**Ref: NT62**
## **Registered Charity Number: 1088977**
## **THE JK FOUNDATION**
REPORT AND FINANCIAL STATEMENTS
For the year ended 5 April 2022
**THE JK FOUNDATION**
## **CONTENTS**
||**Page**|
|---|---|
|Reference and Administrative Information|1|
|Trustees’ Annual Report|2 – 4|
|Report of the Independent Examiner|5|
|Statement of Financial Activities|6|
|Balance Sheet|7|
|Notes to the Financial Statements|8 - 13|
**THE JK FOUNDATION**
## **REFERENCE AND ADMINISTRATIVE INFORMATION FOR THE YEAR ENDED 5 APRIL 2022**
The JK Foundation was established under a Trust Deed dated 28 August 2001, which determined the objects and powers. The JK Foundation is registered with the Charity Commission for England and Wales as Charity Number 1088977.
## **TRUSTEES**
Joanna Kate King Rachel Mary Wardall William Lawrence Greenwell Swan
## **PRINCIPAL OFFICE**
The JK Foundation RFT Management Services Limited 14 Buckingham Street London WC2N 6DF
## **INDEPENDENT EXAMINER**
N Finlayson FCA Moore Kingston Smith LLP 9 Appold Street London EC2A 2AP
## **SOLICITORS**
Currey & Co LLP 33 Queen Anne Street London W1G 9HY
## **REGISTERED CHARITY NUMBER**
1088977
Page 1
**THE JK FOUNDATION**
## **TRUSTEES ANNUAL REPORT FOR YEAR ENDED 5 APRIL 2022**
The Trustees are pleased to present their report together with the financial statements of the charity for the year ended 5 April 2022. The financial statements have been prepared in accordance with the Charity’s Trust Deed, the Charities Act 2011, as amended, and the reviewed Statement of Recommended Practice - Accounting and Reporting by Charities (SORP 2015).
Reference and administrative information set out on page 1 forms part of this report.
## **STRUCTURE, GOVERNANCE AND MANAGEMENT**
The Trustees who held office throughout the year are shown on page 1.
The Trust Deed stipulates that there shall not be less than three Trustees. New Trustees, when required, are selected by the serving Trustees and are appointed by a Resolution of existing Trustees. Trustees are informed of the history of the Charity and acquainted with the activities of the Charity.
No Trustee receives a fee for the service they provide to the charity, all time spent is donated free of charge.
RFT Management Services Limited provides the charity with charity administration and financial reporting services.
## **OBJECTS AND ACTIVITIES**
The Charity’s objects are the support of such institutions and purposes which are charitable according to the law of England and Wales, in such manner and such proportions as the Trustees shall from time to time at their discretion decide.
The Trustees have been granted wide powers to act in furtherance of the charity’s objects.
## **GRANT MAKING POLICY**
The Trustees consider applications and approve grants, usually annually. Although some grants may be made to the same charities each year none are promised or guaranteed.
The Trustees have considered the Charity Commission’s guidance on public benefit including the guidance “public benefit: running a charity” when formulating the grant making policy. In particular, the Trustees consider how grants can be made to ensure maximum benefit flows through to the intended ultimate beneficiaries.
## **ACHIEVEMENTS AND PERFORMANCE**
During the year, the Trustees made donations totalling £32,000 (2021 – £40,000), to other charitable organisations as detailed in notes 5 and 6.
The Trustees look forward to being able to continue their charitable work in the coming years in accordance with the grant making policy.
Page 2
**THE JK FOUNDATION**
**TRUSTEES ANNUAL REPORT FOR YEAR ENDED 5 APRIL 2022 (CONT’D)**
## **FINANCIAL REVIEW AND INVESTMENT POLICY**
The Charity’s principal source of income is from its investments, which amounted to £31,134 (2021 - £29,543). During the year the Trustees spent £38,126 (2021 - £45,758) on charitable activities and support and governance costs of the Charity.
The Trustees have an agreed investment policy for the Charity’s investment portfolio. The investment manager has been advised the portfolio is to be invested at a below average level of risk with a balance of income and capital growth, with a bias towards income. The Trustees continue to monitor the performance of the portfolio with regular investment reports and meetings.
To meet these objectives, the Charity’s investments are managed across a range of asset classes, maintaining diversification, to produce an appropriate balance between risk and return.
## **FUTURE PLANS**
The Trustees do not envisage any material changes to the operation of the Charity.
## **RESERVES POLICY**
The capital is an expendable endowment and at this time the Trustees do not consider a specific Reserve Policy necessary. At the Balance Sheet date the reserves of the charity, including the expendable endowment, amounted to £1,450,309.
## **RISK MANAGEMENT**
The Trustees have reviewed the major risks to which the Charity is exposed and are satisfied that systems are in place to mitigate those risks. The principal risk faced by the Charity is an investment risk. This risk could be the reduction in the capital value of the investments and the income derived from the investments, required by the Trustees in meeting their charitable objectives. This risk has been addressed by the appointment of professional advisors to monitor investment performance and to decide on acquisitions and disposals.
## **KEY MANAGEMENT PERSONNEL**
The Trustees are considered to be the Key Management Personnel of the charity. The Trustees are not remunerated for their services and there are no paid staff employed. RFT Management Services Limited provides the Trustees with charity administration and financial reporting services.
Page 3
THE JK FOUNDATION
TRUSTEES ANNUAL REPORT FOR YEAR ENDED 5 APRIL 2022 ICONfD)
STATEMETr OF TRUSTEES, RESPONSIBILITtES FOR THE FINANCIAL STATEMENTS
The Trustees are responsible for prepaLin8 the TThstee5' Report and the stAtements in
ac¢oTdance with applicable law and United Kingdom Accounting Standards (United Kingdorn
Generally ACpted Accounting PTaciice).
The law applicable to charitie5 in England and Wales requitt% the Trustees to prepare anaal
Statements Eor each financial year which give a true and fair view of the state of affairs of the (harity
and of the incoming resources and applicalion of resources for that period.
In PpaTing those financAal statements the Trustees are required to..
Select suitable accounting policie5 and then apply them consi5tenily;
Observe the methods and principles in the Charities SORP,.
Make Judgments and estimates that are reasonable and prudent;
Prepare the financial statements on a going concern basis unless it is inappropriate to presume
that the charity will Continue in busiThes&
The Trustees are responsible for keepin8 proper accounting records that disclose with reasonable
acoacY at any lime the financia] position of the tharity and to enable thern lo ensure the fmanoal
stalements comply with the Charities Ad 2011, the Charities SORP and the provtsions of the trnst
deeds. They are also responsible for safeguardins the assets of the Charity and hence fvr takins
reasonable steps for the prevention and detection of fraud and other irre8ularities.
Approved by the Trustees and signed on their behalf by:
JKKING
Trustee
Date Is 2cy3
Pase 4
THE JK FOUNDATION
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTELS OF THE J K FOUNDATION FOR
THE YEAR ENDED 5 APRIL 2022
I report to the trustees on my examination of the accounts of the J K Foundation for the year ended 5
April 2022.
Responsibilities and basis of zeport
As the charity twstees of the Foundation you are responsible for the preparation of the accounts in
accordance with the requirements of Ehe Charities Act 2011 {'the AcYI-
I report An respect of my examination of the Foundation's accounts carrÈed out under section 145 of the
2011 Act and in carryins out my examination I have followed all the applicable Directions given by the
Charity Commission under section 145151(bl of the Act.
Independent examinerfs Statement
I have completed my examination. I confirni that no material rnatters have con to my attention in
connettion with the examination giving me cause to believe that in any material respectr.
accountins records were not kept in respecl of the Foundation as required by section 130 of the
Act,. OT
2. the accounts do not accord with thu¥e records,. or
3. the account5 do not comply with the app]icable requirements conceTning the forni and content
of hccounts set out in the Charities {Accounts and Reports) Regulations 2008 other than any
iequirement that the accounts give a 'tme and fatr view which is not a matter considered as
part of an independent examinalion.
I have no concerns and have Come across no other matters in connection with the examination to whith
attentson should be drawn in this report in order to enable a proper understandJng of the accounts to
be reached.
J.A LL
Neil Finlayson
Moore Kingston smith LLP, Chartered Accountants
6 Appold Street
London EC2A 2AP
Date.. 17 November 2022
I)ase 5
**THE JK FOUNDATION**
## **STATEMENT OF FINANCIAL ACTIVITES FOR THE YEAR ENDED 5 APRIL 2022**
|NOTE
**INCOME**
Investment Income
3
**TOTAL INCOME**
**EXPENDITURE**
Cost of Generating Funds
4
Charitable activities
5
**TOTAL EXPENDITURE**
**NET EXPENDITURE**
Gains/(Losses) on investment assets
Realised Gains/(losses)
8
Unrealised Gains
8
**NET MOVEMENT BEFORE TRANSFER**
**NET MOVEMENT IN FUNDS**
**RECONCILIATION OF FUNDS**
Total funds brought forward
**TOTAL FUNDS CARRIED FORWARD**|Unrestricted Funds
Expendable
Endowment
£
Income
£
Total
2022
£
-
31,134
31,134|Total
2021
£
29,543|
|---|---|---|
||-
31,134
31,134|29,543|
||7,242
-
7,242
6,016
32,110
38,126|7,510
45,758|
||13,258
32,110
45,368|53,268|
||(13,258)
(976)
(14,234)
1,477
-
1,477
38,437
-
38,437|
(23,725)
(698)
274,294|
||26,656
(976)
25,680|249,871|
||26,656
(976)
25,680
1,422,213
2,416
1,424,629|249,871
1,174,758|
||**1,448,869**
**1,440**
**1,450,309**|**1,424,629**|
**CONTINUING OPERATIONS:** all of the charity’s activities relate to continuing operations.
**TOTAL RECOGNISED GAINS AND LOSSES:** the charity has no recognised gains and losses other than those shown in the Statement of Financial Activities.
Page 6
THE JK FOUNDATION
BALANCE SHEET AS AT 5 APiUL 2022
NOTE
2022
2021
FIXED ASSETS
Investments
1,346,556
1,418,641
CURRENT ASSErs
Cash at Barth
io
108,468
108,468
10,778
10,778
CURRENT LIABILITIES
Creditors: amount falling due within one year
{4,715)
(4.790)
NET CUIUiENT ASSETS
103,753
5,988
TOTAL ASSETS LESS LIABILfTIES
1,450,309
1,424629
Representin8:
UNRESTRICTED FUNDS
Expendable Endowment
Income
1,448,869
1,440
1,450,309
1,421213
2,416
1,424629
Approved by the Trustees and sisned on their behalf by:
JKKING
Trustee
Date I S aol
Page 7
**THE JK FOUNDATION**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2022**
## **1. ACCOUNTING POLICIES**
## **(a) Basis of Preparation**
The financial statements have been prepared in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102). The Charity is a public benefit entity for the purposes of FRS 102 and a registered charity and therefore has also prepared its financial statements in accordance with the 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 (The FRS 102 Charities SORP), and Charities Act 2011. The financial statements are prepared in sterling, which is the functional currency of the Charity and rounded to the nearest pound.
## **(b) Going Concern**
The Trustees consider that there are no material uncertainties about the Charity’s ability to continue as a going concern. The most significant areas of uncertainty that affect the carrying value of assets held by the Charity are the level of investment return and the performance of investment markets (see the investment policy and performance and risk management sections of the Trustees’ annual report for more information).
## **(c) Fund Structure**
Unrestricted Funds comprise those funds which the Trustees are free to use in accordance with the charitable objects.
The Expendable Endowment Fund represents those assets/capital which are held for the longer term for the Charity, in accordance with the terms of the Trust Deed. The Expendable Endowment Fund can be used in accordance with the objects of the Charity and is included in the Unrestricted Funds. Any capital gains or losses arising on the investments held in the Expendable Endowment Fund form part of that fund. To the extent that grants paid exceed the amount available from income funds, transfers are made from the Expendable Endowment. Income arising on the Expendable Endowment Fund can be used in the Unrestricted Income Fund.
## **(d) Income**
All income is recognised in the Statement of Financial Activities (SOFA) when the conditions for receipt have been met and there is reasonable assurance of receipt. Where a claim for repayment of income tax has or will be made such income is grossed up for the tax recoverable. The following accounting policies are applied to different categories of income:
Page 8
**THE JK FOUNDATION**
**NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2022 (CONT’D)**
## **1. ACCOUNTING POLICIES (CONT’D)**
## **(e) Expenditure**
Liabilities are recognised as soon as there is a legal or constructive obligation committing the charity to the expenditure. All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. The following accounting policies are applied to the different categories of expenditure:
## _**Costs of generating funds**_
The costs of generating funds consist of investment management fees and related costs.
## _**Charitable Activities**_
Costs of charitable activities includes grants made and support and governance costs. Donations payable are recognised when they are approved by the trustees and the recipient of the grant has been informed of the amount paid.
## _**Support & Governance Costs**_
Support and Governance costs comprise all costs involving the public accountability of the charity and its compliance with regulation and good practice. These costs include costs related to the independent examiner’s fees, professional fees, and support costs.
## **(f) Fixed Asset Investments**
Investments are stated at market value at the balance sheet date. The SOFA includes the net gains and losses on revaluation and disposals throughout the year.
## **(g) Realised and Unrealised Gains and Losses**
All gains and losses are taken to the SOFA as they arise. Realised gains and losses on investments are calculated as the difference between sales proceeds and opening market value (purchase date if later). Unrealised gains and losses are calculated as the difference between the market value at the year end and opening market value (or purchase date if later).
## **(h) Critical accounting estimates and areas of judgement**
In preparing financial statements, it is necessary to make certain adjustments, estimates and assumptions that affect the amounts recognised in the financial statements. In the view of the Trustees in applying the accounting policies adopted, no judgements were required that have a significant effect on the amounts recognised in the financial statements nor do any estimates or assumptions made carry a significant risk of material adjustment in the next financial year.
## **(i) Cash and cash equivalents**
Cash and cash equivalents include cash at bank and in hand and short term deposits with a maturity date of three months or less.
Page 9
**THE JK FOUNDATION**
**NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2022 (CONT’D)**
## **1. ACCOUNTING POLICIES (CONT’D)**
## **(j) Financial Instruments**
The Charity has elected to apply the provisions of Section 11 Basic Financial Instruments of FRS 102 to all of its financial instruments. Financial instruments are recognised in the Charity’s balance sheet when the charity becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
## **2. INFORMATION REGARDING TRUSTEES AND EMPLOYEES**
In the financial year ended 5 April 2022, none of the Trustees received any remuneration or had expenses reimbursed by the Charity (2021 – £Nil). The Charity has no employees.
There were no related party transactions in the year (2021: None).
The trustees are considered to comprise the Charity’s key management.
## **3. INVESTMENT INCOME**
|Income from Investments
Interest on cash deposits
**COST OF GENERATING FUNDS**
Investment Management Fees (after fee adjustment/rebates)
Custody & Administration Fees|2022
£
2021
£
31,076
29,536
58
7|
|---|---|
||**31,134**
**29,543**|
||2022
£
2021
£
3,189
4,251
4,053
3,259|
||**7,242**
**7,510**|
## **4. COST OF GENERATING FUNDS**
Page 10
**THE JK FOUNDATION**
**NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2022 (CONT’D)**
## **5. CHARITABLE ACTIVITIES**
|Thrive North Ox
Emma Maltby Memorial Fund
Sandpiper Trust
Siobhan’s Trust
Trussell Trust
Homeless Oxfordshire
Home-Start Banbury and Chipping Norton
Our Bus Bartons Ltd
Tofauti Foundation
Bridwell Organic Gardens
(The) Greenwich Foundation for the Old Royal Naval College
Soi Dog UK
Steyning Festival Ltd
Tibet Relief Fund
Support and governance costs (see note 7)|2022
£
5,000
4,000
4,000
3,000
3,000
2,000
2,000
2,000
2,000
1,000
1,000
1,000
1,000
1,000|
|---|---|
||32,000
6,126|
||**38,126**|
## **6. ANALYSIS OF DONATIONS MADE**
|The advancement of health or the saving of lives
The advancement of education
The prevention or relief of poverty
The
advancement
of
citizenship
or
community
development
The advancement of the arts, culture, heritage or science
The advancement of amateur Sports
The relief of those in need by reason of youth, age, ill-
health, disability, financial hardship or other
disadvantage
The advancement of human rights, conflict resolution
or the promotion of religious or racial harmony or
equality and diversity
The advancement of animal welfare|2022
No.
2021
No.
2022
£
2
5
5,000
1
3
4,000
3
4
8,000
1
-
2,000
2
-
2,000
-
1
-
2
2
7,000
1
2
1,000
2
2
3,000|2021
£
7,000
7,000
7,000
-
-
1,000
4,000
2,000
12,000|
|---|---|---|
||14
19
32,000|40,000|
Page 11
**THE JK FOUNDATION**
**NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2022 (CONT’D)**
## **7. SUPPORT AND GOVERNANCE COSTS**
|Independent Examiner’s Fee
-
current year
-
prior year under accrual
Legal and Professional Fees
Bank Charges
To Charitable activities|Unrestricted
Expendable
Endowment
£
Unrestricted
Income
£
2022
Total
£
2,000
-
2,000
628
-
628
3,388
-
3,388
-
110
110
(6,016)
(110)
(6,126)|2021
Total
£
2,000
544
3,145
69
(5,758)|
|---|---|---|
||**-**
**-**
**-**|**-**|
## **8. FIXED ASSET INVESTMENTS**
## **Movement in fixed asset investments**
|Balance brought forward
Add: Acquisitions at cost
Less Disposal Proceeds
Realised (Losses)/Gains on
disposals
Unrealised (Losses)/Gains
**Market Value at 5 April**
_Historical Cost at 5 April_
**Geographical Analysis**
United Kingdom
investments
Overseas investments|Unquoted
Quoted
Total
Total
2022
£
2021
£
2022
£
2021
£
2022
£
2021
£
1,864
14,025
1,416,777
1,070,537
1,418,641
1,084,562
-
-
77,024
85,500
77,024
85,500
(214)
(9,748)
(188,809)
(15,269)
(189,023)
(25,017)
(70)
(1,706)
1,547
1,008
1,477
(698)
(1,530)
(707)
39,967
275,001
38,437
274,294|Unquoted
Quoted
Total
Total
2022
£
2021
£
2022
£
2021
£
2022
£
2021
£
1,864
14,025
1,416,777
1,070,537
1,418,641
1,084,562
-
-
77,024
85,500
77,024
85,500
(214)
(9,748)
(188,809)
(15,269)
(189,023)
(25,017)
(70)
(1,706)
1,547
1,008
1,477
(698)
(1,530)
(707)
39,967
275,001
38,437
274,294|
|---|---|---|
||**50**
**1,864**
**1,346,506**
**1,416,777**
**1,346,556**|**1,418,641**|
||_2,891_
_3,418_
_1,063,772_
_1,166,677_
_1,066,663_
2022
Unquoted
2021
Unquoted
2022
Quoted
2021
Quoted
2022
Total
13
13
1,345,452
1,361,981
1,345,465
37
1,851
1,054
54,796
1,091|_1,170,095_
2021
Total
1,361,994
56,647|
||**50**
**1,864**
**1,346,506**
**1,416,777**
**1,346,556**|**1,418,641**|
The following investments comprise in excess of 5% of the value of the portfolio
|**Name**|**Holding**|**Value**|
|---|---|---|
|||**(£)**|
|Stonehage Fleming Global Equities Fund II
|157,624|420,777|
|FF & P UK Equity Income|69,045|119,655|
|T Bailey Fund Services Ltd Evenlodge Global Income F GBP|82,180|115,819|
|Pimco Global Advisors IRL Ltd GIS Income Hedged|11,265|109,949|
|Bluebay Funds Management Company SA GBL|845|88,318|
|J P Morgan Asset Management (Europe)|87,242|87,242|
|Artemis Fund Managers Global Units|76,180|86,220|
Page 12
**THE JK FOUNDATION**
**NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2022 (CONT’D)**
## **9. CREDITORS FALLING DUE WITHIN ONE YEAR**
|Accruals
Accruals
**ANALYSIS OF CHARITABLE FUNDS**
Investments
Cash at bank
Creditors
Investments
Cash at bank
Creditors|
|Unrestricted
Expendable
Endowment
£
Unrestricted
Income
£
4,715
-|2022
Total
£
4,715
**4,715**
2021
Total
£
4,790|
|---|---|---|---|
|||**4,715**
**-**||
|||Unrestricted
Expendable
Endowment
£
Unrestricted
Income
£
4,790
-||
|||**4,790**
**-**|**4,790**|
|||Unrestricted
Expendable
Endowment
£
Unrestricted
Income
£
1,346,556
-
107,028
1,440
(4,715)
-|2022
Total
£
1,346,556
108,468
(4,715)|
|||**1,448,869**
**1,440**|**1,450,309**|
|||Unrestricted
Expendable
Endowment
£
Unrestricted
Income
£
1,418,641
-
8,362
2,416
(4,790)
-|2021
Total
£
1,418,641
10,778
(4,790)|
|||**1,422,213**
**2,416**|**1,424,629**|
## **10. ANALYSIS OF CHARITABLE FUNDS**
Page 13