REGISTERED NUMBER: |
The Jerusalem and The East Mission |
Trust Limited |
Unaudited Financial Statements for the Year Ended 30th June 2023 |
REGISTERED NUMBER: |
The Jerusalem and The East Mission |
Trust Limited |
Unaudited Financial Statements for the Year Ended 30th June 2023 |
The Jerusalem and The East Mission |
Trust Limited (Registered number: 00244633) |
Contents of the Financial Statements |
for the Year Ended 30th June 2023 |
Page |
Company Information | 1 |
Balance Sheet | 3 |
Notes to the Financial Statements | 5 |
The Jerusalem and The East Mission |
Trust Limited |
Company Information |
for the Year Ended 30th June 2023 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
2 Oriel Court |
Omega Park |
Alton |
Hampshire |
GU34 2YT |
BANKERS: |
440 Strand |
London |
WC2R 0QS |
The Jerusalem and The East Mission |
Trust Limited |
Company Information |
for the Year Ended 30th June 2023 |
LEGAL ADVISERS: |
Minerva House |
5 Montague Close |
London |
SE1 9BB |
The Jerusalem and The East Mission |
Trust Limited (Registered number: 00244633) |
Balance Sheet |
30th June 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
CURRENT ASSETS |
Debtors | 5 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT (LIABILITIES)/ASSETS | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
7 |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 9 |
Maintenance reserve | 10 |
SHAREHOLDERS' FUNDS |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
The Jerusalem and The East Mission |
Trust Limited (Registered number: 00244633) |
Balance Sheet - continued |
30th June 2023 |
In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
The Jerusalem and The East Mission |
Trust Limited (Registered number: 00244633) |
Notes to the Financial Statements |
for the Year Ended 30th June 2023 |
1. | STATUTORY INFORMATION |
The Jerusalem and The East Mission Trust Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" (FRS102 Section 1A) and the Companies Act 2006. The financial statements have been prepared under the historical cost convention. |
The financial statements have been prepared on the going concern basis as the directors do not consider that the effects of the conflict in Ukraine or the current financial situation will impact on the company's ability to continue to operate. |
Turnover |
Turnover represents service charges made, grants received and miscellaneous receipts which fall within the company's ordinary activities. |
Tangible fixed assets |
Land and Buildings | - |
Office Equipment | - |
Land is not depreciated. Freehold buildings are maintained in good repair and it is considered that residual values are such that depreciation is not significant. A specific fund has been established for maintaining the property in its present condition (see note 11, reserves). The requirement to undertake an impairment review is carried out annually. |
All fixed assets are initially recorded at cost. |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
The Jerusalem and The East Mission |
Trust Limited (Registered number: 00244633) |
Notes to the Financial Statements - continued |
for the Year Ended 30th June 2023 |
4. | TANGIBLE FIXED ASSETS |
Land and | Office |
Buildings | Equipment | Totals |
£ | £ | £ |
COST |
At 1st July 2022 |
Additions |
At 30th June 2023 |
DEPRECIATION |
At 1st July 2022 |
Charge for year |
At 30th June 2023 |
NET BOOK VALUE |
At 30th June 2023 |
At 30th June 2022 |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
The Jerusalem Bishopric Fund | - | 1,633 |
Other debtors | 2,381 | 1,970 |
Prepayments and accrued income |
The Jerusalem and The East Mission |
Trust Limited (Registered number: 00244633) |
Notes to the Financial Statements - continued |
for the Year Ended 30th June 2023 |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
St Mary's Waqf | 47,000 | - |
The Jerusalem Bishopric Fund | 15,125 | - |
The Jerusalem and the Middle East Church Association |
243,202 |
254,640 |
Trust Property held in Connection with the Episcopal Church in Egypt |
Social security and other taxes |
Other creditors |
Pension contributions | 72 | 68 |
Accruals and deferred income |
7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2023 | 2022 |
£ | £ |
St Mary's Waqf |
8. | SECURED DEBTS |
The following secured debts are included within creditors: |
2023 | 2022 |
£ | £ |
St Mary's Waqf | 160,000 | 160,000 |
The loan from St Mary's Waqf is secured by a legal charge over the company's office premises at 1 Hart House, The Hart, Farnham, Surrey. |
9. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2023 | 2022 |
value: | £ | £ |
Ordinary | 1 | 20 | 20 |
The Jerusalem and The East Mission |
Trust Limited (Registered number: 00244633) |
Notes to the Financial Statements - continued |
for the Year Ended 30th June 2023 |
10. | RESERVES |
Retained | Maintenance |
earnings | reserve | Totals |
£ | £ | £ |
At 1st July 2022 | 6,183 |
Deficit for the year | ( |
) | ( |
) |
Interest | (145 | ) | 145 | - |
Additional funding | (1,000 | ) | 1,000 | - |
Costs incurred/(recovered) | 2,835 | (2,835 | ) | - |
At 30th June 2023 | 4,493 |
The directors have established a maintenance reserve to maintain the freehold office accommodation in a high standard of structural and decorative order. This reserve is not distributable. |
The Jerusalem and The East Mission |
Trust Limited (Registered number: 00244633) |
Notes to the Financial Statements - continued |
for the Year Ended 30th June 2023 |
11. | RELATED PARTY DISCLOSURES |
The company's shares are held by the directors and members of the Council of The Jerusalem and the Middle East Church Association. No one shareholder has control of the company. |
During the year the company received service charges from the charities it administers as follows: |
2023 | 2022 |
£ | £ |
The Jerusalem and the Middle East Church Association | 41,275 | 38,056 |
St Mary's Waqf | 8,105 | 8,448 |
Trust Property Held in Connection with the Episcopal Church in Egypt |
3,682 |
3,796 |
The Arthur Benjamin Jones Travel Bursary Trust | 507 | 508 |
The Jerusalem Bishopric Fund | 16,663 | 17,146 |
As at 30th June 2023 the company owed £243,202 to The Jerusalem and the Middle East Church Association (30th June 2022: £254,640), £47,000 to St Mary's Waqf (30th June 2022: £Nil) and, £10,100 to Trust Property Held in Connection with the Episcopal Church in Egypt (30th June 2022: £Nil in respect of unpaid grants. £15,125, was owed by the company to The Jerusalem Bishopric Fund (30th June 2022: £1,633 owed to the company) in respect of grants paid on behalf of this charity less unpaid grants. |
The company owed £3,147 to The Jerusalem and the Middle East Church Association, £1,482 to St Mary's Waqf, £339 to Trust Property Held in Connection with The Episcopal Church in Egypt, £47 to The Arthur Benjamin Jones Travel Bursary Trust, and £1,533 to The Jerusalem Bishopric Fund with respect to overpaid service charges. These balances are included within the creditor figure 'Accruals and deferred income'. |
In February 1993 the company borrowed £160,000 from St Mary's Waqf towards the purchase of the company's office premises. The service charge to St Mary's Waqf is reduced to reflect a 5% interest rate on this loan. This is considered by the trustees to represent an arms length commercial interest rate. |
The Jerusalem and The East Mission |
Trust Limited (Registered number: 00244633) |
Notes to the Financial Statements - continued |
for the Year Ended 30th June 2023 |
12. | ASSETS HELD ON TRUST |
The company holds the deeds of title to a number of properties on behalf of various bodies within the area of The Episcopal Church of Jerusalem and the Middle East and the Episcopal/Anglican Province of Alexandria. |
The custodian ownership of these properties is vested in the company as trustee in perpetuity for the benefit of the members of those bodies. By reason of the nature of the company's interest in these properties, the directors consider that no value should be specified in respect thereof. |