Registered number: N1008546 Charity number: NIC102146 THE J. & M. TRUST LIMITED (A Company Limited by Guarantee) UNAUDITED TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2022
THE J. & M. TRUST LIMITED (A Company Limited by Guarantee CONTENTS Page Reference and Administrative Detsils of the Company, its Trustees and Advisers Trustees. Report Independent Examiner's Report Statement of Financial Activities Balance Sheet Notes to the Financial Statements 10-21
THE J. & M. TRUST LIMITED (A Company Limited by Guarantee) REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 30 SEPTEMBER 2022 Trustees Malcolm Richard Johnston James Robert Johnston Company registered number N1008546 Charity registered number NIC102146 Registered office The Stables 29 Purdysburn Hill Belfast BT8 8JY Accountants Miscampbell & Co Chartered Accountants & Statutory Auditors 6 Annadale Avenue Belfast BT7 3JH Solicitors Maccorkell Legal & Commercial Garvey Studios 8-10 Longstone Street Lisburn BT28 1TP Page 1
THE J. & M. TRUST LIMITED (A Company Limited by Guarantee) TRUSTEES. REPORT FOR THE YEAR ENDED 30 SEPTEMBER 2022 The Trustees present their annual report together with the financial statements of the Company for the 1 October 2021 to 30 September 2022. The Annual Report serves the purposes of both a Trustees, report and a directors, report under company law. The Trustees confirm that the Annual Report and financial statements of the charitable company comply with the current statutory requirements, the requirements of the charitable companws governing document and the provisions of the Statement of Recommended Practice (SORP) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (effective 1 January 2019). Since the Company qualifies as small under section 382 of the Companies Act 2006, the Strategic Report required of medium and large companies under the Companies Act 2006 (Strategic Report and Directors, Report) Regulations 2013 has been omitted. The J. & M. Trust Limited has the company number N1008546 and is a registered charity, charity number NIC102146. The registerd office is The Stables, 29 Purdysburn Hill, Belfast, BT8 8JY. The trustees during the period and at the report approval date are Mr J Johnston and Mr M Johnston. Objectlves and activities a. Policies and objectives The principal activity is the advancement of the Gospel of the Lord Jesus Christ and for this purpose to raise funds by means of subscriptions, donations and bequests and to make donations or subscribe money to or for religious, educational or other charitable purposes. b. Main activities undertaken to further the charity's purpose for the public benefit The donations received by the charity are used to make grants for other religious and charitable purposes, that the Trustees are confident are in line with the charity's purposes and objectives. The Trustees have regard to the Commission's Public benefit requirement statutory guidance. Achievements and performance a. Maln achievements of the Company The level of donations received has decreased this year and the level of donations made has also decreased. The grants made for the year are substantially to known and approved charities, consistent with the charity's purpose and objeotives. Flnancial review a. Going concern After making appropriate enquiries, the Trustees have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going oncern basis can be found in the accounting policies. There were no debts, either due to or by the charity, other than in the normal course of charitable activities. Page 2
THE J. & M. TRUST LIMITED (A Company Limited by Guarantee) TRUSTEES, REPORT (CONTINUED FOR THE YEAR ENDED 30 SEPTEMBER 2022 b. Reserves policy The Trustees do not consider a reserves policy is neSsary. Structure, governance and management a. Constitution The J. & M. Trust Limited is registered as a charitable company limited by guarantee and was set up by a Memorandum of Association. b. Methods of appointment or election of Trustees The management of the Company is the responsibility of the Trustees who are elected and co-opted under the terms of the Memorandum of Association. There is no individual or organisation with the power to appoint charity Trustees. c. Organisational structure and decision-making policies The Trustees are closely involved in the decision making of the charity- The vast majority of the Trust resources are applied to projects with which the Trustees have a close knowledge and understanding and usually over the long term. Trustees tend to support such projects with grants over the medium to long term and build knowledge and familiarity with grantees. Since the Trust tends to support projects about which the Trustees have knowledge and understanding, it does not receive applications for grants. Funds held as custodian No funds are held as custodian. Page 3
THE J. & M. TRUST LIMITED (A Company Limited by Guarantee) TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2022 Statement of Trustees. responsibilities The Trustees (who are also the directors of the Company for the purposes of company law) are responsible for preparing the Trustees. Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Praclice). Company law requires the Trustees to prepare financial statements for each financial . Under company law, the Trustees must not approve the financial stalements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of its incoming resources and application of resources. including its income and expenditure, for that period. In preparing these financial statements, the Trustees are required to: select suitable accounting policies and then apply them consistently, observe the methods and principles of the Charities SORP (FRS 102)" make judgments and accounting estimates that are reasonable and prudent., state whether applicable UK Accounting Standards {FRS 102) have been followed. subject to any material departures disclosed and explained in the financial statements; prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Companywill continue in business. The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Companws transactions and disclose wilh reasonable accuracy at any time the financial position of the Company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Approved by order of the members of the board of Trustees and signed on their behalf by.. m Richard Johnston Date: 2 May 2023 Page 4
THE J. & M. TRUST LIMITED (A Company Limited by Guarantee) INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 30 SEPTEMBER 2022 Independent Examiner's Report to the Trustees of The J. & M. Trust Limited I report on the financial statements of the company for the year ended 30 September 2022 which are set out on pages 7 to 21. Respective Responsibilities of charity Trustees and Examiner As the company's trustees (and also the directors of the company for the purpose of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006. Having satisfied myself that the company is not subject to audit under company law, and is eligible for independent examination, it is my responsibility to- examine the accounts under section 65 of the Charities Act (Northern Ireland) 2008- follow the procedures laid down in the general Directions given by the Commission under section 65{91(b) of the Charities Act., and state whether particular matters have come to my attention. Basis of Independent Examiner's Statement I have examined your company accounts as required under section 65 of the Charities Act and my examination was carried out in accordance with the general Directions given by the Charity Commission for Northern Ireland under section 65(9)(b) of the Charities Act. My examination included a review of the accounting records kept by the company and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from you as company trustees concerning any such matters. My role is to state whether any material matters have come to my attention giving me cause to believe: that accounting records were not kept in accordance with section 386 of the Companies Act 2006., that the accounts do not accord with those accounting records; that the accounts do not comply with the accounting requirements of section 396 of the Companies Act 2006 and with the methods and principles of the 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 IFRS 102)., that there is further information needed for a proper understanding of the accounts to be reached. Independent Examinerfs Statement I have completed my examination and have no concerns in respect of the matters {1} to (4) listed above and, in connection with following the Directions of the Charity Commission for Northern Ireland, I have found no matters that require drawing to your attention. This report is made solely to the company's Trustees, as a body, in accordance with section 65(3)(a) of the Charities Act (Northern Ireland} 2008 and regulations made under section 66 of that Act. My work has been undertaken so that I might state to the company's Trustees those matters l am required to state to them in an Independent Examiner's Report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the company and the company's Trustees as a body, for my work or for this report. Page 5
THE J. & M. TRUST LIMITED (A Company Limited by Guarantee) INDEPENDENT EXAMINER'S REPORT (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2022 Signed. Dated.. 2 May 2023 P Miscampbell FCA Miscampbell & Co. Chartered Accountants & Statutory Auditors 6 Annadale Avenue Belfast BT7 3JH Page 6
THE J. & M. TRUST LIMITED (A Company Limited by Guarantee) STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 30 SEPTEMBER 2022 Restricted Unrestricted funds funds 2022 2022 Total funds 2022 Total funds 2021 Note Income from: Donations and legacies Investments 40,913 37,500 500 78,413 500 106, 147 500 Total income 40,913 38,000 78,913 106,647 Expenditure on: Charitable activities 34,800 71,418 106,218 124,873 Total expenditure 34,800 71,418 106,218 124,873 Net movement in funds 6,113 133,418) (27,305) (18,226) Reconciliation of funds: Total funds brought forward Net movement in funds 14,718 6.113 52,027 (33.418) 66,745 (27,305) 84,971 (18,226) Total funds carried forward 20,831 18,609 39,440 66. 745 The Statement of Financial Activities includes all gains and losses recognised in the year. The notes on pages 10 to 21 form part of these financial statements. Page 7
THE J. & M. TRUST LIMITED (A Company Limited by Guarantee) REGISTERED NUMBER.. N1008546 BALANCE SHEET AS AT 30 SEPTEMBER 2022 2022 2021 Note Fixed assets Investments 15,080 15,080 15,080 15,080 Current assets Debtors Cash at bank and in hand 12 20 52,485 25,740 25,740 52,505 Creditors: amounts falling due within one year 13 (1,380 (840) Net current assets 24,360 51,665 Total assets less current liabilities 39.440 66, 745 Net assets excluding pension asset 39,440 66, 745 Total net assets 39,440 66, 745 Charity funds Restricted funds Unrestricted funds 15 15 20,831 18.609 14,718 52,027 Total funds 39,440 66, 745 Page 8
THE J. & M. TRUST LIMITED (A Company Limited by Guarantee) REGISTERED NUMBER: N1008546 BALANCE SHEET {CONTINUED) AS AT 30 SEPTEMBER 2022 The Company was entitled to exemption from audit under section 477 of the Companies Act 2006. The members have not required the company to obtain an audit for the year in question in accordance with section 476 of Companies Act 2006. The TTUStees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements. The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small companies regime. The financial statements were approved and authorised for issue by the Trustees on 02 May 2023 and signed on their behalf by. Malco m Richard Johnston The notes on pages 10 to 21 form part of these financial statements. Page 9
THE J. & M. TRUST LIMITED (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2022 General information The J&M Trust Limited is a company limited by guarantee. The company is incorporated in Northern Ireland and has the company number N1008546. The registered office address and principal place of business is The Stsbles, 29 Purdysburn Hill, Belfast, BT8 8JY. The principal activity of the company continued to be that of fundraising for religious and charitable purposes. Accounting policies 2.1 Basis of preparation of financial statements The financial ststements have been prepared in accordance with the Charities SORP (FRS 102) 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 Financial Reporting Stsndard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006. The J. & M. Trust Limited meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy. The financial statements are presented in Sterling {£). The level of rounding is £1. 2.2 Going concern After reviewing the company's investment strategy, forecasts and projections, the Directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable futL5re. The company therefore continues to adopt the going concern basis in preparing its financial statements. 2.3 Income All income is recognised once the Company has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliabSy. Grants are included in the Statement of Financial Activities on a receivable basis. The balance of income received for specific purposes but not expended during the period is shown in the relevant funds on the Balan Sheet. Where income is received in advance of entitlement of receipt, its recognition is deferred and included in creditors as deferred income. Where entitlement occurs before income is reIved, the income is accrued. Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable. 2.4 Expenditure Page 10
THE J. & M. TRUST LIMITED (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2022 Accounting policies (continued) 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 allocated on the portion of the asset's use. Expenditure on charitable activities is incurred on directly undertaking the activities which further the Company's objectives, as well as any associated support costs. Grants payable are charged in the year when the offer is made except in those cases where the offer is conditional, such grants being recognised as expenditure when the conditions attaching are fulfilled. Grants offered subject to conditions which have not been met at the year end are noted as a commitment, but not accrued as expenditure. All expenditure is inclusive of irrecoverable VAT. 2.5 Investments Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the Balance Sheet date, unless the value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as 'Gainsl{Losses) on investments, in the Statement of Financial Activities. Investments in subsidiaries are valued at cost less provision for impairment. 2.6 Debtors Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due. 2.7 Cash at bank and in hand Cash at bank and in hand 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. Page11
THE J. & M. TRUST LIMITED (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2022 Accounting policies (continued) 2.8 Liabilities and provisions Liabilities are recognised when there is an obligation at the Balance Sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably. Liabilities are recognised at the amount that the Company anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide. Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Statement of Financial Activities as a finance cost. 2.9 Financial instruments The Company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method. 2.10 Fund accounting General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Company and which have not been designated for other purposes. Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the Company for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements. Investment income, gains and losses are allocated to the appropriate fund. Critical accounting estimates and areas of judgment Estimates and judgments are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Critical accounting estimates and assumptions.. The Company makes estimates and assumptions concerning the future. The resulting accounting estimates and assumptions will, by definition, seldom equal the related actual results. Page 12
THE J. & M. TRUST LIMITED (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2022 Income from donations and legacies Restricted Unrestricted funds funds 2022 2022 Total funds 2022 Donations 40,913 37,500 78.413 Restricted Unrestricted funds funds 2021 2021 Total funds 2021 Donations 13,396 92,751 106, 147 Investment incomo Unrestricted funds 2022 Total funds 2022 Investment income- Preference Share Dividend 500 500 Unrestricted funds 2021 Total funds 2021 Investment income - Preference Share Dividend 500 500 Page 13
THE J. & M. TRUST LIMITED (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2022 Analysis of expenditure on charitable activities Summary by fund type Restricted Unrestricted funds funds 2022 2022 Total 2022 Donations and Support Costs Orphanage Emmanuel and other 71,418 71,418 34.800 34,800 34,800 71,418 106.218 Restricted Unresfricfed funds funds 2021 2021 rotal 2021 Donations and Support Costs Orphanage Emmanuel and other 121,048 121,048 3,825 3,825 3. 825 121,048 124,873 Support cost Unrestricted funds 2022 Total funds 2022 Accountancy Office costs Bank fees Other expenses 1,260 3.150 1,260 3.150 14 14 4.424 4,424 Page 14
THE J. & M. TRUST LIMITED (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2022 Unrestricted funds 2021 Total funds 2021 Accountancy Office costs Bank fee Other expenses 1,200 3,150 43 1,200 3,150 43 17 17 4,410 4,410 Independent examinerfs remuneration 2022 2021 Fees payable to the Company's independent examiner for the independent examination of the Company's annual accounts 1,260 1,200 Staff costs The average number of persons employed by the Company during the year was as *ollows'. 2022 No. 2021 No. Trustees No employee received remuneration amounting to more than £60,000 in either year. 10. Trustees. remuneration and expenses During the year, no Trustees received any remuneration or other benefits (2021- £NIL). During the year ended 30 September 2022, no Trustee expenses have been incurred (2021- £NIL). Page 15
THE J. & M. TRUST LIMITED (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2022 11. Fixed asset investments Shares in group undertaking Cost or valuation At 1 October 2021 15,080 At 30 September 2022 15,080 Net book value At 30 September 2022 15,080 At 30 September 2021 15,080 Principal subsidiaries The following was a subsidiary undertaking of the Company.. Name Holding Ideal Estates {Belfast) Limited 99% The financial results of the subsidiary for the year were.. Name Profitl{Loss) I Surplusl (Deficit} for the year Net assets Ideal Estates (Belfast) Limited 2,620 475.572 All the fixed asset investments are held in the UK. Page 16
THE J. & M. TRUST LIMITED (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2022 12. Debtors 2022 2021 Due within one year other debtors 20 20 13. Creditors: Amounts falling due within one year 2022 2021 Accruals and deferred income 1,380 840 14. Financial instruments 2022 2021 Financial assets Financial assets measured at fair value through income and expenditure 25,740 52,485 Financial assets measured at fair value through income and expenditure comprise bank balances. Page17
THE J. & M. TRUST LIMITED (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2022 15. statement of funds Statement of funds - current year Balance at 30 September 2022 Balance at 1 October 2021 Income Expenditure Unrestricted funds General Funds - all funds 52,027 38,000 171,418) 18,609 Restricted funds Restricted Funds - all funds 14,718 40,913 (34,800) 20.831 Total of funds 66,745 78,913 (106,218) 39,440 Page 18
THE J. & M. TRUST LIMITED (A Company Limited by Guarantee NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2022 15. Statement of funds (continued) Statement of funds - prior year Balance at 30 September 2021 Balance al l October 2020 Income Expenditure Unrestricted funds General Funds - all funds 79, 824 93,251 (121.048) 52,027 Restricted funds Restricted Funds- all funds 5, 147 13,396 (3, 825) 14,718 Total of funds 84,971 106,647 (124, 873) 66, 745 16. Summary of funds Summary of funds - current year Balance at 30 September 2022 Balance at 1 October 2021 Income Expenditure General funds Restricted funds 52,027 14,718 38,000 40,913 {71,418) {34,800) 18.609 20,831 66,745 78,913 (106,218) 39,440 Page 19
THE J. & M. TRUST LIMITED {A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2022 16. Summary of funds lcontinued) Summary of funds - prior year Balance al 30 September 2021 Balance al l October 2020 Income Expenditure General funds 79, 824 5,147 93,251 13,396 (121,048) (3, 825) 52,027 14,718 Restricted funds 84,971 106,647 (124, 873) 66, 745 17. Analysis of net assets between funds Analysis of net assets between funds - current year Restricted Unrestricted funds funds 2022 2022 Total funds 2022 Fixed asset investments Current assets Creditors due within one year 15,080 5,751 15,080 25,740 (1,380) 19,989 (1,380} Total 20,831 18,609 39,440 Analysis of net assets between funds - prior year Restricted Unrestricted funds funds 2021 2021 Total funds 2021 Fixed asset investments Current assets Creditors due within one year 15,080 37.787 (840) 15,080 52, 505 (840) 14,718 Total 14,718 52,027 66, 745 Page 20
THE J. & M. TRUST LIMITED (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2022 18. Related party transactions The J. & M. Trust Limited and Ideal Estates (Belfast) Limited have a common director. The total donations received, without conditions, amounted to £7.500 (2021 £50,000) during the year. The J & M Trust Limited and Angello Development Foundation have a common director. The total donations paid amounted to £30,000 (2021.. £40,000). Page 21