## 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 

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

4. 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. 

5. 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: 

- Catering and Hospitality 

- Cleaning 

- - Laundry Services 

- Construction (various trades) 

- Wood Recycling - Retail (in our Reusers and Wood Shack social enterprises) 

- Business administration and reception 

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 

- Individually tailored skills coaching 

- Mentoring 

- Personal development programmes (confidence building, motivation, self-esteem etc.) 

- Social skills development 

- Emotional and psychological support 

- Benefits advice 

- Specialist support (i.e. drugs, alcohol, debt, housing etc.) 

- Employability skills training 

- Job search advice 

- Vocational training 

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 

| 

## 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; 

- e Become employer of choice 

- e Diversify fundraising income 

- e Better premises - lower carbon, high accessibility, high comfort e Grow SE profit to £400k/Yr 

- e Find new ways to fund paid supported work placements e More higher volume, lower cost interventions 

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:- 

- select suitable accounting policies and then apply them consistently; 

- observe the methods and principles in the Charity SORP; 

- make judgements and estimates that are reasonable and prudent: 

- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business. : 

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: 

- there is no relevant audit information of which the charitable company's auditors are unaware; and 

- the trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditors are aware of that information. 

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 

**==> picture [99 x 35] intentionally omitted <==**

**----- Start of picture text -----**<br>
Colin Marsh (ddl<br>**----- End of picture text -----**<br>


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: 

- give a true and fair view of the state of the charitable company's affairs as at 30 March 2025 and of its incoming resources and application of resources, including its income and expenditure, for the period then ended; 

- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland’; and 

- - have been prepared in accordance with the requirements of the Companies Act 2006. 

## 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: 

- the information given in the Trustees' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and 

- the Trustees' Report has been prepared in accordance with applicable legal requirements. 

## 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: 

- adequate accounting records have not been kept or returns adequate for our audit have not been received from branches not visited by us; or 

- the financial statements are not in agreement with the accounting records and returns; or 

- certain disclosures of trustees’ remuneration specified by law are not made; or 

- we have not received all the information and explanations we require for our audit; or 

- the trustees were not entitled to take advantage of the small companies exemption from the requirement to prepare a Strategic Report or in preparing the Report of the Trustees. 

Page 8 

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

| || } | i i { ; i j! ' i | i | 

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<br>Profiton sale oftangible fixed asset||10,000<br>~|10,000<br>(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. 

2. DONATIONS AND LEGACIES 

3. 

||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 

4. 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|



5. COSTS OF CHARITABLE ACTIVITIES BY FUND TYPE 

## Costs of charitable activities by activity type 

|||Activities||||
|---|---|---|---|---|---|
|||undertaken<br>directly<br>LS|Support<br>costs<br>£|2025<br>£|2024<br>£|
|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).|||



Page 15 

The Jericho Foundation 

8. 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. 

9. 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. 

10. 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|



Page 16 

The Jericho Foundation 

11. 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<br>Revaluation|125,672<br>22,939|22,375|148,047<br>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<br>Impairments|-<br>(10,000)|330,000<br>-|330,000<br>(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 -----**<br>
||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
|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 -----**<br>


## 19. |ANALYSIS OF NET ASSETS BETWEEN FUNDS 

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

**----- Start of picture text -----**<br>
||||||||
|---|---|---|---|---|---|---|
|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 -----**<br>


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<br>B&Q Foundation|120,000<br>-|-<br>10,000|-<br>(10,000)|(10,000)<br>-|110,000<br>-|
|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<br>Paul Hamlyn Foundation|-<br>-|163,372<br>5,000|(163,372)<br>(5,000)|-<br>-|-<br>-|
|The Screwfix Foundation<br>Souter Charitable Trust|-<br>-|2,100<br>2,000|(2,100)<br>(2,000)|-<br>-|-<br>-|
|Sutton Coldfield Baptist||||||
|Church<br>Sutton Coldfield Charities|-<br>~|7,500<br>153,303|(7,500)<br>(153,303)|-<br>-|-<br>-|
|The 29th May 1961 Charity|-|5,000|(5,000)|-|-|
|The Austin and Hope||||||
|Pilkington Trust<br>The Charles Brotherton Trust<br>The Charles PlaterTrust<br>The Edward Cadbury Trust|-<br>-<br>-<br>.|5,000<br>250<br>19,600<br>5,000|(5,000)<br>(250)<br>(19,600)<br>(5,000)|-<br>-<br>-<br>-|-<br>-<br>-<br>-|
|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<br>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 

19. ANALYSIS OF NET ASSETS BETWEEN FUNDS- continued 

||Total Restricted Funds|120,000<br>799,455<br>(799,455)|120,000<br>799,455<br>(799,455)|120,000<br>799,455<br>(799,455)|(10,000)|110,000|
|---|---|---|---|---|---|---|
||Total Funds|908,739<br>2,967,812<br>(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|



21. 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. 

Page 21 

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