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2024-03-31-accounts

REGISTERED COMPANY NUMBER: 02845852 (England and Wales) REGISTERED CHARITY NUMBER:1037084

Trustees' Report and

Audited Financial Statements for the Year Ended 30 March 2024

for

The Jericho Foundation

The Jericho Foundation

Contents of the Financial Statements for the Year Ended 30 March 2024

Page
Trustees' Report 1 to8
Report of the Independent Auditors 9
Statement of Financial Activities 11
Statement of Financial Position 12
Statement of Cash Flows 13
Notes to the Statement of Cash Flows 14
Notes to the Financial Statements 15 to23
Detailed Statement of Financial Activities 24

The Jericho Foundation

Trustees' Report for the Year Ended 30 March 2024

The Trustees, who are also directors for the purposes of company law, have pleasure in presenting their report and the financial statements for the charitable company for the year ended 30 March 2024. The Trustees have adopted the provisions of 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 the Republic of Ireland (FRS 102) (effective 1 January 2019).

STRATEGIC REPORT

STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document

The charity is controlled by its governing document, a deed of trust, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006.

REFERENCE AND ADMINISTRATIVE DETAILS Registered Company number

02845852 (England and Wales)

Registered Charity number 1037084

Registered office

196-198 Edward Road Balsall Heath Birmingham B12 9LX

Trustees

The Trustee and officers serving during the year and since the year end were as follows:

Graham Cook (resigned 18/05/23) Eleanor Searley (resigned 18/01/2024) Zac Dixon Colin Marsh David Wickens Uniqua Brown James Crystal Martin Robertson (appointed 18/05/23)

Banker

Unity Trust Bank 9 Brindley Place Brimingham B1 2HB

Auditors

Tag Assurance Services Limited Chartered Accountants Statutory Auditors 8 Pendeford Place Pendeford Business Park, Wobaston Road Wolverhampton WV9 5HD

Page 1

The Jericho Foundation

Trustees' Report

for the Year Ended 30 March 2024

PERFORMANCE FOR THE YEAR 2023/24

The 23/24 financial year was Jericho’s 30th year of trading since the charity was incorporated in August 2003. The highlight of the year was our 30th Birthday celebration event in October which was well attended by a range of funders, supporters, staff and beneficiaries. This was an amazing opportunity to celebrate all we have achieved together over the years, and we are particularly grateful to our keynote speakers, West Midlands Mayor Andy Street, Paul Fenton from Paul Hamlyn Foundation and Tina Swani from Sutton Coldfield Charitable Trust who all gave inspirational messages.

Our social impact in 23/24 increased significantly compared to the previous year. We supported 128 beneficiaries (compared with 136 in FY22/23), of whom 100 worked in our social enterprises, completing 4920 days of supported work experience. Around 84% of all completers progressed into a positive outcome and we evidenced a total social value of £1.725m compared with £1.31m in FY22/23.

Financially it was another reasonable year with fundraising performing very well and compensating for some challenges within the social enterprises. Overall, we achieved our challenging break-even budget.

The main challenges in the year related directly or indirectly to the ongoing ‘Cost of Living Crisis’. We were adversely affected by further significant increases in staff and beneficiary wages, utilities and materials costs. We also experienced some delays in filling up some of our newly completed residential accommodation which impacted on budgeted property income. Wood Shack and Jericho Cleaning performed relatively poorly in the year and one of our key Jericho Cleaning customers went into administration leaving us with a significant unpaid debt. Meanwhile Birmingham City Council issued a section 114 notice, effectively declaring bankruptcy, which was probably connected in part to their request to increase our rent at ReUsers by 60%, an issue that thankfully has since been resolved. Overall there were times during the middle of the year where it felt like we were facing a tidal wave of adversity

However, there were also some great encouragements in the year. Most importantly we secured three year extensions to funding for both our modern slavery and young people’s programmes. These programmes are the foundation of Jericho’s work, and we are hugely grateful to our funders for trusting us with another three years of support.

In addition, we were delighted to see the Change Kitchen team moved back into their newly completed kitchen and delivered a record year with income in excess of £300k, 75 tonnes of surplus food diverted from landfill and 8120 free meals provided for those in food poverty. We were also able to purchase two new vans for Wood Shack which will enable us to collect more waste wood in each collection going forward. We benefitted from several days of support from some of our amazing corporate partners who helped with garden makeovers and furniture assembly at our accommodation sites. We were also delighted to welcome two of our brilliant business managers back from maternity leave.

Our trustee board continues to function well, providing accountability, guidance and support to our executive team. This year we said goodbye to our Ellie Searley following 6 years of faithful service bringing both wisdom and legal expertise to the board. We plan to recruit a replacement in the coming year but meanwhile the remaining six trustees are well equipped to help take Jericho forward.

Towards the end of the year, we held an away day for trustees and members or the senior management team to consider the future strategic direction of Jericho. The detail plan is still in preparation but key objectives for the coming years will include diversification of our fundraising income streams, growth in our social enterprise contribution to circa £400k per year, increasing in our social impact through the addition of some higher volume, lower unit cost interventions, becoming a ‘best in class’ employer and reducing our carbon emissions through investing in our buildings.

Objectives and Activities

The objects and mission statement as set out in the Memorandum of Association are:-

  1. To promote the relief of those in need, hardship, distress or other disadvantage due to youth, age, financial hardship, poverty, illness, disability or homelessness.

  2. To promote social inclusion for the public benefit by preventing people from becoming socially excluded, relieving the needs of those people who are socially excluded and assisting them to integrate into society.

For the purpose of this clause 'socially excluded' means being excluded from society, or parts of society, as a result of one of more of the following factors: unemployment; financial hardship; youth or old age; ill health (physical or mental); substance abuse or dependency including alcohol and drugs; poor educational or skills attainment; relationship and family breakdown; poor housing; crime (either as a victim of crime or as an offender rehabilitating into society).

Page 2

The Jericho Foundation

Trustees' Report

for the Year Ended 30 March 2024

  1. The relief of unemployment for the benefit of the public in such ways as may be thought fit, including assistance to find employment.

  2. To provide facilities in the interests of social welfare for recreation and leisure time occupation, with the object of improving the conditions of life for the inhabitants of the said city.

  3. To pursue any other charitable purpose which the charity thinks fit for pursuit, in conjunction with any of the charitable purposes aforesaid which are pursued under a Christian ethos.

Mission Statement

Jericho gives the people who need it most, the break they need to feel and be more employable.

How our activities deliver public benefit

The Trustees confirm that they have complied with the duty in section 4 of the Charities Act 2006 to have due regard to the Charity Commission's general guidance on public benefit, 'Charities and Public Benefit'. Our main activities and who we try to help are described above. Our charitable activities focus on helping disadvantaged people to find solution to the problems they face and are undertaken to further our charitable purposes for the public benefit.

Strategies for achieving aims

In order to achieve our aims Jericho offers voluntary and paid work experience placements and/or apprenticeships in our social enterprise businesses (and partner enterprises) in the following vocational areas:

We also offer the following services, both to clients working in our social enterprise businesses, and to others who come to us through drop-in or outreach activities:

Advice and guidance

In addition, we train and equip churches and other faith/community groups to run employability training courses and job clubs to help unemployed people in their local areas through the Ignition Pathways Programme.

We also support start-up businesses, social enterprises and charities through our co-working and business incubation facility called Jericho Workspace.

Financial Review

Income for the year amounted to £2,141,057 (2023: £2,312,264), whilst expenditure amounted to £2,140,756 (2023: £2,242,457). This gave rise to a surplus of £301 (2023: £69,807) and an increase in unrestricted funds for the year to £788,739 as shown on the Statement of Financial Activities.

Total funds carried forward at 30 March 2024 are £908,739 (2023: £908,438).

Page 3

The Jericho Foundation

Trustees' Report

for the Year Ended 30 March 2024

Reserves Policy

The Trustees have agreed a policy to aim towards maintaining reserves at a minimum level of 3 months' essential expenditure and a maximum of 6 months' expenditure. This will allow the charity to be resilient, properly manage its finances and deal with future funding issues. This means the required level of reserves is between £551,000 and £1,102,000. The Trustees have also decided that the best measure of reserves for the Charity is the unrestricted funds which amounted to £788,739.

Principal Funding Sources

During the year we received £859,993 (2023: £966,543) to provide focussed support for our clients. This funding used to be primarily from statutory sources, but is now mainly grant making trusts.

Social Enterprise / trading income amounted to £1,281,064 (2023: £1,345,721), which included Wood Recycling, ReUse, and Cleaning activities. These operations provide the supported work placements for clients.

We would like to thank all of the many individuals, churches, companies and grant making trusts that funded our work during the course of the year. This includes the following:

Baron Davenport's Charity Charles Brotherton Trust Communities and Housing Investment Consortium Limited Chiltern Railways Edgar E Lawley Foundation Edward and Dorothy Cadbury Trust Equans Equistone Partners Europe Ltd Esmee Fairbairn Foundation GJW Turner Trust Garfield Weston Foundation Glasspool Charity Trust Goldieslie Lodge Benevolent Fund Hodge Foundation Hortons Estates Landau Lord Barnaby's Foundation Miss Albright Grimley Charity National Grid National Lottery Community Fund - Awards for All National Lottery Community Fund - Reaching Communities Paul Hamlyn Foundation Resonance Richard Kilcuppe's Charity Rotary Club of Moseley & Sparkbrook Charity Skipton Charitable Foundation Solihull School Sutton Coldfield Baptist Church Sutton Coldfield Charitable Trust Sutton Coldfield Town Council Team ITG The Balcombe Charitable Trust The Charles Plater Trust The Eveson Charitable Trust The George Henry Collins Charity The Gosling Foundation The Grimmitt Trust The Haramead Trust The Henry Smith Charity The Hobson Charity The Joseph Hopkins & Henry James Sayer Charity The Lillie C Johnson Charitable Trust

Page 4

The Jericho Foundation

Trustees' Report

for the Year Ended 30 March 2024

The Michael Marsh Charitable Trust The Noel Sweeney Foundation The Rank Foundation The Roger & Douglas Turner Charitable Trust The Rowlands Trust The Saintbury Trust The Sparkhill Trust Westhill Endowment West Bromwich Building Society Westhill Endowment William A Cadbury Charitable Trust

Page 5

The Jericho Foundation

Trustees' Report

Risk Management

All significant activities undertaken are subject to a risk review as part of initial project assessments and implementation. Major risks are identified and their potential impact and likelihood evaluated. These risks are kept under regular review by the Senior Management Team and the Trustees to satisfy themselves that adequate systems and procedures are in place to manage the identified risks. Where appropriate, the risks are covered by insurance.

The following framework is central to ensuring adequate risk assurance:-

o Regular monitoring of major risks and development of action plans o Embedding risk identification and assessment within operating procedures o A clear structure of delegated authority and control o Review of key systems and procedures

o Regular summary reports on risk management to the Trustees.

In assessing risk, the Trustees recognise that some areas of our work require the acceptance and management of risk if our key objectives are to be achieved.

Principal risks and uncertainties

The 3 main risks identified last year and the mitigating actions taken are:

Cost of living' crisis

Our biggest risk during the year was the cost-of-living crisis which put pressure on all of our costs including utility bills, wage costs and materials costs. We managed this through careful forecasting and tight financial management and were also able to access several cost-of-living related grant programmes.

Challenging Fundraising climate

The fundraising climate became considerably tighter during the year with more charities applying for more money from the same funders with less to give away due to poorer investment returns. We managed this risk by expanding our fundraising team to include a fundraising assistant and by releasing one of our senior managers to focus more time on corporate partnerships and individual giving. By the end of the financial year we had managed to exceed our fundraising target by a reasonable margin

Health and Safety risks

Health and Safety became a much bigger risk during the pandemic so in the last year we have continued to mitigate these risks by increased health and safety manager hours, intensive staff training and provision of 'best in class' Covid safety measures on all of our sites.

Future Plans

During the year we have continued to implement the strategic plan that was developed previously and is based on the following principles:

Replicate where possible some of our existing social enterprises into nearby geographic locations. Broaden the offer of existing SE’s to include new goods and services.

Focus on growing social impact - not turnover, headcount or outputs – use the Social Value Portal to measure success.

Invest in the right people in the right places to build a more resilient staffing structure and trustee board.

ESG focus – we will seek to maximise the benefit to Jericho of the increasing prioritisation of Environmental, Social and Governance issues in the corporate/business worlds through a targeted corporate engagement and fundraising programme.

Towards the end of the year, we held an away day for trustees and members or the senior management team to consider the future strategic direction of Jericho. As noted above the detailed plan is still in preparation but key objectives for the coming years will include diversification of our fundraising income streams, growth in our social enterprise contribution to circa £400k per year, increasing in our social impact through the addition of some higher volume, lower unit cost interventions, becoming a ‘best in class’ employer and reducing our carbon emissions through investing in our buildings.

Page 6

The Jericho Foundation

Trustees' Report for the Year Ended 30 March 2024

Structure, Governance and Management

Governing Document

The organisation is a charitable company limited by guarantee, incorporated on 18 August 1993 and registered as a charity on 28 April 1994. The company was established under a Memorandum of Association that established the objects and powers of the charitable company and is governed under its Articles of Association. In the event of the company being wound up, members are required to contribute an amount not exceeding £10 per member.

Method of appointment of Directors and members

The Directors of the charity are the charity's trustees as defined by section 177 of the Charities Act 2011. The minimum numbers of directors is three. One third of the Directors come up for re-election every three years. The voting takes place at the AGM.

Any person wishing to become a member of the charity may apply to the charity in the form required by the Directors and must be approved by the Directors. The Directors may only refuse an application for membership if, acting reasonably and properly, they consider it to be in the best interests of the charity to refuse the application. If membership is granted to individuals or organisations which are not also Directors, an amendment to the Articles of Association of the charity will be required.

Induction and Training of Directors

New Directors are briefed on their legal obligations under charity and company law, the content of the Memorandum and Articles of Association, the Board of Directors and its decision-making processes, future plans and recent financial performance. All Directors are encouraged to attend appropriate external training events where these will facilitate the undertaking of their role.

Organisational Structure & Decision Making

The Directors manage the business of the charity and may exercise all the powers of the charity unless they are subject to any restrictions imposed by the Companies Act, or the articles, or any special resolution. The Directors meet a minimum of four times a year to consider major decisions of the charity. There are currently no sub-committees of the Board of Directors.

The Chief Executive is responsible for the day-to-day management of the charity and for implementing policies agreed by the Directors. The Chief Executive is assisted by a group of senior managers (the Senior Management Team).

TRUSTEES' RESPONSIBILITY STATEMENT

The Trustees are responsible for preparing the Trustees’ Report and the financial statements in accordance with applicable law and United Kingdom Generally Accepted Accounting Practice.

Charity Law and Company Law require the Trustees to prepare financial statements for each financial year. Under that law the Trustees have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Practice (United Kingdom Accounting Standards and applicable law). The financial statements are required to give a true and fair view of the state of affairs of the charitable company and group as at the end of the financial year and of its incoming resources and application of resources, including the net income or expenditure for that year. In preparing these financial statements, the Trustees are required to:-

The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

In so far as the trustees are aware:

Page 7

The Jericho Foundation

Trustees' Report for the Year Ended 30 March 2024

AUDITORS

The auditors, Tag Assurance Services Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

Trustees' report, incorporating a strategic report, approved by order of the board of trustees, as the company directors, on 26 November 2024 and signed on the board's behalf by:

Colin Marsh

....................................................................... Trustee

Page 8

Report of the Independent Auditors to the Members of The Jericho Foundation

Opinion

We have audited the financial statements of The Jericho Foundation (the 'charitable company') for the year ended 30 March 2024 which comprise the Statement of Financial Activities, the Statement of Financial Position, the Statement of Cash Flows and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

The trustees are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Report of the Independent Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustees' Report.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

Page 9

Report of the Independent Auditors to the Members of The Jericho Foundation

Responsibilities of trustees

As explained more fully in the Statement of Trustees' Responsibilities, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the charitable company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

Our responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Independent Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

-We identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations or the override of internal control.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Independent Auditors.

Use of our report

This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed.

S D Philpott

Shaun Philpott FCA (Senior Statutory Auditor) for and on behalf of Tag Assurance Services Limited Chartered Accountants Statutory Auditors 8 Pendeford Place Pendeford Business Park, Wobaston Road Wolverhampton WV9 5HD

Date: 26 November 2024

Page 10

The Jericho Foundation

Statement of Financial Activities
for the Year Ended 30 March 2024
INCOME AND ENDOWMENTS FROM
Notes
Donations and legacies
2
Income from charitable activities
3
Total
EXPENDITURE ON
Raising funds
Raising donations and legacies
4
Charitable activities
5/6
Total
NET INCOME/(EXPENDITURE)
Transfers between funds
20
Net movement in funds
RECONCILIATION OF FUNDS
Total funds brought forward
TOTAL FUNDS CARRIED FORWARD		 Unrestricted
funds
£
46,914
1,281,064
1,327,978
102,813
102,813
1,163,670
1,266,483
61,495
10,000
71,495
717,244
788,739		 Restricted
funds
£
813,079
-
813,079
-
-
874,273
874,273
(61,194)
(10,000)
(71,194)
191,194
120,000		 30.3.24
Total
funds
£
859,993
1,281,064
2,141,057
102,813
102,813
2,037,943
2,140,756
301
-
301
908,438
908,739		 30.3.23
Total
funds
£
966,543
1,345,721
2,312,264
87,074
87,074
2,155,383
2,242,457
69,807
-
69,807
838,631
908,438

The notes form part of these financial statements

Page 11

The Jericho Foundation

Statement of Financial Position
30 March 2024
30.3.24 30.3.23
Notes £ £
FIXED ASSETS
Tangible assets 11 655,904 653,358
Social investments 12 740,000 750,000
1,395,904 1,403,358
CURRENT ASSETS
Stocks 13 176,877 174,905
Debtors 14 176,438 165,709
Cash in hand 145,975 231,846
499,290 572,460
CREDITORS
Amounts falling due within one year 15 (257,555) (285,627)
NET CURRENT ASSETS 241,735 286,833
TOTAL ASSETS LESS CURRENT LIABILITIES 1,637,639 1,690,191
CREDITORS
Amounts falling due after more than one year 16 (728,900) (781,753)
NET ASSETS 908,739 908,438
FUNDS 20
Unrestricted funds:
General fund 674,926 599,612
Revaluation reserve 113,813 117,632
788,739 717,244
Restricted funds 120,000 191,194
TOTAL FUNDS 908,739 908,438

The financial statements were approved by the Board of Trustees and authorised for issue on 26 November 2024 and were signed on its behalf by: (Ady ............................................. Trustee

The notes form part of these financial statements

Page 12

The Jericho Foundation

Statement of Cash Flows
for the Year Ended 30 March 2024
Notes
Cash flows from operating activities
Cash generated from operations
1
Interest paid
Net cash provided by/(used in) operating activities
Cash flows from investing activities
Purchase of tangible fixed assets
Purchase of social investments
Sale of tangible fixed assets
Net cash used in investing activities
Cash flows from financing activities
Loan repayments in year
Loan draw downs in year
Net cash (used in)/provided by financing activities
Change in cash and cash equivalents in
the reporting period
Cash and cash equivalents at the
beginning of the reporting period
Cash and cash equivalents at the end of
the reporting period		 30.3.24
£
66,964
(34,623)
32,341
(72,965)
-
25,750
(47,215)
(70,997)
(70,997)
(85,871)
231,846
145,975		 30.3.23
£
(151,886)
(36,228)
(115,658)
(114,243)
(197,915)
18,000
(294,158)
(94,283)
125,000
(30,717)
(147,783)
379,629
231,846

The notes form part of these financial statements

Page 13

The Jericho Foundation

Notes to the Statement of Cash Flows for the Year Ended 30 March 2024

1. RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES
30.3.24 30.3.23
£ £
Net income for the reporting period (as per the Statement of Financial
Activities) 301 69,807
Adjustments for:
Depreciation charges 49,648 38,608
Impairments 10,000 108,294
Profit on sale of tangible fixed asset (4,979) (6,793)
Interest paid 34,623 36,228
Increase in stocks (1,972) (12,122)
Increase in debtors (10,729) 6,064
Decrease in creditors (9,928) (88,200)
Net cash provided by/(used in) operations 66,964 151,886
2. ANALYSIS OF CHANGES IN NET DEBT
At 31.3.23 Cash flow At 30.3.24
£ £ £
Net cash
Cash at bank and in hand 231,846 (85,871) 145,975
231,846 (85,871) 145,975
Debt
Debts falling due within 1 year (70,996) 18,144 (52,852)
Debts falling due after 1 year (781,753) 52,853 (728,900)
(852,749) 70,997 (781,752)
Total (620,903) (14,874) (635,777)

The notes form part of these financial statements

Page 14

The Jericho Foundation

Notes to the Financial Statements for the Year Ended 30 March 2024

1. ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements of the charitable company, which is a public benefit entity under FRS 102, 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)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention, as modified by the revaluation of certain assets.

Going concern

The financial statements have been prepared on a going concern basis as the trustee believe that no material uncertainties exist. The trustee have considered the level of fund held and the expected level of income and expenditure for 12 month from authorizing these financial statement. The budgeted income and expenditure is sufficient with the level of reserve for the charity to be able to continue as a going concern.

Tangible fixed assets

Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the followings basis:

Freehold Property 2.5% Straight line
Equipment 25% Straight line

Taxation

The charity is exempt from corporation tax on its charitable activities.

2. DONATIONS AND LEGACIES

Donations received
Grants received		 Unrestricted
funds
£
11,914
35,000
46,914		 Restricted
funds
£
7,500
805,579		 2024
£
19,414
840,579
859,993		 2023
£
13,458
953,085
966,543

813,079

3. Income from charitable activities

Unrestricted funds
Social Enterprise activities
Income from charitable activities
Other
Income from charitable activities		 2024
£
1,158,818
122,246
1,281,064		 2023
£
1,267,186
78,535
1,345,721

Page 15

The Jericho Foundation

Notes to the Financial Statements - continued for the Year Ended 30 March 2024

4. RAISING DONATIONS AND LEGACIES

Unrestricted funds
Donations
COSTS OF CHARITABLE ACTIVITIES BY FUND TYPE
Unrestricted
Funds
£
Grants and contracts
-
Social enterprise activities
707,876
Support costs
455,794
1,163,671		 Restricted
Funds
£
340,003
359,415
174,855
874,273		 2024
£
102,813
102,813
2024
£
340,003
1,067,291
630,649
2,037,943		 2023
£
87,074
87,074
2023
£
310,204
1,148,592
696,587
2,155,383

5. COSTS OF CHARITABLE ACTIVITIES BY FUND TYPE

Costs of charitable activities by activity type

Grants and contracts
Social enterprise activities		 Activities
undertaken
directly
£
340,003
1,067,291
1,407,294		 Support
costs
£
152,365
478,284
630,649		 2024
£
492,368
1,545,575
2,037,943		 2023
£
458,329
1,697,054
2,155,383

6. SUPPORT COSTS

Finance
Staff salaries & Related
Communication costs
Office costs
Premises costs
Deprecation
Legal and professional
Governance costs		 Grants and
contracts
£
8,905
77,704
1,226
7,976
13,330
14,411
15,281
13,532
152,365		 Social
enterprise
activities
£
27,953
243,918
3,849
25,038
41,844
45,237
47,968
42,477
478,284		 2024
£
36,858
321,623
5,075
33,014
55,174
59,648
63,248
56,009
630,649		 2023
£
38,475
260,182
4,967
23,908
61,955
146,362
73,511
87,227

696,587

7. NET INCOME/(EXPENDITURE)

Net income/(expenditure) is stated after charging/(crediting):

30.3.24 30.3.23
£ £
Depreciation - owned assets 49,648 38,068

Auditors' remuneration £9,000 (£8,000 in 2023).

Page 16

The Jericho Foundation

Notes to the Financial Statements - continued for the Year Ended 30 March 2024

8. TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the year ended 30 March 2024 nor for the year ended 30 March 2023.

Trustees' expenses

During the year no transactions have taken place between the charity and the trustees and senior management team. The trustees consider that in certain circumstances it is in the interests of the charity for the trustees to use the services of the charity's social enterprises rather than alternative suppliers.

9. STAFF COSTS AND EMOLUMENTS

Totals staff costs for the period ended 30 March 2024 were:

Salaries and wages
Social security costs
Pension costs		 2024
£
1,423,194
99,324
37,081
1,559,599		 2023
£
1,396,846
98,867
50,039
1,545,852

The average number of employees for the year were 97 (98 in 2023).

There was one member of staff with the salary in the band range £70,001 to £80,000.

10. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES

Income and endowments from
Donations and legacies
Charitable activities
Total
Expenditure on:
Raising funds
Charitable Activities
Total
Transfer between funds
Net Movement in funds
Reconciliation of fund
Total Funds brought forward
Total fund carried forward		 Unrestricted Funds
£
104,506
1,345,721
1,450,227
(87,074)
(1,273,089)
1,360,163
10,000
100,064
617,180
717,244		 Restricted Funds
£
862,037
-
862,037
-
(882,294)
(882,294)
(10,000)
(30,257)
221,451
191,194		 2023
£
966,543
1,345,721
2,312,264
(87,074)
(2,155,383)
(2,242,457)
--
69,807
838,631

908,438

Page 17

The Jericho Foundation

Notes to the Financial Statements - continued for the Year Ended 30 March 2024

11. TANGIBLE FIXED ASSETS

Cost or Valuation
At 31st March 2023
Additions
Disposals
At 30th March 2024
Depreciation
At 31st March 2023
Charge for year
Eliminated on disposal
At 30th March 2024
Net Book Value
At 30 March 2024
At 30 March 2023		 Freehold
Property
£
651,389
-
-
651,389
55,000
16,284
-
71,284
580,105
596,389		 Equipment
£
421,628
72,965
(49,000)
445,593
364,659
33,364
(28,229)
369,794
75,799
56,969		 Total
£
1,073,017
72,965
(49,000)
1,096,982
419,659
49,648
(28,229)
441,078
655,904
653,358

The Freehold Property was professionally revalued by Chivers Chartered Surveyors on 24 September 2019 on an open market basis £550,000. The trustees regard the current carrying value of the property at £580,105 reflects the additional value added by the investment.

In respect of freehold property stated at valuation, the comparable historic cost and depreciation values were as follows:

Historic cost
Accumulated deprecation
Net Book Value
SOCIAL INVESTMENTS
MARKET VALUE
At 31 March 2023
Impairments
At 30 March 2024
NET BOOK VALUE
At 30 March 2024
At 30 March 2023		 Programme
Related
Investment
£
130,000
(10,000)
120,000
120,000
130,000		 2024
£
681,129
(286,087)
395,042

Mixed
Motive
Investments
£
620,000
-
620,000
620,000
620,000		 2023
£
681,129
(269,060)
412,069

Totals
£
750,000
(10,000)
740,000
740,000
750,000

12. SOCIAL INVESTMENTS

The mixed motive investment was professionally valued by Chivers Chartered Surveyors on 4th June 2021 on an open market basis at £620,000.

Page 18

The Jericho Foundation

Notes to the Financial Statements - continued for the Year Ended 30 March 2024

13.
STOCKS
Donated goods for resale
14.
DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Trade debtors
Other debtors
Prepayments and accrued income
15.
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Bank loans and overdrafts (see note 17)
Trade creditors
Social security and other taxes
Other creditors
Accruals and deferred income
16.
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
Bank loans (see note 17)
17.
LOANS
An analysis of the maturity of loans is given below:
Amounts falling due within one year on demand:
Bank loans
Amounts falling due between two and five years:
Bank loans - 2-5 years
Amounts falling due in more than five years:
Repayable by instalments:
Bank loans more 5 yr by instal
18.
SECURED DEBTS
The following secured debts are included within creditors:
Secured Loan
The bank loan is secured on the fixed assets of the charity.		 30.3.24
£
176,877
30.3.24
£
102,181
17,486
56,771
176,438
30.3.24
£
52,852
42,800
37,837
18,888
105,178
257,555
30.3.24
£
728,900
30.3.24
£
52,852
145,764
583,136
30.3.24
£
739,295		 30.3.23
£
174,905
30.3.23
£
93,998
1,341
70,370
165,709

30.3.23
£
70,996
28,338
32,098
21,204
132,991
285,627
30.3.23
£
781,753
30.3.23
£
70,996
175,795
605,958
30.3.23
£
774,096

Page 19

The Jericho Foundation

Notes to the Financial Statements - continued for the Year Ended 30 March 2024

19. ANALYSIS OF NET ASSETS BETWEEN FUNDS

Unrestricted
funds
£
Fixed assets
655,904
Investments
620,000
Current assets
499,290
Current liabilities
(257,555)
Long term liabilities
(728,900)
788,739		 Restricted
funds
£
-
120,000
-
-
-
120,000		 30.3.24
Total
funds
£
655,904
740,000
499,290
(257,555)
(728,900)
908,739		 30.3.23
Total
funds
£
653,358
750,000
572,460
(285,627)
(781,753)
908,438

Page 20

The Jericho Foundation

Notes to the Financial Statements - continued for the Year Ended 30 March 2024

19. ANALYSIS OF NET ASSETS BETWEEN FUNDS - continued

Movement on Funds

At 31st March 2023
Income
Revaluation Reserve
117,632
General Fund
599,612 1,327,978
Total Unrestricted Funds
717,244
1,327,978
Restricted Funds
Salisbury Road
130,000
-
Baron Davenport's Charity
-
2,000
Charles Brotherton Trust
-
250
Chiltern Railways
-
7,990
Edgar E Lawley Foundation
-
2,000
Edward and Dorothy Cadbury
Trust
-
5,000
Esmee Fairbairn Foundation
51,194
5,575
GJW Turner Trust
-
2,000
Garfield Weston Foundation
-
50,000
Glasspool Charity Trust
-
200
Goldieslie Lodge Benevolent
Fund
-
1,000
Hodge Foundation
-
5,000
Hortons Estates
-
5,000
Landau
-
19,901
Lord Barnaby's Foundation
-
5,000
Miss Albright Grimley Charity
-
1,000
National Grid
-
9,997
National Lottery Community
Fund - Awards for All
-
9,999
National Lottery Community
Fund - Reaching
Communities
-
159,967
Paul Hamlyn Foundation
-
140,000
Resonance
-
39,163
Richard Kilcuppe's Charity
-
2,000
Skipton Charitable
Foundation
-
3,000
Sutton Coldfield Baptist
Church
-
7,500
Sutton Coldfield Charitable Trust
-
84,909
Sutton Coldfield Town
Council
-
15,883
The Balcombe Charitable
Trust
10,000
-
The Charles Plater Trust
-
24,500
The Eveson Charitable Trust
-
15,000
The George Henry Collins
Charity
-
3,000
The Gosling Foundation
- 20,000
The Grimmitt Trust
-
2,000
The Haramead Trust
-
10,000
The Henry Smith Charity
-
60,000
The Hobson Charity
-
7,837
The Joseph Hopkins & Henry
James Sayer Charity
-
750
The Lillie C Johnson
Charitable Trust
-
500
The Michael Marsh
Charitable Trust
2,000		 Expenditure
(1,266,483)
(1,266,483)
-
(2,000)
(250)
(7,990)
(2,000)
(5,000)
(56,769)
(2,000)
(50,000)
(200)
(1,000)
(5,000)
(5,000)
(19,901)
(5,000)
(1,000)
(9,997)
(9,999)
(159,967)
(140,000)
(39,163)
(2,000)
(3,000)
(7,500)
(84,909)
(15,883)
(10,000)
(24,500)
(15,000)
(3,000)

(20,000)
(2,000)
(10,000)
(60,,000)
(7,837)
(750)
(500)
(2,000)		 Transfer
(3,819)

(13,819)

(10,000)
(10,000)

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-


-

-

-

-

-

-		 At 30th
March
2024

113,813
674,926

788,739

120,000
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-

Page 21

The Jericho Foundation

Notes to the Financial Statements - continued for the Year Ended 30 March 2024

19. ANALYSIS OF NET ASSETS BETWEEN FUNDS - continued

The Noel Sweeney
Foundation
The Rank Foundation
The Roger & Douglas Turner
Charitable Trust
The Rowlands Trust
The Saintbury Trust
The Sparkhill Trust
Westhill Endowment
William A. Cadbury
Charitable Trust
Total Restricted Funds
Total Funds		 5,000
44,664
3,000
5,000
2,000
1,100
2,394
20,000
813,079
2,141,057		 (5,000)
(44,664)
(3,000)
(5,000)
(2,000)
(1,100)
(2,394)
(20,000)
(874,273)
(2,140,756)
-

-

-

-

-

-

-

-

(10,000)

-		 -
-
-
-
-
-
-
-
120,000
908,739
191,194
908,439

20. MOVEMENT IN FUNDS

Unrestricted Funds

General
General		 Balance at
31/03/2023
599,612
599,612
Incoming
resources
1,327,978
1,327,978		 Outgoing
resources
(1,266,483)
(1,266,483)		 Transfer
Balance at
30/03/2024
13,819
674,926
13,819
674,926

Unrestricted Funds- Previous year

Balance at
31/03/2023
General
General
599,612
599,612
Restricted Funds
Balance at
31/03/2023
General
General
191,194
221,451
Restricted Funds- Previous year
Balance at
31/03/2022
General
General
221,451
221,451
Incoming
resources
1,327,978

Outgoing
resources
(1,266,483)
(1,266,483)
Outgoing
resources
(874,273)
(874,273)
Outgoing
resources
(882,294)
(882,294)		 Transfer
Balance at
30/03/2024
13,819
674,926
13,819
674,926
Transfer
Balance at
30/03/2024
(10,000)
120,000
(10,000)
120,000
Transfer
Balance at
30/03/2023
(10,000)
191,194
(10,000)
191,194
1,327,978

Incoming
resources
813,079
813,079

Incoming
resources
862,037
862,037

Page 22

The Jericho Foundation

Notes to the Financial Statements - continued for the Year Ended 30 March 2024

21. RELATED PARTY DISCLOSURES

Mr Zac Dixon, a trustee, is a Director in Jericho Enterprises CIC, a company which was paid £9,868 for maintenance works etc.

Mr Nick Wallace and Richard Beard are members of the senior management team and are Directors of Jericho Enterprises CIC.

Page 23

The Jericho Foundation

Detailed Statement of Financial Activities
for the Year Ended 30 March 2024
INCOME AND ENDOWMENTS
Donations and legacies
Donations
Grants
Income from charitable activities
Social Enterprise activities
Other
Total incoming resources
EXPENDITURE
Raising donations and legacies
Donations
Other
Social Enterprise activities
Grants and contracts
Support costs
Management
Wages (Grants and contracts)
Wages (Social enterprises activities)
Finance
Bank charges and loan interest (Grants and contracts)
Bank charges and loan interest (Social enterprises activities)
Communication costs
Telephone (Grants and contracts)
Telephone (Social enterprises activities)
Office costs
Office costs (Grants and contracts)
Office costs (Social enterprises activities)
Premises costs
Premises costs (Grants and contracts)
Premises costs (Social enterprises activities)
Legal and professional
Legal and professional (Grants and contracts)
Legal and professional (Social enterprises activities)
Other costs
Governance costs (Grants and contracts)
Governance costs (Social enterprises activities)
Depreciation of tangible fixed assets
Impairment of investment
Total resources expended
Net income		 30.3.24
£
19,414
840,579
859,993
1,158,818
122,246
1,281,064
2,141,057
102,813
1,067,291
340,003
1,407,294
77,704
243,918
8,905
27,953
1,226
3,849
7,976
25,038
13,330
41,844
15,281
47,968
13,532
42,477
49,648
10,000
115,657
2,140,756
301		 30.3.23
£
13,459
953,084
966,543
1,267,186
78,535
1,345,721
2,312,264
87,074
1,148,592
310,204
1,458,796
55,326
204,856
8,181
30,294
1,056
3,911
5,084
18,824
13,175
48,780
15,632
57,879
18,548
68,679
38,068
108,294
233,589
2,242,457
69,807

This page does not form part of the statutory financial statements Page 24

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Envelope generated with fingerprint a165e073fd9626b510f54b43267928d235.176.231.177 Document generated with fingerprint eaaa9acbe9cd11b45f9d869684d58d2d.35.176.231.177 Shaun Philpott has been assigned to this envelope.35.176.231.177 Anil Mandair has been assigned to this envelope.35.176.231.177 Envelope generated Sent the envelope to Shaun Philpott for signing Document emailed to party email52.56.215.169 Shaun Philpott viewed the envelope83.97.18.18 Shaun Philpott signed the envelope83.97.18.18 Sent the envelope to Anil Mandair for signing83.97.18.18 This envelope has been signed by all parties83.97.18.18 Document emailed to party email18.175.229.216 Shaun Philpott viewed the envelope83.97.18.18