The CJG Foundation Registered Charity Number: 1200887 Report of the Trustees and Financial Statements Y•ar Ended 5 AprS12025 Higgs LLP 3 Waterfront Business Park Brierley Hill West Midlands DY5 LLX
The CJG Foundation Index to the Flnancial Statements Year Ended 5 Aprll 2025 P•ge Contents Reference ond Admlnlstrative Infomiatlon Trustees, Annual Report Statement ol FlnancSal Artivities Balance Sheet 9-11 Notes to the Accounts
The CJG Foundation Reference and Admlnlstratlve Information Year and•d 5 Aprll 2025 Governlng Docum•nt The Chartty is governed by the CIO Foundatlon Constitutlon dated 2 November 2022. The Charfty's reglstered charfty number Is 1200887. TruJtee• Ms Caroline Jane Garfield Trlpp Mr Davld John Nightingale Ms Klrsty McEwen Se¢rnt•ry Ms Klrsty McEwen Solicltors Higg5 LLP 3 Waterfront Busln&ss Park Brlerley Hlll West Mldlands DY5 ILX
The CJG Foundatlon Trustees. Annual Report Year ended 5 April 2025 The Trustee5 present theSr annual report and financial statements of the Charlty for the year ended 5 Aprll 2025. The financial statements have been prepared In arxordance with the accountlng poll¢les set out In note I to the accounts and comply with the Charity'5 governlng document, the Charitles Act 2011 and the Statement of Recommended Practlce applicable to the charltles preparlng their accounts wlth the Flnancial Reportln9 Standard applicable on I January 2019. structurei Gpvernance and Management The Charity was reglstered with the Charlty Commission on 2 November 2022 under reglstered charlty number 1200887, and Is constituted under the CIO Foundation Constitution dated 2 November 2022 ("the Governlng Documenv). The Charlty does not actlvely fundralse and seeks to contlnue charftable work through the careful stewardship of Its exlstlng resour5. The Govemlng Document provides for a mlnlmum of three Tnjstees and a maxlmum of twelve Trustees. One of the Flrst Trustees is entitled to hold offlce for life and the MaInIng rst Trustees are entitled to hold office for five and four years spectIvelY. Any future Trustee5 are appolnted by resolution of the Trustees and must be appolnted for a temi of offlce of three years, Trustee5 must hold one meetlng each year, elther in rsOn or by sultable electronlc means. The quorum at any meetlng Is at least one third of the total number of Trustees at the time, or two, whichever Is the greater. At the Trusteeg meetings, the Trustees agree the broad strategy and areas of activltles for the Charfty, Includlng consideratlon of grant maklng, Investment, SerVeS and risk management poll¢les and performance. The day to day admlnlstratlon of grants and the processlng and handllng of applications prfjor to con5ideotion by the Trustees is delegated to the Secretary. The Trustee5 would take account of the comMendatIonS of the ECSA best practlce gulde 'Recruitment, Appolntment and Induction of Charity Trustees, should the need to recruit new Trustees arise. The Trustees would look to recrult In Ilght of an approprlate skllls audit of the current Board and taklng into account the experience, expertise and dlverslty of the current Board, as well as their krledge of the Charity's area of benefit and beneflclal class, New Trustees may be sought by open advertisement or through a dlalogue wlth major grant clplents and local comrnunity groups respecting the eth95 Of the Charlty to contlnue the charltable work Intended by the settlors, the Trustees actlvely seek those with a knowledge of the local area when conslderlng any prospectlve eandldate. The ultlmate decision on selertlon Is a matter for the Trustees. On appointment new Trustees sign a Trustee Declaratlon and Undertaking ¢ommlttlng them to the glving of their time and expertlse. It also confirms their abllity to act In the role of Trustees. The induction process has been changed to follow the ICSA good practlce guide wlth fomal inductlon programme for any newly appolnted trustee being led by the Secretaryi to include initial training in the grant making process, the dutle5 and responslbillties of the Trustees and the role of any sub commlttees. The welcome pack Includes, amongst other information and guldance, a brfef hlstory of the Trust, copy of recent Trustee (and Sub committee) mlnutes, a copy of the last three years of annual reports and accounts, a copy of the Governing Document and a copy of the Charity Commlsslon's gUIdan 'The Essential Trustee,. What You Need to Know. and 'Charltles and Public Benefit..
The CJG Foundation Trustees. Annual Report Year ended 5 Aprll 2025 The Trustees intend in the upcomlng year, wlth the support of the Secretaryi to developlng a code of conduct for Trustees Includlng formal statements of roles and responsibilities and to undertake work on the Chaty Governance Code. All Trustees give of thelr tlme freely and no Trustee rernuneratlon was pald In the year. Trustee5 a entitl to ¢laim reasonable out of pocket expenses and where they do those are noted In the accounts. Trustees are requlred to dlsclose annually (and as they arlse) any potential interests which mlght confllct and register them with the Secretsry and In accordance with the Charlty's written confllcts of Interest pollcy. Risk Management The Trustees have consldered the maJor risks to which the Charlty Is exposed and have revlewed those risks and establlshed systems and procedures to manage those rlsks. The major flnandal rlsk is the variability of investment retums on the ptsrtfolio and Its impact on income levels and capltsl gmwth. The Trustees wlll seek to manage this risk by appointing a sultably experlenced Dlscretlonary Manager to manage the Investment portfollo. Thelr role will be to monitor the performantr of the portfollc, to take appropriate artlon to mltlgate any loss to the portfollo, and to ensure that the objectives as detailed in the proposed Investment Pollcy Ststement are followed and revlewed annually. The maJor operatlonal rlsk the extent to whlch grants awarded to Indlvlduals and charltable or not for profit organisation$ advan$ the objects of the Charfty and demonstrate 5ufflclent publlc benefit. The Charfty has managed its risk by retaining Trustees of sufflclent expertlse and experlence, and thrDugh the quallty of the Institutlons and the people who they 5UPPOrt. In addition, the Trustees rely on the Secretary to undertake appropriate and proportlonate due dlllgence on appllcatlons and ensure all grant giving retains a focus on the public benefit. The major regulatory impart of the Cornmon Reportlng Standard ('the CRS,), on the operation of the Charity. CRS Is belng an Internatlonal tax transparency reglme almed at preventlng tax evaslon. CRS came Into force from l January 2016 and the Charlty Is now fftqulred to provlde Information about their beneflclarles, tax resldency status to HMRC, who wlll then share thls Infom)atlon wlth the approprfate tax author5ty in other Jurlsdlctlons. The Charity is subjert to thls reglme because it relies on investments for more than 50% of Its Income and those investments are professionally managed by a financial institution under dlscretlonary mandate. Thls means the Trustees are requSred to carry out due diliger1 to establish a tax resldency status of all beneficiarie5, keep records of efforts to comply wlth the regime, reglster wlth HMRC as a financial Instltutlon C'Financial Institution") if they have reportlng requlrements and report to HMRC If requlred. The 9rant application process wlll be revlewed annually and the grant applicatSon form expanded to collect the necessary due dlllgence Informatlon that Is requlred in order to establlsh tax residency status of all grant recipients. both indivlduals and charlty and not for proflt organisations. This Includes addltional infomation including tax resldent jurlsdlctlon, tax Identlficatlon number (for Indlvlduals) and entlty status (for organ15ations). The Trustees will keep thls under revlew.
The CJG Foundatlon Trustees. Annual Report Year ended 5 April 2025 Objects and A¢tivltle8 for the Publ1¢ B¢n¢flt The objects of the Charlty are "to advance such charitable purp5 (accordlng to law of England and Wales) as the Trustees see flt from tlme to tlme". The Trustees conflmi that they have referred to the guidance contalned In the Charlty Commisslon's general guldance on publlc beneflt when revlewlng the Charlty's objects and purposes and in planning future actlvltles and settlng the grant maklng pollcy for the year. The Trustees wlll prepare a Grant Maklng Pollry and revlew thls on an annual basls, Thls wlll be available on request. The Trustees have ? wlde dlscretton to make grants to charltles and for charltable purposes. The Trustees confirn that they wlll refer to the guidan contained in the Charity Commlsslon's general guidance on publlc beneflt when revlewlng the Charltys objects and purposes and In plannlng future activities and settlng the grant maklng pollcy for the year. The Charity wlll carry out Its objects by provldlng grants to Indlviduals (for excluslvety charltsble purposes) and to charftable and not for proflt organlsatlons (for excluslvely charitsble purposes). By focusing on these areas, the Charlty wlll achleve Its strategic priority of malntalnlng a stable grant m4klng programme, with balancing support to indlvlduals and to charities and voluntary organlsatlorffj (for exclu51vely charitable purpuse5). Grant Maklng Pollcy The Charlty wlll e5tsblish its grant making policy to achleve its objects for the public benefit, to Improve support to charitles and voluntary organlsatlons (for excluslvely charitsble purposes) within Its objects and to advan the publlc beneflt. The Trustees wlll revlew the grant maklng pollcy annually to ensure it reflerts these two prlnclples. The Trustees have pjwer to spend or retsln both capital and Income. Thus both Income and capltal is expendable without dlstlnctlon In furtherance of the objects. The Charlty's beneflclarles are tharltable organisatlons and voluntary oryanlsatlons (for exclusively charitable purposes). All organlsatlons must demonstrate that the actlvlties they undertake advan5 the publlc benefit. The general pollcy of the Trustees Is not to glve retr05pectlve grants and the Tnlstees wlll only consider one appllcatlon from any applicant. Grant Maklng Procedure Applications will only be consldered If they are on the Charity's Standard appllcatlon form. The appllcatlon form must be completed and retumed (together wlth a copy of any supportlng infomati¢n levant to the application) to the Seuetary at least four weeks before thÈ meeting at which the appllcatlon Is to be considered. The Trustees will meet once a year to consider appllcatltsns. It Is the pollcy of the Trustees to consider grants on an equal opportunitles basiS1 regardless of gender, religlon and ethnlc background,
The CJG Foundation Trustees. Annual Report Y•ar ended 5 Aprll 2025 Publlc Benefft The Trustees conflrn) that they have referred to the Informatlon contalned in the Charlty Commisslon's general guidance on publlc benef(t when revlewing the Charlty's objects and artivltles, their grant making policy and plans for future period. The objects and actlvltles of the Charlty are largely determlned by the provlslons of the Governlng Document, and frorn the the Trustees exerclse a d15cretlon In conslderlng how best to meet the publlc benefit test and ensure that as many indlvlduals and charftable and not for profit organlsatlon5 wlth partlcular needs wlll galn advantage. Monltorlng and Achievement The Trustees will seek a rea50nable tUrn over the long term. It Is Intended that when the arlty's portfolio is set up it wlll show a welcomed recovery and that the long term objectives to meet Income needs and grow the capltal are obtalnable. Flnanclal Review The Charity's work wlll be entlrely rellant on IrKome and Investment returns from Its capltal. As at 5 Aprll 2025, the value of the capltal fund stood at £0. During the year the Income of the Charlty was £0. Investment Pollcy and Perform•nee The investment power5 of the Trustees are wide and allow the Trustees to Invest funds In any matter (after taklng such advlce as they consider necessary) and havlng regard to the sultablllty of Investments and need for dlverslflcatlon. The prlnclpal Investment holdings of the Charlty comprlse fvnds and portfollos of quoted securlties. As at 5 Aprll 2025, It Is Intended the volue wlll represent 100 % of the Chartty s Investments. The management of the portfollo wlll be undertaken on a dlscretlonary management basis by a suitably appointed dlscretlonary manager and the wrltten Investment policy wlll be reviewed on at least an annual basls by the Secretary In ¢onJunrtlon with the Investment managers and ultlmately approved by the Trustees. The dlscretionary managers wlll be Instructed to maxlmise the Income of the portfolio whilst preserving the capltal, wlthln the constralnts of a medium rlsk Investment portfolio. Reserves Pollcy The whole of the Charity'5 capltal will be expendable and thi5 distlnctlon between capltal and income is not relevant. The Trustees appreclate that the general prfnciples of charlty law require Trustees to spend thelr Income wlthin a rea50nablÈ pÈrlod of recelpt. Slnce the Charlty will receive all of Its Income from the investment portfollo, the Trustees are mindful that any source of income can be volatlle and subject to sudden changes In the market. They are concerned that In any year there is a rlsk that they cannot meet their ongoln9 administration and professlonal expense commltments as and when they arlse, due to any fluctuatlons In the m?rket whlch rnay prevent or slgnificantly reduce income. The Trustees will consider, in conjunctlon wlth thelr professlonal advlsers, the level of reserves to retaln from surplus unrestrlcted funds. They have declded to build up a pot of reserves equlvalent to one year's adrninistrative and professional expenses but excludlng grant Commitments. This will ensure that should there be any fluctuatlons in the market whlch reduce the income avallable for distribution, the Charity can use Its reserves to continue to meet Its obligations and Ilabllities as and when they fall due.
The CJG Foundation Trustees. Annual Report Year ended 5 April 2025 Plan for Future P¢rlod$ The Tnjstees believe thelr grants will translate Into slgnificant public beneflt. In MentIng the arrangements alreaéy In place, and beglnnlng wlth Its activitles as set out In this report, so that the many and varled charltable and not for profit organlsatlons, and Indlviduals may benefit In real terms from its financlal support, the Charity aims to provlde a long term ¢ommltment and encouraoe and support Indlvlduals and charltable and not for profit organlsations. The Intention Is to establish a programme of grant glvlng whlch wlll translate into slgnificant public benefit. The Trustees villl focus on those indlvlduals and organisations who would benefit In real terms (impact) from its flnanclal support, thus provldlng and ensurlng a longer- term cornmitment to support. Trustees, Responslbllltles In Relatlon to the Flnanclal Statements The Trustees are Ponsible for preparlng the Tru5tee5' Report and the financial statements in accordance wlth appllcable law and regulatlons and Unlted Klngdom Accounting Standards. The law appllcable to charities In England and Wales requlred the Trustees to give a true and falr vlew of the state of affalrs of the Charlty and of the inrnIng resources and applicatlon of resources, Includlng Income and expendlture of the Charlty for that period. In preparbng these flnanclal stètements, the Trustees are requlred to.. •select Suitabie accounting pollcles and then apply them conslstentlyl •observe the methods and prlnclples of the CharStles SORP. •make Judgements and estlmates that are reasonable and prudent: •state whether appllcable accounting 5tsndards have been followed, subject to any materlal departures disdosed and explalned in the financlal staternents. and •prepare the flnanclal statements on the going contrrn basls unless It Is Inapproprlate to presume that the Charlty wlll continue in operation. The Trustees are responslble for keeping adequate accountlng records that are sufficient to sh¢w and explaln the Charlty's transartlons and disdose wlth reasonable accuracy at any tlme the flnancial position of the Charlty and enable them to ensure that the financlal statements comply with the Charltles Act 2011, the Charity (Accounts and Reports) Regulatlons 2008 and the Governlng Document. They a also resnsIble for safeguarding the assets of the Charity and hence for taklng reasonable steps for the preventlon and detectlon of fraud any other irregularitie5. The Trustee5 are responslble for the malntenance and Integrlty of the Charlty and flnanclal informatlon Included on the Register of Charftles. Ap ved by the Trustees and signed on thelr behalf by,. cEwen Trustee
The CJG Foundation statement of FSnancial Activitles Year ¢nd•d 5 Aprll 2025 Notss ilnre8trlcted Fund• Total Funds 2025 2024 Income wesources: Income resources from generated funds Total Incomlng rewurces R•sourceg expend•d: Investment management costs Charftable actlvltles Cost of grant rnan9 Governan costs Total resourcas wJ•nded Net (outgoing)lineomlng resour before other rncognised galns arld losses Reallsed galns/(losses) on Investment assets Unreallsèd gains/(losses) on Investment assets N•t movement In funds Reconclllatlon of funds Total funds brought fonward Total funds carrlad fonvard
The CJG Foundation Balance Sheet Year ended 5 April 2025 Note• Unrestrlcted Fund• Total Funds 2025 2024 Fixed A$ts Investments Total Fixed Assot# Current Assets Cash wlth bank Debtors Tot•1 current assets Llabllltles Creditors frdlllng due wlthln one year Net ¢urr¢nt aswts Total assets lem ¢urr•nt Il•bllltle$ Credltors falllng due after more than one year N¢t assets The funds of the Charity Unrestrlcted Sncome fvnds Total Charity fund¥ The notes on pages 9 to 11 form a part of these accounts. Appmved by the Trustees and signed on their behalf bv: McEwen Trustee
The CJG Foundation Notes to the Accounts Year ended 5 April 2025 l. Accountlng pollclei (a) Basis of preparatlon The flnancial statements have been prepared under the hlstorlc cost convention. wlth the exception that Investments are Included at market value. The flnanclal statements have been prepareé In accordance wlth the Ststement of Recommended Practice.. Accountlng and Reportlng by Charttles (FRSEE) Issued In January 2015 and appllcable UK Accountlng Standards and the Charttles Act 2011. Ib) Funds structur• The Charlty has one fund, an unrestrltted Income fund. Th15 Is a fund whlch the Trustees are free to Use for any purpose In furtherance of the chatable objects. Unrestrfcted fund5 Include deslgnated funds where the Trustees, at their dIsCtIon, have created a fund for a spedflc purpose. (c) Incomlng resourc All Incomlng resources are recognlsed once the Charity has entltlement to the resources, it is rtsIn that the resources vlill be received and the monetary value of inctsming resources can be rneasuTed wlth sufficlent rellablllty. (d) Expendfture on raising funds "abilities are recogn15ed as resources expended a5 500n as there Is a legal or construrtlve obllgatlon commltting the Charity to the expendlture. All expendlture is accounted for on an accrual$ basis and has been classbfied under headings thot aggregate all costs related to the category. Grants payable are payments made to charftable organisations In the furtheran cf the charitable obJects of the trust. Single or multl-year grants a accounted for when either the reclpient ha5 a reasonable expectauon that they wlll recelve a grant and the Trustees have agreed tD pay the grant V41thout condition, or the redplent has a reasonable expettatlon that they wlll re1ve a grant and any condition attathlng to the grant Is outslde the control of the Charlty. Pmvlslons for grants are made when the Intentlon tg make a grant has been communicated to the reclplent but there Is uncertalnty about elther the tlmlng of the grant or the amount of the grant payable. (e) Expendlture on ertIr9 fund$ The costs of generating funds consists of investment management fees, legal fees, accountsncy fees and other governan and regulatory fees. (Q Charitable actlvltles The cost of charitable activlties Indudes grants made. (g) Governance ¢osts Governan costs comprfse all costs Involvlng the public accountabi1Sty of the Charlty and it5 compllance with regulation and good practlce. These costs inrlvde costs related to the preparation of the account5, the Independent exarnlnètion fee and legal fees. (h) ffxed auet Inv•stment InVtments are ststed at market value as at the balance sheet date. The statement of flnanclal attivities Includes the net galn and lo¢$ arlslng on revaluation and disposals throughout the year. (l} Reallsod galns and losseg All galns and10gses are taken to the Statement of Flnanclal Attivities as they arlse. Reallsed gains and 105ses on investments are calculated as the differen¢e between sales proceeds and openlng market value (purchase date if later). Unreallsed galns and 1055e5 are calculated as the dlfference between and market value at the year end and openlng market value (or purchase date If later). Realised and unrealised gains are nut Separated In the Statement of Financlal Actlvities.
The CJG Foundation Notes to the Accounts Y¢ar ¢nded S April 2025 U) Contifftgent Ilabllitles and provlslons In accordance with the SORP, a contingent liability is disclosed for those grants. which do not represent liabilities, where the possible obllgatlon, whlch arlses from past events, wlll only be confirmed by the Dccurrence of one or more unrertain fijture events not wholly wlthln the Trustees, control. Provisions are recognised for those grants where there is uncertainty as to the tlmlng or amount, and any UnrtaIntY regarding the amount 15 more than one of determinlng a basis for reasonable estimatlon of the Ilablllty arlslng from that construrtive obligation. 2. Related phrty transactions and Trustees. remuneratlon There were no related party transactions or Trustees, remuneratlon pald for the tlnanclal year endlng 5 Aprfl 2025. S. Investment income 2025 2024 Divldends - UK equltitles Dividends - Non-UK equltles Interest- UK fued interest securities Interest on cash deposlts Interest - Non-UK fixed Interest securltoes 4. Investment 14anager's co•ts 2025 2024 S. Analysls of charitable •xp•nditura The Charitywlll undertake Its charitable attlvltles through grant maklng and award grants to number of organisations in furtheran of its charltsble actlvltles. Grant funded activities: 2025 2024 Total 6. Governance costs 2025 2024 lftdependent examination fee Bank charges Legal fees: Administration Acc¢unts preparatSon VAT io
The CJG Foundation Notes to the Account5 Year ended 5 Aprll 2025 7. Flxed asset InveBtm•nts Mowement In fixeLI asset Investments 2Q25 2024 Market value as at 5 Aprll 2024 Additlons to investments at cost Disposals at carylng value Net gainl(loss) on waluatlon Net movement on cash Market value as at 5 April 2025 Inve•tm¢nts at market valu¢ comprf•ed: 2025 2024 Equltles Fbxed Interest securities Cash held wlthin portftjlio Total 8. Analy818 of currwrt liabilitites and long terni credltor$ 2025 2024 Credltors under l year Legal fees VAT thereon Independent examineVs fee li