**Annual Report & Consolidated Accounts**
For the year ended 31 December 2022
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**Through our programmes, we have created a pathway that encourages, educates and empowers the young people that we serve.**
## **CONTENTS**
|Letter from the Chairman|4|
|---|---|
|Our Mission|6|
|Our Partners|14|
|Supporting the Peter Jones Foundation|15|
|Legal & Administrative Information|17|
|Report of the Trustees|18|
|Independent Examiner's Report to members|23|
|and trustees of the Peter Jones Foundation||
|Principal Accounting Policies|24|
|Consolidated Statement of Financial|26|
|Activities||
|Consolidated Balance Sheet|27|
|Charity Balance Sheet|28|
|Statement of Cash Flows and Consolidated|29|
|Statement of Cash Flows||
|Notes to the Financial Statements|30|
3
**The Peter Jones Foundation exists to provide young people and disadvantaged groups (in the UK) with the enterprise skills and experiences needed to better prepare them for successful employment or self-employment.**
## **LETTER FROM THE FOUNDER AND EXECUTIVE CHAIRMAN**
We believe that it is vital for every child to develop core enterprise skills whatever pathway they choose. We track the success of all of our programmes against a framework of eight competencies that, as well as being a toolkit for the budding entrepreneur, provide our beneficiaries with the skills valued by employers.
Our approach is one that champions project-based learning, giving young people hands-on challenges that are rooted in the real world of work and cocreated with businesses and business founders from multiple sectors.
We also believe that every young person should have the experience of setting up and running a business and over 10 years of delivering our flagship Tycoon Enterprise Competition, we are proud to have provided over 3/4 million pounds in start-up funding for student-led businesses.
This year’s winners were a Key Stage 5 business from Kimbolton School in Cambridgeshire whose business, Sambar Jewellery turned a £70 goodwill loan into a profit of £828, making and selling jewellery to help those who may be struggling with mental health issues such as anxiety and ADHD. They also hosted a pop-up shop where 80% of their profits were donated to DEC for Ukraine. They were typical of the sort of socially-orientated and ethical businesses we are seeing more and more through our programmes.
In addition, to date more than 6,000 students have graduated from one of our Peter Jones Enterprise Academies with a globally-recognised qualification. As we grow our alumni programme, it is inspiring to re-establish contact with many who have gone on to establish successful careers or start-ups. This year’s National Entrepreneur of the Year Winner was a young entrepreneur from Leicester College Peter Jones Enterprise Academy whose Little Leprechaun dance business is already having great success.
Another trend we are seeing is that of young people turning their hobbies into side hustles. The so called passion economy is booming and, as we look towards 2023, we are keen to support those young people who are building businesses out of their bedrooms, including those that are being schooled at home.
4
Strong enterprise education will play an important part in nurturing the business founders of tomorrow; job creators that can have a significant impact on local economies and so it is more important to us than ever that we focus our efforts where they are most needed. Our ambition is for over 60% of our beneficiaries to be from underserved communities or under-represented groups and beyond that, to make enterprise education a “need to do” rather than a “nice to do”.
As a Foundation, we are lucky to have the support of a wide network of business founders and leaders who believe in our mission as much as we do and, having been unable to host a full roster of events for so long due to the pandemic, we were delighted to be able to host golf and shoot fundraising events this year and more grateful than ever to all those that attended and offered their support.
Whether you are from the world of education or the world of business we are always keen to explore how we can work with you to encourage, educate and empower the next generation.
## Peter Jones CBE
Founder and Chairman Peter Jones Foundation
5
Our Mission
The Peter Jones Foundation's mission is:
to provideyoungpeople. under5erved communitie5 and
underrepresentedgroups with the enterprise skills and
experiences to betterprepare them forsuccessful employment
or self-employment. We do this through encouraging,
educating and empowenng thepeople we serve.
Strategic Goals
To support
10,000 young
people a year to
set up and run their
own business,
providing startup
funding and
demonstrating
impact against our
framework of 8 core
enterprise skills.
We will
champion enterprise
and entrepreneurship
education and be
a leading voice for
creating a more
enterprising culture,
building a network
of 500 enterprise
ambassadors.
For over
60% of the young
people we support
to be from
underserved
communities or
under-represented
groups.
Enterprise Skills Framework
We track the impact of all of our pTogrèmmes against a set of 8 core competencies which
research shows are both valued by employers and are a skillset for successful entrepreneurship.
This framework aligns closely with the Skills Builder toolkit used in many UK schools.
COMMUNICATION
Financial Skills
o Digital Problem-solving
E Skills
Creativity and I nnovation
Self-management and Resilience
Current Landscape
There is a wealth of research to show that young people need to be more enterprising to succeed in a
fast-changing world of work and skills needs. At the same time young people are showing an increased
interest in entrepreneurialism. setting up side hustles and pursuing portfolio careers. In this landscape,
the work of the Foundation has never been more relevant and necessary.
67% of hard-to-fill
vacancies are caused.
in part, by a lack of
skills and experience.
UK Employer Skills Survey
IESSI, DfE, August 2018.
One in five young
people surveyed
122%) think they will
fail in life, with this
rising to a third
among those who
are NEET (34%).
Over a quarter of
young people have
said they would be
more likely to start
their own businesses
if they had business
or enterprise training
or education.
Prince's Trust Youth Index
2022.
32% increase in the
growth of side-hustles
in the last decade.
The Prince's Trust.
Young Entrepreneurship
Review. 2021.
Over half151%) of
young people in the
UK have thought
about starting lor
already have started)
a business, yet 70%
believe'not knowing
where to start, is a key
barrier to following
through.
Source.. Entrepreneurship
Education. finncap Group.
June 2022.
Side Husile: A Way of Life.
Not Work, GoDaddy, 2018.
Globally, young
people are more
entrepreneurial than
ever and on average
are founding over
double the number of
companies than their
older counterparts.
Entrepreneurship Education,
finncap Group, June 2022.
60% of employers
value broader skills
such as listening and
problem solving.
Educating the Modern
World, CBE / Pearson
Education and Skills Annual
Report, November 2018.
In todays ever-changing world- and amidst an uncertain
future - there is huge value in having an entrepreneurial
mindset. Entrepreneurship education could empower all
young people, irrespective of their backgrounds.
Entrepreneurship Education. finncap Group. June 2022.
JJ
Youth Panel
Introducing the Peter Jones Foundation Youth Panel
Our Youth Panel puts young people's voices at the heart of everything we do and helps us
to inform and meet our strategic goals.
V Nick Hennigan
As the Chair of the
Youth Panel. Nlck
is passionate about
unleashlng the
¢ntrepreneurial
potentlal of young
people across the UK.
Anaum Farooq
Anaum has worked as
a young $trategi$t at
Reluctantly Brave. She is
pas$lonate for all young
people to have the
opportunSty to learn
about enterprise and
d•v•lop theSr sklll$ to
their full potentlal.
Dujana Naslr
Dujana is a young serlal
èntr•pr•n•ur wlth
three current succe$$fvl
bu51n•55•s, who Is
passlonate about helplng
Poopl• around hSm,
¢speclally young people
trom dlsadvantag•d
communltles.
Ibrry is a highly
•¢compli5h•d, multi-
•ward-winnlng young
tr•pr•n•ur who
tablished his flrsl
rt-up at th• ••• of 15.
••
Joana Baptlsta
a$$an 6$ a PJEA alumnl
and winner of National
Entr•pr•n•ur of tho Year.
Hassan started his flrst
bu$lne$$ when he was
IS and is now founder of
Croatlve Plxel$. a creJtlv•
•dla a9oncy.
Jojna 1$ a multl-jward
wlnning Social
•ntrepr•neur. publlc
speaker, actlvlst and
founder of She.. an
or9ani5ation that
r•veise$ taught
pr•judice by rewritin9
cla$$l¢ falry tal•$.
Melvin Rlley
in
¢. thna is a social Impact
l•ader who is passionats
•bout th• pow•r of
•Dcial enterprise. She ha5
¢c•$$fvlly award•d ov•r
É200.000 in 9rant funding
to community pro1t$ that
pport wellbeing acros•
UK.
Melvin works as a
volce for youn9 peoplg
tacklin9 some of th•
biggest socioeconoml
¢hall•nges faclng
society by campaignln9.
Implementing. and
influenclng pollcy.
ENI
A OLI
AllP
Sienna is a London bas•d
content creator and
•ntrepreneur with an
audience of over
800,000 followèrs
across her social media
platfomi5.
Tycoon Enterprise Competition
Tycoon Is a free natlonal CoMtIon that ts open to all plmarfes secondarfes and FE colleges
across the UIQ
It aims to encourage the nation's budding entrepreneurs and develop core enterprise skills. Tycoon businesses
have acces5 to a good will loan of up to £3.000 per schoollcollege and compete against each other, with the
option for Multi Academy Trusts and school groups to set up their own leagues. The top student enterprises in
each Key Stage are invited to a prestigious awards ceremony hosted by Peter Jones CBE each year.
16,000
3,000+
1,408
00
00
00
00
DD
BUSINESSES
SCHOOLS
80%
PROFITABLE
BUSINESSES
Raised over
Over
£1/2
£250,000
from p¥ofitable
student businesses
to good causes
start-up fundlng
50%
of beneficiaries
are young women
Learning Outcomes
100%
97%
95%
90%
of student5 would
recotnmend Tycoon to a
friend
of teacher5 would
recommend running
Tycoon to a colleague
of 5tuden¢5 felt that
rhey had developed
5ki115 making them
more empkjyable
of ieacher5 felt that
Tycoon had impioved
their 5tuden¢s'
finarKlal awareness
Peter Jones Enterprise Academy
(PJEA)
The Peterjones Enterprise Academy is ourflagship Educate Programme and includes our full
suite of sector leading vocational courses and qualifications in Enterprise and Entrepreneurship.
This 15 a great opportunity for schools and colleges to host their own Enterprise Academy championing the
entrepreneurial mindset and delivering our extended programme of Level 2 or Level 3 study. We offer
comprehensive package of resources and support, including competitions and employer link5, enabling your
students to gain skills that ale vital to progress to university, gain employment or to run their own business.
95%
5,500
STUDENTS
of PJEA srudent5
indicate(J they had
P051tive programme
ofPJEAstudents
planned to start
a busine55 one doy
radvat
Leadirrfj
Being
Clive
Working in
aTeam
82%
Problem
Solving
Improved
Skills Levels
tpj
82%
82% 73%
Presentin
Aiming
High
000
5tening &
ilnder5tanding
Stsying
P051tive
io
National Entrepreneur of the Year
National Entrepreneur of the Year is our flagship competition for the most
entrepreneurial students across our network of Peter Jones Enterprise
Academies.
Students need to complete a business plan for the opportunity to pitch directly to Peterjones
CBE and a panel of judges, with the opportunity to win a £5,000 investment in their business.
Cerys Andrew, 2022 Winner
Little Leprechauns Irish Dance School
Cerys Andrew studled at the Peterjones
Enterprise Academy in Leicestei College and
won our National Entrepreneur of the Year title
in 2022 with her business, Little Leprechauns
Irlsh Dance School. As well as receivin9 a
£5,000 investment in her business, Ceiys has
become a PJEA Alumni Business Mentoi for
the cuirent PJEA students at her college.
She will also have the opportunity to promote
hei business and network at PJF fundraising
events, as she seeks to grow her business.
Timeline
January- February 2022
Planning ideas for Pop Up Trading eveni at
college.
March 2022
Live Irish danclng demos at Leicestei College,
gaining customer and teacher feedback.
April 2022
Applied for National Entrepreneur of the Year
with support from the Foundation teom.
September 2022
Announced Winner of NEOY 2022 at the
Tycoon finals and PJEA Graduation.
October 2022
Attended Leicestercollege PJEA Business
Surgery to help current students with their
busines5 ideas and career ambition.
November2022
Invited to and attended PJF'S Alumni and
mentoring networkin9 everit in London.
May 2022
National Entrepreneur of the Year Semi Finalist.
June 2022
National Entrepreneur of the Year Finalist
and offered package of supportfrom the
Foundation.
December 2022
Cerys, secondary School were delighted that
she won NEOY and have promoted Little
Leprechauns on their website and socials.
Cerys has been sourcing potential venues for
hei cla55e5 and ngw ha5 a pipeline of cu5tomer5
for her first class.
July 2022
National Entrepreneur of the Year live final at
Peterjcff HQ In Marlrnv
Meet OurAlumni
Priscilla Israel
Co-Founder. Sticky
Priscilla Israel attended the PJEA at Amersham and
took part in National Entrepreneur of the Year award
in 2012. During her time at the PJEA she designed an
app as her business model and took part in national
challenges held by firms such as Virgin Pioneers.
After graduating University she founded STICKY, a
business that make tasks like check in, ordering food/
drink and safety inspections as quick and simple as a
contactles5 payment. In 2020. STICKY received £325k
in Seed Funding.
Rishi Kotek
Founder, White House Estates & Finance
Since graduating, Rishi has pursued a career in
property, which began as a trainee for the largest
independent estate agent brand in the UK however
his ambition and ski115 led him to gain a promotion
to become a senior member of the team. This
combined with his international experience
working in Dubai, enabled Rishi to take the leap.
and in 2022 he started his own estate agency
business'white House Estates & Finance,.
Rishi's company values itself on being a serviced based agent offering sales. lettings, and property
management. Rishi is passionate about his clients being at the fOfront of every move he is excited to
make an impact on the property market in his area.
The PJEA academyatLeicesterCollege gaveme me an unbelievableplatform to begin my
professionallyjourney, whilstencouraging MYambitUS andentrepreneurialtraits. nie
t&7cher5andmentor5 were fantastKand505UPPOrtive-Icannot thank them enoughl
12
Ross Bailey
Founder. Appear Here
After graduating. Ross spotted an
opportunityduring theQueen'5 Diamond
Jubilee to open a pop-up shop on Carnaby
Street selling rebellious t-shirts of the Queen.
Having had difficulties finding shop space he
decided to create an online marketplace for
listing and booking shoit-term space, making
booking a shop as easy as booking a hotel
room.
Fast forward to today. Appear Here. has
office5 in three cities worldwide, has over
100,000 global brands, retailers and creative
entrepreneurs signed up to use the service,
and over 10,0¢)O.WO square foot of rental
space.
Thepractlcalelementofthe PJEA wa5 importanttome. One thing I took from the Academy, whlch
ha5 impactedmy lifegreatly. wa5 howt05POtan opportunityandthen focus on it- Staying true to
what the br?ndi5Jboutandnotovercomplicating thing5 Wlth diverSn5.
Katie Buckingham
Founder. Altruist Enterprise
Katie 8uckingham is a multi-award winning social
entrepreneur and Founder of Altruist Enterprises
an experienced provider of Resilience, Stress
Management and Mental Health First Aid Training to
organisations nationally.
Katie graduated from the Peter Jone5 Enterprise
Academy in 2013 and is passionate about roising
awareness of mental health and encouraging more
people into social enterprise.
13
## **OUR PARTNERS**
The Peter Jones Foundation aims to continually develop relationships with a broad network of supporters, from **Akeem Wangeh** education providers and businesses to philanthropic individuals and organisations, who interest and passion for supporting young people aligns with ours.
**----- Start of picture text -----**
Anaum Farooq
**----- End of picture text -----**
We are incredibly thankful to our network of partners whose contribution, both in-kind and financial, has enabled us to continue to expand the scope of our work. Over the past year, we have worked with innovative leaders across our Masterclasses, Igniting Enterprise webinars, National Entrepreneur of the Year judging panels, the Tycoon Enterprise programme and mentoring schemes. Every one of these supporters have helped us to inspire a generation of young entrepreneurs to realise their potential and, in doing so, have enabled us to meet our mission. In a year where we have struggled financially, we are grateful for the funding that we have received from our corporate partners, individuals and trusts & foundations, without these financial contributions we would not have been able to quickly adapt, expand our programmes and futureproof our offering.
We’re really grateful to the individuals and organisations, listed below, that have supported us financially and in other ways during the past year, as well as those that wish to stay anonymous.
## Sage
BrandPath Bag &Bones Commercial Education Trust Pearson Pet’s Corner The Clare Foundation Goal 17 The Dixon Foundation EPM Digital
## Mentors
Diego Jimenez Stanimira Koleva Oli Dalloway Sarah Race Oliver Thomas Hannah Walton Jon Kirkup Michael Baccich Ian Mole Alexander Hall Mark Ledder Kay Daniels Rick Gannon Teresa Boughey Sally Henderson
Antoinette Oglethorpe
Gemma Lomas Ali Tait Clare Ford Riya Jadhav Rupert Squires Miff Martinek Jane Court Caroline Raine Victoria Burger Lorraine Gannon Paula Barnard-Groves Jarmila Yu
## **Igniting Enterprise Webinar Hosts**
Gynelle Lyon Josh Wintersgill Dr Elena Diekmann Paul Gilligan Priscilla Israel Richard North
14
## **SUPPORTING THE PETER JONES FOUNDATION**
By supporting the Peter Jones Foundation you’ll be joining a network of entrepreneurs, investors and innovators who champion young people and help create opportunities for them to realise their potential.
We believe in the power of collaboration and enjoy working with our supporters to create bespoke partnerships that match their personal and/or business interests and priorities. Here are just some of the ways you can be involved.
## Invest in our pioneering programmes
As a charity we’re completely reliant on the generosity of individuals and organisations to meet our needs and raise nearly 50% of our annual income. Without this financial support we would not be able to continue to nurture the next generation of entrepreneurs. By making a donation today, you’ll be helping to fund our educational programmes and will be enabling us to continue to expand the scope of our vital work.
## Sponsorship
We run a series of events and competitions throughout the year that offer multiple sponsorship opportunities. By sponsoring an event you’ll have the chance to have your brand profiled in front of more than 1,000 young people and hundreds of business leaders, plus many more watching the video replays and digital channels.
## Mentorship
Join a national network of business leaders coaching our Tycoon, PJEA and Alumni beneficiaries through the next stages of their business journey. There is enormous value in connecting young people with business leaders who can share practical advice with a generation of young entrepreneurs looking to realise their potential.
## Digital Content
This year, we pledged to create more high-quality digital content to ensure that all young people, regardless of geography or background, have the opportunity to hear from innovators, entrepreneurs and business leaders. From Igniting Enterprise webinars, to business Masterclasses and Flash Challenges, supporting our digital content provides our beneficiaries with the practical and actionable advice they need to get their ideas off the ground.
If you are passionate about improving the socioeconomic outcomes for young people by equipping them with the enterprise skills that will improve their life chances, we’d love to hear from you.
Please email partnerships@pjfoundation.org to arrange a time to speak.
## Event Support (In-Kind)
Our exclusive fundraising events bring together celebrities, business leaders and aspiring and established entrepreneurs. By attending one of our events or donating a gift or experience to our auction you will play a significant role in helping us meet our fundraising ambitions, as well as meeting like-minded people and raising the profile of your business.
## Ambassadorship
PJF Ambassadors will represent the charity at key events and act as advocates for our mission and programme delivery.
15
Legal & Administrative Information For the Year ended 31st December 2022
## **LEGAL & ADMINISTRATIVE INFORMATION**
|Principal Address:|Spaces Finsbury Park|
|---|---|
||17 City North Place|
||London|
||N4 3FU|
|Charity Number:|1110288|
|Company Number:|05321690|
|Registered Office:|Network House|
||Third Avenue|
||Globe Park|
||Marlow|
||Buckinghamshire|
||SL7 1EY|
|Trustees:|P Jones CBE|
||C Cryan CBE|
||R Tabberer CBE|
||S Vincent - Resigned June 2023|
|Executive Chair:|J Sobczyk|
|Managing Director:|B Muirhead|
|Secretary:|J Holdgate|
|Bankers:|Barclays Bank Plc|
||Thames Valley Corporate Banking Centre|
||PO Box 2481|
||Reading|
||Berkshire|
||RG1 4XX|
|Principal Solicitors:|Bates Wells LLP|
||10 Queen Street Place|
||London|
||EC4R 1BE|
|Auditors:|Michaelides Warner|
||102 Fulham Palace Rd|
||London|
||W6 9PL|
17
Report of the Trustees For the Year ended 31st December 2022
## **REPORT OF THE TRUSTEES**
The Trustees present their report together with the financial statements for the year ended 31 December 2022 which are also prepared to meet the requirements for a directors’ report and accounts for Companies Act purposes.
## Our Mission
_The Peter Jones Foundation exists to provide young people, underserved communities and under-represented groups with the enterprise skills and experiences needed to better prepare them for successful employment or self-employment._
## Our Strategic Plan
There is a wealth of research to show that young people need to be more enterprising to succeed in a fast-changing world of work and skills needs. Postpandemic, we are seeing what many see as a mental health crisis with (according to The Prince’s Trust Youth Index) 22% of young people thinking they will fail in life with this figure rising to a third among those that are NEET. Strong enterprise education that helps develop resilience and nurture aspiration whilst developing essential skills can help address this. At the same time, we must also note that young people are showing an increased interest in entrepreneurialism. Globally young people are founding double the number of companies than their older counterparts and more and more we are seeing young people set up side hustles alongside their studies or jobs and pursue portfolio careers.
Against this backdrop, we have goals to support 10,000 young people a year to set up and run their own business with start-up funding from the Foundation and for over 60% of our beneficiaries to be from underserved communities or underrepresented groups. A selection of the Foundation’s achievements are summarised in this report and the Foundation is proud to see the impact that our work is having on young people’s lives. As a leading voice and champion for enterprise and entrepreneurship education in this country, we continue in our endeavours to improve provision and drive a more enterprising culture.
## Our Legal Status
The Peter Jones Foundation is a charitable company limited by guarantee (Company number 05321690), incorporated on 29 December 2004 and registered as a charity on 1 July 2005 (Charity number 1110288).
The company was established under a Memorandum of Association which established the objects and powers of the charitable company and is governed under its Articles of Association.
Peter Jones Foundation Trading Limited (company number 07794319) is a wholly owned subsidiary for fundraising and trading activities which support the Peter Jones Foundation. The company made an operating profit of £115,004 in 2022.
## Objects and Strategies
The objects of the Peter Jones Foundation is to provide young people and disadvantaged groups with the resources, skills, connections, opportunities and experiences needed to achieve successful employment or self-employment.
The ways in which the Peter Jones Foundation achieves these objects continues to evolve. In particular we have put a great deal of energy into enhancing our suite of digital resources, making this a priority when schools were closed as a result of the Covid-19 pandemic. As a result, we are better positioned than ever to support schools and colleges should they adopt more blended models of delivery going forward.
The objects and activities of the Foundation reflect the vision of Peter Jones CBE to enable every young person, regardless of background, to realise their potential and improve their life chances.
Strategies employed to assist the Foundation with meeting its objects include:
Delivery of our strategic plan and the Encourage, Educate and Empower Programmes. Development of direct digital delivery including exclusive webinars, masterclasses and challenges developed in partnership with business leaders and entrepreneurs. Ongoing evaluation of our core activities.
18
- Partnerships with school and college providers across the UK to deliver world-class qualifications in business, enterprise and entrepreneurship. Our partnership with Pearson to develop and deliver enterprise and entrepreneurship education at Level 2 and Level 3.
- Promotion of the charity’s core objects via the media and social media.
- Promotion of the charity’s fundraising aims to the employees, customers and business partners of companies within Peter Jones CBE’s business portfolio.
- Promotion of the charity’s goals and aims via the Trustees and staff.
- PR activity to highlight the work of the charity explaining how people can get involved. Delivery of our National Entrepreneur of the Year programme.
- Expansion of our Programmes to reach more under-represented groups, Expansion of our Tycoon Enterprise Competition into international markets.
## Public Benefit
The principal way in which the Foundation currently delivers public benefit is through the advancement of education of young people and disadvantaged groups, in particular through the teaching of enterprise and entrepreneurial skills. By providing practical, skillsbased education through the Peter Jones Foundation, it provides public benefit:
- Directly to students and young people who are enrolled on PJEA courses.
- Through the development and delivery of an innovative curriculum nationally and internationally, working jointly with Further Education colleges and schools, with support from other education providers.
- Via the Tycoon Enterprise Competition, aimed at school children from the age of 6 years plus, which is free for all primary and secondary schools to participate in. The competition promotes and furthers entrepreneurial skills in children, by providing robust and comprehensive teaching resources, templates and guidance. Participating children ‘pitch’ for up to £3,000 per school to start a business and trade in school. Throughout the competition period they will learn vital skills like teamwork, build their confidence and hone their understanding of finances.
- Via our Tycoon International Competition, aimed at the international schools market. Through free events, both online and in-person, such as the Igniting Enterprise webinars which connect young people and disadvantaged groups with business leaders, entrepreneurs and innovators.
- Through PJF’s Alumni Scheme that supports graduates from the PJEA into whatever pathway they choose for example by matching them with mentors or, for those that are starting a business, providing platforms for them to pitch and seek investment.
- Via consequential benefits to the community at large.
In 2022 the PJEA worked with 14 schools and colleges, Tycoon supported 1,105 students and the Foundation worked with numerous businesses, entrepreneurs and employers across the country and beyond. Through the work of the Foundation, young people, underserved communities and underrepresented groups were given the opportunity to learn skills and gain in confidence, giving them improved chances in life to succeed on the path that is right for them. The PJEA provides young people with benefits that include interactions with employers, experiences of the workplace, access to career development opportunities, start-up funding and access to scale-up funding through the National Entrepreneur of the Year competition. Taking into consideration the changes in the economic landscape, particularly in the wake of the Covid-19 pandemic an ever-increasing number of employers are seeking entrepreneurial qualities such as confidence, resilience, determination, and selfmanagement, which the PJEA and Tycoon both provide. The opportunity to benefit from the Foundation’s work through the PJEA is not restricted to any single group (although the principal focus is on young people and disadvantaged groups, they have proven success at working with Military Veterans and older beneficiaries) and no geographic restrictions are imposed by the Trustees.
The work of the Peter Jones Foundation benefits the public at large by increasing employment opportunities for not only the Tycoon and PJEA students, but for others who could potentially be employed in the future by our Alumni, who have set up their own businesses using the skills they learnt at the PJEA or through Tycoon. Access to the PJEA’s enterprise courses through these education providers is not limited, it is open to anyone who is able to enrol at a relevant school or college and has the necessary qualifications to study for the BTEC, GCSE or A-level qualifications.
The Trustees have not identified any significant harm or detrimental effect of the Foundation’s activities.
19
Report of the Trustees For the Year ended 31st December 2022
## Trustees and Key Management Personnel
The directors of the company are also Trustees for the purposes of charity law and under the company’s articles are known as Trustees. Under the requirements of the Memorandum and Articles of Association, one third of the Trustees must retire each year after which they may be re-elected at the next Annual General Meeting. The Trustees were:
P Jones CBE
R Cryan CBE
R Tabberer CBE
S Vincent *
* Member of the Finance and Audit Committee All Trustees served throughout the financial year.
The Trustees of the charity are committed to good governance and seek to operate the charity in the most effective and efficient manner possible.
The key management personnel of the charity were the Trustees and Executive Chairman, Jonathan Sobczyk Boddington, Chief Operating Officer, Stella Atherstone and Managing Director, Bill Muirhead. Review of the pay of key management is performed on a discretionary basis.
Section 4 of the Charities Act 2011 to have due regard to the Charity Commission’s general guidance on public benefit in planning and implementing all the activities of the charity.
## Achievement
The Trustees are delighted to report that the Peter Jones Enterprise Academy network continues to deliver strong outcomes , with a dedicated group of Schools and Further Education Colleges delivering pioneering enterprise and entrepreneurship qualifications. In 2021 the consolidation and retaining the existing network of PJEAs amid budgetary cuts across the education sector and, in light of the DfE’s review into qualifications at Level 3, worked closely with Pearson towards plans to remodel the PJEA so that it will align to new funding criteria and meet the needs of providers in a landscape where T-Levels become the main vocational pathway for young people.
The PJEA journey has had a significant impact on the lives of many of our graduates, who go on to brighter futures, as they are more confident and better equipped for higher education or the business world, whether that is employment, self-employment or higher education.
## Decision Making
The Trustees hold quarterly meetings to discuss matters relating to the Peter Jones Foundation. These meetings are complemented by many informal conversations which take place on a more frequent basis between the Trustees and key management that facilitate the decision-making process.
## Induction and Training of Trustees
When new trustees are appointed to the Board an induction and training programme is available. As part of their role current trustees have attended various events and activities that showcase the Foundation’s work, this helps their understanding of how the programmes are delivered in practise and what the experience means to the students.
## Ensuring our work delivers our aims
Our activities are subject to continual review throughout the year by both the Board of Trustees and key management. This review process helps us to ensure that all our activities remain focussed on our stated aims and objectives.
In this context the Board of Trustees can confirm that they have complied with their duty under
The Trustees are pleased to report that Tycoon in 2022 has been another great success, as 1,105 more schoolchildren were given the opportunity to start their own business in a supported environment. To date, we have close to £700,000 available to more than 15,000 students, who in turn gain vital skills. Their development is tracked against a framework of eight core competencies: Communication, creativity and innovation, digital skills, financial skills, leadership, problem-solving, self-management and resilience and teamwork.
Having been unable to run fundraising events for a period due to the Covid-19 pandemic, we were delighted to be able to run our first PJF Shoot fundraiser for two years in 2022. This event raised £92,221. The Foundation are incredibly thankful to all those who donated and generously gave prizes.
As a charity, the Peter Jones Foundation receives over 55% of its annual income from grants and donations given by individuals and organisations. In a year when many charities continued to face uncertain and unstable revenue streams, this financial support of £598,076 was critical in enabling the Foundation to continue its work.
20
## Investment policy
Aside from retaining a prudent amount in reserves each year, most of the charity’s funds are to be spent in the short term so there are few funds for long term investment. Having considered the options available, the Trustees have decided to invest the small amount that it has available in bank deposit accounts.
## Reserves policy
During the year, the Trustees reviewed the charity’s requirements for reserves in light of the main risks to the organisation. In the current economic climate where fluidity is required, surplus funds are held in separate accounts to ensure liquidity. The level of Unrestricted Reserves at the year-end was £226.6k Reserves are held to cover for unseen circumstances including any unplanned reduction to income.
## Risk management
The Trustees continue to identify and review the major risks to which the Foundation is exposed. Key management review risk at monthly meetings and identify any key potential risks to the organisation for the Trustees to consider. Contractual risks, in particular, are reviewed before being entered into to assess and ensure that they could not significantly impact upon the Foundation’s ability to fulfil its objectives. All major insurable risks are covered by the appropriate insurance. The Finance and Audit Committee monitors financial performance, considers audit matters, further explores areas of financial risk and makes recommendations to the Trustees.
## Statement on the system of internal financial controls
As Trustees, we acknowledge we have overall responsibility for ensuring that the charitable company has an effective and appropriate system of control, financial and otherwise. We are also responsible for keeping proper accounting records that disclose, with reasonable accuracy, at any time the financial position of the charitable company and enable us to ensure that the financial statements comply with the Companies Act 2006.
We also acknowledge responsibility for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities and to provide reasonable assurance that:
The charitable company is operating efficiently and effectively.
Its assets are safeguarded against unauthorised use or disposition; proper records are maintained, and financial information used within the charitable company or for publication is reliable. The charitable company complies with relevant laws and regulations.
## Plans for the future
Activities for 2023 will focus on continuing the roll out of our strategic plan, building robust and sustainable charitable programmes that continue to positively impact the lives of young people, underserved communities and under-represented groups . We will continue to develop our suite of programmes and qualifications, in collaboration with Pearson, to provide our beneficiaries with highquality and impactful opportunities designed to equip them with future-ready skills. This will include work to develop a new qualification to align with criteria set out by the DfE as part of their review into qualifications at Level 3. Given the uncertainty in the market as a result of this review, we do not anticipate significant growth of our Peter Jones Enterprise Academy network in the short term and so our focus will be retention of our current network and growth of our Tycoon programme particularly , within areas of low economic opportunity. In addition, the Foundation will develop new products looking at young people being home schooled as well as the higher education market and further work internationally as areas to explore.
The Foundation will continue to review, make improvements and build on the success of Tycoon in both primary and secondary schools in 2023, helping to embed an enterprising culture in schools across the UK and now in Mainland China, Hong Kong, Abu Dhabi and Dubai too.
## Financial Outlook
Like many organisations the Foundation continue to face challenges in the wake of the Covid-19 pandemic, and in addition, we operate in a climate of some uncertainty and unrest across the education sector. We have been agile and quick to adapt to circumstances and with a focus on new product development and delivering two fundraising events in 2023 we are confident of growing the charity's income streams over the next financial year. These developments and the continued support of Peter Jones CBE and his group of businesses, have led the Trustees to conclude that the charity has adequate resources to continue in operational existence for the foreseeable future.
21
Report of the Trustees For the Year ended 31st December 2022
The senior management team prepare and monitor cash flow forecasts on a regular basis in order to satisfy themselves that the charity can continue to pay its debts as they fall due. They also prepare operating budgets and forecasts which are regularly reviewed by the Trustees. Thus, the Trustees are satisfied that it remains appropriate to continue to adopt the going concern basis of accounting in preparing the annual financial statements.
To conclude we would like to take this opportunity to thank everyone that made a contribution to the Peter Jones Foundation in the year, both in terms of financial donations and personal time committed. Without these valuable contributions we would not be able to deliver on our vision for the Foundation.
## Trustees’ Responsibilities Statement
The Trustees (who are also directors of The Peter Jones Foundation for the purposes of company law) are responsible for preparing the Trustees’ Report and the financial statements in accordance with applicable law and regulations.
Company law requires trustees to prepare financial statements for each financial year. Under that law the Trustees have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charitable company and the group and of the incoming resources and application of resources of the charitable group for that period.
In preparing these financial statements the Trustees are required to:
- select suitable accounting policies and then apply them consistently;
- observe the methods and principles in the Charities SORP;
- make judgments and accounting estimates that are reasonable and prudent; and
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable group will continue in business.
The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charitable company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The Trustees confirm that:
- so far as each Trustee is aware, there is no relevant audit information of which the charitable company’s auditor is unaware; and the Trustees have taken all the steps that they ought to have taken as Trustees in order to make themselves aware of any relevant audit information and to establish that the charitable company’s auditor is aware of that information.
The Trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company’s website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
## Auditor
Michaelides Warner were appointed as auditors to Peter Jones Foundation and Peter Jones Foundation Trading Ltd in January 2023 and will be deemed appointed for the next financial year in accordance with section 487 (2) of the Companies Act 2006 unless the charitable company receives notice under section 488(1) of the Companies Act 2006.
## Small company provisions
This report has been prepared in accordance with the special provisions for small companies under Part 15 of the Companies Act 2006.
By order of the Board
R Tabberer CBE Trustee
R Cryan CBE Trustee
Company no. 05321690
22
Independent Auditor’s Report to the Members and Trustees of the Peter Jones Foundation For the Year ended 31st December 2022
## **INDEPENDENT EXAMINER’S REPORT TO THE MEMBERS AND TRUSTEES OF THE PETER JONES FOUNDATION**
We report to the Charity Trustees on our examination of the financial statements for the year ended 31 December 2022, which comprise the Consolidated Statement of Financial Activities, the Consolidated Summary Income and Expenditure Account, the Consolidated and Parent Charitable Company Balance Sheets, the Consolidated and Parent Charitable Company Statement of Cash Flows and notes to the financial statements, including a summary of significant accounting policies.
This report is made solely to the charity's Trustees, as a body, in accordance with Regulation 31 of the Charities (Accounts and Reports) Regulations 2008. Our 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 independent examiner'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's Trustees as a body, for our work, for this report, or for the statement we have made.
to follow the procedures laid down in the general Directions given by the Charity Commission under section 145(5)(b) of the Charities Act, and to state whether particular matters have come to our attention.
## Basis of independent examiner's report
Our examination was carried out in accordance with the general Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts and seeking explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently no opinion is given as to whether the accounts present a 'true and fair view' and the report is limited to those matters set out in the statement below.
## Independent examiner's statement
## Respective responsibilities of trustees and examiner
As the charity's Trustees of the company (and also its directors for the purpose of company law) you are responsible for the preparation of the company accounts in accordance with the requirements of the companies Act 2006 ('the 2006 Act').
Having satisfied ourselves that the accounts of the company are not required to be audited under Part 16 of the 2006 Act and the accounts are eligible for independent examination, we report in respect of your charity's accounts as carried out under section 145 of the Charities Act 2011 ("the 2011 Act")
It is our responsibility to:
- examine the accounts under section 145 of the Charities Act,
In connection with our examination, no matter has come to our attention:
(1) which gives us reasonable cause to believe that in, any material respect, the requirements:
to keep accounting records in accordance with section 130 of the Charities Act, and to prepare accounts which accord with the accounting records and comply with the accounting requirements of the Charities Act have not been met; or
(2) to which, in our opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.
## Pavithra Sri Hari ACCA
For and on behalf of MICHAELIDES WARNER & CO
23
Principal Accounting Policies For the Year ended 31st December 2022
## **PRINCIPAL ACCOUNTING POLICIES**
## Basis of preparation
The financial statements have been prepared under the historical cost convention and in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts 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 1st January 2019) and comply with the Charities Act 2011 and Companies Act 2006.
The principal accounting policies of the charitable group are set out below. The accounting policies have been applied consistently throughout the year and the prior year.
## Basis of consolidation
The group financial statements consolidate the financial statements of the private charitable company limited by guarantee and those of its subsidiary (both registered in England and Wales). The financial statements of each company in the group have been prepared to 31 December 2022. All intra-group transactions are eliminated on consolidation.
The charitable company has taken advantage of Section 408 of the Companies Act 2006 and has not included its own profit and loss account in these financial statements. The charitable group deficit for the year of £86,446 (2021: deficit of £77,880) includes a deficit of £87,954 (2021: deficit of £145,446) which is dealt with in the financial statements of the parent company and a surplus of £1,508 (2021: surplus of £67,576) for the trading subsidiary, Peter Jones Foundation Trading Limited.
## Going concern
The Trustees have reviewed the status of both its funding arrangements and future plans for a period of at least the next twelve months from the date of signature of these financial statements. The impact of the Covid-19 virus has reduced some of the activities of the charity, however the Trustees are satisfied that it remains appropriate to continue to prepare the financial statements on a going concern basis.
## Fund accounting
Unrestricted funds are available for use at the discretion of the Trustees in furtherance of the objects and mission of the charity.
## Restricted funds
Restricted funds are to be used for specified purposes laid down by the donor / granting body. Expenditure for those purposes is charged to the fund together with a fair allocation of overheads and support costs.
## Donations and gifts
All monetary donations and gifts are included in full in the Statement of Financial Activities when receivable, provided that there are no donorimposed restrictions as to the timing of the related expenditure, in which case recognition is deferred until the pre-condition has been met.
No income is recognised when there is no financial cost borne by a third party. Voluntary help is not included as income.
## Income from Educational activities
Learner income is recognised on a time basis as the courses are delivered.
24
## Other income
Income is recognised when the charity 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. Income from government and other grants is recognised when the charity has entitlement to the funds, any performance conditions attached to the grants have been met, it is probable that the income will be received and the amount can be measured reliably and is not deferred.
## Expenditure
Liabilities are recognised as soon as there is a legal or constructive obligation committing the charitable group to the expenditure. All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category.
Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes costs that can be allocated directly to such activities.
## Tangible fixed assets
Tangible fixed assets are included in the financial statements at cost.
Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows:
Furniture and fittings: 4 years Building costs: 5 years Office equipment: 4 years
## Financial instruments
Financial instruments are recognised in the Balance Sheet when the charity becomes party to the contractual provisions of the instrument.
The group 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 carried at amortised cost using the effective interest method.
## Retirement benefits
## Allocation of costs
In accordance with the Charities SORP, expenditure has been analysed between the cost of generating funds, the charitable company's charitable activities and governance. Items of expenditure which involve more than one cost category have been apportioned on a reasonable, justifiable and consistent basis for the cost category concerned. Central staff and support costs are allocated on the basis of time spent on each activity and depreciation charges on the basis of the proportion of the assets' use which is utilised by each activity.
## Governance costs
Governance costs include those costs associated with meeting the constitutional and statutory requirements of the charity and include the audit fees and costs linked to the strategic management of the charity.
Full time and part time staff employed under a contract of service are eligible to contribute to the Scottish Widows Pension scheme. Eligible staff can contribute up to a maximum of ten percent and employee contributions will be matched by the charitable group.
The scheme is a defined contribution pension scheme. The assets of the scheme are held separately from those of the charitable group. The annual contributions payable are charged to the Consolidated Statement of Financial Activities.
## Operating lease commitments
Where operating leases are entered into, rentals paid are charged to income on a straight line basis over the lease term.
25
Consolidated Statement of Financial Activities For the Year ended 31st December 2022
## **CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES**
(including income and expenditure account)
|Note|Restricted
Funds
Unrestricted
Funds
Total
Funds
Total
Funds|
|---|---|
||2022
2022
2022
2021|
|Reconciliation of funds
Total funds brought forward
Total funds carried forward
Income
Donations and legacies
_Income from charitable activities:_
Educational activities
_Income from other trading_
_activities:_
Fundraising events
Sponsorship and trading
Other
Total incoming resources
3
2
1
6
7
3
5
4
Expenditure
_Costs of raising funds:_
Fundraising events
Sponsorship and trading
_Expenditure on charitable activities:_
Educational activities
Grants
Total expenditure
Net income/(expenditure) and net
movement in funds in the year
Transfer between funds|-
£
-
101,667
-
-
£
77,160
91,428
107,523
116,250
-
£
77,160
209,190
116,250
-
91,428
105,026
£
107,217
140,340
117,083
18,773|
|||
||101,667
392,361
494,028
488,439|
|||
||(100,600)
-
-
-
(116,969)
-
(356,905)
(6,000)
(457,505)
(6,000)
(116,969)
-
(68,466)
-
(484,853)
(13,000)|
|||
||100,600
(479,874)
(580,474)
(566,319)|
|||
||155,600
1,067
314,065
(87,513)
469,665
(86,446)
-
547,545
(77,880)
-
-
-|
|||
||156,667
226,552
383,219
469,665|
The statement of financial activities includes all gains and losses in the year. All income and expenditure derives from continuing activities.
The accompanying policies and notes form an integral part of these financial statements.
26
Consolidated Balance Sheet For the Year ended 31st December 2022
## **CONSOLIDATED BALANCE SHEET**
|Note|Restricted
Funds
Unrestricted
Funds
Total
Funds
Total
Funds|
|---|---|
||2022
2022
2022
2021|
|Total charity funds
Fixed assets
Tangible assets
Current assets
The funds of the charity:
Unrestricted income funds
Restricted income funds
Creditors: amounts falling due
within one year
Total assets less current liabilities
Net assets
16
16
15
12
14
Debtors
Cash at bank and in hand
Total|-
£
-
£
-
£
£
-|
|||
||-
156,667
231,596
71,840
231,596
228,507
269,537
374,161|
|||
||-
156,667
(76,884)
303,436
(76,884)
460,103
643,698
(174,033)|
|||
||-
-
-
-|
|||
||156,667
226,552
383,219
469,665|
|||
||-
156,667
226,552
-
226,552
156,667
314,065
155,600|
|||
||156,667
226,552
383,219
469,665|
These trustees have prepared group accounts in accordance with section 398 of the Companies Act 2006 and section 138 of the Charities Act 2011. These accounts are prepared in accordance with the special provisions of Part 15 of the Companies Act relating to small companies and constitute the annual accounts required by the Companies Act 2006 and are for circulation to members of the company.
The notes on pages 18 to 25 form part of these accounts.
They are approved by the Board of Trustees and authorised for issue on: and signed on its behalf by:
R Cryan CBE Trustee
R Tabberer CBE Trustee
Company no. 05321690
27
Charity Balance Sheet For the Year ended 31st December 2022
## **CHARITY BALANCE SHEET**
||Note|Restricted|Unrestricted|Total|Total|
|---|---|---|---|---|---|
|||Funds|Funds|Funds|Funds|
|||2022|2022|2022|2021|
|||£|£|£|£|
|Fixed assets||||||
|Tangible assets|12|-|-|-|-|
|Investments|13|-|1|1|1|
|||-|1|1|1|
|Current assets||||||
|Debtors|14|-|131,409|131,409|179,350|
|Cash at bank and in hand||156,667|41,738|198,405|313,850|
|||156,667|173,147|329,814|493,200|
|Creditors: amounts falling due|15|-|(61,600)|(61,600)|(137,032)|
|within one year||||||
|Total assets less current liabilities||156,667|111,547|268,214|356,168|
|Net assets||156,667|111,547|268,214|356,168|
|Unrestricted funds||||||
|General funds|16|-|111,547|111,547|200,568|
|Restricted funds||||||
|Restricted funds|16|156,667|-|156,667|155,600|
|General funds||156,667|111,547|268,214|356,168|
These financial statements have been prepared in accordance with the special provisions for small companies under Part 15 of the Companies Act 2006.
They are approved by the Board of Trustees and authorised for issue on: and signed on its behalf by:
R Cryan CBE Trustee
R Tabberer CBE Trustee
Company no. 05321690
28
Statement of Cash Flows and Consolidated Statement of Cash Flows For the Year ended 31st December 2022
## **STATEMENT OF CASH FLOWS AND CONSOLIDATED STATEMENT OF CASH FLOWS**
||Note|Group|Group|Charity|Charity||
|---|---|---|---|---|---|---|
|||2022|2021|2022|2021||
|||£|£|£|£||
|Cash used in operating activities|19|(145,654)|(161,103)|(115,445)|(179,330)||
|Cash flows from investing activities||-|-|-||-|
|Cash provided by (used in) investing|||||||
|||-|-|-||-|
|activities|||||||
|||-|-|-||-|
|Cash flows from financing activities|||||||
|Cash used in financing activities||-|-|-|-||
|Increase (decrease) in cash in the year||(145,654)|(161,103)|(115,445)|(179,330)||
|Cash at the beginning of the year||374,161|535,264|313,850|493,180||
|Total cash at the end of the year||228,507|374,161|198,405|313,850||
29
Notes to the Financial Statements For the Year ended 31st December 2022
## **NOTES TO THE FINANCIAL STATEMENTS**
|1 Donations and grants|||
|---|---|---|
||2022|2021|
||£|£|
|Sage Foundation|45,000|71,250|
|Other donations|46,428|33,776|
|Total income from donations|91,428|105,026|
|2 Educational activities|||
||2022|2021|
||£|£|
|Learner income from commissioned colleges|43,769|80,467|
|Royalty income from qualifications|11,675|13,650|
|Income from schools and other educational activities|-|13,100|
|Flash challenge|6,000|-|
|PJEA learner fees|15,716|-|
|Total income from educational activities|77,160|107,217|
|3 Fundraising events|||
||2022|2021|
||£|£|
|Income from fundraising events|209,190|140,340|
|Costs of fundraising events|(116,969)|(68,466)|
|Net funds raised|92,221|71,874|
## 4 Other incomes
Total government grant income of £NIL (2021: £18,773) received from the Government Coronavirus Job Retention Scheme is included within Other Income.
## 5 Sponsorship and trading
The charity’s investment in the subsidiary company is included at cost.
The wholly owned trading subsidiary Peter Jones Foundation Trading Limited is incorporated in England and Wales (company number 07794319) and pays all its profits to the charity under the Gift Aid scheme. The principal activity of Peter Jones Foundation Trading Limited is the trading activities of the charity which includes sponsorship support.
30
**----- Start of picture text -----**
2022 2021
**----- End of picture text -----**
||2022|2021|
|---|---|---|
|The summary financial performance of the subsidiary alone is:|£|£|
|Turnover|116,250|117,083|
|Administrative expenses|(114,996)|(49,507)|
|Net income|1,284|67,576|
|Distributions to parent charity under gift aid|113,720|43,241|
|Net movement in the subsidiary|115,004|110,817|
|The assets and liabilities of the subsidiary were:|||
|Current assets|150,102|167,632|
|Current liabilities|(35,097)|(56,814)|
|Total net assets|115,005|110,818|
|Capital and reserves|||
||1|1|
|Called-up equity share capital|||
|Profit and loss account|115,004|110,817|
|Total|115,005|110,818|
## 6 Analysis of expenditure on charitable activities
||2022|2021|
|---|---|---|
||£|£|
|_Educational activities_|250,009|233,693|
|Education support and outreach|80,255|120,636|
|Promotion and marketing|122,241|116,240|
|Support costs (see note 8)|5,000|14,284|
|Governance costs (see note 9)|457,505|484,853|
## 7 Grants
The Peter Jones Foundation approved a grant in the year of £5,000 (2021: £7,000) from the Carol Slesser Fund to Bethany Edwards, winner of the PJEA National Entrepreneur of the Year. Further grants totalling £1,000 (2021: £4,000) were given to the runner up and finalists of the PJEA National Entrepreneur of the Year.
31
Notes to the Financial Statements For the Year ended 31st December 2022
|8 Support Costs|||
|---|---|---|
||2022|2021|
||£|£|
|General office|69,536|62,948|
|Salaries and related costs|52,705|53,292|
||122,241|116,240|
|9 Governance Costs|||
||2022|2021|
||£|£|
||-|-|
|Auditor’s remuneration|||
|Audit of financial|-|14,284|
|statements|5,000|-|
|Independent examination|5,000|14,284|
|10 Trustees and employees|||
The average number of employees during the year was 6 (2021: 6).
|The average number of employees during the year was 6 (2021: 6).||
|---|---|
|Wages & salaries
National Insurance contributions
Pension contributions|2021
£
305,944
32,093
15,584
2022
£
273,860
26,654
11,730|
|||
||353,621
312,244|
|The number of employees whose employee benefits exceeded £60,000 was:|||
|---|---|---|
||2022|2021|
|£60,001 - £70,000|0|0|
|£70,001 - £90,000|0|0|
|£90,001 - £100,000|1|1|
||1|1|
Contributions relating to the defined contribution scheme were paid in respect of a higher paid employee in the year was £4,160 (2021: £4,106). The total amount of employee benefits received by Key Management Personnel was £98,028 (2021: £96,215).
Wages and Salaries includes £NIL (2021: £NIL) in redundancy payments made during the year.
No other trustees or persons with a family or business connection with a Trustee, received remuneration in the year, directly or indirectly, from the charity, and no expenses were reimbursed to Trustees (2021: £NIL).
32
## 11 Taxation
As a charity, The Peter Jones Foundation is exempt from tax on income and gains falling within section 505 of the Taxes Act 1988 or s256 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects. No tax charges have arisen in the Charity.
## 12 Tangible fixed assets – group and charity
||Furniture & fittings|Building|Office|Total|
|---|---|---|---|---|
|||costs|equipment||
||£|£|£|£|
|Cost|||||
|As at 1 January 2022|50,612|15,524|56,806|122,942|
|||-|-|-|
|Additions|-||||
|||-|-|-|
|Disposals|-||||
|At 31 December 2022|50,612|15,524|56,806|122,942|
|Depreciation|||||
|At 1 January 2022|50,612|15,524|56,806|122,942|
|Provided in the year|-|-|-|-|
|Disposals|-|-|-|-|
|At 31 December 2022|50,612|15,524|56,806|122,942|
|Net book amount at 31 December 2022|-|-|-|-|
|Net book amount at 31 December 2021|-|-|-|-|
## 13 Investments
The charity holds a share of £1 in its wholly owned subsidiary Peter Jones Foundation Trading Limited which is incorporated in the England and Wales. This is the only share allotted, called up and fully paid. The activities and results of the company are summarised in note 4.
|14 Debtors|||||
|---|---|---|---|---|
||Group||Charity||
||2022|2021|2022|2021|
||£|£|£|£|
|Prepayments and accrued income|29,886|38,944|29,886|38,944|
|Trade debtors|201,710|230,593|81,710|120,593|
|Amounts owed by subsidiary|-|-|19,813|19,813|
||231,596|269,537|131,409|179,350|
33
Notes to the Financial Statements For the Year ended 31st December 2022
## 15 Creditors: amounts falling due within one year
||Group||Charity||
|---|---|---|---|---|
||2022|2021|2022|2021|
||£|£|£|£|
|Social security and other taxes|21,397|29,058|8,897|6,892|
|Trade creditors|6,325|40,417|6,325|40,417|
|Accruals and deferred income|47,280|102,867|44,496|88,031|
|Pension contributions|1,882|1,692|1,882|1,692|
||76,884|174,034|61,600|137,032|
|Deferred income|||||
||Group & Charity||||
||2022||||
||£||||
|Deferred income brought forward|57,909||||
|Amounts released from previous years|(57,909)||||
|Income deferred in current year|10,477||||
|Deferred income carried forward|10,477||||
At the balance sheet date the charity and group was holding funds received in advance for a programme of works to be delivered post year end.
## 16 Funds - Group
||Restricted|Unrestricted|Total|
|---|---|---|---|
||Funds|Funds||
||£|£|£|
|As at 1 January 2022|155,600|314,065|469,665|
|Incoming resources|101,667|392,361|494,028|
|Expenditure|(100,600)|(479,874)|(580,474)|
|At 31 December 2022|156,667|226,552|383,219|
|||||
|Funds - Charity||||
|As at 1 January 2022||||
|Incoming resources|155,600|200,568|356,168|
|Restriction release|101,667|389,831|491,499|
|Expenditure|(100,600)|(478,852)|(579,453)|
|At December 2022 ending balance|156,667|111,547|268,214|
34
## Restricted Funds – Group and Charity
||Sage|Carol|Sage|2021|Allen &|CET|David|Dragons|Total|
|---|---|---|---|---|---|---|---|---|---|
||Tycoon|Slesser|Bursary|Sage|Overy|Fund|Humpston|Lunch||
||Fund|Fund|Grant|Fund||||||
|||||(Tycoon &||||||
|||||VTEP)||||||
||£|£|£|£|£|£|£|£|£|
|As at 1 January 2022|125,000|4,000|6,600|15,000|5,000|-|-|-|155,600|
|Incoming resources|-|-|-|60,000|-|31,667|5,000|5,000|101,667|
|Deferred income|-|-|-|-|-|-|-|-|-|
|Expenditure|-|(4,000)|(6,600)|(60,000)|(5,000)|(20,000)|(5,000)|-|(100,600)|
|At 31 December 2022|125,000|-|-|15,000|-|11,667|-|5,000|156,667|
The Sage Tycoon restricted fund is for increasing the scope and participation in the Tycoon competition by supporting running costs and building the size of the loan fund available to enable young people to take part. The fund is provided by the Sage Foundation.
The Carol Slesser restricted fund is a legacy fund. As per Carol Slesser’s wishes the fund is used for a yearly award to the winner of the PJEA National Entrepreneur of the Year to assist in growing the winner’s business.
The Sage Bursary Grant was awarded as a bursary to NEOY runners up and funding development of the Tycoon Awards Package, the National Skills Award, and the Alumni Scale-Up Challenge.
The 2020 Sage Fund (Tycoon & VTEP) was awarded in September 2020 and is to support the further growth of the Tycoon Enterprise Competition and support those leaving military service early through the Veterans' Tycoon Enterprise Programme (VTEP).
The Allen & Overy Fund was awarded to part fund a school or college in the London borough of either Hackney or Tower Hamlets to become a Peter Jones Enterprise Academy in the academic year 2021/22. In agreement with Allen & Overy the grant was re-allocated to the Entrepreneurship in the Age of the side Hustle programme and workshops.
Funding was received from David Humpston to fund prize money for NEOY award in 2022.
A restriction was placed on funds to hold a Lunch with the Dragons event for 10 people pledged at the Charity Shoot event 2021.
## 17 Related Party Transactions
Peter Jones Investment Group , Brandpath Investments Limited and Alda Capital Limited are related to The Peter Jones Foundation by virtue of common directorships.
During the year Peter Jones Investment Group donated £NIL (2021: £NIL) to the Group. During the year Brandpath Investments Limited donated £NIL (2021: £NIL) to the Group.
The lease for space occupied by the Foundation is held in the name of a Group company. The cost of the lease and all associated utilities is shared equally and recharged by the lessee to the Foundation.
35
Notes to the Financial Statements For the Year ended 31st December 2022
The Related Party Transactions (RPT) Committee comprised Ralph Tabberer during the year. The RPT Committee considers all transactions and other arrangements of The Peter Jones Foundation with connected parties, assesses whether it is in the best interests of the charitable objects of The Peter Jones Foundation to enter into particular transactions, makes recommendations to the Trustees on particular transactions as appropriate and advises the Trustees on appropriate processes for tendering for contracts and selection of suppliers and other contractors.
## 18 Operating Lease Commitments
At 31 December 2022 the Group had commitments for future minimum lease payments under operating leases as set out below:
During the year £26,395 relating to operating lease costs was recognised in the Statement of Financial Activities (2021: £24,603)
## 19 Reconciliation of net movement in funds to net cash flow from operating activities
||Group|Group|Charity|Charity|
|---|---|---|---|---|
||2022|2021|2022|2021|
||£|£|£|£|
|Net movement in funds|(86,445)|(77,880)|(87,954)|(145,456)|
|Decrease / (increase) in debtors|37,940|(61,620)|47,940|23,380|
|Increase / (decrease) in creditors|(97,149)|(21,603)|(75,431)|(57,254)|
|Net cash used in operating
activities|(145,654)|(161,103)|(115,445)|(179,330)|
## 20 Pro-bono services
During the year, the foundation received legal, HR and IT support, as well as Peter Jones image rights, on a pro bono basis from The PJ Investment Group.
Additionally, the foundation received HR and health & safety support from Ellis Whittam on a pro bono basis, through its connection with The PJ Investment Group.
36
## **CONTACT DETAILS**
For further information on the Peter Jones Foundation please get in touch.
info@pjfoundation.org
Peter Jones Foundation 17 City North Place London N4 3FU
## @PJFoundation
## @peterjonesfoundation
## @PeterJonesFoundation
37
Get in touch: info@pjfoundation.org
Peter Jones Foundation 17 City North Place London N4 3FU
Charity Number 1110288 Company Limited by Guarantee Number: 05321690