Docusign Envelope ID: 9A994C70-0DD1-4DB1-AE38-197A0EF112DD **Charity number: 208560** ## JAFFE FAMILY RELIEF FUND ## UNAUDITED TRUSTEES' REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024 Docusign Envelope ID: 9A994C70-0DD1-4DB1-AE38-197A0EF112DD ## **JAFFE FAMILY RELIEF FUND** ## **CONTENTS** ||Page| |---|---| |**Reference and administrative details of the charity, its Trustees and advisers**|1| |**Trustees' report**|2 - 3| |**Independent examiner's report**|4| |**Statement of financial activities**|5| |**Balance sheet**|6| |**Notes to the financial statements**|7 - 14| Docusign Envelope ID: 9A994C70-0DD1-4DB1-AE38-197A0EF112DD ## **JAFFE FAMILY RELIEF FUND** ## **REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 5 APRIL 2024** |**Trustees**|Dr Gillian Haworth| |---|---| ||James Reinlieb| ||Dr Robin Jacobson| |**Charity registered**
**number**
208560
**Principal office**
24 Manor Way
Beckenham
BR3 3LJ
**Accountant**
Blick Rothenberg Limited
Chartered Accountants
16 Great Queen Street
Covent Garden
London
WC2B 5AH
**Bankers**
HSBC UK
184 High Street
Bromley
Kent
BR1 1HE|| Page 1 Docusign Envelope ID: 9A994C70-0DD1-4DB1-AE38-197A0EF112DD ## **JAFFE FAMILY RELIEF FUND** ## **TRUSTEES' REPORT FOR THE YEAR ENDED 5 APRIL 2024** The Trustees present their annual report together with the financial statements of the charity for the 6 April 2023 to 5 April 2024. The financial statements have been prepared in accordance with the accounting policies set out in notes to the accounts and comply with the charity's governing document, the Charities Act 2011 and the relevant version of the Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102). ## **Objectives and activities** ## **a. Policies and objectives** The Trustees shall apply the clear income of the charity as they think fit in relieving, in cases of need, persons of the following classes and in the following order: - (i) Persons who are descendents of David Joseph Jaffe. - (ii) The wives and widows, husbands and widowers, of such persons foresaid. (iii) Persons resident in the United Kingdom, including charitable organisations having as their objects relief of such persons. In setting objectives and planning for activities, the Trustees have given due consideration to general guidance published by the Charity Commission relating to public benefit, including the guidance 'Public benefit: running a charity (PB2)'' and 'The Prevention or Relief of Poverty for the Public Benefit'. ## **Achievements and performance** ## **a. Main achievements of the charity** The charity's funds are invested mainly in a specialised charities unit trust whose objective is to provide a stable income in real terms and if possible long term growth to maintain its capital value. During the year, the charity generated income of £66,459, out of which it made grants of £47,140 to those in need, in accordance with the charity’s objects. ## **b. Review of activities and financial performance** The Statement of Financial Activities set out on page 5 of the financial statements shows how the charity’s incoming resources have been expended during the year ended 5 April 2024. Total incoming resources amounted to £66,459, comprising income from investments. Resources expended amounted to £51,107 with £47,140 defrayed on grants to those in need and £3,967 on support and governance costs. The investments generated gains of £138,596 and overall, the net increase in funds for the year was £153,948. The statement of financial position set out on page 6 of the financial statements shows the financial position of the charity at 5 April 2024. The market value of the investments was £2,177,874. Current assets of £171,919 is represented by cash at bank. Current liabilities of £3,780 is represented by accrued expenditure. The resulting net assets amount to £2,346,013 which mirrors the accumulated balance on the unrestricted income funds. Page 2 Docusign Envelope ID: 9A994C70-0DD1-4DB1-AE38-197A0EF112DD ## **JAFFE FAMILY RELIEF FUND** **TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2024** ## **Achievements and performance (continued)** ## **c. Reserves policy** The net assets of the charity’s unrestricted fund of £2,346,013 are held to generate sustainable income in order to support its activities, which is to be applied towards the charity’s grant making activities and meet the ongoing overheads and administrative expenses. The Trustees aim to distribute all their income but maintain a cash reserve sufficient to meet new and urgent needs to family members and to moderate any fall in distributions to charities made necessary by any fall in income or by increased family needs. In practice the bulk of the income is distributed to family rather than charities. The Trustees consider that the total closing free reserves, as represented by net current assets of £168,139, are adequate for its size of activities at the year end. ## **d. Financial risk management objectives and policies** The Trustees have assessed the major risks to which the Fund is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks. ## **Structure, governance and management** ## **a. Constitution** Jaffe Family Relief Fund is a registered charity, number 208560, and is constituted under a Trust deed. The Fund is approved as a Charitable Fund by the Charity Commissioners (Charity Commission Scheme Deed No H/208560 A/1 dated 14th December, 1970 and registered under the Charities Act, 1960, No 208560). The Fund replaced an earlier informal charity. ## **b. Methods of appointment or election of Trustees** The management of the charity is the responsibility of the Trustees who are elected and co-opted under the terms of the Trust deed. The trustees who served during the year and up to the date of signature of the financial statements were: Dr Gillian Haworth James Reinlieb Dr Robin Jacobson Approved by order of the members of the board of Trustees and signed on their behalf by: ## **Dr Robin Jacobson** 09-Jan-25 | 09:00 GMT Date: Page 3 Docusign Envelope ID: 9A994C70-0DD1-4DB1-AE38-197A0EF112DD ## **JAFFE FAMILY RELIEF FUND** **INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 5 APRIL 2024** ## **Independent examiner's report to the Trustees of Jaffe Family Relief Fund ('the charity')** I report to the charity Trustees on my examination of the financial statements of the charity for the year ended 5 April 2024. This report is made solely to the charity's Trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. My work has been undertaken so that I might state to the charity's Trustees those matters I am required to state to them in an independent examiner's report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the charity and the charity's Trustees as a body, for my work or for this report. ## **Responsibilities and basis of report** As the Trustees of the charity you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 ('the 2011 Act'). I report in respect of my examination of the charity's financial statements carried out under section 145 of the 2011 Act and in carrying out my examination I have followed the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act. ## **Independent examiner's statement** Your attention is drawn to the fact that the charity has prepared the financial statements in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their financial statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has been withdrawn. I understand that this has been done in order for the financial statements to provide a true and fair view in accordance with the Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015. I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect: 1. accounting records were not kept in respect of the charity as required by section 130 of the 2011 Act; or 2. the financial statements do not accord with those records; or 3. the financial statements do not comply with the applicable requirements concerning the form and content of financial statements set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the financial statements give a 'true and fair' view which is not a matter considered as part of an independent examination. I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the financial statements to be reached. 10-Jan-25 | 15:40 GMT Signed: Dated: Marc Levy FCA ICAEW ## **Blick Rothenberg Limited** Chartered Accountants 16 Great Queen Street Covent Garden London WC2B 5AH Page 4 Docusign Envelope ID: 9A994C70-0DD1-4DB1-AE38-197A0EF112DD ## **JAFFE FAMILY RELIEF FUND** ## **STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 5 APRIL 2024** |**Note**
**Income from:**
Investments
4
**Total income**
**Expenditure on:**
Charitable activities
6
**Total expenditure**
**Net income before net gains on investments**
Net gains/(losses) on investments
**Net movement in funds**
**Reconciliation of funds:**
12
Total funds brought forward
Net movement in funds
**Total funds carried forward**|**Unrestricted**
**funds**
**2024**
**£**
**66,459**
**66,459**
**51,107**
**51,107**
**15,352**
**138,596**
**153,948**
**2,192,065**
**153,948**
**2,346,013**|**Total**
**funds**
**2024**
**£**
**66,459**
**66,459**
**51,107**
**51,107**
**15,352**
**138,596**
**153,948**
**2,192,065**
**153,948**
**2,346,013**|Total
funds
2023
£
62,198
62,198
52,392
52,392
9,806
(80,204)
(70,398)
2,262,463
(70,398)
2,192,065| |---|---|---|---| The Statement of financial activities includes all gains and losses recognised in the year. Page 5 Docusign Envelope ID: 9A994C70-0DD1-4DB1-AE38-197A0EF112DD ## **JAFFE FAMILY RELIEF FUND** ## **BALANCE SHEET FOR THE YEAR ENDED 5 APRIL 2024** |**Note**
**Fixed assets**
Investments
10
**Current assets**
Cash at bank and in hand
Creditors: amounts falling due within one
year
11
**Net current assets**
**Total net assets**
**Charity funds**
Restricted funds
Unrestricted funds
12
**Total funds**|**171,919**
**171,919**
**(3,780)**|**2024**
**£**
**2,177,874**
**2,177,874**
**168,139**
**2,346,013**
**-**
**2,346,013**
**2,346,013**|156,417
156,417
(3,630)|2023
£
2,039,278| |---|---|---|---|---| |||||2,039,278
152,787| |||||| |||||2,192,065| |||||-
2,192,065| |||||| |||||2,192,065| The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by: ## **Dr Robin Jacobson** 09-Jan-25 | 09:00 GMT Date: The notes on pages 7 to 14 form part of these financial statements. Page 6 Docusign Envelope ID: 9A994C70-0DD1-4DB1-AE38-197A0EF112DD **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024** ## **JAFFE FAMILY RELIEF FUND** ## **1. General information** The Jaffe Family Relief Fund is a fund registered at the Charities Commission in England and Wales with charity number 208560. The principal office is 24 Manor Way, Beckenham, BR3 3LJ. The financial statements are presented in Sterling (£), which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £. ## **2. Accounting policies** ## **2.1 Basis of preparation of financial statements** The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011. The financial statements have been prepared to give a 'true and fair' view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a 'true and fair' view. This departure has involved following the Charities SORP (FRS 102) published in October 2019 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn. Jaffe Family Relief Fund meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy. ## **2.2 Income** All income is recognised once the charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation. Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable. ## **2.3 Expenditure** Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use. Expenditure on charitable activities is incurred on directly undertaking the activities which further the charity's objectives, as well as any associated support costs. Grants payable are charged in the year when the offer is made except in those cases where the offer is conditional, such grants being recognised as expenditure when the conditions attaching are fulfilled. Grants offered subject to conditions which have not been met at the year end are noted as a commitment, but not accrued as expenditure. Page 7 Docusign Envelope ID: 9A994C70-0DD1-4DB1-AE38-197A0EF112DD **JAFFE FAMILY RELIEF FUND NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024** ## **2. Accounting policies (continued)** ## **2.3 Expenditure (continued)** All expenditure is inclusive of irrecoverable VAT. ## **2.4 Interest receivable** Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited. ## **2.5 Investments** Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the balance sheet date, unless the value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as ‘Gains/(Losses) on investments’ in the statement of financial activities. ## **2.6 Cash at bank and in hand** Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account. ## **2.7 Liabilities and provisions** Liabilities are recognised when there is an obligation at the balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably. ## **2.8 Financial instruments** The charity has elected to apply Sections 11 and 12 of FRS 102 in respect of financial instruments. Financial assets and financial liabilities are recognised when the charity becomes party to the contractual provisions of the instrument. Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the charity after deducting all of its liabilities. The charity’s policies for its major classes of financial assets and financial liabilities are set out below. ## **Financial assets** Basic financial assets, including cash and bank balances are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest for a similar debt instrument. Financing transactions are those in which payment is deferred beyond normal business terms or is financed at a rate of interest that is not a market rate. Such assets are subsequently carried at amortised cost using the effective interest method, less any impairment. Page 8 Docusign Envelope ID: 9A994C70-0DD1-4DB1-AE38-197A0EF112DD **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024** ## **JAFFE FAMILY RELIEF FUND** ## **2. Accounting policies (continued)** ## **Financial instruments (continued)** ## **Financial liabilities** Basic financial liabilities, including other creditors are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Financing transactions are those in which payment is deferred beyond normal business terms or is financed at a rate of interest that is not a market rate. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. ## **Impairment of financial assets** Financial assets measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the profit and loss account. For financial assets measured at cost less impairment, the impairment loss is measured as the difference between the asset's carrying amount and the best estimate of the amount the charity would receive for the asset if it were to be sold at the reporting date. For financial assets measured at amortised cost, the impairment loss is measured as the difference between the asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If the financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract. If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss. ## **Derecognition of financial assets and financial liabilities** Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) despite having retained some significant risks and rewards of ownership, control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions. Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires. ## **Offsetting of financial assets and financial liabilities** Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. Page 9 Docusign Envelope ID: 9A994C70-0DD1-4DB1-AE38-197A0EF112DD **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024** ## **JAFFE FAMILY RELIEF FUND** ## **2. Accounting policies (continued)** ## **2.9 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. Investment income, gains and losses are allocated to the appropriate fund. ## **3. Employees** There were no employees during the year (2023 - 0). There were no employees who received employee benefits (excluding employer pension costs) of more than £60,000 during the year (2023 - 0). ## **4. Investment income** |**Unrestricted**
**funds**
**2024**
**£**
Income from listed investments
59,296
Interest receivable
7,163
**Total 2024**
66,459
Total 2023
62,198|**Total**
**funds**
**2024**
**£**
**59,296**
**7,163**
**66,459**
62,198|Total
funds
2023
£
59,296
2,902| |---|---|---| |||62,198| |||| ## **5. Analysis of grants** |Grants payable
Total 2023|**Grants to**
**Institutions**
**2024**
**£**
12,000
12,000|**Grants to**
**Individuals**
**2024**
**£**
35,140
36,557|**Total**
**funds**
**2024**
**£**
**47,140**
48,557|Total
funds
2023
£
48,557| |---|---|---|---|---| |||||| The charity has made the following material grants to institutions during the year: Page 10 Docusign Envelope ID: 9A994C70-0DD1-4DB1-AE38-197A0EF112DD ## **JAFFE FAMILY RELIEF FUND** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024** ## **5. Analysis of grants (continued)** |**Name of institution**
Brainwave
Bryson Group
Cerebra
Nightingale Hammerson
Trussell Trust
West London Action for Children Group|**2024**
**£**
**2,000**
**-**
**2,000**
**2,000**
**4,000**
**2,000**
**12,000**|2023
£
2,000
2,000
2,000
2,000
2,000
2,000| |---|---|---| |||| |||12,000| ## **6. Analysis of expenditure on charitable activities** ## **Summary by fund type** |**Unrestricted**
**funds**
**2024**
**£**
The prevention and relief of poverty
51,107
Total 2023
52,392|**Total**
**2024**
**£**
**51,107**
52,392|Total
2023
£
52,392| |---|---|---| |||| ## **7. Analysis of expenditure by activities** |Charitable activities
Total 2023|**Grant**
**funding of**
**activities**
**2024**
**£**
47,140
48,557|**Support**
**costs**
**2024**
**£**
3,967
3,835|**Total**
**funds**
**2024**
**£**
**51,107**
52,392|Total
funds
2023
£
52,392| |---|---|---|---|---| |||||| Page 11 Docusign Envelope ID: 9A994C70-0DD1-4DB1-AE38-197A0EF112DD ## **JAFFE FAMILY RELIEF FUND** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024** ## **7. Analysis of expenditure by activities (continued)** ## **Analysis of support costs** |Governance costs
Total 2023|**Activities**
**2024**
**£**
3,967
3,835|**Total**
**funds**
**2024**
**£**
**3,967**
3,835|Total
funds
2023
£
3,835| |---|---|---|---| ## **8. Independent examiner's remuneration** The independent examiner's remuneration amounts to an independent examiner fee of £3,780 (2023 - £3,600). ## **9. Trustees' remuneration and expenses** During the year, no Trustees received any remuneration or other benefits (2023 - £NIL). During the year ended 5 April 2024, no Trustee expenses have been incurred (2023 - £NIL). ## **10. Fixed asset investments** |**Cost or valuation**
At 6 April 2023
Revaluations
At 5 April 2024
**Net book value**
At 5 April 2024
At 5 April 2023|**Listed**
**investments**
**£**
**2,039,278**
**138,596**| |---|---| ||**2,177,874**| ||**2,177,874**| ||2,039,278| Page 12 Docusign Envelope ID: 9A994C70-0DD1-4DB1-AE38-197A0EF112DD **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024** ## **JAFFE FAMILY RELIEF FUND** ## **11. Creditors: Amounts falling due within one year** ||**2024**|2023| |---|---|---| ||**£**|£| |Accruals and deferred income|**3,780**|3,630| ## **12. Summary of funds** ## **Summary of funds - current year** |General funds|**Balance at 6**
**April 2023**
**£**
**2,192,065**
Balance at
1 April 2022
£
2,262,463|**Income**
**£**
**66,459**
Income
£
62,198|**Expenditure**
**£**
**(51,107)**
Expenditure
£
(52,392)|**Gains/**
**(Losses)**
**£**
**138,596**
Gains/
(Losses)
£
(80,204)|**Balance at 5**
**April 2024**
**£**
**2,346,013**| |---|---|---|---|---|---| ||||||Balance at
5 April 2023
£
2,192,065| |**Summary of funds - prior year**|||||| |General funds|||||| ## **13. Analysis of net assets between funds Analysis of net assets between funds - current period** |**Unrestricted**
**funds**
**2024**
**£**
Fixed asset investments
2,177,874
Current assets
171,919
Creditors due within one year
(3,780)
**Total**
2,346,013|**Total**
**funds**
**2024**
**£**
**2,177,874**
**171,919**
**(3,780)**| |---|---| ||**2,346,013**| Page 13 Docusign Envelope ID: 9A994C70-0DD1-4DB1-AE38-197A0EF112DD ## **JAFFE FAMILY RELIEF FUND** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024** ## **13. Analysis of net assets between funds (continued)** ## **Analysis of net assets between funds - prior period** |Fixed asset investments
Current assets
Creditors due within one year
**Total**|Unrestricted
funds
2023
£
2,039,278
156,417
(3,630)
2,192,065|Total
funds
2023
£
2,039,278
156,417
(3,630)
2,192,065| |---|---|---| ## **14. Related party transactions** The charity has not entered into any related party transactions during the year, nor are there any outstanding balances owing between related parties and the charity at 5 April 2024. Page 14