575
44
50,924
202,410
297,953
811
81,431
82,242
215,711
130,042
345,753
1,574,803
1,920,556

Page 5

The CJM Charitable Trust Dated 29 August 1989

Balance sheet

30 September 2022

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
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		 £
£
1,910,245.00
60,029.16
75,000.00
114.30
135,143.46
31,463.03
11,020.00
42,483.03
92,660.43
2,002,905.43
1,690,771.66
312,133.77
2,002,905.43
2022		 2021
£
1,812,852
46,801
75,000
26,666
148,467
31,463
9,300
40,763
107,704
1,920,556
1,590,382
330,174
1,920,556

Approved by the trustees on ................................. and signed on their behalf by

.................................................................Trustee

Page 6

The CJM Charitable Trust Dated 29 August 1989

Notes to the accounts

for the year ended 30 September 2022

1. Accounting policies

The financial statements have been prepared to give a ‘true and fair’ view and have therefore necessarily departed from the extant Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a ‘true and fair’ view. This departure has involved following the Statement of Recommended Practice: Accounting and Reporting by Charities applicable to charities preparing their financial statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued on 16 July 2014.

The accounts are prepared in sterling, which 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.

The trustees consider that there are no material uncertainties about the Trust's ability to continue as a going concern. There are no material uncertainties affecting the current year's accounts.

In future years, the key risks to the Trust are fluctuation in the value of their investment and a fall in investment and a fall in investment income but the trustees have arrangements in place to mitigate those risks by delegating the management of the portfolio to professional managers and regularly reviewing their performance.

c) Income

Dividend income and interest from investment managers are received gross and shown gross.

d) Investments

All investments held are listed on a recognised stock exchange and are included in the accounts at their market value.

e) Grants payable

Grants are included in the accounts when paid.

f) Governance costs

These are the costs associated with the governance arrangements of the charity which relate to the general running of the charity as opposed to those costs associated with fundraising or charitable activity. The costs will normally include internal and external audit, legal advice for trustees and costs associated with constitutional and statutory requirements e.g. the cost of trustee meetings and preparing statutory accounts. Included within this category are any costs associated with the strategic as opposed to day to day management of the charity's activities.

Page 7

The CJM Charitable Trust Dated 29 August 1989

Notes to the accounts

for the year ended 30 September 2022

1. Accounting policies (continued)

g) Foreign exchange

Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are recorded at the rate ruling at the date of transaction. All differences are taken to the Statement of Financial Activities.

h) Transfers between funds

i) Endowment fund - income

Any gifts made to the Charity as additions to the endowment fund will be treated as expendable endowment unless otherwise directed by the donor.

j) Expenditure and irrecoverable VAT 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. Expenditure is classified under the following activity headings:

Irrecoverable VAT is charged as a cost against the activity for which the expenditure was incurred.

k) Debtors

Trade and other debtors are recognised at the settlement amount due after any discount offered. Prepayments are valued at the amount prepaid after taking account of any discounts offered.

l) Cash and cash equivalents

Cash and cash equivalents includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

m) Creditors and provisions

Creditors and provisions are recognised when 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 discounts due.

Page 8

The CJM Charitable Trust Dated 29 August 1989

Notes to the accounts

for the year ended 30 September 2022

2.
Fixed asset investment
Market value at 30 September 2021
Additions
Disposals
Net realised investment gains/(losses)
Net unrealised investment gains/(losses)
Market value at 30 September 2022
Historical cost at 30 September 2022		 2022
1,812,852.00
659,431.81
( 329,818.99)
( 3,218.82)
(229,001.00)
1,910,245.00
1,691,717.37		 2021
1,424,450
479,600
( 221,240)
18,830
111,212
1,812,852
1,365,323

The trustees' investment consists of 936,000 units in the Sarasin Endowments Fund, and 808,000 units in the Sarasin Climate Active Endowments Funds. These are collective investment schemes specifically for charities.

3. Investment income

Investment income of £49,923.90 was received during the year (2021: £44,575).

4. Charitable activities

itable activities
2022
Grants and donations (note 5)
112,195.00
Governance costs (below)
6,086.93
118,281.93
2022
Legal charges
-
Accountants' charges
3,060.00
Independent examiner's charges
2,500.00
Bank charges
526.93
6,086.93
rial Donations
The following donations were made to institutions during the year
2022
Network for Social Change
72,585.00
Manchester and Warrington area Quaker Meeting
5,000.00
Ethical Giving
34,610.00
112,195.00
Social Welfare (3)
112,195.00		 2021
74,420
7,011
81,431
2021
216
3,900
2,400
495
7,011
2021
74,420
-
-
74,420
74,420

5. Material Donations

6. Employees

The charity had no employees during the period.

7. Trustees remuneration and expenses

During the period the trustees' remuneration and reimbursed expenses were nil (2021: nil).

Page 9

The CJM Charitable Trust Dated 29 August 1989

Notes to the accounts

for the year ended 30 September 2022

8. Transactions with related parties

At the year end, a loan of £31,463 (2021: £31,463) from Mr CJ Marks, the settlor and trustee of the charitable trust, remained outstanding. On 5 April 2022 Mr CJ Marks gifted 155 shares worth £333,037.81 in Alphabet Inc to the charitable trust. The charitable trust sold these shares for £329,818.99 on 6 April 2022.

9. Analysis of net assets between funds

Fixed assets
Net current assets
Fixed assets
Net current assets
2022
2021		 Endowment
Funds
£
1,910,245.00
(219,473.34)
1,690,771.66
Endowment
Funds
£
1,812,852
(222,470)
1,590,382		 Unrestricted
Funds
£
-
312,133.77
312,133.77
Unrestricted
Funds
£
-
330,174
330,174		 Total
Funds
£
1,910,245.00
92,660.43
2,002,905.43
Total
Funds
£
1,812,852
107,704
1,920,556

Page 10