JOHN LEWIS PARTNERSHIP FOUNDATION-, .-ANNUAL REPORT ' FOR THE YEAR ENDED 31 JANUARY 2025 :;"-:: Company Number: 06058796 Charity Number: 1118162 It.jl. Directors. and Trustees, report &A';:;" ',•. Statement of Trustees. responsibilities 19 statement of financial activities 20 .1 Balance sheet", 21 Statement of cash flows *,, Notes to the financial statements. 23 Ir.tsejendent auditor's report to the members of John Lewis Partnership Foundation JOHN LEWIS PARTNERSHIP FOUNDATION DIRECTORS. AND TRUSTEES, REPORT FOR THE YEAR TO 31 JANUARY 2025 The Board of Trustees (the Trustees) presenls their Directors, and Trustees. report along with the financial statements of Ihe John Lewis Partnership Foundation {referred to as the °Foundation", the "Trust., the °charl￿ or the -charitable compan￿} for the year ended 31 January 2025. The financial statements have been prepared in accordance with the accounting policies set out on pages 23 - 24 and comply with the Charity's Arlicles of Association, the Charities Act 2011 and the Charity (Accounts and Reports) Regulations 2008. In preparing the financial statements the Charity follows best practice as set out in the UK Accounting standards {UK Generally Accepted Accounting Practice) induding Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 102) {effective 1 January 2015)- (Charities SORP {FRS102)} and the Companies Act 2006. On 30 January 2024, the John Spedan Lewis Foundation (JSLF) was transfe￿ed into the existing Foundation, and the Building Happier Futures (BHF) Fund was established. This transition brought significant changes. broadening the Foundation's scope beyond its original focus on sustainable employabilty for young people. In the year to 31 January 2025. the newlyfomied and expanded John Lewis Partnership Foundation {JLPF) with additional charitsble pillars is now also dedicated to the socially just protection and restoration of nature and enabling care-experienced individuals to thrive. The worf< of the JLPF is delivered through three pillars of activty. Employability Fund represents the original work undertaken by the John Lewis Foundation. and makes small and large grants both nationally and intemationally. Nature Fund makes small grants to national organisations, funds a PhD bursary and makes an award for emerging leaders in the academic field of nature restoration alongside the Linnaean Society. Building Happier Futures Fund works nationally making small grants to ￿levant organisations. distributing fundraising The John Spedan Lewis Foundation (JSLF) previously supported the protection and resloration of the natural world through grant-making, primarily funded by investment income. These activities were transferred to the JLPF as a result of the trustees of both charities approving a Deed of Appointment. Indemnity and Temiination on 30 January 2024. The deed ensures that transferred funds are managed in line with specrfic Environmental. Social and Govemance principles contained wthin the investment policy and restricts the use of funds for the °furtheranco of promoting for the benefit of the public the understanding, protection and restoration of the natural world in an inclusive and socially just war. A trustee from the JSLF now sits on the JLPF board of trustees and chairs the Nature Fund committee. John Lewis plc, the main funder of the Foundation. started a programme of work in 2022 called Building Happier Futures (BHF) to actively create the conditions for care experienced people to thrive. This wide reaching programme included the establishment of a direct relationship between John Lewis plc and three charity partners working in the field of care experience: Action For Children (charity registration number 1097940). Homestart UK {charity registration number 1108837) and Who Cares? Scotland (charity registration number SC026076). John Lewis plc proposed that the Foundation could tske ￿SponsIbl11ty for the charitable relationships and additional grant-making activities related to Building Happier Futures. given its public benefit focus. The Foundation's board considered and approved this proposal. leading to the establishment of Ihe BHF Fund at the beginning of the financial year under review. A Trustee wÈth specialist knovAedge of this area of work was appointed to Ihe Foundation board and chairs the BHF Fund committee. The agreement with the three partner charities is now between those organisations and the Foundation through the BHF Fund. Fundraising for the BHF Fund is generated through the sale of products by Waitrose and John Lewis, charitable events and customer donations. For the year ending 31 January 2025, funds raised were allocated in a 65 %135°fi split. The 65% share was divided equally among the three charity partners. The BHF Fund committee distributes Ihe remaining 35 % through small grants to various organizations, supporting care-experienced indtwduals. Additionally, John Lewis plc donated £175.000 to the BHF Fund spectfically for Open University scholarships for care-experienced people. Any remaining funds will be used for small grant-making. *.'"a* JOHN LEWIS PARTNERSHIP FOUNDATION t':= DIRECTORS, AND TRUSTEES. REPORT FOR THE YEAR TO 31 JANUARY 2025 it41: Objectives and activities .L•>. ¥. The charitable objects of the Foundatron are to advance general charitable purposes. actlng alone or in association with others, by such charttable activities as the Trustees shall detennine, to include (without ¥th4,- limltation) charitsble activities deslgned to benefrt the communities in the UK and overseas where John Lewis Partners live and work and comrnunities which supply products to John Lewis & Partners. ". •. The Foundation will make grants to fund projects that improve the wellbeing of such communities. Funding projects of this nature will inevitably benefrt the wider community, as well as those individuals who produce products to be sold by John Lewis & Partners. In deciding which projects to support, especially when a -'14fv. . project is based overseas, the Foundation will carefully consider issues such as local culture and traditions and the political situation and where appropriate will seek advice from local groups and organisations experienced in working with these communities to ensure that the Foundation's funding achieves the maximum benefit possible. Through the transition the strateglc focus has evolved from the Foundation investing in vulnerable children and young adults. providing education and skills for meaningful employment to a broader position. In bringing together the nature and care experience work alongside employability the Foundation has evolved ¥*, its overarching vision from helping to create a "Happier world where all young people can access meaningful '; employment" to'A partnership for a happier wodd" which is delivered via grant making across all foundation *•., funds and a small number of bursaries are also funded by the Building Happier Futures Fund and Nature *' . Faup4DATior EMPLOYABILITYFUND BIJILDING H￿ER FlmlRES FUND NATURE FUND yo¢iNGADULIS.PRUffjNGE0LICATN￿A￿rx . WEDO ThL%BYSiIFPOKTIPIG OXGANIWK)N&&. FOKiIJELONG ]￿lNT￿EUK JOHN LEWIS PARTNERSHIP FOUNDATION DIRECTORS, AND TRUSTEES. REPORT FOR THE YEAR TO 31 JANUARY 2025 Objectives and activities continued Grant makin olic To ensure that any social investment made by the Foundation achieves maximum benefit. and to ensure that each individual project Can be objectively evaluated. the Trustees have established a set of funding ciit&rla which project proposals coming to the main board or committees must meet in order to qualify for funding. The Trustees, grant making policy also sets out that grants Y￿11 not be made to contribute towards elemenls of projects which might reasonably be considered 'core costs, including capital items, construction or refurbishment of buildings, development of computer programmes or educational materials. marketing and promotional adivities, venue hire and other consumables. The Trustees have also dearly defined ￿ffiat types of projects will not be eligible for grants. Projects which are ineligible for funding include: Projects that do not offer benefit to communities who support the John Lews Partnership business" Projects that promote religious or pditical groups or acttvities that exclude any part of society" Projects which seek to create an income stream or charge a fee to beneficiaries for ac￿SS to it; and Courses. confarences, festivals, expeditions, overseas travel, fundraising events. receptions. lectures. respite breaks or holidays. residential camps. The Trustees have also identified those organisations that are ineligible for funding. which include- Pressure or campaign groups; and Endowment funds. The Trustees have also approved guidelines for applications vthich sets out how to apply. who should apply. how much an organisation can apply for. vthen to apply. the approval process and the terms and conditions of any grant award. Applications are welcome from the following groups or individuals- John Lewis plc employees on behalf of independent organisattons: Supplier management committees: Worker management committees; and ndependent charities and commun51y groups. Projects seeking funding must demonstrate that they aim to increase the employability of disadvantaged individuals or provide access to skills or education vthiGh has the polential to enable a¢￿sS to sustainable employmenl in the future and in so doing improve the wellbeing and local environment of communities in need, in the UK and overseas, that support the John Lewis & Partners business. They must demonstrale that they address at least one of the following areas: Education, training and skills transfer, or Enabling sustainable employment. Committee members. led by their Chair who Ès also a Trustee on the main board. apply the Foundation grant policy above wtth some additional restrictions which are relevant to the cause that they are focused on. For the Building Happier Futures committee the additional requirement is for projects to be centred on supporting people who have experienced the care system. For the Nature Fund commitlee project application must demonslrate how the funded worf( protects and restores nature. Throughout the year the Trustees have supported projects that had elements wthin them, that had they been a core part of the project, would not have been eligible for funding. The Trustees are confident ihat, on a materiality basis, they have continued to operate in line with the Grant Making policy. ~ JOHN LEWIS PARTNERSHIP FOUNDATION t*ji:: •. DIRECTORS, AND TRUSTEES, REPORT FOR THE YEAR TO 31 JANUARY 2025.. Achievements and performance In planning aclivities each yearlhe Board has regard to the Charity Commission's guidance on public benefit: at Trustee meetings. The Trustees always ensure that the programmes Ihey undertake are in line with the specified charitable objectives. During the year under review the Chair, Nicola Waller resigned as a trustee and Chair of the Foundation on ¥ 21 June 2024. Dame Oriana Clare Tickell was appointed as Chair on 23 June 2025. During this intervening period between Chairs, Trustees ensured Board meetings were conducted to a good standard of governance, and the process of appointment of a new Chair. which is upon recommendation by the John ￿￿￿&.,.., .'L>•. . Lewis Partnorship plc, was monitored at each meeting. In the year ended 31 January 2025, across the Foundation's expanded remit. both new and continued Lfv>. . funding was granted to a wide variety of projeGts. For UK based employability. funding was agreed for two new projects alongside continuing commitments to , i¥il. thirte@n projects started in previous years and additional funding for three organisations to continue for an extended period. For Rest of the Worfd employability, the Trustees were pleased to agree funding for four , I:Lg.-< new projects, three based in India and one based in Uganda alongside continuing commitments to three India based projects. one Hong Kong based project and one Pakistan based project and finally granting additional funding to a project in India to extend an existing project. For Building Happier Futures. funding was agreed for ten projects alongside donations to three charity partners and the funding of six Open University scholarships. .44. For Nature. funding was agreed for one new project alongside continued and new funding for one project *{.,- and the ongoing funding of a PhD at the University of York. abilit UKOn oin Fundin Adoption UK 4.. t44. The leading charity for all those whose lives involve adoption, in December 2022 the Foundation awarded funding over three years to Adoption UK to create 'The Bridge,. a programme working with adopted 14-15 year olds in Grimsby. Hull. York and Scarborough to provide employability support via training session5 and mentoring. The Trustees were satisfied with the progress report presented at the December 2024 meeting and approved a third and final payment of £36.210 which included an additional £11,756 to cover a shortfall generated at Adoption UK due to the success of the project. Between 2020 and 2023, the John Lewis Partnership Foundation supported the Papworth Trust, a prominent disability charity, by funding their First Steps to Success project. Continuing their support in March ¥. .'L•>. . 2023, the Foundation granted £29.818 over two years to fund a bike trainer at the Trust's Opportunities , til. Without Limits (OWL) bike shop and workshop in Cambridge. This trainer provides practical work experience to 30 young individuals with mild to moderate leamin9 disabilities. physical disabilities, or long-term health Gonditions. The program aims to build confidence, life skills, and technical expertise necessary for securing #* t4l. paid employment. The Trustees were satisfied with the progress report presented in June 2024 and approved the second and final payment of £14,909. In March 2023. the Foundation granted Become. a national charity for care-experienced young people. £181.341 over three years. This fvnding supports a pilot expansion of their Propel project, assisting young people aged 14-27 with transitions into apprenticeships and vocational roles. complementing their existing support for higher and further education. Following a satisfactory progress report in May 2024, the Trustees approved the second payment of £60.399. JOHN LEWIS PARTNERSHIP FOUNDATION DIRECTORS, AND TRUSTEES, REPORT FOR THE YEAR TO 31 JANUARY 2025 Achievements and performance {continued) Ern lo abili UKOn oin Fundin continued Scotswood Garden A community garden in the most deprived area of Newcasue upon Tyne. Scotswood Garden were successful in their application for funding for the 'Nightshade Rangers, weekly youth programme aimed lo inspire young people, build their confidence, and equip them with lrfe and employment skills. In March 2023, the Foundation approved totsl funding of £70.491 over a three year period. Following a positive progress report, the Trustees released the second payment of £29.167 in July 2024. Rowan Rowan. an arts centre and forest school in Cambridge for adults with leaming disabilities, received £60.000 in funding from the Foundation in March 2023. This funding. to be distributed over three years, supports their new'student Skills Enhancement Programme,. The programme offers six young people with learning disabilities the opportunity to work individually wth a support worker every six months. The aim is to develop life and vocational skills, thereby improving their employability prospects. Following a positive progress roport, th@ second instalment of £20.000 was released by the Trustees in May 2024. SOFEA SOFEA. an education, training, and wellbeing charity focused on ￿MbatIng the effects of multiple deprivation. mental health issues. and substance abuse. received a total grant of £150,000 from the Foundation in March 2023. This funding, to be distributed over two years. supports their new Transitional Support Programme,. The programme will provide one-l(Fone support and mentoring to 80 young people aged 11-16, complementing Iheir regular education to improve their educational and holistic outcomes. Following a positive progress repor( the Trustees released the second and final instalment of £75,000 in May 2024. Catch 22 Catch 22 supports Care Experienced Young People living in the most disadvantaged communities in England and Wales by providing education. employment. justice. and family support services. In June 2023, the Foundation approved Catch 22's application to establish a program to support Care Experienced Young People, aged 18-30 in Manchester, into meaningful and sustainable work with a total grant of £195,270 over three years. Following a positivo progress report. the Truslees approved Ihe second insialmenl of £65,090 in September 2024. Future Roots Dorset based care faming project, Future Roots offers altemative education and support by engaging individuals in animal care, plant cultivation, and rural crafts to fosier new skills and personal growth. The charitls fully inclusive approach specifically aims to reach those most marginalized in society through resilience model, dedicated mentorship, and a supportive fami environment. In June 2023, the Foundation was pleased to grant total funding of £120.000 to support a new 'Futures Plus. programme over two years and build on the previous successes achieved with the charity. Followtng a positive progress report, the Trustees approved the second and final payrnent of £60.000 in December 2024. Rees Foundation Rees Foundation aims to ensure that individuals leaving care have support systems and are not isolated when facing life's difficulties. In September 2023. the Foundation awarded a two-year grant totalling £80,280 for the 'Connect to Careers, initiative which offers vulnerable care experience young people with training, mentorship, and real-world opportunities. This project seeks to equip and empower young people with the necessary tools to overcome obstacles and succeed in their careers. Following a positive progress report, the second and final payment of £40,590 was approved in January 2025. Children North East Children North East (CNE}, a signrficant children's charity operating regionally in the North East and extending its reach across England, Wales, and Scotland. received a two-year grant of £60.999 from the Foundation in September2023. This funding supported the development of a mentoring program aimed at facililaling employment for young people, with a particular emphasis on those with neurodiversity. Following a positive progress report, the final instalment of £30,500 was approved in December 2024. JOHN LEWIS PARTNERSHIP FOUNDATION t,:;" DIRECTORS, AND TRUSTEES. REPORT FOR THE YEAR TO 31 JANUARY 2025 Achievements and performance (continued) •:'-_' Em abilit UKOn oin Fundin continued Cyrenlans Cyrenlans, a charity tackling the causes and consequences of homelessness for over 50 years, received a £120,000 grant from the Foundation in December 2023 for its Key to College (Ktc) programme. This ￿0- , ti%: yearfunding supports 1.1 outreach, offering practical and emotional assistance to young people and their families navigating college applications, funding, enrolment, and ongoing academic options. The second and ". •. final payment. contingent on a satisfactory report to the Trustees in 2025. is reflected in Note 21 as a *"" committed but not yet provided amount as o! 31 January 2025. Breaktng Ba￿lerS Founded in 2015, Breaking Barriers. is a specialist employment charity dedicated to assisting refugees and individuals with refugee backgrounds in securing meaningful employment. They achieve this Ihrough it.ll. guidance, practical experience, and educational opportunities. In December 2023, the Foundation granted £100,000 over a two-year period to fund a focused and customized program. This initiative aimed to support ¥, I'•>. :. 35 young refugee clients annually. Following a satisfactory progress report, the second and final instalment of £50,000 was disbursed in January 2025. ¥4: ,;4:1 1625 Independent People ,11. _. Based in the southwest of England, 1625 independent People provides specialist Education, Employment and Trainlng (EET) coaching to vulnerable young adults aged 16-25. Their aim is to enhance skills, self- confidence, and resilience, facilitating a path towards economic independence. The work of the charity encompasses support for young people wilh care experience, those leaving custody, refugees, and unaccompanied asylum-seeking children. In December 2023, the Foundation granted £111,662 over :; years to fund a now Employment Transition Coach position. The second and final payment, contingent on a 4•*"' ".i•.- . satisfactory report to the Trustees in 2025, is reflected in Note 23 as a committed but not yet provided., amount as of 31 January 2025. UK New Fundin 5t Strawberry Fields In December 2023, a grant of £9.000 was awarded to Strawberry Fields to support their Steps to Work programme, a 12-18 month programme in Liverpool. This initiative supports 18-25 year olds with learning difficulties. autism, neurodiversity, and other barriers into paid employment. The programme combines an 8- #- . week work readiness programme with up lo three 3-month worf< placements and vocational qualifications. Following the signing of the Memorandum of Understanding in spring 2024. this expenditure has been , ti%. recognised in the financial year under review. In December 2023. the Foundation awarded £31,300 to Roundabout. South Yorkshire's largest youth homelessness charity. This funding supported their Employment. Education and Training initiatives, specifically covering a yearfs salary for an employment worker dedicated to assisting young people in a, Sheffield and Rotherham. Following the signing of the Memorandum of Understanding in spring 2024, this expenditure is reflected in the financial year under review. fJ-" The Baytree Centre Bas-d in '. ambeth. The Baytree Centre is a woman-led organisation focused on empowering isolated ap.d discanfrar,chised women and girls. It provides support to build their confidence. knowledge, anc skil.'s. faciliiating their integration into the wider community. Following or: from the achievements durinG fiv- years IIIEV VVVI Fiiogr L7111ib Ir. li I S¥yL¥I £v£¥ ule TrLiS.￿es agfee(i LO conlinue trie Found&%lOil'S long standing relationship with the charity. The Foundation was pleased to award £60.000 over 3 years to support employment advice and mentoring workshops for vulnerable Yiomen. JOHN LEWIS PARTNERSHIP FOUNDATION DIRECTORS. AND TRUSTEES, REPORT FOR THE YEAR TO 31 JANUARY 2025 Achlevements and performance {continued) abili conlinued UK New Fundin continued Sussex Association for Spina Bifida and Hydrocephalus (SASBAH) An independent charity dedicated to providing lifelong support to over 1,000 disadvantaged children and adults affected by spina bifida. hydrocephalus. and related disabilities. The mission of Sussex Association for Spina Bifida and Hydrocephalus (SASBAH) is to empower individuals to reach their full potential and live fulfTlling lives. In September 2024, the Foundation approved £30,000 over three years to continue funding Saspire, SASABAH'S unique work experience and training project located in Gun Hill. East Sussex. This employment project offers education. training, and voluntary work experience, enabling approximately 38 young adults annually to enhance their employability and social skills. Turtle Dove Cambridge Turtle Dove Cambridge empowers at-risk young women (14-24) into education, employment, or training {NEEf) Ihrough work expertence, training. youth support, and self-development. The charity provides holistic support including event work experience. certified training (food safety), intergenerational events. pear and 1.1 support, a careers conference, 2nd mentoring. In September 2024, the Foundation was pleased to award a grant of £19,574 to launch a mentoring scheme. run monthly intergenerational events. register as a food business for catering training. and establish afternoon tea partnerships with local businesses. This builds on previous Foundation fvnding that enabled the employment of a Young Women's Development Worker and expanded Iheir support offer. Rest of World On oin Toybox & BAT Building on successful projects with The Toybox Charity and the British Asian Trust, in March 2022, the Foundation agreed to fund both of these charities individually with funding of £225,000 to run individual projects in Jaipur, India. Notably. a collaboratlve referral system was implemented between the Toybox and British Asian Trust projects. ensuring children and families are directed to the most appropriate support charity. Following the positive progress reports, in spring 2024. the Foundation approved the third and final payments to Toybox {£81,6231 and British Asian Trust (£78,281). Furthermore, an additional £3,000 was approved for Toybox in June 2024 to assist wrth the purchase of supplies to help combat the heatwave conditions affecting Ihe project. Changing Young Lives Foundation In 2023, the John Lewis Partnership Foundation approved a iwo-year grant for the Changing Young Llves Foundation in Hong Kong. This funding supported their Youth Employability Support programme. which assists unde￿rivIleged secondary school students in preparing for future careers through mentoring, CV and skills workshops, and work experience. A progress update was given at Ihe Foundation's March 2024 meating, and Ihe Trustees approved the final payment of £41,788. The Citizens Foundatlon The John Lewis Partnership Foundation granted The Citizens Foundation £137.780 in June 2023. This three-year award supports the Community Vocational Training Programme in Pakistan. covering the cost of 11 vocational training centres. The program will deliver six training cycles. enhancing young women's skills in fashion and textiles. Following a positive progress report, the second payThent of £39,959 was approved in October 2024. Care and Fair The Foundation funded a project beginning in 2012 with Care and Fair to build and establish a girls, school in the rug weaving area of Uttar Pradesh. India. During the year under review. the charity confimgd thal the Foundation branding has been removed from the school and therefore the final payment of £7.030 was approved. ' *;"44>JOHN LEWIS PARTNERSHIP FOUNDATION I=_ 14•. . DIRECTORS, AND TRUSTEES, REPORT FOR THE YEAR TO 31 JANUARY 2025;. Achievements and performance (continued) Em lo abilit continued Rest of World New Fundin Sense International At the Truslees meeting in December 2023, an award of £204,727 was granted to Sense International for a <- it.14. year project focusing on vocational training and in¢ome-generating iniliatives for 100 children and young ¥*, adults with deaf blindness and multiple disabiltties in Delhi and Alleppey, India. Following the signing of the Memorandum of Understanding in February 2024. the first payment of £99,545 was made to the charity. Brass for Africa L•>. i¥. Founded in 2009. Brass for Africa uses music education and lrfe skills training to empower marginalized s., children and young people in Africa. In March 2024, the Foundation approved a grant of £25,000 for the .'L•>. . Make A Change project which aims to engage and support young people in informal settlements in Kampala, Uganda. Participants will fomi community brass bands and engage in community campaigns while gaining essential life skills and entrepreneurial knowledge til. The Toybox Charity In December 2024, the Foundation approved a grant of £160,000 over two years for The Toybox Charity to -'L>•. . strengthen its work with first generation leamers in Jaipur. Building on the 'Exploitation to Edtjcation, project ?- . , til. launched in April 2022. this initiative aims to empower children to stay in school and achieve GCSE or A- level equivalent qualifications. The project will foster deeper community ties to ensure long-term sustainability and wider impact. The primary goal is to enable current and new beneficiaries to advance their eduGation, thereby maximizing their opportunities to break free from poverty and infomal employment and ¥*, secure stable, fomial jobs. At the December 2024 Trustees meeting. Ihe Foundation was pleased to award £44,451 over two years to .y•< The Hope Foundation for Street Chlldren to support for their work with children with special needs in ,'t4l. Kolkata's slums wth a goal to empower these children to lead dignified, independent lives and improve their socio-economic conditions. The Foundation also awarded £160,000 over two years to Waste Aid to continue:.. ".y4•. ¢. their worf< in Mpumalanga, South Africa working with young people to address the global waste crisis by ~.#.il. empowering and equipping them with the education, skills and opporlunities for meaningful employment in the circular economy, particularly in waste and recycling skills. The Memorandum of Understanding with ¢. each charity was signed after the year end date and as such the commitments not provided for are included in Notes 29 and 30. Buildin ier Futures Fund Through the grant agreements with Ihe three partner charities covering the year to 31 January 2025, donations totalling £294.251 were made to Action for Children. Home-start UK and Who Cares? Scotland which represents a 650/0 share of the fundraising achieved in the year through the Sale of products. customer t. donations and John Lewis Partnership plc employee and supplier fun(Jraising events. The donations to Action for Children support care experienced people to thrive with the BHF funding specifically going towards their 'Wrap Programme. and provision of Transilion Workers. The donations to Home-stsrt UK support care experienced people and families and those at risk of entering L•>. . the care 5yStem to thrive through the recruitment. training and provision of volunteers to support ¢are experienced families. The donatlons to Who Cares? Scotland supports projects which bring together care-experienced people for ftjn, friendship and connection. specifically 'Belonging' and 'Connection' projects. The BHF Fund provided discretionary charitsble arants in two rounds. sprino and autumn. dji ring the ygar •, , ending 31 January 2025. JOHN LEWIS PARTNERSHIP FOUNDATION DIRECTORS, AND TRUSTEES, REPORT FOR THE YEAR TO 31 JANUARY 2025 Achievements and performance (continued) Buildln Ha ier Futures Fund continued Dandellon Time In March 2024, the committee approved a £10.844 grant for Dandelion Time's new"Building on Belonging" programme. This initiative will support 16 foster children aged 9-12 ￿rith complex emotional difficulties through two 8-week intensive support programmes at Dandelion Time's mid-Kent fami and centre. Each programme will pair 8 children with their foster carers to enhance their confidence. helping them overcome emotional and behavioural challenges and successfully transition to secondary school. Targeting children in Years 5-7, the programme is designed for those who have struggled with or require extra support for secondary school transition, reducing their risk of wthdrawal or exclusion. In September 2024. the BHF committee awarded eight grants totalling £147,671 to a variety of charities from across the UK: Become £20,000 awarded to Become's Care Advice Service (CAS) lo support care expertenced young people facing difficulties by helping them plan for Iheir future and achieve fulfilling lives through various channels like the Care Advice Line (CAL), workshops, sessions. and coaching. Young people can contact the CAL via phone, WhatsApp, or email for infomation, advice. and support on issues including relationships, housing instability, m6ntal health crises, poverty. domestic violence and lack of support networks. Break £20,000 awarded to Break to support their Break Through project which offers a pathway to help young people connect with others and opporiunilies, and progress towards posltive relationships, education, training, and employmenL The Wellbeing and Aspiration. sessions have been developed in response to young people's feedback lo ensure they feel secure and comfortable to participate. The sessions are delivered in the young people's home environment and progress to activitses in the community as they grow n confidence. Youth Options £18,500 awarded to Youth Options to support their 'Step Up. after-school club for secondary-aged children in care in Iha Southampton area. The chartty works wtih disadvantaged children and young people across Hampshire most in need of support to empower them to make posibve decisions towards a better future. The grant will enable the charity to provide a secure environment where secondary school children can engage in positive activities with peer5 facing similar circumstances. Flrst Star Scholars £14,660 awarded to Flrst Star Scholars for their Campus project. which supports young people in care to progress to higher education, training and employment. The programme focuses on early engagement by recruiting a cohort of 30 looked-after young people in Year 9 to the four year programme. The programme includes monthly online sessions and an annual summer school. Programme participants are mentored throughout by youth coaches (current university students). As Ihey progress, subject specific mentors are recruited for individual scholars. Residential stays take pla￿ at university partner campuses. The University of Winchester has committed to cohort one for four years of support. Barking & Dagenham Youth Zone £19,820 awarded to Barking & Dagenham Youth Zone to reach care-experienced young people in the local area and continuously seek new ways to tailor our programs to Ihe specific needs of care experienced young people and young people transiknoning in and out of care by working directly with them to undorstand and address their unique requirement. Your Own Place CIC £19,851 awarded to Your Own Place CIC to support the charity's mission to prevent homelessness and ensure that everyone has a safe and secure home. They work with those most at risk of homelessness. particularly young people leaving care. 10 > JOHN LEWIS PARTNERSHIP FOUNDATION DIRECTORS, AND TRUSTEES, REPORT FOR THE YEAR TO 31 JANUARY 2025 , itll Achievements and performance (continued) Buildin Ha ier Futures Fund continued The Brightslde Trust £19,840 awarded to The Brightside Trust for their'Uni&U' project aiming to increase the number of care- experienced young people getting into universtiy. This initiative offers a tailored three-year support program ¥ to up to 30 young people aged 11-18 who have experience of care from across Sussex. Brighton and Hove. 4.1 East Sussex and West Sussex. providing individualized interventions for each participant. The Uni&U programme is a collaboration between Brightside, the Sussex Learning Network, the University of Sussex -'14•. . and Virtual Schools in the area. Manchester Youth Zone £15,000 awarded to Manchester Youth Zone to bolster capacity to support North Manchester's care- experienced young people by providing opportunities to uncover their dreams for the future and provide them with employability support and youth voice opportunities. Little Bird People Development Ltd In November 2024, the committee awarded £20.000 to Little Bird People Development Ltd to pilot their 'Take Flight, initiative. Thls program aims to support female prisoners with children at risk of entering care by ,. helping them maintain connections with their children. Following a request from John Lewis plc to continue an initiative started in 2023, the BHF committee agreed Lfv>. . in November 2024 to allocate £150,000 from an initial John Lewis plc donation of £175,000 to support six <11. Open University scholarships for care-experienced students. commencing in September 2025. The gift ".i•. #. agreement with the Open University Open Futures Fund - Care Experienced Scholarship Fund was signed in D8cember 2024 and therefore the Gharitable expenditure has been recognised in the year under review. Nature Fund Grant makin #.jl. In the period ending 31 January 2025. the Nature Fund committee approved funding for one new project. Additionally, it continued its support for a previously initiated project and provided further funding to the sanie¥- charity to expand on the success of the initial work. Cetacean Research & Rescue Unit In August 2023, Ihe John Spedan Lewis Foundation trustees approved a mutti-year initiative with the til. Cetacean Research & Rescue Unlt. This project aimed to investigate the regional movements of coastal l.L•>. . minke whales in northeast Scotland. Following a favourable progress update. the final instalment of £15.000 was disbursed in July 2024. Subsequently, in November 2024, the Nature Fund committee granted £20,000 t": to CRRU. This funding will support ongoing monitoring of minke whales along the northeast Scottish coast, with the goals of identifying threats to these coasts1 populations and providing data to guide the adaptive . hil. management of the Moray Firth MPA site. The initial payment of £10.000 was made in January 2025. MARINElife ti4. In October 2024, the Nature Fund commitlee granted £18,152 to MARINElrfe. This funding will support a .. project to increase the visibility of MARINElrfe and its work, expand public engagement, and train more l.i•*. citizen scientists through accessible courses across the UK. The prolect aims to raise awareness of endangered whales, dolphins, seabirds. and ocean habitats. It will also train citizen scientists to conduct research on MARINElife survey routes. providlng validated data lo sclentists and students studying Ihe marine environment. JOHN LEWIS PARTNERSHIP FOUNDATION DIRECTORS, AND TRUSTEES. REPORT FOR THE YEAR TO 31 JANUARY 2025 Achievements and performance {continued) Nature Fund continued PhD Studentshi In autumn 2022, the University of York was chosen from the shortlisted supervisory panels for the John Spedan Lewis Foundation PhD studentship focusing on°From Rools to Shoots: how do meadow ants shape grassland ecosystems, and what role could they play in habitat restoration?" The selection of this proposal was based on its robust scientific methodology and potential contribution to conservation efforts. Additionally. the supervisory team and the lead unrversity demonstrated a strong commitment to increasing access to higher education and employment for individuals from underserved backgrounds. The funding agreement was finalized in early February 2022. Following a favourable biannual progress report from the Research@r. Gabrielle Flinn. in March 2024, Year 2 expenses amounting to £32,593 were paid and are reflected in the accounts up to 31 January 2025. The John S edan Lewis Emer in Leader Award for the UK Natural Environment The Linnean Society of London is the world's oldesl actwe society devoted to the study of natural history. The John Lewis Partnership (JLP) has maintained a partnership with the Society since 2014, when the original John Spedan Lewis Foundation {JSLF) Medal was created to mat1( the 50th anniversary of the Foundation. The Linnean Society of London is the world's oldest active society devoted to the study of natural history. The John Lewis Partnership (JLP) has maintained a partnership with the Society since 2014, when the original John Spedan Lewis Foundation (JSLF) Medal was created to mark the 50th anniversary of the Foundation. In 2022, the JSLF trustees refreshed and relaunched the award as the John Spedan Lewis Emerging Leader Award, which recognises rising leaders in the UK'S natural environment sector. This evolution aligned the award rnore closely with the Foundalion's growing focus on youth and leadership. For 2024 awards process, the Linnean S￿Iety awarded the medal to Meghan Gimber a self-professed 'hedgerow geek, who has spent almost a decade advocaling for the protection, management, and growth of the UK'S depleted hedgerows. Megan manages two hedgerow surveys for the People's Trust for Endangered Species (PTES): The Great British Hedgerow Survey and Healthy Hedgerows, the latter of which she developed into an app for famiers to aid rapid hedge assessment with direct and tailored management advice. Running training courses and walks, her outreach also extends to the media where she has appeared on radio, podcasts, at feslivals and in print. with many feeding back that her inspirational work has left them consumed with 'hedge fever,. Nature committee members Conor Butler and Savita Wilmoti attended the awards ceremony on 22 May 2025. Financial review The John Lewis & Partners Foundation was established in 2007 with a donation of £311.000 from John Lewis plc. It was renamed the John Lewis Partnership Foundation with effect from 30 January 2024. Donations of £2,089,335 (2024: £785.444 (excluding the £2.7m donation for net assets and liabilities from the transfer of the JSLF into the JLPF) were received. full details can be found in note 2 of the accounts. Investment income of £78,439 was generated (2024 . £16,620) as a resutt of the dividends and interest eamed on the Nature Fund LGT investment portfolio (restricted fund) and the prevailing interest rates earned on the cash balances held throughout the year. Total donations payable were £1.726,476 (2024: £1.219.918) full details are in notes 5. 6. and 7 to 31 of the accounts. As at 31 January 2025, the Nature Fund LGT investment portfolio was valued at £2.899,790, an increase of 12.10/0 on the previous year end. Further detsils of investment perfom)ance and market condilion5 are given in the Investment policy and performance section below. As at 31 January 2025 the Foundation had total funds of £4.493,564 (the Trust Fund) (2024.. £3,677,172). The composition of the Trust Fund as at 31 January 2025 was Unrestricted funds of £1.337.384 (2024: £1,023.271) and Restricted funds of £3,156.180 (2024: £2,653,901). 12 }*.￿1>￿ JOHN LEWIS PARTNERSHIP FOUNDATION t DIRECTORS, AND TRUSTEES, REPORT FOR THE YEAR TO 31 JANUARY 2025 , fvil Financial review (continued) Investment olic and erformarFce In March 2023, the trustees agreed to adopt the same Investment Policy in operation for the John Spedan Lewis Foundation. *.;; As a result of the resolutions signed on the 24 January 2024 by the John Spedan Lewis Foundation and on #* •.,Il. the 30 January 2024 by the John Lewis & Partners Foundation. the LGT Wealth Management portfolio was gifted as a Restricted Fund to the John Lewis & Partners Foundation, subsequently renamed John Lewis * Partnership Foundation. The Restricted Fund Is invested in accordance with the investrrient policy adopted in March 2023. The Foundation seeks to produce the best financial retum wth an acceptable level of risk and a ". •. Environmental, Social and Govemance (ESG) compliance for each of its short-term reserves and its long- term funds. The investment objective for the long-temi fund is to maintain a value against CPI inftation plus 3.50/0 over , til: the long term. Risk lolerance and liquidity profile should be consistent with the planned rate of withdrawal in the Spending Policy which can be fvnded from capital andl or income. The investment objective for the short-term reserve is to preserve the capitsl value with a minimum level of '"•'i'-: risk and maximum available level of liquidty and ESG compliance. This fund will have negligible risk tolerance. ¢. The investment policy creates the framework to target greater positive impact, through increasing alignment È- 'il. of the portfolio with the UN Sustainable Development Goals and the commitments of the Paris Climate Agreement. The Policy includes specrfic Ethical Investrnent Pollcy and Responsible Investment Considerations. Any changes to the Investment Policy of the Reslricted Fund should be agreed with the Nature Fund committee in advance (or any committee which may thereafter be established in substitution for the said Nature Fund committee). The Foundation shall also adopt any amendments to the Policy as recommended by the Nature ".i•. . Fund committee (or any Committee which may thereafter be established in substitution for the said Nature Fund committee). As at 31 January 2025, the LGT portfolio, excluding income eamed but not distributed, was valued at £2,899,790, an increase of 12.10/0 on the previous year end. Investment retums earned during the year at £68,497 exceeded cash withdrawn from the portfolio to fijnd charitable expenditure (£43,152) and therefore as at 31 January 2025 the value of investment income eamed but not yet distributed since inception was £53,260 (2024: £29,916) ,' included in the Debtors Note 33. When the portfolio underlying growth is added to investment income eamed, total retums on the portfolio at 14.6 % were better than the 4.6010 total retums achieved in Ihe final 10 month period of the John Spedan Lewis Foundation and exceeded the target rate of CPI inflation plus 3.50 The recovery of the portfolio through 2024 reflected the strengthening of global financial mari(ets and initial optimism following the election outcome in the United States. However. the landscape altered significantly ¢-'* during the first quarter of the new financial year with the introduction of trade tariffs by the US administration. •. LGT will continue to monitor geopolitical risks closely and adjust the composition of the portfolio accordingly to miligate downside risks while focusing on the mosl powerful structural growth drivers over the long term. Reserves olic Tye Reserves policy is reviewed annually. The Irustees are unanimously of the view that the Foundaticn .ecacs to hold sufficient reserves to cover the financial commiknents it has made to multi-year proje￿tS which extend beyond the current Funding Agreement between the Foundation and John Lewis plc. JOHN LEWIS PARTNERSHIP FOUNDATION DIRECTORS, AND TRUSTEES, REPORT FOR THE YEAR TO 31 JANUARY 2025 Financial review (continued) Reserves olic continued The Current Funding Agreement between the Foundation and John Leviis plc covers the period up to 31 January 2027. At the Annual General Meeting on 22 July 2025, no reserves were required in relation to financial commitments beyond the year ended 31 January 2027 as there are no multi-year grants with commitments beyond that date. The Foundation main board agreed to hold reserves of £50,000 to give them a level of comfort that they are able to respond to any unforeseen changes in administrative support. Where Foundation committees have their own defined or restricted income streams. the board annually agrees the committee's budget. As outlined in the committee's lerms of reference, any projects that are longer than a year in duration must be taken to the Board for approval to enable this to be built into the Board's Reserve Policy. Fundin The trustees developed a Cornmercial Parlicipation Agreement (CPA) between the Foundation and John Lews plc. For the Employability committee. the CPA includes several revenue streams: John Lewis plc paying a donation from the sale of a range of products. for the use of the John Lewis Partnership Foundation logo. donations gonerated from single use carrier bag sales. a portion of proceeds from a charitable Golf Day fundraising event, and a percentage of income from sample sales. These samples, received by the John Lewis plc Commercial team, are sold to Partners during regular sample sales, provided the suppliers allow it. John Lewis plc served nolicg on the single use Ca￿ler bag funding stream during the 2023124 financial year as part of its commitmentlo eliminating single use plastic. The Foundation continued to eam revenues from this income stream during the year under review but anticipates this ending in the first half of Ihe 2025126 financial year as stocks are sold through. Following the establishment of the Building Happier Futures (BHF) Fund, the CPA has expanded to include John Lewis plc pawng a donation from the sale of a specffic range of products with these funds specifically restricted for use by the BHF Fund. Additionally, the BHF Fund benefts from donations via the GNestar charty fundraising platform wilh the QR code featured on both Ihe johnlewÉs.com and waitrose.com websites within BHF webpages. As part of the creation of the BHF Fund, John Lewis pl¢ agreed lo make a spectfic £175.000 donation and requested this be used to continue an initiative started in 2023 to fund Open University Scholarships and other opportunities for people who have eXperien￿d care. A small number of ad hoc donations were received in the year from a John Lewis supplier undertaking fundraising events and from Nottingham Trent University following some volunteering from the Community Liaison Coordinator team working at John Lews & Partners, Nottingham. Details and values of income and donations are covered in notes 2 and 3 to the accounts (page 24). 14 > JOHN LEWIS PARTNERSHIP FOUNDATION t DIRECTORS, AND TRUSTEES, REPORT FOR THE YEAR TO 31 JANUARY 2025 til Strategic developments and future plans During the year under review, following on from the transfer of the John Spedan Lewis Foundation into thé Foundation and the establishment of the Building Happier Futures Fund at the end of last year, the trustees -'#fv. . have sought to integrate the newly created funds into the Foundation. This has required attention to a wide , #.jl. range of areas. such as the Board's Matters Reserved and Committee Temis of Reference. to the Purpose statements of each committee and the grant making approach and also the administration and meeting cycle required to ensure an effective communication channel both to and from the Board. Some of this work is still in progress as Ihe Foundation adjusts to its new ways of working. ". •. During the year the Foundation also continued its discussions wrth the John Lewis Partnership Golden Jubilee Trust, continuing with the ambition to have one overarching charitable vehicte through which the ¥i,, John Lewis Partnership can direct its donations and support. On 31 March 2025 the trustees signed a D88d b, of Appointment. Indemnity and Temiination which transferred the assets of the John Lewis Partnership Golden Jubilee Trust into the Foundation. Trustees are working with the support team provided directly by John Lewis plc to ensure that the John Lewis Partnership Golden Jubilee Trust is integrated and delivers on the overarching vision and strategy of t, the Foundation. Now that this transfer has taken place. the trustee's strateglc focus for the year ahead is to engage in a .1 review of the Foundation. its work. govemance and structure to ensure it is set up for success in achieving Its future ambitions. 15 JOHN LEWIS PARTNERSHIP FOUNDATION DIRECTORS, AND TRUSTEES, REPORT FOR THE YEAR TO 31 JANUARY 2025 Reference and administrative detsils Charit Name: John Lewis Partnership Foundation. The Charity has also registered the working name 'John Lewis Foundation, and 'Building Happier Futures, wth the Charity Commission. The Trustee Board approved to change its name to the John Lewis Partnership Foundation on 30 January 2024. Charit Number- 1118162 Com an Number." 06058796 Princi al OffiGe: 1 Drummond Gate. London. SW1 V 2QQ Directors and Trustees The Directors of the Charilable company are its trustees for the pun)ose of charity law and throughout this report are colleclively referred to as the trustees. Simon Bishop Nyika Brain Paul Buchanan (resigned on 9 December 2024) James Fletcher (appointed on 31 March 2025) Tracy Higgins (appointed on 31 March 2025) Sarah Gillard (resigned on 9 December 2024) Andrew Hoad (resigned on 17 September 2024) Marija Rompani Julie Rushworth (appointed on 31 March 2025) Nicola Waller (resigned on 21 June 2024) David Cope (appointed on 31 January 2024) Ceira Thom {appointed on 31 January 2024) Oriana Clare Tickell (appointed 23 June 2025) Com an Secreta Simon Blackbum Inde endent Auditor KPMG LLP, 15 Canada Square, London, E14 5GL Banker National Westminster Bank pl¢. Cavendish Square, PO Box 4NU 1 Cavendish Square. London. W1G OLA L al Adviser Legal Department. John Lewis plc. 1 Drummond Gate. Pimlico. London, SW1V 2QQ 16 JOHN LEWIS PARTNERSHIP FOUNDATION t"_ 5t- DIRECTORS, AND TRUSTEES, REPORT FOR THE YEAR TO 31 JANUARY 2025 Structure, Governance and Management Governin Document The John Lewis Partnership Foundation was incorporated as a private limited company limited by guarantoe, number 06058796, on 19 January 2007 and registered as a Charity with the Charities Commission on 28 February 2007. number 1118162. 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 L<>. . Association. Every member (also being a Director of the Company and Trustee of the Charttyl promises, rf It.4l. the Foundation is dissolved while he or she remains a member or within 12 months afterwards, to pay up to ¥*, £1 towards the costs of dissolution and the liabilities incurred by the Foundation while he or she was a member. . • The gift of the John Spedan Lewis Foundation on 30 January 2024, through a Deed of Appointrnent, it.ll. Indemnity and Tennlnation requires the assets and liabilities to be held as a Restricted Fund which is for promoting for the benefit of the public the understanding, protection and restoration of the natural worfd in an >, inclusive and sociallyjust way. The fijnd is currently distrtbuted by the Nature Fund..- anisation The John Lewis Partnership Foundation is govemed by an independent Board of Trustees. The John Lewis ¥.", Partnership plc Board shall be entttled by notice in writing signed by them or on their behalf and left at or *.jl. sent to the registered office of the Foundation to appoint up to five trustees and by like notice to remove any twstee so appointed by them. The Board of Trustees may appoint up to five further trustees. The -'L>•. Foundation's Board consists of at least three and not more than ten individuals. The trustees must hold at , stil least meetings each year and quorum at a meeting of Ihe trustees is three trustees. ¢. Each trustee can serve for a three year tenn of office and shall retire at the board meeting arising after the ti4. third anniversary of their appointrnent. A retiring Trustee who remains qualified may be reappointed for a further three year temi of office. up to a total of three. three year temis of office. A.il. On appoinlment, new trustees are offered external training on govemance and the trustee role, and are provided with detailed information about their legal obligations and responsibilities, and infomiation about;; the Foundation's current work, which includes the John Lewis Partnership Foundation articles of association, the Foundation's Policies and guidance on Trustee and Directors duties and responsibilities. The trustees met four times during the period be￿een 1 February 2024 and 31 January 2025 including the .6'4k * annual general meeting on 4 June 2024. t:.1. The trustees have also delegated authority to two sub-committees in the Building Happier Future's fund and the Nature Fund through agreed Terms of Reference. Each of the committee's met three times during the tr.; year to consider its grant making approach, composition and to make grant awards. è - ement Day to day management, administration development, evaluation of projects and overall programme delivery for the Foundation is delivered by the Charities & Volunteering Specialist and Officer from the John Lewis plc #.41. Social Impact Team and is funded direclly by John Lewis plc. All support provided directly by John Lewis plc is done so in adherence to the parent organisation pay policy. 14. Trustees Remuneration and Ex enses L>fv. ¢. The trustees did not receive, and were not entitled to receive, any remuneration from the Foundation for their f-, seNices. For those Foundation trustees in the employment of John Lewis plc, the Foundation's only related ¥ party, none of their remuneration from John Lewis plc related to their role within the Foundation. £133 of '¥ trustee Iraining and travel expenses were incurred in the year. 17 JOHN LEWIS PARTNERSHIP FOUNDATION DIRECTORS, AND TRUSTEES. REPORT FOR THE YEAR TO 31 JANUARY 2025 Structure, Governance and Management (continued) Risk mana ement The trustee5 regularly consider the Foundats'on's activities in relation to the Foundation's charitable objectives and the risks to which tt is exposed. As at 31 January 2025, the trustees believe that there are Ihree principal risks arising from the Foundation's operations: there are insufficient funds available to continue the Foundation's work. and the risk of not managing the consolidation of trust and foundaliong appropriately and tha lack of succession planning of key personnel or a reductton in support due to head offlce change programmes The Foundation's primary source of funding is John Lewis plc and has in place a funding agreement. One of its main funding sources is the proceeds from the sale of single use carrier bags sold through John L8WIS branches. John Lewis plc served noti￿ on this funding stream during the 2023124 financial year. The John Lewis Partnership is committed to eliminating single use plastic and as such has undertaken a strategic review of its carrier bag options. resulting in a new proposition. The Foundation continued to eam revenues from this income stream during the year under review. Other funding streams continue unchanged and the Foundalion is currenlly in conversation with John Lewis plc as to a suitable a￿eMatiVe funding model. The Board was aware that transfer of the John Spedan Le￿IS Foundation into the Foundation posed a number of risks, both relational and legal. As such, legal advice was taken throughout the transfer process and the Chair of the Board formed part of the working group to oversee the negotiations and process. Th@ trusteas were delighted to accomplish a smooth transition. Work has continued through the year to achiave a cadence for committee and board meetings. clarfy roles and responsibilities and ensure each committee is operating with a full cohort and with the required administrative support. This work will continue as the tnjstees welcome the John Lewis Partnership Golden Jubilee Trust. The administrative support provided to the Foundation is grfted by John Lewis plc. Various change programmes left trustees uncertain as to Ihe impact these may have on Ihe Foundation in the fonn of the support it receives in the future. The Ethics and Sustainability team was reslructured during the year and as such one role was removed from the organisational structure that impacted the support provided to the Foundation. The team is tsking steps to mitigate the impact on the Foundation. Disclosure of Information lo Auditor The trustees who held office at the date of approval of this Report of the TTUStees (including Slrategic Report} confirm that. so far as they are each aware, there is no relevant audit infomiation of which the charitable company's auditor is unaware. and each trustee has taken all the steps that they ought to have taken as a trustee to make themselves aware of any relevant audit information and to establish that the charitable companws auditor is aware of that infomiation. 18 . JOHN LEWIS PARTNERSHIP FOUNDATION ,- STATEMENT OF TRUSTEES, RESPONSIBILITIES IN RESPECT OF THE.: TRUSTEES, ANNUAL REPORT AND THE FINANCIAL STATEMENTS The trustees are responsible for preparing the Trustees, Annual Report and the financial statements in accordance with applicable law and regLblations. Company law requires the trustees to prepare financial statements for each financial year. Under that law they are required to prepare the financial statements in accordance wth UK Accounting Standards and applicable law (UK Generally Accepted Accounting Practi¢e), including FRS 102 The Financial Reporting )* standa￿1 applicable in the UK and RepubliG of Ireland. 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 of the income and •.•": expenditure for that period. In preparing these financial ststements, the twstees are required to.. select suitable accounting policies and then apply them consistently,. make judgements and estimates that are reasonable and prudent., state whelher appllcable UK Accounting Standards and the Statement of Recommended Practice have been followed, subject to any material departures disclosed and explained in the financial statements., assess the charitable companvs ability to continue as a going concern, disclosing. as applicable, matters related to going concern; and use the going concern basis of accounting unless they either intend to liquidate the charitable company or to cease operations, or have no realistic altemative but to do so. 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 charitable company and enable them to ensure that the financial statements comply with the ¥, Companies Act 2006. They are responsible for such intemal control as they determine is necessary to til. enable the preparation of financial statements that are free from material misstatement. whether due to fraud or error, and have general responsibilty for taking such steps as are reasonably open to them to safeguard ¥ the assets of the charitable company and to prevent and detect fraud and other irregularities. The trustees are responsible for the maintenance and integrity of the corporate and financial infomiation Lt4,., -'L•>. 4*. included on the charitable companls website. Legislation in the UK goveming the preparation and disseminalion of financial statements may differ from legislation in olherjurisdictions. 5j- Orlana Clare Tickell, on behalf of Trustees •*-_....-.- Jcnn Lewis Partnership Foundation Priicipal Ofrice: 1 Drummond Gate, Pimlico. London. SW1V 2QQ". 22 July 2025 19 JOHN LEWIS PARTNERSHIP FOUNDATION STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 JANUARY 2025 Unrestrl¢ted R¢strkted Restrlded Total Funds Fund Fund (Nature} Fund {BHF) Total F￿¥J$ 2025 2025 2025 2025 2024 Nbtes Incon DonalKJr Other irm Investff*rt Yotal Income 1.485,218 112144 11.782 1.609,144 41.057 563.1 99.810 2.089,335 211,954 78.439 2.379.728 3.458.180 114.599 16,620 3,589.399 66.657 107.714 662.870 Expenditurè charitab￿ acIMt￿$ Total exp8ndllure 1.095.031 11.095.031) 116,802 1116.8021 663.¥20 1.875,6S3 {663.820) 11.875,653) 1.315.034 11.315,0341 Transfers ￿tween funds 1200.0(M)I 2ry).orM) 32 Net galns l {losses) on inv8Strr*nt assets 312.317 312.317 119.7341 35 Net Thw)vement In funds 314,113 303.229 199.050 816,392 2.254.630 Reconciliation of funds Tot81 br ht forward 1.023.271 2.653.9)1 3.677,172 1.422.542 Total fund8 carried forward 1957.13 199.050 4.493,564 3,6TI,172 £1,337,384 of ￿ f￿￿$ are unrestrÉcied, £2.957.130 offt*YJs are reslrnaed for aTrl £199.050 of are restricted fLY ttr Bu&￿trY￿ Happler Ful￿&S F￿￿1. statemenl of fir0￿￿1 adiMtt8s ir￿k￿￿es sll g8ir6 aTrJ k￿eS rec4)grfsed year. AA Incon￿ and experBes were from corlwiiru a¢tiMtles. accomparylro mtes fr)m) an itegrol part ot finartial stat￿ts. 20 - JOHN LEWIS PARTNERSHIP FOUNDATION £% BALANCE SHEET AS AT 31 JANUARY 2025 ,- Unrestrlcted Restrl¢ted Fund Fund INaiuFè) Restrl¢ted Fund (BHF) 2025 Total Fund5 Total 2025 2025 2025 2024 Notes F￿Èd a$sBts Inve5trnEnts Total fY¥ed assets 2.899,790 2,899,790 2.899.790 2,899,790 2.587,473 2.587.473 Current assets Debtors Cash at bank arKI kn har¥J Total currert assets 33 126,650 1.251.333 1,377.983 53,2 4,080 820 201.923 202.743 180,730 1.457.336 1,638,066 180.624 1.237.653 1,418,276 Uabllltles Credrtors.. arrnwts I8￿re whlin or* year 140.5991 {3,6931 1442921 (328,5nl Nat ¢urrent assets 1.337.384 1951.130 199.050 4,493.564 3,677,172 Total net assets 1.337.384 1957,130 199.1150 3.677,172 The funds of the charlty Restricted furKI$ ihyestrfcted luNJ5 Total chartty funds 2,95T.130 199,050 3.1S6.180 1,337,384 4.493.504 2,653,901 1.023,271 3.677.172 1.337,384 1.337.384 35 2.95T,130 199.050 ,"}'} The accompanying notes fom an integral part of the financÈal statements. The financial statements on pages 20 to 32 V￿re approved by the Board of Trustees on 22 July 2025 and signed on its behalf by.. Oriana Clare Tickell. on behalf of Trustees JOHN iE.I.:'IS PARTNERSHIP FOUNDATION _. . 22 July 2025 Reslstered nijmber. 06058796 JOHN LEWIS PARTNERSHIP FOUNDATION STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 JANUARY 2025 2025 2024 Notes Cash flows from operatin Net cash inflow l {ouffiow activities: from operatin 38 activities 120,657 (213,8481. 32 Cash flows from investlng actlvltles Investment income Purchase of investmenis Proceeds from sale of investments Net movement in investment rtfolio cash balances Net cash inflow from investing activities 78,439 (896,895) 940,352 22,869 99,027 16,620 16,620 Change in cash and cash equivalents in the year 219,684 (197.228) Cash and cash equrvalenls at the beginning of the year 1.237.653 1,434,881 Cash and cash e uivalenls at the end of the year 1.457,337 1.237.653 The a¢¢ompanying notes form an integral part of the financial statements. 'JOHN LEWIS PARTNERSHIP FOUNDATION ~, NOTES TO THE FINANCIAL STATEMENTS/ 1. Accounting policies Basis of preparation The financial statements have been prepared in accordance with Accounting and Reporting by Charities. Statement of Recommended Practice applicable to charities preparing their accounts in '¥ accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS *4'I,"- 102) {effective 1 January 2015)- {Chanties SORP (FRS102)), the Charities Act 2011, the Chanty (Accounts and Reports) Regulations 2008 and the Companies Act 2006. The Foundation constitutes a public benefit enttty as defined by FRS 102., The Charity has not taken any disclosure exemptions. Going concern •:.% The financial statements have been prepared on a going concem basis which the trustees consider to be '.V3•'i. •."' appropriate for the following reasons. The business model of the Foundation is such that its charitable activities are limlted to those which it has .'I'•>. . sufficient funds to support from the excess of funding received over the costs of administering the 4 Foundation. The Foundation therefore has no specific commitments and no committed costs beyond its fixed: costs of operation which are detailed in note 5. '.% The trustees have reviewed the cash flow forecasts for a period of at least 12 monlhs from the date of approval of these financial statements which indicate that the Foundalion will have sufficient funds to meet I'•>. .. its liabilities as they fall due for that period. The trustees have a150 considered the implicalions on these cash ' 0,1 flow forecasts of John Lewis plc having served notice on the single use carrier bag funding agreement and consider that as a result of its operating model explained above the Foundation will have sufficient cash reserves to pay all committed costs. Consequently. the trustees are confident that the Foundation will have sufficient funds to continu8 to meet its liabilities as they fall due for at least 12 months from the date of approval of the financial statements. . til. Fund Accounting The Foundation has various types of funds for which it is responsible and which require separate Restricted Funds ',•. Donations that are subject to spectfic conditions specified by the donor and investment funds with specific condilions for usage as set out in the Charity deeds are recorded as restricted funds. From aA*s.4,, , these funds. the donations and any income derived there from may only be utilised in accordance with the specific conditions. Uii restricted funds T.*ese funds are expendable at the discretion of the Trustees in furtheran￿ of the objectives of the Foundation. The funds held in each of these categories are disclosed in note 35. Income recognition pollcles Al. Incorne is recognised in the SOFA when the Foundation is legally entitled to the income. the mor.eiary value can be measured reliably and it is MO￿ likely than not that the economic benefits associated with the gift or transaction will Ilow to the charity. The Foundation has the following s-anif can: income streams: a) Donations Income l.Vhere the Foundation receives income, for which it does not supply a good or service equal tc in value to the gift. It is considered to be a non-exchange transaction and is accounted for as a donation. 23 JOHN LEWIS PARTNERSHIP FOUNDATION NOTES TO THE FINANCIAL STATEMENTS Income recognition policies {contlnued) b} Donations Income (continued) Where income is received in relation to a WTitten agreement or grant, the income is recognised on an accruals basis. as the value of the income can be reliably measured. receipt of the income can be legally enforced and ￿ceipt is considered probable. There are not any perfomiance conditions contained within the Charitls income agreements. Where income has been recewed by a donor and tt 15 not covered by a written agreement or grant, it will be recognised on receipt of the funds. Prtor to the receipt of this income the Foundation cannot reliably measure Ihe monetary value nor are they legally entitled to the income. Receipt of the income is not considered to be probable. Throughout the financial year John Lewis pk has provided administrative support at no cost. These donated services are recognised in the accounts based on the average within the John Lewis plc pay range for each type of role. John Lewis plc has a pay policy and pay ranges are reviewed annually and are informed by market rate research. A corresponding amount is recognised in expenditure in the period of receipt of the administrative support. b) Other income Where the Foundation receives income from the sale of goods bearing the Foundation trademark, an exchange transaction has taken place and should therefore be accounted for as other income. c) Inveslment income Income from investment and dividends is recognised when its receipt is probable and the amount receivable can be measured reliably. Dividends and interest income is accrued when Ihe Charity's right to receive payment is established and measurement is at the fair value receivable i.e. when the Charity is notified of Ihe award. Expenditure Expenditure is included on an accruals basis as a liability is incu￿ed. Donations payable are charged as and when all conditions of the donation have been met (post agreement by the trustees). Expenditure includes any VAT which cannot be fully recovered. and is reported as part of the expenditure to which it relates. If the recognition of a liability is no longer appropriate {e.g. an agreement is terminated) the liability Is cancelled by crediting the original expenditure category. Investments Investments are stated at market value and any gains and losses have been recognised in the slatement of financial activities. Debtors Debtors are recognised at the recoverable amount due. Cash at bank and In hand All cash is held in bank accounts with a short notice period of less than go days. Creditors Creditors are recognised where the Charity has a present obligation and the amount due to settle the obligation can be measured or estimated reliably. Critical accounting judgements and key sources of estimation uncertainty The tNstees do not Gonsider there to be any critical judgements or key sources of estimation uncertainty requiring disclosure in these financial statements. 24 ' JOHN LEWIS PARTNERSHIP FOUNDATION t NOTES TO THE FINANCIAL STATEMENTS 2. Donations 2024 Funds donated by John Lewi% pk from ttre sde of sirole Ise carrler bags Funds donated by JOM Lewis ptc from sale of sampb goods Funds donated by JolM Lewis plc from the sale of Prod￿." Ot￿r unrestricted JLPF donations from John Lewis plc other ￿￿eStricted JLPF dork7tior •.I,•";' Restricted BHF donal10r￿ from John Lewis p Other restricted BHF domtio Donated semces Donation of JSLF to JLF Total 1.150.083 430,242 29,541 84,487 150,000 90.098 >:- 145,041 ,1¥.':- 402,629 . 119,377 *,' 91,173 2,672.736 2.089,335 3,458,180 Th8 contribution from Sa￿ of sirKJk use carrier bags is in with the Commercial Partiupation Agreement rate of £0.25. The conliibution from sale of prod￿ts. inclthles £69,165 from Third Parly Gift Cards (2024 . £55,224), £9,565 from Pride ,. tole bags {2024: £20,388}, £8.958 from Cat & Dog plarlers12024- INI) £2,420 from insUra￿e policies12024.' £4,740). Tr Foundation bratvSirvJ is r(>t ijn these product aNJ therefore contributions are classified as don3lions income. ¥ Ott￿r unrestricted JLPF donatior￿ from Joly) Lewis pk T￿LKIeS a £144.882 donation from the Joth Lewis plc suppller charity goll event. OtFEr u￿estrICted JLPF dor&4tions Ir￿LI￿e £5.200 raised by a S￿p￿er from a f￿draisI￿j event held in January 2025. Restrlcled BHF donations from Jokn Lewis pk i￿4(KIe a £175,000 donation for Open ithiversfty scFK)larships and olker Other resliiGted BHF donaliorL8 of £119,377 I￿1￿￿e £102,945 customer dorration5, £15,432 ratsed by a supplier from a walkat￿n fuThJraising event and £1,000 from ￿ttlI¥Jharn Trent Lliversity. Administrative support Is PToMded by John Lewis plc. The Val￿ of I￿se services is estlmated at £149.04412024'. - £91,173) a￿1 comprises . £66,933 for the Employability commf(tee. £41.057 for tIE Nature Fund Committee and £41.054 for the BLMlding Happier Futures FuThJ commiltee. 3. Other Incorne 2025 2024 Funds donated by John Lewis plc from sale of rugs Funds donated by Jokn Lewis plc from Christmas cards -_;. Trademark licence fee paid by Jom Lewi% pic Funds donated b John Lewts Ic to the BHF fuKI from tFE sale of Made b Care Total 44,477 46,932 66,667¥, roducts 99,810 211.954 114,599 contribut￿n from tFE sale of nus arKI Christmas cards relates to Prod￿1$ bearing t1￿ John Lewis Partn8rsFllp Foumlation logo. rwJs SO￿ use colton prod￿ed by colton fam￿r$ have been supported by the John Lewis & *-:' Partners FoLD￿allOn tlyough the Cottonconnect project. The trademark licence lee pemiils Jokn Lewis pk to use the trademark ￿ it's acbmties in support of the Foundation's charitable actlvities and aims, irtlLKlirYJ the Sa￿ of Prod￿1$ arKI seTrices. The BHF fur￿ contribution from sale of ltre Made by Care rarge of prOd￿ts desigred by Care-eyperlenced fine artist ?*- . Izaac relates lo produGts beariro the Joth Lewis Part￿rSI￿p F0LTrJat￿jn aThJ Building Happier Futures logos. .'1'>•. . 4. Investment in¢orne 202S 2024 LGT Wealth Portfolio - Restricted FuTrJ Interest on cash de osils ¥.->-.-, Total 66,497 11.942 78,439 785 15,835 4 16.620 25 JOHN LEWIS PARTNERSHIP FOUNDATION NOTES TO THE FINANCIAL STATEMENTS 5. Expendlture on charitable activities 2025 2024 Donations Payab￿ by Jom Lewis Partr￿Slip FoLnJalion {rnte 6) Billldir¥J Happier Fut￿e$ Open Lkniversty SctrK)larsTr Nature FLVKI PID Ulmversit of York Sub-total rt costs 1.543.883 150,QOO 32.593 1,726,476 149,177 1,875,653 409,848 409,848 95,115 1,315,034 Total Support Costs Support costs tolalliro £149,177 (2024 .' £95,115) cor6i8t of two elements ". {11 Administrativa services £149,04412024: £91, f73} retates to admirwstratfve sermces prothed by John Lewls pEc at m charge. An eqLavalent sum is I￿luded in dOnatH)￿ irmme. Tr breakdown is as follows .' 2025 2024 Wages aThJ salaries National Irsurar Penslon Lo L8av8 Total 122.842 75.009 14250 8.956 11,190 6.751 762 458 149.044 91.173 The split of £149.044 adrr4NslralNe services ￿$* between commitiees is £66.933 for the Employabilty comn*ttee, £41,057 for the Nature Committee a￿1 £41,054 for the Buiktiro ￿￿ppIer FutLwes FLnJ comnNtlee. of Ike admirdstratl￿ 51PPQrt rO￿S any decision ￿￿kir￿J ath)rity in relation lo work of Fou￿latIon. rowsion The admirllslralwe SLPPOrt rotes eq￿ted to 2.0 f￿1 equwdtents {2024 . 1.6 fldl tlme eqLOWdlents). Salary Bandings The nLunber of John Lewis plc em￿YeeS pro￿lir￿ admirNstratNe swrt wlTh)se JOI￿ Lewis pk remun8ralion fell into the baTrJs below (exclLKliTrJ perSKir￿ arxt errybyers National Insurarre) were as foltows . Banding Number of John Lewis plc ernployees 2025 2024 < £60,000 £60,000 to £70.000 £70,000 10 £80.000 £80,000 to £90.000 £90,000 to £100.000 £100,000 to £110,000 Trustee remuneratlon The Trustees, aL80 being Directors of IFE Conwarry, did ti)t reCe￿E a￿j were Tr)t enlitled to recei￿. ary remuneralDn from the FouThJation for ttrEir services. For t￿se Foundation tr￿￿teeS in ￿ empkjymert of John Lewis plc, the Fourjdation's relaled party, FK)￿ of ￿1r remurnratK)n fri)m Joth Lewis ptc related to ￿1r role wiihin th8 FoLnYalion. Key management personnel None of admiristratNe support roles any decisKJn makiry IzpacitTes ar¥1 the orty key persorrEI woulj be the Tr￿l￿e8 wly) have decisKsn makiw ￿Pa￿ty. {ii) Trustee expenses £133 {2024: £3,942) relates to travel expertses for one Truslee a￿1 c¥)st of pwchaswvJ B￿ld1r@ PL4ppier Futures Made by Care thank you gifts for two ouigol￿j T￿￿tees. 26 4> JOHN LEWIS PARTNERSHIP FOUNDATION % .. NOTES TO THE FINANCIAL STATEMENTS 6. Ex endlture b John Lewls Partnershi Foundatlon 2025 2024 Charitsble aclivilies Donations to Instltutions . It.jl.,'l&l Employability {Unrestricted Fund) The Toybox Charity and British Asian Trusl Jaipur projects (note 7) Changing Young LÉves Foundation (note 8) doption UK (note 9) Become (note 10) Papworth Trust {note 111 e*;: Scotswood Garden (note 12) ' Rowan (note 13) SOFEA (note 141 The Cltizens Foundalion (note 15) Catch 22 (note 16) Future Roots (note 17) Rees Foundation (note 18) Children North East {note 19) L*.- Sense Inlemalional (note 20) *- Cyrenians (note 21) Breaking Barriers (note 221 1625 Independent People {note 23) Slrawbery Field (note 241 Roundabout Inole 24) 34...; Brass for Africa SASBAH (note 25) 162,904 41.788 36.210 60,399 1. 14.909 29,167 20,000 75,000 39,959 1. 65,090 60.000 40,590 30.500 99.545 148,838 23,581 ¥4, 57,523 1.14,909 -11,404 ¥, 20.000 6-" 75,000 ¥ 40,056 65,090 60,000 39,690 30,500 ¥4 80,000 50,000 1 50.000 9.000 31,300 4.. 25,000 - 10.000 20.000 7.030 80,000 19,574 19,000 ¥ Care and Falr Inole 27) The Toybox Charity {note 28),, Turtle Dove Other projeGts Buildlng Happier Futures (Restricted Fund) Dandelion TiwE *{,,_ 14,875 409,848 10,844 20.000 20.000 18.500 14.660 19.820 B.eak =harity Youtk, Options First Star Scholars Bark':Ig & Da9enham Youth Zone - Your.?iin Place Th- Bricitside Trust M¢ich-sler Youth Zone Lill:e Bird People Ac:ion for Children Hcnp-Qtart UK '.Ihno Cares Scotjand 15,000 20,000 99,836 97.661 96.754 NatUTa (Restrlcted Fund) Cetacear. Research & Rescue Unrt {note 31) •_ 1*￿I￿ElIf8 25.000 18.152 Tol81 1,543.883 1.2 9918 27 JOHN LEWIS PARTNERSHIP FOUNDATION NOTES TO THE FINANCIAL STATEMENTS 6 John Lewls Partnershi Foundation commithients 45 at 31 Janua 2025 2026 2027 EmployabFlity IUnrestrl¢tsd Fund) BecoffE Inote 10} Scolsw(xxl Garden (note 121 Rowan (note 131 The Citizens Foundation {not& 15) Catch 22 {nole 161 Sense Intemalional (note 201 Cyr8nian5 Inole 21 1625 Independent People (note 231 SA8B￿l Inole 251 Th¢ Baytree Centre (note 261 The Toybox Charity (note 281 Hcye Foundalion for Street Children {note 29} Waste Aid 63,419 29.920 20.000 57.765 65,090 105.182 60.000 57,056 10,0(10 20,000 80.000 26,191 80,000 674.625 63,419 29P20 20,000 57,765 65.090 105,182 60,000 57.058 20.000 ,000 BO,000 44,451 160.000 802.885 10.000 20,000 18,260 80.000 128.260 Nature (Restrlcted Fund) PhD University ofyork Cetacean Research & R85oJe Unit (nots 31) 38.732 10,000 48,732 35.2S9 73,991 10,000 83,991 35,259 Total 723,357 163,519 886,876 As at 31 January 2025, the Foundation has Ix)rrnitt811, iKrt not pn)wd8d. SPBtwJ of £802.88S relaung to Enyloyabilty projects. Th$ Foundation ewects £674,625 to be paid in Ihe year endwg 31 J8nu8ry 21Y26 and £128.260 to be pald In the fdlomng flnondal yèar. As al 31 January 2025. th8 Natijrè Cotnyiitèè Rèstrictèd Fund has corrrrBtled. bLrt nol provtded. spend or £83.991 relating to PhD funding and the CelacÈan Res8orch proj8d. The Foundation £48.732 to be paid in the year ending 31 January 2026 and £35.259 to be paid in the ftllowng finanual yèar. PJI eypendiiure Is conltngent upon the provis*Jn of satisfacw progTess re[￿rts. 7. Employabiltty . Multi-YeaTJaipur Projects with The Toybox Charity and Brfti$h Aslan Trust March 2022, the Trust￿ agreed nwlli-year projects based in Jaipur with Toybox and The British Asian Trust. rhe total amLFnl approved was £450,000, this was to be paid by Instal￿Ents over 3 years. kn the year to 31 January 2025. paynEnts of £159.904 were rn9d8 following the receipl of salisfaclory annual reports. kn June 2024. the Trustees agreed an additional payment of £3.000 lo The Toyly)x Charity to assist with the purd)ase of supplies to help combal Ihe heaiwave affecting the project in kndia. 8. Employability ". Multi-year Project with Changing Young Lives Foundation In DecerTI)er 2022, Ihe Trustees ag￿ed a year project wth Changing Young LÉves Foundation a Hong Kong based Charity. The total anyjunt approved was $800,000 HKD to be paid by instalnmts over 2 years. In the year to 31 January 2025. the seLxTrnd and final pay￿nt of £41,788 was nw(le on receipl of a satisfactory rew)rt. 9. Employablllty . multl.year Project with Adoption UK In De¢erttr)er2022, Ihe Trustees agreed a nWIl￿year piojecl with Adoption UK lo creale The Bridge, programme to work with adopted 14-15 year olds in Grimsby, Hull. Yoth and Scarborough to provide enyloyabiltty support via training sessions and mentoring. The total ani)unt approved was £70,T16, to be paid over 3 years. h the year to 31 January 2025 payn*nls of £36,210 were made on re￿ipl of the progress report. Thi5 pay￿￿nt indLKled an additional £11,756 approved by Trustees in December 2024 to cover a shortfall generated at Pdoption UK due lo the su￿sS of the project. 10. Employabllity . Multi-year Project with Become In March 2023, the Truslws agreed a nwlli-year project with BecoTh* to support care eyperience(l young people aged 14-27 Ihrou9h the expansSon of their successful'Propel' pmjecL The lotal arrounl approved was £181,341, lo be paid by inslalments over IhTee years. In the year to 31 January 2025 payn*nts of £60.399 were made . The third and final payffEnt is conditional on the Trustees receiving a satisfactory progress report. The total awrK)unt comitted bul not provided as al 31 January 2025 was £63,419. 11. Employability . Multi-year Project with Papworth Trust In March 2023, the Trustees agreed lo fund a new project with Papworth Trust to provide the opportunity for 30 young people wkh nyld to mderate l&aming disability. physical disability or long lemi health condition to take part in prdctical work eyperiance wilhin their Opportunities Without knnits IOWLI bike shop and workshop, lorated in Cart)ridge. The lolal amount approved was £29.818. to be paid by insialffEnts over 2 years. In th& year to 31 January 2025, the second and final paym&nt of£14,909 was made upon receipt of a satisfacW report. 28 . JC¥.-¥>kjl.' ' JOHN LEWIS PARTNERSHIP FOUNDATION £%, i•>. . NOTES TO THE FINANCIAL STATEMENTS 12. Employablllty . Multl-yèar PrtsJ¢ct with Scotswood Gardan In March 2023. tha Ttustees agreed a nwtti-year project wtth Scoiswood Garden. the total amunt approved was £70,497 10 be paid by instal￿EntS over 3 years. S¢otswood Garden inspire young people to be excAted about their future and bgtler prepare foT the adult world Ihrough developing confiden￿. enyloyabilty and lrfe 5ki11s and volunteering experience. In th8 year 10 31 January 2025. payments of £29,167 were made. The third and final payment is conditional on the Trustees recetwng satisfactory report. The totsl amunt corrnitted but not provided as at 31 January 2025 was £29,920. 13. Employablllty . Multl-year Prolect with Rowan March 2023, the Trustees agreed a nwlti-year project with Rowan lo fijnd a new Etudent Sknlls Enhancen*nt Progranyne,. The total amunt approved was £60,000 lo ￿ paid by instalrronts over 3 years h the year lo 31 January 2025, payments of £20,000 were nigde. The third and final payn*nt is conditional on the Trustees receiving a satisfactory report. The lolal amount co￿lIted but not provided as al 31 January 2025 was £20,000. 14. Employabillty . Multl-year Project with SOFEA In March 2023. the Tfustees agreed a 2 year project wth SOFEAto fund a new Tran%tional Support ProgramnE'. The lotsl a￿Unt approved was £150.000 to be paid by instalmenls over 2 years. In Ihe year to 31 January 2025, the second and final t, P8yment of £75,000 was nwde upon re¢elpl of a satisfactory report. 15. Employablllty . Multl-year Project with The CitiZgn$ Foundation k-¥*. ' In June 2023. the Trustees agreed a rNIti-year project wth The Ciiizens Foundation based in Pakistan. The total anKsunt approved was £137,780 to be paid by instalrrents over 3 years. The funding wll support Ihe'community Vo(*tlonal Training Programme, which provides won*n and young glds from typicalty disadvantaged comnwnlties of Pakistan a safe spa¢e, In close proxmity to their homes. where they can acquire technical ents)ro¢dery and sewng skills they need to eam a livelihood. In", the year lo 31 January 2025. paywents of £39.959 were nN3de. The third and final payThnl is conditional on the Trustees receiving a Satisfactory report. The total aftx)unl ￿rrrted but not provided as at 31 January 2025 was £57,765. 16. Employability . Multi-year Project wlth Catch 22 In June 2023. the Trustees agreed a nilli-year projeGt with Catch 22 to e5tatAish a programrre to support Care Experienced Young People aged 18-30 in Manchester into nEaningfvl and sustainable work. The total arrM)unt approved was £195,270 10 be paid by instslmonts over 3 years. In the year to 31 January 2025. payrrEnts of £65.090 were made. The Ihifd and final payment is conditional on the Trustees re￿iving a satisfactory ￿pOrt. The tolal amunt COEMwtted but not provided as al 31 January 2025 was £65,090. 17. Employability . Multl-year ProJe¢t wilh Future Roots In June 2023. the Trustees agreed to fund a nwlti-year project with Future Roots lo support a new 'Fulures Plus, progrartyre ovor two years and build on the prev¢ous suwsses achieved wth the charity. The total anM)unt approved was £120,000 10 b8 paid by insta1Th￿nIS over 2 years. In the yearlo 31 JanLtary 2025. the second and final pay￿nI of £60.000 was made upon receipt of a salisfaclory report. 18. Employability . multl.year Projed with Rees Foundation In September 2023. the Trustees agreed a rwmi-year project with Rees Foundation to expand thelr'connect to Careers. project. The total anN)unt approved was £80.280 to be paid by instalments over 2 years. In January 2025. a satisfactory progress report was received and therefore the second and final payff*nt of £40.590 made after the year end has been provided for (Note 34). 19. Employability . Multl-year ProJe¢t with Children North East September 2023. the Trustees agreed a rNlli-yeaT project Children North East to promde fundlng for the building of a mentoring programThE which supports young people into enwloyn￿nt wfth a specFfic fi)cus on young people with neurodiversity. The total a￿Unt approved was £60,999 to be paid by inslalrrEnts over 2 years. h the wr to 31 January 2025, the second and final payment of£30.500 wa5 nHde upon T￿lpt of a satisfactory report. 20. Employabillty . Multl-Y•ar Project with Sense Internatlonal In December 2023. the Trustee5 agreed a muEti-year project with Sense knlemational focusing on vo¢ation81 training and inco￿￿-generallng inttlallves for 100 children and young adults wrth deafbfindne5s and ￿ltIple disabilities In Delhi and Ajleppey. India. The total awDunt approved was £204.727 to be pald by instaln*nts over 2 years. The Me￿randum of Understsnding was signed by the Charity in February 2024 and in the year lo 31 January 2025. paY￿EntS of £99,545 were '. de. The second and final payTh*nt is c¥)rKlitional on Ihe Tnjslees rece¢vlng 8 salisfaclory repori. The totsl anx)unl committed bul not prov¢ded as at 31 January 2025 was £105.182 Ij￿ ¥•ty 21. Employability . Multi-year Project wlth Cyrenians In )eC￿mber 2023. the Trustees agreea a rrvJlti-year projeci with Cyrenians to fund the Key to College (KICI programTr which ryrcvides l= i Outreach practical and enKJlional support to young people and theirfarrllly and carers_ The totsl am)unt appro¥'e '.V?S L 40.000 lo be paid by inStal￿￿niS over 2 yèars. The Merrorandum of Undersianding was sioned with the cia.ity r January 2024 and in Ihe prior year accounts a paytrEnt of £60.000 made in Febnjary 2024 was pr9'4ided for. T.ie and fir.al payment is conditional on the Trustees receiving a satisfactory reporl- The totsl ar¥Dunt Co￿tted but not pr?"1 ed GS at 34 January 2025 vias £60.000. JOHN LEWIS PARTNERSHIP FOUNDATION NOTES TO THE FINANCIAL STATEMENTS 22. Employability . Mutti-year Project with Breaking Barriers In December 2023, the Tn￿tee$ agreed a nwlti-year project with Breaking Barriers to support Iheirwork as a Spe￿alIst enwloyrrenl charity helping refugees and people of refugee bad(ground into n*anin9tul jobs through advice, eyperience and education. The lotsl armunt approved was £100.OLJO to be paid by inStal￿￿nIS over2 years. The Me[￿ra￿dUm of Understsnding was signed with the thaity in January 2024 and in the prior year accounts a payment of £50,000. made in February 2024, was prowded for. sec(fftd rtnal pay¢rent of £50.000 was nmde in January 2025 upon receipt of a satisfactory report. 23. Employabilty . Multi-year Project with 1625 Independent People b) Decen*)er 2023, the Trustees agreed a njllt-year projecl with 1625 kndependenl People lo fund their Education. EmPk)Y￿ent and Training IEET} coacthing prograrnme worknng wtih c8re-ewerienced young people, custody le8ver5, refL*gees and unaccoryanied asyium-seeking children. The total armunt approved was £111.662 to be pald by instslmenls over 2 years. The Memrandum of Understanding was stgned with the charity in January 2024 and in the prior year accounts a paynEnt of £54.604, made in February 2024. was provid￿ for. The second and final pay￿Ent ts conditional on the Trustees receiving a satisfactory ￿p)rL The iotsi anKJunt COn￿ltted but not provided as al 31 January 2025 was £57,058. 24. Employablllty . Grants to Strawberry Fleld$ and Roundabout Decen*)8r 2023 TnjSl￿ Theting, the Foundalion was pleased to award £9.000 to the Strawbery Fields for their'Slep5 to Work, prograrfflE and £31.300 to Roundabout. South Yorkshii$'s largest youlh honElessness charity for fheir Employm9nl, Education and Training work. The ￿en￿randum of Understanding wth each charity was slgned in Spring 2024 and the payrrEnts were made in fy)ril 2024. 25. Employability . Grant to The s￿￿X As50¢iation for Spina Bifida and Hydro￿pha1us ISASBAH) In Septert)er 2024. the Trustees agreed a rrvjlti-year project wtth SASBMI toward5 a SUPPDrted empkjyment project based in Gun Hill, Easl SweK offering edU￿tIon. training and volunlary work experience enabling young adults to develop ernpkjyability and soclal skills. The total an￿u￿t approved was £30,000 lo bo paid by instaIn￿nts over 3 ye8rs. kn the ygai to 31 January 2025, pay￿￿nts of £10,000 were ￿Hde. Fuiure payn*nts are condiknonal on Ihe Trustees receiving satisfactory reports. The total amunt eorrwrmtted bul not provided as at 31 January 2025 was £20.000. The prior year value of £19,000 relates lo the gfanl awarded by the Trustee5 at the March 2023 meeting. 26. Employabiltty . GTant to The Baytree ¢entre Seplerrtjer 2024. the TnJstee5 agreed a rThJttithyear project with The Baytree Centre to continue the Found8tlon's long standlng relationship wi¢h the chaiity and supw)rt their errpbywent advi￿ and rrEntoring workshop for vulnerable women. The lotsl an￿Unt approved was £60.000 to be pai(1 by instalnEnts over 3 years. kn the year lo 31 January 2025. payn%nts of £20.000 were made. Future payry*nts are condtbonal on the Trustees re(*lving sa￿$factOry reports. The total anKJunt comnwtted but not provided as at 31 January 2025 was £40,000. The pricy yearvalue of £25,000 relates lo the sett)nd and final payrrEnl for a iwo year project extension awarded in June 2022. 27. Employability . Grant to Care and Fair The Foundation ￿￿de a final pa￿ent £7.030 retating to the Care and Fair woject followng LX)nfirrNtion of the thange of a school in Uttar Pradesh, kndia. 28. Employablllty ' Grant to The Toybox Charity In Decernber2024, the Trustees agreed a new WTKJltt-year project wsth The Toybox Charity to strenglhen the'E>ploilation to Education. project started In April 2022 in Jalpur and c(Jntinue providlng non-foml edu(3tlon and ren￿181 classes to chlldren lo ensure their ad￿￿sSion into forrrHI schoo15 and subsequent retention.The total anKJunl approved was £160.000 lo be paid by instaltrents over 2 years. kn the year to 31 January 2025. pay￿ents of £80.000 were rr￿de.The second and final payment is conditional on the Tnjslees receiving a satislaclory reporL The lotsl an￿U￿1 coThNtted bul not provided as at 31 January 2025 wa5 £80,000. 29. Employabillty . Grant to The Hope Foundation for Street Children In December 2024, the Twslees agree(l a nwlii-year project wilh T1￿ Hope Foundation for Slreel Children lo support and ernpower childTen with special needs living in the sluns and on th& streets of Kolkata. The total an￿Unt approvod was £44.451 lo be paid by instalmenls over 2 years. The Meffordndum of Understanding wa5 signed by the charity after the year dale and as such Ihe total ani)unt (x)mrritted but Tb)t provided a5 at 31 January 2025 was £44,451. 30. Employability . Grant to Waste Aid In December 2024, the Trustees agreed a nwlli-year project with Waste Aid to support the econonwc ernpowemEnl of vulnerable youth in the waste value chain of wral Soulh Africa.The total anM)unl approved was £160.000 lo be paid by Instal￿Ents over 2 years. The Mewordndlun of Under5tsnding was signed by the charfty after the year date and as such tho total aw#Junt corrnutted but not provided as at 31 January 2025 was £160,000 30 any. did nol receive and were not entilled to rec8ive. any rerNn8ration fm tha Foundabts fortheir services. For those Foundation trwsiees in Ihe er￿( ofjohn L8*is pl¢. thg Foundation's only related party. n¢￿￿ of the rer￿neratIOn froTTr John Lews pl¢ rekted to Iherrole within thg Foundalion. Forth8 yearto 31 January 2025, four Intslee5 appoinied by th8 John Lewis Partnership pk board. were paid retThJner8tlon fvrtheir 9rnpkny￿nt ￿th John Lewi5 Ptc. Th8 8udit fee fo¥ the Fosjndallon was b￿ by Jcknn Lewi8 rk. 38. Reconciliation of net rnovement In funds to net cash flows from operating activities 2025 2024 Net ￿Ve￿nt in funds Deduct invest￿nt inconE shown in investing activities Net realised investment Igainsl Ngt unreali5ed investment (gainsylosses (Increase) l Decrease In Debtors (Dgcrease} I Increase In Creditors Gift of JSLF Investment Fund to JLF Net cash rov¥dgd b eratin activities 816.392 (78,439) (75,753) (257,152) {106) (284,285) 2,254,630 (16,620) 19,734 {52,664} 188,278 2,607,207 213,848 120.657 39. Non adjusting evertt afttr the end ofthe ￿POrt￿9 perlod On 31 Marth 2025, at a rT%etiffj ofthe TA￿tee$ of the Jthn Lewls Partnership Fo￿da110n, after dug and carelul consideration, th& TNste8S re50fved to 8￿pt the transferof netassets [￿bir￿leS from the Tnjstees of the Golden Jubi188 Trust 8nd io hoEd them85 a Restricted Fund on th8 charitabje trusts set c#Ji In the Deed ofh4y)ints7EnL kndemity and TemWtsc￿. The estin￿led valug ofthis grfi is £5.458.463. 32 ",JOHN LEWIS PARTNERSHIP FOUNDATION È=_ Independent auditorfs report to the members of John Lewis Partnership Foundation ¥* Opinion We have audited the financial statements of John Lews Partnership Foundation (Ihe Charttable Compan￿) .'I'•>. . for the y&ar ended 31 January 2025 which comptise the Statement of Financial Activities, the Balance Sheet, It.il. the Statement of Cash Flows and related notes, including the accounting policies in note 1. In our opinion the financial statements: give a true and fair view of the state of the Charitable Company's affairs as at 31 January 2025 and of its incoming resources and application of resources, including its income and expenditure, for the year th@n ended., have been properly prepared in accordance with UK accounting standards. including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland; and have been prepared in accordan￿ with the requirements of the Companies Act 2006. Basis for opinion We conducted our audit in accordance with Intemational Standards on Auditing (UK) {'ISAs (UK).) and L>•. . applicable law. Our responsibilities are described below. We have fulfilled our ethical responsibilities under, and are independent of the Charitable Company in accordance with. UK ethical requirements including the ¥*, FRC Ethical Standard. We believe that the audit evidence we have obtained is a sufficient and appropriate basis for our opinion. Going concern •,¥ The Tnjstees have prepared the financial statements on the going concem basis as they do not intend to liquidate the Charitable Company or to cease its operations, and as they have concluded that the Charitable %' ',•. Company's financial position means that this is realistic. They have also concluded that there are no material ? uncertaintie5 that could have cast signtficant doubt over its ability to continue as a going concern for at least ¥+, a year from the date of approval of the financial statements {"the going con￿rn period"). t.il. In our evaluation of the Trustees, conclusions, we considered the inherent risks to the Charitable Company's business model and analysed how those risks might affect the Charitable Companws financial resourcas or t ".i•.- :"' ability to continue operations over the going concern period. Our conclusions based on this work: we consider that the Trustees, use of the going concem basis of accounting in the pr8paration of the: flnancial statements is appropriate,. and we have not identified. and concur with the Tru5tees' assessment that there is not, a material uncertainty• .: related to events or conditions that, individually or collectively, may cast significant doubt on the Charitable ¥ Company's ability to continue as a going concem for the going concem period. li-è However. as we cannot predict all future events or conditions and as subsequent events may result in outcomes that are inconsistent with judgements that were reasonable at the time they were made, the above t I'•>. . conclusions are not a guarantee that the Charitable Company wlll Continue in operation. Fraud and breaches of laws and regulations- ability to detect Identifying and responding to risks of material misstatement due to fraud >- To identify risks of material misstatement due to fraud (Yraud risks") we assessed events or conditions that .L>•. . could indicate an incentive or pressure to commit fraud or provide an opportunity to commit fraud. Our risk assessment procedures included: enquiring of personnel, as to whether they have knowledge of any actual, suspected or alleged fraud., reading Board of Trustees meeting minutes. and using analytical procedures to identify any unusual ￿latIOnShIpS or movements We communicated identified fraud risks throughout the audit team and remained alert to any indications of L•>. :. fraud throughout the audit. JOHN LEWIS PARTNERSHIP FOUNDATION Independent auditorfs report to the members of John Lewis Partnership Foundatlon Fraud and breaches of laws and regulations- ability to detect (¢ontlnued) As required by auditing standards, we perform procedures to address the risk of management override of Gontrols, in particular th& risk that management may be in a position lo make inappropriate accounting entries. On this audit we do not belleve there is a fraud risk related to ￿venue recognition due to revenue recognrtion being closely aligned to cash receipts and signed contractual agreements. We therefore assessed that there was limited opportuntty for the charitable company to manipulate Ihe income that was reported. We did not identfy any additional fraud risks. We performed procedures including idenlifying unusual adjustments and comparing any identified entries to supporting documentation and reviewing Ihe year end bank reconciliation. Identifying and responding to risks of material misstatement due to non-compliance with laws 8nd regulations We identified areas of laws and regulations that Could ￿asOnablY be expected to have a material effect on the financial statements from our general commercial and sector experience, through discussion with management and discussed the policies and procedures regarding complianc8 with laws and regulations. We communicated identified laws and regulations throughout our team and remained alert to any indications of non-compliance throughout the audit. The potential effèct of these laws and regulations on the financial statements varies considerably. The charitable company is subject to laws and regulations that directly affect the financial statements Including financial reporting legislation (including related companies legislation and charity law). and we assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement tlems. Whilst the charitable company is subject to many other lav￿ and regulations, we did not identify any others where the consequences of non-compliance alone could have a material effect on amounts or disclosures in the financial statements. Context of the ability of the audit to detect fraud or breaches of law or regulation Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some malerial misstatements in the financial statements, even though we have properly planned and perfomied our audit in accordance wrth auditing standards. For example, the further removed . noncompliance with laws and regulations is from the events and transactions reflected in the financial statements. th8 less likely the inherently limrted procedures required by auditing standards would identify it. In addition. as with any audit, there remained a higher risk of non-detection of fraud, as these may involve collusion, forgery. intentional omissions. misrepresentations. or the override of internal controls. OLtr audit procedures are designed to detect material misstatement. We are not responsible for preventing non- Compliance or fraud and cannot be expected to detect non-compliance with all laws and regulations. Other infomlation The Trustees are responsible for the other information, Vth￿h comprises the Directors, and Trustees, Report. Our opinion on the financial statements does not cover the other infonnation and, accordingly, we do not express an audit opinion or, except as explicitly stated below, any fomi of assurance conclusion thereon. Our responsibility is to raad the other infomiation and, in doing so, consider whether, based on our financia statements audit work, the information therein is materially misstated or inconsistent with the financial statements or our audit knowledge. Based solely on that work: we have not identified material misstatements in the other infom]ation; in our opinion the infomiation given in the Directors. and Trustees. Annual Report is consistent with the financial statements; and in our opinion that report has been prepared in accordan￿ with the Companies Act 2006. **JOHN LEWIS PARTNERSHIP FOUNDATION** ## **Independent auditor’s report to the members of John Lewis Partnership Foundation** ## **Matters on which we are required to report by exception** Under the Companies Act 2006 we are required to report to you if, in our opinion: - the Charitable Company has not kept adequate accounting records or returns adequate for our audit have not been received from branches not visited by us; or - the financial statements are not in agreement with the accounting records and returns; or - certain disclosures of Trustees’ remuneration specified by law are not made; or - we have not received all the information and explanations we require for our audit; or We have nothing to report in these respects. ## **Trustees’ responsibilities** As explained more fully in their statement set out on page 19, the Trustees (who are also the Directors of the Charitable Company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view; such internal control as they determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error; assessing the Charitable Company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern; and using the going concern basis of accounting unless they either intend to liquidate the Charitable Company or to cease operations, or have no realistic alternative but to do so. ## **Auditor’s responsibilities** Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue our opinion in an auditor’s report. Reasonable assurance is a high level of assurance, but does not guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of the financial statements. A fuller description of our responsibilities is provided on the FRC’s website at www.frc.org.uk/auditorsresponsibilities. ## **The purpose of our audit work and to whom we owe our responsibilities** This report is made solely to the Charitable Company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Charitable Company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Charitable Company and its members, as a body, for our audit work, for this report, or for the opinions we have formed. ## **Sarah McKean (Senior Statutory Auditor)** **for and on behalf of KPMG LLP, Statutory Auditor Chartered Accountants** ## **15 Canada Square** **London** **E14 5GL** 23 July 2025 35