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2022-12-31-accounts

Charity number: 1180520

Joffe Charitable Trust CIO

Report and financial statements For the year ended 31 December 2022

Joffe Charitable Trust CIO

Contents

For the year ended 31 December 2022

Reference and administrative information ...................................................................................... 1 Trustees’ annual report .................................................................................................................. 2 Independent auditor’s report ....................................................................................................... 10 Statement of financial activities .................................................................................................... 14 Balance sheet ............................................................................................................................... 15 Statement of cash flows ................................................................................................................ 16 Notes to the financial statements ................................................................................................. 17

Joffe Charitable Trust CIO

Reference and administrative information

For the year ended 31 December 2022

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: David Nussbaum Chair of Trustees (appointed 20 May 2022) Miles Wickstead Chair of Trustees (resigned 20 May 2022) Barbara Frost Deputy Chair of Trustees Frances Longley Nick Perks Ruth Taylor Jameela Raymond Abigail Deffee Staff Alex Jacobs Director Abigail Prabhakar Trust Manager George Pope Grants Manager (joined 4 Apr 2022) Michael Pitchford Grants Manager (maternity cover from 1 Jan 2023) Lucy Malenczuk Illicit Finance Policy Specialist (joined 1 Oct 2022) Bankers Lloyds Bank Investment Managers Cazenove Capital (a trading name of Schroder & Co Ltd) 1 London Wall Place London EC2Y 5AU Auditors Sayer Vincent LLP Chartered Accountants and Statutory Auditor Invicta House 108-114 Golden Lane LONDON EC1Y 0TL

1

Joffe Charitable Trust CIO

Trustees’ annual report

For the year ended 31 December 2022

The trustees present their report and the audited financial statements for the year ended 31 December 2022.

Reference and administrative information set out on page 1 forms 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 statement is:

We support civil society leaders to build a fairer world, with opportunity for all. We particularly focus on tackling the systemic causes of inequality and poverty in lower income countries. We make grants and convene organisations to help them achieve more together.

In 2021, the trustees decided to spend out all our resources over approximately the next 10 years and close the Trust at that point.

Our two focus areas are:

a) We support work to strengthen integrity in the UK’s international financial systems. b) We support work to strengthen high potential non-profit organisations.

Our two strategic objectives are that by the time the Joffe Trust closes in around 2031:

In Focus Area 1: the UK is a leading driver of international financial integrity, and no longer a global centre for dirty money; and has a sustainable and successful field of civil society organisations working on this issue.

In Focus Area 2: 40 high performance non-profit organisations that strengthen partnership between the UK and low income countries have made a step change in their sustainability and impact.

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Joffe Charitable Trust CIO

Trustees’ annual report

For the year ended 31 December 2022

We believe these objectives enable us to maximise the contribution from our limited resources. They build on our history and strengths. They both have the potential to achieve disproportionate impact.

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 2022, the trustees approved 27 new grants with a total value of £1,083k. We approved 12 new grants in Focus Area 1 with a total value of £370k (2021: 15 grants totalling £525k). We approved 13 new grants in Focus Area 2 with a total value of £709k (2021: 13 grants totalling £328k). We approved 2 grants that were outside our Focus Areas totalling £4k (2021: 2 grants totalling £110k). 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 48 open grants, which can be summarised:

We have continued to convene events where we believe they add value, with a particular emphasis on facilitating collective action. Our key events included:

In September, after careful consideration and discussion with grantees, we responded to the costof-living crisis by: increasing future grant payments we are already committed to making by 5- 10% and increasing the maximum size of our new grants from £30,000 to £35,000. Further details are available here: https://joffetrust.org/response-to-the-cost-of-living-crisis/

We have continued to work with grantees and other civil society organisations to identify and respond to opportunities during the year. In particular, we have worked with members of the UK Anti-Corruption Coalition to make the most of the sea change in the politics of dirty money, as a result of the war in Ukraine. This led to one Economic Crime Act being passed in March 2022, and another being brought to parliament in September 2022. We are delighted to have collaborated with the Open Society Foundations as a major partner and co-funder in this field. We are excited

3

Joffe Charitable Trust CIO

Trustees’ annual report

For the year ended 31 December 2022

to be joining forces with them on a project to bring additional long term partners and strategies to the work.

We created two new staff positions during the year, in order to deepen and accelerate our work towards the objectives set out above.

George Pope joined us in April 2022 as our first Grants Manager, with responsibility for managing relationships with applicants and grantees. George went on maternity leave in early 2023. We are glad to welcome Michael Pitchford to cover her role during the year.

Lucy Malenczuk joined us in October 2022 as our Illicit Finance Policy Specialist. Lucy has responsibility for developing relationships and convening at a strategic level in the field of illicit finance.

Performance

Feedback

In October, we ran a survey asking for anonymous feedback from external stakeholders on their experience of working with us. The report from this, and previous similar surveys, is available: - https://joffetrust.org/annual reports/

The response rate was lower than in previous years. But the responses were positive and consistent with previous surveys. The Joffe Trust is widely seen as approachable, supportive, flexible and engaged. Respondents also identified scope for us to stay aware of the power we have as a donor, improve our criteria in Focus Area 2, and continue to develop our ‘funder plus’ work.

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 98% 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
2022		 Jan – Dec
2021		 Jan – Dec
2020
Green 31(78%) 28(72%) 24(73%)
Amber 9(22%) 11(28%) 8(24%)
Red 0 0 1(3%)
Total 40 39 33

4

Joffe Charitable Trust CIO

Trustees’ annual report

For the year ended 31 December 2022

Final grant assessment Jan – Dec
2022		 Jan – Dec
2021		 Jan – Dec
2020
5 – highest 7(29%) 5(20%) 7(33%)
4 9(38%) 10(40%) 5(24%)
3 5(21%) 9(36%) 7(33%)
2 3(13%) 1(4%) 2(10%)
1 - lowest 0 0 0
Total 24 25 21

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 used our funding to invest in developing their organisations for the medium term.

The lower rated grants did not demonstrate significant results in either the short or long term. Some were for higher risk initiatives that we believe were appropriate to support but did not achieve the results hoped for.

Grantee diversity

Overall, these figures for 2022 are similar to the previous year, with an 11% increase in women’s leadership. On the basis of these figures, we believe our grants continue to be reasonably 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.

5

Joffe Charitable Trust CIO

Trustees’ annual report

For the year ended 31 December 2022

Plans for the year ahead

During 2023, the Joffe Trust will continue to pursue our two objectives, set out above. We expect to continue making grants in both our Focus Areas and providing wider support, in a similar way to 2022.

We will support the civil society field working to strengthen financial integrity and tackle the UK’s involvement in illicit finance (‘dirty money’). We will convene events with strategic partners, and help the field make the most of the current reforms being brought by government, for instance through the second Economic Crime Bill and the second Economic Crime Plan. We look forward to continuing to work with the Open Society Foundations, and we will develop ways of bringing new funders into the field.

We will continue to review how we increase the focus and impact in our Focus Area 2. We do not expect to make any further changes to the shape of the staff team during the year.

Our budget for 2023 brings the financial reality of spending out into sharper relief. Our total assets at the end of December 2022 were significantly reduced, due to losses of over £700k on our investments in the year. We expect to maintain our spending at approximately £1.5m over the year, and decrease our overall assets by approximately £1m.

We will meet our commitments to the following sector-wide initiatives:

Public Benefit

All grants made and work undertaken by the charity were for charitable purposes 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

6

Joffe Charitable Trust CIO

Trustees’ annual report

For the year ended 31 December 2022

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 in Cazenove’s Sustainable Growth Fund, which we consider to be a sector leader in the field of ESG investing.

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 trustees ensure that the charity has sufficient reserves to support its liabilities, and that it has sufficient liquid resources in order to meet grant and other 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.

The charity's total funds at the year-end were £9,006,826.

The charity's principal source of income was the return on its investments. We also received a restricted grant of £267k from the Open Society Foundations as a contribution to our Financial Integrity Platform project.

The grants paid out to support charitable causes amounted to £1,063,013. At the end of the financial year a further £597,456 of grants had been committed in this or previous financial years but not yet paid out. Of these commitments, £465,456 are due to be paid within one year and £132,000 are due to be paid after more than one year.

Structure, governance and management

Governing document

The charity is governed by its constitution, dated 31 October 2018.

Organisational structure

The Trustees meet regularly during 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

7

Joffe Charitable Trust CIO

Trustees’ annual report

For the year ended 31 December 2022

small staff team to implement and support all aspects of its work. All trustees give their time voluntarily and receive no benefits from the charity. Any expenses reclaimed from the charity are set out in these accounts.

Trustee induction and training

One new trustee joined the board and was inducted in 2022, our new chair David Nussbaum. Trustees may undertake training or access other types of support, funded by the Trust, to enable them better to 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:

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.

8

Joffe Charitable Trust CIO

Trustees’ annual report

For the year ended 31 December 2022

Auditor

Sayer Vincent LLP continues to be the charity's auditor.

The trustees’ annual report has been approved by the trustees on 23 May 2023 and signed on their behalf by:

David Nussbaum Chair of Trustees

9

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 2022 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).

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 Joffe Charitable Trust CIO's ability to continue as a going concern for a period of at least twelve 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.

10

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:

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.

11

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.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud are set out below.

Capability of the audit in detecting irregularities

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, our procedures included the following:

12

Independent auditor’s report

To the members of

Joffe Charitable Trust CIO

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

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.

1 June 2023

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 2022

For theyear ended 31 December 2022 For theyear ended 31 December 2022
Unrestricted
Note
£
Income from:
2
50,001
3
373,793
4
-
423,794
5a
88,552
5a
1,169,352
1,257,904
(834,110)
(1,024,076)
(1,858,186)
Reconciliation of funds:
10,670,665
8,812,479
Total funds brought forward
Net gains on investments
Net income / (expenditure) before net
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
£
292,095
-
-		 2022
Total
£
342,096
373,793
-		 Unrestricted
£
74,001
128,712
4,096		 Restricted
£
25,000
-
-		 2021
Total
£
99,001
128,712
4,096
423,794 292,095 715,889 206,809 25,000 231,809
88,552
1,169,352		 -
97,748		 88,552
1,267,100		 78,157
1,036,968		 -
25,000		 78,157
1,061,968
1,257,904 97,748 1,355,652 1,115,125 25,000 1,140,125
(834,110)
(1,024,076)		 194,347
-		 (639,763)
(1,024,076)		 (908,316)
1,081,630		 -
-		 (908,316)
1,081,630
(1,858,186)
10,670,665		 194,347
-		 (1,663,839)
10,670,665		 173,314
10,497,351		 -
-		 173,314
10,497,351
8,812,479 194,347 9,006,826 10,670,665 - 10,670,665

All of the above results are derived from continuing activities. There were no other recognised gains or losses other than those stated above.

14

Joffe Charitable Trust CIO

Balance sheet

As at 31 December 2022

As at 31 December 2022
Note
Fixed assets:
12
Current assets:
Current liabilities:
13
Restricted funds
Total funds
The funds of the charity:
Unrestricted funds
Investments
Cash at bank and in hand
Creditors: amounts falling due within one year
Net current assets
Total charity funds
Total net assets		 £
£
8,803,065
8,803,065
209,461
209,461
(5,700)
203,761
9,006,826
194,347
8,812,479
9,006,826
9,006,826
2022		 £
£
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
8,803,065
203,761		 10,541,899
209,461
(5,700)		 134,891
(6,125)
-
10,670,665
194,347
8,812,479		 128,766
9,006,826 10,670,665
9,006,826 10,670,665
9,006,826 10,670,665

Approved by the trustees on 23 May 2023 and signed on their behalf by

David Nussbaum Chair of Trustees

15

Joffe Charitable Trust CIO

Statement of financial activities

For the year ended 31 December 2022

For theyear ended 31 December 2022 For theyear ended 31 December 2022
2022
Note
£
Cash flows from operating activities
Net income / expenditure for the reporting period
(1,663,839)
(Gains)/losses on investments
1,024,076
Dividends, interest and rent from investments
(373,793)
Increase/(decrease) in creditors
(425)
Net cash provided by operating activities
373,793
1,329,449
(673,820)
59,129
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:
Dividends, interest and rents from investments
Proceeds from sale of investments
Purchase of investments
Cash movements within investment portfolio		 £ £
173,314
(1,081,630)
(128,712)
1,125
128,712
10,747,223
(9,961,639)
68,834		 2021
£
(1,013,981)
1,088,551		 (1,035,903)
983,131
74,570
134,891		 (52,772)
187,663
209,461 134,891

16

Joffe Charitable Trust CIO

Notes to the financial statements

For the year ended 31 December 2022

a) Statutory information

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.

The charitable company meets the definition of a public benefit entity under FRS 102.

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:

Irrecoverable VAT is charged as a cost against the activity for which the expenditure was incurred.

17

Joffe Charitable Trust CIO

Notes to the financial statements

For the year ended 31 December 2022

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.

k) 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.

l) 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.

m) 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.

18

Joffe Charitable Trust CIO

Notes to the financial statements

For the year ended 31 December 2022

Income from donations and legacies
Gifts
Grants		 2022
Total
£
267,095
75,001
342,096		 2021
Total
£
-
99,001
99,001

This figure includes a restricted grant of £267,095 from OSF for charitable activities linked to the Financial Integrity Platform and gift of £25,000 from Network for Social Change that was received by the Joffe Trust and passed on to Good jobs First. The prior year figure also includes a gift 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

Income from investments
Other income
Dividends from listed investments
Other		 2022
Total
£
373,793
373,793
2022
Total
£
-
-		 2021
Total
£
128,712
128,712
2021
Total
£
4,096
4,096

4 Other income

19

Joffe Charitable Trust CIO

Notes to the financial statements

For the year ended 31 December 2022

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 2022
Total expenditure 2021		 Raising
funds
£
-
-
88,552
-
-
-
-
88,552
-
-
88,552
78,157		 Charitable
activities
£
118,431
1,063,013
-
13,351
-
-
-
1,194,795
28,070
44,235
1,267,100
1,061,968		 Governance
costs
£
31,857
-
-
-
-
1,618
10,760
44,235
-
(44,235)
-
-		 Support
costs
£
-
-
-
-
25,100
-
2,970
28,070
(28,070)
-
-		 2022
Total
£
150,288
1,063,013
88,552
13,351
25,100
1,618
13,730
1,355,652
-
-
1,355,652		 2021
Total
£
104,387
911,645
78,157
20,843
13,686
576
10,831
1,140,125
-
-
1,140,125

20

Joffe Charitable Trust CIO

Notes to the financial statements

For the year ended 31 December 2022

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 2021		 Raising
funds
£
-
-
78,157
-
-
-
-
78,157
-
-
78,157		 Charitable
activities
£
78,290
911,645
-
20,843
-
-
-
1,010,778
15,436
35,754
1,061,968		 Governance
costs
£
26,097
-
-
-
-
576
9,081
35,754
-
(35,754)
-		 Support
costs
£
-
-
-
-
13,686
-
1,750
15,436
(15,436)
-
-		 2021
Total
£
104,387
911,645
78,157
20,843
13,686
576
10,831
1,140,125
-
-
1,140,125

21

Joffe Charitable Trust CIO

Notes to the financial statements

For the year ended 31 December 2022

Grants to institutions

Grants to institutions
Airwars
Alive and Kicking
Anti Tribalism Movement
Athena Foundation
Balanced Economy Project
British and Irish Agencies Afghanistan Group
Canon Collins Trust
Centre for International Corporate Tax Accountability and Research (via Tax Justice Network)
Centre for the Acceleration of Social Technology
Chayn CIC
Church Action for Tax Justice (via Ecumenical Council for Corporate Responsibility)
Coalition for Global Prosperity
Core Coalition
Death Penalty Project Charitable Trust
Debt Justice (formerly Jubilee Debt Campaign)
Down Syndrome International
Fair Tax Foundation
Finance Innovation Lab
Finance Uncovered
Foxglove Legal CIC
Global Legal Action Network
Good Ancestor
Good Jobs First *
Home-Start Worldwide
IJ Hub
Index on Censorship & The Foreign Policy Centre
Institute for Public Policy Research
Institute for Voluntary Action Research
Irise International CIO
King's College London
Korea Future
Labour Behind The Label Trust
Lawyers Against Poverty
Lotus Flower (via Prism)
Onward
Open Secrets
OpenDemocracy
People & Planet Student Activities
Prisoners of Conscience
Purpose Union Limited (for Kensignton Against Dirty Money)
Redress Trust
Grants sub-total
Cost		 2022
£
61,500
-
31,500
30,000
30,000
-
24,000
31,500
-
-
-
-
-
15,000
30,000
26,000
12,500
30,000
3,500
30,000
30,000
-
25,000
30,000
31,500
29,984
-
2,000
21,000
30,000
17,000
10,000
-
30,000
-
-
30,000
6,788
30,000
5,000
30,000		 2021
£
30,000
15,000
7,000
25,000
25,000
19,913
24,000
-
10,000
30,000
20,000
10,000
20,000
15,000
-
25,000
12,500
30,000
31,000
-
26,000
10,000
49,995
15,000
30,000
-
16,950
-
20,000
45,950
-
10,000
35,000
-
17,500
13,038
-
24,787
-
-
25,000
713,772 688,632

22

Joffe Charitable Trust CIO

Notes to the financial statements

For the year ended 31 December 2022

Sub-total from prior page
Rethinking Economics International
Royal United Services Institute for Defence and Security Studies
Spotlight on Corruption
T1International
Tax Justice Network
Tax Justice Network (for Centre for International Corporate Tax Accountability and Research)
Tax Justice UK
Tax Watch Limited
The B Team
The Bureau of Investigative Journalism
The Ecology Trust (for Unchecked)
The Liliesleaf Trust UK
The University of Oxford
The University of Sussex
Tiyeni
Trade Justice Movement
Transparency International
At the end of the year		 713,772
29,973
31,500
30,000
31,500
-
-
19,800
25,000
25,000
30,000
-
2,000
29,992
5,000
31,500
28,000
29,976		 688,632
25,000
-
5,000
-
10,000
25,000
30,000
25,000
25,000
-
20,000
-
-
-
-
28,037
29,976
1,063,013 911,645

At the end of the financial year a further £597,456 grants (2021: £583,240) had been committed in this or previous financial years but not yet paid out. Of these commitments, £465,456 (2021: £426,264) will be paid within one year and £132,000 (2021: £156,976) will be paid after one year.

The Royal United Services Institute for Defence and Security Studies £31,500 is restricted expenditure against the Financial Integrity Platform (FIP).

23

Joffe Charitable Trust CIO

Notes to the financial statements

For the year ended 31 December 2022

7 Net (expenditure) / income for the year

This is stated after charging / (crediting):

This is stated after charging / (crediting):
2022 2021
£ £
Auditor's remuneration (excluding VAT):
Audit 3,500 3,500
Under accrual for audit in prior year 1,050 -
Other services 2,200 1,750

8 Analysis of staff costs, trustee remuneration and expenses, and the cost of key management personnel

The Joffe Charitable Trust CIO employed four members of staff in the year. Staff costs were as follows:

The Joffe Charitable Trust CIO employed four members of staff in the year. Staff costs were as follows:
Employer’s contribution to defined contribution pension schemes
Other staff costs
Salaries and wages
Social security costs		 2022
£
128,287
9,646
12,354
-		 2021
£
89,180
9,768
4,062
1,377
150,288 104,387

One employee earned more than £60,000 during the period (2021: one).

The total employee benefits (including pension contributions and employer's national insurance) of the key management personnel were £90,268 (2021: £80,575).

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 £1,618 incurred by 8 members relating to attendance at meetings of the trustees (2021: £576 incurred by 5 members).

There were no donations made by the trustees within the period.

10 Related party transactions

Myles Wickstead, the chair of trustees until May 2022, was a visiting professor at King's College London. A Grant was made of £45,950 to King's College London in the year. Jameela Raymond is an employee at B Team, a grant payment of £25,000 was made to The B Team in the year.

Aggregate donations from related parties were £50,000 (2021: £74,000).

24

Joffe Charitable Trust CIO

Notes to the financial statements

For the year ended 31 December 2022

11 Taxation

The CIO is exempt from corporation tax as all its income is charitable and is applied for charitable purposes.

Listed investments
Fair value at the start of the year
Cash held by investment broker pending reinvestment
(Disposals) within portfolio
Net gain / (loss) on change in fair value
Fair value at the end of the year
Additions within portfolio		 2022
£
10,469,249
673,820
(1,329,448)
(1,024,076)		 2021
£
10,173,203
9,961,639
(10,747,223)
1,081,630
8,789,545
13,520		 10,469,249
72,650
8,803,065 10,541,899

13 Creditors: amounts falling due within one year

Creditors: amounts falling due within one year
Net current assets
Net assets at 31 December 2022
Analysis of net assets between funds (current year)
Investments
Accruals		 General
£
8,803,065
9,414		 2022
£
5,700		 2021
£
6,125
5,700 6,125

Restricted
£
-
194,347		 Total funds
£
8,803,065
203,761
8,812,479 194,347 9,006,826

14a Analysis of net assets between funds (current year)

25