THE PETER JONES FOUNDATION For the yvdr ended 31 December 2024 THE PETER JONES FOUNDATION ANNUAL REPORT & CONSOLIDATED ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2024 Company number 05321690. Charity number 1110288.
THE PETER JONES FOUNDATION For the year ended 31 December 2024 Index Page Legal & Administration Letter from our Founder Our Mission Enterprise Skills Framework Current Landscape Tycoon Entery)rise Competition Supporting Underserved Communities and Underrepresented Groups Peter Jones Enterprise Academy and National Entrepreneur of the Year The Peter Jones Foundation Alumni Ow Youth Panel Our Partners Supporting The Peter Jones Foundation Fundraising Events Yearend Position Report of the Trustees Independent Review Principal Accounting Policies Consolidated Statement of Financial Activities Consolidated Balance Sheet Charity Balance Sheet Statement of Cashflows Notes to the Financial Statements 10 11-19 20-21 22-24 25 26 27 28 29-35
THE PETER JONES FOUNDATION For the year ended 31 December 2024 L4al & Administration lincipal Address: Unit 183, Spaces Finsbury Park 17 CityNorth Place London N4 3FU C]wity Number: 1110288 Company Number: 05321690 Registered Office: Nthork House Glo Business Park Third Avcnue Marlow Buckinghamshire SL7 IEY Trustees: Ralph Tabberer CB Ami Pattetson-Higgins Stella Atherstone- Resigned 30 June 2025 Ayham Ayche-Appoint¢d 13 August 2024 Executive Chair R Tabberer CB Secretary: J Holdgate Bankers: Barclays Bank PIC Thames Valley Corwrate Banking Centre PO Box 2481 Reading Berkshire RGI 4XX Principal Solicitors: Bates Wells LLP l O Queen Street Place London EC4R IBE Independent Examiner". Michaelid¢s Warner Accountants and Business Advisors 102 Fulham Palace Road Hammersmith London W6 9PL
THE PETER JONES FOUNDATION For the year ended 31 December 2024 lttter from our Founder l established The Peter Jones Foundation (PJF) in 2005 to help and support young people, especially those from underserved communities and underrepresented groups, ofmy ttlKfthatevayyoung has I toachieve •things and (kwKs the rightto ahightff fiAur¢. Wc have pDvid&l thOUd$ ofyow kwith the enterprise skills and expericnces needed to better prepare thernKlv¢s for successful employment or self-employment. Against a backdrop of unprecedentcd uncertainty and transformalive advances in technology) it is more important than ever to nurture the entrepreneurs who will drive the UK'S futur¢ prosperity and to provid¢ young people with the tools. opportunities. and inspiration to achieve their ambitions. We are proud to have cstablished groundbreaking programm¢s for young people at all key stages and to be able to say that 970/0 of our Peter Jones Enterpris¢ Academy Alumni are in employmcnt, cducatioffj or trainin& with 33 % having gone on to set up their own business. A lot will change overthe next 20 years. Still. the essential skills we champion remain fundamenlal if w¢ are to fu]ty embrace the challenges ahead. Our approach champions project-based le4rnin& providing young people with hands-on ¢hall¢nges rooted in the real world of work and co-created with busin¢ss¢s and business founders from multiple sectors. Every young peTson should have the opportunity to experience setting up and running a busin¢ss. Over the past 12 years, as we have delivered our flagship Tycoon Enterprise Competition, we proud to have provid¢d over £314 million in start-up funding for student-led businesses. In addition, more than 6,000 students have duatsd from one of our Peter Jones Enterprise Academies with a 0ballY reco]Sed qualification. As we approach our 20th annivetsary year. it is inspiring to reconnect with many who have gone on to establish SU¢ssfUl careers or start-ups and are now the wealth and job creators that are so important to communities across the UK. This year, we launched the Peter Jones Home Academy, providing the growing matket of ¢l¢ctive home l¢arn¢rs with access to a widc rang¢ of resources and OprtUnItieS to help them develop their enterpri capabilÉties. Our vision is that this will become a platforn] to supportthe many hidden hustlers building businesses out oftheir bcdT(x)ms. This year's National Entrcprcncur ofth¢ Year competition was won by a graduate of the Pelerjones Home Academy, who is growing her own dance business in Manchester. Thank you fortaking the time to fmd out more about PJF and how wc support schools and colIcges across the UK. Whethcr you are from the world of education or busines4 we a eager to explore how we can collaborate with you to integrate ent¢rprise and entrepreneurship education and encouTage, educatc. and ¢mpowcr thc next generation. Here's to a brighter future where drnS do become realty. sied Peter Jones CBE
THE PETER JONES FOUNDATION For the year ended 31 December 2024 Our Mission The Peter Jones Foundation (PJF)'s mission is: '%0 he]p aKI SUPFth young people Icause ofour l]efthat'¢Very y(xll Fcrson hasthe Wkntial to achieve gEat things and deserves the right to a brightw fith". We provide young people, especially thos¢ from underserved communitles, and underrepresented groups with the enterprise skills and experiences to better prepare them for suc¢¢ssful employment or self-employment. W¢ do this through encouraging, educating. and empowering th¢ people we serve., Strategic Goals l. To support l 0,000 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. 2. Over /0 of the young people we support are from underserved communities or underrepresented oups. 3. We will champion enteryrise and entrepreneurship education and be a leading voice for creating a more enteris1ng culture, building a network of 500 enterprise ambassador4. Enterprise Skills Framework We track the impact of all our programmes against a set of eight core competencies which research shows are both valued by employers and are a skill set for successful entrepreneurship. This framework aligns Clo]Y with the Skills Builder toolkiL which is us¢d in many UK schools. Teamwo Communication Financial Skills Digital Skills Creativity and Innovation Self-management and Resili¢nc¢ Leadership Problem Solving Current Landscape Now, more than ever, strong enterprise and entrepreneurship education needs to become embedded in the curriculum so that w¢ can truly realise the potential and talent of young people across the UK. Young entr¢pr¢neurs are a crucial part of the economy, driving innovation, creating jobs, and making a Posktive impact on industry and communities across ihe UK. A report (by the Skills Builder Partnership) in 2023 estimated the total cost to the UK economy of depleted essential skills to be £22.2 billion. In this landscape, the Foundation's work has never been more relevant and necessary. We have id¢ntified some of the recent r¢s¢arch that highlights the importan¢¢ of our work below: Almost two-thirds of young people dream of starting their own business, but only 160/0 manage to take the leap (Federation of Small Businesses and Simply Business Repor¢ 2025). Just 35 % of young people in England rep)rt having any exposure to Enterprise Education at secondary %hool (Federation of Small Businesses and Simply Business Repo¢ 2025). Over a quarter of young people have staled that they would be more likely to start their businesses if they had received business or enterISe training or education. (The Prince's Trust. Young Entrepreneurship Review. 2021).
THE PETER JONES FOUNDATION For the year ended 31 December 2024 43 % of young peopl¢ from lower socioeconomic backgrounds would like to start their own business. (Prince's Trust Youth Index 2024). In 2022-23. 126,000 children were being home-schooled, up 70/0 from 2021-22, with the percentage of parents citing mental health as the primary reason rising from 9 % to 130/0. (Department for Education 2024). Globally, young people are more entrepreneurial than ever. and on average, are founding ov¢r double the number of companies than their older counterparts. (Entr¢preneurship Education, finncap Group, June 2022,). Tycoon Entsrprise Competition The Tycoon Entery)rise Competition is a fre¢ national competition open to all primary and secondary schools, as well as further education colleges, across the UK. It aims to encourage the nation's budding entrepreneurs and develop core enterprise skills, Tycoon businesses have access to a goodwill loan of up io £3,000 per schoovcollege and compete against each other, with th¢ option for Multi Academy Trusts and school groups to set up their own leagues. Th¢ top student enterprises in each Key Stag¢ are invited to a prestigious awards ceremony hosted by Peter Jones CBE each year. Tycoon Jmpact Since 2012: 17,200 Students have taken part in Tycoon. 1.483 Schools have been involved. 3,300 + Businesses have tL2ded. 87/0 of Businesses w¢r¢ profitable. Over £760,000 has been loaned as start-up funding. Over £250,000 has been raised from profitable student businesses and donated to g(K)d causes. 990/0 of teachers would recommend running Tycoon to a college. 890/0 of students felt that they had d¢v¢loped skills making them more employable. 950/0 of teachers felt that Tycoon had improved their students, financial awareness. 900/0 of students would recommend Tycoon to a friend. Supporting Underserved Communities and Underrepresented Groups PJF aims to hav¢ over 60 % of its beneficiaries come from underserved communities or underrepres¢nt¢d groups by 2026. To define this, we eqMIne the percentages ofour l¢arners who are eligible for Free School Meals (FSM), fall into the bottom two quintiles of the Encome Deprivation Affecting Childhood Index (IDACI), or study at school with a below-average Attainment 8 score. To help meet our goal, we are developing partnerships with organisations that target those facing the most significant challenges in ternis of finding employm¢nt or self-employment. One such partnership is our collaboration with Talentino, an organisation specialising in supporting providers for Special Educational Needs and Disabilities (SEND).
THE PETER JONES FOUNDATION For the year ended 31 December 2024 This parthership is already proving to be a success. as you can see from the figu5 below. Talentino data 18 teams submitted a business plan (13 schools). 6 teams submitted an evaluation. £7,633.85 was sent in goodwill loans. The Tycoon Overdll Winner for 2024 was Comm-unity Hub, a business that comp¢tcd in Tycoon through our partnership with Talcntino. Tycoon Overall Winner- Comm-unity Hub Skills Centre Plus | Loan Amount: £493.851 Profit: £1,444.28 Eslablished by SEND students, this innovative business aims to address the limitations of existing community hubs by providing a portable solution that caters to the specific needs of individual communitics. By recognising that fixed locations can pose barriers for those with mobility or transport challenges, they seek to bring essential services directly to communities in Scunthorpe and surrounding areas. Their portable community hub offers a range of servi¢¢s tailored to each community's specific needs, including food banks clothing banks, toy banks, social gatherings such as coffee mornings and knit-and-natt¢r sessions. as well as workshops on digital skills, coding, and electrical repaiTS. Peter Jones Enterprise Academy and National Entrepreneur of the Year The Peter Jon¢s Enten)rise Academy (PJEA) is our flagship Educate Programme. It includes our full suite of support for sector-leading vocational courses and qualifications in Enteryrise and Entrepreneurship. We offer a comprehensive package of r¢sources and suppor¢ including curriculum-linked challenges develod in collaboration with businesses and entrepreneur4 as well as the opportunity for students to pitch their businesses to Peter Jones CBE through our Nation Entrepreneur of the Year (NEOY) competition. To date, 5,750 students have graduated from ihe PJEA, with 960/0 indicating that they had a positive experience, 90 % stating that the course met thcir expectations. and 73 % reporting that the course helpKd th¢m develop their cn]ployabiEity skills. Alongside the PJEA, our Peter Jones Hom¢ Academy program was launched in June 2024 and is d¢signed as an online platforni for young peoplc interested in developing cntrepreneurial skills and cultivating an entrcpreneurial mindset, with th¢ potential to launch their own business or side hustle. This platforni is primarily aimed at 12- to 18-year-olds, especially those being home educate& and includes a 3&hour course on enterprise and entrepreneurship. Subscribers will benefit from a variety of unique rcsources and opportunities to support the development of essential enterprisc skills for successful employment or s¢lf-employment. Every month. subscribers gain access to bite-sized challengcs crcatcd in collaboration with cmployers and business foundern, along with monthly webinars and masterclasses f¢atirAng a diverse range of experts from various fields. Additionally> learners ar¢ invited to our annual awards ceremony. which Peter Jones CBE hosts. Young entrepreneurs aged 16 and older have the chance to enter the Foundation's National Entrepreneur ofthe Year competition. Those who demonstrate exceptional potential will be invited to pitch for a £5.000 investm¢nt at Peter Jones CBE's head office.
THE PETER JONES FOUNDATION For the year ended 31 December 2024 We were thrilled to learn that two of the finalists in the NEOY competition came through our Peter Jones Home Academy programme in 2024, one of whom, Miah Maddock-Hodgins, won with her business,'MCR Education Hub., Minerva Virtual Academy began trailing the program with their Year l O students as part of their enrichment activities and with Year 12 students as part of their A l£v¢l Business Studies. This initiative was enhanced by a series of live lessons led by our Head of Programmes. along with a guest speaker. The Peter Jones Foundation Alumni A bi-annual survey is conducted each y&gr to better un(lerstand the destinations of our alurnnA and their needs in temis of ongoing support. We are also keen to gauge their reflections on thc skills th¢y dcvelopcd whilc at the PJEA and on how valuable these skills have been since graduating. Wc were delighted to collect 197 SpOns¢S from our datsbase and even happier to learn that 98 % were in employment, education, or training. 301 have set up their businesses, with some achieving great success. Some results of the survey w¢re: 5,750 sdentS have aduat from Pctcr Joncs Entcrprise Academy programme with L¢v¢l 3 qualifications in Enterprise and Entrepreneurship. 800/0 of PJEA graduates want to start a business one day. 98 % of our alumni are in further educatio employment, or training. 300/0 of PJEA Alumni have their own business. Communication is the skill most valued by Alumni since graduating. 940/0 of Alumni indicated they would be interested in mentorship. Our Youth Panel In addition to the Board of Trustees, PJF has a youth panel comprising between 8 and 12 young people. generally aged between 16 and 25. The panel is a diverse mix of talented young advocates for enterise and entrepreneurship education who volunteer their time and act as a sounding board for PJF. They ensure the demographic of our beneficiaries has a voice in our strategic and progryammatic decision-making. PJF also offers youth panel members opportunities to support our work and events. The youth panel meets quarterly, ahead of Board of Trustees meetings, and prepares a paper on a key area of importance to present to the Trustees. Throughout 2024. key areas in which the youth pan¢1 has contributed include plans for our 20th anniversary year, feedback on our strategy for securing donations. and input on our Peter Jones Home Academy platforni and growth strategy. Our Partners PJF aims to continually develop and nurture relationships with a broad network of supporteTS, including education providers, businesses, philanthropic individuals, and organisations, whos¢ interests and passions for supporting young people align with ours. We are incredibly grateful to our network of partners, whose contributions -4)oth in-kind and fJnan¢ial -have enabled us to continue expanding the scope of our work. The Clare Foundation: The Clare Foundation supported PJF with a grant to help young peopl¢ in Buckinghamshire develop enfrrprise skills and an entrepreneurial mindset. This wt focused on driving participation from Buckinghamshire schools in the PJF'S Tycoon Enterprise Competition and generating awareness of our Peter Jones Home A¢ad¢my programme among the county's growing number of young people in elective home education.
THE PETER JONES FOUNDATION For th¢ year ended 31 December 2024 AA Educates: AA Educates is a CIC dedicated to empowering young individuals from underserved communities. equipping them with the skills ihey nccd to achieve their ambitions. In 2024, PJF collabornted with AA Educates to develop and deliver a Leadership Skills Badge, allowing our beneficiaries to complete a task designed to nurture and demonstrate a range of competencies associated with strong Icad¢rship. Pearson: PJF has partner¢d with Pearson for many years and, through our PJEA programme, supports their Level 2 and Level 3 qualifications in EnterpTiSC and Entrepreneurship. Thc government is reviewtng vocational qualifications, and in this changing landscape, we are wojking closely with the relevant teams at Pearson to develop new qualifications that will have broad appeal and sit alongside T- Levels as well as the Extended Project Qualification (EPQ). Pels Corner: Pets Corner has bccn a generous supporter of PJF for several years, offering mentoring and stewardship to our National Entrepreneur of the Year finalists, as well as setting a Flash Challenge for our PJEA studcnts. The challenge asks learners to consider the challenges facing high-street retailers and how these can be addressed through creativity and technology. We were delighted to onc£ again benefjt from the support of Pets Corner this year. Supporting The Peter Jones Foundalion PJF is fortunate to have access to an extensive network of philanthropic business leadeTS. entrepreneur4 and organisations. Through a range of initiatives, they act as ambassadors for the Foundation, champion young people, and help create opportunities for them to realise their potential. Events and Sponsorship: In addition to our annual awards cer¢mony for beneficiaries, we host two to three fundraising events EKryear. In 2024, we delivered a charity clay shool a charity golf event, and our inaugural Race for Enterist at Goodwood Motor Circuit, These events are always hugely successful occasions, thanks to the tremendous support of those who purchase tickets and participate in fundraisAng activities on the day, as well as the organisations that sponsor the occasion and donate prizes. Employee Engagement and Mentorship: For organisations or individuals interested in supporting young entrepreneurs through coaching or mentorship, we offcr numerous opportunities that can help en1]ce employee engagement and professional development. Strategic Partnerships: We are keen to engage with any busin¢ss thal recognises the value of supporting young pcopl¢, particularly those from disadvantaged backwunds. Working with PJF can support CSR and ESG priorilics, hclping to deliver a meaningful impact in the community. Fundraising Events PJF holds several cxclusive fundraising events throughout the year, host¢d by our Foundcr, Peter Jones CBE. Our events are attended by celebritics, friends of the Foundation, and our partners, making them extraordinary occasions to networl have fun, learn more about our work, and raise as much funds as possible to support the Foundation's programmes. During 2024, The Peter Jones Foundation Charity Golf Day was held at the beautiful Foxhills Golf Club & Resort in Surrey. Guests enjoyed 18 holes on a stunning golf course while taking part in a range of fundrnising games and additional elements on the day, including meeting two of our Tycoon business¢s that
THE PETER JONES FOUNDATION For the year ended 31 December 2024 visited to showcase their products and diSS th¢ pmgramme. The Golf Day raised £1 00,000 to support OUT programmes and positively impact our beneficiaries. The Peter Jones Foundation Charity Shoot is one of the most cnjoyablc cvents in the charity's annual calendar. providing a fantastic opportunity to raise vital funds forthe children and young people we support. Our Shoot Days are always fun and light-heartcd, with an edge of healthy competition. Held at the prestigious Royal Berkshire Sh(M)ting School, guests enjoyed a mornlng of clay pigeon shootin& followed ty a champagne reception, a three-course lunc an auctioffj speeches. and entertainmen( which grossed an incredible £150,000. We wer¢ excit¢d to d¢liver a brand-new fundraising event in September 2024 at the iconic Goodwood Motor Circuit in partnership with DTO Motorsp)rt. The Peter Jones Foundation Race for Entery)rise featured track driving, stunt drivin& off-road drivin& a simulator experience, access to premium hospitality area a champagne reception, and lunch at Goodwood House. We are ever grateful to all our supporters who attended this event and to all those who donated priz¢s for our auctions and gifts-in-kind, for which we rais¢d oveT £120,000 on the day. Yearend position PJF rcwrt¢d a consolidated year-end deficit of £l18.5k in 2024, principally du¢ to our investment in new programmes like our Peter Jones Home Academy programme, which supports the increasing number of young people falling out of mainstream education and electing to study from home. Having secured support for our National Entrepmieur of the Year programme for 2025, we have achieved some early commitments from partners supporting our Tycoon programme at a regional level, while also seeing strong advanced sales for 2025 fundraising events. We are optimistic that we will be in a strong position by the end of 2025.
The Peter Jones Foundation For the year ended 31 December 2024 Report of the Trnstees The Trustees present their report together with the financial statements for the year ended 31 December 2024 which are also prepared to meet Ihe requirements for a directors, report and accounts for Companies Act purposes. Our Skntegic Plan The total cost to the UK economy of low essential skills was estimated to be £22.2 billion by the Skills Builder Partnership. The key objective of all PJF programmes is to develop these competencies alongside a framework of eight enterprise skills. In doing so, we are not only enhancing the employability of young peopl¢ but also their confidence, self-esteem, and aspirations. Importantly our work is focused on doing this where it matters most. working with partners that can help us reach young people in the most disadvantaged communities of the UK. For example, our collaboration with SEND specialist Talentino, h&s significantly increased our reach and impact among those with learning difficulties. In addition, by estsblishing our Peter Jones Hom¢ Academy programme, we are beginning to help those who are falling through the cracks of mainstream provision, with 126,000 children being hom¢-schooled in 2022123, up 7 % from the previous academic year, as report¢d by The Department for Education An 2024. We remain committed to ensuring that 600/0 of our beneficiaries come from underserved communities or underrepresented groups. Alongside developing essential skills, our programme gives young people the opportunity to explore entrepreneurship and develop an entrepreneurial mindseL which is as valued by employers as it is a facet of th¢ business founder. Globally, we are seeing an increasing number ofyoung people explore entrepreneurship as a pathway or develop side hustles as a s¢¢ondary income source alongside iheir main jobs. Technological innovations, particularly Al, will impact m(xlels for education. therefore, a curriculum that places eater emphasks on skills and entrepreneurialism in all its forn]s is needed more than ever. Economies across the globe will always need problem solv¢rs, l¢ad¢rs, good communicator& and critical thinkers. We need school leavers to be resilien( financially literate, and digitally literate. Running world- class programmes that help young people nurture these skills and develop an ¢ntr¢preneurial mindset is what The Peter Jones Foundation has been doing succesthlly for 20 years. i The Prince, s Trust found that ov¢r half (52% ) of young people have "never been taught about rnnning [their] own business," yet over a quarter have said they would be more likely to do so ifthey had business or enterprise training while in education. Trustees believe that every young person should have the ¢xperi¢nce of setting up and running a business while in education. as a vehicle for developing skills and as a means of exploring entrepreneurship as a pathway. I Princ¢sTDJst-ThB YoungEntrepreneurship Review2019-2021 pag¢ 15. Against this backdrop, we have three core goals to achieve by the end of 2026: l. To support the enterprise and entrepreneurship education of10,000 young people a year, offering them the opportunity to set up and run a business, and demonstrating impact against our framework of 8 core enterprise skills. 2. For over 600/0 of our beneficiaries to be from undery communities or underrepresented groups. 3. We will champion enterprise and entrepreneurship ¢dUtIOn and be a leading voice for creating a more enterprising culture. building a network of 500 enterprise ambassadors.
The Peter Jones Foundation For the year ended 31 December 2024 In addition, as an organisation, we are committed to three operationa] priorities: l. Sustainability- we are committed to securing a diverse range of revenue streams, ensuring we have the funds to sustain all our programmc activities at the high¢st standard and with the appropriate staff Icvels. 2. Impact- we are committed to being able to demonstrate the impact of all our programme activity through robust data capture and qualitativc research. We will ¢nsure that the impact is proportionate to the cost. People- we are comrnittcd to the health, well-being, and professional development of all PJF staff and to making PJF a great place to work. Our Legal Stths & Governance 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 l 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. In 2023, as part of an ongoing governance review. Trustees approved amendments to PJF'S Articles to align them with more traditional charitable articles. Thes¢ ¢hang¢s enable our Founder, Peter Jones CBE, to step back from b¢ing a Trustee, whilst remaining involved as Founder. Trustees are pleased to report that the updated Articles and an Endorsement Agreement support the continued independence of PJF. Trustees are now focused on increasing the number of Trustees and the diversity of the Board over 2025 and 2026. We extend our thanks to the continued support of our Board of Trustees and our dedicated staff, who have guided The Peter Jones Foundation through another challenging year. Peter Jones Foundation Trading Limited (company number 07794319) is a wholly owned subsidiary of The Peter Jones Foundation for fundraising and trading activities which support The Peter Jones Foundation. In 2024, Peter Jones Foundation Trading Limited made an operating profit of £15,796 (2023: £47,295)- Trustees report the post-balance sheet event of their decision to make the trading company dorniant from July 2024. From this date, the company will no longcr bc actively trading) and donnancy will enable the reduction of future costs. Should future trading opportunities arise, the company can recommence activities at any time. Objectives and Strategies The objectives of The Peter Jones Foundation are to provide young people, underreprcscntcd gTOUPS, and underscrved communities with the resources, skill& connections, opportunities, and cxperiences needed to achieve successful employment or self-employmcnt. The Peter Jones Foundation's approach to achieving these objectives continues to evolve. Over recent years, and particularly since thc Covid-19 pandemic, we have invested a great deal of energy in enhancing our suite of digital rcsources, making this a priority. As a resul( we are better positioned than ever to support schools and colleges should they adopt more blended models of dclivcry going forward. In addition, we are working to develop an offer for those who opt for home education, allowing us to expand our reach and provide a platforni for entery)rise and entrepreneurship education for individuals outside the mainstream cducation System, including those facing the most significant challenges in our communities. A further challeng¢ has been adapting to an increasingly uncertain landscape for L¢v¢l 3 qualifications, as funding for vocational qualifications, including the B TEC in Ent¢rpris¢ and Entrepreneurship, which sits at the heart of our Peter Jones Enterprise Academy provision, is under review. In this climate, we have worked with providers to adapt our provisio offering broader support for enri¢hm¢nt as well as other qualifications, such as the
The PeterJones Foundation For the year ended 31 December 2024 International Baccalaureatc. We are also examining how th¢ resources and opportunities provided by the Foundation can support T-Levels, and, in collaboration with Pearson, developing new pathways in line with the Department of Education's guidance. The objectives and activities of PJF reflect the vision of Peter Jones CBE to cnable every young person, regaTdless of background, to realise their potential and improve their lifc chance5. Strategies employed to assist PJF with meeting its objectivcs include: Delivery of our strategic plan and the Encourage, Educat¢, and Empower Programmes. Development of direct digita] delivery, including exclusivc webinars, M&StelaSSe and challenges developed in partnership with business leaders and entrepreneurs. Development and delivery of our Peter Jones Home Academy programme. supporting young people in elective home education. Ongoing evaluation of our core activities. Partnerships with school and college providers across the UK to deliver world-class qualifications in business, enterprise and entrepTeneurship. Our partnership with Pearson to develop and deliver enterprise and entrepreneurship education at Level 2 and Level 3. Promotion of the charity's core objectives via the media and social media. Promotion of the charity's fundraising aims to the employecs, customers, and business partners of companies within Petcr Jones CBE'S business portfolio. Promotion of the charity's goals and aims via the TNstees and staff. PR activity to highlight the charitys worf( and explain how people can get involved. Delivery of our National Entrepreneur of th¢ Year programme. Expansion of our Programmes to reach more under-represented groups and under-served communities, including strategic partnerships with other non-profits working to support those at the greatest need and risk of becoming not engaged in education, employment, or training [TrE. and those with special educational needs and disabiliti¢s (SEND). Expansion of our Tycoon Enterprise Competition into intemational markets.
The Peter Jones Foundation For the year ended 31 December 2024 Public Benefit The primary way in which PJF currently delivers public benefit is through the advancement of education for young peopl¢ and disadvantaged wups, particularly by teaching enterprise and entrepreneurial skills. By providing practical. skills-based education through The Peter Jones Foundation, it provides public benefit: Directly to students and young people enrolled in PJEA courses. Through thc dcvelopn]ent and delivery of an innovative curriculum nationally and internationally, working jointly with fvrther education colleges and schools, with support from other education providers. Through thc Tycoon Entcrprise Competition, aimed at school childTen aged 6 ycars and above, which is frce for all primary and secondary schools. The competition Promotes and fosters entrepreneurial skills in children by pmviding robust and comprehensive teaching resources. templates and guidance. and participating children's, pitch, for a goodwill loan of up to £3,000 per school to start a business and trade in school. Throughout the competition period. they will learn vital skills such as t¢amwork, build their confidence, and refine their understanding of finances. Through our Tycoon International Competition, aim¢d at the international school market. Through free events, both online and in-person, such as our Igniting Enterprise webinars, which connect young people and dÉsadvantaged groups with business lead¢rs, ¢ntr¢preneurs, and innovators. Through PJF'S Alumni Scheme, which supports graduates from the PJEA in their chosen pathway. for example, by matching them with mentors or, for those starting a business, providing platforn)s for them to pitch and seek investment. Via consequential benefrts to the community at large. Over the 2023124 academic year, the PJEA worked with 13 schools and colleges. The Tycoon Programme supported 1,183 students. and PJF worked with numerous businesses entrepreneurs. and employers across the county and beyond. Through PJF'S work, young people, underscrved communities, and und¢rrepre5ented groups were given the opportunity to learn skills and gain confidence, giving them improved chances in life to succeed on the path that is righl for them. The PJEA provides young people with benefits that include interactions with etnployers, workplace experience4 access to career development opportunities, start-up funding, and access to scale-up funding through th¢ National Entrepreneur ofthc Year competition- all alongside a world-class qualification in Enterprise and Entrepreneutship. An ever- increasing nUmr of anployers are seeking entrepreneurial qualities such as confidence, rcsilience, deteTminatioJJ. and self-managemenL which the PJEA and The Tycoon Progratnme provide. As more young people sei up side hustles and show an interest in entrepreneurship, our programmes remain as r¢levant and vital as ever. A survey of our alumni. carried out in 2023, indicated that 98 /0 were in employm¢nL cducation, ortrainin& with 300/0 having started their own business. The Trustees have not identifi¢d any significant harni or detrimentsl effects resulting from the Foundation's activities.
The Peter Jones Foundation For the year ended 31 December 2024 Trnstees and Key Management Personnel The directors ofthe company are also trustees under charity law and, as such, are referred to as trustees under the company's articles. Under th¢ requirements ofthe Memorandum and ArtAcles of Association, one third of the Trustees must retire each year, and may be reappointed subject to a br¢ak from office until the earlier of the anniversary oftheir retirement break or under exceptional circumstances wh¢reby their retirement would result in the number of trustees falling below three. The Trustees were.. R Tabb¢rer CB A PatteTson-Higgins S Atherstone- Appointed 2 January 2024 - R¢signed 30 June 2025 A Aych¢- Appointed 13 August 2024 The Tnjstees of the charity are committed to good governance and seek to operate the charity as effectively and efficiently as possible. The key management personnel of the charity were the Trustees and the Senior Executive Team, including Managing Director Bill Muirhead, Head of Finance Shelley Wilkinson, and Head of Programmes Rupinder Drew. The review of key management's pay is perfornied on a discretionary basis by the Trustees. Decision Making The Trustees hold quarterly meetings to discuss matters relating to The Peter Jones Foundation. These meetings are attended by the charity's senior executive team (Heads of: Finance, Programmes and Partnerships) as well as the chair of the PJF'S Youth Panel, and are complemented by many more infornial 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 trnstees are appointed to th¢ Bi)ar(L an induction and training programme is available. As part ofth¢ir role, current trustees have attended various events and activitie5 that showcase PJF'S work, which helps them understand how the programmes are delivered in practice and what the experience means to th¢ students. Ensuring Our WO Delivers Our Aims Our activities are subj¢ct to continual review throughout the year by both th¢ Board of Trustees and key management. This review process helps us to ensure that all our activities remain focused on our stated aims and objectives. In this contex( the Board of Trust¢¢s can confimi that they have complied with their duty under Section 4 of th¢ Charities Act 2011 to have due regard to the Charity Commission's general guidance on public benefit in planning and implementing all activities of the charity.
The Peter Jones Foundation For the year ended 31 December 2024 Achievement The government's continued rcvi¢w ofqualifications at Level 3 and funding for the BTEC in Enterprise and Entreprencurship beyond 2026 remains unccrtain. This uncertainty has created a challcnging environment in which to grow our PJEA n¢twod(. Trustees are pleased to rq)ort strong retention of our providers and a Peter Jones Enterprise Academy network that continues to deliver strong outcome& with a dedicated group ot"Schools and Further Education Colleges dclivcring pioneering enterpris¢ and entrepreneurship qualifications. In this changing landscape, PJF continues to explore how it can support learners taking up T-Levels as well as the growing number of young people in ¢l¢ctive home education. The Trustees are pleased to report that during 2024 The Tycoon Programme has achieved great success, as 1,183 more schoolchildren were given the opportunity to start their own business in a supported environment. To date. we have made close to £760,000 available to more than 16,000 students. who in turn, gain vitsl skills. Thetr development is tracked against a framework of eight CO competencies: Communication, creativity and innovation, digital skills fmancial skills, leadership, problem solvin& self- managemen( resili¢n¢¢ and teamwork. In 2024, we were d¢light¢d to host a successful Golf Fundraising Event at Foxhills Golf Club, a PJF Shoot at Roya] Berkshire Shooting School, and The Race for Enterprise at Goodwood Motor Circuit, which raised much needed funds that go towards the costs of our charitsble purpose. PJF is incredibly thankful to all those who donated and generously gave prizes. Stron8 sales for 2025 events support optimism to peat this success. As a charity. The Peter Jones Foundation receives over 630/0 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 Stream the financial support 1Ved as a resultof these events was critical in enabling PJF to continue its work. Investment Policy Aside from retaining a prudenl amount of reserves each year. most of th¢ charity's funds are to bc spcnt in the short term. so there are few funds for long-tcm investment. Having considered the available options, the Trustees have decided to invest th¢ available funds in bank deposit acwunts. Rescrvcs Policy During the y¢ar, the Trustees reviewed the charity's rcquircm¢nts for r¢serves in light ofthe main risks to the organisation. The level of Unrestricted Reserves at the yearend was £l10.Ok. The 2024 policy aims to build back Unr¢stricted Reserves to be abl¢ to cover 3 months running core costs reaching a level of £199.7k by the end of 2027. Reserves are held to cover unforeseen circumstanc¢s including any unplanned reduction in incom¢. 2024 has been a challenging y¢ar and as a result The Peter Jones Foundation's Unrestricted R¢s¢rves position has dropped by a significant amounL thus not achieving its Reserves Policy this year. Trustees are confident that the 2025 outlook demonstrates their commitment and ability to achieve a positive Reserves position with a planned 20th Anniversary Gala Event InNOvanl 2025.
The Peter Jones Foundation For the year ended 31 December 2024 Risk Management The Trustees continue to identify and review the significant risks to which PJF is exposed. Operational Management reviews risks at monthly meetings and identifies any key potential risks to the organisation forthe Trnstees to consider. Contractual risks, in particular, are reviewed before being entered into to assess and ensure that they will not significantly impact PJF'S ability to fulfil its objectives. The appropriate insurance covers all significant insurable risks. The Finance and Risk Committee monitors financial perforniance. further explor¢s areas of fjnancial risk, and makes recommendations to th¢ Trustees. ststement on Systems and Internal Controls As Trustees, we acknowledge we have overall responsibility for ¢nsuring that the charitable company has an effective and appropriate system of control, financial and otherwise. We are also responsible for mainlaining proper accounting records that disclose, with reasonable accuracy, the financial position ofthe charitable company at any time and enable us to ensure that the financial statements comply with the Companies Act 2006. W¢ also acknowledge responsibility for safeguarding the assets of the charitable company and henc¢ for tiking reasonable steps for the prevention and detection of fraud and other irregularities, and to provide reasonable assurance that: The charitable company is 0rating efficiently and effectively. Its assets are safeguarded against unauthorised use or disposition. proper records are maintained, and financial infonnation used within the charitsbl¢ company or for publication is reliable. The charitable company complies with relevant laws and regulations. Plans for the Future PJF has a thr¢e-y¢ar programme strategy that aims to grow our impact, particularly amongst those at the greatest disadvantage, whilst ensuring the sustainability of our programmes and securing a diverse range of venue streams. Like many charities, we have found income generation a challenge since the pandemic and have needed to utilise our reserves and closely manage our cost base. We look forward to returning to growth in 2025 with an ambitious plan that focuses on several key areas across our Encourage, Educate, and Empower programme strands. In particular, we aim to attract revenue- generating partnerships to support the growth of our Tycoon programme on a regional basis, as well as the expansion of our National Entrepreneur of th¢ Year comp¢tition. 'Encourage is underpinned by our national Tycoon Enterprise Competition. We have established severn] strategic partnerships with organisations working with young people from underrepresentsd groups and underserved communities, which will help drive reach and impact over the coming years. Alongside this, we aim to recruit 12 regional ambassadors for the programme, known as Tycoon Initiators, who will help fund and promote awareness of the programme on a local level. Our Tycoon International programme is also a key area of focus for us over the coming year, during which we will seek to expand our pr¢s¢nce in the UAE and China. Th¢ core Tycoon programme will remain free to all UK schools and colleges, however, we are working with P¢arson to develop an iteration of the programme that supports the Extended Project Qualification (EPQ). which will incur a learner fee lo cover the costs of delivery and development.
The Peter Jones Foundation For the year ended 31 Decemb¢r 2024 Our"Educate" strand is our netsvork of Peter Jones Enterprise Academies, currently 13 schools and colleges across the UK. In 2025, we will continue to develop the Peter Jones Home Academy as an ¢xtension of the PJEA, so that the opportunities, previously exclusive to a relatively small group of colleges and sixth forn]s, can be opened up to home learners. In addition, we continue to work with Pearson to adapt our qualification offer in light ofthe DtE's review into qualifications at Level 3 and look at ways we can support the delivery of T-Lev¢ls. Our"Empower" programme has reconnected us to a network of PJEA alumni, whom we will continu¢ to support through our mentor matching service and a series of events. Financial Outlook Like many organisations, PJF continues to face chajlenges in an unCein economic climate, as well as ongoing challenges across the education sector. The UCation landscape may become more settled with a new government. Still, we anticipate that enterprise and entrepreneurship will continue to occupy the enrichment space for many providers, and as such, not be a priority for increasingly tight budgets. In this climate, we need to continue being agile, and our WO to establish our p*JonesHome Academys as w¢ll as ¢xplore how we can adapt our provision to qualifications like the EPQ and T-Levels, will help us retain and grow the number of providers we work with. In addition, we enter 2025 with international partnerships established in both the UAE and China, two regions of the world that are Ieading the way in ternis of enterprise and entrepreneurship education, and so are well placed to grow our reach as well as revenue in these geographies. Finally, a new funding model for Tyc(K)n, through which the programrne will receive the backing of local "Tycoon Initiators," will mean that this core offer has more stability and is sustainable a5 we continue to seek a headline sponsor. Whilst we ww revenue from pmgrammes, we will continue to deliver our ever-popular fundraising ¢vents. The senior management team prepares and regularly monitors cash flow forecasts to ensure that the charity can continue to pay its debts as they fall due. They also prepare operating budgets and forecasts, which the Trustees regularly 'tevi¢w. It has been necessary to draw down cash, through loans from PJ Investco Limited, during 2024 and into early 2025, to cover core costs and salaries. The additional in¢ome received in 2025 to support our National Entrepreneur of th¢ Year competition, alongside a Regional Tycoon Programme, from the Partnership income stream, has eased this cash position, deeming additional loans unnecessary from March 2025 onwards. Anticipated additional income from a further 20 Anniversary Event at the end of 2025, with anticipated surpluses of c£350k has assured Trustees that reserves will grow in the short terni to achieve planned policy levels. There is no intention of current loans being called upon for repayment in the foreseeable future. Th¢se dev¢lopments, along with the continued financial and non-financial support of Peter Jon¢s CBE and his group of businesses, have led the Trustees to conclude that the charity has suificient resources to continue in operational existence for the foreseeable future. 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. ¢1 l)
The Peter Jones Foundation For the year ended 31 December 2024 To conclude, we would like to take this opportunity to thank everyone who contributed to The Peter Jones Foundation in the year, both in tern)s of financial donations and personal time committed. Without these valuable contributions, we would not be able to deliver on our vision for the Foundation. Trust¢¢s' Responsibilities Statement The Trustees (who also directors of Th¢ Peter Jones Foundation for company law) are responsible for pparIng the TTUStees' Report and thc financial statements by applicable law and regulations. Company law requires trustecs to prepar¢ financial statements for cach financial year. Underthat law, the Trnstees have elected to prepare the financial statements by United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting standkds and applicable law). Under company law, the Trust¢es must not approve the financial slatements unless they are satisfied that they give a true and fair view of the state of affairs of the charitable company and the group, as well as of the incoming resources and application of resources of the charitable group for that period. In preparing these financial statements, the Truste¢s ar¢ required to: selt suitable accounting policies and then apply than consistently. Observe the methods and principles in the Charities SORP. Make judgment and ac¢ounting estimates that are asOnable and prndent. Prepare the fmancial 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 rdS that are sufficient to show and explain the charitsbl¢ company's transactions and disclose with r¢asonable accurncy at any time the financial N)sition of the company and enable them to ensure ihal the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitsble company and. therefore, for tsking reasonable steps to prevent and detect fraud and other irregularities. The Trustees confirni that: So far as each Trustee is aware, there is no rel¢vant infomiation of which the charitable company's Independent Examiner is unaware. The Trustees havc taken all the steps that th¢y ought to have taken as Trustccs to make themselvcs aware of any relevant infonnation and to establish that the charitable company's Indepcndent Examiner is aware of that inforniation. The Trustees are responsible for the maintenance and integrity of the corporate and fmancial inforniation included on the charitable company's w¢bsite. Legislation in the Unitcd Kingdom governing the prepardtion and dissemination of fmancial statements may differ from legislation in other jurisdictions. By order of the Board R Tabberer CB Trustee A Patterson-Higgins Trustee
The Peter Jones Foundation For the year ended 31 December 2024 Michaelldeswarner Independent Examiners 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 2024, which comprise the Consolidated Statement of Financial Activities, the Consolidated Summary Income and Expenditure Account, the Consolidated and Parent Charitsble 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 charl5 Trustees those. matters we are required to state to them in an independent examinerfs report, and for no other purpose. To the fullest extent pemiitted by law, we do not accept or assume responsibility to anyone other than the Chariws Trustees as a body, for our work, for this report or for the statement we have made. Respertive responsibilities of trustees and examiner As the charit5 Trustees of the company land 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 20061'the 2006 Act,). Having satisfied ourselves that the accounts of the company are not required to be audited under Part 16 of the 2LK)6 Art and the accounts are eligible for independent examination, we report in respect of your charit(s accounts as carried out under section 145 of the Charities Act 2011 {"the 2011 ACV) It is our responsibilityto: examine the accounts under section 145 of the Charities Act to follow the procedures laid down in the general Directions given by the Charity Commission under section 145(5I{b) of the Charities Act, and to state whether particular matters have come to our attention. Basis of independent examinerfs 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 a150 include5 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 vievf and the report is limited to those matters set out in the statement below.
The Peter Jones Foundation For the year ¢nded 31 December 2024 Independent examiner's 5totement 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 accountin8 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 MICHAEUDESWARNER&CO
The Peter Jones Foundation For the year ended 31 December 2024 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: Statcment of Recommended Practice applicable to charities preparing their accounts in accordance with the Charities SORP (FRS 102), "Accounting and Rq)orting 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)" {¢ff¢ctive I st January 2019) and wmply with the Chariti¢s Act 2011(Amcnded 2023} and Companies Act 2006. The principal accounting policies ofthe charitable 0Up arc set out bclow. The accounting policies have been applied consistently throughout the year and the prior year. Basis of consolidation The group financial statcments consolidat¢ the financial statements ofthe 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 2024. 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 deficii for the year of £118,492 (2023: deficit of £258,193) includes a deficit of £134,289 (2023.. deficit of £305,488) which is dealt with in the financial statements of the parent company and a surplus of £15,797 (2023: surplus of £47,295) forthe trading subsidiary, Peter Jones Foundation Trading Limited. Going concern Accounting standards require the Trustees to consider the appropriateness of the Going Concern basis when preparing the financial statements and if necessary to explain how they have reached their conclusion. At the time of approving the financial statements, creditors that have amounts due to them have nfErnied that they have no intention to call for repayment from the Foundation for a period of12 months. 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 signatLwe of these financial statements and are satisfied that it r¢mains appropriatc 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 th¢ objects and mission of the charity. Reslrieted funds Restricted funds are to be used for specified purposes laid down by the donor / granting body. Expenditure for thos¢ purposes is charged to th¢ fund together with a fair allatiOn 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 donor-imposed 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 r¢cognised when ther¢ is no financial Cost borne by a third party. Voluntary help is not included as income.
The Peter Jones Foundation For the year ended 31 December 2024 Income from Educational activities Learner income is recognised on a time basis as the courses are delivered. Other income Income is recognised when the charity has entitlement to the fund any perforniance 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 perforniance conditions attached to the wts have been met, it is probable that the incom¢ will be received, and the amount can be measured rejiably and is not deferred. xpenditure Liabilities are recognised as soon as there is a legal or constNctive obligation committing the Gharitable 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 inCUd by the charity in the delivery of its activities and services for its beneficiaries. It includes costs that can be allocat¢d dir¢ctly to such activities. Allocation of costs In accordance with the Charities SORP, expenditure has been analysed between the cost of genernting funds, the charitable company's charitsble activities and governance. Items of expenditure which involve more than one cost category have been apportioned on a reasonable, justifiable and consistent basis for th¢ cost category concerned. Central staff and support costs ar¢ allocated on the basis of time spent on each activity and depr¢¢iation 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 Independent Examination andlor audit fees and costs linked to the strategic management of the charity. Tangible Fixed Assets The foundation does not hold any fixed assets or assets of any material value. Assets have been fully disposed of at December 2023. Should any assets be acquired in the tUre depreciation would be calculated so as to write offthe cost of an asset, less its estimated residual value, over the useful economic IAfe ofthat asset as follows: Furniture and fittings Building costs Office UIpMent 4 years 5 years 4 years Financial instruments Financial instruments are recognised in the Balan¢¢ Sheet when th¢ charity becomes paty to the contractual provisions of the instrument. During 2024, PJ Investco Limited loaned PJF £1 00,000, reclassifying £80,000 as a donation during 2024. The remaining £20,000 is categorised as a long-tffln liability in compliance with FRS 102. Under accounting standards FRS 102 the loan is measured at fair value and will remain so as p¢r the tenns of ihe loan agreement. All other basic ffftancial instnjments are initially wISed at transaction value and subsequentty carried at amortised cost using the effective interest method.
The Peter Jones Foundation For the year ended 31 December 2024 Retirement Benefits Full time and part time staff employed under a contract of service aTe eligible to contribute to th¢ Scottish Widows Pension scheme. Eligible staff can contribute up to a maximum of ten percent and employee contributions will be matched up to 50/0 by the charitable group. Th¢ s¢h¢m¢ is a defined ¢ontribution pension scheme. The assets of the scheme are held separately from those ofthe charitable wup. 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 char8¢d to income on a straight-line basis over the lease terni. 2411,
The Peter Jones Foundation For the year ended 31 December 2024 Consolidated Statement of Financial Activities (including income and expenditure aeeollnt) Restricted Funds Unrestricted funds 2024 Total funds 2024 Total funds 2023 Note 2024 Income: Donations and legacies 1552 121,410 122962 29,195 Income from Charilable aclivilies.. Educational activities 86,084 8084 96,428 Incomefrom oiher Irading aelivilies.. Fundraising events Sponsorship and trading 370ffj35 16ffj67 370,635 16,667 158,309 50,000 Total incoming resources 1,552 594,796 $96J48 333,932 Expendilure: Cosls ofraislngfun.. Funthxising events Sponsorship and trading (269,187) { 871) (269,187) (121,986) 871) {2,705) Expendilur¢ on ¢harilable aclivilies.. Educational activities (5,003) (431,779) {436,782) (460,434) Grants ( 8,000) ( &(MIO) {7,000) Totsl expenditure (5,003) (709W7) (714040) (592.125) Net incomel(expenditure) and net movement in funds in the year (3,451) (115,041) {118A92) (258,193) Transfers between funds 15 { 9,997) 9,997 Reconeiliation of funds Total funds brought forward 15.000 110,026 125.026 383,219 Total funds carried fonvard 1552 4,982 6,534 125,026 The statement of fmancial activities includes all gains and losses in the year. All income and expenditure derives from continuing activities. The 0Mpanying policies and notes forni an intewl part of these fmancial statements. 25
The Peter Jones Foundation For the year ended 31 December 2024 Consolidated Balance Sheet Restricted Unrestricted funds funds 2024 2024 Total 2024 Total 2023 Note Fixed assets Tangible assets 11 Current assets Debtors Cash at bank and in hand 13 94276 13 55 108,131 94276 223,629 15 407 32 059 1119.683 225,688 1552 Creditors: amounts falling due witbill one year 14 (83,149) (83,149) ,149) (130,662) (83,149) (130,662) Current assets less current liabilities 1552 24,982 2fj534 125,026 Long Tem Liabilities Long Term Loan 20 Net assets The funds of the charity: Unrestricted income funds Restricted income funds 15 15 4,982 110,026 1,552 15,000 1052 Total chaiity funds For the financial year in question the charitable company is entitled to ¢x¢mption from audit under section 477 of the Companies Act 2006 for year ended 31.12.24. The members have not required the company to obtain an audit of its fjnancial statements for the year in accordance with section 476 of the Companies Act 2006. The trustees acknowledge thcir responsibility for complying with the requirements of the Act with respect to accounting records and for the pparatiOn of financia] statements. These financial stateJn¢nts have been preparcd in accordance with the provisions applicable to compani¢s subject to the small companies regime. The notes on pag¢s 31 to 37 fonn part of these accounts. They ar¢ approved by the Board of Trustees and authorised for issue on 26 September 2025 and signed on its behalf by: R Tabberer CB TTUStee A PatteTron-Higgins Trustee 26
Tbe Peter Jones Foundation For th¢ year ended 31 December 2024 Charity Balanee Sheet Restricted Unrestricted Funds funds 2024 2024 Tolal 2024 Total 2023 Note Fixed assets Tangiblc assets Inv¢stments 11 12 Current assets Debtors Cash at bank and in hand 13 94276 13,855 108,132 94376 218,628 15,407 32,051 109ffi84 250,680 1552 I52 Creditors: amounts falling due witbin one 14 (98,946) (98,946) (98,946) (172,949) (98,946) 77,731 Current a&8ets less eurreDt liabilities 1552 9,186 10,738 77,731 LA)ng Term Liabilities Long Terni Loan 20 20.000 20,000 Net Assets 52 10 14 62 Unrestricted funds General funds Restricted funds Restricted funds 15 (10014) (10014) 62,731 15 1552 IA52 15.000 General funds 1052 (10,814) (9262) 77,731 The notes on pages 31 to 37 forni part of ih¢se accounts. They are approved by the Board of Trustees and authorised for issue on 26 September 2025 and signed on its behalf by: R Tabberer CB Trust¢¢ A PattersonryHiggins Trustee 27
The Peter Jones Foundation Statement of Cash Flows and Consolidated Statement of Cash Flows At 31 December 2024 Group 2024 Group 2023 Charity 2024 Charity 2023 Note Cash used in operatillg activities 18 (36,652) (196,448) (83,939) {281,358) Cash flows from investing activitie8 Cash provided by (used in) invesling activities Cash flows from financing activities 20,000 20,000 Cash used in financing activities Incre&se /(d¢crease) in cash in the y¢ar Cash at the beginning of the year 228 07 198 405 2024 Profits Donated io Charity 47295 115.004 Total eash at the end of tbe year 28
The Peter Jones Foundation Notes to the Financial Ststements For the year ended 31 December 2024 Donations 2024 2023 Donations from PJ Investco Limited 80,000 Other donations Total income from donations Educational activilies 2024 2023 Learner income from commissioned colleges Royalty income from qualifications Incom¢ from schools and other educational activities 39580 10,093 5J88 43,420 11,839 7.725 Flash challenge PJEA learner fees Totsl income from educational activities Fundraising events 2024 2023 Income from fundraising events Costs of fundraising events Net funds raised 370,635 269 187 158,309 12] 986 29
The Peter Jones Foundation Notes to the Financial Statements For the year ended 31 Decernber 2024 Sponsorship and trading Th¢ charity's inv¢sttnent in the subsidiary company is included at cosL The wholly owned trading subsidiary Peter Jones Foundation Trnding Limited is incory)orated in England and Wal¢s (company number 07794319) and pays all its profits to the charity as corporate Gift Aid donations. The principal activity of Peter Jones Foundation Trading Limited is th¢ trading activities of the charity which includes sponsorship support. The summary financial perforniance of the subsidiary alone is: 2024 2023 Turnover Administrative expenses Net income 16,667 (871) 15,796 50,000 (2,705) 47.295 Distributions to par¢nt ¢harity under gift aid Net movement in the subsidiary (47295) (115,004) (31,499) (67,709) The &8sets and liabilities of the subsidiary were: 2024 2023 Current assets Current liabilities 17072 61,809 (2,075) (14,513) 15,797 47,296 Total net a&*ts Capital and re5ery Called-up equity share capital Profit and loss account 15,796 15,797 47,295 47,296 Analysis of expenditure on charitable activities 2024 2023 Educational aclivilies Education support and outreach Promotion and marketing Support costs (sce note 7) Governance costs (see note 8} 254,717 103955 74,545 212,832 110,633 129,511 30
The Peter Jones Foundation Notes to the Financial Statements For the year ended 3 l December 2024 Grants 2024 2023 Grant for National Entrepreneur of the Year 2024 Additional Grant for National Entrepreneur of the Year 2024 Winner of Tycoon Competition 2024 5,000 5,000 1,000 1,000 7,000 1,000 The Peter Jones Foundation approved a grnnt in the year of £5,000 (2023: £5,000) from corc funds to Miah Maddock-Hodgins, wi[er of the PJEA National Entreprcneur of the Year. Further grants totalling £2.000 (2023: £1,000) were given to the runn¢r up and finalist of the PJEA National Entrepreneur of the Ycar. An award of £1,000 (2023 £1,000) to the ovcrall winners of the Tycoon Competition. 7 Sllprt Costs 2024 2023 G¢ncral office Salaries and Lrlat&4 costs 40,650 63,055 G0venllee Costs 2024 2023 Independent Examination of financial stat¢ments Non-audit Services 3565 4,000 3,565 7,459 Trustees and employees The average number of employees during the year was 7 (2023: 8). 2024 2023 Wages & salaries National insurance contributions Pension contributions Statutory Maternity Pay 345243 32,804 17,064 325,896 31.373 14,796 387J76 364,079 The emoluments of higher-paid employees fell within the following tanges: 2024 2023 £60,001- £70.000 £70,001- £90,000 £90,001- £120,000 31
The Peter Jones Foundation Notes to the Financial Statements For the year ended 31 December 2024 Contributions relating to the defined contribution scheme were paid in respect of a higher paid employcc in the year was £4,368 (2023: £4,368). Th¢ tolal amount of employee benefits received by Key Management Personnel was £102,528 (2023: £102,528). Wages and Salaries includes £NIL (2023". £NIL) in redundoncy payments made during the year. No other trustees or persons wtth a family OT business connection with a Trustee, received remuneration in the year, directly or indirectly, from the charity, and no expenses were reimbursed to Trustees (2023: £NIL). 10 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. 11 Tangible fixed assets- group and charity Th¢ foundation does not hold any fixed a&sets or assets ofany material valu¢. A5ts have been fijlly disposed of at December 2023. 12 Investments The charity holds a share of£1 in its wholly owned subsidiary Peter Jones Foundation Trading Limit¢d which is incorporated in the England and Wal¢s. This is the only share allotted, called up and fully paid. The activities and results of the company are summarised in note 4. 13 Debtors Group Charity 2024 2023 2024 2023 Prepayments and accrued income Tycoon Loans Outstanding Trade debtors Amounts owed by subsidiary 23,462 29,037 41,777 129,099 30,486 fv1,044 23A62 29.037 41,777 129,099 30,486 59.043 94276 223,629 94276 218,628 14 Creditor&: amounts falling due within one year Group Cbarity 2024 2024 2023 2023 S(Kial security and other taxes Trade creditors ACclS and defeed income Pension contributions Amounts owned to Subsidiary 14931 6,405 59,759 2,054 11,523 49,633 67,095 2,411 14,931 6,405 57,684 2,054 17072 98,946 9,023 39.820 64,895 2,411 56,800 172,949 83,149 130,662 32
The Peter Jones Foundation Notes to the Financial Stat¢m¢nts For the year ended 31 December 2024 Deferred income Group & Charity 2024 Deferred income brought fonvard Amounts released from previous years Income deferred in current year tkf¢rr¢d income carried fornvard 67,095 {67,1V)5) At the balance sheet date the charity and group was holding funds received in advance for a PTogramme of works to be delivered post year end, and for fundraising events due to take place during 2025. 15 Funds- Group Restricted Funds Unrestricted Funds Total As at l January 2024 Transfer 15,000 (9,997) 1,552 110,026 9,997 594,796 709 837 125,026 Incoming resources Expenditure At 31 December 2024 596,348 714 840 Funds- Charity Restricted Funds Unrestricted Funds Total As at l January 2024 15.000 62,731 77,731 Transfer (9,997) 9,997 tncoming resources 1,552 625,424 626.976 Expcnditure At 31 December 2024 708 966 33
The Peter Jones Foundation Notes to the Financial Statements For the year ended 31 December 2024 15 Cont. Restricted Funds- Group and Charity Resilienl Entrepreneur Programme Fund ycoon Total & VTEP) As at l January 2024 Incoming resources Transferred to Unre5trieted Expenditure 15,000 15,0(M) 1.552 1.552 {9.997} (5.003) (9,997) {5,003} At 31 December 2024 Sa É Fund T coon & VTEP This fund was awarded in September 2020 to support those leaving military service through the Veterans Tycoon Enterpris¢ Pr0me (VTEP). This programme has now concluded and the balance of the fund has been transfeTred to Unrestricted Reserves. Resilienl Enlre reneur Pro mme Resilient Entrepreneur is a short online course to support young people with developing mechanisms for Coping with stress and developing resilience in the context of running a business or more broadly, in the world of work. We worked with an established provider to adapt a Preparation for Adult Life (PAL) course that encourages potential and personal responsibility in young adults and links to the PSHE curriculum, with a view to piloting the programme with a cohort of students in 2025. 16 Related Party Transactions PJ Investco Limited is related to The Peter Jones Foundation by virtuc of it being wholly owned by Peter Jones CBE. During 2024 PJ Investco Limited donated £80k (2023: NtL) to the Peter Jones Foundation. 17 Operating Lease Commitments At 31 December 2024 th¢ Group had commitments for future minimum lease payments under operating leases as set out below: During the year £12,793 Telating to operating lease costs was r¢¢ognised in the Stat¢ment of Financial Activities (2023: £18,903). 34
The Peter Jones Foundation Notes to the Financial Ststements For the year ended 31 December 2024 18 Reconciliation of net movement in funds to net cash flow from operating activities Group 2024 Group 2023 Charity 2024 Charity 2023 Net movement in fLmds Decrease /(increase) in debtors Increase l(decrease) in crcditOTS Net cash used in operating activities (118,492) 129J53 (47J13) (258,193) 7,967 53,778 (134288) 124J52 (74,003) (305,488) (87,219) 111,349 (36.652) (196,448) (83,939) {281,358) 19 Pro-bono serviees During the year, PJF received legal, HR and IT supporL as well as Peter Jones CBE'S image rights, on a pro bono basis from Peter Jones CBE/companies controlled by Peter Jones CBE. 20 Long Term Liability- PJ Investco Limited During the year, PJF received loans from PJ Investco Limited to cover staff salaries and core costs. During 2024, £80,000 was reclassified as a donation to the charity, leaving a remaining balance of £20,000. 35