Transaction Ref. JB2X-BXMR-KW8H 28 Jan 2022 01:13:48 GMT (UTC +0) D 1/1 P 1/15
**Charity number: 1184952**
## **THE MARJORIE JAYE CHARITABLE FOUNDATION**
## **UNAUDITED**
**TRUSTEES' REPORT AND FINANCIAL STATEMENTS**
**FOR THE YEAR ENDED 31 MARCH 2021**
Transaction Ref. JB2X-BXMR-KW8H 28 Jan 2022 01:13:49 GMT (UTC +0) D 1/1 P 2/15
## **THE MARJORIE JAYE CHARITABLE FOUNDATION**
## **CONTENTS**
||Page|
|---|---|
|**Reference and Administrative Details of the Charity, its Trustees and Advisers**|1|
|**Trustees' Report**|2 - 3|
|**Independent Examiner's Report**|4|
|**Statement of Financial Activities**|5|
|**Balance Sheet**|6|
|**Notes to the Financial Statements**|7 - 13|
Transaction Ref. JB2X-BXMR-KW8H 28 Jan 2022 01:13:49 GMT (UTC +0) D 1/1 P 3/15
## **THE MARJORIE JAYE CHARITABLE FOUNDATION**
## **REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 MARCH 2021**
**Trustees** S C Jaye, Chair A G Jaye C C Jensen
**Charity registered number** 1184952 **Principal office** Stanyards Chertsey Road Chobham Woking GU24 8JE **Accountants** James Cowper Kreston Chartered Accountants Reading Bridge House George Street Reading RG1 8LS
Page 1
Transaction Ref. JB2X-BXMR-KW8H 28 Jan 2022 01:13:50 GMT (UTC +0) D 1/1 P 4/15
## **THE MARJORIE JAYE CHARITABLE FOUNDATION**
## **TRUSTEES' REPORT FOR THE YEAR ENDED 31 MARCH 2021**
The Trustees present their annual report together with the audited financial statements of the Charitable Incorporated Organisation (CIO) for the year ended 31 March 2021.
## **Objectives and activities**
The objectives of the CIO are for the public benefit to pay or apply the income and the whole or part of the capital for such exclusively charitable objects as the trustees from time to time in their absolute discretion determine.
The trustees confirm that they have referred to the Charity Commission’s guidance on public benefit when reviewing the Trust’s aims and objectives, in planning future activities, and setting policy for the year.
## **Structure, governance and management**
## **Constitution**
The structure, governance and management are controlled through the CIO Constitution, last amended 9th August 2019.
## **Methods of appointment or election of Trustees**
The management of the Charity is the responsibility of the Trustees who are elected and co-opted under the terms of the Trust deed.
## **Key management personnel remuneration**
All trustees have continued to offer their time free and no remuneration has been made to any of them
## **Financial review**
Total income for the period was £64,177 (2020: £5,033,444). Total expenditure for the period was £29,872 (2020: £15,806). The excess income over expenditure was £34,305 (2020: £5,017,638). Net losses on investment for the period was £652,563 (2020: £511,404).
## **Review of our achievements and performance**
The CIO has not carried out any activities to date and all funds remain invested with Smith & Williamson LLP, which has continued to manage the capital in a low risk manner.
## **Investment policy and performance**
All CIO funds continue to be managed by Smith & Williamson LLP with a low risk investment strategy. Performance was in line with national averages up to 31st March 2021.
## **Risk Management**
Current CIO fund position is monitored weekly, with necessary actions taken to protect and grow the fund.
## **Reserves Policy**
It is the intention of the CIO to only apply the share of the fund that exceeds the original £5M deposit, such that the fund is able to grow year on year and continue to provide a source of funds for applying to chosen charitable causes.
## **Plans for the future**
It is intended to start applying the funds that exceed £5M into the charitable areas of palliative care, elderly care and children based charities.
## **Going concern**
After making appropriate enquiries, the Trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the accounting policies.
## **Statement of Trustees' responsibilities**
The Trustees are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
Page 2
Transaction Ref. JB2X-BXMR-KW8H 28 Jan 2022 01:13:50 GMT (UTC +0) D 1/1 P 5/15
## **THE MARJORIE JAYE CHARITABLE FOUNDATION**
## **TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021**
Approved by order of the members of the board of Trustees and signed on their behalf by:
Stephen Jaye 28 Jan 2022 01:13:46 GMT (UTC +0) ................................................ **S C Jaye** Chair of Trustees
Date: 28 January 2022
Page 3
Transaction Ref. JB2X-BXMR-KW8H 28 Jan 2022 01:13:51 GMT (UTC +0) D 1/1 P 6/15
## **THE MARJORIE JAYE CHARITABLE FOUNDATION**
## **INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 MARCH 2021**
## **Independent Examiner's Report to the Trustees of The Marjorie Jaye Charitable Foundation ('the Charity')**
I report to the charity Trustees on my examination of the accounts of the Charity for the year ended 31 March 2021.
## **Responsibilities and Basis of Report**
As the Trustees of the Charity you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the 2011 Act').
I report in respect of my examination of the Charity's accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
## **Independent Examiner's Statement**
Your attention is drawn to the fact that the Charity has prepared the accounts 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) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has been withdrawn.
I understand that this has been done in order for the accounts to provide a true and fair view in accordance with the Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015.
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
1. accounting records were not kept in respect of the Charity as required by section 130 of the 2011 Act; or
2. the accounts do not accord with those records; or
3. the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a 'true and fair' view which is not a matter considered as part of an independent examination.
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
This report is made solely to the Charity's Trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. My work has been undertaken so that I might state to the Charity's Trustees those matters I am required to state to them in an Independent Examiner's Report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the Charity and the Charity's Trustees as a body, for my work or for this report.
Signed: Dated: Alexander Peal BSc(Hons) FCA DChA
## **James Cowper Kreston**
Chartered Accountants
Page 4
Transaction Ref. JB2X-BXMR-KW8H 28 Jan 2022 01:13:51 GMT (UTC +0) D 1/1 P 7/15
## **THE MARJORIE JAYE CHARITABLE FOUNDATION**
## **STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2021**
|**Note**
**Income from:**
Donations and legacies
2
Investments
3
**Total income**
**Expenditure on:**
Charitable activities
4
**Total expenditure**
**Net income before net gains/(losses) on**
**investments**
Net gains/(losses) on investments
7
**Net movement in funds**
**Reconciliation of funds:**
Total funds brought forward
Net movement in funds
**Total funds carried forward**|**Unrestricted**
**funds**
**2021**
**£**
**1,189**
**62,988**
**64,177**
**29,872**
**29,872**
**34,305**
**652,563**
**686,868**
**4,506,234**
**686,868**
**5,193,102**|**Total**
**funds**
**2021**
**£**
**1,189**
**62,988**
**64,177**
**29,872**
**29,872**
**34,305**
**652,563**
**686,868**
**4,506,234**
**686,868**
**5,193,102**|Total
funds
2020
£
5,000,000
33,444
5,033,444
15,806
15,806
5,017,638
(511,404)
4,506,234
-
4,506,234
4,506,234|
|---|---|---|---|
The Statement of Financial Activities includes all gains and losses recognised in the year.
The notes on pages 7 to 13 form part of these financial statements.
Page 5
Transaction Ref. JB2X-BXMR-KW8H 28 Jan 2022 01:13:52 GMT (UTC +0) D 1/1 P 8/15
## **THE MARJORIE JAYE CHARITABLE FOUNDATION**
## **BALANCE SHEET AS AT 31 MARCH 2021**
|**Note**
**Fixed assets**
Investments
7
**Current assets**
Debtors
8
Cash at bank and in hand
**Current liabilities**
Creditors: amounts falling due within one
year
9
**Net current assets**
**Total assets less current liabilities**
**Total net assets**
**Charity funds**
Unrestricted funds
10
**Total funds**|**-**
**267,503**
**267,503**
**(10,000)**|**2021**
**£**
**4,935,599**
**4,935,599**
**257,503**
**5,193,102**
**5,193,102**
**5,193,102**
**5,193,102**|400,000
208,313
608,313
(6,000)|2020
£
3,903,921|
|---|---|---|---|---|
|||||3,903,921
602,313|
|||||4,506,234|
|||||4,506,234|
|||||4,506,234|
|||||4,506,234|
The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:
Stephen Jaye 28 Jan 2022 01:13:46 GMT (UTC +0)
................................................
## **S C Jaye**
Chair of Trustees
## Date: 28 January 2022
The notes on pages 7 to 13 form part of these financial statements.
Page 6
Transaction Ref. JB2X-BXMR-KW8H 28 Jan 2022 01:13:52 GMT (UTC +0) D 1/1 P 9/15
## **THE MARJORIE JAYE CHARITABLE FOUNDATION**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021**
## **1. Accounting policies**
## **1.1 Basis of preparation of financial statements**
The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - 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 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.
The financial statements have been prepared to give a 'true and fair' view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a 'true and fair' view. This departure has involved following the Charities SORP (FRS 102) published in October 2019 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.
The Marjorie Jaye Charitable Foundation meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.
## **1.2 Income**
All income is recognised once the Charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.
Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable.
Other income is recognised in the period in which it is receivable and to the extent the goods have been provided or on completion of the service.
## **1.3 Expenditure**
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use.
Expenditure on charitable activities is incurred on directly undertaking the activities which further the Charity's objectives, as well as any associated support costs.
All expenditure is inclusive of irrecoverable VAT.
## **1.4 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 institution with whom the funds are deposited.
Page 7
Transaction Ref. JB2X-BXMR-KW8H 28 Jan 2022 01:13:52 GMT (UTC +0) D 1/1 P 10/15
## **THE MARJORIE JAYE CHARITABLE FOUNDATION**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021**
## **1. Accounting policies (continued)**
## **1.5 Investments**
Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the Balance Sheet date, unless the value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as ‘Gains/(Losses) on investments’ in the Statement of Financial Activities.
## **1.6 Debtors**
Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.
## **1.7 Cash at bank and in hand**
Cash at bank and 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.
## **1.8 Liabilities and provisions**
Liabilities are recognised when there is an obligation at the Balance Sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.
Liabilities are recognised at the amount that the Charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.
Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Statement of Financial Activities as a finance cost.
## **1.9 Financial instruments**
The Charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.
## **1.10 Fund accounting**
General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Charity and which have not been designated for other purposes.
Investment income, gains and losses are allocated to the appropriate fund.
Page 8
Transaction Ref. JB2X-BXMR-KW8H 28 Jan 2022 01:13:53 GMT (UTC +0) D 1/1 P 11/15
## **THE MARJORIE JAYE CHARITABLE FOUNDATION**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021**
## **2. Income from donations and legacies**
|**Unrestricted**
**funds**
**2021**
**£**
Donations
1,189
Total 2020
5,000,000|**Total**
**funds**
**2021**
**£**
**1,189**
5,000,000|Total
funds
2020
£
5,000,000|
|---|---|---|
||||
## **3. Investment income**
|**Unrestricted**
**funds**
**2021**
**£**
Investment income
-
Dividends
51,479
Interest income
11,509
62,988
Total 2020
33,444
**Analysis of expenditure by activities**
**Support**
**costs**
**2021**
**£**
Charitable activities
29,872
Total 2020
15,806|**Total**
**funds**
**2021**
**£**
**-**
**51,479**
**11,509**
**62,988**
33,444
**Total**
**funds**
**2021**
**£**
**29,872**
15,806|Total
funds
2020
£
4,416
27,371
1,657
33,444|
|---|---|---|
|||Total
funds
2020
£
15,806|
||||
**4. Analysis of expenditure by activities**
Page 9
Transaction Ref. JB2X-BXMR-KW8H 28 Jan 2022 01:13:53 GMT (UTC +0) D 1/1 P 12/15
## **THE MARJORIE JAYE CHARITABLE FOUNDATION**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021**
## **4. Analysis of expenditure by activities (continued)**
## **Analysis of support costs**
|Investment management fees
Governance costs
**Independent examiner's remuneration**
Fees payable to the Charity's independent examiner for the independent
examination of the Charity's annual accounts|**Total**
**funds**
**2021**
**£**
**25,872**
**4,000**
**29,872**
**2021**
**£**
**2,500**|Total
funds
2020
£
9,806
6,000
15,806|
|---|---|---|
|||2020
£
6,000|
## **5. Independent examiner's remuneration**
## **6. Trustees' remuneration and expenses**
During the year, no Trustees received any remuneration or other benefits (2020 - £NIL).
During the year ended 31 March 2021, no Trustee expenses have been incurred (2020 - £NIL).
Page 10
Transaction Ref. JB2X-BXMR-KW8H 28 Jan 2022 01:13:54 GMT (UTC +0) D 1/1 P 13/15
## **THE MARJORIE JAYE CHARITABLE FOUNDATION**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021**
## **7. Fixed asset investments**
|**Cost or valuation**
At 1 April 2020
Additions
Disposals
Revaluations
At 31 March 2021
**Net book value**
At 31 March 2021
At 31 March 2020
**8.**
**Debtors**
Other debtors
**9.**
**Creditors: Amounts falling due within one year**
Accruals|**2021**
**£**
**-**
**2021**
**£**
**10,000**|**Listed**
**investments**
**£**
**3,903,921**
**2,938,166**
**(2,559,051)**
**652,563**
**4,935,599**
**4,935,599**
3,903,921
2020
£
400,000
2020
£
6,000|
|---|---|---|
Page 11
Transaction Ref. JB2X-BXMR-KW8H 28 Jan 2022 01:13:54 GMT (UTC +0) D 1/1 P 14/15
## **THE MARJORIE JAYE CHARITABLE FOUNDATION**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021**
## **10. Statement of funds**
## **Statement of funds - current year**
||||||**Balance at**|
|---|---|---|---|---|---|
||**Balance at 1**|||**Gains/**|**31 March**|
||**April 2020**|**Income**|**Expenditure**|**(Losses)**|**2021**|
||**£**|**£**|**£**|**£**|**£**|
|**Unrestricted funds**||||||
|General Funds|**4,506,234**|**64,177**|**(29,872)**|**652,563**|**5,193,102**|
|||||||
|**Statement of funds - prior year**||||||
||||||Balance at|
|||||Gains/|31 March|
|||Income|Expenditure|(Losses)|2020|
|||£|£|£|£|
|**Unrestricted funds**||||||
|General Funds||5,033,444|(15,806)|(511,404)|4,506,234|
## **11. Summary of funds**
## **Summary of funds - current year**
|General funds|**Balance at 1**
**April 2020**
**£**
**4,506,234**|**Income**
**£**
**64,177**
Income
£
5,033,444|**Expenditure**
**£**
**(29,872)**
Expenditure
£
(15,806)|**Gains/**
**(Losses)**
**£**
**652,563**
Gains/
(Losses)
£
(511,404)|**Balance at**
**31 March**
**2021**
**£**
**5,193,102**|
|---|---|---|---|---|---|
||||||Balance at
31 March
2020
£
4,506,234|
|**Summary of funds - prior year**||||||
|General funds||||||
Page 12
Transaction Ref. JB2X-BXMR-KW8H 28 Jan 2022 01:13:55 GMT (UTC +0) D 1/1 P 15/15
## **THE MARJORIE JAYE CHARITABLE FOUNDATION**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021**
## **12. Analysis of net assets between funds**
## **Analysis of net assets between funds - current year**
|**Unrestricted**
**funds**
**2021**
**£**
Fixed asset investments
4,935,599
Current assets
267,503
Creditors due within one year
(10,000)
**Total**
5,193,102|**Total**
**funds**
**2021**
**£**
**4,935,599**
**267,503**
**(10,000)**
**5,193,102**|
|---|---|
## **Analysis of net assets between funds - prior year**
|Fixed asset investments
Current assets
Creditors due within one year
**Total**|Unrestricted
funds
2020
£
3,903,921
608,313
(6,000)
4,506,234|Total
funds
2020
£
3,903,921
608,313
(6,000)
4,506,234|
|---|---|---|
Page 13