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 W￿th 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 dISc￿tion 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 sec￿tarY 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 Activi￿e5 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