THE JOHN LEWIS PARTNERSHIP GOLDEN JUBILEE TRUST
ANNUAL REPORT
FOR THE YEAR ENDED 31 MARCH 2025
Charity Number: 1079195
| Trustees’ report | 2 |
|---|---|
| Statement of financial activities | 13 |
| Balance sheet | 14 |
| Statement of cash flows | 15 |
| Notes to the financial statements | 16 |
| Independent auditor’s report to the Trustees of the John Lewis | 22 |
| Partnership Golden Jubilee Trust |
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THE JOHN LEWIS PARTNERSHIP GOLDEN JUBILEE TRUST
TRUSTEES’ REPORT FOR THE YEAR TO 31 MARCH 2025
The Trustees present their report along with the financial statements of The John Lewis Partnership Golden Jubilee Trust (referred to as the “Golden Jubilee Trust”, “GJT” and the “Trust”) for the financial year to 31 March 2025. The financial statements have been prepared in accordance with the accounting policies set out on pages 16 and 17 and comply with the Charity’s Trust Deed (and any subsequent amendments), the Charities Act 2011 and the Charity (Accounts and Reports) Regulations 2008. In preparing the financial statements the Charity follows best practice as set out in the UK Accounting Standards (UK Generally Accepted Accounting and Practice) including FRS 102 the Financial Reporting Standard applicable in the UK and the Republic of Ireland (effective 1 January 2015).
During the year ended 31 March 2025, the Trust’s principal activity was fulfilling the objectives and activities outlined below.
This year, the Trust celebrated its 25 anniversary during which time 1,100 secondments have been awarded to Partners (employees) of the John Lewis Partnership and their chosen charities throughout the UK. To mark this milestone, an event was held in March 2025, bringing together past trustees, secondees, charity beneficiaries, and members of the John Lewis Partnership's senior leadership team. The Trust's chair hosted the event, which showcased the Trust’s impact. The event also marked the decision by the GJT Trustees to transfer the Trust’s activity into the John Lewis Partnership Foundation (JLPF) and gift the assets and liabilities of the Trust to the JLPF.
As the Trustees have approved the dissolution of the charity effective from 31 March 2025, the financial statements have not been prepared on a going concern basis. The effect of this is explained in Note 1.
Objectives and activities
The objectives of the Golden Jubilee Trust are to procure and supply or facilitate the secondment of volunteers to registered charities so as to assist them in furthering their charitable purposes. The Trust reimburses to John Lewis plc the salary costs of its employees performing such secondments, where additional costs of cover are incurred.
During the year under review, the Trustees agreed the transfer of the Trust’s assets and liabilities to the John Lewis Partnership Foundation. This transfer has restrictions on the use of the gifted funds to ensure that their future use continues to be aligned with the Golden Jubilee Trust’s charitable objects in service of its beneficiaries. The John Lewis Partnership Foundation has established a GJT Committee which will continue to honour the legacy of the Golden Jubilee Trust as originally intended by the Partnership Council upon creation of the Golden Jubilee Trust.
Decision making process
The Trust invites applications for periods of secondment which may be full-time or part-time and up to six months in length. Secondment applications are received via John Lewis Community Liaison Coordinators, Waitrose Community Leads and individual Partners. Charities can approach the Golden Jubilee Trust directly to advertise a potential secondment with their organisation on the Partnership intranet (internal website) – the Ethics and Sustainability Social Impact team administers these requests. The GJT offers both “in-person” secondments and virtual opportunities as part of its offering.
The Trustees, take into account branch endorsements, look at the timing and objectives set out by the beneficiary charity and the applicants and consider whether they are realistic, valuable, and worthwhile. Trustees decide which secondments to approve based on these judgements and taking into account the funds available, ensuring that the awards align with the Trust’s charitable objectives, its grant-making policy and Charity Commission guidance on public benefit.
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THE JOHN LEWIS PARTNERSHIP GOLDEN JUBILEE TRUST
TRUSTEES’ REPORT FOR THE YEAR TO 31 MARCH 2025
Achievements and performance
The Golden Jubilee Trust enables the John Lewis Partnership workforce to share their skills in a flexible way, providing Partners - as all employees at the John Lewis Partnership are known - with the opportunity to volunteer for up to six months at a charity of their choice. Each secondment facilitates projects or activities that the Trust would have otherwise struggled to undertake or complete, and which preferably delivers long-term sustainable outcomes. The Trustees take care to ensure the work is undertaken by someone who demonstrates they are well matched to the specified requirements.
The length of the award is determined by the objectives identified in the beneficiary charity’s request. On occasions when the Trust has received a higher number of applications to the scheme, it has sometimes been necessary to scale back a request in order to make a higher number of awards.
During the year to 31 March 2025, two GJT award selection meetings were held, in April (Spring 2024) and November (Autumn 2024) with a total of 32 applications presented to the Trustees and 26 secondments awarded to Partners at a total calculated cost of £350,601.
Two of the 26 awards did not result in the Partners being replaced and six secondees withdrew as the Partners left the Partnership or their circumstances had changed before the secondment contracts were agreed with the specific charity. Furthermore, a Partner ended their secondment early to take a permanent role working for their chosen charity. In line with the agreement between the GJT and John Lewis plc, the cost of these secondments and the early finish (£149,073) was not charged to the GJT. The actual costs either incurred or committed in respect of the awards was £201,528 (note 6).
The source of the applications continues to vary, with many Partners having approached the charities themselves and some Partners and Partnership branches having existing links with the charities, which are developed and maximised through a secondment. Charities also approached the Golden Jubilee Trust directly. As charities look for creative ways to meet the increasing demands on their services with diminishing resources, the level and variety of enquiries continues to increase.
Charities’ requests for help can be advertised on the Partnership’s intranet in order to try to find a Partner with a skills match – the Trust can connect interested Partners with charities advertising roles. Charities follow their regular volunteer or staff selection processes when deciding whether to proceed with a full secondment application with a Partner.
In Spring 2024, eight out of nine applications received awards, benefiting a diverse range of local and national charities. The Trustees chose not to shorten the award period for any applications in this round. The Trustees observed that this cohort was smaller than usual and investigated potential reasons. The support team suggested that several major business change programmes occurring during the application period might have reduced employees' interest in secondments. One successful applicant withdrew their application after the grant meeting due to a change of employment circumstances.
The Autumn 2024 application window saw 18 out of 23 applications receive awards. Similar to the spring application meeting, successful charities served both local and national communities. The Trustees opted to grant a reduced secondment duration for 9 of the successful applications, carefully balancing the requesting charity's needs with maximising the value of available funds. Notably, the impact of John Lewis Partnership business change programmes was felt after the autumn window, with 5 successful applicants withdrawing due to personal or employment circumstance changes, and consequently not undertaking the secondment.
In an effort to encourage Partners to apply for secondments without the concern of leaving their team and wider branch short of hours worked, the Golden Jubilee Trust continues to offer funds to cover the cost of paying for a replacement Partner to take on the hours that the Partners would be away from their normal working role. In some cases branches do not request replacement of the secondee and therefore the cost of covering their role is not charged to the GJT. In the prior year, approximately one in five applications received advised they would not be replacing the hours whereas the majority of secondees were replaced in the 2024/25 cohort.
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THE JOHN LEWIS PARTNERSHIP GOLDEN JUBILEE TRUST
TRUSTEES’ REPORT FOR THE YEAR TO 31 MARCH 2025
Achievements and performance (continued)
A change noted during this reporting period was a greater number of withdrawals after the award was made. The withdrawals were investigated and whilst the reasoning varied it was notable that internal business restructures and change programmes impacted several Partners leading to them leaving the business. The GJT requires a Partner to be employed by JLP in order to fulfil the grant award.
The Trustees will monitor how home branches and teams approach covering roles and the factors influencing their decisions, to ensure awarded charities and Partners can maximize the Golden Jubilee Trust opportunity. The GJT Committee will not receive prior notice of future business restructures. Therefore, the GJT Committee members will continuously monitor the impact of withdrawals, particularly regarding the reputational risk for the GJT Committee when a planned and expected charity secondment does not occur due to a withdrawal.
In the year to 31 March 2025, the Golden Jubilee Trust awarded secondments to five charity categories:
| Community Development Health and Wellbeing Children and Families Social Welfare Nature and Environment |
Awarded Withdrawal Non Replacement Included in Expenditure 8 3 - 5 7 1 1 5 6 1 1 4 3 - - 3 2 1 - 1 26 6 2 18 Number of secondments 2024/25 |
|---|---|
Below are some examples of the awards in the above categories:
Health and Wellbeing
Partners are deeply committed to supporting the communities in which they live and work. This commitment is particularly evident in their dedication to local hospices.
We were delighted to award a secondment to Willen Hospice (1231909), a fantastic Milton Keynes charity providing free care for life-limiting illnesses. The Partner, a Wellbeing and Accreditation Manager, joined them to improve employee and volunteer experience, achieve accreditation, and develop leadership teams. This involved investigating new initiatives and supporting leadership. The work ensured the Hospice saw an improvement in diversity, boosted retention and morale, and secured additional resources. The Partner also gained invaluable first-hand experience in end-of-life care, honing communication and organisational skills.
St. Michael's Hospice (511179) has been a cornerstone of the Hereford community since 1984. The Trustees were pleased that a Partner undertook a secondment as a Volunteer Hospitality Coordinator to help re-launch the Hospice's on-site café and improve its revenue. The Partner introduced new meal options, created a dementia-friendly quiet time, and enhanced volunteer amenities to aid retention. This secondment increased the charity's income and ensured a lovely café environment for both service users and the public.
A Partner was seconded to St Andrew's Hospice (SC010159), to raise crucial funds for palliative care patients. The Partner joined as a Retail Support Assistant to help set up and run the hospice's largest-ever charity shopping outlet, which needed over 200 volunteers. Tasks included supporting daily operations, serving customers, replenishing stock, guiding volunteers, and improving the unit to boost profits. The impact for the charity is immense, as funds generated will continue to provide vital care and support for patients and their families.
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THE JOHN LEWIS PARTNERSHIP GOLDEN JUBILEE TRUST
TRUSTEES’ REPORT FOR THE YEAR TO 31 MARCH 2025
Achievements and performance (continued)
Health and Wellbeing (continued)
Families and Babies (1136594) is a charity dedicated to improving family health and wellbeing by promoting, protecting, and supporting breastfeeding through a peer support service. They aimed to establish a breastfeeding support group in the high-priority South Kirkby and South Elmsall areas, including promotion, running the group, and recruiting volunteers for continuity. Due to staffing constraints, Families and Babies couldn't set up the group. The Partner approached the charity, offering to promote this opportunity via the Golden Jubilee Trust, ensuring the group's success and continuity of care.
Serving a different facet of wellbeing and care, another Partner was awarded a secondment with the UK’s leading veteran’s mental health charity, Combat Stress (206002). Serving as a Volunteer Coordinator, they significantly contributed to the charity's mission. Their efforts were instrumental in reinforcing the volunteer base, ensuring continued public awareness, and securing vital donations, all of which are fundamental to Combat Stress's impactful and life-changing work for veterans.
Children and Families
The following secondments show just how passionate Partners are to be of service and support to members of their communities at all stages of life.
Youth Options (1056463) helps children and young people realise their full potential, primarily in west Hampshire, focusing on prevention, targeted support, and progression. The Partner, as a Community Support Officer, developed a school-giving programme, a community volunteer programme, and promotional materials. Expected outcomes included sustained school relationships, fundraising for Youth Options, a trained network of community support volunteers, and evidence demonstrating the potential need for a paid community engagement officer.
Stick ‘N’ Step (1136997) supports children and young adults with movement disorders. The charity sought a Services Promoter to raise awareness of their early intervention project within the community and health sector, aiming to foster an environment promoting parental health and wellbeing and develop disabled-friendly activities. The secondment provided crucial support for additional outreach and connected the charity to the wider community.
The Country Trust (1122103), focused on empowering disadvantaged children through food, farming, and countryside experiences, welcomed secondees twice this year on different projects.
The charity sought a secondment for a Data Analyst, whose objectives were to create a data dictionary and reporting universe, implement new data analytics and create an operational dashboard to assist with budget forecasting - all lasting skills and systems to then transfer to the existing IT and leadership teams.
The charity also needed a Partner secondment to enhance their employment model by reviewing arrangements, creating an implementation plan for new contracts, and coaching teams through the change. This project supported the Trust’s mission, future growth, and five-year strategic plan.
Community Development
Tackling loneliness, particularly among the elderly, is a cause close to Partners’ hearts. We have supported and raised awareness for this issue for many years.
The Link Scheme (1139248) an organisation committed to combating loneliness in older individuals within Wokingham Borough, required a Change and Transformation Officer to provide the necessary expertise to implement new technological solutions and enhance operational efficiencies to further their cause. The secondment enabled the charity to enhance volunteer engagement, optimise database usage, and improve text messaging; a crucial method of communicating with their service users.
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THE JOHN LEWIS PARTNERSHIP GOLDEN JUBILEE TRUST
TRUSTEES’ REPORT FOR THE YEAR TO 31 MARCH 2025
Achievements and performance (continued)
Nature and Environment
A Partner undertook a secondment as a Community Wellbeing Partner with The Wilderness Foundation (1118493). The secondment's goal was to initiate and develop a wellbeing agenda within the charity's newly acquired 92-acre wood. The Foundation helps children, teens, and adults reconnect with society and themselves through nature-based activities, therapy, and environmental education. This secondment strengthened mental resilience, confidence, and overall wellbeing, leaving an ongoing legacy in the community.
Local Charities
Throughout the year to 31 March 2025, local charities featured regularly in Partner’s applications, with charities such as Leeds Women’s Aid being awarded.
Leeds Women’s Aid (1005884) provides a range of services for vulnerable women and families who are victims and survivors of abuse and harassment. The aim of the Partner’s secondment as a Communications and Marketing assistant was to develop the charity's online presence by harnessing their social media platform to raise awareness around domestic violence, reach fundraising targets and reach a wider audience to be able to deliver their essential services. The Partner ran an online campaign promoting an appeal to build a new young people’s hub, as well as communications, press and a social media plan.
National Charities with local projects
Two secondments were awarded to national charities where they were undertaking local projects that resonated with Partners. Naturally, many Partners will be invested in work being done by larger organisations, and there can be great opportunities to make a valued impact in their communities through the charity’s local branches.
One Partner took on the role of Community Volunteering Liaison Executive for the Wigston branch of Cancer Research UK (1089464).The secondment focussed on organising stockroom organisation, shop floor and customer journey improvements, and enhancing volunteer development and community engagement. The impact for the charity is to create a highly trained, focused, and community-integrated store in Wigston, leading to increased fundraising, volunteering, and trading performance, while also offering personal development and well-being support to its team.
A Partner took on a secondment with Oxfam (202918) as a Visual Merchandising Volunteer Consultant, to provide hands-on tailored displays, deliver visual merchandising support advice to management and teams, and support the Visual Merchandising manager to document KPIs and reporting templates to enable shop teams to evaluate the effectiveness of their visual merchandising. This provided valuable expertise to an important area for the charity’s shop based fundraising as a visual merchandising refit enables a shop to significantly increase income.
A Partner joined Action for Children (1097940) as an Activity and Design Coordinator on secondment at the Merryfields Centre and transformed the environment for children with learning disabilities staying overnight on short residential breaks. This involved leveraging creative and interior design skills to implement a new sensory room, redecorate children's bedrooms, and organize monthly activities. The initiative significantly enhanced the centre's engaging and supportive atmosphere for children and their families. Whilst Action for Children is part of the broader Building Happier Futures (BHF) activity, supporting care-experienced individuals, this specific project evolved from a preexisting charity partnership with John Lewis plc and did not focus on care experience.
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THE JOHN LEWIS PARTNERSHIP GOLDEN JUBILEE TRUST
TRUSTEES’ REPORT FOR THE YEAR TO 31 MARCH 2025
Trustee Board changes
The GJT Trustee board changed in the year to 31 March 2025. Following elections by the Partnership Council, Judith Hunter was appointed as a GJT Committee member for a 3 year term from 31 March 2025, replacing Shalabh Baijal.
Financial review
The Golden Jubilee Trust was established in 2000 with a donation of £5 million from the John Lewis Partnership. A further donation of £50,000 was received in 2010 to mark the Trust’s 10th anniversary year.
The John Lewis Partnership continues to provide administrative support to the Trust. The calculated value of these services is £61,793 (2024: £83,039) which is recognised within income as a donation, and an equivalent charge included within support costs.
Total investment income of £97,883 for the year to 31 March 2025 was lower than last year (2024: £112,989) but this is largely due to the Blackrock dividends in the prior year of £27,556 with no equivalent in the current year due to the sale of the Blackrock units in February 2024.The reinvestment of the sale proceeds with LGT Wealth Management was completed in March 2024 and the portfolio is invested on a total return basis. As such the dividends and interest earned through the portfolio are included in the portfolio valuation.
Full details of investment income and investment valuations are respectively in notes 5 and 7 to the accounts. Further details of market conditions and returns are given in the Investment Policy and Performance section below.
Total donations payable for the year of £201,528 are slightly lower than last year, but are higher than the investment income for the year, contributing to a net operating deficit for the year £103,772 before the gift of the Golden Jubilee Trust to the John Lewis Partnership Foundation. Full details of the donations made are in note 6 to the accounts.
The Trustees were satisfied that the net operating deficit is in line with their strategy to award secondments using the cash available whilst maintaining a level of reserves, the majority of which is held in investment funds, in line with the reserves policy.
Reserves policy
At the July 2025 meeting, the Trustees reviewed the Reserves Policy and agreed that as a minimum, given current interest rate levels, the charity needs to hold at least £5 million in reserves to generate enough investment income and capital gains to be able to sustain its current level of awards on a biannual basis. The Trustees accept that market volatility may mean that the investments do, from time to time, fall below this level but the Trustees remain committed to holding the underlying capital and adjusting bi-annual secondment expenditure accordingly.
At 31 March 2025, before the gift of the Golden Jubilee Trust to the John Lewis Partnership Foundation, the Trust had unrestricted funds of £5,458,463 available to pay for donations; this is 1.7% lower than last year.
Investment policy and performance
In considering the most appropriate investment policy to achieve the Trust’s objectives of capital growth and sufficient income to meet awards, the Trustees believe that the Trust is able to take a longterm view of its investments. Trustees therefore invest in suitable vehicles that target capital growth as well as distribute income.
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THE JOHN LEWIS PARTNERSHIP GOLDEN JUBILEE TRUST
TRUSTEES’ REPORT FOR THE YEAR TO 31 MARCH 2025
Investment policy and performance (continued)
The portfolio with LGT Wealth Management commenced in March 2024 and is invested on a total return basis. In the year to 31 March 2025, the portfolio had generated a total loss of (0.4)% with investment earnings and net realised investment gains offset by unrealised investment losses and fees.
In the year to 31 March 2025, the Legal & General Diversified fund had generated a total gain of 4.3% which included income earned of 3.5%, partially distributed with the remainder distributed shortly after the year end (April 2025). In the prior year, the Legal & General Diversified fund had generated a total gain of 8.7% which included income earned of 2.9%.
As a result of the resolutions agreed on the 18 March 2025 by the Golden Jubilee Trust and on the 31 March 2025 by the John Lewis Partnership Foundation, the investments totalling £5,450,825 were gifted as a Restricted Fund to the John Lewis Partnership Foundation (JLPF) and the Board thereof shall have the power to invest the Restricted Fund in accordance with the Investment Policy adopted by the JLPF Board at their meeting on 8 March 2023.
Plans for the future
The Trustees have previously reported that they have been kept informed of the John Lewis Partnership’s work to consolidate a number of its trusts and foundations into one corporate foundation and received a formal proposal from the Partnership to consider transferring into the John Lewis Foundation (a charitable company registered with the Charity Commission under charity number 1118162 and renamed John Lewis Partnership Foundation (JLPF) on 30 January 2024) at their meeting in October 2023. During the 2024/25 financial year, further meetings and negotiations have taken place with the John Lewis Partnership Foundation through established working groups to agree on the details of the transfer. Agreeing the terms of the merger, the Trustees took independent legal advice and on 18[th] March 2025 met as a Board and agreed the terms to transfer the Golden Jubilee Trust into the John Lewis Partnership Foundation.
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THE JOHN LEWIS PARTNERSHIP GOLDEN JUBILEE TRUST
TRUSTEES’ REPORT FOR THE YEAR TO 31 MARCH 2025
Reference and administrative details
Charity Name: The John Lewis Partnership Golden Jubilee Trust
Charity Number: 1079195
Registered Office: 1 Drummond Gate, London, SW1V 2QQ
Trustees:
Lisa Cherry, Chair (resigned on 23 July 2024) Shalabh Baijal, Chair, Deputy Chair (resigned 8 October 2024) James Fletcher, (Chair from 9 October 2024) Tracy Higgins Hannah Trawin Dan Haskell (resigned 31 March 2025) Sarah Vallins (resigned 31 March 2025)
Committee Member: Judith Hunter (appointed 31 March 2025)
Company Secretary
Simon Blackburn
Independent Auditor
KPMG LLP, 15 Canada Square, London, E14 5GL
Banker
National Westminster Bank plc, Cavendish Square, PO Box 4NU
1 Cavendish Square, London, W1G 0LA
Legal Adviser on the Merger
Interface Legal, 40 Wykeham Road, London, NW4 2SU
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THE JOHN LEWIS PARTNERSHIP GOLDEN JUBILEE TRUST
TRUSTEES’ REPORT FOR THE YEAR TO 31 MARCH 2025
Structure, Governance and Management
Governing Document
The John Lewis Partnership Golden Jubilee Trust is a Registered Charity number 1079195, established by a Trust Deed executed on 31 January 2000 and Supplemental Deeds executed on 22 November 2000, 13 January 2012 and 9 November 2021.
At their meeting on 18 March 2025, the GJT Trustees resolved to exercise their power to transfer the Trust Fund to the John Lewis Partnership Foundation (a charitable company registered with the Charity Commission under charity number 1118162) which approves the dissolution of the Golden Jubilee Trust. The Trustees resolved to transfer the Trust Fund to be held on a special trust as a Restricted Fund which can only be applied for the purposes set out in the Deed of Appointment, Indemnity and Termination.
On 31 March 2025, at a meeting of the Trustees of the John Lewis Partnership Foundation (JLPF), after due and careful consideration, the JLPF Trustees resolved to accept the transfer of assets and liabilities from the Trustees of the Golden Jubilee Trust and to hold them as a Restricted Fund on the charitable trusts set out in the Deed of Appointment, Indemnity and Termination
Organisation
The Trustees who served for any part of the financial year from 1 April 2024 to 31 March 2025 and up to the date of signing this report are listed on page 9.
The power of appointment of Trustees, all of whom can determine that a Trustee hold office for a period of one month to three years, is vested as follows:
The Chairman of John Lewis Partnership plc to appoint one Trustee The Partnership Council of John Lewis Partnership plc to elect three Trustees Trustees appoint three (usually independent) Trustees.
The Trustees met 4 times during the year between 1 April 2024 and 31 March 2025, with additional meetings and calls by the Trustee working group dedicated to discussing the proposed transfer into the John Lewis Partnership Foundation.
Day to day management and administration is carried out by the John Lewis Partnership Ethics and Sustainability Social Impact team. Training is provided as needed on specific subjects or generally for new Trustees. John Lewis plc employs these roles and therefore the calculated value of these services is recognised within the Golden Jubilee Trust accounts as a donation income (Note 4) and an equivalent charge included as support costs (Note 6).
Related parties
The Trust was established in 2000 with a donation of £5 million from the John Lewis Partnership. A
further donation of £50,000 was given in 2010.
The Legal & General Diversified fund assets and Elm 101 Unit Trust assets are held in the name of JSL Custodian Trustee Limited, a company registered in England no. 859716, as Custodian Trustee.
The LGT Wealth Management portfolio assets are held in the name of LGT Wealth Management UK LLP. This change, from FNZ Securities Ltd, took effect from 18 November 2024 as part of the ongoing integration of abrdn Discretionary into the LGT group.
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THE JOHN LEWIS PARTNERSHIP GOLDEN JUBILEE TRUST
TRUSTEES’ REPORT FOR THE YEAR TO 31 MARCH 2025
Structure, Governance and Management (continued)
Related parties
All secondments to charities in 2024/25 were for John Lewis plc employees (Partners), their salaries being reimbursed by the Golden Jubilee Trust, where additional costs of cover are incurred. Administrative support is provided by John Lewis plc. The value of these services is calculated as £61,793 and is recognised within income as a donation, and an equivalent charge included within support costs.
Risk management
The Trustees regularly consider the GJT’s activities in relation to the Trust’s objectives and the risks to which it is exposed. A risk register is maintained with key risks reviewed in depth on a rolling basis. The risk policy is reviewed on an annual basis.
During the year, the focus of the Trustees was on the potential risks surrounding the proposed transfer into the John Lewis Partnership Foundation and how these could be mitigated. To ensure the smooth transition of the GJT into the John Lewis Partnership Foundation (JLPF) the GJT Trustees negotiated for two GJT trustees to be appointed to the JLPF Board for the remainder of their terms in office.
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THE JOHN LEWIS PARTNERSHIP GOLDEN JUBILEE TRUST
TRUSTEES’ REPORT FOR THE YEAR TO 31 MARCH 2025
Statement of Trustees’ responsibilities in respect of the Trustees’ report and the financial statements
Under charity law, the trustees are responsible for preparing a Trustees’ Report and the financial statements in accordance with applicable law and regulations. The trustees are required to prepare the financial statements in accordance with UK Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland.
The financial statements are required by law to give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources for that period.
In preparing these financial statements, generally accepted accounting practice entails that the trustees:
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select suitable accounting policies and then apply them consistently;
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make judgements and estimates that are reasonable and prudent;
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state whether applicable UK Accounting Standards and the Statement of Recommended Practice have been followed, subject to any material departures disclosed and explained in the financial statements;
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state whether the financial statements comply with the trust deed, subject to any material departures disclosed and explained in the financial statements;
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assess the charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern; and
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use the going concern basis of accounting unless they either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so (as explained in Note 1, the Trustees do not believe that it is appropriate to prepare these financial statements on a going concern basis).
The trustees are required to act in accordance with the trust deed of the charity, within the framework of trust law. They are responsible for keeping accounting records which are sufficient to show and explain the charity’s transactions and disclose at any time, with reasonable accuracy, the financial position of the charity at that time, and to enable the trustees to ensure that, where any statements of accounts are prepared by them under section 132(1) of the Charities Act 2011, those statements of accounts comply with the requirements of regulations under that provision. They are responsible for such internal control as they determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error, and have general responsibility for taking such steps as are reasonably open to them to safeguard the assets of the charity and to prevent and detect fraud and other irregularities.
Approved by the John Lewis Partnership Foundation Trustees on 13 October 2025 and signed on their behalf by:
...................................................
James Fletcher, Chair of GJT Committee and John Lewis Partnership Foundation Trustee
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THE JOHN LEWIS PARTNERSHIP GOLDEN JUBILEE TRUST
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2025
13
THE JOHN LEWIS PARTNERSHIP GOLDEN JUBILEE TRUST
BALANCE SHEET AS AT 31 MARCH 2025
The accompanying notes form an integral part of these financial statements.
The financial statements on pages 13 to 21 were approved by the Trustees on 13 October 2025 and signed on their behalf by:
...................................................
James Fletcher, Chair of GJT Committee and John Lewis Partnership Foundation Trustee
13 October 2025
Charity registered number: 1079195
14
THE JOHN LEWIS PARTNERSHIP GOLDEN JUBILEE TRUST
STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2025
The accompanying notes form an integral part of these financial statements.
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THE JOHN LEWIS PARTNERSHIP GOLDEN JUBILEE TRUST
NOTES TO THE FINANCIAL STATEMENTS
1. Accounting policies
Basis of preparation
The accounts (financial statements) have been prepared under the historical cost convention as modified by the inclusion of investments at market value. The financial statements have been prepared in accordance with 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 2015) – (Charities SORP (FRS 102)), the Charities Act 2011, and the Charity (Accounts and Reports) Regulations 2008.
The Trust constitutes a public benefit entity as defined by FRS 102.
Going concern
In previous years, the financial statements have been prepared on a going concern basis. However, on 31 March 2025 the Trustees approved the dissolution of the Golden Jubilee Trust and approved the gifting of the net assets and liabilities at that date to the John Lewis Partnership Foundation to be held as a Restricted Fund. Accordingly the Trustees have not prepared the financial statements on a going concern basis. The transferred liabilities will be honoured and paid by the John Lewis Partnership Foundation and the assets will be held as a Restricted Fund.
Donated services and facilities
Donated services and facilities are recognised as income when the Trust has control over the item, the receipt of economic benefit from the use by the Trust of the item is probable and can be measured reliably. Throughout the financial year John Lewis plc has provided administrative support at no cost. These donated services are recognised in the accounts based on the average within the John Lewis plc pay range for each type of role. John Lewis plc has a pay policy and pay ranges are reviewed annually and are informed by market rate research. A corresponding amount is recognised in expenditure in the period of receipt of the administrative support.
Investment income
Income from interest and dividends is recognised when its receipt is probable and the amount receivable can be measured reliably. Dividends and interest income is accrued when the Charity's right to receive payment is established and measurement is at the fair value receivable i.e. when the Charity is notified of the award. Income from investments that are entitled to a fixed return is recognised on the accruals basis as the Charity has a right to receive payment and the amount can be measured reliably.
Expenditure
Expenditure is recognised once there is a legal or constructive obligation committing the Trust to that expenditure, it is probable that settlement will be required and the amount of the obligation can be measured reliably. Expenditure is included on an accruals basis. Donations payable are charged in the year they are agreed by the Trustees and notified to the recipients. Donations to institutions represent the salary costs for employees of John Lewis plc whilst on secondment if cover for their employment roles is required.
Investments
Investments are stated at market value and any gains and losses have been recognised in the statement of financial activities.
Cash at bank and in hand
All cash is held in bank accounts with a short notice period of less than 90 days.
Creditors
Creditors are recognised where the Trust has a present obligation and the amount due to settle the obligation can be measured or estimated reliably.
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THE JOHN LEWIS PARTNERSHIP GOLDEN JUBILEE TRUST
NOTES TO THE FINANCIAL STATEMENTS
1. Accounting policies (continued)
Critical accounting judgements and key sources of estimation uncertainty
The trustees do not consider there to be any critical judgements or key sources of estimation uncertainty requiring disclosure in these financial statements.
2. Custody of assets
The Legal & General Diversified fund assets and Elm 101 Unit Trust assets are held in the name of JSL Custodian Trustee Limited, as Custodian Trustee.
The LGT Wealth Management portfolio assets are held in the name of LGT Wealth Management UK LLP. This change, from FNZ Securities Ltd, took effect from 18 November 2024 as part of the ongoing integration of abrdn Discretionary into the LGT group.
3. Taxation
The Charity is a registered charity, and as such is exempt from tax on income and gains to the extent that these are applied solely for charitable purposes, falling within s478 to s490 of the Corporation Taxes Act 2020 and s256 of the Taxation of Chargeable Gains Act 1992.
| 4 | Donations |
|---|---|
| 2025 2024 £ £ |
|
| Donated services 61,793 83,039 Other donation - 5,728 |
|
| Total donations received 61,793 88,767 |
Administrative support is provided by John Lewis plc. The calculated value of these services is recognised within income as a donation, and an equivalent charge included within support costs.
- 5 Investment income
| 6 | 2025 2024 £ £ |
|---|---|
| BlackRock Market Advantage Strategy Fund GBP - 27,556 L&G Diversified Fund 85,430 67,878 Elm 101 Unit Trust 10,000 10,000 Interest on cash deposits 2,453 7,555 |
|
| Total 97,883 112,989 |
|
| Expenditure on charitable activities | |
| 2025 2024 £ £ |
|
| Donations payable 201,528 213,527 Support costs 61,920 83,585 Gift of Golden Jubilee Trust to JLPF 5,458,463 - |
|
| Total 5,721,911 297,112 |
Donations payable relate to payments to John Lewis plc in respect of secondments approved to the charitable organisations detailed in the table below.
The Gift of the Golden Jubilee Trust to JLPF comprised assets of £5,584,433 (£5,450,825 investments; £46,241 debtors; £87,367 cash at bank) and liabilities of £125,970 (creditors).
17
THE JOHN LEWIS PARTNERSHIP GOLDEN JUBILEE TRUST
NOTES TO THE FINANCIAL STATEMENTS
- 6 Expenditure on charitable activities (continued)
Donations payable
| Donationspayable | |
|---|---|
| 2025 2024 £ £ |
|
| Arts and Culture - - |
|
| Total Arts and Culture - - |
|
| Environment and Animal Welfare The Wilderness Foundation 7,786 - |
|
| Total Environment and Animal Welfare 7,786 21,544 |
|
| Health & Wellbeing Families and Babies 5,881 - Combat Stress 18,211 - St. Michael's Hospice 13,379 - Cancer Research UK 4,484 - St Andrews Hospice 9,355 - |
|
| Total Health 51,310 76,552 |
|
| Children and Families The Country Trust 55,617 - |
|
Action for Children 2,183 - Youth Options 7,585 - |
|
| Total Children and Families 65,385 13,654 |
|
| Social Welfare Search Services for Older People Newcastle 5,417 - Smart Works Leeds 4,964 - Smart Works Birmingham 3,986 - |
|
| Total Social Welfare 14,367 20,664 |
|
| Community Development Charities Advisory Trust 20,430 - |
|
Leeds Women's Aid 7,658 - |
|
| Oxfam 5,875 - Meanwood Valley Urban Farm 11,132 - The Link Scheme 22,298 - |
|
| Total CommunityDevelopment 67,393 81,114 |
|
| Sub-total all donation categories 206,241 213,528 |
|
| (4,713) (1) Adjustments to donations |
|
| Total donationspayable 201,528 213,527 |
Total donations agreed by the Trustees in the year amounted to £350,601 (2024: £277,895). Adjustments to donations relates to a secondment which ended earlier than planned as the secondee chose to leave their role in the John Lewis Partnership to work for the charity permanently. Where cover is not required for Partners while away from their normal duties no cost will be incurred.
After allowing for secondments not finalised, not requiring cover and those which have been withdrawn the revised cost of donations for the year is £201,528 (2024: £213,527).
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THE JOHN LEWIS PARTNERSHIP GOLDEN JUBILEE TRUST
NOTES TO THE FINANCIAL STATEMENTS
6 Expenditure on charitable activities (continued)
Support Costs
Support costs totalling £61,920 (2024 : £83,585) consist of two elements ;
(i) Administrative services
£61,793 (2024: £83,039) relates to the administrative services provided by John Lewis plc at no charge. An equivalent sum is included in donations income. The breakdown is as follows :
| 2025 | 2024 | |
|---|---|---|
| £ | £ | |
| Wages and salaries | 50,930 | 68,317 |
| National Insurance | 5,907 | 8,156 |
| Pension | 4,640 | 6,149 |
| LongLeaveprovision | 316 | 417 |
| Total | 61,793 | 83,039 |
FTE
The administrative support roles equated to 0.83 full time equivalents (2024 : 1.15 full time equivalents).
Salary Bandings
The number of John Lewis plc employees providing administrative support whose John Lewis plc remuneration fell into the bands below (excluding pensions and employers National Insurance) were as follows :
| Insurance) were as follows : | ||
|---|---|---|
| Banding | Number of John Lewis | plc |
| employees | ||
| 2025 | 2024 | |
| < £60,000 | 4 | 4 |
| £60,000 to £70,000 | 1 | 1 |
| £70,000 to £80,000 | - | - |
| £80,000 to £90,000 | - | - |
| £90,000 to £100,000 | - | 1 |
| £100,000 to £110,000 | 1 | - |
Trustee remuneration
The Trustees did not receive and were not entitled to receive, any remuneration from the Trust for their services. For those trustees in the employment of John Lewis plc, the Foundation’s only related party, none of their remuneration from John Lewis plc related to their role within the Trust.
Key management personnel
None of the administrative support roles have any decision making capacities and the only key personnel would be the Trustees who have decision making capacity.
(ii) Trustee expenses
£127 (2024: £546) relates to travel expenses for two Trustees.
19
THE JOHN LEWIS PARTNERSHIP GOLDEN JUBILEE TRUST
NOTES TO THE FINANCIAL STATEMENTS
| 6 | Expenditure on charitable activities (continued) |
|---|---|
| 2025 2024 £ £ |
|
| Reconciliation of donations payable: Grant liabilities at the beginning of the year 100,471 134,928 |
|
| Grant liabilities committed in the year 201,528 213,528 Donations cancelled or adjusted - (1) |
|
| Net additional grant liabilities for the year 201,528 213,527 Donations paid or settled during the year (176,029) (212,254) Donations owed to John Lewis plc for grants in the year (35,089) (35,730) |
|
| Grant liabilities atyear end 90,881 100,471 |
|
| Analysis of charitable expenditure | |
| 2025 2024 £ £ |
|
| Donations payable 201,528 213,527 Support costs 61,920 83,585 |
|
| 263,448 297,112 |
|
| 7 | Investments |
| 2025 2024 £ £ |
|
| Market value at the beginning of the year 5,442,274 5,166,906 Acquisitions 1,729,074 2,897,814 Sales proceeds (1,646,462) (2,897,814) Dividends and interest in LGT portfolio 79,307 - Net movement in cash balances in LGT portfolio (96,238) - Net realised investments (losses)/gains 62,515 145,498 Net unrealised investmentgain/(loss) (119,645) 129,870 |
|
| 5,450,825 5,442,274 Gift of Golden Jubilee Trust to JLPF (5,450,825) - Value at year end - 5,442,274 UK Investments at market value comprised: Elm 101 Unit Trust 100,000 100,000 L&G Diversified Fund 2,468,253 2,447,540 LGT 2,882,572 2,894,734 Gift of Golden Jubilee Trust to JLPF (5,450,825) - |
|
| - 5,442,274 |
|
| Historical cost as atyear end 5,553,738 5,553,738 |
20
THE JOHN LEWIS PARTNERSHIP GOLDEN JUBILEE TRUST
NOTES TO THE FINANCIAL STATEMENTS
| 8 9 10 |
Debtors |
|---|---|
| 2025 2024 £ £ |
|
| Accrued Elm 101 Unit Trust investment income 1,507 11,507 Accrued L&G Diversified Fund investment income 44,734 32,617 Gift of Golden Jubilee Trust to JLPF (46,241) - |
|
| - 44,124 |
|
| Creditors: amounts falling due within oneyear | |
| 2025 2024 £ £ |
|
| Amounts owed to John Lewis plc 35,089 35,730 Grant liabilities (note 6) 90,881 100,471 Gift of Golden Jubilee Trust to JLPF (125,970) - |
|
| - 136,201 |
|
| Net movement in funds | |
| £ | |
| Fund at 31 March 2024 5,553,684 Net movement in funds (5,553,684) |
|
| Fund at 31 March 2025 - |
11 Related party transactions
John Lewis plc is the Trust's only related party. As at the year end date, £125,970 is owed to John Lewis plc by the Trust per Note 9.
All administrative support is provided by John Lewis plc. For the year ended 31 March 2025, the value of these services is estimated at £61,793 (2024: £83,039). The estimated value of these services is recognised within income as a donation, and an equivalent charge included within support costs. None of the administrative support roles have any decision making authority in relation to the work of the Golden Jubilee Trust.
The Trustees did not receive and were not entitled to receive, any remuneration from the Trust for their services. For those Trustees in the employment of John Lewis plc, the Trust's only related party, none of their remuneration from John Lewis plc related to their role within the Golden Jubilee Trust. For the year to 31 March 2025, four trustees appointed by the John Lewis Partnership plc board, were paid remuneration for their employment with John Lewis plc and their incidental expenses were reimbursed by John Lewis plc.
All secondments to charities were for employees of John Lewis plc. Where cover is required while employees are on secondment salary costs are reimbursed to John Lewis plc. The audit fee for the Golden Jubilee Trust was borne by John Lewis plc.
12 Reconciliation of net movement in funds to net cash flows from operating activities
| 2025 | 2024 | |
|---|---|---|
| £ | £ | |
| Net movement in funds | (5,553,684) | 180,012 |
| Deduct investment income shown in investing activities | (97,883) | (112,989) |
| Net realised investment (gain)/loss | (62,515) | (145,498) |
| Net unrealised investment loss/(gain) | 119,645 | (129,870) |
| (Increase)/Decrease in debtors | 44,124 | (3,362) |
| Increase/(Decrease) in creditors | (136,201) | 1,273 |
| Gift of Golden Jubilee Trust to JLPF | 5,450,825 | - |
| Net cash outflow from operating activities | (235,689) | (210,434) |
21
THE JOHN LEWIS PARTNERSHIP GOLDEN JUBILEE TRUST
Independent auditor’s report to the Trustees of The John Lewis Partnership Golden Jubilee Trust Charity
Opinion
We have audited the financial statements of The John Lewis Partnership Golden Jubilee Trust (“the Charity”) for the year ended 31 March 2025 which comprise the Statement of Financial Activities, the Balance Sheet, the Statement of Cash Flows and related notes, including the accounting policies in note 1.
In our opinion the financial statements:
-
give a true and fair view of the state of the Charity’s affairs as at 31 March 2025 and of its incoming resources and application of resources for the year then ended;
-
have been properly prepared in accordance with UK accounting standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland ; and
-
have been prepared in accordance with the requirements of the Charities Act 2011.
Basis for opinion
We have been appointed as auditor under section 145 of the Charities Act 2011 (or its predecessors) and report in accordance with regulations made under section 154 of that Act.
We conducted our audit in accordance with International Standards on Auditing (UK) (“ISAs (UK)”) and applicable law. Our responsibilities are described below. We have fulfilled our ethical responsibilities under, and are independent of the Charity in accordance with, UK ethical requirements including the FRC Ethical Standard. We believe that the audit evidence we have obtained is a sufficient and appropriate basis for our opinion.
Emphasis of matter – non-going concern basis of preparation
We draw attention to the disclosure made in Note 1 to the financial statements which explains that the financial statements are now not prepared on the going concern basis for the reasons set out in that note. Our opinion is not modified in respect of this matter.
Fraud and breaches of laws and regulations – ability to detect
Identifying and responding to risks of material misstatement due to fraud
To identify risks of material misstatement due to fraud ("fraud risks") we assessed events or conditions that could indicate an incentive or pressure to commit fraud or provide an opportunity to commit fraud.
Our risk assessment procedures included:
●enquiring of personnel, as to whether they have knowledge of any actual, suspected or alleged fraud;
●reading Board of Trustees meeting minutes; and
●using analytical procedures to identify any unusual relationships or movements
We communicated identified fraud risks throughout the audit team and remained alert to any indications of fraud throughout the audit.
As required by auditing standards, we perform procedures to address the risk of management override of controls, in particular the risk that management may be in a position to make inappropriate accounting entries.
On this audit we do not believe there is a fraud risk related to revenue recognition. Donation in kind income represents a non-cash transaction recorded as both income and expenditure, with no effect on year-end results and little incentive for management to manipulate. Investment income closely matches cash receipts and offers limited opportunity for manipulation.
We did not identify any additional fraud risks.
We performed procedures including identifying unusual adjustments and comparing any identified entries to supporting documentation and reviewing the year end bank reconciliation.
Identifying and responding to risks of material misstatement due to non-compliance with laws and regulations
22
THE JOHN LEWIS PARTNERSHIP GOLDEN JUBILEE TRUST
Independent auditor’s report to the Trustees of The John Lewis Partnership Golden Jubilee Trust Charity
Fraud and breaches of laws and regulations – ability to detect (continued)
We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our general commercial and sector experience, through discussion with management and discussed the policies and procedures regarding compliance with laws and regulations.
We communicated identified laws and regulations throughout our team and remained alert to any indications of non-compliance throughout the audit.
The potential effect of these laws and regulations on the financial statements varies considerably.
The charity is subject to laws and regulations that directly affect the financial statements including financial reporting legislation (including related charities legislation), and we assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items.
Whilst the charity is subject to many other laws and regulations, we did not identify any others where the consequences of non-compliance alone could have a material effect on amounts or disclosures in the financial statements.
Context of the ability of the audit to detect fraud or breaches of law or regulation
Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed · noncompliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it.
In addition; as with any audit, there remained a higher risk of non-detection of fraud, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. Our audit procedures are designed to detect material misstatement. We are not responsible for preventing non- compliance or fraud and cannot be expected to detect non-compliance with all laws and regulations.
Other information
The Trustees are responsible for the other information, which comprises the Trustees’ Report Our opinion on the financial statements does not cover the other information and, accordingly, we do not express an audit opinion or, except as explicitly stated below, any form of assurance conclusion thereon.
Our responsibility is to read the other information and, in doing so, consider whether, based on our financial statements audit work, the information therein is materially misstated or inconsistent with the financial statements or our audit knowledge. We are required to report to you if:
-
based solely on that work, we have identified material misstatements in the other information; or
-
in our opinion, the information given in the Trustees’ Annual Report is inconsistent in any material respect with the financial statements.
We have nothing to report in these respects.
Matters on which we are required to report by exception
Under the Charities Act 2011 we are required to report to you if, in our opinion:
-
the Charity has not kept sufficient accounting records; or
-
the financial statements are not in agreement with the accounting records; or
-
we have not received all the information and explanations we require for our audit.
We have nothing to report in these respects.
23
THE JOHN LEWIS PARTNERSHIP GOLDEN JUBILEE TRUST
Independent auditor’s report to the Trustees of The John Lewis Partnership Golden Jubilee Trust Charity
Trustees’ responsibilities
As explained more fully in their statement set out on page 12, the Trustees are responsible for: the preparation of financial statements which give a true and fair view; such internal control as they determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error; 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 they either intend to liquidate the Charity or to cease operations, or have no realistic alternative but to do so.
Auditor’s responsibilities
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 our opinion in an auditor’s report. Reasonable assurance is a high level of assurance, but does not 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 aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of the financial statements.
A fuller description of our responsibilities is provided on the FRC’s website at www.frc.org.uk/auditorsresponsibilities.
The purpose of our audit work and to whom we owe our responsibilities
This report is made solely to the Charity’s Trustees as a body, in accordance with section 145 of the Charities Act 2011 (or its predecessors) and regulations made under section 154 of that Act. 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 auditor’s 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.
Sarah McKean for and on behalf of KPMG LLP, Statutory Auditor
Chartered Accountants
KPMG LLP is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006
15 Canada Square London E14 5GL 14 October 2025
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