**Charity Number: 1096211**
## **The Roger and Jean Jefcoate Trust**
**Trustees’ Annual Report and Financial Statements for the year ended 31 October 2021**
The Roger and Jean Jefcoate Trust
Charity No: 1096211
## **Trustees**
Vivien Dinning – chairman Roger Jefcoate CBE DL – founder Rosemary McCloskey MBE Carol Wemyss Richard Wemyss – treasurer Kathryn Hobbs - appointed 6 January 2021
## **Auditors**
Collett Hulance 40 Kimbolton Road Bedford MK40 2NR
**Legal Adviser** hcr - hewitsons 3 Dorset Rise London EC4Y 8EN
**Bank** Barclays Bank Leicester LE87 2BB
**Investment Manager** M&G Charifund PO Box 9038 Chelmsford CM99 2XF
**Registered Address** 2 Copse Gate Winslow Buckingham MK18 3HX
1
The Roger and Jean Jefcoate Trust
## Charity No: 1096211
## **Trustees’ report**
The trustees present herewith their annual report, together with the financial statements of the charity for the year ended 31 October 2021. The financial statements comply with the Charities Act 2011, the trust deed 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).
## **Legal and administrative information**
The charity is a registered charity (charity registration number 1096211).
## **Structure, governance and management**
In 1983 Roger and Jean Jefcoate founded the trust as the Disability Aid Fund to provide independent living technology for severely disabled individuals nationwide. In 2002 with a new trust deed we became a grant making trust and in 2005 we changed our registered name to The Roger and Jean Jefcoate Trust. In 2020 we updated our trust deed to allow a minimum of three and a maximum of seven trustees who serve for five years. New trustees are appointed by the board.
The trustees meet formally twice annually and in between as necessary to decide strategy, grant making, investment and risk management. Grants are approved by the trustees at meetings generally held twice a year. Induction of new trustees includes meeting existing trustees, charity visits and information on governance, investments, grant making, recent minutes, annual reports, our trust deed and Charity Commission guidance literature.
## **Risk management**
The trustees have assessed the major risks to which the charity is exposed and have established procedures to manage them.
## **Objectives and activities**
We support a few carefully selected local, regional and small national disability and healthcare charities for older people in Buckinghamshire and Milton Keynes and adjacent counties, sometimes more widely if a trustee knows the charity. We look for strong support from charity service users and volunteers, and only modest expenditure on fundraising and administration; also designated and well invested reserves to keep going in difficult times.
We like charities which promote health and wellbeing through information, advice and practical help, especially for people with hidden disabilities like dementia, deafness and poor mental health who therefore lack the compassion factor, also charities for carers. Typical grants are between £3,000 and £10,000, occasionally more, and are often for running costs, the greatest need of every charity.
## **Achievements**
During 2021 we supported 27 organisations (27 in 2020) with grants from £1,000 to £20,000.
## **Public benefit**
In setting the objectives and carrying out its activities the trustees confirm they have given due consideration to the Charity Commission’s guidance on public benefit.
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The Roger and Jean Jefcoate Trust
Charity No: 1096211
## **Trustees’ report (continued)**
## **Financial review**
We rely mainly on investment income, for the year this was £191,822 (£248,477 in 2020). At 31 October 2021 the trust had unrestricted reserves of £5,658,042 (2020: £3,644,567).
Roger and Jean Jefcoate very generously gifted 90 acres of agricultural land which was registered in the name of the trust during the year. It is the intention of the trust to sell the land in the next twelve months, so it is reflected as a current asset. The trustees have valued the land at £800,000 being the sale price of an accepted offer that was not completed and subsequently withdrawn by the trust.
## **Investment policy and returns**
The trustees have wide investment powers, and money not immediately required is currently invested in M&G Charifund accumulation units, which performed in line with expectations in a volatile market.
## **Reserves policy**
Our objective is to distribute income to suitable beneficiaries; however, the level of income depends on investment returns, and the level of distribution depends upon the number of applications meeting our remit as outlined in our ‘Objectives and activities’.
## **Trustees’ responsibilities**
The trustees are responsible for preparing the trustees’ annual report and the financial statements in accordance with applicable law and United Kingdom accounting standards (United Kingdom Generally Accepted Accounting Practice).
The trustees are required to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, of the charity for that period. In preparing those financial statements giving a true and fair view, the trustees are required to:
- select suitable accounting policies and then apply them consistently;
- observe the methods and principles in the Charities SORP (FRS102);
- make judgements and estimates that are reasonable and prudent;
- state whether applicable UK Accounting Standards have been followed, subject to any departures disclosures and explained in the financial statements; and
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.
3
The Roger and Jean Jefcoate Trust
Charity No: 1096211
## **Trustees’ report (continued)**
The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and which enable them to ensure that the financial statements comply with the Charities Act 2011, the applicable Charities (Accounts and Reports) regulations, and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Approved by the board of trustees on
and signed on its behalf by:
Mrs Vivien Dinning - Chairman
4
The Roger and Jean Jefcoate Trust
Charity No: 1096211
## **Independent auditor’s report to the trustees of The Roger and Jean Jefcoate Trust**
## **Opinion**
We have audited the financial statements of The Roger and Jean Jefcoate Trust (the 'charity') for the year ended 31 October 2021 which comprise the statement of financial activities, the balance sheet, the statement of cash flows and the related notes. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
- give a true and fair view of the state of the charity's affairs as at 31 October 2021 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended;
- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice;
- have been prepared in accordance with the requirements of the Charities Act 2011.
## **Basis for opinion**
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
## **Conclusions relating to going concern**
In auditing the financial statements, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity’s ability to continue as a going concern for a period of at least 12 months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.
## **Other information**
The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
5
The Roger and Jean Jefcoate Trust
Charity No: 1096211
## **Independent auditor’s report to the trustees of The Roger and Jean Jefcoate Trust (continued)**
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
## **Matters on which we are required to report by exception**
We have nothing to report in respect of the following matters where the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion:
- the information given in the financial statements is inconsistent in any material respect with the trustees’ report;
- sufficient accounting records have not been kept;
- the financial statements are not in agreement with the accounting records and returns; or
- we have not received all the information and explanations we require for our audit.
## **Responsibilities of trustees**
As explained more fully in the trustees' responsibilities statement, the trustees are responsible for the preparation of the financial statements which give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the trustees are responsible for assessing the charity's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.
## **Auditor's responsibilities for the audit of the financial statements**
We have been appointed as auditor under the Charities Act 2011, s. 144 and report in accordance with regulations made under the Act and relevant regulations made or having effect thereunder.
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
6
The Roger and Jean Jefcoate Trust
Charity No: 1096211
## **Independent auditor’s report to the trustees of The Roger and Jean Jefcoate Trust (continued)**
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
We obtained an understanding of the legal and regulatory framework applicable to the charity and how the charity is complying with that framework. We considered the susceptibility of the financial statements to material misstatement, including how fraud might occur and we obtained an understanding of the charity’s current activities, the scope of its authorisation and the effectiveness of its control environment. These procedures are considered to be sufficient to identify material misstatements in respect of irregularities, including fraud, but cannot be relied upon to detect every potential misstatement.
As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also:
- Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
- Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the internal control.
- Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the trustees.
- Conclude on the appropriateness of the trustees' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the charity's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the charity to cease to continue as a going concern.
- Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.
We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
## **Other matters**
The comparative figures are unaudited.
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The Roger and Jean Jefcoate Trust
Charity No: 1096211
## **Independent auditor’s report to the trustees of The Roger and Jean Jefcoate Trust (continued)**
## **Use of our report**
This report is made solely to the charity’s trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity's members as a body, for our audit work, for this report, or for the opinions we have formed.
Andrew Robert Upton (Statutory Auditor) Date Collett Hulance Accountants Limited 40 Kimbolton Road Bedford MK40 2NR
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The Roger and Jean Jefcoate Trust
Charity No: 1096211
## **Statement of financial activities**
## **for the year ended 31 October 2021**
|_Notes_
**Income**
_Donations and legacies:_
- Gift of agricultural land
7
_Investment income:_
- Unit trust distributions
3
_Other income:_
- Wayleave
**Total income**
**Expenditure**
_Charitable activities:_
Grants and donations
4
Support and governance costs
5
**Total expenditure**
**Net gain/(loss) on investments**
6
**Net income/(loss) and net movement in**
**funds**
**Reconciliation of funds**
Funds at 1 November 2020
Funds at 31 October 2021|_2021_
_£_
Unrestricted
800,000
191,822
107
991,929
176,000
9,914
185,914
1,207,460
2,013,475
3,644,567
5,658,042|_2020_
_(unaudited)_
_£_
Unrestricted
-
248,477
-|
|---|---|---|
|||248,477|
|||189,000
2,460|
|||191,460
(1,308,388)|
|||(1,251,371)
4,895,938|
|||3,644,567|
The notes on pages 12 to 16 form part of these financial statements.
The statement of financial activities includes all gains and losses recognised in the year.
All income and expenditure derives from continuing activities.
9
The Roger and Jean Jefcoate Trust
Charity No: 1096211
## **Balance sheet**
## **as at 31 October 2021**
|||_2021_|_2020_|
|---|---|---|---|
||||_(unaudited)_|
||_Notes_|_£_|_£_|
|**Fixed assets**||||
|Investments|6|4,849,892|3,635,610|
|**Current assets**||||
|Cash at bank and in hand||11,150|10,157|
|Agricultural land held for resale|7|800,000|-|
|Total current assets||811,150|10,157|
|**Liabilities**||||
|Creditors falling due within one year|8|(3,000)|(1,200)|
|**Net current assets**||808,150|8,957|
|**Net assets**||5,658,042|3,644,567|
|**The funds of the charity**||||
|Unrestricted income funds||5,658,042|3,644,567|
|The notes on pages 12 to 16 form part of these financial||statements.||
|Approved by the committee of trustees on||and signed on its behalf||
Mrs Vivien Dinning – Chairman
10
The Roger and Jean Jefcoate Trust
Charity No: 1096211
## **Statement of cash flows**
## **for the year ended 31 October 2021**
|_Notes_
_Net movement in funds_
Adjustments for:
(Gain)/loss on investments
Non-cash transaction - gift of
agricultural land
7
_Operating cash flows before movements_
_in working capital_
Increase/(decrease) in creditors
**Net cash generated from operating**
**activities**
_Cash flows from investing activities_
Reinvestment of unit trust distributions
Sales of investments
**Cash used in investing activities**
**Change in cash and cash equivalents**
**in the year**
Cash and cash equivalents brought
forward
**Cash and cash equivalents carried**
**forward**|_2021_
_£_
2,013,475
(1,207,460)
(800,000)
6,015
1,800
7,815
(191,822)
185,000
(6,822)
993
10,157
11,150|_2020_
_(unaudited)_
_£_
(1,251,371)
1,308,389
-|
|---|---|---|
|||57,018
(120)|
|||56,898|
|||(248,477)
194,000|
|||(54,477)|
|||2,421
7,736|
|||10,157|
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The Roger and Jean Jefcoate Trust
Charity No: 1096211
## **Notes to the financial statements**
## **for the year ended 31 October 2021**
## **1. Accounting policies**
## **Basis of preparation of accounts**
The financial statements have been prepared in accordance with 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 Roger and Jean Jefcoate Trust 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 note(s).
## **Income recognition**
All income is recognised once the charity has entitlement to the income, it is certain that the resources will be received and the monetary value of incoming resources can be measured with sufficient reliability.
## **Expenditure recognition**
Liabilities are recognised as resources expended 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. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of the resources.
Grants payable are payments made to third parties in the furtherance of the charitable objectives of the trust. Single or multi-year grants are accounted for when either the recipient has a reasonable expectation that they will receive a grant and the trustees have agreed to pay the grant without condition, or the recipient has a reasonable expectation that they will receive a grant and any condition attaching to the grant is outside of the control of the trust.
## **Irrecoverable VAT**
Irrecoverable VAT is charged against the category of resources expended for which it was incurred.
## **Financial instruments**
The trust only has financial assets and 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.
## **Agricultural land**
Agricultural land held for resale has been gifted to the trust for no consideration. In accordance with the cost model, the land is recognised at market value at the date of the gift.
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The Roger and Jean Jefcoate Trust
Charity No: 1096211
## **Notes to the financial statements (continued)**
## **for the year ended 31 October 2021**
## **Creditors**
Creditors are recognised only when the trust has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors are recognised at their settlement amount after allowing for any trade discounts due.
## **Support and governance costs**
Support costs have been allocated between governance costs and other support costs. 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 audit and legal fees.
## **Fixed asset investments**
Investments are stated at market value as at the balance sheet date. The statement of financial activities includes the net gains and losses arising on revaluation and disposals throughout the year
## **Realised gains and losses**
All gains and losses are taken to the statement of financial activities as they arise. Realised gains and losses on investments are calculated as the difference between the 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).
Realised and unrealised gains are not separated in the Statement of Financial Activities.
## **Contingent liabilities and provisions**
In accordance with the SORP, a contingent liability is disclosed for those grants, which do not represent liabilities, where the possible obligation, which arises from past events, will only be confirmed by the occurrence of one or more uncertain future events not wholly within the trustees’ control.
## **2. Related party transactions and trustees’ remuneration**
Trustees received no emoluments or reimbursement of expenses in the year (2020: £nil).
## **3. Investment income**
|Unit trust distributions|_2021_
_2020_
_£_
_£_
191,822
248,477|
|---|---|
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The Roger and Jean Jefcoate Trust
Charity No: 1096211
## **Notes to the financial statements (continued)**
## **for the year ended 31 October 2021**
## **4. Analysis of grants**
An analysis of grants awarded is as follows:
|_2021_
_£_
Grants to Institutions 27 (2020 - 27)
176,000
**Organisation**
**Nature of grant**
London Youth – renovation of Woodrow High
House
Renovation
Canine Partners, Midhurst
Covid-19 crisis
Dog Aid, Shrewsbury
Covid-19 crisis
Michael Sobell Hospice, Northwood
Covid-19 crisis
MK Snap, Milton Keynes
General needs
Respite Association, Okehampton
Covid-19 crisis
Action4Youth, Aylesbury
Covid-19 crisis
Share Community, London
Covid-19 crisis
Rainbow Living, Exeter
General needs
Bana, Chesterfield
General needs
Dean Forest Hospice, Coleford
Covid-19 crisis
Veterans Farm-Able Foundation
General needs
Action for ME, Bristol
Covid-19 crisis
Crossways Community, Tunbridge Wells
General needs
Different Strokes, Milton Keynes
General needs
Oxfordshire Association for the Blind
Covid-19 crisis
Strettons Mayfair Trust, Shropshire
General needs
Chiltern Open Air Museum, Chalfont
General needs
Fifth Trust, Sevenoaks
General needs
MCS Aware (environmental illness) Hitchin
Covid-19 crisis
Missenden Walled Garden
Covid-19 crisis
Carers UK, London
Covid-19 crisis
Oxfordshire Mind, Oxford
Covid-19 crisis
Retina UK, Buckingham
General needs
St Clare Hospice, Chelmsford
General needs
St Michael's Hospice, St Leonards
Covid-19 crisis
Sanctuary Supported Living, Winslow
General needs|_2021_
_£_
176,000|_2020_
_£_
189,000
_2021_
_£_
20,000
15,000
15,000
10,000
10,000
10,000
8,000
8,000
7,000
6,000
6,000
6,000
5,000
5,000
5,000
5,000
5,000
4,000
4,000
4,000
4,000
3,000
3,000
3,000
2,000
2,000
1,000|
|---|---|---|
|||176,000|
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The Roger and Jean Jefcoate Trust
Charity No: 1096211
## **Notes to the financial statements (continued)**
**for the year ended 31 October 2021**
|**5. Analysis of support and governance costs**
**_Support Costs_**
Gift of land - professional fees
Bank charges
**_Governance Costs_**
Independent examiner’s fee
Auditor’s remuneration
Legal
**6. Fixed asset investments**
Market value as at 1 November 2020
Reinvestment of interest and dividends
Sales of investments
Net gain on revaluation
Market value as at 31 October 2021
Historical cost as at 31 October 2021
Investments comprise investments in unit trusts.||_2021_
_£_
6,523
31
6,554
-
3,000
360
9,914
_2021_
_£_
3,635,610
191,822
(185,000)
1,207,460
4,849,892
2,849,091|_2020_
_£_
-
60|
|---|---|---|---|
||||60
1,200
-
1,200|
||||2,460|
|||||
|||||
|||||
|||||
15
The Roger and Jean Jefcoate Trust
Charity No: 1096211
## **Notes to the financial statements (continued)**
**for the year ended 31 October 2021**
## **7. Agricultural land**
|Agricultural land held for resale|_2021_
_2020_
_£_
_£_
800,000
-|
|---|---|
Roger and Jean Jefcoate gifted 90 acres of agricultural land which was registered in the name of the trust during the year. It is the intention of the trust to sell the land in the next twelve months. The trustees valued the gift at £800,000 being the sale price of an accepted offer in January 2021 that did not proceed to completion.
## **8. Creditors falling due within one year**
|Accruals|_2021_
_2020_
_£_
_£_
3,000
1,200|
|---|---|
16