Jigsaw Network CIO
Charity number 1186409
And
Financial Statements For the year ended
31 December 2024
Jigsaw Network CIO
| Contents | Page |
|---|---|
| Legal and administrative information | 1 |
| 2 - 3 | |
| report | 4-6 |
| Statement of financial activities | 7 |
| Balance sheet | 8 |
| Statement of cash flows | 9 |
| Notes to the financial statements | 10 -13 |
Page 1
Jigsaw Network CIO
Legal and administrative information
Trustees
Debra Blair Neil Blair Neil Schiff
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
Auditors
Saffery LLP, 71 Queen Victoria Street, London EC4V 4BE
Investment Managers
Page 2
Jigsaw Network CIO
Trustees Report for the period ended 31 December 2024
The Trustees, submit their annual report and financial statements of Jigsaw Network CIO (the Charity) for the year ended 31 December 2024. The financial statements have been prepared in accordance with the accounting , Charities Act 2011 and SORP FRS 102.
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.
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
During the year the Charity contacted a number of like-minded organisations to facilitate grants to support its charitable objectives. In the year the trustees awarded 71 grants (2023: 39) of £976,877 (2023: £1,086,197). The Trustees aim to offer grants to a broad range of organisations, whose work and output will make a direct and immediate impact for, supporting the objectives of the Charity.
Financial Review
During the year under review the Charity generated income from donations of £3,403,469 (2023: £1,221,791) and made grants in support of its objectives of £976,877 (2023: £1,086,197) and after expenses generated a surplus of £2,421,311 (2023 £124,664). Its free reserves at 31 December 2024 were £2,664,550 (2023: £243,239).
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 2024.
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 4
Jigsaw Network CIO
to the trustees of Jigsaw Network CIO
We have audited the financial statements of Jigsaw Network CIO for the year ended 31 December 2024 which comprise statement of financial activities, the balance sheet, the statement of cash flows and notes to the financial statements, including 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:
-
4 and of its
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incoming resources and application of resources for the year then ended;
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have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
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have been prepared in accordance with the requirements of the Charities Act 2011.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable 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 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
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
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.
Other information
The other information comprises the information included in the annual report, other than the financial 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. 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 course of 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 this gives rise to a material misstatement in the financial statements themselves. 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 (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion:
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financial statements; or
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the charity has not kept sufficient accounting records; or
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the financial statements are not in agreement with the accounting records and returns; or
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we have not received all the information and explanations we require for our audit.
Page 5
Jigsaw Network CIO
to the trustees of Jigsaw Network CIO (continued)
Responsibilities of trustees
page 3, 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 trustee 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.
We have been appointed as auditors under the Charities Act 2011 and report in accordance with regulations made under that Act.
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free 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 specific procedures for this engagement and the extent to which these are capable of detecting irregularities, including fraud are detailed below.
Identifying and assessing risks related to irregularities:
might occur, including through discussions with the trustees, discussions within our audit team planning meeting, updating our record of internal controls and ensuring these controls operated as intended. We evaluated possible incentives and opportunities for fraudulent manipulation of the financial statements. We identified laws and regulations that are of significance in the context of the charity by discussions with trustees and updating our understanding of the sector in which the charity operates.
Laws and regulations of direct significance in the context of the charity include the Charities Act 2011, the Charities (Accounts and Reports) Regulations 2008 and guidance issued by the Charity Commission for England and Wales.
Audit response to risks identified:
We considered the extent of compliance with these laws and regulations as part of our audit procedures on the related financial statement items including a review of financial statement disclosures. We reviewed the rrespondence with relevant procedures for compliance with laws and regulations with members of management responsible for compliance.
Page 6
Jigsaw Network CIO
to the trustees of Jigsaw Network CIO (continued)
During the planning meeting with the audit team, the engagement partner drew attention to the key areas which might involve non-compliance with laws and regulations or fraud. We enquired of management whether they were aware of any instances of non-compliance with laws and regulations or knowledge of any actual, suspected or alleged fraud. We addressed the risk of fraud through management override of controls by testing the appropriateness of journal entries and identifying any significant transactions that were unusual or outside the normal course of business. We assessed whether judgements made in making accounting estimates gave rise to a possi review included ensuring that the team had approached their work with appropriate professional scepticism and thus the capacity to identify non-compliance with laws and regulations and fraud.
There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.
www.frc.org.uk/auditorsresponsibilities. This description forms part of
Use of our report
(Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the trustees as a body, for our audit work, for this report, or for the opinions we have formed.
Saffery LLP 71 Queen Victoria Street, London EC4V 4BE
Date: 19 September 2025
Saffery LLP is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006
Page 7
Jigsaw Network CIO
Statement of Financial Activities
for the period ended 31 December 2024
| Note | 2024 | 2023 | |||
|---|---|---|---|---|---|
| £ | £ | ||||
| Income from: | |||||
| Donations and legacies | 4 | 3,403,469 | 1,221,791 | ||
| Investment income | 4,802 | - | |||
| ---------- | ---------- | ||||
| Total incoming resources | 3,408,271 | 1,221,791 | |||
| ______ | _ | ||||
| Expenditure on : | |||||
| Raising funds | |||||
| Bank charges and finance costs | 1215 | - | |||
| Charitable activities: | |||||
| Charitable donations | 6 | 976,877 | 1,086,197 | ||
| Bank charges and finance costs | 468 | 778 | |||
| Governance costs |
Audit | / | 7 | 8,400 | 10,152 |
| Independent examination. | |||||
| Total expenditure | 986,960 | 1,097,127 | |||
| __ | __ | ||||
| Net Income for the year | 2,421,311 | 124,664 | |||
| Reconciliation of funds: | |||||
| Total funds brought forward | 243,239 | 118,575 | |||
| Total funds carried forward | 3 | 2,664,550 | 243,239 | ||
| ====== | ====== |
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 10 to 13 form part of these accounts.
Note |
Asat |
Asat |
||
|---|---|---|---|---|
31Dec2024 |
31Dec2023 |
|||
£ |
£ |
|||
CurrentAssets |
||||
Debtors-accrualforgiftaid taxrelief |
524,177 |
195,675 |
||
Cashatbankandinhand |
2,150,573 |
57,764 |
||
2,674,750 |
253,439 |
|||
Creditors:Amountsfallingduewithinoneyear- accruals |
(10,200) |
(10,200) |
||
Netcurrentassets |
2,664,550 |
243,239 |
||
Netassets |
2,664,550 |
243,239 |
||
Funds |
||||
Unrestrictedfunds |
2,664,550 |
243,239 |
||
Totalfunds |
3 |
2,664,550 |
243,239 |
Page 9
Jigsaw Network CIO
Statement of Cash Flows
As at 31 December 2024
| 2024 | 2023 | |||
|---|---|---|---|---|
| £ | £ | |||
| Cash flows from operating activities: | ||||
| Net incoming resources | 2,421,311 | 124,664 | ||
| Add back stocks and shares gifted to the charity | (470,742) | (243,291) | ||
| (Increase) in debtors | (328,502) | (95,675) | ||
| Increase in creditors | - | 8,040 | ||
| Net cash provided by (used in) operating activities | 1,622,067 | (206,262) | ||
| Cash flows from investing activities: | ||||
| Proceeds from the disposal of shares Charity |
gifted to the | 470,742 | 243,291 | |
| Net cash provided investing activities | 470,742 | 243,291 | ||
| Cash and cash equivalents at the beginning of the year | 57,764 | 20,735 | ||
| Total cash and cash equivalents at the end of the year | 2,150,573 | 57,764 | ||
| ====== | ===== | |||
| Analysis of changes in net debt | At | 1 January | Cashflows | At December |
| 2024 | 2024 | |||
| £ | £ | £ | ||
| Cash at bank | 57,764 | 2,092,809 | 2,150,573 |
Page 10
Jigsaw Network CIO
Notes to the Accounts 31 December 2024
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.
The Charity constitutes a public benefit entity as defined by FRS 102.
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/audit 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; any conditions for receipt are met and when the amount is likely to be received and is capable of reliable 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.
g. Cash and Cash equivalents
The Charity recognises Cash and Cash equivalents as funds held in bank accounts or similar asset accounts or are other liquid assets, such as shares or bonds that can be easily and immediately converted to cash.
Page 11
Jigsaw Network CIO
Notes to the Accounts 31 December 2024
1. Accounting Policies, continued
h. 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.
i. Charity status
The Charity was registered on 18 November 2019 as a charitable incorporated organisation. The trustees of the charity are named on page 1. Details of the registered office address are provided on page 1.
2. Key Judgements and Estimates
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. In the view of the trustees, there are no critical estimates or judgments affecting the disclosures in the accounts.
3 Statement of Funds
| ent of Funds | ||||
|---|---|---|---|---|
| 1 Jan 2024 | Income | Expenditure | 31 Dec 2024 | |
| Unrestricted Funds | ||||
| General Fund |
£243,239 | £3,408,271 | £986,960 | £2,664,550 |
Unrestricted funds represent funds available to the trustees for the general purposes of the charity.
4 Donations and Legacies
Donations during the year included both gifts and grants of cash as well as gifts of stocks and shares (received for immediate sale for cash).
5 Analysis of staff costs, trustee remuneration and expenses
During the year 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 year other than those disclosed in note 7.
Page 12
Jigsaw Network CIO
Notes to the Accounts 31 December 2024
6 Charitable donations
During the course of the year to 31 December 2024 the Trustees approved 71 grants totalling £976,877, supporting a range of charitable activities to meet the objectives of the Charity.
The recipients of the largest grants, over £10,000, constituting 88% of the total of grants were:
----- Start of picture text -----
Grant made to: grant amount £s
----- End of picture text -----
| Jewish Futures Trust | 360,000 | |||
|---|---|---|---|---|
| British Friends United Hatzalah | 50,000 | |||
| Brothers for Life | 65,000 | |||
| University of Edinburgh | 150,000 | |||
| South Hampstead Synagogue | 50,000 | |||
| JW3 Development | 30,000 | |||
| Donmar Warehouse Projects | 25,000 | |||
| Grief Encounter | 20,000 | |||
| New Israel Fund | 20,000 | |||
| Exeter College | 22,500 | |||
| Jewish Care | 17,500 | |||
| Alzheimer Society | 12,042 | |||
| United Jewish Israel Appeal | 12,000 | |||
| Roitman Chabad Centre | 11,587 | |||
| Subtotal | 845,629 | |||
| 58 other grants paid in the year each of less than £10,000 | 131,248 | |||
| Total for | the year | £976,877 | ||
| 7Governance Costs | ||||
| During the year the following charges were incurred: | ||||
| 2024 |
2023 | |||
| £ | £ | |||
| Audit fees | 8,400 |
10,200 | ||
| Independent examination fees | - |
(48) |
Page 13
Jigsaw Network CIO
Notes to the Accounts 31 December 2024
8 Related party transactions
During the year the Trustees made donations to the Charity of £2,814,242 (2023 £1,023,291).
During the year the Charity made grants to Jewish Futures Trust, a charity of which Neil Schiff is a trustee, of £360,000 (2023 £324,000)
During the year the Charity made grants to the following organisations of which Neil Blair is a trustee: -
2024 2023 £ £ StandWithUs UK 10,000 15,000 JW3 Development 30,000 85,000 which is connected to JW3 Trust Ltd, Atlas Foundation 10,000 5,125 Donmar Warehouse Projects 25,000 25,000 British Friends of United Hatzalah 50,000 230,000