2021-12-31-accounts

THE JECDA FOUNDATION (A Company Limited By Guarantee)

Charity No. 1117914 Company No. 06035021

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED

31ST DECEMBER 2021

The Jecda Foundation Legal and Administrative Information

Registered Office

Eastry Court Church Street Eastry Kent CT13 0HL

Solicitors

Farrer & Co 66 Lincoln's Inn Fields London WC2A 3LH

Independent Examiner

James Cross For and on behalf of Moore Kingston Smith LLP 6th Floor 9 Appold Street London EC2A 2AP

Investment Advisers and Bankers

UBS AG 3 Finsbury Avenue London EC2M 2AN

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The Jecda Foundation Report of the Trustees

The Trustees present their report and financial statements for the year ended 31st December 2021.

Company Number 06035021 Charity Number 1117914

Governing Documents

The JECDA Foundation is constituted as a limited company without share capital. The charity was incorporated on the 21st of December 2006 and is governed by its Memorandum and Articles of Association, as amended on 30 April 2009.

Board of Trustees

The trustees (who are also the directors, under company law) who served throughout the year to 31st December 2021 and up to the date of signing this report are detailed below.

Lord Freud Lady Freud Mr A A Freud Ms E A Freud Ms J S Freud

Company Secretary

Lady Freud

Recruitment and Appointment of Board of Trustees

As dictated by the charity’s Articles of Association, the board of trustees is appointed by the members of the company. Any person desiring to be admitted to the membership of the company is required to apply in writing. No person shall be admitted until approved by resolution passed in accordance with the Articles of Association by the existing members, who hold absolute discretion as to the admission of any persons.

The information set out on page 1 forms part of this report.

Organisation

The strategic direction of the charity is the responsibility of the board of trustees. In accordance with the constitution the board meets at least once a year. The day-to-day running of the charity is carried out by the officers of the charitable company secretary, who are responsible to the board of trustees.

No trustee receives payment for their activities nor have they received reimbursement for their travel and other related expenses.

Risk

The trustees have examined the major strategic, business and operational risks that the charity faces. This involved identifying the specific risks, assessing their potential impact and likelihood of occurrence, determining what steps could be taken to mitigate those risks and delegating responsibility to executive staff for overseeing management of the associated controls.

As a grant giving charity, Jecda's main risks are reputational, based on whether the initiatives it supports are a success. At the same time it is dependent on the progress of financial markets to maintain its capital, despite a cautious investment strategy. While it is accepted that the charity’s risk management strategies cannot offer absolute assurance against all potential forms of loss or damage, the trustees are satisfied that the controls employed do mitigate exposure to the most significant risks faced by the charity and recognise the need to review the risk management strategy on an annual basis.

One impact of Covid has been to undermine face-to-face mentoring activity within Grandmentors, the charity’s main current initiative. However, the model was successfully adjusted to incorporate virtual meetings. As a result, the project has so far continued to expand. The main risk is now the poor financial position of many local authorities, who generally fund 50% of Grandmentors, as a result of Covid.

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The Jecda Foundation Report of the Trustees (Continued)

Objects

The mission of The JECDA Foundation is the relief of poverty, the advancement of education and health and the advancement of environmental protection or improvement and such other purposes for the benefit of the public as shall be exclusively charitable.

Aims & Objectives

The aims and objectives of The JECDA Foundation are to act in such a way as to pursue its charitable mission.

Public Benefit

We have referred to the guidance in the Charity Commission’s general guidance on Public Benefit including the guidance 'public benefit: running a charity (PB2),' when reviewing our aims and objectives and in planning our future activities. In particular, the Trustees consider how planned activities will contribute to the aims and objectives they have set.

Annual Review, Achievements and Performance

The main work of the Foundation during 2021 has been with Volunteering Matters delivering the Grandmentor project. The governance arrangements are in place and the local project boards have been meeting and reporting to the Executive Steering Group. The number of Grandmentor sites stands at eight with a number of initiatives set to expand this dependent on the success of fundraising.

Policies

Reserves: The Foundation has aimed to build up its reserves from the original £1.2m to facilitate meeting its objectives. Generally, the Foundation has resolved to donate up to the real income return on its funds each year and use new endowments to build up reserves. However, the Foundation retains full flexibility to build reserves or to run them down, depending on perceived requirements and charitable opportunities. At 31 December 2021 the charity had unrestricted funds of £2,332,853 (2020: £2,225,558).

Grant Making: The Jecda Foundation aims to select charitable activities to support from a wide range of possibilities. Each investment is the choice of one or more of the trustees, whose responsibility is to research the opportunity in detail. All grants require Board approval.

Investments: Investments are made with the view to capital maintenance in turbulent times.

Financial Review

Over the year the Foundation has to make charitable payments totalling £79,750 (2020: 52,500) to Volunteering Matters. It received gross donations during the year of £62,500, including gift aid, from its principal donor (2020: £nil). Overall, as a result of these moves and the gains in revaluation the investment portfolio the Foundation's reserves increased by 5% to £2,332,853.

Future Plans

The current focus is on supporting the expansion of Grandmentors to further sites across the country.

Statement of Trustees' Responsibilities

The trustees (who are also directors of The Jecda Foundation 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).

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The Jecda Foundation Report of the Trustees (Continued) ststeffl￿t olTrustsès' Re5p)n5ibilitles Icontinuedl Company law requires trustees to prepare fin8wial statements for each finanaal yearwhich give a bNe and fair view of the State of the affars of the ¢h8ritable ¢ompany and of its in¢ome expendittjre for that period. In prepaing these financial ststemenis, the trustees ae required to". select suitab5e ¥xounting PDlicies thon applythem consTrstenUy'. observe the rnethods and princi￿e$ In Ihe Charits"e5 SORP", make judgements and estimates thatare reasonable and prudent,. state whether applicable counb"ng standafcts. including FRS 102, have been followed, subj&t to y rnateria departures disdos8d and exsyained in the finanaal statements,. state whether a Staterneftt o Recommended Pra¢ti¢e ISORPI applies and has been followed, yjbject to any material depa￿reS￿ld) we explained in the fin￿tIal statements,. and ep8re the financial state￿￿nts on the going ¢orKem basis unless il is inappropnat$ to presume that the ¢haritsb5e company wll c￿ts"nue lit business. The trustses are respons1t￿e for keeping proper accounting records Ihat di￿Ose wlh re￿on8ble Gurw at any time the financal position of the ¢harit&)le company and enable Ihem to ensure Ihatthe financia statements comply with the Companies A¢t 2006. They are also respowit>le for safeguarding the assets of Ihe charitable company and h¢nce for tr￿'nO reasonable steps for the prevenb.on dEtection of fraud and 0th8r irr8gularil'es. The trustees are reSponsi￿e forthe rnaintenance integrity of the corporate and financia information induded on Ihe charitls website Legislab'on in the Uni(ed Kingdom goveming th8 prepar8b.on and clsserrunth.on of the statements may d￿erfroM legidation in other jurisdictions. The8& accounts comply wth current statutory requirements. the requirernents ofthe Memoran(kJm 8nd Arb¢les of Assotsation and Ihe requirements of the Staternent of Recommended PraGtiGe appli¢able to Charits"es preparing their accounts in a¢cord8nca with the Financi4 Reporbng Stand8rd applicable in the UK and Repuuic ol Irel￿d (The FRS 102 chwib.es SORPI. Sm1 Company Exemplon This report has been prepared in a￿OrdanCe the speciaj provisions of Part 15 ofthe Comwies Act 20(￿ relat.ng to srn&ll companies. Tlis report was consdered 8nd approv8d by the Board at its meeb'ng on ... d signed on their behalf by.. La(ty Freud Trustee Company number: 0603S021

Independent Examiner's Report to the Members of The Jecda Foundation

I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 December 2021.

Responsibilities and basis of report

As the charity’s trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 (‘the 2006 Act’).

Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity’s accounts as carried out under section 145 of the Charities Act 2011 (‘the 2011 Act’). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5) (b) of the 2011 Act.

Independent examiner’s statement

I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:

• 1 accounting records were not kept in respect of the Company as required by section 386 of the 2006 Act; or

• 2 the accounts do not accord with those records; or

• 3 the accounts do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a ‘true and fair view which is not a matter considered as part of an independent examination; or

• 4 the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.

6th Floor 9 Appold Street London EC2A 2AD Date: 22 September 2022

James Cross Independent Examiner For and on behalf of Moore Kingston Smith LLP

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The Jecda Foundation Statement of Financial Activities (incorporating the Summary Income and Expenditure Account) For the year ended 31st December 2021

Note Income from: Donations 3 Investments 2 Total income Expenditure on: Raising funds - Investment management costs Charitable activities 4 Total expenditure Net income/(expenditure) before gains and losses on investments Net gains/(losses) on investments 7 Net movement in funds Total funds brought forward Total funds carried forward 10	Unrestricted Funds 2021 £ 62,500 55,800 118,300 7,831 83,523 91,354 26,946 80,349 107,295 2,225,558 2,332,853	Unrestricted Funds 2020 £ - 20,338 20,338 6,740 56,281 63,021 (42,683) (52,893) (95,576) 2,321,134 2,225,558

All gains and losses arising in the year have been included in the Statement of Financial Activities and arise from continuing operations.

The notes on pages 8 to 11 form part of these accounts.

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The Jecda Foundation Balance Sheet as at 31st December 2021 FIX￿ Assets Irwestrnerts Oebtors: Amounts f41Ingdu ithin one 12 credit￿S.. ArnOL￿ts ￿lfi9 ¢k ithin one y￿r N&tCuffttLiabillttes 781 Totsl AssÈty Js$ ¢wrErtLiatilrfi 2333￿ 222555B 10 2J32th3 2.225.5S8 ate." COME¢r￿e5 Act 2L￿. (¢1 The drectors ackntrthldr l)1 ensurirgttrotthe ctr¢rttatrAè reMth+KhwnthithSeEm3e6rftroCornF4nN Act 2fKE. a 05) fina￿laI%13ter￿rts ar￿ I￿r￿(￿tr (rfthè thtatrAÈc¢)mTAryas at Ortt￿fi￿allCH1 ￿ar, cl ts ir￿rne and expe￿refOr1he ytar. in accidartt Y￿h reqLirement5 ofSections3942Th1 thh (xJmtTrh reqJTerrrts ofthe cornPan￿3Ad to accou￿. so faras apFab to tr£ ctrortiAt42&x¢w4ry. Th&accourts trove we￿red in accortsnt thth¢ ¥¢MI Part arKI SI￿$ bthawbf. L•ly Fft￿l T￿￿ee

The Jecda Foundation Notes to the Financial Statements For the year ended 31st December 2021

1 Accounting Policies

The financial statements have been prepared on a going concern basis under the historical cost convention modified for the revaluation of listed investments which are accounted for at market value.

Accounting Convention

The financial statements have been prepared in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102). The company is a public benefit entity for the purposes of FRS 102 and a registered charity established as a company limited by guarantee 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), the Companies Act 2006 and Charities Act 2011.

The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest pound.

Going Concern

The trustees have assessed whether the use of going concern and have considered possible events or conditions that might cast significant doubt on the ability of the charitable company to continue as a going concern, including the potential future impact of the ongoing COVID-19 pandemic. The trustees have made this assessment for a period of at least one year from the date of the approval of these financial statements. In particular, the trustees have considered the charitable company’s forecasts and projections and have taken account of their charitable commitments. After making enquiries, the trustees have concluded that there a reasonable expectation that the charitable company has adequate resources to continue in operational existence for the foreseeable future, and that the COVID-19 pandemic is unlikely to negatively impact the charity's ability to continue as a going concern. The charitable company therefore continues to adopt the going concern basis in preparing its financial statements.

Income

All income is recognised when there is entitlement to the funds, the receipt is probable and the amount can be measured reliably. Where income is received in advance of meeting any performance-related conditions there is not unconditional entitlement to the income and its recognition is deferred and included in creditors as deferred income until the performance-related conditions are met. Donations are recognised on receipt. Gift aid is accounted for in the period for which the donation was included.

Expenditure

Expenditure is included in the Statement of Financial Activities on a accruals basis, inclusive of any VAT which cannot be recovered. 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.

Grants for specific purposes relate to transfers made to recipient organisations for the purpose of charitable activities.

Support costs are those incurred in the administration of the charity and are primarily associated with the constitutional and statutory requirements.

Costs of raising funds are those costs incurred in the external management of the charities cash and investment portfolio.

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The Jecda Foundation Notes to the Financial Statements For the year ended 31st December 2021

1 Accounting Policies (continued)

Fund Accounting

Unrestricted funds are funds which are available for use at the discretion of the trustees in furthance of the general objects of the charity.

Investments

Investments comprise current accounts, equity investments and fixed interest securities held with UBS. Income from investments is credited in the accounts on the date of receipt. Listed investments are stated at market value at the year end. Any gains or losses incurred on the revaluation of investments are recognised in the statement of financial activities.

Financial instruments

The company 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.

Critical accounting estimates and areas of judgements

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.

2 Investments Income from listed investments Interest from cash deposits/bonds Foreign exchange (losses)/gains 3 Voluntary Income Donations Gift aid 4 Charitable Activities Grants paid Volunteering Matters Support costs Independent examiners' fees	2021 £ 16,657 36,683 2,460 55,800 2021 £ 50,000 12,500 62,500 2021 £ 79,750 3,773 83,523	2020 £ 16,305 4,067 (34) 20,338 2020 £ - - - 2020 £ 52,500 3,781 56,281

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The Jecda Foundation Notes to the Financial Statements For the year ended 31st December 2021

5 Net movement in funds

This is stated after charging: Independent examiners' fee	2021 £ 3,773	2020 £ 3,781

6 Employees

The charity has no employees in the current and preceding year. The trustees of the charity are considered to be the key management personnel. The trustees were not remunerated during the current or preceding year.

7 Investments

Market value at 1st January Additions (including reinvestment of dividends and bond interest) Disposal proceeds Net gain/(loss) on investment Market value of investment portfolio at 31st December Cash account included in the portfolio Market value at 31st December Historical cost at 31st December (excluding cash deposits)	2021 Listed £ 2,218,539 621,522 (904,108) 80,349 2,016,302 387,633 2,403,935 1,719,296	2020 Listed £ 1,830,306 1,253,732 (812,606) (52,893) 2,218,539 10,800 2,229,339 2,018,187

• 7 Investments (continued)

The investments which are considered to be material in the context of the portfolio comprise:

Fixed interest securities Cater Allen Santander UBS (IRL) Fund Select Money Plc Investec 95 Notice USD Bond - SG Issuer Sa Cpn On Eurostoxx Equities UBS (IRL) ETF Plc Ishares Plc	2021 Market Value £ - 205,763 436,500 768,154 - 220,871 385,014	2020 Market Value £ - 205,099 436,500 762,797 301,539 170,620 341,984

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The Jecda Foundation Notes to the Financial Statements For the year ended 31st December 2021

8 Debtors

8 Debtors Accrued income 9 Creditors Accruals 10 Statement of Movement on Reserves Balance brought forward Surplus for the year Balance carried forward	2021 £ 12,502 2021 £ 83,584	2020 £ - 2020 £ 3,781 2021 £ 2,225,558 107,295 2,332,853

11 Trustees and Related Parties

No trustees received any remuneration for their services and no expenses were re-imbursed during the year (2020: £Nil).

Donations were recorded for £50,000 (2020: £nil) from trustee Lord David Freud (2020: no trustee) during the accounting period. The amount disclosed for gift aid is £12,500 (2020:£nil).

David Freud, a trustee of The Jecda Foundation, was appointed the President of Volunteering Matters in May 2019. During the year the charity donated £79,750 (2020: £52,500) to Volunteering Matters in relation to the Grandmentor Scheme. It was agreed that David Freud absents himself from Board meeting when

12 Limited Liability

The Jecda Foundation is a company limited by guarantee and as such does not have a share capital. In the event of a winding up the liability of each member is limited to £1.

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