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← The Pret Foundation

2024-12-31-accounts

Report and financial statements for the year ended 31 December 2024

Charity registration numbers: 1050195 and SC050501

Trustees

C Schlee (Chair) (until 31 December 2024) P Christou V Cuminet (until March 2025) D Winterkorn (until July 2025) E G Choonara (appointed 30 June 2025) J Stobart (Interim Chair) (appointed 27 June 2024) C Clough S Nanji (appointed 27 June 2024) A Corben (appointed 1 August 2025)

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Auditor

Haysmacintyre LLP 10 Queen Street Place London

EC4R 1AG

Bankers

HSBC Bank plc 4 Robertson Street Hastings East Sussex TN34 1HW

Registered Charity

Global Head

N Allard

Numbers

England and Wales 1050195 Scotland SC050501

Principal Office

Pret A Manger 10 Bressenden Place London SW1E 5DH

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Interim Chair’s Statement

I am delighted to have joined the Board of Trustees for The Pret Foundation in 2024. For the past few years, I’ve led Tent UK, a network of over 70 companies committed to connecting refugees to work. Tent UK supports companies, like Pret, to hire refugees at scale across the country, leaning on the expertise and best practices of Tent Partnership for Refugees’ international network. With Pret joining our Tent UK coalition of major businesses at the beginning of the year, I was introduced to The Pret Foundation and inspired by their mission and commitment to improving the lives of vulnerable people across the UK. This appointment therefore feels like an opportunity to share my knowledge and experience with the Foundation as it continues to support those experiencing, or at risk of, homelessness – including refugees – with the resources and opportunities they need to get, and keep, a job.

The Pret Foundation had another exciting and successful year in 2024. Through Tent UK, we supported a Rising Stars cohort made up exclusively of refugees in Bristol, working alongside a new partner, ACH. ACH provides tailored integration services for refugees and migrants in the UK. This enabled us to work locally and focus our efforts on one operational area. We also introduced new ways of working, which included an initial open assessment day, a week of employability skills training for potential candidates, and a training session with shop Managers. We’re excited to take forward the learnings from this pilot and apply them to the Rising Stars programme more widely, better supporting the entire cohort.

The Rising Stars employment programme supported a total of 126 people into work placements at Pret, providing the wraparound support they need to succeed in their roles and break the cycle of homelessness. We were thrilled to be able to offer financial support again in 2024, and through our Community Grants Fund we awarded £100,000 in funding to 50 grassroots organisations across the UK either tackling hunger or providing employability skills and training to those experiencing, or at risk of, homelessness. I’m looking forward to seeing the impact these grants have had on these organisations and their service-users, and we will be scaling our funding offering up even further in 2025.

One of the highlights of 2024 was The Pret Foundation’s feature in ITV’s documentary ‘Prince William: We Can End Homelessness’. As part of the documentary, one of our Rising Stars, Lainey, met HRH William, Prince of Wales as part of The Royal Foundation’s Homewards programme. Lainey experienced homelessness, substance addiction, and abuse from a young age. She was referred to the Rising Stars programme by Single Homeless Project and met HRH whilst completing the programme. Having now graduated, Lainey is thriving with the support of her manager and the shop team.

Lastly, 2024 also saw us host a range of exciting engagement and fundraising activities, both old and new. As well as the return of our biannual Grand Auction and annual Walkathon events, for the first time, we invited Pret employees to take part in our London to Paris Bike Ride. Riding 171 miles from the London Eye to the Eiffel Tower in just three days in September, participants raised over £27,000 in sponsorship. Over 200 Pret employees in the UK also gave up a working day to volunteer with one of our charity partners, engaging with the work of the organisations we support, such as The Felix Project.

I have joined The Pret Foundation at an exciting time. With our 30th Anniversary coming up in 2025, we have an opportunity to continue to expand on the strong foundations that have been built over the last thirty years and deepen connections with local charities and communities across the UK. We’ll be celebrating in a big way – including an event with partners and supporters in October to celebrate the work of the past three decades, commissioning a film spotlighting some of the incredible stories of The Pret Foundation’s beneficiaries, and exciting activities to engage staff and customers with our journey across Pret shops nationwide. I can’t wait to see all of this come to life as we approach this exciting milestone in The Pret Foundation’s story.

Jen Stobart Interim Chair of Trustees

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The Trustees present their report together with the audited financial statements for the year ended 31 December 2024.

The Foundation was registered as a charity with the Charity Commission on 26th October 1995 and with the Office of the Scottish Regulator on 29th September 2020.

Trustees who served during the year and up to the date of this report were as follows:

C Schlee (until 31 December 2024) P Christou

V Cuminet (until March 2025) D Winterkorn (until 30 June 2025)

E G Choonara (appointed 30 June 2025)

Structure, Governance and Management

1) Constitution

The legal form of the Charity is that of a Trust. The Charity’s governing document 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 its name from Pret Foundation Trust to The Pret Foundation.

3) Selection and training of Trustees

Trustees represent both senior management of Pret A Manger (Europe) 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 Trustee training.

J Stobart (appointed 27 June 2024) S Nanji (appointed 27 June 2024) C Clough A Corben (appointed 1 August 2025)

4) Organisational Structure and key management personnel

The Board of trustees meet 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 Pret 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 finances and consider what actions can be taken to mitigate these risks. The key risks that would have the highest impact continue to be safeguarding issues in relation to Rising Stars, and loss of funds.

The Trustees are satisfied that systems are in place to mitigate the Foundation’s exposure to the principal risks. The Trustees’ formal risk management strategy comprises:

and

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Key controls used by the Foundation include:

2) The Rising Stars and Shooting Stars Employment Programme

Objectives and Activities

The Pret Foundation exists to alleviate hunger and tackle homelessness across the global markets in which Pret A Manger operates.

In consideration of projects, the Trustees have paid due regard to Charity Commission guidance on public benefit in deciding what activities the Foundation should undertake. Through its activities of food distribution, employment programmes, and cash donations to grassroot homeless charities, The Pret Foundation helps to improve the welfare of people experiencing, or at risk of, homelessness.

The Pret Foundation aligns its objectives and activities to achieve this public benefit as detailed below.

1) Food Distribution

The Pret Foundation arranges for unsold food to be collected at the end of each day from Pret A Manger shops arranging collections by local charities or working with third party partners such as Neighbourly and Olio. Our priority is to ensure the food reaches charities, shelters, hostels and outreach programmes that are supporting people experiencing homelessness, or at risk, at no cost to the beneficiary. Where this is not possible, we will seek an alternative (e.g. shops in airports which cannot donate surplus food redistribute this via Too Good To Go).

During 2024, The Pret Foundation scaled up its partnership with Too Good To Go, placing any shops who were unsuccessfully matched with charity partners to collect surplus food on a programme to redistribute this unsold food via Too Good To Go ‘Surprise Bags’. 50% of the revenue from Too Good To Go sales were then donated to The Pret Foundation.

The Rising Stars Programme offers people experiencing homelessness, or at risk, the opportunity of a paid placement in shops or in Support Centre teams. The programme gives individuals the same benefits as Pret A Manger employees, together with support with travel costs and access to weekly counselling. It can lead to a permanent position within Pret A Manger or help to provide the confidence and experience to follow a career elsewhere.

Over 20% of the Rising Stars who’ve entered the programme since 2008 have been refugees, so at the beginning of 2024 we joined Tent UK, a coalition of over 70 major companies from across the country stepping up to help refugees enter the British labour market through job preparation and employment. Through Tent we supported a dedicated cohort of our employment programme with refugees in Bristol, working alongside a new partner, ACH. This enabled us to adopt a new approach to the employability programme, and lessons will be taken forward into 2025.

Furthermore, the Shooting Stars Programme offers a cohort of high potential graduated Rising Stars the opportunity to participate in a 9-month career development programme. It consists of learning modules over a period of 5 days, an insights profile for individuals to understand themselves and others and the creation of a clear Personal Development Plan. The cohort are also offered the opportunity to participate in supplier visits to get a greater understanding of business operations and the programme culminates in a trip to Austria to climb the country’s highest mountain – helping individuals to believe they’re capable of reaching new heights.

3) Financial Support

Historically The Foundation has funded smaller, grassroots charities that support people experiencing or at risk of homelessness. After pausing the grant-giving programme in 2023 due to limited funds, The Pret Foundation relaunched its Community Grants Fund in 2024. After reviewing the programme, new eligibility criteria were decided, and a Grants Committee was formed to make decisions on financial support.

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Achievements and Performance

The Trustees deem the Foundation to have fulfilled its objectives for the year.

1) Food Distribution

In 2024, we donated over 750,000 meals’ worth of surplus food items to charities and local communities across the UK (2023: 5 million items), with 85% of surplus food collection slots across shops assigned to charities across each week (2023: 80%). The reduction in the number of food items donated is due to difficulties gathering full reporting, as this relies on shops recording how much food they have available to their charity partners, and compliance with this has been hard to achieve. Therefore, we are only able to report on what has been logged, and shop compliance across the Pret estate during 2024 was 15% on average.

Via Neighbourly, Pret shops donated over 200,000 meals’ worth of surplus food items to over 200 local good causes. Surplus ingredients not required by shops are also donated in bulk and delivered from the supplier warehouses direct to The Felix Project, a charity fighting hunger and food waste across London. In 2024 we donated over 196,000 kilograms of food to The Felix Project, which equates to over 468,000 meals.

Whilst this is not directly supporting the welfare of people experiencing homelessness, it has become one of our enablers - raising funds for The Pret Foundation to continue delivering its core activities. In 2024, our TGTG partnership became a valuable income stream for The Pret Foundation, resulting in an additional £253,000 in donated funds.

Across all our surplus food redistribution partnerships (Neighbourly, OLIO, The Felix Project, and TGTG) we redistributed over 930,000 meals of unsold food from Pret shops in 2024. This does not include food donated via the manual food donations system still in place in many Pret franchise shops, and whilst we could estimate donations via this method, we have not yet attempted to do this. We continue to find a workaround to gather accurate data on this stream of work.

A small number of complaints were received during the year from community good causes partnered with Pret A Manger shops to collect surplus food donations regarding issues with their collections. These were referred to Neighbourly’s Community Management team for investigation.

Where charity collections aren’t always possible via Neighbourly, we also work with the food sharing app, OLIO, who have food waste heroes that can collect surplus food each day and donate to the local community – many on the poverty line. Through our partnership with OLIO, we donated the equivalent of over 80,000 meals’ worth of food items to local communities in 2024, supporting 5,000 households with surplus food donations.

Throughout 2024 we continued our partnership with food waste redistribution app Too Good To Go (TGTG), to sell and reduce hot food waste in shops which cannot be donated, and cold food with a same-day use-buy date from shops which close too late at night to donate this food, or where charities are unable to collect it. Across the year, Pret shops redistributed more than 183,000 meals via Too Good To Go ‘Surprise Bags’, which would otherwise have been wasted.

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2) The Rising Stars and Shooting Stars Programmes

The Rising Stars programme was established in 2008, and since then over 865 Rising Stars have been placed on the programme, 651 of whom have graduated. Each Rising Star obtains a 12-week placement, with the goal being that this leads to a career either within Pret A Manger or in another organisation.

In 2024 we were able to recruit 126 Rising Stars on to the programme, with 71% completing the 12-weeks training and 68% remaining with Pret A Manger for 6 months or more. 45% of those who entered the Rising Stars programme this year were from refugee backgrounds, the highest to date, as well as 45% of the cohort being individuals experiencing homelessness, 7% were prison leavers, and 3% were care leavers, although it’s important to note that candidates often have lived experience of more than one of these.

“The Rising Stars programme, it really helped me. I was homeless, I was jobless. Pret gave me a really good chance to stay alive so that I can sort out my life”

- Zizo, Rising Star

The Shooting Stars programme was set up in 2015 to spot future talent fast and to date 72 people have been recruited on to the programme. Shooting Stars attend numerous one day workshops attaining a National Apprenticeship - Level 2 in work skills. During 2024, 12 new Shooting Stars were recruited. Of this cohort, two have been promoted to Front of House Leader, and one has become a Team Member Trainer.

“I feel like I have grown in every way possible. Before joining the Rising Stars programme, my confidence was down. I couldn’t speak to new people, I wouldn’t go out of my comfort zone, anything. But since completing the Rising Stars programme, and then the Shooting Stars programme, all that’s turned around. Now I can speak to strangers, I can go out of my comfort zone. It’s amazing”

- Tanvir, Shooting Star

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3) Financial Support

During 2023, the Foundation reassessed the impact of the financial support given over the years, reviewing the programme, and as a result no grants were awarded in 2023. The Pret Foundation Community Grants Fund was launched in 2024, with £104,457 awarded to 53 charities across the UK tackling hunger and/or employment training and skills to support those experiencing, or at risk of, homelessness to re-enter the labour market. This included 10 grants of between £5,000 and £10,000, and 43 grants of amounts less than £5,000.

“After years of providing food aid, it became clear the issue wasn’t just hunger, it was lack of opportunity. The support from The Pret Foundation allows us to go beyond the meal and offer a real pathway out of poverty through a wraparound service that changes lives”

- Stefan Jones, CEO of AR Projects

Funds for The Pret Foundation were slightly higher in 2024 at £1.48m (2023: £1.4537m). Fundraising predominantly came from three sources:

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Fundraising and Marketing

Volunteering

After the success of volunteering in October 2023, in 2024 we offered Volunteering Month in both April and October, encouraging global support centres and Operations teams to volunteer during a working day with one of The Pret Foundation’s charity partners. Over 210 people volunteered individually or as part of a team across the year with 8 of our charity partners, including 120 individuals supporting The Felix Project in their warehouses or picking surplus fruit on their farm. The success of the volunteering scheme and feedback from colleagues has enabled us to plan for a further volunteering day in 2025.

ITV Documentary: Prince William: We Can End Homelessness

The Pret Foundation was featured in ITV’s documentary ‘Prince William: We Can End Homelessness’, where one of our Rising Stars, Lainey, met HRH William, Prince of Wales as part of The Royal Foundation’s programme, Homewards, which aims to demonstrate that it’s possible to end homelessness. Lainey experienced homelessness, substance addiction, and abuse from a young age. She was referred to the Rising Stars programme by Single Homeless Project and met HRH whilst completing the programme. She has now graduated and aspires to be a barista.

Walkathon

Once again, we were the recipients of the Equal Experts fundraising initiative, Walkathon. Approximately 470 participants from Pret took part across the globe, raising £31,000 for The Pret Foundation.

Grand Auction

Our Grand Auction raised over £66,000, with support from Pret’s suppliers, shareholders, and employees either donating, or bidding on, prizes via both an in-person and online auction. One of our Rising Stars, Tia, shared her story on stage at the event – an opportunity for us to showcase the impact of our work.

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London To Paris Bike Ride

We hosted our first ever London to Paris Bike Ride, a physical challenge for which participants fundraised by collecting sponsorship. 18 Pret employees from across both the UK and European business took part, cycling 175 miles in 3 days. The event raised over £27,000, which was split equally between The Pret Foundation and its counterpart in France, Fond De Dotation.

Christmas

As well as 10p donations on soups and shots throughout the year, we had products contributing to The Pret Foundation in November and December – The Christmas Lunch Sandwich, and Festive Falafel & Squash Sandwich. The Pret Foundation was a key message for the Pret Christmas campaign, and we were able to share our voice across Pret’s channels - including on coffee cups and sandwich box packaging.

We also opened two Pret shops for the afternoon on Christmas Day in Manchester and Leeds to provide free Christmas lunches exclusively to those experiencing homelessness. We invited a local charity partner working directly with those sleeping rough in each city – Helping Hands in Leeds, and Two Brews in Manchester. A selection of festive sandwiches, hot food, bakery treats, and hot drinks, as well as gifts such as warm socks and gloves, were provided to those in attendance.

We trialed a new event with one of our food waste charity partners, The Felix Project. The Santa Stair Climb was held at One Canary Wharf on Sunday 8th December, challenging participants to climb 1,031 steps with all Pret employees raising funds for both The Pret Foundation and The Felix Project. The event was well attended by local Pret shop teams (over 100 participants); however, fundraising was lower than expected, raising £1,137 for The Pret Foundation and £1,137 for The Felix Project. This may have been due to this event coming at the end of the year, when shops are particularly busy and the propensity to fundraise was low.

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Financial Review

1) General

On 31 December 2024, the total funds held by the Foundation was £1,090,667 (2023: £1,029,034).

The Foundation has continued by good housekeeping and budgeting to maintain a healthy balance sheet. Expenditure was cut significantly in the year to match the much-reduced donation income.

The Trustees consider it prudent that unrestricted reserves should be sufficient:

The level of reserves is monitored and reviewed by the Trustees at each Trustee meeting.

Plans for the Future

2) Principal funding sources

The Foundation’s principal source of ongoing funding is the receipt of contributions from Pret A Manger (Europe) Limited (and its customers), who established the Foundation over twenty years ago. Both organisations continue to operate closely together and senior management of Pret A Manger (Europe) Limited sits on the Board of Trustees and assists Pret A Manger (Europe) Limited in carrying out their continuing commitment toward The Foundation’s objectives. The Foundation has taken steps to diversify its income streams over the period, namely introducing contactless 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 to ensuring all our activities are compliant with legislative, regulatory and best practice standards. The Foundation does not use professional fundraisers.

3) Reserves policy

Unrestricted funds are needed:

The Trustees aim to continue to develop four key activities in 2025.

1) Food Distribution

The Foundation will maintain distribution of unsold food from Pret A Manger shops to charities, who provide the food to people experiencing homelessness or at risk via charities, shelters, hostels and outreach programmes. The Foundation will review the current processes in place to ensure as much food is being donated as possible whilst making the best use of resources available. We will continue to simplify processes to allow shops to donate their food more easily and will be working on long-term solutions which allow us to receive the data we need without the need for shops to selfreport this information, through technological integration with till systems.

We will continue to partner with Too Good To Go to sell surplus food as a last resort when it cannot be donated and maximise this as a revenue opportunity, investing income back into delivery of services.

2) The Rising Stars and Shooting Stars Programmes

Our core focus next year continues to be around providing sustainable employment opportunities for people experiencing, or at risk of, homelessness. In 2025, Rising Stars are due to receive additional training prior to starting the programme; and a tailored training and support programme for managers will be implemented to better understand how to support Rising Stars and the barriers they face to getting, and keeping, a job.

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We will continue to explore how we can collaborate with other organisations and businesses to offer more training and employment opportunities and increase the impact we can have on those experiencing, or at risk of, homelessness. We’ll also be moving from 12week placements to 420 funded hours, giving Rising Stars the opportunity and flexibility to successfully complete the programme.

We have made the decision to pause the Shooting Stars programme at the end of 2024 as we consider the best way to nurture high potential moving forward.

For the Rising Stars programme, the aim in 2025 is to recruit 80 Rising Stars across 80 shops in the UK.

3) Financial Support

Almost doubling the amount awarded in 2024, £190,000 will be available in grants funding to charities, CICs, and community groups supporting those experiencing hunger and homelessness. Smaller grants will be awarded to provide immediate access to food; and larger grants given to groups supporting those experiencing, or at risk of, homelessness with the skills and training they need to re-enter the workplace.

4) Fundraising and Marketing

2025 is The Pret Foundations 30th Anniversary, an important focus for the year. We will be delivering activation throughout the year, including a fundraising toolkit for shops and a regional roadshow to engage with them, a range of compelling content with our beneficiaries across the years as the focus, and hosting a celebration event of our thirty-year history in October.

We will also be partnering with Lord Mayor’s Appeal again for the bi-annual Sleep Out event, participating in Equal Experts’ annual Walkathon event, planning a Yorkshire Three Peaks challenge, delivering volunteering for Pret employees, and focusing on campaigns for Refugee Week and World Homeless Day.

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Statement of Trustees’ Responsibilities

This report was approved on behalf of the Board of the Trustees on and signed on their behalf.

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

The law applicable to 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 state of affairs of the Foundation and of the incoming resources and application of resources of the Foundation for the period. In preparing these financial statements, the trustees are required to:

J Stobart Interim Chair of Trustees

Date: 16th September 2025

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 to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008; and the provisions of the Trust Deed. They are also responsible for safeguarding the assets of the Foundation and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

In so far as the Trustees, individually, are aware:

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Independent Auditors’ Report to the Members of The Pret Foundation

Opinion

We have audited the financial statements of The Pret Foundation (the ‘charity’) for the year ended 31 December 2024 which comprise the Statement of Financial Activities, the Balance Sheet, the Statement of Cash Flows and the related notes, 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 Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ (United Kingdom Generally Accepted Accounting Practice).

The financial statements have been prepared in accordance with Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standards applicable in the UK and Republic of Ireland (FRS 102) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has been withdrawn.

This has been done in order for the accounts to provide a true and fair view in accordance with the Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015.

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors’ responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council’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 charity’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.

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Other information

The other information comprises the information included in the Annual Report other than the financial statements and our Auditors’ Report thereon. The Trustees are responsible for the other information contained within the Annual Report. 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. 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 course of 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.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters where the Charities (Accounts and Reports) Regulations 2008 and the Charities Accounts (Scotland) Regulations 2006 (as amended) requires us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the Trustees’ Responsibilities Statement, the Trustees are responsible for the preparation of the financial statements which 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 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 Trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.

Auditors’ responsibilities for the audit of the financial statements

We have been appointed as auditor under section 144 of the Charities Act 2011 and section 44(1)(c) of the Charities and Trustee Investment (Scotland) Act 2005 and report in accordance with the Act and relevant regulations made or having effect thereunder.

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 an Auditors’ Report 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.

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Irregularities, including fraud, are instances of non compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

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 Auditors’ Report.

Use of our report

Based on our understanding of the charity and the environment in which it operates, we identified that the principal risks of non compliance with laws and regulations related to provision of care regulations, health and safety regulations, employment law, safeguarding regulations and Charity law, and we considered the extent to which non compliance might have a material effect on the financial statements. 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 statements (including the risk of override of controls), and determined that the principal risks were related to depreciation charges. Audit procedures performed by the engagement team included:

This report is made solely to the charity’s trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008 and regulation 10 of the Charities Accounts (Scotland) Regulations 2006. Our audit work has been undertaken so that we might state to the charity’s trustees those matters we are required to state to them in an Auditors’ Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and its trustees, as a body, for our audit work, for this report, or for the opinions we have formed.

HaysMac LLP Statutory Auditors 10 Queen Street Place London EC4R 1AG

Date: 30 th September 2025

HaysMac LLP are eligible to act as auditors in terms of section 1212 of the Companies Act 2006.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements 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 statements, as we will be less likely to become aware of instances of non compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

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Statement of Financial Activities for the Year Ended 31 December 2024

Restricted funds Unrestricted funds Total funds Total funds
2024 2024 2024 2023
Income from: Note £ £ £ £
Donations and legacies 4 52,500 1,406,492 1,458,992 1,453,071
Investments 5 - 20,934 20,934 -
Total income
Expenditure on: 52,500 1,427,426 1,479,926 1,453,071
Charitable activities 6 52,500 1,365,794 1,418,294 1,427,664
Total expenditure 52,500 1,365,794 1,418,294 1,427,664
Net movement in funds - 61,632 61,632 25,407
Reconciliation of funds:
Total funds brought forward - 1,029,034 1,029,034 1,003,627
Net movement in funds - 61,632 61,632 25,407
Total funds carried forward - 1,090,666 1,090,666 1,029,034

The Statement of Financial Activities includes all gains and losses recognised in the year.

The notes on pages 19 to 31 form part of these financial statements.

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Balance Sheet as at 31 December 2024

Unrestricted funds Unrestricted funds
2024 2023
Fixed assets Note £ £
Tangible assets 12 26,689 48,430
26,689 48,430
Current assets
Debtors 13 219,722 515,397
Cash at bank and in hand 896,928 529,912
1,116,650 1,045,309
Creditors: amounts falling due within one year 14 (52,674) (64,705)
Net current assets 1,063,976 980,604
Total assets less current liabilities 1,090,665 1,029,034
Total net assets 1,090,665 1,029,034
Charity funds
Restricted funds 15
Unrestricted funds 15 1,090,665 1,029,034
Total funds 1,090,665 1,029,034

The financial statements were approved and authorised for issue by the Trustees on 16th September 2025 and signed on their behalf by:

J Stobart (Interim Chair of Trustees)

The notes on pages 19 to 31 form part of these financial statements.

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Statement of Cash Flows for the Year Ended 31 December 2024

31 December 2024
2024 2023
Cash flows from operating activities £ £
Net cash used in operating activities 346,082 82,421
Cash flows from investing activities
Investment income 20,934 -
Purchase of tangible fixed assets - (65,223)
Net cash provided by/(used in) investing activities 20,934 (65,223)
Change in cash and cash equivalents in the year 367,016 17,198
Cash and cash equivalents at the beginning 529,912 512,714
of the year
Cash and cash equivalents at the end of the year 896,928 529,912

The notes on pages 19 to 31 form part of these financial statements

19

Notes To The Financial Statements For The Year Ended 31 December 2024

1. Legal status of the Charitable Foundation

The Pret Foundation is an unincorporated charitable Foundation registered as a Charity at the Charity Commission in England and Wales (Charity Commission number is 1050195) and with the Scottish Charity Regulator (Charity Commisssion number is SC050501). The principal place of business is Pret A Manger, 10 Bressenden Place, 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 food at the end of each day from Pret A Manger shops, employment programmes offering work to homeless people and financial donations to grass root homeless partner charities.

2. Accounting policies

2.1 Basis of preparation of financial statements

The financial statements 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), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011, the Charities and Trustee Investment (Scotland) Act 2005 and the Charities Accounts (Scotland) Regulations 2006 (as amended).

The financial statements have been prepared to give a ‘true and fair’ view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a ‘true and fair’ view. This departure has involved following the Charities SORP (FRS 102) published 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 at historical cost or transaction value unless otherwise stated in the relevant accounting policy.

2.2 Going concern

At the time of approving the financial statements, 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 to flex and control its expenditure, dependent on income levels, and its strong cash reserves, trustees have concluded that the going concern basis remains appropriate and that the Foundation is able to meet its liabilities as they fall due. The trustees make this assessment in respect of a period of at least one year from the date of authorisation for issue of the financial statements and have concluded that the Foundation has adequate resources to continue in operational existence for the foreseeable future and there are no material uncertainties with regard to the Foundation’s ability to continue as a going concern.

2.3 Income

All income is recognised once the Foundation has entitlement to the funds, any performance conditions attached to the item(s) of income have been met, it is probable that the income will be received and the amount can be measured reliably.

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2.4 Expenditure and irrecoverable VAT

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the 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.

Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into its intended working condition should be included in the measurement of cost.

Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives, using the straight line method.

The estimated useful lives are as follows:

Charitable activity costs comprise both direct expenditure attributable to the activity, and support costs relating to these activities.

Governance costs include the costs attributable to the Foundations compliance with constitutional and statutory requirements, including audit and legal expenditure.

As The Pret Foundation is unable to reclaim any of the Value Added Tax (VAT) that it incurs, all expenditure in these financial statements in relation to its activities is shown inclusive of any VAT which cannot be recovered.

2.5 Interest receivable

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Charity; this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited.

2.6 Taxation

The Foundation is a registered charity and accordingly is exempt from taxation on its income and gains where they are applied for charitable purposes.

2.7 Tangible fixed assets and depreciation

Tangible fixed assets costing £1000 or more are capitalised and recognised when future economic benefits are probable and the cost or value of the asset can be measured reliably.

Fixtures and fittings - 3 years

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 estimates the recoverable amount of the asset.

Shortfalls between the carrying value of fixed assets and their recoverable amounts, being the higher of fair value less costs to sell and value in use, are recognised as impairment losses. Impairment losses are recognised in statement 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 (less any residual value) over its remaining useful life.

2.8 Debtors

Other debtors which are receivable within one year and which do not constitute a financing transaction are initially measured at the transaction price. Other debtors are subsequently measured at amortised cost, being the transaction price less any amounts settled and any impairment losses.

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2.9 Cash at bank and in hand

Cash at bank and in hand includes cash and monies on short term deposits at the bank, other short term liquid investments with original maturities of three months or less.

2.10 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 to settle the obligation can be measured or estimated reliably. Creditors are normally recognised at their settlement amount.

Investment income, gains and losses are allocated to the appropriate fund.

3. Critical accounting 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 to be reasonable under the circumstances. There are no areas of judgement to note.

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.

2.11 Financial instruments

The Charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.

Depreciation

The assessment of the useful economic lives and the method of depreciating tangible fixed assets requires some estimation. Depreciation is charged to the Statement of Financial Activities based on the useful economic life selected, which requires an estimation of the period and profile over which the Foundation expects to consume the future economic benefits embodied in the assets.

2.12 Pension

For defined contribution schemes the amount charged to the Statement of Financial Activities is the recharge of contributions payable in the year. Differences between contributions payable in the year and contributions actually paid are shown as either accruals or prepayments.

2.13 Fund accounting

General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Charity and which have not been designated for other purposes.

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the Charity for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.

22

Notes to the Financial Statements for the Year Ended 31 December 2024

4. Analysis of income
Restricted funds Unrestricted funds Total funds
2024 2024 2024
£ £ £
Donations 52,500 1,406,492 1,458,992
Restricted funds Unrestricted funds Total funds
2023 2023 2023
£ £ £
Donations 52,500 1,406,492 1,458,992
Unrestricted funds Total funds Total funds
5. Investment income 2024 2024 2023
£ £ £
Investment income - bank interest 20,934 20,934 -

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6. Analysis of charitable activities

The Charity fulfilled its charitable purposes by picking up unsold food from Pret A Manger shops throughout the UK and delivering it to other charities that assist with the relief of poverty. In other instances the Foundation made cash grants as the Trustees saw fit. The accounts 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 22.

Food distributions The Rising Star Cash, Equipment & Total 2024 Total 2023
& Shooting Stars Food donations
programmes
Gifts and donations (Note 8) - - 114,273 114,273 216
Food delivery costs 176,423 - - 495,407
176,423
Apprenticeship costs - 561,203 - 345,398
561,203
Ukraine Employment Programme - - - - 21,766
Support costs (Note 7) 158,417 302,985 104,993 566,395 564,877
334,840 864,188 219,266 1,418,294 1,427,664

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7. Analysis of support costs

Support costs are allocated on a basis consistent with the activities of the Charity. Governance costs amounting to £34,420 (2023: £32,175) for legal, audit and accounting fees are included in above.

Food distributions The Rising Star Cash, Equipment & Total 2024 Total 2023
& Shooting Stars Food donations
programmes
Staff Costs (Note 10) 88,043 228,912 35,217 352,172 369,303
Team Expenses 997 2,593 399 3,989 5,996
Bank Charges 359 370 359 1,088 1,153
Audit & Accounting Fees 11,358 11,703 11,359 34,420 30,900
Marketing costs & donations platform 57,521 59,265 57,522 174,308 155,831
Other Costs 138 142 138 418 1,694
158,416 302,985 104,994 566,395 564,877

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8. Gifts and donations

The Foundation has made the following gifts of £5,000 or more

No of gifts 2024 No of gifts 2023
Poole Waste Not Want Not 1 5,000 - -
Dwayne Simpson Foundation CIC 1 6,000 - -
Supporting women and children in 1 6,800 - -
refuge to live safer and happier lives.
CC Foundation 1 7,500 - -
Crookston Community Group 1 7,500 - -
Family Unit Trust 1 8,000 - -
Kennedy St Foundation 1 8,700 - -
The SPACE 1 10,000 - -
Hearts And Helpers 1 10,000 - -
AR Projects Community Support - Food 1 10,000 - -
Aid - Community Inclusion Projects
Other amounts less than £5,000 43 24,957 1 216
53 104,457 1 216

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9. Auditors’ remuneration
2024 2023
£ £
Fees payable to HaysMac LLP in respect
of both audit and non audit services are
as follows:
Audit remuneration 2024 audit 29,290 25,230
Audit remuneration 2023 audit (720) -
Other services:
All other non audit services 5,850 5,670
10. Staff costs
2024 2023
£ £
Wages and salaries 308,073 323,856
Social security costs 35,137 35,477
Contribution to defined contribution 8,962 9,970
pension schemes
352,172 369,303

These costs relate to the reimbursement of wages and salaries by the Foundation to Pret A Manger (Europe) Limited, for the time incurred by employees of Pret A Manger (Europe) Limited on the Foundation’s activities.

The average number of employees whose wages were recharged to the Foundation during the year were 7 (2023: 7).

1 employee received emoluments of £70,000 to £80,000 in the year (2023: 1).

The wages and salaries of £308,073 (2022: £323,856) are paid by Pret A Manger (Europe) Limited for the employees that incurred time on the Foundation’s activities.

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11. Trustees’ remuneration, expenses and donations and costs of key management personnel

During the year, no Trustees received any remuneration or other benefits (2023 £NIL ).

During the year ended 31 December 2024, no Trustee expenses have been incurred (2023 £NIL).

Trustees’ donations received during the year totalled to £Nil (2023 : £4,077).

The Foundation considers that the only key management are the Trustees and Chief Executive Officer, and these personnel are not remunerated during this year or the prior year by the Foundation.

12. Tangible fixed asset

12. Tangible fixed asset Fixtures and fittings
£
Cost
At 1 January 2024 369,227
At 31 December 2024 369,227
Depreciation
At 1 January 2024 320,797
Charge for the year 21,741
At 31 December 2024 342,538
Net book value
At 31 December 2024 26,689
At 31 December 2023 48,430

13. Debtors

13. Debtors
2024 2023
£ £
Due within one year 210,520 511,245
Other debtors (Note 22) 9,202 4,152
Accrued income 219,722 515,397
14. Creditors: Amounts falling due
within one year
2024 2023
£ £
Trade creditors 9,303 511,245
Accruals and deferred income 43,371 4,152
52,674 515,397

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15. Statement of funds

Statement of funds - current year

Statement of funds - current year
Balance at Income Expenditure Balance at 31
1 January 2024 £ £ December 2024
£ £
Unrestricted funds
General funds 1,029,034 1,427,426 (1,365,795) 1,090,665
Restricted funds
Restricted Funds - 52,500 (52,500) -
Total of funds 1,029,034 1,479,926 (1,418,295) 1,090,665
Statement of funds - prior year
Balance at Income Expenditure Balance at 31
1 January 2023 £ £ December 2023
£ £
Unrestricted funds
General funds 1,003,627 1,450,571 (1,425,164) 1,029,034
Restricted funds
Restricted Funds - 2,500 (2,500) -
Total of funds 1,003,627 1,453,071 (1,427,664) 1,029,034

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16. Reconciliation of net movement in funds to net cash flow from operating activities

16. Reconciliation of net movement
in funds to net cash flow from
operating activities
2024 2023
£ £
Net income for the period (as per
Statement of Financial Activities) 61,632 25,407
Adjustments for:
Depreciation charges 21,741 16,793
Dividends, interests and rents from
investments (20,934) -
Decrease in debtors 295,674 131,016
Decrease in creditors (12,032) (90,795)
Net cash provided by operating
activities 346,081 82,421
17. Analysis of cash and
cash equivalents
2024 2023
£ £
Cash in hand 896,928 529,912
Total cash and cash equivalents 896,928 529,912

18. Analysis of changes in net debt

18. Analysis of changes
in net debt		 18. Analysis of changes
At 1 January Cash flows At 31 December
2024 £ 2024
£ £
Cash at bank and
in hand 529,912 367,016 896,928
529,912 367,016 896,928

19. Related party transactions

The main related party to the Foundation is Pret A Manger (Europe) Limited, a company which operates a chain of food retain outlets across the United Kingdom. Donations during the year were from Pret A Manger (Europe) Limited and collecting boxes within the Pret A Manger shops. The value of donations received via Pret A Manger (Europe) Limited are £887,883 (2023: £939,703).

Some Trustees are selected from the senior management of Pret A Manger (Europe) Limited. During the year, the Foundation was charged £352,172 (2023: £369,303).

During the year Pret A Manger (Europe) Limited also made payments on behalf of The Pret Foundation of costs which were then recharged to the Foundation of £8,020 (2023: £65) and at 31 December 2024 the Foundation was owed £146,853 (2023: £449,124) by Pret A Manger (Europe) Limited.

20. Controlling party

The trustees do not consider that there is any one controlling party.

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21. Comparative Statement of Financial Activities - 2023

Restricted funds Unrestricted funds Total funds
2023 2023 2023
£ £ £
Income from:
Donations 2,500 1,450,571 1,453,071
Total 2,500 1,450,571 1,453,071
Expenditure on: - - -
Charitable activities 2,500 1,425,164 1,427,664
Total 2,500 1,425,164 1,427,664
Net movement in funds - 25,407 25,407
Funds transferred during the year - - -
Reconciliation of funds: - - -
Total funds brought forward - 1,003,627 1,003,627
Total funds carried forward - 1,029,034 1,029,034

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22. Charitable activities - comparative figures

Food The Rising Star Cash, Equipment Shelter Total 2023
distributions & Shooting Stars & Food
programme donations
Gifts and donations - - 216 - 216
Food delivery costs 495,407 - - - 495,407
Apprenticeship costs - 345,398 - - 345,398
Ukraine Employment
Programme - 21,766 - - 21,766
Support costs 154,490 285,844 98,195 26,348 564,877
649,897 653,008 98,411 26,348 1,427,664
23. Support costs - comparative figures
Food The Rising Star Cash, Equipment Shelter Total 2023
distributions & Shooting Stars & Food
programme donations
Staff Costs 92,326 221,582 36,930 18,465 369,303
Team Expenses 1,499 3,597 600 300 5,996
Bank Charges 369 369 369 46 1,153
Audit & Accounting Fees 9,888 9,888 9,888 1,236 30,900
Marketing costs &
donations platform 49,866 49,866 49,866 6,233 155,831
Other Costs 542 542 542 68 1,694
154,490 285,844 98,195 26,348 564,877

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The* PklT Foundation Reglstered Charity No. 1050195