Charity registration number NIC102146 Company registration number N1008546 (Northern Ireland) THE J.& M. TRUST LIMITED ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2023
THE J.& M. TRUST LIMITED LEGAL AND ADMINISTRATIVE INFORMATION Trustees Mr M R Johnston MrJ R Johnston Charity number NIC102146 Company number N1008546 Registered office The Stables 29 Purdysburn Hill Belfast BT8 8JY Independent examin8r Miscampbell & Co 6 Annadale Avenue Belfast BT7 3JH Solicitors Ma¢Corkell Legal & Commercial Garvey Studios 8-10 Longstone Street Lisburn BT28 1TP
THE J.& M. TRUST LIMITED CONTENTS Page Trustees, report Statement of trustees, responsibilities Independent examiner's report Statement of financial activities Balance sheet Notes to the financial statements 8-14
THE J.& M. TRUST LIMITED TRUSTEES. REPORT {INCLUDING DIRECTORS, REPORT) FOR THE YEAR ENDED 30 SEPTEMBER 2023 The trustees present their annual report and financial statements for the year ended 30 September 2023. The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the trust's Igoverning document], the Companies Act 2006 and "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 J. & M. Trust Limited has the company number N1008546 and is a registered charity, Charity number NIC102146. The registered 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. Objectives and activiti8S The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the trust should undertake. 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 to 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 olher 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. Main 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 objectives. Financial review a. Going Concern After making appropriate enquires, the Trustees have a reasonable expectation that the Company has adequate recourses to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going ¢oncem basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in Ihe ac¢ounting policies. There were no debts. either due to or by the charity, other than in the normal course of charitable activities. b. Reserves policy The Trustees do not consider a reserves policy necessary. 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.
THE J.& M. TRUST LIMITED TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2023 The trustees, who are also the directors for the purpose of company law. and who served during the year and up to the date of signature of the financial statements were- Mr M R Johnston Mr J R Johnston b. Methods of appointment or election of Trustees The management of the Company is the responsibility of the Trustees who are elected and CCpOPted under the terms of the Memorandum ofAssociation. There is no individual or organisation wsth the power to appoint charity Trustees. c. Organisational structure and de¢15ion-making policies The two Trustees are closely involved in the decision making of the charity. The vast majority of the Trust resources are applied to projects which the Trustees have a close knowledge and understanding and usually over the long term. Trustees tend to support su¢h 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 trustee No funds are held as custodian. The tru5tees' report was approved by the Board of Trustees. Johnston Trustee 9 April 2024
THE J.& M. TRUST LIMITED STATEMENT OF TRUSTEES, RESPONSIBILITIES FOR THE YEAR ENDED 30 SEPTEMBER 2023 The trustees, who are also the directors of The J.& M. Trust Limited for the purpose of company law, are responsible for preparing the Trustees, Report and the financial statements in a¢cordan¢e with applicable law and United Kingdom Accounting Standards (United Kingdom Generally A¢¢epted Accounting Practice). Company Law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the trust and of the incoming resources and application of resources, including the income and expenditure, ofthe charitable company for that year. In preparing these financial statements, the trustees are required to- select suitable accounting policies and then apply them consistently; observe the methods and principles in the Charities SORP., make judgements and estimates that are reasonable and prudent., and prepare the financial ststements on the going concern basis unless it is inappropriate to presume that the trust will continue in operation. The trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the trust 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 trust and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
THE J.& M. TRUST LIMITED INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE J.& M. TRUST LIMITED I report to the trustees on my examination of Ihe financial statements of The J.& M. Trust Limited (the trust) for the year ended 30 September 2023. Responsibilities and basis of report As the trustees of the trust (and also its directors for the purposes of company law) you are responsible for the preparation of the financial statements in acGordan¢e with the requirements of the Charities Act (Northern Ireland) 2008. I report in respect of my examination of the Charity's financial statements carried out under the Charities Act (Northern Ireland) 2008. In carrying out my examination I have followed all the applicable Directions given by the Charity Commission under the Charities Act (Northern Ireland) 2008. Independent examiner's statement I have completed my examination. I confimi that no 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 trust as required by section 386 of the 2006 Act.. or the financial statements do not accord with those records., or the financial statements do not comply with the appli¢able 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. the financial statements have not been prepared in accordance with the melhods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounts in a¢¢ordance with the Financial Reporting Standard applicable in the UK arKI Republic of Ireland (FRS 102). 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 financial statements to be reached. Patrick Miscampbell MisGampbell & Co 6 Annadale Avenue Belfast BT7 3JH Dated: 9 April 2024
THE J.& M. TRUST LIMITED STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 30 SEPTEMBER 2023 Unrestricted Restricted funds funds 2023 2023 Total Unrestricted Restricted funds funds 2022 2022 Totsl 2023 2022 Notes ncome from: Donations and legacies Investments 15,000 500 20,513 35,513 500 37,500 500 40,913 78,413 500 Total income 15,500 20,513 36,013 38,000 40,913 78,913 en ureo Charitable activities 21,626 31,085 52,711 71,418 34,800 106,218 Net expenditure for th8 yearl Net movement in funds {6,126) (10,572) (16,698) (33,418) 6,113 (27,305) Fund balances at 1 October 2022 18,609 20,831 39,440 52,027 14,718 66,745 Fund balances at 30 September 2023 12,483 10,259 22,742 18,609 20,831 39,440 The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities. The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006.
THE J.& M. TRUST LIMITED BALANCE SHEET AS AT 30 SEPTEMBER 2023 2023 2022 Notes Fixed assets Investments 10 15,080 15,080 Current assets Cash at bank and in hand 9,182 25,740 Creditors: amounts falling due within one year 11 {1,520) {1,380) Net Current assets 7,662 24,360 Total assets less current liabilities 22,742 39,440 Income funds Restricted funds Unrestricted funds 12 10,259 12,483 20,831 18,609 22,742 39,440 The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 30 September 2023. The directors acknowledge their responsibilities for ¢omplying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements. The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
THE J.& M. TRUST LIMITED BALANCE SHEET {CONTINUED) AS AT 30 SEPTEMBER 2023 These financial statements have been prepared in accordance with the provisions applicable to companies subject lo the small companies regime. The financial statements were approved by the Trustees on 9 April 2024 Mrm Trusteo ohn5ton Company registration number N1008546
THE J.& M. TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2023 Accounting policies Charity informatlon J.& M. Trust Limited is a private company limited by guarantee incorporated in Northem Ireland. The registered office is The Stables, 29 Purdysburn Hill, Belfast, BT8 8JY. Their registered company number is N1008546, and their registered charity number is NIC102146. The principal activity of the company continued to be that of fundraising for religious and charitable purposes. 1.1 Accounting convention The financial statements have been prepared in ac¢ordan¢e with the trust's [governing documentJ, the Companies Act 2006, FRS 102 °The Financial Reporting Standard applicable in the UK and Republic of Ireland" {"FRS 102.) and the Charities SORP Accounling and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Finan¢ial Reporting Standard applicable in the UK and Republi¢ of Ireland {FRS 102)" (effective 1 January 2019). The trust is a Public Benefit Entity as defined by FRS 102. The trust has taken advantage of the provisions in the SORP for charities not to prepare a Statement of Cash Flows. The financial statements are prepared in sterling, which is the functional currency of the trust. Monetary amounts in these financial statements are rounded to the nearest £. The financial statements have been prepared under the historical cost convention. The principal a¢¢ounting policies adopted are set out below. 1.2 Going concern At the time of approving the financial statements, the trustees have a reasonable expectation that the trust has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements. 1.3 Charitable funds Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives. Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements. Endowment funds are subject to specific conditions by donors that the capital must be maintained by the trust. 1.4 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 reliably. 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 BalanGe Sheet. Where income is received in advance of entitlement of receipt. its recognition is deferred and included in creditors as deferred inGome. Where entitlement occurs before income is received, the income is accrued. Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable.
THE J.& M. TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2023 Accounting policies {Continued) 1.5 Expenditure Expenditure is re¢ognised 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 adivity 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 allocate 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 beeen 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 as 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. 1.6 Fixed asset investments Fixed asset investments are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in net incomel(expenditure) for the year. Transaction costs are expensed as incurred. A subsidiary is an entity controlled by the trust. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities. 1.7 Cash and cash equivalents Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less. and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities. 1.8 Employee benefits The cost of any unused holiday entitlement is recognised in the period in which the employee's services are received. Termination benefits are re¢ognised immediately as an expense when the trust is demonstrably Committed to temiinate the employment of an employee or to provide termination benefits. Critical accountlng estlmates and judgements In the application of the trust's accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both Current and future periods.
THE J.& M. TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2023 Investments Unrestricted Unrestricted funds funds 2023 2022 Investment income - Preference Share Dividend 500 500 Charitable activities Charitable Charitable Expenditure Expenditure 2023 2022 Orphanage Emmanuel and other support costs Donations and support costs 31,085 16,943 34,800 66,454 48,028 101,254 Share of support costs (see note 6) Share of governance costs (see note 6) 3,163 1,520 3,164 1,800 52,711 106,218 Analysis by fund Unrestricted funds Restricted funds 21,626 31,085 71,418 34,800 52,711 106,218 11
THE J.& M. TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2023 Support costs Support Governance Gosts costs 2023 Support Governance costs osts 2022 Office costs Other expenses 3,150 13 3,150 13 3,150 14 3,150 14 Audit fees 1,520 1,520 1,800 1,800 3,163 1,520 4,683 3,164 1,800 4,964 Analysed between Charitable activities 3,163 1,520 4,683 3,164 1,800 4,964 Governance costs includes payments to the auditors of £1,380 (2022- £1,260) for independent examination fees. Trustees None of the trustees (or any persons connected with them) received any remuneration or benefits from the trust during the year. Employees The average monthly number of employees during the year was.. 2023 Number 2022 Number There were no employees whose annual remuneration was more than £60,000. Taxatton The charity is exempt from tax on income and gains falling within section 524 and 525 of the Income Tax Act 2007 or section 256 of the Taxation of Chargeable Gains Act to the extent that these are applied to its charitable purpose. 10 Fixed asset investments 12-
THE J.& M. TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2023 10 Fixed asset investments {Continuedl Other investments Cost or valuation At 1 October 2022 & 30 September 2023 15,080 Carrying amount At 30 September 2023 15,080 At 30 September 2022 15,080 2023 2022 Other investments comprise- Notes Investments in subsidiaries 15 15,080 15,080 11 Creditors: amounts falling due within on8 year 2023 2022 Accruals and deferred income 1,520 1,380 12 Restricted funds The income funds of the charity include restricted funds comprising the following unexpended balanS of donations and grants held on trust for specific purposes- Movement in funds Incoming Resources Balance at resources expended1 October 2022 Movement in funds Incoming Resource$ Balance at resources expended 30 September 2023 Balance at 1 Octobgr 2021 14.718 40,913 {34,800) 20,831 20.513 (31,085) 10,259 13-
THE J.& M. TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2023 13 Analysis of net assets between funds Unrestricted Restricted funds funds 2023 2023 Total Unrestricted Restrictsd funds funds 2022 2022 Total 2023 2022 Fund balances at 30 September 2023 are represented by: Investments Current assetsl(liabilities} 15,080 (4,821) 15,080 7,662 15,080 5,751 15,080 24,360 12,483 18,609 12,483 10,259 22,742 18,609 20,831 39,440 14 Related party transactions The J & M Trust Limited and Ideal Estates (Belfast) Limited have a common director. The total donaions received, without conditions, amounts to £15,000 {2022- £7,500} during the year. The J & M Trust Limited and Angello Development Foundation have a common director. The total donations paid amounted to £6.793 (2022.. £30,000). 15 Subsidiaries Details of the trust's subsidiaries at 30 September 2023 are as follows.. Name of undertaking Registered office Nature of business Class of % Held shares held Direct Indirect Ideal Estates (Belfast) Limited Northern Ireland Development of building projects Ordinary I preference 99.00 14-