Charity number: 1180520
## Joffe Charitable Trust CIO
Report and financial statements For the year ended 31 December 2021
Joffe Charitable Trust CIO
## Contents
## For the year ended 31 December 2021
Reference and administrative information ...................................................................................... 1 Trustees’ annual report .................................................................................................................. 3 Independent auditor’s report ....................................................................................................... 12 Statement of financial activities .................................................................................................... 15 Balance sheet ............................................................................................................................... 16 Statement of cash flows ................................................................................................................ 17 Notes to the financial statements ................................................................................................. 18
Joffe Charitable Trust CIO
## Reference and administrative information
## For the year ended 31 December 2021
|Charity number|1180520||
|---|---|---|
|Registered office|Invicta House||
||Golden Lane||
||London||
||EC1Y 0TL||
|Trustees|Trustees who served|during the year and up to the date of this report were|
||as follows:||
||Myles Wickstead|Chair of Trustees, resigned on 20 May 2022|
||David Nussbaum|Chair of Trustees, appointed on 20 May 2022|
||Barbara Frost|Deputy Chair of Trustees|
||Frances Longley||
||Nick Perks||
||Ruth Taylor||
||Abigail Deffee|Appointed on 01 October 2021|
||Jameela Raymond|Appointed on 01 October 2021|
||Deborah Joffe|Resigned on 01 October 2021|
||Vanetta Joffe|Resigned on 20 January 2021|
||Vanetta Joffe was appointed as Patron of the charity on 29 January||
||2021 with the title Co-Founder and Honorary President.||
|Staff|Alex Jacobs|Director|
||Abigail Prabhakar|Trust Manager|
|Bankers|
Lloyds Bank||
|Investment Managers|Cazenove Capital (a trading name of Schroder & Co Ltd) were appointed||
||Investment Managers to the charity in lieu of Sarasin and Partners LLP on 22||
||May 2020. The transfer of the charity’s funds from Sarasin to Cazenove was||
||completed in February 2021.||
||Cazenove Capital (a trading name of Schroder & Co Ltd)||
||1 London Wall Place||
||London||
||EC2Y 5AU||
1
Joffe Charitable Trust CIO
## Reference and administrative information
For the year ended 31 December 2021
Auditors Sayer Vincent LLP Chartered Accountants and Statutory Auditor Invicta House 108-114 Golden Lane LONDON EC1Y 0TL
2
Joffe Charitable Trust CIO
## Trustees’ annual report
For the year ended 31 December 2021
The trustees present their report and the audited financial statements for the year ended 31 December 2021.
Reference and administrative information set out on page 1 form part of this report. The financial statements comply with current statutory requirements, the charity's Constitution and the Statement of Recommended Practice - Accounting and Reporting by Charities: SORP applicable to charities preparing their accounts in accordance with FRS 102.
## Objectives and activities
## Objectives and aims
The objects of the Charity are to advance such charitable purposes for the public benefit as are exclusively charitable according to the laws of England and Wales as the trustees may from time to time determine.
## Review of the Charity
Objectives
Our mission is: “We support civil society leaders to build a fairer world, with opportunity for all. We encourage people to do as much as possible to realise human rights and reduce poverty in lower income countries. We particularly focus on tackling the systemic causes of poverty.”
During the year we continued to work in our two focus areas:
1. Fighting corruption and promoting tax justice
2. Building stronger not-for-profit organisations
Within these, during the year we pursued the following objectives:
- To work with civil society leaders to build effective movements that position the UK as a leading positive influence in the fields of global tax justice and financial integrity.
- To support new and existing civil society leaders to build effective and sustainable nonprofit organisations that strengthen partnership between the UK and lower income countries and tackle the causes of poverty.
These objectives have enabled us to use our limited resources to make the greatest contribution towards our mission. They build on our history and strengths. They both have the potential to achieve disproportionate impact.
3
Joffe Charitable Trust CIO
## Trustees’ annual report
For the year ended 31 December 2021
In December 2021, the board committed to spending out all our resources over approximately the next 10 years and close the Trust at that point. This is driving a more focused approach, particularly in our first focus area. Our revised objectives are discussed further below. In summary they are:
- To work with civil society leaders to position the UK as a leading driver of international financial integrity. We proactively work with others to build the field of organisations working on this issue.
- To support civil society leaders to build effective non-profit organisations that strengthen partnership between the UK and lower income countries.
We will continue to make grants to organisations for charitable work in pursuit of these objectives. We will convene events where there is clear potential to add value this way. We will encourage greater collaboration among civil society organisations (including donors) in order to achieve shared goals. We will actively encourage the individuals involved in running the organisations we fund.
## Activities
During 2021, the trustees approved 29 new grants with a total value of £953,241. We made 16 new grants solely in Focus Area 1 with a total value of £514k (2020: 14 grants totalling £441k). We made 10 new grants solely in Focus Area 2 with a total value of £303k (2020: 13 grants totalling £401k). We made two grants across both Focus Areas 1 & 2 with a total value of £115k; and one grant that was outside our Focus Areas. We publish data on the grants we make using the - 360giving standard, available here: https://joffetrust.org/current grants/
At the end of the year, we had 55 open grants, which broadly fell into six categories with the following purposes:
- a) Transform new start ups
- b) Step up fundraising / back-office work to a new level
- c) Support for strong on-going work in Focus Area 1
- d) Support for strong on-going work in Focus Area 2
- e) Rapid response to emerging issues
- f) Support for a very small number of South African organisations, based largely on our historical links (such as four Joel Joffe scholarships administered by the Canon Collins Trust).
We have continued to convene events where we believe they add value, with a particular emphasis on collective action. Our key events included:
- Strategic retreat for leading UK activists in the anti-corruption and tax justice fields.
- Webinars on strategic priorities in the UK anti-corruption and tax justice fields.
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Joffe Charitable Trust CIO
## Trustees’ annual report
For the year ended 31 December 2021
- Roundtables on political strategy for UK anti-corruption and tax justice work; and on resourcing enforcement agencies; and on international tax reform.
- Panel discussion on the UK and global illicit finance.
- Webinar to promote our funding opportunities among more diverse non-profits.
- Webinars on digital fundraising.
- Details and reports from some of these events are available here: https://joffetrust.org/news events/
We have continued to work with grantees and other civil society organisations to identify and respond to strategic opportunities during the year, such as the OECD tax reforms, standards in public life and the Economic Crime Bill. We are pleased to have strengthened connections between campaigners and those with influence on policy making. We responded proactively to the humanitarian crisis in Afghanistan, albeit at a modest level. We have also strengthened the network of funders engaged in tax and corruption.
Within the Trust, we were very sorry to say goodbye to Carin Lake who retired as our long-serving Trust Manager. We were delighted to welcome Abigail Prabhakar to the role.
## Performance
## Feedback
In each of the last three years, we ran an anonymous survey asking grantees for their feedback. This year, we took a different approach. The previous surveys provided us with consistent and very positive feedback about how we work. We have no reason to believe that has substantially changed and we are keen to minimise the demands we make on grantees. So, this year we relied on the feedback that grantees provide to us in their final reports, which we routinely ask for as part of our normal grant management process. We recognise that this feedback was not anonymous and grantees may have felt it was in their interest to make positive comments about us. We explicitly asked grantees to tell us what we could improve, but no suggestions were made here. The findings are not objective; but they are consistent with the anonymous feedback we received in previous years.
- All feedback reports are published here: https://joffetrust.org/annual reports/
During the year, grantees said they appreciated the following:
- Open, honest & respectful dialogue including feedback on their plans and new ideas.
- The Joffe Trust’s flexible funding & approach, and clear application & reporting guidelines.
- A spirit of ‘true partnership’, providing advice, interest & support as well as funding; championing grantees’ work.
5
Joffe Charitable Trust CIO
## Trustees’ annual report
For the year ended 31 December 2021
- Making introductions; promoting collaboration among civil society; helping grantees win other funding.
-
- The Trust’s interest in feedback from grantees.
## Grant assessments
We review and rate all the reports we receive from grantees as well as the overall performance of our grants. We aim to provide systematic comments back to grantees within one month, which we achieved for 100% of reports received in the year. We assess mid-grant reports on a traffic light scale. When a grant is complete, we assess its overall performance on a scale of 1 (low) to 5 (high).
Our assessments over the year were as follows:
|Mid grant assessment|Jan – Dec
2021|Jan – Dec
2020|Jan – Dec
2019|
|---|---|---|---|
|Green|28(72%)|24(73%)|22(79%)|
|Amber|11(28%)|8(24%)|5(18%)|
|Red|0|1(3%)|1(4%)|
|Total|39|33|28|
|Final grant assessment|Jan – Dec
2021|Jan – Dec
2020|Jan – Dec
2019|
|---|---|---|---|
|5 – highest|5(20%)|7(33%)|2(15%)|
|4|10(40%)|5(24%)|5(38%)|
|3|9(36%)|7(33%)|2(15%)|
|2|1(4%)|2(10%)|4(31%)|
|1 - lowest|0|0|0|
|Total|25|21|13|
The highest rated grants were used by organisations to carry out work that makes a significant difference which they would not have been able to do without us. They also used our funding to invest in developing their organisations for the medium term.
The lowest rated grants did not demonstrate significant results in either the short or long term. Some were for higher risk initiatives that were appropriate to support but did not achieve the promise hoped for. We were pleased to see a fall in the number of lowest rated grants.
6
Joffe Charitable Trust CIO
## Trustees’ annual report
## For the year ended 31 December 2021
## Grantee diversity
|2.1 Grantee CEOs|Grants made
2021*|Grants made
2021*|Grants made
2020|Grants made
2020|
|---|---|---|---|---|
||n|%|n|%|
|Female|14|47%|13|45%|
|Male|16|53%|16|55%|
|N/A|||||
||||||
|People of colour|7|23%|6|21%|
|White|23|77%|23|79%|
|N/A|||||
* One grantee had two CEOs.
|2.2 Grantee boards|Grants made
2021|Grants made
2021|Grants made
2020|Grants made
2020|
|---|---|---|---|---|
||n|%|n|%|
|No female|1|4%|0||
|0-50% female|13|52%|11|48%|
|>= 50% female|11|44%|12|52%|
|N/A|4||6||
||||||
|Nopeople of colour|9|36%|9|39%|
|0 - 20%people of colour|5|20%|5|22%|
|>= 20%people of colour|11|44%|9|39%|
|N/A|4||6||
- During 2021, we assessed that we made 47% of our grants to organisations led by women and 23% led by people of colour.
- We assessed that our grantees’ boards mostly have a reasonable gender split, apart from one all male board.
- We assessed that our grantees’ boards include a relatively small number of people of colour, with 36% including no people of colour.
- Overall, the 2021 figures are similar to the previous year, with a modest decrease in women’s leadership and a modest increase in leadership by people of colour.
In the light of these figures, we believe that our grants are fairly accessible to organisations led by women and people of colour. We continue to consider how we could do more to address structural exclusion within our focus areas. We also continue to develop our approach to monitoring grantee diversity carefully, in line with the wider grant-making sector.
7
Joffe Charitable Trust CIO
## Trustees’ annual report
For the year ended 31 December 2021
## Plans for the year ahead
In late 2021, the trustees confirmed their commitment to spending out the Trust’s resources over approximately the next 10 years. This brought a very welcome sense of urgency and purpose to our planning the year ahead. We considered in more detail what we would like to achieve as the Trust’s legacy. As a result, we sharpened our focus in focus area 1 (“to position the UK as a leading driver of international financial integrity”).
In early 2022, the landscape around this work was transformed by the invasion of Ukraine. Suddenly the UK’s role as a global enabler of dirty money was catapulted on to the front pages. In March, a first Economic Crime Bill was rushed through parliament and a second was promised for the summer. Over the same period, we were working closely with a major partner donor on an initiative to strengthen the field working on this issue.
We expect to continue actively supporting the field as a whole to make the most of these unique circumstances. We are supporting individual organisations to step up, as well as collaborate effectively as part of a wider coalition. We intend to launch a new initiative, the Financial Integrity Platform, to build wider alliances and bring in more funds for the field as a whole.
In order to spend out our resources over 10 years, we have been advised to increase our total annual expenditure from £1.1m (2021) to £1.4m (2022). We will continue to track our assets carefully and adjust annual spend further in future, as necessary. We expect to use these funds to increase the total value of grants made and expand our staff team accordingly. We appointed a new Grants Manager in April 2022 and expect to appoint a Project Co-ordinator for the Financial Integrity Platform (co-funded by our new partner donor). We hope this will enable us to be more proactive and effective in both Focus Areas.
## Board composition
During the year, Deborah Joffe and Vanetta Joffe both stepped off the board. We are extremely grateful to them for all their support of the years, and look forward to staying in touch in a different capacity. We are delighted that Vanetta has taken up the role of Honorary President. Deborah has made a huge contribution to the trust, having served several terms as a trustee over the years. We look forward to maintaining our connection with the Joffe family.
In May 2022, Myles Wickstead came to the end of his term as trustee and Chair of the board. We are also extremely grateful to Myles for all his careful work and guidance. He first became a trustee under Joel Joffe’s leadership, and played a central role in re-constituting the trust after Joel died in 2017.
After an open recruitment process, David Nussbaum was appointed Chair of the board in May 2022. We are delighted to welcome him to the role. He brings tremendous experience at senior level in our focus areas, having previously been Chief Executive of The Elders, WWF-UK and
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Joffe Charitable Trust CIO
## Trustees’ annual report
For the year ended 31 December 2021
Transparency International. David also knew Joel Joffe and worked with him at Oxfam in the 1990s.
## Public Benefit
All grants made and work undertaken by the charity were for charitable purposes and for the public benefit and the Trustees have had regard to the Charity Commission's public benefit guidance where relevant.
## Risk Management
The charity trustees have given consideration to the major risks to which the charity is exposed and satisfied themselves that systems or procedures are established in order to manage those risks.
## Financial Review
## Investment policy and objectives
The trustees manage the charity’s investments in line with our investment policy. This sets the aim “to obtain medium / high income with medium growth from medium risk investments that are consistent with our approach to responsible investing. We seek to use our investments in ways that are consistent with our mission and values.”
The charity's investments continue to be invested by professional fund managers. In 2021, the process of transferring the Trust’s investment portfolio from Sarasin to Cazenove’s new Sustainable Growth Fund was completed.
We are glad to have been initial seed investors in this fund, alongside the Friends Provident Foundation and the Blagrave Trust, to generate resources to fund our work whilst better aligning our investments with our values. We hope it continues to strengthen momentum for a wider move to high quality responsible investing.
## Reserves policy and going concern
The charity has no requirement to retain reserves to support specific on-going liabilities, but it ensures that it has sufficient liquid resources in order to meet grant payments.
## Financial Review
The financial position of the charity is shown in the attached financial statements, which comply with current statutory requirements, the charity's governing documents and Statement of Recommended Practice - Accounting and Reporting by Charities.
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Joffe Charitable Trust CIO
## Trustees’ annual report
For the year ended 31 December 2021
The charity's total funds at the year-end were £10,670,665.
The charity's principal source of income was the return on investments.
The grants paid out to support charitable causes amount to £911,645. At the end of the financial year a further £583,240 grants had been committed in this or previous financial years but not yet paid out. Of these commitments, £426,264 will be paid within one year and £156,976 will be paid after one year.
## Structure, governance and management
## Governing document
The charity is controlled by its constitution, dated 31[st] October 2018. All trustees give their time voluntarily and receive no benefits from the charity. Any expenses reclaimed from the charity are set out in note 9 to the accounts.
## Organisational structure
The Trustees meet regularly throughout the year to discuss and approve the strategic direction of the Trust and other relevant matters including: grant applications, policies, operational plans, investment strategy, budgets and financial accounts and staff performance. The charity employs a Trust Director and a small staff team to support all aspects of its work.
## Trustee induction and training
Two new trustees were inducted in 2021. The induction programme covers a range of topics including the legal responsibilities of being a trustee and a detailed review of the Trust’s strategy, financial accounts, policies, and grant-making approach. Trustees may undertake training or access other types of support, funded by the Trust, to enable them to better fulfil the requirements of their role.
## Statement of responsibilities of the trustees
Law applicable to charities in England and Wales requires the trustees to prepare financial statements for each financial year which give a true and fair view of the charity's financial activities during the period and of its financial position at the end of the period. In preparing financial statements giving a true and fair view, the trustees should follow best practice and:
- Select suitable accounting policies and then apply them consistently
- Observe the methods and principles in the Charities SORP
- Make judgements and estimates that are reasonable and prudent
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Joffe Charitable Trust CIO
## Trustees’ annual report
For the year ended 31 December 2021
- State whether applicable UK Accounting Standards and statements of recommended practice have been followed, subject to any material departures disclosed and explained in the financial statements
- Prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation
The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011. 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.
The trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charity's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
## Auditor
Sayer Vincent LLP continues to be the charity's auditor.
The trustees’ annual report has been approved by the trustees on 20 May 2022 and signed on their behalf by
Myles Wickstead Chair of Trustees
11
Independent auditor’s report
## To the members of
## Joffe Charitable Trust CIO
## Opinion
We have audited the financial statements of Joffe Charitable Trust CIO (the ‘charity’) for the year ended 31 December 2021 which comprise the statement of financial activities, balance sheet and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 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 December 2021 and of its incoming resources and application of resources, 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
We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to you where:
- The trustees’ use of the going concern basis of accounting in the preparation of the financial statements is not appropriate; or
- The trustees have not disclosed in the financial statements any identified material uncertainties that may cast significant doubt about the charity’s ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue
12
Independent auditor’s report
To the members of
## Joffe Charitable Trust CIO
## Other information
The other information comprises the information included in the trustees’ 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. 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 in relation to which the Charities Act 2011 requires us to report to you if, in our opinion:
- The information given in the trustees’ annual report is inconsistent in any material respect with the financial statements;
- Sufficient accounting records have not been kept; or
- 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 statement of trustees’ responsibilities set out in the trustees’ annual report, the trustees are responsible for the preparation of the financial statements and for being satisfied that they 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.
13
Independent auditor’s report
To the members of
Joffe Charitable Trust CIO
## Auditor’s responsibilities for the audit of the financial statements
We have been appointed as auditor under section 145 of the Charities Act 2011 and report in accordance with regulations made under section 154 of that Act.
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.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
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.
## Use of our report
This report is made solely to the charity's trustees as a body, in accordance with section 144 of the Charities Act 2011 and regulations made under section 154 of that Act. Our audit work has been undertaken so that we might state to the charity's trustees 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 trustees as a body, for our audit work, for this report, or for the opinions we have formed.
18 August 2022 Sayer Vincent LLP, Statutory Auditor Invicta House, 108-114 Golden Lane, LONDON, EC1Y 0TL
Sayer Vincent LLP is eligible to act as auditor in terms of section 1212 of the Companies Act 2006
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Joffe Charitable Trust CIO
## Statement of financial activities
## For the year ended 31 December 2021
|Unrestricted
Note
£
Income from:
2
74,001
3
128,712
4
4,096
206,809
5a
78,157
5a
1,036,968
1,115,125
(908,316)
1,081,630
173,314
Reconciliation of funds:
10,497,351
10,670,665
Total funds brought forward
Net gains on investments
Net income / (expenditure) before net
gains / (losses) on investments
Total funds carried forward
Net movement in funds
Total expenditure
Charitable activities
Donations and legacies
Expenditure on:
Other income
Raising funds
Investments
Total income|Unrestricted
Note
£
Income from:
2
74,001
3
128,712
4
4,096
206,809
5a
78,157
5a
1,036,968
1,115,125
(908,316)
1,081,630
173,314
Reconciliation of funds:
10,497,351
10,670,665
Total funds brought forward
Net gains on investments
Net income / (expenditure) before net
gains / (losses) on investments
Total funds carried forward
Net movement in funds
Total expenditure
Charitable activities
Donations and legacies
Expenditure on:
Other income
Raising funds
Investments
Total income|Restricted
£
25,000
-
-|2021
Total
£
99,001
128,712
4,096|Unrestricted
25,000
402,900
4,362|Restricted
-
-
-|2020
Total
25,000
402,900
4,362|
|---|---|---|---|---|---|---|
||206,809|25,000|231,809|432,262|-|432,262|
||78,157
1,036,968|-
25,000|78,157
1,061,968|70,338
1,022,224|-
-|70,338
1,022,224|
||1,115,125|25,000|1,140,125|1,092,562|-|1,092,562|
||(908,316)
1,081,630|-
-|(908,316)
1,081,630|(660,300)
347,266|-
-|(660,300)
347,266|
||173,314
10,497,351|-
-|173,314
10,497,351|(313,034)
10,810,385|-
-|(313,034)
10,810,385|
||10,670,665|-|10,670,665|10,497,351|-|10,497,351|
All of the above results are derived from continuing activities. There were no other recognised gains or losses other than those stated above.
15
Joffe Charitable Trust CIO
## Balance sheet
## As at 31 December 2021
|Note
Fixed assets:
12
Current assets:
Current liabilities:
13
Total unrestricted funds
The funds of the charity:
Unrestricted funds
Unrestricted income funds:
Investments
Cash at bank and in hand
Creditors: amounts falling due within one year
Net current assets
Total charity funds
Total net assets|£
£
10,541,899
10,541,899
134,891
134,891
(6,125)
128,766
10,670,665
10,670,665
10,670,665
10,670,665
2021|£
£
10,541,899
10,541,899
134,891
134,891
(6,125)
128,766
10,670,665
10,670,665
10,670,665
10,670,665
2021|£
£
10,314,688
10,314,688
187,662
187,662
(5,000)
182,662
10,497,350
10,497,351
10,497,351
10,497,351
2020|£
£
10,314,688
10,314,688
187,662
187,662
(5,000)
182,662
10,497,350
10,497,351
10,497,351
10,497,351
2020|
|---|---|---|---|---|
|||10,541,899
128,766||10,314,688|
||134,891
(6,125)||187,662
(5,000)
10,497,351||
||10,670,665|||182,662|
|||10,670,665||10,497,350|
|||10,670,665||10,497,351|
||||||
|||10,670,665||10,497,351|
Approved by the trustees on 20 May 2022 and signed on their behalf by
Myles Wickstead Chair of Trustees
16
Joffe Charitable Trust CIO
## Statement of financial activities
For the year ended 31 December 2021
|2021
Note
£
Cash flows from operating activities
Net income / expenditure for the reporting period
173,314
(Gains)/losses on investments
(1,081,630)
Dividends, interest and rent from investments
(128,712)
Increase/(decrease) in creditors
1,125
Net cash provided by operating activities
-
128,712
10,747,223
(9,961,639)
68,834
Net cash (used in) investing activities
Change in cash and cash equivalents in the year
Cash and cash equivalents at the beginning of the year
Cash and cash equivalents at the end of the year
Cash flows from investing activities:
Donation of shares
Dividends, interest and rents from investments
Proceeds from sale of investments
Purchase of investments
Cash movements within investment portfolio|2021
Note
£
Cash flows from operating activities
Net income / expenditure for the reporting period
173,314
(Gains)/losses on investments
(1,081,630)
Dividends, interest and rent from investments
(128,712)
Increase/(decrease) in creditors
1,125
Net cash provided by operating activities
-
128,712
10,747,223
(9,961,639)
68,834
Net cash (used in) investing activities
Change in cash and cash equivalents in the year
Cash and cash equivalents at the beginning of the year
Cash and cash equivalents at the end of the year
Cash flows from investing activities:
Donation of shares
Dividends, interest and rents from investments
Proceeds from sale of investments
Purchase of investments
Cash movements within investment portfolio|£|£
(313,034)
(347,266)
(402,900)
(750)
(25,000)
402,900
949,877
(78,329)
(52,053)|2020
£|
|---|---|---|---|---|
|||(1,035,903)
983,131||(1,063,950)
1,197,395|
||||||
|||(52,772)
187,663||133,445
54,218|
|||134,891||187,663|
17
Joffe Charitable Trust CIO
Notes to the financial statements
## For the year ended 31 December 2021
- 1 Accounting policies
## a) Statutory information
- Joffe Charitable Trust CIO (reg. no. 1180520) was registered with the Charity Commission on 1 November 2018.
The registered office address is Invicta House, Golden Lane, London EC1Y 0TL.
## b) Basis of preparation
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 2015) - (Charities SORP FRS 102), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (September 2015) and the Companies Act 2006.
Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy or note.
- c) Public benefit entity
The charitable company meets the definition of a public benefit entity under FRS 102.
- d) Going concern
The trustees consider that there are no material uncertainties about the charity's ability to continue as a going concern.
The trustees do not consider that there are any sources of estimation uncertainty at the reporting date that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next reporting period.
- e) Income
Income is recognised when the charity has entitlement to the funds, any performance conditions attached to the income have been met, it is probable that the income will be received and that the amount can be measured reliably.
## f) Interest receivable
Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the bank.
## g) Fund accounting
Restricted funds are to be used for specific purposes as laid down by the donor. Expenditure which meets these criteria is charged to the fund.
Unrestricted funds are donations and other incoming resources received or generated for the charitable purposes.
## h) Expenditure and irrecoverable VAT
Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably. Expenditure is classified under the following activity headings:
- Expenditure on charitable activities includes the costs of delivering services and making charitable donations and grants undertaken to further the purposes of the charity and their associated support costs
Irrecoverable VAT is charged as a cost against the activity for which the expenditure was incurred.
18
Joffe Charitable Trust CIO
Notes to the financial statements
## For the year ended 31 December 2021
- 1 Accounting policies (continued)
- i) Grants payable
Grants payable are made to third parties in furtherance of the charity's objects. Grants are accounted for on a cash basis when the recipient has received the funding.
- j) Listed investments
Investments are a form of basic financial instrument and are initially recognised at their transaction value and subsequently measured at their fair value as at the balance sheet date using the closing quoted market price. Any change in fair value will be recognised in the statement of financial activities and any excess of fair value over the historic cost of the investments will be shown as a fair value reserve in the balance sheet. Investment gains and losses, whether realised or unrealised, are combined and shown in the heading “Net gains/(losses) on investments” in the statement of financial activities. Listed investments are presented at fair value.
- j) Debtors
Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.
- k) Cash at bank and in hand
Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.
## l) Creditors and provisions
Creditors and provisions are recognised where the charity 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 and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.
19
Joffe Charitable Trust CIO
Notes to the financial statements
## For the year ended 31 December 2021
- 2 Income from donations and legacies
|Gifts|2021
Total
£
99,001|2020
Total
£
25,000|
|---|---|---|
||99,001|25,000|
This figure is includes a restricted grant of £25,000 from the Network for Social Change that was received by the Joffe Trust and passed on to Good Jobs First.
- 3 Income from investments
|4
Other income
Dividends from listed investments
All income was unrestricted in the year.
Other|2021
Total
£
128,712|2021
Total
£
402,900|
|---|---|---|
||128,712|402,900|
||2021
Total
£
4,096|2021
Total
£
4,362|
||4,096|4,362|
||||
20
Joffe Charitable Trust CIO
Notes to the financial statements
## For the year ended 31 December 2021
## 5a Analysis of expenditure (current year)
|Staff costs (Note 8)
Grants to institutions (Note 6)
Investment management costs
Events
Sundries
Trustee expenses
Professional services
Support costs
Governance costs
Total expenditure 2021
Total expenditure 2020|Raising funds
£
-
-
78,157
-
-
-
-
78,157
-
-
78,157
70,338|Charitable
activities
£
78,290
911,645
-
20,843
-
-
-
1,010,778
15,436
35,754
1,061,968
1,022,224|Governance
costs
£
26,097
-
-
-
-
576
9,081
35,754
-
(35,754)
-
-|Support costs
£
-
-
-
-
13,686
-
1,750
15,436
(15,436)
-
-|2021
Total
2020
Total
£
£
104,387
105,065
911,645
882,455
78,157
70,338
20,843
19,240
13,686
5,590
576
676
10,831
9,198
1,140,125
1,092,562
-
-
-
-
1,140,125
1,092,562|
|---|---|---|---|---|---|
21
Joffe Charitable Trust CIO
## Notes to the financial statements
## For the year ended 31 December 2021
## 5b Analysis of expenditure (prior year)
|Staff costs (Note 8)
Grants to institutions (Note 6)
Investment management costs
Events
Sundries
Trustee expenses
Professional services
Support costs
Governance costs
Total expenditure 2020|Raising
funds
£
-
-
70,338
-
-
-
-
70,338
-
-
70,338|Charitable
activities
£
78,799
882,455
-
19,240
-
-
-
980,494
7,740
33,990
1,022,224|Governance
costs
£
26,266
-
-
-
-
676
7,048
33,990
-
(33,990)
-|Support
costs
2020
Total
£
£
-
105,065
-
882,455
-
70,338
-
19,240
5,590
5,590
-
676
2,150
9,198
7,740
1,092,562
(7,740)
-
-
-
1,092,562|
|---|---|---|---|---|
22
Joffe Charitable Trust CIO
Notes to the financial statements
## For the year ended 31 December 2021
## 6 Grant making
Grants to institutions
|Grants to institutions|||
|---|---|---|
|Athena Foundation
Alive and Kicking
Amaudo UK
Anti Tribalism Movement
Airwars
Bright Blue Campaign
British and Irish Agencies Afghanistan Group
Balanced Economy Project
Canon Collins ELAT
Centre for the Acceleration of Social Technology
Chayn CIC
Church Action for Tax Justice (via ECCR)
City of Sanctuary
Coalition for Global Prosperity
Core Coalition
Consortium for Street Children
Corporate Accountability Network
Demos
Down Syndrome International
Death Penalty Project Charitable Trust
Finance Uncovered
Fair Tax Foundation
Finance Innovation Lab
Global Greengrants Fund UK
Global Justice Now Trust
Global Legal Action Network
Good Jobs First *
Good Ancestor
Home-Start Worldwide
International Lawyers Project
IJ Hub
Irise International CIO
Institute for Public Policy Research
Jubilee Debt Campaign
King's College London
Korea Future Initiative
Labour Behind The Label Trust
Lawyers Against Poverty
Onward
Open Secrets
People & Planet Student Activities
Prisoners of Conscience
Rights and Accountability in Development
Redress Trust
Grants sub-total
Cost|2021
£
25,000
15,000
-
7,000
30,000
-
19,913
25,000
24,000
10,000
30,000
20,000
-
10,000
20,000
-
-
-
25,000
15,000
31,000
12,500
30,000
-
-
26,000
49,995
10,000
15,000
-
30,000
20,000
16,950
-
45,950
-
10,000
35,000
17,500
13,038
24,787
-
-
25,000|2020
£
-
25,000
2,400
20,000
-
30,000
-
-
-
-
30,000
20,000
35,000
10,000
-
15,000
15,000
30,000
-
-
-
-
-
30,000
-
26,000
-
-
-
30,000
-
-
-
20,000
30,000
17,000
20,000
35,000
-
13,000
-
30,000
40,000
25,000|
||688,632|548,400|
23
Joffe Charitable Trust CIO
Notes to the financial statements
## For the year ended 31 December 2021
- 6 Grant-making (continued)
|Sub-total from prior page
Rethinking Economics (REPCE)
Spotlight on Corruption
Swindon City of Sanctuary
Tax Justice Network (for CICTAR)
Tax Justice Network (for ICRICT)
Tax Justice Network
Tax Justice UK
Tax Watch Limited
The B Team
The Ecology Trust (for Unchecked)
The Equity Index
The Lotus Flower
Transparency International
Trade Justice Movement
Worldwide Hospice Palliative Care
Other grants of £10,000 or less
At the end of the year|688,632
25,000
5,000
-
25,000
-
10,000
30,000
25,000
25,000
20,000
-
-
29,976
28,037
-
-|548,400
-
40,000
20,000
25,000
25,000
-
30,000
-
20,000
20,000
20,000
30,000
30,000
-
40,000
34,055|
|---|---|---|
||911,645|882,455|
At the end of the financial year a further £583,240 grants (2020: £516,613)had been committed in this or previous financial years but not yet paid out. Of these commitments, £426,264 (2020: £408,338) will be paid within one year and £156,976 (2020: 108,275) will be paid after one year.
* This figure is made up of a grant of £24,995 from the Joffe Trust, plus an additional grant of £25,000 from the Network for Social Change that was received by the Joffe Trust and passed on to Good Jobs First.
24
Joffe Charitable Trust CIO
Notes to the financial statements
## For the year ended 31 December 2021
## 7 Net (expenditure) / income for the year
This is stated after charging / (crediting):
|This is stated after charging / (crediting):|||
|---|---|---|
||2021|2020|
||£|£|
|Auditor's remuneration (excluding VAT):|||
|Audit|3,500|3,250|
|Other services|1,750|1,750|
- 8 Analysis of staff costs, trustee remuneration and expenses, and the cost of key management personnel
The Joffe Charitable Trust CIO employed two members of staff in the year. Staff costs were as follows:
|Salaries and wages
Social security costs
Employer’s contribution to defined contribution pension schemes
Other staff costs|2021
£
89,180
9,768
4,062
1,377|2020
£
89,320
9,912
3,573
2,260|
|---|---|---|
||104,387|105,065|
One employee earned more than £60,000 during the period (2020: nil).
The total employee benefits (including pension contributions and employer's national insurance) of the key management personnel were £80,575 (2020: £80,099).
## 9 Trustee remuneration and expenses
The charity trustees were neither paid nor received any other benefits from employment with the charity in the period.
Trustees' expenses represents the payment or reimbursement of travel and subsistence costs totalling £576 incurred by 5 members relating to attendance at meetings of the trustees (2020: £676).
There were no donations made by the trustees within the period.
## 10 Related party transactions
Myles Wickstead, the chair of trustees, was on the Advisory Board of the Coalition for Global Prosperity. A grant of £10,000 was made to the Coalition for Global Prosperity in the year. Myles is also a visiting professor at King's College London. A Grant was made of £45,950 to King's College London in the year.
Deb Joffe, a trustee, is a former colleague of the Advocacy Director of Labour Behind the Label. A grant of £10,000 was made to Labour Behind the Label in the year and a grant is committed for 2022.
Jameela Raymond is an employee at B Team, A grant of £25,000 was made to The B Team in the year.
Aggregate donations from related parties were £nil (2020: £25,000).
25
Joffe Charitable Trust CIO
Notes to the financial statements
## For the year ended 31 December 2021
## 11 Taxation
The CIO is exempt from corporation tax as all its income is charitable and is applied for charitable purposes.
## 12 Listed investments
|(Disposals) within portfolio
Net gain / (loss) on change in fair value
Fair value at the start of the year
Fair value at the end of the year
Additions within portfolio
Investments transferred in the year
Creditors: amounts falling due within one year
Accruals
Cash held by investment broker pending reinvestment|2021
£
10,173,203
-
9,961,639
(10,747,223)
1,081,630|2020
£
10,672,485
25,000
78,329
(949,877)
347,266|
|---|---|---|
||10,469,249
72,650|10,173,203
141,485|
||10,541,899|10,314,688|
||2021
£
6,125|2020
£
5,000|
||6,125|5,000|
- 13 Creditors: amounts falling due within one year
26