Recent accounts show that the Jecda Foundation – run by Welfare Minister Lord Freud and his family – gave out just £37,000 last year. This was just a fraction of what it spends on the US stock market.
The Jecda Foundation plans to spend even less in the next 12 months – earmarking only £12,000 for a single project, according to its latest accounts.
In contrast the charity has spent £250,000 in a “dollar tracker fund” in the US stock market and saw the value of another investment soar by almost £350,000.
Records (filed with the Charity Commission) reveal Jecda, which claims its objective is “poverty relief”, received £5,000 more in dividends from its investments and shares than it spent on worthy schemes it backed.
This is the same Lord Freud who refused to quit after suggesting people with mental disabilities were “not worth” the minimum wage and could be paid £2 an hour.
Read more at the Daily Mirror website