Jigsaw Network CIO
Charity number 1186409
Trustees’ Report
And
Financial Statements
For the period ended 31 December 2020
Jigsaw Network CIO
| Contents | Page |
|---|---|
| Legal and administrative information | 1 |
| Trustees’ report | 2 - 3 |
| Independent examiner’s report | 4 |
| Statement of financial activities | 5 |
| Balance sheet | 6 |
| Notes to the financial statements | 7 -8 |
Page 1
Jigsaw Network CIO
Legal and administrative information
Trustees
Debra Blair appointed 17 November 2019 Neil Blair appointed 17 November 2019 Neil Schiff appointed 17 November 2019
Registered Office
23 Wykeham Road Hendon London NW4 2TB
Details of Incorporation
The Charity was registered with the Charity Commission on 18 November 2019 as a Charitable Incorporated Organisation with reference number 1186409. It is governed by its Constitution adopted on 17 November 2019
Bankers
Santander Bank, 164-167 Tottenham Court Road, London, W1T 7JE
Independent Examiner
Claire Wills FCA DChA Saffrey Champness LLP, 71 Queen Victoria Street, London EC4V 4BE
Page 2
Jigsaw Network CIO
Trustees’ Report for the period ended 31 December 2020
The Trustees, submit this first report and financial statements of Jigsaw Network CIO (the Charity) for the period 18 November 2019 to 31 December 2020.
Structure, Governance and Finance
The Charity was registered on 18 November 2019 as a charitable incorporated organisation.
The trustees who served during the year were Debra Blair, Neil Blair and Neil Schiff. None of the trustees has any beneficial interest in the Charity.
The management of the Charity is the responsibility of the trustees who are elected and co-opted under the terms of its constitution. The number of trustees shall not be subject to any maximum but shall not be less than two. The appointment and training of a new trustee is subject to the oversight of current trustees.
There are no specific restrictions imposed by the governing document concerning the way the Charity can operate.
Charity’s Objectives and Activities
The Charity was established to make grants and support activities and programmes that relieve poverty; advance the education and welfare of children; support citizenship and community development; promote the understanding of religion and racial harmony; all for the public benefit both in UK and the world. The trustees actively search for opportunities to make grants, support new and existing projects and consider solicitations made to them. Grant opportunities are reviewed in periodic trustee meetings.
Achievements and Performance
The Charity made contact with a number of like-minded organisations to facilitate grants, in its initial period of operation, and in the period under review the trustees awarded 46 grants of £93,084. The Trustees
Financial Review
During the period under review the Charity generated income from donations of £100,000 and made grants in support of its objectives of £93,084 and after expenses generated a year end surplus of £5,116. Its free reserves at 31 December 2020 were £5,116.
Fundraising
The Charity does not engage in large scale fund-raising activities like mass mailings, telephone fund-raising or door-to-door campaigns. The Charity does not employ a professional fundraiser nor engage the services of any third-party organisations to help raise funds. To this end, the trustees have not considered it necessary to sign up to any regulatory code of fundraising practice but aims to ensure that fundraising is done professionally and in accordance with good practice. Jigsaw Network has not received any complaints about any aspect of its fund-raising during 2020.
Key Risks and Uncertainties
The trustees have assessed that there are no major risks to which the Charity is exposed, and are satisfied that systems are in place to mitigate exposure to potential risks. A risk assessment is considered by the Trustees once per year
Page 3 Jlgsaw Network CIO I'ruqiees, Report {continued) Publlc Benefit The trustees acknowledge the duly in Section 4 of the Charitie5 Act 2011 to have du¢ r¢gard tt) the Charity CoTnmission's published general and relevani sub-sector guidance on public benefit. Ail activities undertaken by thc Charity are for the public beneflt and the Trusttts pro¢¢ss for r¢vi¢wing grant applications for support reflect this objective. Plans for the Ftlle The'fnjstees plan continue supporting a wide rangc of organi8gtions in pursuit of the objects of the Charity. Reserves Giv¢n Ilie oversibTht of inLome and expendire the tswttts do nol consider li necessary to have a re8erYes policy at the curr¢nt time. Trustees, Responilblllt1¢8 Irt Relthtlon to the Accounts The Trustees ar¢ responi+ible (or preparing the Tru8tees' Report and th¢ finan¢ial statLments in Accordance with applicable law and regulalLOII%. Chari¢y law requir the Trubtcc% to prepare financial 8iatementy for financial pertod. Under ihat law the Tru¥tee¥ have eleLted to prepare the fLnanGial 8tatemenis in ac¢oTdance with United Kingdom Generally Accepted Ac¢ounlLrtg Practice (United Kingdom Standard¥ and applicable luwl. Under Chariiy luw the Tru.%tees musi not approve the fitYdnLial ylatemenl$ unle8% they arc 8alisli¢d that ihey 8ive a In and fair view ol- the stale of affaiD* of the Charity and of the linaniial actiyiiie.¥ of th¢ Chgrity lor that period. In preparing these finaniial statements, th¢ Trust¢¢ are required io.. elecl &uii#bl¢ 4¢courtlittg policieiD and then apply them £onsistently,' make judgem¢nL% 4nd e8l1rnal that arc reasonable and prud¢nt,' follow applicable UK accounling ¥¢andgrdx and the Staiement of R¢¢omrneAded Praetice, subject to any depare.¥ di¥cloKd and ¢xplained in the accounts: prepare the account$ on the going concern baAi8 unless it i¥ inappropriate to preRume thai the ctwity will continue in operation. Th¢ Trusteey are responsible for keeping adequa¢¢ aicounting records that are sufficient to show and Lxplain the Charity'5 tranbaLlions and diKlose with reusonable a¢¢ura¢yat limc the titmncial position of the Charity and ¢nabl¢ them lo ensure that the tinanLial 8taiement¥ ¢omply with Ihc Charities Aci 21111. 'I'hey are &180 respon¥ible for %ateguatding the assets of the Charity and h¢w¢ for taksn8 re&sonable Steps for the prevention and delection of fraud and other irre8ul#rities. This report has been pr¢pared in a¢cordaALe with the provisions applicable to charities and w&8 approved by the TN51ee$ on 29 O¢lob¢r 2021 and si8ned on their behalf by.. N Schiff Trustee
Page 4
Jigsaw Network CIO
Independent examiner's report to the Trustees of Jigsaw Network CIO
I report to the Trustees on my examination of the accounts of the Charity for the period ended 31 December 2020.
This report is made solely to the Charity’s Trustees, as a body, in accordance with section 154 of the Charities Act 2011. My independent examiner’s work has been undertaken so that I might state to the charitable 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 independent examiner’s work, for this report, or for the opinions I have formed.
Respective responsibilities of trustees and examiner
As the Charity’s Trustees you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011
I report in respect of my examination of your charity’s accounts as carried out under section 145 of the Charities Act 2011 (‘the 2011 Act’). In carrying out my examination I have followed the directions given by the Charity Commission under section 145(5) (b) of the 2011 Act.
My examination was carried out in accordance with the general Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit and consequently no opinion is given as to whether the accounts present a ‘true and fair view’ and the report is limited to those matters set out in the statement below.
Independent examiner’s statement
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:
-
accounting records were not kept in respect of the Charity as required by section 103 of the Act; or
-
the accounts do not accord with those records; or
-
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.
Claire Wills FCA DChA Saffery Champness LLP Chartered Accountants 71 Queen Victoria Street, London EC4V 4BE
Date 29 October 2021
Page 5
Jigsaw Network CIO
Statement of Financial Activities
for the period ended 31 December 2020
| Note | 18 November | |
|---|---|---|
| 2019 to | ||
| 31 Dec 2020 | ||
| £ | ||
| Income: | ||
| Donations and legacies | 100,000 | |
| ---------- | ||
| Total incoming resources | 100,000 | |
| ______ | ||
| Expenditure: | ||
| Costs of raising funds: | ||
| Donor fundraising costs | - | |
| Expenditure on charitable activities: | ||
| Charitable donations | 5 | 93,084 |
| Charitable activities | - | |
| 93,084 | ||
| Governance costs -Independent examination. | 1,800 | |
| Total expenditure | 94,884 | |
| __ | ||
| Net income for the year | 5,116 | |
| Reconciliation of funds: | ||
| Total funds brought forward | - | |
| Total funds carried forward | 3 | 5,116 |
| ====== |
The Statement of Financial Activities includes all gains and losses recognised in the year.
All income and expenditure derives from continuing activities and is unrestricted.
The notes on pages 7 to 8 form part of these accounts.
Page 6 Jlgsaw Network CIO Chfirlty Dumber 11864119 Balance Shttt A$ at 31 December 2020 Note Asat 31 Dec 2020 Current Amets Debtors Cash at bank and in hand 6,916 Cr¢dIto. Amounts f811ing du¢ within one y¢ar- accruAIs Net curreDt •$s¢11 5.116 Nrt a$seti 5.116 FuDds Unr¢¥tricl¢d funds Tothl fvnds 5.116 Th¢ a¢¢ounL8 were approved on 29 October 2021 and signed on behalf of the board. Tntstee Neil Sc The not¢¥ on pages 7 to 8 forni part of thue accounts.
Page 7
Notes to the Accounts – 31 December 2020
Jigsaw Network CIO
1. Accounting Policies
a.
Basis of Accounting
The financial statements have been prepared under the historical cost convention and in accordance with the Statement of Recommended Practice, Accounting and Reporting by Charities (SORP, second edition), and applicable UK accounting standards.
Advantage has been taken of the exemption for charities with income less than £500,000 from preparing a cash flow statement under SORP (FRS 102).
The Charity constitutes a public benefit entity as defined by FRS 102.
The Trustees consider that there are no material uncertainties about the Charity’s ability to continue as a going concern and have reasonable expectations that the Charity has access to adequate resources to continue its activities for the foreseeable future. Accordingly, they have adopted the going concern basis of accounting in preparing the annual financial statements.
Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy notes. The principal accounting policies adopted in the preparation of the financial statements are as follows:
b. 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.
c.
Expenditure
All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to each category of expense shown in the Statement of Financial Activities.
Charitable activities include expenditure associated with grant making in furtherance of the charitable objects. Grant payments are recognised as expenditure when the conditions for their payment have been met or where there is constructive obligation to make a payment.
Governance costs include those costs associated with meeting the constitutional and statutory requirements of the charity and include the independent examination fees and costs linked to the strategic management of the charity.
d. Income
Donations are accounted for when the Charity becomes entitled to the donation and any conditions for receipt are met and the amount is capable of measurement.
e. Liability Recognition
Liabilities are recognised as soon as there is a legal or constructive obligation committing the charity to the expenditure.
f. Taxation
The Charity is a registered charity and is not liable to United Kingdom income tax or corporation tax on its activities.
Page 8
Jigsaw Network CIO
Notes to the Accounts – 31 December 2019
1. Accounting Policies, continued
g. 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. The charity does not have any bank loans.
2. Key Judgements and Estimates
In the application of the charity’s accounting policies, which are described in note 1, Trustees are required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an on-going basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period or in the period of the revision and future periods if the revision affects the current and future periods.
3 Statement of Funds
| ent of Funds | ||||
|---|---|---|---|---|
| 18 Nov 2019 | Income | Expenditure | 31 Dec 2020 | |
| Unrestricted Funds | ||||
| General Fund | - | £100,000 | £94,884 | £5,116 |
Unrestricted funds represent funds available to the trustees for the general purposes of the charity.
4 Analysis of staff costs, trustee remuneration and expenses
During the period of the accounts no staff were employed, and no Trustee received any remuneration, benefits in kind or reimbursement of expenses. There have been no related party transactions in the period.
5 Charitable donations
During the course of the period to 31 December 2020 the Trustees approved 46 grants totalling £93,084, supporting a range of charitable activities to meet the objectives of the Charity.
The recipients of the largest grants, constituting 67% of the total of grants were:
| Grant made to : | grant amount £s |
|---|---|
| British Friends of United Hatzalah 10,000 Community Security Trust 5,000 Faith Matters 7,000 Jewish Care 15,000 JW3 Trust 5,000 OpenDor Media 5,000 Quilliam 5,000 Solutions Not Sides 5,000 United Hatzalah 5,000 Sub total 62,000 36 other grants in the period with an average value of £840 31,084 Total for year 93,084 |