The CJM Charitable Trust Dated 29 August 1989 (Charity Commission No 802325) Accounts for the year ended 30 September 2024 Mercer Hole i Trustees
The CJM Charitable Trust Dated 29 August 1989 Trustees. Annual Report for the year ended 30 September 2024 Reference and administrative details Name of Charity: Trustees: The CJM Charitable Trust {Charity No.802325) Christopher James Marks Timothy John Marks William Robert Marks Rupert Philip Marks Farrer & Co Trust Corporation Limited The present directors of Farrer & Co Twst Corporation are.. K N Dunnell SPShah BLACove D E Davidson W J A Gordon A M L Hollingshead C A Kirby R S McDermott OIGPiper S J Pring AAGTumer S S Von Schmidt Auf Altenstsdt L R C Horwood S H J MacDonald J C Ridgeway N J Pomfret C V Fraser l R M Kerber (Appointed on 19 November 2024} Principal Office Address: Farrer & Co LLP 66 Lincoln's Inn Frelds, London, WC2A 3LH Farrer & Co LLP (as above) Coutts & Co 440 Strand London, WC2R OQS Sarasin & Partners LLP Juxon House, 100 St Paul's Churchyard London, EC4M 8BU Sollcltors: Bankers: Investment Managers: 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 structure. governance and management Settlor: Christopher James Marks Page 1
The CJM Charitable Trust Dated 29 August 1989 Trustees. Annual Report for the year ended 30 September 2024 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, and other trustees have control and overall responsibility of the day to day management of the charity. The tNstees have wide investment powers, including power to delegate to professional investment managers and to invest in the name of nominees. 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. Investment Powers: Risks: Objectives and actfvities 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. The trust has a particular emphasis on social development, and on community benefrt. The Chanty 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 benefft guidance published by the Charity Commission. Activities: Achievements and performance Revlew of activities: Distributions totalling £95,205 were made during the year to a number of beneficiaries. Further detsils of distributions are shown in note 5 to the accounts. Financial revlew: Total income was £72.162.74 (2023.. £58.049) with expenditure amounting to £186,970.91 (2023: £40.797). Net assets at the end of the year were £2.221.141.80 (2023: £2.074,888). Grant making Policy". The trustees make grants to further Ihe objects of the charity in accordance viith their grant-making policy. Reserves: The trustees had power to accumulate income until 2010. but they have not retained any reserves of accumulated income. In accordance with the charitys reserve policy. the trustees are not required 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 2024 Investment Policy: The trustees, investment portfolio is rnanaged by Sarasin & Partners and is held in Sarasin Apha CIF for EndowTnents a specialist investment fund for charities. The portfolio appreciated by 16.3% during the year. slightly lagging its benchmark. vthich appreciated by 17%. The portfolio has outperformed peers over 5 years. annualising 6% versus 4.5Yo (ARC Steady Growth Charity). The portfolro 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: Chris Marks on behaw of the trustees Date: 1210612025 Page 3
Independent Examinerfs Report to the Trustees of CJM Charitable Trust I report to the charity trustees on my examination of the accounts of the charty ft)r the year ended 30 September 2024 which are set out on pages 1 to 10. Responsibilities and basfs of report As the charity's trustees you are responsible for the preparation of the accounts in accordan with the requirements of the Charities Act 2011 ('the ACV). l port 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 ACL Independent examinerfs statement I have completed my examination. l confim that no material matters have come to my attention in connection with the examination giving cause to believe that in any material respecL accounting records were not kept in spect of the charity as required by section 130 of the ACL 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 Chartties {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 concems and have come across no other matters in connection with the examination to which attents'on should be drawn in this report in order to enable a proper understanding of the accounts to be reached. Signed: steve Robinson FCA Mercer & Hole LLP 72 London Road St Albans Herts AL1 1NS Date: Page 4
The CJM Charitsble Trust Dated 29 August 1989 Statement of Financial Activities for the year onded 30 September 2024 2024 2023 Endowment Funds Unrestricted Funds Total Endowment Unrestricted Funds Funds Total Noto Income and endowments: Investment income Other income Income tax recoverable on Gift Aid 57,882.40 1,780.34 12 500.00 72 162.74 57.882.40 1,780.34 12,500.00 72 162.74 56,408 1,641 56,408 1,641 Expendlture on: Income tax not recoverable Costs of raising funds Investment manager's fees Charitable activities 75,000 75,000 314.56 314.56 111,656.35 186.970.91 448 448 40.349 111656.35 186 656.35 40,349 314.56 448 Net in¢omel(expenditure) before net gainsl{losses) on investments (314.56) (114,493.61) (114,808.171 (448) 17,700 17,252 Net gainsl(Sosses) on investments 261062.00 261,062.00 54,731 Net Incomel{expendlture} 260,747.44 (114,493.61) 146,253.83 54,283 17,700 71,983 Reconciliation of funds Total funds brought fonNard 1745,054.22 329,833.75 2,074,887.97 1690 771 312 134 2 002,905 Total funds carried forward 2 005,801.66 215 340.14 2,221,141.80 1745 054 329 834 2 074 888 Page 5
The CJM Charitable Trust Dated 29 August 1989 Balance sheet 30 September 2024 2024 2023 Fixed assets Listed irNestments at mat1(et value 2.179.982.00 1,964,976 Current assets Investment managers. accounts Income tax recoverable on Gtft Aid 43.1W4.38 12.500.¢J) 37,620 75,C Bank balance 40.494.45 95.998.83 158.055 Liabilities Creditors: amounts falllng due withln one year Loan from Mr CJ Marks Legal charges Accountants, arml independent examinefs ¢harges 34.523.03 6,936.00 13.380.00 54,839.03 31.463 16.680 48,143 Net current assetsJ(Ilabllltiesl 41,159.80 109.912 Net assats 2.221.141.80 2 074 888 Allocatlon of the charity net assets: The net assets are held for the various funds as follo..- Expendable endowment 2.CM)5.801.66 1.745.054 Unrestricted income funds Total ¢harity funds 215.340.14 2.221.141.80 329,834 2 074.888 1210612025 Approved by the trustees on ................................. signed on theirbehalfby Chris Marks . Trustee Page 6
The CJM Charitable Trust Datsd 29 August 1989 Notes to the accounts for the year ended 30 September 2024 Accountlng policies a) Accounting convention The Charity constitutes a public benefit entity as defined by FRS102. The financial statements have been prepared in accordan with Accounting and Reporting by Charrties.. 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 (FRS102) issued on 16 July 2014 {as updated through Update Bulletin 1 published on 2 February 2016). the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS102), the Charitses Act 2011, and UK Generally ACpted Accounting Practi. The financial statements have been prepared to give a 'true and fairf 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 fairf 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 LIK and Republic of Ireland (FRS 102) issued on 16 July 2014. The accounts are prepared in sterling, which is the functional cUency. Monetary amounts in these financial statements are rounded to the nearest penny. b) Going concem The trustees consider that there are no material uncertainties about the Trust's ability to continue as a going COnrn. There are no material uncertainties affecting the current yearfs accounts. In future years, the key risks to the Trust are fluctuation in the value of their investrnent and a fall in investment and a fall in investrnent 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 performan. c) Income Dividend income and interest from investrnent 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. Governance costs These are the costs associated with the govemance 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 intemal and external audit. legal advice for trustees and costs associated with constitukn'onal and statutory requirements e.g. the cost of trustee meetings and preparing ststutory accounts. Included within this category are any costs associated with the strategic as opposed to day to day management of the charity's actsvities. Page 7
The CJM Charitable Trust Dated 29 August 1989 Notes to the accounts for the year ended 30 September 2024 Accounting policies (continued) g) Foreign exchange Monetary assets and liabiltties denominated in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transacts"ons in foreign currencies are recorded at the rate ruling at the date of transaction. All differen$ are taken to the Statement of Financial Activities. h) Transfers between funds The trustees transfer funds from expendable endowment to income to fund grants and donations as these are made. Endowment fvnd - 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 VA T 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 qUIred and the amount of the obligation can be measured reliably. Expenditure is classified under the following activity headings.. Expenditure on charitable activities includes costs of exhibitions and other educational activities undertaken to further the purposes of the charity Other expenditure represents those items not falling into any other heading. Irrecoverable VAT is charged as a cost against the activity for which the expendtture was incurred. kj 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 temi 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 pmvisions Creditors and provisions are recognised when the charity has a present obligation resulb.ng from a past event that will probably result in the transfer of funds to a third paty 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 Charitsble Trust Dated 29 August 1989 Notes to the accounts for the year ended 30 September 2024 Flxed asset investment 2024 2023 Market value at 30 September 2023 Additions Disposals Net realised investment gainsl(losses) Net unrealised investment gainsl{losses) Market value at 30 Septsmber 2024 1.964,976.00 1,910.245 (46,056.00) 3.382.00 257.680.00 2.179,982.00 54,731 1,964,976 Historical cost at 30 September 2024 1.649,043.37 1,691,717 The trustees, investrnent consists of 936,000 units in the Sarasin Endowments Fund, and 770,000 units in the Sarasin Climate Active Endowments Funds. These are collective investment schemes specifically for charits'es. Investment income Investment income of £57.882.40 VRS reiVed during the year (2023.. £56,408). Charitable activities 2024 2023 Grants and donations (note 5) Govemance costs (below) 95,205.00 16,451.35 111,656.35 34,309 6,041 40.350 2024 6.936.00 5,400.00 3.600.00 515.35 16.451.35 2023 Legal charges Accountants. charges Independent examinerfs charges Bank charges 3,060 2,600 381 Material Donations The following donations were made to institutions during the year 2024 2023 Network for Social Change Harlow Citizens Advice Bureau Music Education Partnership Peace Brigades Intemats'onal 72.800.00 12.405.00 10,000.00 29.309 5,000 34,309 95,205.00 Social Welfare 95 205.00 34,309 Employees The charity had no employees during the period. Trustees remuneration and expenses During the period the trustees, rernuneration and reimbursed expenses were nil (2023: nil). Page 9
The CJM Charitable Trust Dated 29 August 1989 Notes to the accounts for the year ended 30 September 2024 Transactlons with related parties At the year end, a loan of £34.523.03 (2023: £31,463) from Mr CJ Marks. the settlor and trustee of the charitable trust. remained outstsnding. During the year the trust incurred fees of £6,936 (2023.. £nil) for legal services from Farrer & Co LLP. Farrer & Co LLP is related to Farrer & Co Trust Corporation Ltd. 9. Analysis of net assets between funds 2024 Endowment Funds Unrestricted Funds Total Funds Fixed assets Net current assets 2,179.982.00 174,180.34 2.005.801.66 2,179,982.00 41,159.80 2.221,141.80 215,340.14 215,340.14 2023 Endowment Funds Unrestricted Funds Total Funds Fixed assets Net current assets 1.964,976 219.922 1,745,054 1,964,976 109 912 2,074,888 329,834 329,834 Page 10