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 2024
THE J.& M. TRUST LIMITED LEGAL AND ADMINISTRATIVE INFORMATION Trustees Mr M R Johnston Mr J R Johnston Charity number NIC102146 Company number N1008546 Registered office Garvey Studios 8-10 Longstone Street Lisburn BT28 1TP Independent examiner Miscampbell & Co 6 Annadale Avenue Belfast BT7 3JH Sollcitors Maccorkell 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 examinerfs report Statement of financial activities Balance sheet Notes to the financial statements 8-15
THE J.& M. TRUST LIMITED TRUSTEES. REPORT (INCLUDING DIRECTORS, REPORT) FOR THE YEAR ENDED 30 SEPTEMBER 2024 The trustees present their annual report and financial statements for the year ended 30 September 2024. 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 Garvey Studios, 8-10 Longstone Street, Lisburn, BT28 1TP. The trustees during the period and at the report approval date are Mr J. Johnston and Mr M. Johnston. Objectives and activitles 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 other religious and charitable purposes, that the Trustees are confident are in line with the ¢harity's purposes and obje¢tives. 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 increased Ihis year and the level of donations made has also wicreased. The grants made for the year are substantially to known and approved Charities, consistent with the charity's purpose and objectives. Financial revlew 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 Goncern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the accounting policies. There were no debts, either due to or by the charity, other than in the nonnal course of Gharitable activities. b. Roserves policy The Trustees do not consider a reserves policy necessary.
THE J.& M. TRUST LIMITED TRUSTEES. REPORT (INCLUDING DIRECTORS, REPORT) (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2024 Structurei governance and management 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 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 co-opted under the terms of the Memorandum ofAssociation. There is no individual or organisation with the power to appoint charity Trustees. Other matters Organisational structure and decisionwmaking policies The two Trustees are closely involved in the decision making of the charity. The vast majority of the Trust reSoUrS 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 Ihe 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. Subsidiary company During the year the wholly owned subsidiary {Ideal Estates {Belfast) Ltd) was voluntarily wound up and its assets Iransferred into the company. The trustees, report was approved by the Board of Trustees. MrMRJ Trustee ton 7 February 2025
THE J.& M. TRUST LIMITED STATEMENT OF TRUSTEES, RESPONSIBILITIES FOR THE YEAR ENDED 30 SEPTEMBER 2024 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 accordance with applicable law and United Kingdom A¢¢ounting Standards (United Kingdom Generally Accepted Accounting PractiGe). 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 resour5 and application of resources, including the income and expenditure, of the charitable company for that year. In preparing these financial statements, the trustees are required to.. select suitable accounting policies and then apply them consistently., obseNe the methods and principles in the Charities SORP. make judgements and estimates that are reasonable and prudent- and prepare the financial statements 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 the financial statements of The J.& M. Trust Limited (the trust) for the year ended 30 September 2024. Responsibilities and basis of report As the trustees of the trust {and also its directors for the purposes of company lawl you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act (Northern Ireland) 2008. I report in respect of my examination of the Charity'5 financial statemenls carried out under the Charities Act (Northern Ireland) 2008. In carrying out my examination I have followed all the applicable Diredions given by the Charity Commission under the Charities Act (Northern Ireland) 2008. Independent examiner's statsment Since the trust's gross income exceeded £250,000 your examiner must be a member of a body listed in se¢tion 145 of the 2011 Act. I confirm that l am qualified to undertake the examination because l am a member of CAI, which is one of the listed bodies. I have completed my examination. I confirm that no matter5 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 aG¢ord with those records,. or the financial statements 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. the financial statements have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK a1 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: 7 February 2025
THE J.& M. TRUST LIMITED STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 30 SEPTEMBER 2024 Unrestricted Restricted funds funds 2024 2024 Total Unrestricted Restricted funds funds 2023 2023 Total 2024 2023 Notes Income and endowments from: Donations and lega¢ies Investments Other material income Other income 89,976 51,594 141,570 15,000 500 20,513 35,513 500 436,027 10,048 436,027 10,048 Total income 536,051 51,594 587,645 15,500 20,513 36.013 Expenditure on: Charitsble activities Other expenditure 79,872 5,080 18.000 97,872 5,080 21.626 31,085 52,711 11 Total expenditure 84,952 18,000 102,952 21,626 31,085 52,711 Net incomel(expenditure} and movement in funds 451.099 33,594 484,693 (6,126) (10,572) (16,698) Reconciliation of funds: Fund balances at 1 October 2023 12,483 10,259 22,742 18,609 20.831 39,440 Fund balances at 30 September 2024 463.582 43,853 507,435 12,483 10,259 22,742 The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
THE J.& M. TRUST LIMITED BALANCE SHEET AS AT 30 SEPTEMBER 2024 2024 2023 Notes Fixed assets Investment propety Investments 13 14 307,312 15,080 307,312 15,080 Current assets Debtors Cash at bank and in hand 15 143,715 57,973 9,182 201,688 9,182 Credltors: amounts falling due wlthin one year 16 (1,565) {1,520) Net current assets 200,123 7,662 Total assets less current liabilities 507.435 22,742 Income funds Restricted funds Unrestricted funds 17 43,853 463,582 10.259 12,483 507,435 22,742 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 2024. The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial ststements. 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 2024 These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime. The financial statements were approved by the Trustees on 7 February 2025 MrMRJ Trustse ston Company registration number N1008546
THE J.& M. TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024 A¢Gounting policies Charity information J.& M. Trust Limited 1$ a private company limited by guarantee incorporated in Northern Ireland. The registered office is Garvey Studios, &10 Longstone Street, Lisburn, BT28 1TP. 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 accordance with the trust's Igoverning doGument], the Companies Act 2006, FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland" ("FRS 102.) and the Charities SORP "Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to Charities preparing their accounts in accordance with the Financial Reporting Standard appliGable in the UK and Republic 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 sterling, which is the functional currency of the Irust. Monetary amounts in these financial statements are rounded to the nearest £. The financial statements have been prepared under the historical Cost convention. The principal accounting policies adopted are set out below. 1.2 Going concem 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 or grantors 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 Balance 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 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 2024 Accounting policies (Continued 1.5 Expenditure 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 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 oftime spent, and depreciation ¢harges allocated on the portion of the asset's use. Expenditure on charitable activities is incurred on directly undertaking the activities whi¢h further the Company's objectives, as well as any associated support ¢osts. Grants payable are charged in the year when the offer is made except in those cases where the offer is conditional, such as granls 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 Investment property Investment propety. which is propety held to earn rentals andlor for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. The surplus or deficit on revaluation is recognised in profit or loss. 1.7 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 in¢omel(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. 1.8 Cash and cash equivalents Cash and ¢ash 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. 1.9 Financial instrumonts 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. 1.10 Employeo beneflts The cost of any unused holiday entitlement is recognised in the period in which the employee's services are received. Termination benefits are recognised immediately as an expense when the trust is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
THE J.& M. TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2024 Critical accounting estimates and judgements In the application of the trust's accounting policies, the trustees are required to make judgernents, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sOue$. The estimates and associated assumptions are based on historical experience and other faclors 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. Income from donatlons and legacies Unrestricted Restricted funds funds 2024 2024 Total Unrestricted Restricted funds funds 2023 2023 Total 2024 2023 Donations and gifts 89,976 51,594 141,570 15,000 20,513 35,513 Income from investments Unrestricted Unrestricted funds funds 2024 2023 Investment income- Preference Share Dividend 500 Other income Unrestricted Unrestricted funds funds 2024 2023 Rental income 10,048 10-
THE J.& M. TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2024 Expenditure on Charitable activities Charitable Charitable Expenditure Expenditure 2024 2023 Direct costs Orphanage Emmanuel and other support costs Donations and support costs 18,497 69,031 31,085 16,943 87,528 48,028 Share of support and governance costs (see note 7) Support Governance 8,781 1,563 3,163 1,520 97,872 52,711 Analysis by fund Unrestricted funds Restricted funds 79,872 18,000 21,626 31,085 97,872 52,711 Support costs allocated to activities 2024 2023 Office ¢osts General Postage Bank fees Insurance Rates Travel Governance costs 4,253 14 3,150 13 245 313 1,370 2,585 1,563 1,520 10,344 4,683 Analysed between: Charitable activities 10,344 4,683 Net movemont in funds 2024 2023 The net movement in funds is stated after chargingl{¢rediting)'. Fees payable for the independent examination of the charity's financial statements 1,563 1,520 11
THE J.& M. TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2024 Trustees None of the trustees (or any persons connected with them) received any remuneration or benefits from the trust during the year. 10 Employees The average monthly number of employees during the year was: 2024 Number 2023 Number There were no employees whose annual remuneration was more than £60,000. 11 Other expenditure Unrèstricted Unrestricted funds funds 2024 2023 Net loss on disposal of programme related investments 5,080 12 Taxation 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. 13 Investment prop8rty 2024 Falr value At 1 October 2023 Additions through external acquisition 307,312 At 30 September 2024 307,312 Investment properties were transferred from Ideal Estates (Belfast) Limited and are carried at cost. 12-
THE J.& M. TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2024 14 Fixed asset investments Other inveslments Cost or valuation At 1 October 2023 Disposals 15,080 {15,080) At 30 September 2024 Carrying amount At 30 September 2024 At 30 September 2023 15,080 All assets and liabilities have been transferred from Ideal Estates (Belfast) Limited to The J. & M. Trust Limited. There is an active proposal to strike Ideal Estates off. 2024 2023 Other investments comprise.. Notes Investments in subsidiaries 15,080 15 Debtors 2024 2023 Amounts falling due within one year: Other debtors 143,715 16 Creditors: amounts falling du8 within one year 2024 2023 Accruals and deferred income 1,565 1,520 17 Restricted funds The restricted ndS of the charity comprise the unexpended balances of donations and grants held on trust subject to specific conditions by donors as to how they may be used. At 1 October 2023 Incoming resources Resources At30 expended September 2024 10,259 51,594 (18.000) 43,853 13-
THE J.& M. TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2024 17 Restrlcted funds (Continued) Previous year: At 1 October 2022 Incoming resources Resources expended At30 September 2023 20,831 20,513 (31,085) 10,259 18 Unrestricted funds The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestri¢ted funds by the trustees for specifi¢ purposes. At 1 October 2023 Incoming resources Resources expended At30 September 2024 General funds 12,483 536,051 (84,952) 463,582 Previous year: At 1 October 2022 Incoming resourGes Resources expended At30 September 2023 General funds 18,609 15,500 (21,626) 12,483 19 Analysis of net assets between funds Unrestricted funds 2024 Restrict8d funds 2024 Total 2024 At 30 September 2024: Investment properties Current assetsl(liabilities) 307,312 156,270 307.312 200,123 43,853 463,582 43,853 507,435 14-
THE J.& M. TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2024 19 Analysis of net assets between funds (Continued Unrestricted funds 2023 Restricted funds 2023 Total 2023 At 30 September 2023: Investments Current assetsl(liabilities) 15,080 {4,821 } 15,080 7,662 12,483 12,483 10,259 22,742 20 Related party transactions The J & M Trust Limited and Ideal Estates {Belfast) Limited have a common director. The total donations received, without conditions, amounts to £67,975{2023- £15,000) during the year. Ideal Estates {Belfast) Limited ceased to trade in the year and transferred all assets and liabilities, including investment properties, to The J & M Trust Limited. The J & M Trust Limited and Angello Development Foundation have a common director. The total donations paid to Angello Development Foundation by The J & M Trust Limited amounted to £7,410 (2023.. £6,793). 15-