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← The Jericho Foundation

2025-03-31-accounts

REGISTERED COMPANY NUMBER: 02845852 (England and Wales)

REGISTERED CHARITY NUMBER:

Trustees’ Report and

Audited Financial Statements for the Year ended 30 March 2025

for

The Jericho Foundation

The Jericho Foundation

Contents of the Financial Statements for the Year ended 30 March 2025

Page
Trustees’ Report 1 to 7
Report ofthe IndependentAuditors 8 to 9
Statement of Financial Activities 10
Statement of Financial Position 11
Statement ofCash Flows 12
Notes to the Statement ofCash Flows 13
Notes to the Financial Statements 14 to 21
DetailedStatementofFinancialActivities 22 to 23

The Jericho Foundation

Trustees’ Report for the Year ended 30 March 2025

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 2025. 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:

Zac Dixon Colin Marsh David Wickens Uniqua Brown James Crystal Martin Robertson

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 Wvs 5HD

Page 1

The Jericho Foundation

Trustees’ Report for the Year ended 30 March 2025

PERFORMANCE FOR THE YEAR 2024/25

The 24/25 financial year has been a successful year for Jericho albeit it has also been a year of transitions.

Despite some struggles in the early part of the year, the charity delivered excellent financial results with a significant increase in income from £2.1m to £2.5m and a respectable surplus of £37k. We have also grown our total funds by nearly £500k driven largely by investment in our property portfolio leading to increased values.

Meanwhile our social impact in 24/25 was similar to the previous year. We supported 230 participants (compared with 128 in FY23/24), of whom 209 worked in our social enterprises completing 5,000 days of supported work experience completed. Around 85% of all finishers progressed into a positive outcome.

Our social enterprises have all continued to grow in turnover, particularly Jericho Cleaning which took over a number of significant contracts from another cleaning company whose principal was looking to retire. Overall, however the increase in turnover has not been matched with a commensurate increase in social enterprise contribution which is something we will be working hard to address in the coming financial year.

Meanwhile we have significantly expanded our fundraising team by recruiting a fabulous new fundraising manager at the start of the year and a fundraising officer during the year. This has resulted in some significant fundraising successes which have more than compensated for mediocre social enterprise contributions. The new staff have also brought some new skills to Jericho which will help us with our strategic goal to diversify our fundraising income streams in future years

This was of course a general election year, and we were very encouraged by the potential benefits of a political alignment between Westminster, The West Midlands Combined Authority and Birmingham City Council who are all now Labour controlled. However, the announcements in the October 2024 budget, particularly the increase in Employers’ National Insurance, have not been good for Jericho and will add considerably to our cost base in future years.

We did however secure a grant of over £120k to progress our carbon reduction plans and have now successfully installed a package of energy efficiency measures including roof insulation, solar panels, batteries, LED lighting and heat pumps on our Edward Road HQ building. This will help reduce both running costs and carbon emissions for many years to come.

In October 2024 our CEO of 20 years, Richard Beard, announced his intention to retire at the end of March 2025. As a consequence much of the board time in the second half of the year was focussed on planning, recruiting and inducting a successor. In January 2025, following a thorough and rigorous process, we were delighted to announce the appointment of Katie Webb to the role of CEO. Katie has been Deputy CEO of Jericho since 2020 so her in-depth knowledge of the organisation helped to enable a seamless handover from Richard.

Finally, we would like to pay tribute to Patrick Masih, a highly valued member of the Jericho senior management team, who sadly died unexpectedly two weeks before the end of the financial year. Patrick grew up in Handsworth in Birmingham and joined Jericho in 2004 as a mentor working with participants on our Renaissance 21 Project. He quickly rose to team leader before joining the senior management team as Head of People Support a few years later. Patrick was a committed Christian who lived out his faith in every aspect of his life. He was extremely talented, funny, warm, compassionate and kind. He embodied all of the values of Jericho and will be hugely missed by the board, his colleagues on the staff team and the participants that he spent his life supporting.

Losing Patrick at the same time as Richard’s retirement cast a dark shadow of the closing weeks of the financial year. It has however created opportunities for the talent of others to shine. Katie has now restructured to bring new people with new skills and enthusiasm into the Jericho senior leadership team which will equip us well for some of the challenges of the years ahead.

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 2025

  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:

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 £2,527,304 (2024: £2,141,057), whilst expenditure amounted to £2,490,481 (2024: £2,140,756). This gave rise to a surplus of £36,823 (2024: £301) There was also other recognised gains of £440,508 from the revaluation of the 2 buildings that the Charity own, giving a total net movement in funds of £477,330 and increase in unrestricted funds for the year to £1,276,069, as shown on the Statement of Financial Activities. Total funds carried forward at 30 March 2025 are £1,386,069 (2024: £908,739).

Page 3

The Jericho Foundation

Trustees’ Report for the Year ended 30 March 2025

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 £446,000 and £892,000. The Trustees have also decided that the best measure of reserves for the Charity is the unrestricted funds less tangible fixed assets which amounted to £407,208.

Principal Funding Sources

During the year we received £946,567 (2024: £859,993) 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 £1,580,737 (2024: £1,281,064), 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:

B&Q Foundation

Baron Davenport's Charity Barrow Cadbury Trust Benefact Trust Birmingham City Council

Birmingham and Solihull ICS

Communities and Housing Investment Consortium Limited

ChaplaincyPlus Chiltern Railways Crown Labels Ltd DCMS Edward and Dorothy Cadbury Trust

Esmee Fairbairn Foundation GJW Turner Trust Grant Thornton Grimley Charity Heart of England Community Foundation Herefordshire Community Foundation Hortons’ Estate Limited Kazoo Print Solutions Miss Albright Grimley Charity National Lottery Community Fund — Awards for All National Lottery Community Fund - Reaching Communities Northchurch Baptist Church Paul Hamlyn Foundation Premier UK Events Ltd Rotary Club of Moseley & Sparkbrook Charity Severn Trent Community Fund Social Investment Business Souter Charitable Trust Sutton Coldfield Baptist Church Sutton Coldfield Charities Taziker industrial Ltd The 29" May 1961 Charity The Austin and Hope Pilkington Trust The Charles Brotherton Trust The Charles Plater Trust

Page 4

The Jericho Foundation

Trustees’ Report for the Year ended 30 March 2025

The Edward Cadbury Charitable Trust

The Eric W Vincent Trust Fund The Grantham Yorke Trust The GIL Charitable Trust The Grimmitt Trust The Henry Smith Charity The Hosking Charitable Trust

The Joseph Hopkins & Henry James Sayer Charity The Lillie C Johnson Charitable Trust The Neighbourly Foundation The Noel Sweeney Foundation The Npower Business Solutions Foundation The Rigby Foundation The Roger & Douglas Turner Charitable Trust The Rowlands Trust The Saintbury Trust The Screwfix Foundation The Sparkhill Trust Ultima Displays West Bromwich Building Society Westhill Endowment

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 Executive Management Team and the Trustees to satisfy themselves that adequate system 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 2 main risks identified last year and the mitigating actions taken are:

Failure to hit fundraising targets

The new fundraising 'balance to find' requirement had significantly increased due to end of Paul Hamlyn funding. There were early disappointments that meant there wasa high risk of us failing to achieve target by some significant margin. A fundraising strategy was developed to address this but also plans for cost savings if required.

Cash flow issues

Cash flow is always a challenge but the risk increased mainly to fundraising challenges. We continued to monitor cash flow closely and implement correct financial procedures. We successfully explored options and raised additional social finance to mitigate risk of cash flow issues.

Page 5

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The Jericho Foundation

Trustees' Report for the Year ended 30 March 2025

Future Plans

At the beginning of the financial year we established a new 3 year strategic plan with these6 priorities for the organisation;

Each part of the organisation has specific actions to achieve these and we will monitor progress on a regular basis.

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).

Page 6

The Jericho Foundation

Trustees’ Report for the Year ended 30 March 2025

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:

This report has been prepared in accordance with the Statement of Recommended Practice — Accounting and Reporting by Charities and in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small entities.

On behalf of the board of trustees

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Colin Marsh (ddl
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Page 7

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 2025 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

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 8

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

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Responsibilities of trustees As explained more fully in the Trustees’ Responsibilities Statement, 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 2 going concer, 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.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

-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. - We review financial statement disclosures and undertake testing to supporting documentation to assess compliance with applicable laws and regulations. - We perform audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business. - We evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management. - We enquire of management around actual and potential litigation and claims. - We conclude on the appropriateness of management's use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the union's ability to continue as a going concem.

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 extentpermitted 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.

Yee

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 pate AS Novenber Qoas

Page 9

The Jericho Foundation

Statement of Financial Activities for the Year Ended 30 March 2025

Year Ended Year Ended
30.3.25 30.3.24
Unrestricted Restricted Total Total
funds funds funds funds
Notes £ £ E £
INCOME AND ENDOWMENTS FROM
Donations and legacies 2 147,111 799,456 946,567 859,993
Other income 3 1,580,737 - 1,580,737 1,281,064
Total 1,727,848 799,456 2,527,304 2,141,057
EXPENDITURE ON
Raising funds
Raising donations and legacies 4 81,944 - 81,944 102,813
81,944 - 81,944 102,813
Charitable activities 5/6 1,609,083 799,455 2,408,537 2,037,943
Total 1,691,027 799,455 2,490,481 2,140,756
Net income before other recognised 36,823 - 36,823 301
gains and losses
Other Recognised Gains and Losses 440,508 - 440,508 -
NET INCOME 477,330 - 477,330 301
Transfers between funds 20 10,000 (10,000) - -
Netmovement in funds 487 330 (10,000) 477,330 301
RECONCILIATION OF FUNDS
Total funds brought forward 788,739 120,000 908,739 908,438
TOTALFUNDSCARRIEDFORWARD 1,276,069 110,000 1,386,069 908,739

The notes form part of these financial statements

Page 10

The Jericho Foundation

Statement of Financial Position Statement of Financial Position
30 March 2025
2025 2024
Notes £ £
FIXED ASSETS
Tangible assets 11 868,861 655,904
Social investments 12 1,060,000 740,000
1,928,861 1,395,904
CURRENT ASSETS
Stocks 13 185,888 176,877
Debtors 14 265,161 176,438
Cash in hand 138,405 145,975
589,454 499,290
CREDITORS
Amounts falling due within one year 15 (296,825) (257,555)
NETCURRENTASSETS 292,629 241,735
TOTALASSETS LESS CURRENT LIABILITIES 2,221,490 1,637,639
CREDITORS
Amounts falling due aftermore than one year 16 (835,421) (728,900)
NETASSETS 1,386,069 908,739
FUNDS 20
Unrestricted funds:
General fund 725,567 674,926
Revaluation reserve 550,502 113,813
1,276,069 788,739
Restricted funds 110,000 120,000
TOTALFUNDS 1,386,069 908,739

The financial statements were approved by the Board of Trustees and authorised for issue on ceedSHA. and were signed on its behalf by:

ew easlQnd le2zs

Colin Marsh(pe ernngcis Spero erence

The notes form part of these financial statements

Page 11

The Jericho Foundation

Statement of Cash Flows for the Year Ended 30 March 2025

Year Ended Year Ended
30.3.25 30.3.24
Notes £ £
Cash flows from operating activities
Cash generated from operations 1 70,760 66,964
Interest paid (37,232) (34,623)
Netcash provided by/(used in) operating activities 33,528 32,341
Cash flows from investing activities
Purchase oftangible fixed assets (148,047) (72,965)
Sale oftangible fixed assets - 25,750
Netcash used in investing activities (148,047) (47,215)
Cash flows from financing activities
New borrowings 164,800 -
Loan repayments in year (57,851) (70,997)
Netcash provided by/(used in) financing activities 106,949 (70,997)
Change in cash and cash equivalents in
the reporting period (7,570) (85,871)
Cash and cash equivalents atthe
beginning ofthe reporting period 145,975 231,846
Cash and cash equivalents atthe end of
thereportingperiod 138,405 145,975

The notes form part of these financial statements

Page 12

The Jericho Foundation

Notes to the Statement of Cash Flows for the Year Ended 30 March 2025

4. RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES

YearEnded Year Ended
30.3.25 30.3.24
£ £
Netincome forthe reporting period (as perthe Statement of Financial 36,822 301
Activities)
Adjustments for:
Depreciation charges 45,596 49,648
Impairments
Profiton sale oftangible fixed asset		 10,000
~		 10,000
(4,979)
Interest paid 37,232 34,623
Increase in stocks (9,011) (1,972)
Increase in debtors (88,723) (10,729)
Increase/(decrease) in creditors 38,843 (9,928)
Netcash provided by operations 70,760 66,964
2. ANALYSIS OF CHANGES IN NET DEBT
At 31.3.24 Cash flow At 30.3.25
£ £ £
Net cash
Cash atbank and in hand 145,975 (7,570) 138,405
145,975 (7,570) 138,405
Debt
Debts falling due within 1 year (52,852) (428) (53,280)
Debts falling due after 1 year (728,900) (106,521) (835,421)
(781,752) (106,949) (888,701)
Total (635,777) (114,519) (750,296)

The notes form part of these financial statements

Page 13

ae ACCOUNTING POLICIES

The Jericho Foundation

Notes to the Financial Statements for the Year Ended 30 March 2025

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 trustees believe that no material uncertainties exist. The trustees have considered the level of funds held and the expected level of income and expenditure for 12 month period from the date these financial statements have been authorised. The budgeted income and expenditure is sufficient with the level of reserves 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.

  1. DONATIONS AND LEGACIES

Unrestricted Restricted
funds funds 2025 2024
£ £ £ £
Donations received 7,500 30,396 37,896 19,414
Grants received 791,955 116,716 908,671 840,579
799,455 147,112 946 567 859,993
OTHER INCOME
2025 2024
£ £
Unrestricted funds
Social Enterprise activities
Income from charitable activities 1,444,574 1,158,818
Other
Income from charitable activities 136,163 122,246
1,580,737 1,281,064

Page 14

  1. RAISING DONATIONS AND LEGACIES

The Jericho Foundation

Notes to the Financial Statements - continued for the Year Ended 30 March 2025

2025 2024
£ £
Unrestricted funds
Donations 81,944 102,813
81,944 102,813
COSTS OF CHARITABLE ACTIVITIES BY FUND TYPE
Unrestricted Restricted
Funds Funds 2025 2024
3 £ £ £
Grants and contracts - 362,617 362,617 340,003
Social enterprise activities 1,056,558 246,947 1,303,505 1,067,291
Support costs 552,524 189,891 742,415 630,649
1,609,082 799,455 2,408,537 2,037,943
  1. COSTS OF CHARITABLE ACTIVITIES BY FUND TYPE

Costs of charitable activities by activity type

Activities
undertaken
directly
LS		 Support
costs
£		 2025
£		 2024
£
Grants and contracts 362,617 161,579 517,668 492,368
Social enterprise activities 1,303,505 580,836 1,890,869 1,545,575
1,666,122 742,415 2,408,537 2,037,943

6. SUPPORT COSTS

Social
Grants and enterprise
contracts activities 2025 2024
£ £ £ £
Finance 8,567 30,794 39,361 36,858
Staffsalaries & Related 88,661 318,712 407,373 321,623
Communication costs 1,099 3,951 5,050 5,075
Office costs 4,797 17,245 22,043 33,014
Premises costs 10,641 38,251 48,892 55,174
Deprecation 12,100 43,496 55,596 59,648
Legal and professional 16,991 61,077 78,068 63,248
Bad Debt 6,528 23,472 30,000 -
Governance costs 12.195 43.837 56.032 56,009
161,579 580,836 742,415 630,649

Ts NET INCOME/(EXPENDITURE)

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

YearEnded Year Ended
30.3.25 30.3.24
2 £
Depreciation -owned assets 45,596 49,648
Auditors’remuneration£10,000(£9,000in2024).

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The Jericho Foundation

  1. TRUSTEES’ REMUNERATION AND BENEFITS

Notes to the Financial Statements - continued for the Year Ended 30 March 2025

There were no trustees' remuneration or other benefits for the year ended 30 March 2025 nor for the year ended 30 March 2024.

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.

  1. STAFF COSTS AND EMOLUMENTS

Totals staff costs for the year ended 30 March 2025 were:

2025 2024
£ £
Salaries and wages 1,682,502 1,423,194
Social security costs 117,936 99,324
Pension costs 39,408 37,081
1,839,847 1,559,599

The average number of employees for the year were 108 (97 in 2024).

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

  1. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
Unrestricted Funds Restricted Funds
2024
£ £ £
Income and endowments from
Donations and legacies 46,914 813,079 859,993
Charitable activities 1,281,064 - 1,281,064
Total 1,327,978 813,079 2,141,057
Expenditure on:
Raising funds (102,813) - (102,813)
Charitable Activities (1,163,670) (874,273) (2,037,943)
Total
(1,266,483) (874,273) (2,140,756)
Transfer betweenfunds 10,000 (10,000) --
Net Movement in funds
71,495 (71,194) 301
Reconciliation offund
Total Funds brought forward 717,244 191,194 908,438
Totalfundcarriedforward 788,739 120,000 908,739

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The Jericho Foundation

  1. TANGIBLE FIXED ASSETS

Notes to the Financial Statements - continued for the Year Ended 30 March 2025

Freehold
Property Equipment Total
£ £ £
Cost orValuation
At 30th March 2024 651,389 445,593 1,096,982
Additions
Revaluation		 125,672
22,939		 22,375 148,047
22,939
At 30th March 2025
800,000 467,968 1,267,968
Depreciation
At 30th March 2024 71,284 369,794 441,078
Charge foryear 16,285 29,312 45,596
Revaluation (87,569) (87,569)
At 30th March 2025
- 399,106 399,106
Net Book Value
At 30th March 2025 800,000 68,861 868,861
At30thMarch2024 580,105 75,799 655,904

The freehold property was professionally valued by Chivers Chartered Surveyors on 10th July 2024 on an open market basis at £800,000

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

follows:
2025 2024
£ £
Historic cost 681,129 681,129
Accumulated deprecation (303,116) (286,087)
Net Book Value 378,013 395,042
12. SOCIALINVESTMENTS
SOCIAL INVESTMENTS
Programme Mixed
Related Motive
Investment Investments Totals
£ £ £
MARKET VALUE
At 31 March 2024 120,000 620,000 740,000
Revaluations
Impairments		 -
(10,000)		 330,000
-		 330,000
(10,000)
At 30 March 2025 110,000 950,000 1,060,000
NET BOOKVALUE
At 30 March 2025 110,000 950,000 1,060,000
At30March2024 120,000 620,000 740,000

The mixed motive investment was professionally value by Chivers Chartered Surveyors on 10th July 2024 on an open market basis at £950,000.

Page 17

The Jericho Foundation

Notes to the Financial Statements - continued for the Year Ended 30 March 2025

13. STOCKS
2025 2024
£ £
Donated goods for resale 185,888 176,877
14. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2025 2024
£ a
Trade debtors 142,233 102,181
Other debtors 8,215 17,486
Prepayments and accrued income 114,713 56,771
265,161 176,438
15. CREDITORS: AMOUNTS FALLING DUEWITHIN ONEYEAR 2025 2024
£ £
Bank loans and overdrafts (see note 17) 53,280 52,852
Trade creditors 40,994 42,800
Social security and othertaxes 54,149 37,837
Other creditors 20,554 18,888
Accruals and deferred income 127,848 105,178
296,825 257,555
16. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2025 2024
£ £
Bankloans(seenote17) 835,421 728,900

Page 18

The Jericho Foundation

Notes to the Financial Statements - continued for the Year Ended 30 March 2025

17. LOANS

==> picture [452 x 284] intentionally omitted <==

----- Start of picture text -----
|||||||||||| |---|---|---|---|---|---|---|---|---|---|---| |An|analysis|of|the|maturity|of|loans|is|given|below:| |2025|2024| |£|£| |Amounts|falling|due|within|one|year on|demand:| |Bank|loans|53,280|52,852| |Amounts|falling|due|between|two|and|five|years:| |Bank|loans|-|2-5|years|285,828|145,764| |Amounts|falling|due|in|more than|five|years:| |Repayable|by|instalments:| |Bank|loans|more|5|yr by|instal|549|593|583,136| |18.|SECURED|DEBTS| |The|following|secured|debts|are|included|within|creditors:| |2025|2024| |£|£| |Secured|Loan|703,150|739,295| |The|bank|loan|is|secured|on|the|fixed|assets|of the|charity.|

----- End of picture text -----

19. |ANALYSIS OF NET ASSETS BETWEEN FUNDS

==> picture [425 x 109] intentionally omitted <==

----- Start of picture text -----
|||||||| |---|---|---|---|---|---|---| |2025|2024| |Unrestricted|Restricted|Total|Total| |funds|funds|funds|funds| |£|£|£|£| |Fixed|assets|868,861|-|868,861|655,904| |Investments|950,000|110,000|1,060,000|740,000| |Current|assets|589,454|-|589,454|499,290| |Current|liabilities|(296,825)|-|(296,825)|(257,555)| |Long|term|liabilities|(835,421)|-|(835,421)|(728,900)| |1,276,069|110,000|1,386,069|908,739|

----- End of picture text -----

Page 19

The Jericho Foundation

Notes to the Financial Statements - continued for the Year Ended 30 March 2025

19. |ANALYSIS OF NET ASSETS BETWEEN FUNDS- continued

Movement on Funds

Movement on Funds
At 30th
At 31st March 2024 Income Expenditure Transfer March 2025
General Fund 674,926 1,727,849 (1,691,027) 13,819 725,567
Revaluation Reserve 113,813 440,508 (3,819) 550,502
Total Unrestricted Funds 788,739 2,168,357 (1,691,027) 10,000 1,276,069
Restricted Funds
Salisbury Road
B&Q Foundation		 120,000
-		 -
10,000		 -
(10,000)		 (10,000)
-		 110,000
-
Baron Davenports Charity 2,000 (2,000) - -
Barrow Cadbury Trust - 9,500 (9,500) - -
Benefact Trust - 25,000 (25,000) - -
Birmingham City Council - 53,183 (53,183) - -
Birmingham and Solihull ICS - 14,888 (14,188) - -
Chiltern Railways - 16,657 (16,657) - -
DCMSVCSE Energy
Efficiency Scheme - 125,672 (125,672) - -
Edward and Dorothy Cadbury
Trust - 5,000 (5,000) - -
Esmee Fairbairn Foundation . 150 (150) - -
GJWTurnerTrust - 2,000 (2,000) - ~
Grimley Charity - 1,000 (1,000) - -
Herefordshire Community
Foundation - 3,000 (3,000) - -
Hortons Estates - 5,000 (5,000) - -
National Lottery Community
Fund -Awards for All - 20,000 (20,000) - -
National Lottery Community
Fund - Reaching
Communities
Paul Hamlyn Foundation		 -
-		 163,372
5,000		 (163,372)
(5,000)		 -
-		 -
-
The Screwfix Foundation
Souter Charitable Trust		 -
-		 2,100
2,000		 (2,100)
(2,000)		 -
-		 -
-
Sutton Coldfield Baptist
Church
Sutton Coldfield Charities		 -
~		 7,500
153,303		 (7,500)
(153,303)		 -
-		 -
-
The 29th May 1961 Charity - 5,000 (5,000) - -
The Austin and Hope
Pilkington Trust
The Charles Brotherton Trust
The Charles PlaterTrust
The Edward Cadbury Trust		 -
-
-
.		 5,000
250
19,600
5,000		 (5,000)
(250)
(19,600)
(5,000)		 -
-
-
-		 -
-
-
-
The Eric W Vincent Trust - 750 (750) - -
The GIL Charitable Trust - 5,000 (5,000) - .
The Grantham Yorke Trust ~ 5,000 (5,000) - -
The Grimmitt Trust - 2,500 (2,500)
The Henry Smith Charity - 60,000 (60,000) - -
The Joseph Hopkins & Henry
James Sayer Charity - 600 (600) - -
The nBS Foundation - 39,286 (39,286) - -
The Screwfix Foundation - 2,100 (2,100) - -
The Lillie
C Johnson
Charitable Trust - 500 (500) - -
The Noel Sweeney
Foundation 5,000 (5,000) - -
The Roger& Douglas Turner
Charitable Trust 4,000 (4,000) - -
The Rowlands Trust 10,000 (10,000) - -
The Saintbury Trust 2,000 (2,000) . -
The Sparkhill Trust 1,250 (1,250) - -
WesthillEndowment 2,394 (2,394) - -

Page 20

The Jericho Foundation

Notes to the Financial Statements - continued for the Year Ended 30 March 2025

  1. ANALYSIS OF NET ASSETS BETWEEN FUNDS- continued
Total Restricted Funds 120,000
799,455
(799,455)		 120,000
799,455
(799,455)		 120,000
799,455
(799,455)		 (10,000) 110,000
Total Funds 908,739
2,967,812
(2,490,482)		 - 1,386,069
20. MOVEMENT IN FUNDS
Unrestricted Funds
Balance at Incoming Outgoing Balance at
30/03/2024 resources resources Transfer 30/03/2025
General
General 674,926 1,727,849 (1,661,027) 13,819 755,567
674,926 1,727,849 — (1,661,027) 13,819 755,567
Unrestricted Funds- Previous year
Balance at Incoming Outgoing Balance at
31/03/2023 resources resources Transfer 30/03/2024
General
General 599,612 1,327,978 (1,266,483) 13,819 674,926
599,612 1,327,978 (1,266,483) 13,819 674,926
Restricted Funds
Balance at Incoming Outgoing Balance at
30/03/2024 resources resources Transfer 30/03/2025
General
General 120,000 799,455 (799,455) (10,000) 110,000
120,000 799,455 (799,455) (10,000) 110,000
Restricted Funds- Previous year
Balance at Incoming Outgoing Balance at
31/03/2023 resources resources Transfer 30/03/2024
General
General 191,194 813,079 (874,273) (10,000) 120,000
191,194 813,079 (874,273) (10,000) 120,000
  1. RELATED PARTY DISCLOSURES

Mr Zac Dixon, a trustee, is a Director in Jericho Foundation, a company which was paid £11,106 for maintenance works etc. Mr Nick Wallace and Richard Beard were members of the senior management team, and are Directors of Jericho Enterprises CIC.

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The Jericho Foundation

Detailed Statement of Financial Activities for the Year Ended 30 March 2025

Year Ended Year Ended
30.03.2025 30.03.2024
INCOMEAND ENDOWMENTS
Donations and legacies
Donations 37,896 19,414
Grants 908,671 840,579
946,567 859,993
Other income 1,444,574 1,158,818
Social Enterprise activities 136,163 122,246
Other 1,580,737 1,281,064
Total incoming resources 2,527,304 2,141,057
EXPENDITURE
Raising donations and legacies
Donations 81,944 102,813
Other
Social Enterprise activities 1,303,506 1,067,291
Grants and contracts 362,617 340,003
1,666,123 1,407,294
Support costs
Management
Wages (Grants and contracts) 88,661 77,704
Wages (Social enterprises activities) 318,712 243,918
407,373 321,622
Finance
Bank charges and loan interest (Grants and contracts) 8,567 8,905
Bank charges and loan interest (Social enterprises activities) 30,794 27,953
39,361 36,858
Communication costs
Telephone (Grants and contracts) 1,099 1,226
Telephone (Social enterprises activities) 3,951 3,849
5,050 5,075

This page does not form part of the statutory financial statements

Page 22

The Jericho Foundation Detailed Statement of Financial Activities for the Year Ended 30 March 2025

Year Ended Year Ended
30.03.2025 30.03.2024
Office costs
Office costs (Grants and contracts) 4,797 7,976
Office costs (Social enterprises activities) 17,245 25,038
22,042 33,014
Premises costs
Premises costs (Grants and contracts) 10,641 13,330
Premises costs (Social enterprises activities) 38,251 41,844
48,892 55,174
Legal and professional
Legal and professional (Grant and contracts) 16,991 15,281
Legal and professional (Social enterprise activities) 61,077 47,968
78,068 63,248
Other costs
Governance costs (Grants and contracts) 12,195 13,532
Governance costs (Social enterprises activities) 43,837 42,477
Depreciation oftangible fixed assets 45,596 49,648
Bad debts 30,000 -
Impairment of investment 10,000 10,000
141,628 115,657
Total resources expended 2,490,481 2,140,756
Net income 36,823 301
Other recognised gains and losses
Gainsonrevaluationoffixedassets 440,508 -

This page does not form part of the statutory financial statements

Page 23