The CJG Foundation Registered Charity Number: 1200887 Report of the Trustees and Financial Statements Year Ended 5 Aprll 2024 Higgs LLP 3 Waterfront Business Park Brlerley Hill West Mldlands DY5 ILX
The CJG Foundation Index to the Financial Statements Year Ended 5 April 2024 Page Contents Reference and Administrative Information Trustees, Annual Report Statement of Financial Activities Balance Sheet 9-11 Notes to the Accounts
The CJG Foundation Reference and Administrative Information Year ended 5 April 2024 Governing Document The Charlty is governed by the CIO Foundation Constltution dated 2 November 2022. The Charity's registered charity number Is 1200887. Trustees Ms Carollne Jane Garfield Tripp Mr David John Nlghtlngale Ms Kirsty McEwen Secretary Ms Kirsty McEwen Soll¢itors Higgs LLP 3 Waterfront Business Park Brier1ey Hill West Midlands DY5 ILX
The CJG Foundation Trustees, Annual Report Year ended 5 April 2024 The Trustees present thelr annual report and fi nancial statements of the Charity for the year ended 5 April 2024. The financial statements have been prepared in accordance wlth the accounting policies set out in note I to the accounts and comply with the Charity's governing document, the Charitles Act 2011 and the Statement of Recommended Practice applicable to the charities preparing thelr accounts with the Financial Reporting Standard applicable on I January 2019. Structure, Governance and Management The Charity was registered with the Charity Commission on 2 November 2022 under registered charity number 1200887, and is constituted under the CIO Foundation Constitution dated 2 November 2022 ("the Governing Doeument"). The Charity does not actively fundraise and seeks to continue charltable work through the careful stewardship of its existing resources. The Governing Document provides for a minimum of three Trustees and a maximum of twelve Trustees. One of the First Trustees is entitled to hold office for life and the remaining First Trustees are entitled to hold offlce for five and four years respectively. Any future Trustees a appointed by resolution of the Trustees and must be appointed for a term of office of three years. Trustees must hold one meeting each year, either in person or by suitable electronic means. The quorum at any meeting is at least one third of the total number of Trustees at the time, or two, whlchever is the greater. At the Trustees, meeting5, the Trustees agree the broad strategy and areas of activities for the Charity, including consideration of grant making, investment, SerVeS and risk management policies and performance, The day to day administration of grants and the processing and handllng of appllcatlons prior to consideration by the Trustee5 15 delegated to the Secretary. The Trustees would take account of the recommendatlons of the ICSA best practice guide 'RecruStment, Appointment and Induction of Charity Trustees, should the need to recruit new Trustees arise. The Trustees would look to recrult In light of an appropriate skills audit of the current Board and taking into account the experience, expertlse and diversity of the current Board, as well as their knowledge of the Charity's area of benefit and beneficial class. New Trustees may be sought by open advertisement or through a dialogue with major grant reciplenls and local community groups respecting the ethos of the Charity to continue the charitable work intended by the settlors, the Trustees actlvely seek those with a knowledge of the local area when considering any prospectlve candidate. The ultimate decision on selection is a matter for the Trustees, On appointment new Trustees sign a Trustee Declaration and Undertaking committing them to the glving of their time and expertise. It a150 confirms their ability to act in the role of Trustees. The induction process has been changed to follow the ECSA good practice guide wlth a formal induction programme for any newly appointed trustee being led by the Secretary, to include initial trainlng In the grant making proce5S, the duties and responsibilities of the Trustees and the role of any Sub committees. The welcome pack Includes, amongst other informatlon and guidance, a brief history of the Trust, copy of recent Trustee (and sub committee) minutes, a copy of the last three years of annual reports and accounts, a copy of the Governing Document and a copy of the Charity Commission's guidance'The Essential Trustee: What You Need to Know. and 'Charities and Public Benefit,.
The CJG Foundation Trustees. Annual Report Year ended 5 Aprll 2024 The Trustees Intend in the upcoming year, with the support of the Secretaryi to developing a code of condutt for Trustees including formal statements of roles and responsibilities and to undertake work on the Charity Governan Code. All Trustees give of thelr tlme freely and no Trustee remuneration was paid in the year. Trustees are entitled to claim reasonable out of pocket expenses and where they do those are noted in the accounts. Trustees are required to disclose annually (and as they arise) any potential interests which might conflict and regSster them Wth the Secretary and in accordance with the Charity's written conflicts of interest policy. Risk Management The Trustees have considered the major risks to which the Charity is exposed and have reviewed those risks and established systems and procedures to manage those risk5. The major financial risk is the variability of investment returns on the portfolio and its impact on income levels and capltal growth. The Trustees will seek to manage this rlsk by appointing a suitably experienced Discretionary Manager to manage the investment portfolio. Their role will be to monltor the perforrnance of the portfollo, to take approprlate action to mitigate any loss to the portfolio, and to ensure that the objectives as detailed in the proposed Investment Pollcy Statement are followed and reviewed annually. The major operational risk Is the extent to whlch grants awarded to individuals and charltable or not for profit organisations advances the objects of the Charity and demonstrate sufficient public benefit. The Charity has managed its risk by retainlng Trustees of sufficient expertise and experience, and through the quality of the institutions and the people who they support. In addition, the Trustees rely on the Secretary to undertake appropriate and proportionate due dlligence on applications and ensure all grant givlng retains o focus on the public benefit. The major regulatory impact of the Common Reporting Standard ('the CRS,), on the operation of the Charity, CRS is being an i nternational tax transparency regime aimed at preventing tax evasion. CRS came into force from l January 2016 and the Charity is now required to provide information about thelr beneficiaries, tax residency status to HMRC, wh will then share this information with the appropriate tax authority in other jurisdictions. The Charity is subject to this regime because it relies on investments for more than 500/0 of Its income and those investments are professionally managed by a financial institution under discretionary mandate. Thls means the Trustees are required to carry out due diligence to establish a tax IdencY status of all beneficiaries, keep records of efforts to comply with the regime, register with HMRC as a financial institution ("Flnancial Institution") if they have reporting requirernents and report to HMRC if required. The grant appllcation process will be reviewed annually and the grant application form expanded to collect the necessary due diligence information that 15 requlred in order to establish tax residency status of all grant recipients, both indivlduals and charity and not for profit organisations. This includes additional information including tax resident jurisdiction, tax identification number (for individuals) and entity status (for organisations). The Trustees will keep this under review.
The CJG Foundation Trustees. Annual Report Year ended 5 Aprll 2024 Objerts and Actlvlties for the Public Beneflt The objects of the Charlty are.to advance such charitable purposes (according to law of England and Wales) as the Trustees see fit from time to time". The Trustees confirm that they have referred to the guidance contained ir) the Charity Commission's general guldance on public benefit when revlewing the Charity's objects and purposes and in planning future artivities and setting the grant making policy for the year. The Tmstees will prepare a Grant Making Policy and revlew this on an annual basis. Thls will be available on request. The Trustees have a wide discretion to make grants to charities and for charitable purposes. The Trustees confirm that they will fer to the guidance contained in the Charity Cornmission's general guidance on public benefit when revlewlng the Charity's objects and purposes and in planning future activities and setting the grant maklng policy for the year. The Charity will carry out its objects by providing grants to individuals (for exclusively charitable purposes) and to charitable and not for profit organisations (for exclusively charitable purposes). By focusing on these areas, the Charity will achleve its strateglc priority of maintalning a stable grant making programme, with balancing SUPPOrt to individuals and to charities and voluntary organisations (for exclusively charitable purposes). Grant Making Pollcy The Charity will establlsh its grant making policy to achieve its objects for the public benefit, to improve support to charities and voluntary organi5ations (for exclusively charitable purposes) within its objects and to advance the public benefit. The Trustees will review the grant maklng policy annually to ensu it reflects these two principles. The Trustees have power to spend or retain both capltal and income. Thus both income and capital is expendable without distinction in furtherance of the objects. The Charity's beneficiaries are charitable organisations and voluntary organisations (for exclusively charitable purposes). All organisatlons must demonstrate that the activities they undertake advances the public benefit. The general policy of the Trustees is not to give retrospective grants and the Trustees will only consider one appllcation from any applicant. Grant Maklng Procedure Applications will only be considered if they are on the Charity's standard application form. The application form must be completed and returned (together with a copy of any supporting information relevant to the application) to the Secretary at least four weeks before the meeting at which the application is to be considered. The Trustees meet once a year to consider applications. It Is the policy of the Trustees to consider grants on an equal opportur)ities basis, regardless of gender, religion and ethnic background.
The CJG Foundation Trustees, Annual Report Year ended 5 April 2024 Public Beneflt The Trustees confirm that they have referred to the information contained in the Charity Commission's general guidance on public benefit when reviewing the Charity's objects and activities, their grant making pollcy and plans for future period. The objects and activities of the Charity are largely delemiined by the provisions of the Governing Document, and from the the Trustees exercise a dISction in considering how best to meet the public benefit test and ensure that as many individuals and charitable and not for profit organisations with particular needs wlll galn advantage. Monitorlng and Achlevement The TrLJStees will seek a reasonable return over the long term. It is intended that when the Charity's portfolio Is set up it wlll show a welcomed recovery and that the long term objectives to meet income needs and grow the capital are obtainable. Flnanclal Revlew The Charity's work will be entirely reliant on income and investment returns from its capital. As at 5 April 2024, the value of the capital fund stood at £0. During the year the income of the Charity was £0. Investment Policy and Performance The investment powers of the Trustees are wide and allow the Trustees to invest funds in any matter (after taking such advlce as they consider necessary) and having regard to the suitability of investments and need for diversification. The principal investment holdings of the Charity comprise funds and portfolios of quoted securities. As at 5 April 2024, it is intended the value will represent 100% of the Charity's investments. The management of the portfolio will be undertaken on a discretlonary management basis by a suitably appointed discretionary manager and the written Investment policy will be vieWed on at least an annual basis by the sectarY in conjunction with the investment managers and ultimately approved by the Trustees. The dlscretionary managers will be Instructed to maximise the income of the portfolio whilst preserving the capital, within the constraints of a medium risk investment portfolic. Reserves Pollcy The whole of the Charity's capital will be expendable and thls dlstlnction between capital and income is not leVant. The Trustees appreciate that the general principles of charity law require Trustees to spend their income within a reasonable period of ceIpt. The Trustees will set an agreed policy which broadly Identifies the framework within whlch the Charity will operate its reserves. The intention is that the Charity will retain an appropriate and reasonable level of reserves whilst concurrently ensurlng that it uses the income in a manner that is within the objects at the best interests of the Charity and its beneficiaries. Since the Charity will receive all of its income from the investment portfollo, the Trustees are mindful that any source of income can be volatile and subject to sudden changes in the market. They are concerned that in any year there is a risk that they cannot meet their ongoing administratior) and professional expense commitments as and when they arise, due to any fluctuations in the market which may prevent or significantly reduce income.
The CJG Foundation Trustees, Annual Report Year ended 5 Aprll 2024 The Trustee5 will consider, in conjunction with their professional advisers, the level of reserves to retain from surplus unrestrirted funds. They have decided to bulld up a pot of reserves equivalent to one year's admlnistrative and professional expenses but excludlng grant commitments. This will ensure that should there be any fluctuations in the market which reduce the Income available for distri bution, the Charity can use its reserves to continue to meet its obllgations and liablllties as and when they fall due. Plan for Future Perlods The Trustees believe their grants wlll translate into significant public benefit. In cementing the arrangements already in place, and beginning with its activities as set out in this report, so that the many and varied charitable and not for profit organisations, and individuals may benefit in real terms from its financial support, the Charlty aims to provide a long term comrnitment and encourage and support individuals and charitable and not for proflt organisations. The intention is to establish a programme of grant giving which will translate into significant public benefit. The Trustees wlll focus on those individuals and organisations who would benefit in real terms (impact) from Its flnancial support, thus providing and ensuring a longer" term commltment to SUPPOrt. Trustees. Responsibilities in Relatlon to the Financial Statements The Trustees are responsible for preparing the Trustees, Report and the financial statements in accordance with applicable law and gUlationS and United Kingdom Accounting Standards. The law applicable to charities in England and Wales required the Trustees to give a true and fair view of the state of affairs of the Charity and of the incoming resources and application of resources, Includ Ing income and expenditure of the Charity for that period. In preparing these financial statements, the Trustees are requlred to: •select suitable accounting policies and then apply them conslstentlyi •observe the methods and principles of the Charities SORP; •make J"udgements and estimates that are reasonable and prudent: •state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; and "prepare the financial statements on the going concem basis unless it Is inappropriate to presume that the Charity will continue in operation. The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Charity's transactions and disclose with reasonable accuracy at any time the financial position of the Charify and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the Governing Document. They are also responsible for safeguarding the asset5 of the Charity and hence for taking reasonable steps for the prevention and detection of fraud any other irregularities. The Trustees are responsible for the maintenance and integrity of the Charity and financial information included on the Register of Charities. Ap oved by the Trustees and signed on thelr behalf by: cEwen Trustee
The CJG Foundation Statement of Financial Activities Year ended S Aprll 2024 Not¢s Unrestricted Funds Total Funds 2024 2023 Income resourc. Income resources from generated funds Total Incoming resources Resources expended: Investment management costs Charitable actlvitie5 Cost of grant making Governan costs Total resources expended Net (outgoing)/lncomlng resources befo other recognised galns and losses Realised galnsl(losses) on investment assets Unrealised galns/(losses) on investment assets Net movement In funds Reconciliation of fiinds Total funds brought forward Total funds carried forward
The CJG Foundation Balance Sheet Year ended 5 April 2024 Notes Unrestricted Funds Total Fund$ 2024 2023 Fixed Assets Investments Total Fixed Assets Current Assets Cash with bank Debtors Total current assets Liabilities Creditors falling due within one year Net current assets Total assets less current liabilitie$ Creditors falling due after more than one year Net assets The funds of the Charlty Unrestricted incorne funds Total Charity funds The notes on pages 9 to 11 form a part of these accounts. Approved by the Trustees and signed on their behalf by: Ms Trustee ¢Ewen
The CJG Foundation Notes to the Accounts Year ended 5 April 2024 l. Accounting pollcles (a) Basis of preparatlon Tre financial statements hove been prepared under the historic cost tonventlon, wlth the exception that investments are Included at market value. The financial statements have been prepared in accordance wlth the Statement of Recommended Practice.. Accounting and Reporting by Charitie5 (FRSEE) Issued in January 2015 and applicable UK Accounting Standards and the Chèrltles Act 2011. (b) Funds structure The Charity has one fund, en unrestrlcted income fund. This Is a fund which the Trustees are free to use for any purpose In furtherance of the charltable objerts. Unrestricted funds include designèted fund5 where the Trustees, at their dlscretlon, have created a fund for a speclflc purpose. (c) Incoming resources All incoming resource5 are recognised On the Charity has entitlement to the resources. It Is certaln that the resources will be received and the monetary value of Incoming resources can be measured with sufficlent rellability. Idl Expendlture on raising funds Liablllties are recognised as $OUrceS expended as soon as there is a legal or constructlve obligation committing the Charity to the expenditure. All expenditure Is accounted for on an accruals basls and has been classlfled under headings that aggregate all costs related to the category. Grants payable are payments made to charitable organisations In the furtheran of the charltable ob5ects of the trust. Single or rnulti-year grants are accounted for when elther the reclpient has a reasonable expectation that they will receive a grant and the Trustees have agreed to pay the grant without condltlon, or the recipient has a reasonable expectation that they will receive a grant and any condition attaching to the grant Is outside the control of the Charlty. Provlsions for grants are made when the intention to make a grant has been communicated to the recipient but there is uncertalnty about elther the timing of the grant or the amount of the grant payable. (e) Expenditure on generating funds The costs of generating funds consist5 of investment management fees. legal fee5, accountancy fee5 and other governance and regulatory fees. (f} Charitable activities The cost of charitable artivltles Includes grant5 made. (g) Governance costs Governance costs comprise all costs Involvlng the public accountabllity of the Charity and Its compliantr wlth regulation and good practlce. These costs Include costs related to the preparation of the accounts, the independent examinatlon fee and legal fee5. (h) Fixed asset investment Investments are stated at market value as at the balance sheet date. The statement of financial artivities includes the net gain and losses arising on revaluation and dlsposals throughout the (i) Reallsed galns and losses All gains and losses are taken to the Statement of Financial Activie5 as they orlse. Realised galns and losses on Investments are calculated as the difference between sales proceeds and openlng market value (purchase date If later). Unrealised gains and losses are calculated as the difference between and market value at the year end and oper)ing market value (or purchase date if later). Reallsed and unrealised galns are not separated In the Statement of Financlal Activlties.
The CJG Foundation Notes to the Accounts Year ended 5 April 2024 ti) Contingent liablllties and provlsions Ir* accordance with the SORP, a contlngent Ilability 15 disclosed for those grants, whlch do not represent Ilabillties, where the posslble obligation, which arises fmm past events. will only be confirmed by the occurrence of one or more uncertain future events not wholly within the Trustees, control. Provislons are recogni5ed for those grants where there is uncertainty as to the timing or amount, and any uncertalnty regarding the amount Is more than one of determlnlng a basls for reasonable estimation of the liability arising from that constructlve obllgation. 2. Related party transartlons and Trustees, remuneration There were no related party transactions or Trustees, remuneratlon pald for the flnancbal year ending 5 Aprll 2024. 3. Investment Income 2024 2023 Dlvldends - UK equltities Dividends - Non-UK equities Interest - UK fixed interest securities Interest on cash deposits Interest - Non-UK flxed interest securitles 4. Investment Manager's costs 2024 2023 5. Analysis of charStable expendlture The Ch8ritywill undertake its charitable activities through grant making and award grants to a number of organisations in furtherance of its charitable attivities. Grant funded activities: 2024 2023 Total 6. Governance costs 2024 2023 Independent examination fee Bank charges Legal fee5,. Administratlon Accounts preparatlon VAT io
The CJG Foundation Notes to the Accounts Year ended 5 Aprll 2024 7. Fixed asset Investments Movement in fixed asset investments 2024 2023 Market value as at 5 Aprll 2023 Additlons to investments at cost DSsposals at carying value Net gainl(loss) on revaluation Net movement on cash Market value as at 5 Aprll 2024 Investments at market value comprlsed: 2024 2023 Equlties Fixed ir)terest securities Cash held within portfolio Total 8. Anatysis of current liabllltites and long term creditors 2024 2023 Creditors under l year Legal fees VAT thereon Independent examlner's fee li