THE PRET FOUNDATION REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 Charity registration numbers: 1050195 and SC050501
THE PRET FOUNDATION REPORT OF THE TRUSTEES (continued) FOR THE YEAR ENDED 31 DECEMBER 2022 Trustees C Schlee Ichairl P Chrislou V Cuminel D Winlerkorn C Clough Global Head N Allard Principal Office Prel A Manger 10 Bressenden Place London SW1E 5DH Audrtor Haysmacintyre LLP 10 Queen Street Place London EC4R 1AG Bankers HSBC Bank plc 4 Robertson Street Haslings East Sussex TN34 1HW Registered Charity Numbers England and WaSes 1050195 Scotland (from 29 September 20201 SC050501
THE PRET FOUNDATION REPORT OF THE TRUSTEES (continued) FOR THE YEAR ENDED 31 DECEMBER 2022 Chairman's Statement In 2022 The Prel Foundation continued its path to recovery following the disruption caused by Covid and l am delighted lo report that The Pret Foundation raised £1.47m. I'm very pleased that we have been able to innovate new revenue streams this year with Too Good To Go and launched a new initiative with Neighbourly to donate food to more local organisations and charities. We also held a very successful charity 8UCtion and a Walkathon, bringing together nearly 1,200 people across the globe to walk as many steps as possible during the month of May. Whilst we had to make some tough decisions during the year it's all been for the right reasons, ensuring our efforts are focussed and have the best possible outcome for those experiencing homelessne55 or at risk. What has stood out the most for me over the past 12 months was the introduction of the Ukrainian Employment Programme. The Foundation was able to help over hundred Ukrainians. most of them women, find jobs in Pt, and they have been able lo flourish Friendships truly have been formed for life. Next year we will continue to support Ukrainian refugees and we also increase our Commitment lo the Rising Stars programme, giving people experiencing homelessness or al risk what they usually need most- a good job. Finally, many thanks to Prel and all its customers, employees, partners, suppliers. and franchisees, for their continuing support of the Foundation. Clive Schlee Chair of Trustees
THE PRET FOUNDATION REPORT OF THE TRUSTEES Icontinuedl FOR THE YEAR ENDED 31 DECEMBER 2022 The Trustees present their report together with the audited financial statements for the year ended 31 Dernber 2022. The Foundation was registered as a charity with the Charity Commission on 26th O¢tober 1995 and with the offi of the Scottish Regulator on 29th September 2020. STRUCTURE, GOVERNANCE AND MANAGEMENT 1) Constftutlon The legal form of the Charity is that of a Trust. The Charity's governing doeument is a Trust Deed dated 19 July 1995 together with Deed of Amendment dated 11 June 2019 and Deed of Amendment dated 17 September 2020. A new Trust Deed dated October 2021 was approved, which replaced the previous Trust Deed. 2) Change of name On 11 June 2019 the Charity changed ils name from Pret Foundation Trust to The Prel Foundation. 3) Selection and training of Trustegs Trustees represent both senior management of Pret A Manger {Europel Limited and independent individuals with relevant skills and experience in fundraising and grant making. Trustees are appointed in accordance with clause 9 of the Trust Deed. New Trustees are informed of their obligations and are provided with a copy of the Trust Deed, latest accounts, recent minutes, and suitable guidance available from the Charity Commission. Members of the Board are also offered external Trusteè training. Trustees who served during the year and up to the dale of this report were a5 follows.. C Schlee Ichairl A Wareham (resigned 29 March 20231 P Chrislou V Cuminel D McDermott Iiesigned 31 July 20231 D Winlerkorn C Clough (appointed 29 March 20231 4) Organlsational Structure and key managerngnt personngl The Board of trustees meet at least four times a year and oversee finance, delivery, and future strategy. The Foundation currently does not have any sub committees. Key management personnel consists of the Global Head of the Foundation whose costs are recharged from Prel and their salary level benchmarked in line with the Association of Charitable Foundations, report on salaries. 5) Principal risks The Trustees actively review the principal risks which the Foundation faces on a regular basis, especially those relating to its Operations and finance and consider what actions can be taken lo miligale these risks. For 2022, the key risks identified are in relation lo loss of funding, safeguarding issues related lo Rising Stars and food safety. The Trustees are satisfied that systems are in place to miligale the Foundation's exposure to the principal risk5. The Trustees, formal risk management strategy comprises.. an annual review of the risks which the Foundation may face., the adequacy of current systems and procedures to mib'gale those risks identified in the straty,. and the implementation of procedures designed to minimise any potential risk on the Foundation should any of those risks malerialise.
THE PRET FOUNDATION REPORT OF THE TRUSTEES {continued> FOR THE YEAR ENDED 31 DECEMBER 2022 Key Controls used by the Foundation include: formal agendas for all Trustees, meetings,. strategic planning, budgeting and management accounting,. formal proposal processes., donations made after careful vetting of beneficiary charities,, clear authority limits and annual review of charities,. and annual review of main contractor. OBJECTIVES AND ACTIVITIES The Pret Foundation's purpose is the alleviation of poverty, in particular hunger and homelessness in the UK and across global markets in which Pret A Manger operates. In wnsideralion of projects, the Trustees have paid due regard to Charity Commission guidance on public benefit in deciding what activities the Foundation should undertake. Through ils activities of food distribution, employment programmes, and cash donations to grassrool homeless charities, The Pret Foundation helps to improve the welfare of people experiencing, or al risk of, homelessness. The Prel Foundation aligns its objectives and activities to achieve thi5 public benefit as detailed below. l) Food Distribution The Pret Foundation arranges for unsold food lo be collected al the end of each day from Prel A Manger shops either by vans dedicated to this activity, arranging collections by local charities or working with third party partners such as Neighbourly and Too Good To Go. Our priority is to ensure the food reache5 charities, shelters, hostels and outreach programmes that are supporting people experiencing, or at risk of. homelessness, at no cost to the beneficiary. Where this is not possible, we will seek an alternative. During 2022 the Board made the decision lo cease van operations in Central London due to escalating costs and partner with Neighbourly across the UK. Neighbourly matches shops with local good causes and use technology lo do so, meaning we will have an increased visibility of what is being donated. Progress on this will be reported in next year's annual report. 2) The Rising Stars and Shooting Stars Employment Programmg The Rising Stars Programme offers people experiencing homelessness. or at risk, the opportunity of a 12-week work experien programme, with the aim of helping them to build a new future. The programme offers 12-week paid placements within Pret A Manger, giving individuals the same benefits as Pret A Manger employees, together with support with trave5 costs and weekly counselling. 11 can lead lo a permanent position within Prel A Manger or help to provide the confidence and experience lo follow a career elsewhere. The Shooting Stars Programme offers a cohort of high potential graduated Rising Stars the opportunity lo participate in a 6-monlh career development programme. It consists of learning modules over a period of 5 days, culminating in a National Apprenticeship ~ Level 2 in work skills and the opportunity to lake GCSE English and Maths. The Shooting Stars finish the programme with a clear Personal Development Plan IPDPI shoLJld they wish to remain In Pret A Manger or follow a career elsewhere. We lake the cohort on supplier visits to open a world of opportunities lo them and the programme culminates in a trip lo Austria lo climb the country's highest mountain helping them lo believe they are capable of reaching new heights. 3) Flnancial Support The Foundation has supported smaller. grassroot homeless charities where tangible results can be seen since 1995. During 2022, in response to COVID and the changing landscape. the Board made the decision to pause the grants programme effective 1st January 2023 and review the needs of beneficiaries to ensure funding is fit for purpose.
THE PRET FOUNDATION REPORT OF THE TRUSTEES (Continued) FOR THE YEAR ENDED 31 DECEMBER 2022 4) Shefter The Pret Foundation, in partnership with West London Mission, established The Prel House al St. Luke's,. a 26 room shelter in Kennington, London of which The Pret Foundation consistently had access to 6-bediooms, or more if required. The Prel House provided shelter for current or graduated Rising and Shooting Stars who work in Prel A Manger shops nearby. Day-to-day operations were managed by West London Mission. In November 2021, in response lo a change in strategic direction of Wesl London Mission and e5calaling costs, the Board made the decision to close Pret House and focus efforts on supporting more people into employment. ACHIEVEMENTS AND PERFORMANCE The Trustees deem the Foundation to have fulfilled its objectives for the year. 1) Food Distribution In 2022 over 6 million main meal items were collected and distributed on behalf of charities in the UK12021.' 5 million), with food from approximately 90 /0 of eligible Prel A Manger shops collected by or distributed to charities al the end of each business day in the UK12021'. 93'kl, and 85 10 globally. Food distribution in London operates via Prel's Charity Run, with food being distributed 7 days a week, with 7 delivery routes. Over 120 homeless charities and shelters in London benefitled from food donations in 2022 via the Pret Charity Run12021." 1051. The vans collect and distribute leftover food from the shops to charities and shelters. Clean Society manages this operation on behalf of The Prel Foundation. Where the Foundation cannot collect unsold food from shop, il arrangès for a registered charity to do so wherever possible. thus avoiding unnecessary waste going lo landfill. Surplus ingredients not required by shops are also donated in bulk and delivered from the supplier warehouses direct lo The Felix Project, Fareshare, and City Harvest - charities fighting hunger and food waste across London. In 2022 we donated 9700 cases of produce from our supplier warehouses to these charities. In regional shops, the end of 2022 saw the transition from a manual food donations programme lo the launch of The Pret Foundation's partnership with Neighbourly - the food sharing platform connecting businesses with local good causes lo give surplus ID those who need it. Neighbourly onboarded existing chaiily partners across the UK Regions lo the programme and filled additional gaps in shop collection schedules from their wide network of exi51ing good causes. Via Neighbourly Prel shops donated over 100,000 meals. worth of surplus food items lo 200 local good causes. Across the regions. where charity collections aren't always possible, we also work with the food sharing app, OLIO, who have food waste heroes that can collect surplus food each day and donate lo the local community - many on the povety line. Through our partnership with OLIO we donated the equivalent of 500,000 meals, worth of food items lo local communities in 2022, supporting over 24,000 households with Surplus food donations. In addition, throughout 2022 we continued our partnership with food waste redistribution app Too Good To Go, to sell and reduce hol food waste in shops which cannot be donated Across the year, Prel shops redistributed more than 100,ODO meals via Too Good To Go'surprise Bags,, which would otheNise have been wasted. Whilst this is not direcdy supporting the welfare of people experiencing homelessness, il will become one of our enablers - raising funds for The Prel Foundation to continue delivering ils core actThiities. In 2022 we generated £132k from Too Good To Go. 2) The Rising Stars and Shooting Stars Programmes In 2022 we were pleased lo place 74 Rising Stars {largel.' 751 on to the programme with 780k completing the 12 weeks training and 530/0 remaining with Pret A Manger for 6 months or more. We also further SUPFX)rted 6 individuals on the Shooting Stars programme. With the desire lo grow the programme in the coming years, we made some efficiencies including moving the process for referral charities online and introducing a 'Journey al Prel, SUNey for Rising Stars lo track their pr[eSS. We also re-introduced charity quarterly check ins lo gather feedback on what's working well and where improvements can be made and al the end of the year we hosted a Christmas celebration, inviting all Rising Stars, shop General Managers and Senior Leader5 al Prel, including the CEO.
THE PRET FOUNDATION REPORT OF THE TRUSTEES (continued) FOR THE YEAR ENDED 31 DECEMBER 2022 Case Study.. Peter relocated lo London after having previous issues with his landlord, putting him at risk of homelessness. Due lo challenging family circumstances, Peter found himself sofa surfing. Peter was working in temporary roles, with no job security or opportunity for long-lerm career development. Peter was also dealing with a number of health issues. and his mental health has started lo deleriorale. Al this point he was referred and placed onto the Rising Stars programme. Since becoming a Team Member, he quickly progressed and was promoted lo Team Member Trainer. Having an opportunity lo thrive and develop through the programme, has really supported Peter lo lead a more manageable, stable and fulfilling life, whilst having a chance to be recognised for his strengths. 3) Financial Support The Foundation supports smaller, grassrool charities with support in the form of grants. In 2022, 22 donations were made {2021." 211 including a donation of £50k lo the Disasters Emergency Committee {DECI for the Ukraine Humanitarian Appeal. Donations cover various projects and pay for support workers, rent, course supplies. counselling. and drop-in cenlres. Total donations in 2022 were £0.25m12021, £0.2ml. Funds for The Pret Foundation increased in the 2022 after the team introduced some new fundraising inilialives. Funds predominantly came from three sources.. Product donations from Pret A Manger: £830k was raised from the 10p donations on Soup sales and the Christmas Campaign. £28k of this was raised from Prel's Franchise Partners. Customer Donations: £325k from customer donations, consisting of £98k from coin boxes in shops, £95k from new contactless donation terminals installed in some shops and £132k from customer purchasing hot food surplus via Too Good To Go. Restricted Donations: £165k was received during the year ofwhi¢h £50k was for the Rising Stars Programme and £115 for the Ukrainian Employment Programme. Other Donations. £157k from empSoyee fundraising, Walkathon and an Auction. 4) Shelter In 2018 The Pret Foundation identified a partner lo work with for this activity stream, Wesl London Mission, and 2 Slte to convert, Sl. Luke's. The facility was opened in Q12019, containing 26 bedrooms, a communal kitchen, living and garden areas, ready for current or graduated Rising and Shooting Stars in need of accommodation in exchange for a subsidised rent. In November 2021, in response lo a change in strategic direction of West London Mission and escalating costs, the Board made the decision to close Prel House and focus efforts on supporting more people into employment. The Board made the difficult decision to slep away from Pret House and worked with those individuals still residing there to ensure they were moved onto secure and appropriate accommodation. Throughout 2022 the Board has remained committed to continuing lo support people into accommodation in partnership with others. 5) other notable updates Team u dales In Spring 2022 K8ty Doolan joined The Pret Foundation team to expand the Rising Stars programme into the regions across the UK. One of our Rising Stars joined the team on secondmenl over the summer lo support with our flagship fundraising event an auction with all Pret employees, suppliers and franchisees. Nisha Panicker also joined the team in the autumn to look after the charity fv'nances and governance, taking over frorn Martin Bailey who had provided this Servi on a pro bono basis until that point.
THE PRET FOUNDATION REPORT OF THE TRUSTEES {continuedl FOR THE YEAR ENDED 31 DECEMBER 2022 Ukrainian Em lo ment Pro ramme In the spring of 2022, we were shocked lo witness the unfolding of events in Ukraine. Many of the shop teams at Prel A Manger are Eastem European and wanted us lo do more lo help. In the first instance, the Board supported the team's recommendation to donate £50k lo the Disaster's Emergency Committee Response Appeal. In addition, whilst we support refugees via the Rising Stars employment programme, we established the Ukrainian Employment programme with a view lo supporting 50 refugees into employment. This 8Ctivily was out of plan and budget and the Board fully supported this decision. Working alongside teams al Pret A Manger we were quickly able to trans18te the recruitment process, sel up a dedicated pool and second a Ukrainian General Manager into The Pret Foundation team for a period of 6 months. In the first few weeks we allracled over 600 applications and due to demand we reopened the pool in November and received another 175 applications. We are pleased lo report that by the end of December 2022 we had successfully supported over 200 people into employment. 4 of these had progressed on lo Front of House Leaders, 7 are Kitchen Leaders, 2 have become Team Member Trainers, 18 are now Hot Chefs and we have 20 Baristas. We were able lo offèr financial support for those in immediate need to equip them with what they need lo set up a home and offered English tuition classes in partnership with the Ukrainian Inslitule. During December we invited everyone on the programme and the Prel senior leadership team to join and celebrate achievements, show appreciation. and remember loved ones that have been left behind. The programme is predominantly made up of highly skilled women workers and we have workèd in partnership with the likes of NHS lo ensure this is not lost. The wonderful unintended consequence of the programme is the community and friendships that have been formed. eTh)t1onAlsi(k)WJTr1$ nkiTwilkrauiwiis3fe N(th I leel Mre lnthyeiidenl.nn-n1Sh IslmtKm4ngMilh -I'eX[remej!'rjud(}lVr> Siii8lewthI Ilir locthia¢Kllom51iop fflahagers hasiMThètsfanTaSliC-afesramènt To M4ilipeDple.I'mlT sUWl11L(S1QXiYel1ffle.- the dlthriilTclrcum>1hnr bnaNlnable. 6) Fundraising and Marketing All our activity is enabled by sharing our voice with customers. employees and the wider community. We once again look part in Walkathon hosted by Equal Experts. With the largest field of participants recruited, including some from our global markets, Prel not only had the most teams in the lop ten but also were awarded the largest sum ofmoney.
THE PRET FOUNDATION REPORT OF THE TRUSTEES {Gontinued} FOR THE YEAR ENDED 31 DECEMBER 2022 Our Grand Auction raisa £72k with support from our suppliers, shareholders and Prel getting involved with bidding or donating prizes for the auction which was both online and in person. Sharing the volS of our Rising Stars on stsge at the event was an opportunity to talk about our work with a predominately new audience The Grand Auction coincided with the launch of our brand retresh which saw our logo and visual brand identity updated, in line with the refresh of the main Pret brand. We also benefited from a best-selling baguettes promotion which donated 20p lo The Pret Foundation in the spring. We created animated conlenl on the history of The Prel Foundation to support the message which was amplified across Prel channels, World Homeless Day in October was a digital global moment for The Pret Foundation, for our first inlegraled brief with the global brand team we were able lo deliver content to all markets lo be used on their channels which highlighted their food donation efforts tsilored to their market. The Christmas period was another opportunity lo talk about our work, with contribution on three products in the UK including the Christmas Lunch Sandwich, Festive Falafel & Squash Sandwich and new Hog Roast Macaroni Cheese. The Prel Foundation was a key message for the Pret Christmas campaign. and we were able to share our voice across Pret's channels. A small number of complaints were receNed during the year in the Prel A Manger shops about fundraising on the new donation terminals which were resolved promptly in line with the charity'5 policy on refunds No complaints were received around the employment programme ensuring that people who are considered to be at risk are not targeted. FINANCIAL REVIEW l) General Gifts and donations paid have increased since the previous year, from £189,935 last year lo £249,920 this year. On 31 December 2022, the total funds held by the Foundation was £1,003,62712020.' £1,370,648). The Foundation has continued by good housekeeping and budgeting lo maintain a healthy balan sheet. Expenditure was cut significantly in the year to match the muCh-redUd donation income. The continuing use of budgets and regular financial information again proved an effective control.. expenditure and staffing levels continue lo be Carefully monitored. 2) Principal funding sources The Foundation's principal sourTr of ongoing funding is the receipt of contributions from Pret A Manger (Europe) Limited land ils customers), who established the Foundation over twenty years ago. Both organisalions continue lo operate closely together and senior management of Prel A Manger {Europel Limited sits on the Board of Trustees and assists Prel A Manger (Europe) Limited in carrying out their continuing commitment toward The Foundation's objective5. The Foundation has taken steps to diversify ils income streams over the period, namely introducing conlaclless donation terminals in shops and working with Too Good To Go. The Foundation acknowledges the importance of good practice in fundraising as being essential in maintaining public confidence in the charity and are committed lo ensuring all OLJr activities are compliant with legislative, regulatory and best practice standards. The Foundation doès not use professional fundraisers. 3) Reserygs policy Unrestricted funds are needed.. al to provide funds which can be designated to specific pmjects to enable these projects to undertaken at short notice", and bl lo cover administration, fundraising and support costs without which the Foundation ¢ould not function.
THE PRET FOUNDATION REPORT OF THE TRUSTEES Icontinued FOR THE YEAR ENDED 31 DECEMBER 2022 The Trustees consider il prudent that unrestricted reserves should be sufficient.. c) lo provide a pool equal to 10Qh of charitable expenditure from which funds can be designated to Specific projects,. and dl lo cover one yearfs adminislralion, fundraising and support costs. As at 31 Dember 2022, unrestricted reserves not invested in functional fixed as5els were £1,003k. The level of reserves is monitored and reviewed by the Trustees at each Trustee meeting. PLANS FOR THE FUTURE The Trustees aim to continue to develop the following key 8ctivits.es in 2023. 1) Food Distribution The Foundakn'on will maintain distribution of unsold food from Pret A Manger shops to charities, who provide the food to people experiencing homelessness or al risk via charities, shelters, hostels and outreach programmes. The Foundation will review the current processes in place lo ensu as rlluch food is being donated as possible whilst making the best use of resources available. Having completed the roll out of Neighbourly in the regions to donate food al the end of this year, during 2023 we will make the switch from using vans in Central London and cease our agreement with Clean Society. Not only will this reduce costs, bul il will also enable us to track how much food is being donated and where it is going, il will allow shop teams to form strong relationships with good causes in the community and il will have a positive impa¢l on the environment. Al the same tr'me, we recognise that we cannot donate all food. In line with Nalasha's Law and the introduction of same day use by labelling on made lo sell items, we will expand our partnership with Too Good To Go to sell 'Surprise Bags, lo customers and receive 500/0 of the revenue from Prel A Manager meaning we can invest more into our activities. 2) The Rising Stars and Shooting Stars Programmes Our core focus next year is to provide more sustainable employment opportunities for people experiencing homelessness or al risk. We will do this by.. Continuing to focus on expanding the programme outside of London and reaching new regions such as Birmingham, Manchester, and Glasgow Forging stronger partnerships with charity partners that refer clients on the programme to improve quality Engaging with new shop teams lo hire Rising Stars and support them through the process NebNorking with others lo share learnings and join up (employers, government departments and chariliesl Introduce exit interview process for all Rising Stars to follow their joumey and ensure no one ends up back on the streets For the Rising Stars programme the aim in 2023 is to recruit 100 Rising Stars with an 80Yts graduation rale and achieve a 60Q/o retention rate al 6 months plus. For the Shooting Stars Programme the objective is to select 8 Shooting S18rs to complete the further development programme. 3) Financial Support The Prel Foundation will not be awarding grants in 2023 to review impact lo date and reassess strategic direction. 4) Ukrainian Employment Programme Given the demand, with the support of the Board we will continue the programme into 2023 and help more people into employment via the Ukrainian Employment Programme. We will also consider providing further development opportunities for those with high potential to ensure that they do not lose some of the skills they gained whilst in 1C
THE PRET FOUNDATION REPORT OF THE TRUSTEES Icontinuedl FOR THE YEAR ENDED 31 DECEMBER 2022 employment in Ukraine and of course continue to grow their careers al Pret. 5) Fundraising and Marketlng Our focus for 2023 will be to., Support the re¢rLJilmenl of 100 Rising Stars with b2b marketing materials for charity partners and organisations Deliver an internal engagement event The Lady Mayoress Sleep Out recruiting 100 participants from Pret and raising £150K for The Pret Foundation Deliver an internal global engagement event, recruiting participants for a third year in the Walkathon to raise funds via the hosts Equal Experts Deliver a global moment around World Homeless Day to shine a light on the issue of homelessness with communications across our social, digital and internal channels as well as in shops with global content and a product contribution from Prel in the UK. We will also aim to include an internal engagement event such as volunteering OPPOrtunits'es for Prel staff through October. STATEMENT OF TRUSTEES. RESPONSIBILITIES The Trustees are responsible for preparing the Report of the Trustees and the financial statement5 in accordance with applicable law and United Kingdom Accounting Standards {United Kingdom Generally Accepted Accounting Practice). The law applicable lo charities in England and Wales requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the slate of affairs of the Foundation and of the incoming resources and application of resoLJrces of the Foundation for the period. In preparing these financial statements, the trustees are required to.. select suitable accounting policies and then apply them consislenuy.. observe the methods and principles in the Charities SORP., make judgements and estimates that are reasonable and prudent., stale whether applicable accounting standards have been followed, subject to any departures disc105ed and explained in the financial slalemenls., and prepare the financial statements on a going concern basis unless it is inappropriate to presume that the Foundation will conb'nue in busines5. The Trustees are responsible for maintaining proper accounting records which disclose with reasonable accuracy at any time the financial position of the Foundation and which enable them lo ensure that the financial slalemenls comply with the Charities A¢1 2011, the Charity (Accounts and Reports) Regulations 2008, and the provisions of the Trust Deed. They are 81so responsible for safeguarding the assets of the Foundation and hen for taking reasonable steps for the prevention and detection of fraud and other irregularities. In so far as the Trustees, individually. are aware.. There is no relevant audit information of which the Foundation's auditor is unaware., and The Trustees have taken all steps that ought lo have been taken to make themselves aware of any relevant audit information and to establish that the auditor is aware of that information. This report was approved on behalf of the Board of the Trustees on IGtH sa)TrMQa"2sand signed on their behalf. C Schlee Chair of Tru51ees Date. ILri-i IciL8
INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF THE PRET FOUNDATION {continued) Oplnlon We have audited the financial stslemenls of the Institute of the Prel Foundation for the year ended 31 December 2022 which comprise the Slalemenl of Financial Activities, the Balance Sheet, the Slalemenl of Cash Flows and the related notes lo the financial slatemenls, 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, including Financial ReFX)rting Standard 102 The Financial Reporting Standard applicablg in the UK and Republic of Ireland Iuniled Kingdom Generally Accepted Accounting Practi1. In our opinion, the financial slalements.. give a true and fair view of the 51ale of the charity's affairs as al 31 Dember 2022 and of the charity's net movement in funds for the year then ended., have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Poctice", and have been prepared in accordance with the requirements ofthe Charities Act 2011 and the Charities and Trustee Investment {Scollandl Act 2005 and regulation 8 of the Charities Accounts (Scotlandl Regulations 2006. Basi5 for opinion We have been appointed as auditor under section 144 of the Charities Act 2011. and section 4411 Ilcl of the Charities and Trustee Investment Iscollandl Act 2005 and report in accordance with the Acts and relevant regulations made or h2ving effect thereunder. We conducted our audit in accordance with International Standards on Auditing IUKI IISAS IUKII and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical reqLJiremenls that are relevant lo 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 lo provide a basis for our opinion. Conclusions relating to going concern In auditing the financial stalemenls, we have concluded that the trustees, use ofthe going concern basis of accounting in the preparation of the financial slalemenls 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 doubl on the charity's ability lo continue as a going concern for a period of at least e1ve months from when the financial statements are aulhorised for issue. Our responsibilities and the responsibilities of the Iruslees with respect lo going concern are described in the relevant sections of this report. Other information The trustees are responsible for the other infr>rmalion. The other infomiats'on comprises the infom)alion included in the Trustees, Report. OLJr opinion on the financial slalemenls does not cover the other information and. except to the extent otherwise explicitly slated in our report, we do not express any form of assurance conclusion thereon. In connection with our audit of the financial stalemenls, our responsibility is lo 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 othenmise appears to be materially misslaled. If we identify such material inconsistencies or apparent material misslalemenls, we are required lo determine whether there is a material misstatement in the financial slalemenls or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstalemenl of this other information, we are required lo report that fact. We have nothing to report in this regard. Matters on which we are required to report by exception We have nothing to report in respect of the following mallers in relation to which the Charib'es (Accounts and Reports) Regulations 2008 and the Charities Accounts (Scollandl Regulations 2006 require us to report lo you if, in our opinion". adequate accounting records have not been kept by the charity", or sufficient and proper accounting records have not been kept., or the charity financial statements are not in agreement with the accounting records and returns., or we have not received all the information and explanations we require for our audit.
INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF THE PRET FOUNDATION (continued) Responsibilitie$ of trustees for the financial statements As explained more fully in the trustees, responsibilities statement set out on page 9, the Iruslees are responsible for the preparation of the financial slalements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary lo enable the preparation of financial statements that are free from material misstalemenl, whether due lo fraud or error. In preparing the financial statements, the Iruslees are responsible for assessing the charity's ability to continue as a going concern. disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the IrLJslee5 either intend to liquidate the charity or lo cease operations, or have no realistic allernalive but lo do so. Auditor's responsibilities for the audit of the financial statements Our objectives are lo obtain reasonable assurance about whether the financial slalemenls as a whole are tree from matèrial misstatement, whether due lo fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, bul is not a guarantee that an audit conducted in accordance with ISAS IUKI will always delecl 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 stalemenls. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to delecl material misslatemenls in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irreguSarilies, including fraud is detailed beS0w'. Based on our understanding of the charity and the environment in which il operates, we identified that the principal risks of non-compliance with laws and regulations related to provision of care regulations, health and safely regulations, employment law, safeguarding regulations and Charity law, and we considered the extent lo which non- compliance might have a material effect on the financial stalemenls. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Charities Act 2011 and the Charities SORP. We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statement5 (including the risk ol override of ¢onlrolsl, and determined that the principal risks were related to depreciation charges. Audit procedures performed by the engagement team included.. Inspecting minutes of Trustees, meetings., Inspecting correspondence with regulators and lax authorities., Discussions with management including consideration of known or suspected instsnces of non-compliance with laws and regulation and fraud., Evaluating management's controls designed to prevent and delect irregularities., Identifying and testing journals., and Challenging assumptions and judgements made by management in their critical accounting estimates. Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading lo a material misslatemenl in the financial slalements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation Is removed from the events and transactions reflected in the financial slatemenls, as we will be less likely lo become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to traud rather than error. as fraud involves intentional concealment, forgery, collusion. omission or misrepresentation. 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.or .uklauditorsres onsibililies. This description forms part of our auditorfs report.
INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF THE PRET FOUNDATION Icontinued} Use of our report This report is made solely to the charity's Iruslees, as a body, in accordance with section 144 of the Charities Act 2011 and regulations made under section 154 of that Act. and section 4411llcl of the Charities and Trustee Investment IS¢ollandl Act 2005 and regulation 10 of the Charities Accounts (Scotlandl Regulats'ons 2006. Our audit work has been undertaken so that we might slate to the charity's trustees those mallers we a required to slate lo them in an Auditor's report and for no other purpose. To the fullest extent permilled by law, we do not accept or assume responsibility lo anyone other than the charity's Iruslees as a body for our audit work, for this report. or for the opinions we have formed. loa LLe Haysmacintyre LLP 10 Queen Street Place London EC4R 1AG Dale." 26 September 2023 Haysmacintyre LLP is eligible lo act as an auditor in terms of section 1212 of the Companies Act 2006. 14
THE PRET FOUNDATION STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2022 Restricted Unrestrictgd Total Unrestrlcted funds 2022 funds 2022 funds 2022 funds 2021 Notes Income from: Donations 41al 164,726 1,312,572 1,477.298 802,997 Investment income 41b) 33 Total 164,726 1,312,572 1,477,298 803,030 Expenditure on: Charitable activities 51al 164,726 1,679,593 1,844,319 1,448,502 Total 164,726 1,679,593 1,844,319 1,448,502 Net movement In funds {367,0211 1367.0211 1645,472) Reconciliatlon of funds.. Total funds brought forward 1,370,648 1,370,648 2,016,120 Total funds carried forward 1,003,627 1,003,627 1,370,648 The Statement of Financial Activities includes all gains and losses recognized in the year. All income and expenditure derive from continuing operations. 15
THE PRET FOUNDATION BALANCE SHEET At 31 DECEMBER 2022 Notes 2022 2022 2021 2021 Fixed assets: Tangible assets Current assets: 47.029 Debtors 10 646.413 512.714 312,192 1.162,692 Cash at bank and in hand Total current assets 1,159.127 1,474,884 Liabilities.. Creditors.. amounts falling due within one year 11 155,500 151,265 Net current assets 1003,627 1,323,619 Total net assets 1.003,627 1,370,648 The funds of the charity: Unreslricled funds 15 1.003.627 1,370,648 Restricted funds 15 1,003,627 1,370,648 These financial statements on pages 10 to 21 were approved by the Trustees and authorized for issue on 26 September 2023 and signed on their behalf by.. C Schlee Trustee 16
THE PRET FOUNDATION STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2022 Note 2022 2021 Cash flows from operating activities: Nel cash lused inllprovided by operating activities Cash flows from Investing activities: Investment income 14 649,978 656,305 33 Net cash providgd by investing activities 33 Change in cash and cash equivalents in the reporting period 649,978 656 272 Cash and cash equlvalents at the beginning of the reportlng period 1,162.692 1,818,964 Cash and cash equivalents at the end ofthe reportlng period 512,714 1,162,692 Analysis of cash and cash equivalents Cash al bank 512,714 1.162,692 ANALYSIS OF CHANGES IN NET DEBT: At 1 January 2022 Cashflows At 31 December 2022 Cash and bank 1,162,692 649,978 512,714 17
THE PRET FOUNDATION NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2022 Legal status of the Charftable Foundation The Pt Foundation is an unincorporated charitable Foundation registered as a Charity at the Charity Commission in England and Wales (Charity Commission number is 10501951 and with the Scottish Charity Regulator Icharity Commisssion number is SCO505011. The principal place of business is Prel A Manger, 10 Bressenden Pla, London, SW1E 5DH. The remit of the Foundation is'the relief of poverty in particular homelessness in the UK,. Historically, this has been achieved through the distribution of unsold foocl al the end of each day from Pret A Manger shops, employment programmes offering work lo homeless people and financial donations lo grass root homeless partner charities. Accounting polieles Basis of preparation The financial statements have been prepared under the historical cost convention w1th items recognised at cost or transaction value unless otherwise slated in the relevant notes to these accounts. The tinancial statements have been prepared in accordance with Statement of Recommended Practice.. Accounting and Reporting by Charitie5 preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 {effeclive 1 January 20191 and the Financial Reporting Standard applicable in the United Kingdom and RepLJblic of Ireland IFRS 102}, Charities and Trustee Investment (Scollandl Act 2005, regulation 8 of the Charits'es Accounts Iscollandl Regulations 2006 las amended) and the Charities Act 2011. The financial statements have been prepared lo give a 'lrue and fair, view and have departed from the Charities {Accounts and Reports} Regulations 2008 only to the exlenl required lo provide 'lrue and fair view,. This departure has involved following Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS1021 issued 16 July 2014, including the adoption of the amendments issued in October 2019, rather than the Accounting and Reporting by Charities.. Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn. The financial statements are prepared in sterling, which is the functional currency of the Foundation. Monetary amounts in these financial statements are rounded to the nearest £. The Pret Foundation meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised al historical cost unless otherwise slated in the relevant accounting policy notes. Going concern At the time of approving the financial slatemenls, the trustees continue to adopt the going concern basis of accounting in preparing the financial statements. A detailed review of the Foundation's resources, operations and challenges presented by the current economic climate has been undertaken and based on the Foundation's ability lo flex and control its expenditure, dependent on income levels, and its strong cash reserves, trustees have concluded that the going concem basis remains appropriate and that the Foundation is able to meet its liabilities as they fall due. The Iruslees make this assessment in respect of a period of al least one year from the date of aulhoiisalion for issue of the financial statements and have concluded that the Foundation has adequate resources lo continue in operational existence for the foreseeable future arid there are no material uncertainties Wlth regard lo the Foundation's ability lo continue as a going concern. 18
THE PRET FOUNDATION NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2022 2 Accounting policies Icontinuedl Income All income is recognised once the Foundation has enlitlemenl to the funds, any performance conditions attached lo the ilemlsl of income have been met, il is probable that the income will be received and the amount can be measured reliably. Income from donations. including gifts are recognised where there is enlillemenl, probability of receipt and the amount can be measured reliably. Investment income is recognised on a receivable basis. Funds Unrestricted funds are available for use at the discretion of the Trustees in furtherance of the charitable objectives of the Foundation. Restricted funds are funds which are to be used in accordance with specific reslriclions imposed by donors or which have been raised by the Foundation for particular purposes. Expgnditure and irrecoverable VAT Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, il is probable that settlement will be required and the amount of obligation can be measured reliably. Expenditure is classified under charitable activity rather than the type of expense, in order to provide more useful information to users of the financial statements. Charitable activity costs comprise both direct expenditure attributable to the activity. and support costs relating lo these aclivilies. Governan costs include the costs allributable to the Foundations compliance with constitutional and statutory requirements, including audit and legal expenditure. As The Prel Foundation is unable to reclaim any of the Value Added Tax {VATI that il incurs, all expenditure in these financial slalements in relation to ils actNlties is shown inclusive of any VAT which cannot be recovered. Fixed assets Tangible fixed assets are initially recorded at cost and subsequenuy measured at cost, nel of dePCIatIOn and any impairment losses. Tangible fixed assets with a cost price in excess £1,DOO are capilalised and all other expenditure is charged lo the statement of financial activities. Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following basis.. Fixtures and fittings over 35 months lunlil 31 October 2021.. 5 years) The Trustees have reviewed the useful economic life of the fixtures and fittings held by the Foundation in 2021 and amended the depreciation rale as stated above following the decision lo end the contract with Wesl London Mission. The gain or loss arising on the disposal of an asset is delerrnined as the difference beeen the sale prOedS and the carrying value of the asset and is credited or charged to ststement of financial aclivilies. 19
THE PRET FOUNDATION NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2022 Accountlng pollcles Icontlnuedl Impairment of fixed assets An assessment is made at each reporting date of whether there are indications that a fixed asset may be impaired or that an impairment loss previously recognized has fully or partially reversed. If such indications exist, the Trust eslimales the recoverable amount of the asset. Shortfalls beeen the carrying value of fixed assets and their recoverable amounts, being the higher of fair value less Costs lo sell and value-in-use, are recognised as impairment losses. Impairment losses are recognised in slalemenl of financial activities. Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Reversals of Impairment losses are recognised in statement of financial activities. On reversal of an impairment loss, the depreciation is adjusted to allocate the asset's revised carrying amount Iless any residual value) over ils remaining useful life. Financial instruments The Foundation only has financial assets and liabilities of a kind that quaSrfy as basic financial instruments and are not considered to be of financial nature. Such financial instruments are ini118lly recognised at transaction value and subsequenlly measured at their settlement value. Debtors other debtors which are receivable within one year and which do not constitute a fin2ncing transacb.on are initially measured al the transaction price. Other debtors are subsequently measured at amortised CDSI, being the transaction price less any amounts settled and any impairment losses. Cash at bank and in hand Cash al bank and in hand includes cash and monies on short term deposits al the bank, other short-lerm liquid investments with original malurilies of three months or less. Creditors Creditors are recognised where the Charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due lo settle the obligation can be measured or eslimaled reliably. Creditors are norm811y reC(niSed at their settlement amount. Taxation The Foundation is a registered charity 8nd accordingly is exempt from laxalion on ils income and gains where they are applied for charitable purposes. Pension For defined contribution schemes the amount charged lo the Statement of Financial Activities is the recharge of contributions payable in the year. Differences beeen contributions payable in the year and contributions actually paid are shown as either accruals or prepayments. Critical accountlng estimates and areas of judgement Estimates and judgements are continually evaluated and are based on historical experience and other factors. including expectations of future events that are believed lo be reasonable under the circumstances. There are no areas of judgement lo note. 20
THE PRET FOUNDATION NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2022 Key sources of estimation uncertainty The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows. Depreciatlon The assessment of the useful economic lives and the method of depreciating tangible fixed assets requires some estimation. Depreciation is charged lo the Statement of Financial Activities based on the useful economic life selected, which reouires an eslimalion of the period and profile over which the Foundation expect5 to consume the future economic benefits embodied in the assets. Al 31 December 2022 the carrying value Df tangible assets was £Nil 12021.. £47,029) and depreciation of £47,029 12021.. £144,727). See the accounts'ng Fx)licy for further details on the impact of a change to this estimation during the year. Analysis of income Totsl 2022 Total 2021 lal Donatlons t)onations received 1,477,298 802,997 Ibl Investment income Interest receivable 33 Analysis of expenditure incurred by The Pret Foundation The Charity fulfilled ils charitable purposes by picking up unsold food from Prel A Manger shops throughout the UK and delivering it lo other charities that assist with the relief of poverty. In other instances the Foundation made cash grants as the Trustees saw fit. The a¢cotJnls do not include the monetary value of the unsold food collected and distributed from the Pret A Manger shops as the Trustees believe that the food has no monetary value by virtue of it being unsold. Comparative figures are included in note 16. lal Charitable activities The Rising Star & Shooting Stats programrne5 Cash. Equipment & Food donations Food dlstrlbutions Total 2022 Total 2021 Shelter Gifts and donations (See note 5cl Food delivery costs Apprenticeship costs Shelter costs Ukraine Employment Programme Support costs {See note 51bll 249.920 249,920 189,935 765,851 765,851 180,657 47,030 641,983 136,823 204,671 180,657 47,030 126,987 126,987 127,791 230 000 93,721 22 362 473,874 275.090 893,642 537,644 343,641 69,392 1.844,319 1,448,502 21
THE PRET FOUNDATION NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2022 S Analysls of expendlture Incurred by The Pret Foundatlon {contlnued) Ib) Supportcosts The Rising Star & Cash, Shooting Equipment Stars & Food Food Total Total distributions Programmes Donations Shelter 2022 2021 Staff Costs (See note 61 Team Expenses Bank Charges Audit & Accounting Fees Consultancy Costs Marketing costs & donations platform other Costs 82,519 181,541 49,511 16,504 330,075 172,196 2,655 701 5,842 701 1,593 701 531 88 10,621 2,191 3,923 1,166 10,080 10,080 10,080 1,260 31,500 39,600 1,600 1,600 1,600 200 5,000 6,416 29,974 263 29,974 263 29,974 259 3,747 33 93,669 46,110 5,679 818 127,792 230,001 93,718 22,363 473,874 275,090 Support costs are allocated on a basis consistent with the activities of the Charity. Governance costs amounting to £34,72712021. £44.444} for legal, audit and accounting fees are included in above. 22
THE PRET FOUNDATION NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2022 Analysis of expenditure incurred by The Pret Foundation (continued) {c} Gifts and donatlons Noof gifts Noof glfts 2022 2021 The Foundation has made the following gifts of £5,000 or more.. The 999 Club Salford Loaves & Fishes 240 Project Shelter from the Storrll Genesis Trust AK[ Off the Fen¢e Trust Barnabas Bridges Project Bethany Christian Trust InHope Sl John of God Hospitaller servIs si stephens The Manna The Upper Room Sl Cuthbert's Centre The Margins Project Brixlon Soup Kitchen The Vineyard Arches Trust C4WS Street Connect D.E.C. Other amounts less than £5,000 10,694 10,000 10,000 10,000 10,000 10,000 11,000 10,160 7,000 10,500 10,000 9,750 11,000 10,143 10,000 10,000 5,000 10,000 10,000 10,000 50,000 4,673 10,000 9,400 10,000 10,000 10,000 10,000 10,000 10,000 4,980 9,850 10,000 10,000 10,000 10,000 8,500 10,000 7,000 9,410 10,000 7,000 3,795 Total 22 249,920 21 189,935 23
THE PRET FOUNDATION NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2022 Analysis of staff costs and numbers Total staff emoluments for the year were as follows.. 2022 2021 Wages and salaries Social security costs Pension contributions 286,850 32,732 10,493 145,781 18,034 8,381 330.075 172,196 These costs relate to the reimbursement ofwages and salaries by the Foundation lo Prel A Manger {Europe} Limited, for the time incurred by employees of Pret A Manger {Europel Limited on the Foundation's aCtVIlle8. The wages and salaries of £268,85012021'. £145,781 is nel of CJRS grants received) of £Nil12021'. £20,515) paid by Prel A Manger (Europe) Limited for the employees that incurred lime on the Foundation's activits. The average number of employees whose wages were recharged lo the Foundation during the year were 8 12021.. 51. One employee received emoluments of £60,000 10 £70,000 in the year12021'. £01. Trustees. remuneration and expenses and costs of key management personnel No Trustee received any remuneration or payment for expenses during the year12021.' £Nil}. The Foundation considers that the only key management are the Trustees which includes the Chief Executive Officer of Prel A Manger, and these personnel are not remunerated during this year or the prior year by the Foundation. Auditors remuneration Fees payable to Haysmacinlyre LLP12021.' RSM UK Audit LLPI and its associates in respect of both audit and non-audil services are as follows.. 2022 2021 Audit remuneration - 2022 audit Audit remuneration - 2021 audit Audit remuneration- 2020 audit Other services.. All other non-audil serVIS 24,000 27,000 7,200 5.400 5.400 29,400 39,600 24
THE PRET FOUNDATION NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2022 Tangible fixed assets Fixtures and fittings Totsl Al 1 January 2022 and al 31 December 2022 304,004 304,004 Depreciation and impaimient At l January 2022 256,975 47,029 256,975 47,029 304.004 Charged in the year At 31 Dember 2022 304,004 Carrying amount Al 31 December 2022 Al 31 December 2021 47,029 47.029 10 Debtors 2022 2021 Other debtors Accrued income 638,957 7,456 312.192 646,413 312,192 11 Creditors: amounts falling due wlthln one year 2022 2021 Trade creditors Accruals Deferred income 125,000 30,500 107,729 41,036 2.500 155.500 151,265 The deferred income of £Nil12021.. £2.5001 relates to sponsorship income. 25
THE PRET FOUNDATION NOTES TO THE ACCOUNTS YEAR ENDED 31 DECEMBER 2022 12 Related party transactions The main related paty to the Foundation is Pret A Manger {Europel Limited, a company which operates a chain of food relain outlets across the United Kingdom. Donations during the year were from Prel A Manger IEuropel Limited. The value of donations received via Prel A Manger (Europel Limited are £830,054 {2021.' £429.771}. The Trustees are selected from the majority of senior management of Pret A Manger (Europe) Limited. During the year, the Foundation was charged £330,07412021'. £172,196) in salary costs, for time incurred by Pret A Manger IEuropel Limited employees on the Foundation's aclivilies, which was nel of £Nil {2021'. £20,515) of CJRS grants received by Prel A Manger (Europe) Limited for those employees. During the year Pret A Manger (Europe) Limited also made payments on behalf of The Pret Foundation of costs which were then recharged lo the Foundation of £40812021." £178,84818nd al 31 December 2022 the Foundation was owed by Prel A Manager (Europe) Limited £638,95812021". £310,443). 13 Ultimate controlling party The trustees do not consider that there is any one controlling party. 14 Reconciliation of not incomg to not Cashllow from operating activities 2022 2021 Ngt in¢omo for the roporting period Adjustments for: Depreciation Investment income 1367,0211 1645,4721 47,029 144,727 1331 {126,1161 129,4111 1656,3051 Increase in debtors 1334,2211 4,235 1649,978) (Decreasellincrease in creditors Net cash (used Inllprovlded by operatlng actlvltles 15 ststement of Funds January 2022 Income Expenditure Net Movement 31 December 2022 Unrestricted 1,370,648 1.312,572 11,679,593) {367,0211 1,003,627 Reslricled UEP The Rising Star Programme 114,726 50,000 (114,7261 150,0001 Total Funds 1,370,648 1.477,298 1,844,319 367,021 1,003,627 26
THE PRET FOUNDATION NOTES TO THE ACCOUNTS YEAR ENDED 31 DECEMBER 2022 Comparatlve statement of funds 01 January 2022 Net Movement 31 December 2021 Income Expenditure Transfers Unreslricled 2,016,120 803,030 11,448,502} 1645,4721 1,370,648 Total 2,016,120 803,030 11,448,502) {645,4721 1,370,648 Ukraine IUEPI- Due to the Russian invasion of Ukraine, TPF launched the Ukrainian Employment Programme in April 2022 and recruited over 250 peop5e (mainly women) over an 8-monlh period with nearly 800/0 still working for Prel. The UEP also provided financial support in the way of travel costs, hardship ftjnds, running English lessons and counselling sessions. SOOA of the lolal cost for 2022 was covered by JAB Holdings which was ceiVed in December 2022. Rising Star Programme- the Rising Stars programme has been running for many years working with our charity partners in providing job opportunities for homeless or those experiencing homelessness. 27
THE PRET FOUNDATION NOTES TO THE ACCOUNTS YEAR ENDED 31 DECEMBER 2022 16a. COMPARATIVE STATEMENT OF FINANCIAL ACTIVITIES - 2021 Unrestricted Unrestrfcted funds 2021 funds 2020 Notes Income from: Donations Investment income 41al 41bl 802,997 33 2,801,935 599 Total 803,030 2,802,534 Expenditure on: Charitable activities 51al 1,448,502 1,303,780 Total 1.448,502 1.303.780 Not movement in funds 1645,4721 1,498,754 Reconciliation of funds: Total funds brought forward 2,016,120 517,366 Total funds carried forward 1,370,648 2,016,120 16b. Charitable activities - comparative figures The Rising Star & Shooting Stars programmes Cash, Equipment & Food donations Food distributions Totsl 2021 Shelter Gifts and donations Food delivery costs Apprenticeship costs Shelter costs Support costs note 16c 189,935 189,935 641,983 136,823 204,671 275,090 641,983 136.823 204,671 15,734 74,711 109,934 74,711 716,694 246,757 264,646 220,405 1.448,502 28
THE PRET FOUNDATION NOTES TO THE ACCOUNTS YEAR ENDED 31 DECEMBER 2022 16c. Support costs - comparative figures The Rising Star & Cash, Shooting Equipment Food Stars & Food distributions Programmes Donations Total 2021 Shelter staff Costs Isee note 6) Team Expenses Bank Charges Audit & Accounting Fees Consultancy Costs Marketing costs & donations platform Other Costs 43,049 77,488 43,049 8,610 172,196 981 361 1,765 361 981 361 196 83 3,923 1,166 12,276 12,276 12,276 2,772 39,600 1,989 1,989 1,989 449 6,416 14,294 1,761 14,294 1,761 14,294 1,761 3,228 396 46,110 5,679 74,711 109,934 74,711 15,734 275,090 29