**Charity Number: 1096211**
## **The Roger and Jean Jefcoate Trust**
**Trustees’ Annual Report and Financial Statements for the year ended 30 September 2025**
The Roger and Jean Jefcoate Trust
Charity No: 1096211
## **Trustees**
Vivien Dinning – chairman Roger Jefcoate CBE DL – founder Carol Wemyss Richard Wemyss – treasurer Kathryn Hobbs Catharine Parouty
**Auditors**
Collett Hulance Accountants Limited 40 Kimbolton Road Bedford MK40 2NR
**Legal Adviser** Penningtons Manches Cooper LLP 125 Wood Street London EC2V & AW
**Bank** Barclays Bank Leicester LE87 2BB
**Investment Managers** M&G Charifund PO Box 9038 Chelmsford CM99 2XF
Rathbones 30 Gresham Street London EC2V 7QN
**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 ending 30 September 2025. In 2024 the year end was changed to align with the quarterly reporting of our investment managers. 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. In May 2025 the objects of the Charity were broadened to advance such charitable purposes as the Trustees see fit from time to time.
The trustees meet formally twice annually and in between as necessary to decide strategy, grant making, investment and risk management. 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 primarily 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 £5,000 and £10,000, occasionally more, and are often for running costs, the greatest need of every charity.
## **Achievements**
During 2025 we supported 20 organisations (33 in 2024) with grants from £1,100 to £50,000.
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The Roger and Jean Jefcoate Trust
Charity No: 1096211
## **Trustees’ report (continued**
## **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.
## **Financial review**
We rely mainly on investment income to fund the grants made. Investment income for the year was £350,866 (2024: £325,283).
In 2024 our founder Roger Jefcoate very generously gifted £30,000 and the trust claimed gift aid of £7,500 on this donation.
At 30 September 2025 the trust had unrestricted reserves of £7,270,605 (2024: £6,734,018).
## **Investment policy and returns**
The trustees have wide investment powers, and money not immediately required is predominately invested in M&G Charifund accumulation units, which performed in line with expectations.
## **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 disclosed 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: Al. i. AORE“G
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 30 September 2025 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 30 September 2025 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.
7
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) AndrewL (Statutory Auditor) Collett Hulance Accountants Limited 40 Kimbolton Road Bedford MK40 2NR
> Date FAW a | Ca | e216
8
The Roger and Jean Jefcoate Trust
Charity No: 1096211
## **Statement of financial activities**
## **for the year ended 30 September 2025**
|_Notes_
**Income**
_Donations and legacies:_
- Donation
- Gift aid
_Investment income:_
- Unit trust distributions
- Dividend and interest income
3
**Total income**
**Expenditure**
_Charitable activities:_
Grants and donations
4
Investment management costs
Support and governance costs
5
**Total expenditure**
**Net gain on investments**
6
**Net income and net movement in funds**
**Reconciliation of funds**
Funds at 1 October 2024
Funds at 30 September 2025|_2025_
_£_
Unrestricted
-
-
336,108
14,758
350,866|_2024_
_11 months_
_£_
Unrestricted
30,000
7,500
311,224
14,059|
|---|---|---|
|||362,783|
||283,100
43,542
6,868
333,510
519,231
536,587
6,734,018
7,270,605|266,500
35,507
4,417|
|||306,424
708,229|
|||764,588
5,969,430|
|||6,734,018|
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 30 September 2025**
|**Balance sheet**
**as at 30 September 2025**||||
|---|---|---|---|
|||_2025_|_2024_|
||_Notes_|_£_|_£_|
|**Fixed assets**||||
|Investments|6|7,246,807|6,702,682|
|**Current assets**||||
|Cash at bank and in hand||28,148|35,296|
|Total current assets||28,148|35,296|
|**Liabilities**||||
|Creditors falling due within one year|7|(4,350)|(3,960)|
|**Net current assets**||23,798|31,336|
|**Net assets**||7,270,605|6,734,018|
|**The funds of the charity**||||
|Unrestricted income funds||7,270,605|6,734,018|
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 2Zi.i.ROIAL
V- E rnnang Mrs Vivien Dinning – Chairman
10
The Roger and Jean Jefcoate Trust
Charity No: 1096211
## **Statement of cash flows**
|**for the year ended 30 September 2025**
_Net movement in funds_
Adjustments for:
(Gain) on investments
_Operating cash flows before_
_movements in working capital_
Increase in creditors
**Net cash generated from**
**operating activities**
_Cash flows from investing activities_
Reinvestment of unit trust
distributions and investment
income, net of fees
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**|_2025_
_£_
536,587
(519,231)
17,356
390
17,746
(306,894)
282,000
(24,894)
(7,148)
35,296
28,148|_2024_
_11 Months_
_£_
764,588
(708,229)|
|---|---|---|
|||56,359
660|
|||57,019|
|||(288,758)
150,000|
|||(138,758)|
|||(81,739)
117,035|
|||35,296|
11
The Roger and Jean Jefcoate Trust
Charity No: 1096211
## **Notes to the financial statements**
## **for the year ended 30 September 2025**
## **1. Accounting policies**
## **General information**
The Roger and Jean Jefcoate Trust is an unincorporated charity, constituted under a trust deed dated 27 October 2002 as amended on 22 October 2020. The financial statements have been prepared in pounds. All numbers are rounded to the nearest pound. The registered address is 2 Copse Gate, Winslow, Buckingham MK18 3HX.
The Roger and Jean Jefcoate Trust meets the definition of a public benefit entity under FRS 102.
## **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) and the Charities Act 1993.
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.
12
The Roger and Jean Jefcoate Trust
Charity No: 1096211
## **Notes to the financial statements (continued)**
## **for the year ended 30 September 2025**
## **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.
## **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.
## **Going concern**
There are no material uncertainties in respect of going concern due to reliable investment income underpinned by substantial long term financial assets.
13
The Roger and Jean Jefcoate Trust
Charity No: 1096211
## **Notes to the financial statements (continued)**
**for the year ended 30 September 2025**
## **2. Related party transactions and trustees’ remuneration**
Trustees received no emoluments or reimbursement of expenses in the year (2024: £nil).
## **3. Investment income**
|Unit trust distributions
Dividend and interest income||_2025_
_£_
336,108
14,758
350,866|_2024_
_£_
311,224
14,059
325,283|
|---|---|---|---|
14
The Roger and Jean Jefcoate Trust
Charity No: 1096211
## **Notes to the financial statements (continued)**
## **for the year ended 30 September 2025**
## **4. Analysis of grants**
|An analysis of grants awarded is as follows:
Grants to Institutions 20 (2024: 33)
**Organisation**
Bedford MS Therapy Centre
Crohn's & Colitis UK, Hatfield
Curly Tails, Milton Keynes
Dan Maskell Tennis Trust, Tadworth
Enrych Oxfordshire, Winslow
Helen Arkell Dyslexia Charity, Farnham
Horatio's Garden
London Youth, Woodrow High House, Amersham
Michael Sobell Hospice, Northwood
MK Act (domestic abuse), Milton Keynes
My Vision Oxfordshire, Oxford
National Paralympic Heritage Trust, Aylesbury
Oakfield Community, Wellingborough
Restore Hope, Amersham
Rowcroft Hospice, Torquay
South West MS Therapy Centre, Exeter
Stoke Mandeville Spinal Research
Support Dogs, Sheffield
Top Class Computers- Dyslexia support BU
Wheelpower (British wheelchair sports fdn) Aylesbury|_2025_
_2024_
_£_
_£_
283,100
266,500
**2025**
£
10,000
5,000
8,000
6,000
5,000
15,000
20,000
30,000
30,000
8,000
8,000
5,000
10,000
25,000
5,000
25,000
7,000
50,000
1,100
10,000
283,100|
|---|---|
15
The Roger and Jean Jefcoate Trust
Charity No: 1096211
## **Notes to the financial statements (continued)**
**for the year ended 30 September 2025**
## **5. Analysis of support and governance costs**
|**_Governance Costs_**
Auditor’s remuneration
Tax Compliance
Legal and meeting costs
**6. Fixed asset investments**
Market value as at 1 October 2024
Reinvestment of interest and dividends
Sales of investments
Fees charged
Net gain on revaluation
Market value as at 30 September 2025
Historical cost as at 30 September 2025||_2025_
_£_
3,960
780
2,128
6,868
_2025_
_£_
6,702,682
350,436
(282,000)
(43,542)
519,231|_2024_
_£_
3,600
720
97|
|---|---|---|---|
||||4,417|
|||||
|||7,246,807||
|||4,845,895||
Investments comprise investments in unit trusts and an investment portfolio managed by Rathbones.
## **7. Creditors falling due within one year**
|Accruals|_2025_
_2024_
_£_
_£_
4,350
3,960|
|---|---|
16