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2024-12-31-accounts

Charity number: 1180520

Joffe Charitable Trust CIO

Report and financial statements For the year ended 31 December 2024

Joffe Charitable Trust CIO

Contents

For the year ended 31 December 2024

Reference and administrative information ...................................................................................... 1 Trustees’ annual report .................................................................................................................. 2 Independent auditor’s report ....................................................................................................... 10 Statement of financial activities .................................................................................................... 13 Balance sheet ............................................................................................................................... 14 Statement of cash flows ................................................................................................................ 15 Notes to the financial statements ................................................................................................. 16

Joffe Charitable Trust CIO

Reference and administrative information

For the year ended 31 December 2024

Charity number 1180520 Registered office 110 Golden Lane London EC1Y 0TG Trustees Trustees who served during the year and up to the date of this report were as follows: David Nussbaum Chair of Trustees Barbara Frost Deputy Chair of Trustees (to 15 Nov 2024) Frances Longley Nick Perks (to 27 Sept 2024) Ruth Taylor Abigail Deffee Jameela Raymond Staff Alex Jacobs Director Abigail Prabhakar Trust Manager George Pope Grants Manager (to Jan 2025) Michael Pitchford Grants Manager (maternity cover to Jan 2024) Lucy Malenczuk Illicit Finance Policy Coordinator (to Jan 2024) Bankers Lloyds Bank Co-operative 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 110 Golden Lane LONDON EC1Y 0TG

1

Joffe Charitable Trust CIO

Trustees’ annual report

For the year ended 31 December 2024

The trustees present their report and the audited financial statements for the year ended 31 December 2024.

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

Objects

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.

Our two focus areas are:

  1. We support work to strengthen integrity in the UK’s international financial systems.

  2. We support work to strengthen high potential non-profit organisations.

Our strategic objectives are that by the time the Joffe Trust closes by around 2030:

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: we have supported the sustainability and impact of a cohort of grantee partners who have shown they can make a real and lasting impact in the world.

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.

2

Joffe Charitable Trust CIO

Trustees’ annual report

For the year ended 31 December 2024

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.

Spending out

We are currently in the process of spending out all our resources. We expect to close the Trust around 2030. The trustees made this decision in 2020 for three main reasons:

During 2024, we continued to advance our plans for spending out. This has driven even more ambition and focus in our work. This is described below, particular in relation to our first Focus Area on financial integrity.

In our second Focus Area, we approved our final grants this year. After a careful process, we made core grants to a group of eight organisations we had previously funded. These ‘legacy grants’ will run over four years, and are larger than our previous grants in this area. They were designed to be a responsible exit from this area of work. Other than these, and the final instalments of a few other previous multi-year grants, we will make no further grants in this area, which is closed to new applications. For further details see:

https://joffetrust.org/eight-final-grants-in-focus-area-2/

We have joined an informal group of other grant-making trusts which are spending down, which has been a valuable source of advice and support.

Activities

During 2024, the trustees approved 22 new grants and 15 small development grants with a total value of £2,836k (2023: 20 grants totalling £1,274k).

3

Joffe Charitable Trust CIO

Trustees’ annual report

For the year ended 31 December 2024

In Focus Area 1, we approved 10 grants with a total value of £779k over multiple years (2023: 10 grants totalling £714k). In addition, we used specific funding we received to make grants of £319k to our core partners working in this field.

In Focus Area 2, we approved eight legacy grants with a total value of £1,600k over four years (2023: 7 grants totalling £460k). In addition, we made 15 small development grants of £2k each to organisations shortlisted for our legacy grants, as a contribution to their costs of preparing applications.

We approved four grants outside our Focus Areas for £108k (2023: 3 grants totalling £101k).

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 30 open grants, which can be summarised:

We have continued to convene events in Focus Area 1 where we believe they add value, with a particular emphasis on collective action. Our key events included:

In addition, during 2024 we developed plans for what became a successful multi-sector conference held in January 2025, on how to further accelerate progress in the UK’s fight against economic crime: https://joffetrust.org/conference-the-uks-fight-against-economic-crime/

We have continued to work with the recipients of our grants 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 and their illicit finance working group. They made further impressive progress during the year and also developed their next set of objectives for the period 2025 – 2029.

During the year, George Pope returned to her role as Grants Manager, after maternity leave. We said a grateful goodbye to her in January 2025, when the role sadly became redundant after the completion of work on the legacy grants in our Focus Area 2.

4

Joffe Charitable Trust CIO

Trustees’ annual report

For the year ended 31 December 2024

Performance

Feedback

As in previous years, we requested feedback from our grant recipients in their final reports to us. This year we received feedback in 13 reports. The feedback was similar to previous years and remains very positive. Grant recipients appreciated our relational approach, provision of core funding and our convening role. We recognise this process is not objective, but it is light touch for respondents. We have seen diminishing returns from previous feedback surveys and reviews on GrantAdvisor. We remain committed to continually improving how we work with others. We will increasingly focus on gathering ongoing, qualitative feedback from our partners, recognising that the breadth and number of our funding partnerships are diminishing as we move to spend out.

Our previous feedback reports are available at: https://joffetrust.org/annual-reports/.

Grant assessments

We review and rate all the reports we receive from grant recipients as well as the overall performance of our grants. We aim to provide substantial comments back to grantees within one month, which we achieved for all of the 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:

Midgrant assessment 2024 2023
Green 19(83%) 19(76%)
Amber 4(17%) 6(24%)
Red 0 0
Total 23 25
Finalgrant assessment 2024 2023
5 – highest 2(8%) 6(24%)
4 16(62%) 4(16%)
3 7(27%) 13(52%)
2 1(4%) 2(8%)
1 - lowest 0 0
Total 26 25

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.

5

Joffe Charitable Trust CIO

Trustees’ annual report

For the year ended 31 December 2024

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

Grantee diversity

Of the 20 organisations that we funded in 2024:

Overall, the figures for 2024 are similar to previous years, particularly given that we are reporting on a small data set. On the basis of these figures, we believe our grants continue to be 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, in dialogue with partners and stakeholders.

Plans for the year ahead

During 2025, the Joffe Trust will continue to pursue our two objectives, set out above.

In Focus Area 1, we will proactively continue our four main activities: making grants & supporting grantees; convening civil society; convening donors; convening across sectors. We believe these enable us to make the most progress towards our objective that 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. This work is more important than ever in the UK and internationally.

In Focus Area 2, we will pay the annual instalments of grants approved in previous years, including the eight legacy grants. We will not make any new grants under this focus area.

Our budget for 2025 anticipates our total assets falling to around £7.2m by the end of the year. This may vary due to uncertain investment returns. The reduction is a further step on our journey to spend down.

6

Joffe Charitable Trust CIO

Trustees’ annual report

For the year ended 31 December 2024

We will continue to 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

Our policy is to hold c.£3m of our investments in cash-related holdings which generate a reliable return at a lower level of risk. Almost all of the balance of our assets have been invested in Cazenove’s Sustainable Growth Fund (during 2024) and Sustainable Balanced Fund (during 2025), 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.

7

Joffe Charitable Trust CIO

Trustees’ annual report

For the year ended 31 December 2024

The charity's total funds at the year-end were £7,364,561. The charity's principal sources of income were the return on its investments and some specific funding received from other funders. The grants paid out to support charitable causes amounted to £1,340,681. At the end of the financial year a further £2,268k of grants had been committed in this or previous financial years but not yet paid out. Of these commitments, £857k are due to be paid within one year and £1,411k are due to be paid after more than one year from the balance sheet date.

We have continued to spend our capital over the year, as another step towards our planned closure. Our total assets reduced over the year from £8.1m to £7.4m. We currently envisage that we will maintain our operations through to around 2030. Returns on investments may vary. We have not yet set a precise date for closure.

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 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 disclosed in these accounts.

Trustee induction and training

No new trustees joined the board during 2024. When trustees join, they are provided with an induction into their responsibilities and the Trust’s operations and governance. 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:

8

Joffe Charitable Trust CIO

Trustees’ annual report

For the year ended 31 December 2024

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 6 June 2025 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 2024 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:

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:

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.

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.

16 June 2025 Sayer Vincent LLP, Statutory Auditor 110 Golden Lane, LONDON, EC1Y 0TG

Sayer Vincent LLP is eligible to act as auditor in terms of section 1212 of the Companies Act 2006

12

Joffe Charitable Trust CIO

Statement of financial activities

For the year ended 31 December 2024

For the year ended 31 December 2024
Note
Income from:
2
3
4a
4a
Reconciliation of funds:
Net income / (expenditure) for the year
Donations and legacies
Expenditure on:
Other income
Investments
Total income
Total expenditure
Total funds carried forward
Charitable activities
Raising funds
Transfers between funds
Net movement in funds
Total funds brought forward
Net gains/(losses) on investments
Net income / (expenditure) before net gains
/ (losses) on investments		 Unrestricted
£
100,240
183,771
-		 Restricted
£
311,477
-
-		 2024
Total
£
411,717
183,771
-		 Unrestricted
£
61,000
212,293
86		 2023
Restricted
Total
£
£
37,500
98,500
-
212,293
-
86
284,011 311,477 595,488 273,379 37,500
310,879
49,608
1,074,717		 -
542,066		 49,608
1,616,783		 76,721
1,309,457		 -
76,721
151,641
1,461,098
1,124,325 542,066 1,666,391 1,386,178 151,641
1,537,819
(840,314)
333,209		 (230,589)
-		 (1,070,903)
333,209		 (1,112,799)
322,369		 (114,141)
(1,226,940)
-
322,369
(507,105)
(115,952)		 (230,589)
115,952		 (737,694)
-		 (790,430)
-		 (114,141)
(904,571)
-
-
(623,057)
7,987,618		 (114,637)
114,637		 (737,694)
8,102,255		 (790,430)
8,778,048		 (114,141)
(904,571)
228,778
9,006,826
7,364,561 - 7,364,561 7,987,618 114,637
8,102,255

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

13

Joffe Charitable Trust CIO

Balance sheet

As at 31 December 2024

As at 31 December 2024
Note
Fixed assets:
10
Current assets:
11
Current liabilities:
12
Restricted funds
Total funds
Creditors: amounts falling due within one year
Total charity funds
Total net assets
Net current assets
The funds of the charity:
Investments
Cash at bank and in hand
Debtors
Unrestricted funds		 £
£
7,278,306
7,278,306
-
93,203
93,203
(6,948)
86,255
7,364,561
-
7,364,561
7,364,561
7,364,561
2024		 £
£
7,886,006
7,886,006
7,500
214,849
222,349
(6,100)
216,249
8,102,255
114,637
7,987,618
8,102,255
8,102,255
2023
7,278,306
86,255		 7,886,006
216,249
93,203
(6,948)		 222,349
(6,100)
-
7,364,561		 114,637
7,987,618
7,364,561 8,102,255
7,364,561 8,102,255
7,364,561 8,102,255

Approved by the trustees on 6 June 2025 and signed on their behalf by

David Nussbaum Chair of Trustees

14

Joffe Charitable Trust CIO

Statement of financial activities

For the year ended 31 December 2024

For the year ended 31 December 2024 For the year ended 31 December 2024
2024
Note
£
Cash flows from operating activities
Net income / expenditure for the reporting period
(737,694)
(Gains)/losses on investments
(333,209)
Dividends, interest and rent from investments
(183,771)
(Increase)/decrease in debtors
7,500
Increase/(decrease) in creditors
848
Net cash provided by operating activities
183,771
1,268,001
(3,271,588)
2,944,496
Cash movements within investment portfolio
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		 2023
£
£
£
(904,571)
(322,369)
(212,293)
(7,500)
400
(1,246,326)
(1,446,333)
212,293
5,334,946
(960,725)
(3,134,793)
1,124,680
1,451,721
(121,646)
5,388
214,849
209,461
93,203
214,849

15

Joffe Charitable Trust CIO

Notes to the financial statements

For the year ended 31 December 2024

The registered office address is 110 Golden Lane, London, EC1Y 0TG.

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.

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.

16

Joffe Charitable Trust CIO

Notes to the financial statements

For the year ended 31 December 2024

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.

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.

17

Joffe Charitable Trust CIO

Notes to the financial statements

For the year ended 31 December 2024

2 Income from donations and legacies

Gifts
Grants
Legacies		 2024
2023
Total
Total
£
£
311,477
-
240
98,500
100,000
-
411,717
98,500

Grant figure includes restricted grant funding totalling £311,477 that was received from Open Societies Foundations.

Prior year gifts figure includes restricted donations totalling £37,500 (including gift aid) that were received from two individuals in May 2023. These donations were restricted to the Financial Integrity Platform.

We are very grateful to Vanetta Joffe for her unrestricted legacy of £100,000 to the Trust. Prior year Vanetta Joffe gave unrestricted donation of £61,000 to the Trust.

3 Income from investments

Dividends from listed investments Total
Total
£
£
183,771
212,293
183,771
212,293

18

Joffe Charitable Trust CIO

Notes to the financial statements

For the year ended 31 December 2024

4a Analysis of expenditure (current year)

Staff costs (Note 7)
Grants to institutions (Note 5)
Investment management costs
Events
Sundries
Trustee expenses
Consultancy
Professional services
Support costs
Governance costs
Total expenditure 2024
Total expenditure 2023		 Raising
funds
£
-
-
49,608
-
-
-
-
-
49,608
-
-
49,608
76,721		 Charitable
activities
£
124,310
1,340,681
-
6,675
-
-
73,860
764
1,546,290
20,818
49,675
1,616,783
1,461,098		 Governance
costs
£
34,946
-
-
-
9,485
976
-
4,268
49,675
-
(49,675)
-
-		 Support
costs
£
-
-
-
-
14,695
-
-
6,123
20,818
(20,818)
-
-		 2024
Total
2023
Total
£
£
159,256
210,025
1,340,681
1,100,811
49,608
76,721
6,675
98,551
24,180
18,376
976
205
73,860
-
11,155
33,130
1,666,391
1,537,819
-
-
1,666,391
1,537,819

19

Joffe Charitable Trust CIO

Notes to the financial statements

For the year ended 31 December 2024

4b Analysis of expenditure (prior year)

Staff costs (Note 7)
Grants to institutions (Note 5)
Investment management costs
Events
Sundries
Trustee expenses
Professional services
Support costs
Governance costs
Total expenditure 2023		 Raising
funds
£
76,721
-
-
-
76,721
-
-
76,721		 Charitable
activities
£
171,558
1,100,811
-
98,551
-
-
20,195
1,391,115
26,861
43,122
1,461,098		 Governance
costs
£
38,467
-
-
-
205
4,450
43,122
-
(43,122)
-		 Support
costs
£
-
-
-
-
18,376
-
8,485
26,861
(26,861)
-		 2023
Total
£
210,025
1,100,811
76,721
98,551
18,376
205
33,130
1,537,819
-
-
1,537,819

20

Joffe Charitable Trust CIO

Notes to the financial statements

For the year ended 31 December 2024

Grants to institutions

Airwars
Athena Foundation
Balanced Economy Project
Birkbeck College, University of London
Canon Collins Trust
Centre for International Corporate Tax Accountability and Research (via Tax Justice Network)
Centre for the Acceleration of Social Technology
Debt Justice (formerly Jubilee Debt Campaign)
Down Syndrome International
Equal Education Law Centre
Face Equality International
Finance Innovation Lab
Finance Uncovered
Foxglove Legal CIC
FPC Think Tank LTD
Global Impact (for Open Ownership)
Global Legal Action Network
Global Public Investment Network (via ITPC)
Health Justice Initiative
Home-Start Worldwide
IJ Hub
Institute for Public Policy
Institute for Voluntary Action Research
Institute of Business Ethics
International Lawyers Project
Irise International CIO
Korea Future
London Mining Network
Lotus Flower (via Prism)
Nottingham Trent University
Omega Research Foundation
Protect (Whistleblowing Advice) Ltd
Grants sub-total
Cost		 2024
2023
£
£
2,000
30,000
112,295
50,000
-
33,000
-
35,000
30,302
30,302
2,000
-
-
10,500
2,000
33,000
2,000
-
4,995
4,700
30,000
30,000
33,333
33,000
2,000
-
35,000
33,000
35,000
-
-
30,000
-
33,000
33,000
31,500
35,000
35,000
-
33,000
2,000
33,000
4,750
-
1,000
-
20,000
33,750
35,000
-
2,000
22,000
2,000
18,700
35,000
35,000
-
33,000
-
4,903
2,000
-
25,000
25,000
487,675
690,355

21

Joffe Charitable Trust CIO

Notes to the financial statements

For the year ended 31 December 2024

Sub-total from prior page
Rights and Accountablity in Development
Royal United Services Institute for Defence and Security Studies
Size of Wales
Spotlight on Corruption
StopAids
T1International
Tax Justice UK
Tax Watch Limited
The Anti Tribalism Movement
The Bureau of Investigative Journalism
The Ferret Media Limited
The Liliesleaf Trust UK
The Redress Trust Limited
The University of Sussex
The Writers and Scholars Educational Trust
Tiyeni
Trade Justice Movement
Transparency International UK (UKACC)
Transparency International UK
University of the Free State
Rethinking Economics International
Whistleblowing International Network
At the end of the year		 487,675
2,000
2,000
112,295
25,000
107,295
-
35,000
35,000
35,000
-
33,000
35,000
102,185
35,000
23,000
-
-
2,000
112,295
119,936
-
37,000		 690,355
-
-
50,000
-
45,000
25,000
-
-
-
33,000
33,000
-
-
-
5,500
32,982
33,000
-
50,000
62,974
5,000
35,000
1,340,681 1,100,811

At the end of the financial year a further £2,267,969 grants (2023: £822,604) had been conditionally committed in this or previous financial years but not yet paid out. Of these commitments, £856,635 (2023: £587,302) will be paid within one year and £1,411,334 (2023: £235,302) will be paid after one year.

22

Joffe Charitable Trust CIO

Notes to the financial statements

For the year ended 31 December 2024

6 Net (expenditure) / income for the year

This is stated after charging / (crediting):

This is stated after charging / (crediting):
2024 2023
£ £
Auditor's remuneration (excluding VAT):
Audit 3,940 3,750
Other services 1,850 2,350

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

The Joffe Trust employed an average of 3 members of staff in the period. Staff costs were as follows:

Salaries and wages
Social security costs
Employer’s contribution to defined contribution pension schemes		 2024
2023
£
£
130,626
175,908
14,930
14,331
13,699
19,786
159,256
210,025

One employee earned between £70,000 to £79,999 during the period (2023: one employee between £60,000 to £69,999).

The total employee benefits (including pension contributions and employer's national insurance) of the key management personnel were £94,034 (2023: £92,443).

8 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 £976 incurred by 3 members relating to attendance at meetings of the trustees (2023: £205 incurred by 2 members).

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

23

Joffe Charitable Trust CIO

Notes to the financial statements

For the year ended 31 December 2024

9 Taxation

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

10 Listed investments

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
Fair value at the start of the year		 2024
2023
£
£
4,737,694
8,789,545
3,271,588
960,725
(1,268,000)
(5,334,945)
333,209
322,369
7,074,491
4,737,694
203,815
3,148,312
7,278,306
7,886,006

In January 2024 £3 million from the investment portfolio held as at 31 December 2023 has been liquidated to cash-related products.

11 Debtors

11
Debtors
12
13a
13b
Creditors: amounts falling due within one year
Accruals
Accrued income
Net assets at 31 December 2023
Investments
Net current assets/(liabilities)
Analysis of net assets between funds (prior year)
Net current assets
Net assets at 31 December 2024
Analysis of net assets between funds (current year)
Investments		 General
£
7,278,306
86,255		 2024
£
-		 2023
£
7,500
- 7,500
2024
£
6,948		 2023
£
6,100
6,948 6,100
Restricted
£
-
-		 Total funds
£
7,278,306
86,255
7,364,561 - 7,364,561
General
£
7,886,006
101,612		 Restricted
£
-
114,637		 Total funds
£
7,886,006
216,249
7,987,618 114,637 8,102,255

24

Joffe Charitable Trust CIO

Notes to the financial statements

For the year ended 31 December 2024

For the year ended 31 December 2024
14a
Total restricted funds
Total funds
14b
Total restricted funds
Financial Integrity Programme
General funds:
Total unrestricted funds
Movements in funds (prior year)
Restricted funds:
Total funds
Unrestricted funds:
General funds
Total unrestricted funds
Movements in funds (current year)
Restricted funds:
Financial Integrity Programme
Open Societies Foundations
Unrestricted funds:		 At 1 January
2024
£
114,637
-		 Income & gains
£
-
311,477		 Expenditure &
losses
£
(230,589)
(311,477)
Transfers
£
115,952
-		 At 31
December
2024
£
-
-
114,637 311,477 (542,066) 115,952 -
7,987,618 617,220 (1,124,325) (115,952) 7,364,561
7,987,618 617,220 (1,124,325) (115,952) 7,364,561
8,102,255 928,697 (1,666,391) - 7,364,561
At 1 January
2023
£
228,778		 Income & gains
£
37,500		 Expenditure &
losses
Restated
£
(151,641)
Transfers
£
-		 At 31
December
2023
£
114,637
228,778 37,500 (151,641) - 114,637
8,778,048 595,748 (1,386,178) - 7,987,618
8,778,048 595,748 (1,386,178) - 7,987,618
9,006,826 633,248 (1,537,819) - 8,102,255

Purposes of restricted funds

Financial Integrity Programme is a restricted project that JCT CIO is co-funding with Open Society Foundations (OSF). The purpose of this restricted project is to accelerate work to strengthen integrity in the UK's financial systems. The cost are funded 50% by OSF and 50% by JCT. Project started in July 2022 until Dec 2024 - this was extended to March 2025.

25