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Registered number: 07979616
Charity number: 1149028
JUBILEE ENTERPRISE FOUNDATION
(A company limited by guarantee)
UNAUDITED
TRUSTEES' REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
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JUBILEE ENTERPRISE FOUNDATION
(A company limited by guarantee)
CONTENTS
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Reference and administrative details of the company, its Trustees and advisers
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Statement of financial activities
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Notes to the financial statements
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JUBILEE ENTERPRISE FOUNDATION
(A company limited by guarantee)
REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY, ITS TRUSTEES AND ADVISERS
FOR THE YEAR ENDED 31 MARCH 2024
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Dan Maudhub, Trustee (appointed 7 March 2012)
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Neil Pattison, Trustee (appointed 15 May 2017)
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Marcel Jung, Trustee (appointed 7 March 2012)
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Company registered number
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Charity registered number
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28 Harrow Way
Maidstone
Kent
ME14 5TU
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Secretarial Agents Limited
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IT & Accounting Solutions Limited
Certified Public Accountants
28 Harrow Way
Maidstone
Kent
ME14 5TU
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JUBILEE ENTERPRISE FOUNDATION
(A company limited by guarantee)
TRUSTEES' REPORT
FOR THE YEAR ENDED 31 MARCH 2024
The Trustees present their annual report together with the financial statements of the company for the 1 April 2023 to 31 March 2024. 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 company's 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.
Objectives and activities
l Policies and objectives
The company is established to (1) relieve poverty and in particular to relieve poverty amongst people who are living in Maidstone who are poor, through the provision of general and technical advice on the establishment and operation of a business by the provision of education, training, temporary financial assistance and selfemployment. (2) such charitable purposes for the public benefit as are exclusively charitable according to the laws of England and Wales as the trustees may from time to time determine.
In setting objectives and planning for activities, the Trustees have given due consideration to general guidance published by the Charity Commission relating to public benefit, including the guidance 'Public benefit: running a charity (PB2)'.
l Strategies for achieving objectives
Jubilee Enterprise Foundation exists to build a framework to bring order; a structure to support growth and a backbone to provide rigour and accountability.
l Activities undertaken to achieve objectives
Equipping - We want to equip people with knowledge, skills and tools to grow their business.
Empowering - We want to give people the confidence to believe they can be successful in business.
Enriching - We want to see people excited, inspired and smiling about their business.
l Main activities undertaken to further the company's purposes for the public benefit
Mentoring for various new businesses and startup businesses. This has also been expanded to give advice and input to charities and Community Interest Companies.
Achievements and performance
l Main achievements of the company
Very little formal mentoring was undertaken during the year.
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JUBILEE ENTERPRISE FOUNDATION
(A company limited by guarantee)
Financial review
l 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 concern basis can be found in the accounting policies.
l Reserves policy
The Trustees consider it is essential to maintain a substantial level of reserves to ensure funds are always available to meet their charitable and other commitments.
l Principal funding
Funding will be sought from established successful businesses.
Structure, governance and management
l Constitution
Jubilee Enterprise Foundation is registered as a charitable company limited by guarantee and was set up by a Memorandum of Association on 7 March 2012 and is a registered charity number 1149028.
l 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.
The Articles require a minimum of three Directors at any one time with no maximum set.
It is not currently the intention of the Trustees of the Charity to appoint new Trustees.
l Related party relationships
Marcel Jung is a Trustee of the company and also a Director in Kingdom Business Investments Limited which provided professional accountancy services to the charity.
Members' liability
The Members of the company guarantee to contribute an amount not exceeding £10 to the assets of the company in the event of winding up.
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JUBILEE ENTERPRISE FOUNDATION
(A company limited by guarantee)
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 Practice).
Company law requires the Trustees to prepare financial statements for each financial . Under company law, the Trustees must not approve the financial statements 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 company will continue in business.
The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with 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 on 2 April 2024 and signed on their behalf by:
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JUBILEE ENTERPRISE FOUNDATION
(A company limited by guarantee)
STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT)
FOR THE YEAR ENDED 31 MARCH 2024
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Total funds brought forward
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Total funds carried forward
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The Statement of financial activities includes all gains and losses recognised in the year.
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The notes on pages 8 to 13 form part of these financial statements.
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JUBILEE ENTERPRISE FOUNDATION
(A company limited by guarantee)
REGISTERED NUMBER: 07979616
BALANCE SHEET
AS AT 31 MARCH 2024
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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Net assets excluding pension asset
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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 Trustees 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 April 2024 and signed on their behalf by:
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JUBILEE ENTERPRISE FOUNDATION
(A company limited by guarantee)
REGISTERED NUMBER: 07979616
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2024
The notes on pages 8 to 13 form part of these financial statements.
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JUBILEE ENTERPRISE FOUNDATION
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
Jubilee Enterprise Foundation was setup on 7 March 2012 as a charitable company limited by guarantee and registered with the Charity Commission for England and Wales (charity number 1149028) on 20September2012. The registered address is 28 Harrow Way, Maidstone, Kent, ME14 5TU.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements 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 2015), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.
Jubilee Enterprise Foundation 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.
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.
Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable.
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.
All expenditure is inclusive of irrecoverable VAT.
Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the company; this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited.
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JUBILEE ENTERPRISE FOUNDATION
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
2.Accounting policies (continued)
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.
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Liabilities and provisions
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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.
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.
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.
Investment income, gains and losses are allocated to the appropriate fund.
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Income from donations and legacies
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JUBILEE ENTERPRISE FOUNDATION
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
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Investment income - local cash
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Analysis of expenditure on charitable activities
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Analysis of expenditure by activities
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JUBILEE ENTERPRISE FOUNDATION
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
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Trustees' remuneration and expenses
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During the year, no Trustees received any remuneration or other benefits (2023 - £NIL).
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During the year ended 31 March 2024, no Trustee expenses have been incurred (2023 - £NIL).
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Creditors: Amounts falling due within one year
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Accruals and deferred income
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Financial assets measured at fair value through income and expenditure
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Financial assets measured at fair value through income and expenditure comprise cash balances.
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JUBILEE ENTERPRISE FOUNDATION
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
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Statement of funds - current year
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Balance at 1 April 2023
£
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Balance at 31 March 2024
£
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General Funds - all funds
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Summary of funds - current year
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Balance at 1 April 2023
£
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Balance at 31 March 2024
£
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Analysis of net assets between funds
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Analysis of net assets between funds - current period
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Creditors due within one year
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JUBILEE ENTERPRISE FOUNDATION
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
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Related party transactions
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Kingdom Business Investments Limited
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Marcel Jung is a director of Kingdom Business Investments Limited that provided accountancy services to the charity during the year.
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