THE JECDA FOUNDATION (A Company Limited By Guarantee)
Charity No. 1117914 Company No. 06035021
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31ST DECEMBER 2023
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
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 2023.
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 2023 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.
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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 2023 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 rose to twelve by year end, with three more in the pipeline.
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 2023 the charity had unrestricted funds of £2,201,808 (2022: £2,072,168).
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 made charitable payments totalling £73,778 (2022: 67,728) to Volunteering Matters. It received gross donations during the year of £37,500, including gift aid, from its principal donor (2022: £62,500). Overall, as a result of these moves and the gain in revaluation of the investment portfolio, the Foundation's reserves increased by 6% to £2,201,808.
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) SL2tement ol TNstees' Responsibilitigs (continued) Company law reqLEires trustees to wepare finanoal stements for each fnancwl year thi¢h iyve a tJue and fair view of the state of the affairs of the charitable company and of its income and expendrlure for that period. Iri preparing these financial statements. the trustee5 are required to.. select suitatAe aUntIng policies and then apply them ¢onsi$tenty" observe the methods and prin(¥ples in the Chaiibes SORP" make judgements and estimatss that are reasonable and prudent slate vthelher applicable accounting standards, induthng FRS 1UI have been tolowed. subject to any material departures disdosed and explained in the finanaal statements- state whether a Ststement of Recommended Praclice {SORP} applies and has been followed, subject to any material departures are explained in the finan(ial statements" and prepare the financial statements on the going concem basis UresS it 15 inappropriate to presume that the ¢haritable MpanY will continue business. The trustees are responsible for keeP]g proper accounting records that disclose reasonable accuracy at any time the finan(aal posibon of the charilable company and enable them to ensure that the financial statements compty with the Companies Act 20C6. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularibes. The Irustees are responsible for the maintenance and inteth ofthe corporate and financial information included on the web$f(e. Legislation in the United lfjngdom goveming the preparation and di8semination ofthe financial statements may thffer from legislatTron olher JU[dICtiOns. These accounts comply jent ststutory requiremerrts. the requirements ofthe Memoranthm and Astides of Association and the requirements ofthe Sxatement of Recommended Practice applicable to Charitses preparing their accounts in accordance yth the Fnancial Reporfing Standard appIlble in the UK and Republic of Ireland (the FRS 102 Charblies SORP). Small Company Exemplion This report has been prepared in accordan lIh the specrdl provisiorts of Part 15 of the Companies Act 2006 relating tt> small companies. This report was considered and apwoved by the Board at its meeting on ... .. and sig heir beh If by: Lady FrEud TN$tee Company number. 06035021
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 2023.
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:
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1 accounting records were not kept in respect of the Company as required by section 386 of the 2006 Act; or
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2 the accounts do not accord with those records; or
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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
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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 2AP Date: 02/04/2024
Adam Fullerton (FCA DChA) 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 2023
| Note Income from: Investments 2 Donations 3 Total income Expenditure on: Raising funds - Investment management costs Charitable activities 4 Total expenditure Net 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 2023 £ 31,076 37,500 68,576 5,643 78,232 83,875 (15,299) 144,939 129,640 2,072,168 2,201,808 |
Unrestricted Funds 2022 £ 25,298 62,500 |
|---|---|---|
| 87,798 | ||
| 5,710 322,034 |
||
| 327,744 | ||
| (239,946) (20,739) |
||
| (260,685) 2,332,853 |
||
| 2,072,168 |
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 2023 FixJ Assets IrNe8tments CurrentAssots Cash hekl 1th investmert maroger¥ Debtors". Arnunts Fdllirg due one yea¥ 110.759 .755 110.759 urrent Lkqbllllfies Creditors.. Amunts Trdlkng wtlin ore year Net Curent Liabilities 295.1 Total Assets les5 current Liabilitks Z2ts1.W 2.072.168 Funds urstricted rerves 10 2201 20721e8 The directors stste.. lal Fort year ended 31 ttr2023 trth8118be£XyWry¥Ats erdHbJ trj exeTnFkn 477 ofthe CLynpan kt 2[. (bl No noti¢e flom Tru¥tee8 RquiriTrJ an audit been sJetKJ&l ler 1)n 476 olthe Compgryes Art X. (¢1 The dwe¢tors tsreWrAbilttIe5l?r. lil trAt the chatitabk compary keeps accowrtry 1lh Se¢1kn1386of ComFore8 Act 21KK, aTrl lill preparing ftnanGI staterneits gNe 3 aryl far viwo1 8t ofaffa¥s olts thrtable cornpory a$ at end of the Trnanckil year. and ofits iOnE expeTrSbJte fortl frntKral ytar, in 8¢¢0rdatKeilh Ihe requirements ol Sectiots 394 arvj arxl xch otheise comrty Imth tr wllremertsof ttre CJmpaniesAra 2( relating Irs accounts, so fara¥8pph"¢able to cPAritable company. Idl The accounts have been preparèj i 8c¢ordante ithth2 special prDVil1O rektr¥ to smal compani25 Part 1501 comn8A 2 in arrdah provi8)M orb FINaal Rtrtw)rfkw Staypjard 102. These financral statetnerits Yre appThed arml for on". 0210412024 and $vJned ontheir behaifby". Lady Freud Trustég Lord Freud TrusiEe The rntes on pages 8 to 71 frrfm p8rt oflhe8e t04mt. Company numbèr." Of4J35021
The Jecda Foundation Notes to the Financial Statements For the year ended 31st December 2023
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. 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 is a reasonable expectation that the charitable company has adequate resources to continue in operational existence for the foreseeable future. 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 charity's cash and investment portfolio.
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The Jecda Foundation Notes to the Financial Statements For the year ended 31st December 2023
1 Accounting Policies (continued)
Fund Accounting
Unrestricted funds are funds which are available for use at the discretion of the trustees in furtherance of the general objects of the charity.
Investments
Investments comprise current 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.
Cash at Bank
Cash comprises of deposits with a maturity of three months or less and cash held by investment managers are shown under current assets.
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 Income from Investments
| Income from Investments Income from listed investments Interest from cash deposits/bonds Foreign exchange (losses)/gains |
2023 2022 £ £ 18,368 18,504 13,062 6,127 (354) 667 31,076 25,298 |
|---|---|
3 Voluntary Income
| 3 Voluntary Income Donations Gift aid 4 Charitable Activities Grants paid Volunteering Matters Whitgift For All Support costs Governance - Independent examiners' fees Bank charges |
2023 £ 30,000 7,500 37,500 2023 £ 73,778 - 4,440 14 78,232 |
2022 £ 50,000 12,500 |
|---|---|---|
| 62,500 | ||
| 2022 £ 67,728 250,000 4,206 100 |
||
| 322,034 |
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The Jecda Foundation Notes to the Financial Statements For the year ended 31st December 2023
5 Net movement in funds
| This is stated after charging: Independent examiners' fee |
2023 £ 4,440 |
2022 £ 4,206 |
|---|---|---|
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) |
2023 Listed £ 1,965,610 1,529,236 (1,733,171) 144,939 1,906,614 292,255 2,198,869 1,706,091 |
2022 Listed £ 2,016,302 1,181,677 (1,211,630) (20,739) |
|---|---|---|
| 1,965,610 110,759 |
||
| 2,076,369 | ||
| 1,651,308 |
The investments which are considered to be material in the context of the portfolio comprise:
| Fixed interest securities MoneyMarket Fixed Deposit Santander BARC 2.5Y GBP TWIN WIN CPN MXWO Equities UBS (IRL) ETF Plc Ishares Plc |
2023 Market Value £ 138,265 - 411,040 234,759 1,260,814 |
2022 Market Value £ 780,077 206,540 389,440 |
|---|---|---|
| 198,745 390,808 |
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The Jecda Foundation Notes to the Financial Statements For the year ended 31st December 2023
8 Debtors
| 8 Debtors Accrued income 9 Creditors Accruals 10 Statement of Movement on Reserves Balance brought forward Surplus/(deficit) for the year Balance carried forward |
2023 £ 7,500 2023 £ 4,560 2023 2,072,168 129,640 2,201,808 |
2022 £ - |
|---|---|---|
| 2022 £ 4,200 |
||
| 2022 £ 2,332,853 (260,685) |
||
| 2,072,168 |
11 Trustees and Related Parties
No trustees received any remuneration for their services and no expenses were re-imbursed during the year (2022: £Nil).
Donations were recorded for £30,000 (2022: £50,000) from trustee Lord David Freud during the accounting period.
David Freud, a trustee of The Jecda Foundation, was appointed the President of Volunteering Matters in May 2019. During the year the charity donated £73,778 (2022: £67,728) to Volunteering Matters in relation to the Grandmentor Scheme. It was agreed that David Freud absents himself from Board meeting when discussions regarding future contributions to the Grandmentor project were made.
David Freud, a trustee of The Jecda Foundation is also the chairman of Whitgift For All, a charity set up by Whitgift School. During the year, the charity donated £Nil (2022: £250,000) to Whitgift For All in aid of of its charitable purposes.
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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