Charity registration number: 1156623
## John Sykes Foundation
Annual Report and Financial Statements for the Year Ended 31 December 2024
Vale & West Chartered Accountants Victoria House
26 Queen Victoria Street Reading Berkshire RG1 1TG
## **John Sykes Foundation**
## **Contents**
|Reference and Administrative Details|1|
|---|---|
|Trustees' Report|2 to 3|
|Independent Examiner's Report|4|
|Statement of Financial Activities|5|
|Balance Sheet|6|
|Notes to the Financial Statements|7 to 12|
## **John Sykes Foundation**
||**Reference and Administrative Details**|
|---|---|
|**Trustees**|J J Sykes|
||A E Sykes|
||C J Sykes|
||J S Sykes|
||A J Strong|
|**Charity Registration Number**|1156623|
|**Principal Office**|Unit 6a|
||The Village|
||17-23 King Street|
||Reading|
||Berkshire|
||RG1 2HG|
|**Independent Examiner**|Vale & West|
||Chartered Accountants|
||Victoria House|
||26 Queen Victoria Street|
||Reading|
||Berkshire|
||RG1 1TG|
Page 1
## **John Sykes Foundation**
## **Trustees' Report**
The trustees present the annual report together with the financial statements of the charity for the year ended 31 December 2024. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).
## **Objectives and activities**
## _**Objects and aims**_
The John Sykes Foundation is a grant giving charity focused on the town of Reading. The foundation's key objective is to improve the lives and wellbeing of individuals and communities where there is an element of disadvantage.
Income of the charity shall be applied for such charitable purposes as the trustees in their absolute discretion shall decide. The Trustees confirm that they have referred to the Charity Commission's guidance on Public Benefit when reviewing the charity's aims and objectives and in planning future activities and setting grant making policy.
## _**Public benefit**_
The trustees confirm that they have complied with the requirements of section 17 of the Charities Act 2011 to have due regard to the public benefit guidance published by the Charity Commission for England and Wales.
## _**Grant making policies**_
The Trustees meet regularly to discuss the making of donations and grants and invite grant applications.
## **Achievements and performance**
During the period the charity made grants to various registered charitable organisations, as well as individuals.
## **Financial review**
The trustees have reviewed the financial position of the charity and are satisfied there are sufficient resources available to further objectives and aims.
## _**Policy on reserves**_
The trustees are aware of the requirement of the Charity Commission to review their policy on reserves at regular intervals and it is current policy to distribute an amount at least equal to all incoming resources less governance costs.
## _**Principal funding sources**_
The principal funding source are donations from Sykes Capital Ltd.
## **Plans for future periods**
## _**Aims and key objectives for future periods**_
The trustees plan to continue with the current grant making policies.
Page 2
## **John Sykes Foundation**
## **Trustees' Report (continued)**
## **Structure, governance and management**
## _**Nature of governing document**_
The charity is controlled by its governing document, a deed of trust and constitutes a Charitable Incorporated Organisation registered 10 April 2014.
## _**Major risks and management of those risks**_
## _Fraud and error_
The trustees have identified fraud and error as key risks to the charity and have implemented internal controls to provide reasonable assurance against such risks.
## **Statement of Trustees' Responsibilities**
The trustees are responsible for preparing the trustees' report and the financial statements in accordance with the United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) and applicable law and regulations.
The law applicable to charities requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that period. In preparing these financial statements, the trustees are required to:
- select suitable accounting policies and then apply them consistently;
- observe the methods and principles in the Charities SORP;
- make judgements and estimates that are reasonable and prudent;
- state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.
The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charities (Accounts and Reports) Regulations 2008, and the provisions of the constitution. The trustees are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
28/09/2025 The annual report was approved by the trustees of the charity on .................... and signed on its behalf by:
Annabelle Sykes ~~.........................................~~ Annabelle Sykes (Sep 28, 2025 19:08:46 GMT+1) A E Sykes Trustee
Page 3
## **John Sykes Foundation**
## **Independent Examiner's Report to the trustees of John Sykes Foundation**
I report to the trustees on my examination of the accounts of John Sykes Foundation for the year ended 31 December 2024.
## **Responsibilities and basis of report**
As the charity trustees of John Sykes Foundation you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (‘the Act’).
I report in respect of my examination of the John Sykes Foundation's accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.
## **Independent examiner’s statement**
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
1. accounting records were not kept in respect of John Sykes Foundation as required by section 130 of the Act; or
2. the accounts do not accord with those records; or
3. the accounts do not comply with the accounting requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a ‘true and fair view' which is not a matter considered as part of an independent examination.
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
...................................... Jason Pyke FCA Chartered Accountants Vale & West
Victoria House 26 Queen Victoria Street Reading Berkshire RG1 1TG
Date:.............................29/09/2025
Page 4
## **John Sykes Foundation**
## **Statement of Financial Activities for the Year Ended 31 December 2024**
|**Note**
**Income and Endowments from:**
Donations and legacies
Total income
**Expenditure on:**
Raising funds
Charitable activities
Total expenditure
Net expenditure
Net movement in funds
**Reconciliation of funds**
Total funds brought forward
Total funds carried forward
10
**Note**
**Income and Endowments from:**
Donations and legacies
Repayment of grant funding
Total income
**Expenditure on:**
Raising funds
Charitable activities
Total expenditure
Net income
Net movement in funds
**Reconciliation of funds**
Total funds brought forward
Total funds carried forward
10|**Unrestricted**
**funds**
**£**
9,339
9,339
(5,897)
(27,058)
(32,955)
(23,616)
(23,616)
32,075
8,459
**Unrestricted**
**funds**
**£**
35,041
17,113
52,154
(3,020)
(18,203)
(21,223)
30,931
30,931
1,144
32,075|**Restricted**
**funds**
**£**
-
-
-
-
-
-
-
1,000
1,000
**Restricted**
**funds**
**£**
2,000
-
2,000
-
(1,000)
(1,000)
1,000
1,000
-
1,000|**Total**
**2024**
**£**
9,339|
|---|---|---|---|
||||9,339|
||||(5,897)
(27,058)|
||||(32,955)|
||||(23,616)|
||||(23,616)
33,075|
||||9,459|
||||**Total**
**2023**
**£**
37,041
17,113|
||||54,154|
||||(3,020)
(19,203)|
||||(22,223)|
||||31,931|
||||31,931
1,144|
||||33,075|
All of the charity's activities derive from continuing operations during the above two periods. The funds breakdown for 2023 is shown in note 10.
The notes on pages 7 to 12 form an integral part of these financial statements. Page 5
## **John Sykes Foundation**
## **(Registration number: 1156623) Balance Sheet as at 31 December 2024**
|**Note**
**Fixed assets**
Investments
6
**Current assets**
Debtors
7
Cash at bank and in hand
8
**Creditors: Amounts falling due within one year**
9
**Net current assets**
**Net assets**
**Funds of the charity:**
**Restricted income funds**
Restricted funds
**Unrestricted income funds**
Unrestricted funds
**Total funds**
10|**31 December**
**2024**
**£**
100
1,092
9,287
10,379
(1,020)
9,359
9,459
1,000
8,459
9,459|**31 December**
**2023**
**£**
100
3,393
30,302|
|---|---|---|
|||33,695
(720)|
|||32,975|
|||33,075|
|||1,000
32,075|
|||33,075|
The financial statements on pages 5 to 12 were approved by the trustees, and authorised for issue on Sep 28, 2025.................... and signed on their behalf by:
## Annabelle Sykes
Annabelle Sykes (Sep 28, 2025 19:08:46 GMT+1) ......................................... A E Sykes Trustee
The notes on pages 7 to 12 form an integral part of these financial statements. Page 6
## **John Sykes Foundation**
## **Notes to the Financial Statements for the Year Ended 31 December 2024**
## **1 Accounting policies**
## **Statement of compliance**
The financial statements have been prepared in accordance with the second edition of the Charities Statement of Recommended Practice issued in October 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and the Charities Act 2011.
## **Basis of preparation**
John Sykes Foundation meets the definition of a public benefit entity under FRS 102. The accounts (financial statements) have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant note(s) to these accounts.
The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.
## **Summary of disclosure exemptions**
The charity has taken advantage of the provisions in the SORP for charities applying FRS 102 Update Bulletin 1 not to prepare a Statement of Cash Flows..
## **Going concern**
The trustees have reasonable expectation that the charity has adequate resources to continue its activities for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing the financial statements as outlined in the Statement of Trustees' Responsibilities.
## **Income and endowments**
Voluntary income including donations, gifts, legacies and grants that provide core funding or are of a general nature is recognised when the charity has entitlement to the income, it is probable that the income will be received and the amount can be measured with sufficient reliability.
## _**Donations and legacies**_
Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.
Legacies are recognised on receipt or otherwise if the charity has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.
## _**Grants receivable**_
Grants are recognised when the charity has an entitlement to the funds and any conditions linked to the grants have been met. Where performance conditions are attached to the grant and are yet to be met, the income is recognised as a liability and included on the balance sheet as deferred income to be released.
Page 7
## **John Sykes Foundation**
## **Notes to the Financial Statements for the Year Ended 31 December 2024 (continued)**
## **Expenditure**
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
## _**Raising funds**_
These are costs incurred in attracting voluntary income, the management of investments and those incurred in trading activities that raise funds.
## _**Charitable activities**_
Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.
## _**Grant expenditure**_
Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure.
## **Taxation**
The charity is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the charity is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes.
## **Research and development**
Research and development expenditure is written off as incurred.
## **Fixed asset investments**
Fixed asset investments are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
## **Trade debtors**
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the charity will not be able to collect all amounts due according to the original terms of the receivables.
Page 8
## **John Sykes Foundation**
## **Notes to the Financial Statements for the Year Ended 31 December 2024 (continued)**
## **Cash and cash equivalents**
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
## **Trade creditors**
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
## **Fund structure**
Unrestricted income funds are general funds that are available for use at the trustees discretion in furtherance of the objectives of the charity.
Restricted income funds are those donated for use in a particular area or for specifc purpose, the use of which is restrcted to that area or purpose.
## **2 Income from donations and legacies**
|Donations and legacies;
Sykes family donations
Sykes family donations for administration costs
**Total for 2024**
**Total for 2023**|**Unrestricted**
**funds**
**General**
**£**
3,442
5,897
9,339
35,041|**Restricted**
**funds**
**£**
-
-
-
2,000|**Total**
**funds**
**£**
3,442
5,897|
|---|---|---|---|
||||9,339|
||||37,041|
Page 9
## **John Sykes Foundation**
## **Notes to the Financial Statements for the Year Ended 31 December 2024 (continued)**
## **3 Expenditure on charitable activities**
|**Note**
Community recognition
Advancement of education
Relief for financial hardship
Relief for ill health
Relief for disability
Advancement of amateur sport
**Total for 2024**
**Total for 2023**|**Unrestricted**
**funds**
**General**
**£**
13,565
2,000
3,984
250
3,147
4,112
27,058
18,203|**Restricted**
**funds**
**£**
-
-
-
-
-
-
-
1,000|**Total**
**funds**
**£**
13,565
2,000
3,984
250
3,147
4,112|
|---|---|---|---|
||||27,058|
||||19,203|
## **4 Trustees remuneration and expenses**
No trustees, nor any persons connected with them, have received any remuneration from the charity during the year.
## **Trustees' expenses**
No trustees have received any reimbursed expenses or any other benefits from the charity during the year.
## **5 Taxation**
The charity is a registered charity and is therefore exempt from taxation.
## **6 Fixed asset investments**
Other investments
|**31**|**December**|**31**|**December**|
|---|---|---|---|
||**2024**||**2023**|
||**£**||**£**|
||100||100|
Fixed asset investments comprise 100 F Ordinary £1 shares in John Sykes Family Investment Fund Ltd.
## **7 Debtors**
Other debtors
|**31 December**
**2024**
**£**
1,092|**31 December**
**2023**
**£**
3,393|
|---|---|
Page 10
## **John Sykes Foundation**
## **Notes to the Financial Statements for the Year Ended 31 December 2024 (continued)**
## **8 Cash and cash equivalents**
|Cash at bank
**9**
**Creditors: amounts falling due within one year**
Other creditors
**10 Funds**
**Balance at 1**
**January 2024**
**£**
**Unrestricted funds**
General
32,075
**Restricted funds**
1,000
**Total funds**
33,075
**Balance at 1**
**January 2023**
**£**
**Unrestricted funds**
General
1,144
**Restricted funds**
-
**Total funds**
1,144|**Incoming**
**resources**
**£**
9,339
-
9,339
**Incoming**
**resources**
**£**
52,154
2,000
54,154|**31 December**
**2024**
**£**
9,287
**31 December**
**2024**
**£**
1,020
**Resources**
**expended**
**£**
(32,955)
-
(32,955)
**Resources**
**expended**
**£**
(21,223)
(1,000)
(22,223)|**31 December**
**2023**
**£**
30,302|
|---|---|---|---|
||||**31 December**
**2023**
**£**
720|
||||**Balance at 31**
**December**
**2024**
**£**
8,459
1,000|
||||9,459|
||||**Balance at 31**
**December**
**2023**
**£**
32,075
1,000|
||||33,075|
Page 11
## **John Sykes Foundation**
## **Notes to the Financial Statements for the Year Ended 31 December 2024 (continued)**
## **11 Analysis of net assets between funds**
|**11 Analysis of net assets between funds**||||
|---|---|---|---|
|Fixed asset investments
Current assets
Current liabilities
Total net assets
Fixed asset investments
Current assets
Current liabilities
Total net assets|**Unrestricted**
**funds**
**General**
**£**
100
9,379
(1,020)
8,459
**Unrestricted**
**funds**
**General**
**£**
100
32,695
(720)
32,075|**Restricted**
**funds**
**£**
-
1,000
-
1,000
**Restricted**
**funds**
**£**
-
1,000
-
1,000|**Total funds at**
**31 December**
**2024**
**£**
100
10,379
(1,020)|
||||9,459|
||||**Total funds at**
**31 December**
**2023**
**£**
100
33,695
(720)|
||||33,075|
## **12 Related party transactions**
There were no related party transactions in the year.
Page 12
## **John Sykes Foundation**
## **Detailed Statement of Financial Activities for the Year Ended 31 December 2024**
|**Income and Endowments from:**
Donations and legacies
Other income
Total income
**Expenditure on:**
Raising funds
Charitable activities
Total expenditure
Net (expenditure)/income
Net movement in funds
**Reconciliation of funds**
Total funds brought forward
Total funds carried forward|**Total**
**2024**
**£**
9,339
-
9,339
(5,897)
(27,058)
(32,955)
(23,616)
(23,616)
33,075
9,459|**Total**
**2023**
**£**
37,041
17,113|
|---|---|---|
|||54,154|
|||(3,020)
(19,203)|
|||(22,223)|
|||31,931|
|||31,931
1,144|
|||33,075|
This page does not form part of the statutory financial statements. Page 13
## **John Sykes Foundation**
## **Detailed Statement of Financial Activities for the Year Ended 31 December 2024 (continued)**
|**_Donations and legacies_**
Sykes family donations
Other grants and donations
Sykes family donations for administration costs
**_Other income_**
Repayment of grant funding
**_Raising funds_**
Accountancy fees
Legal and professional fees
Travelling
Rates
Insurance
Telephone and fax
Promotional expenses
**_Charitable activities_**
Grants payable - Community recognition - institutions (restricted fund)
Grants payable - Community recognition - institutions
Grants payable - Advancement of education - institutions
Grants payable - Relief for financial hardship - institutions
Grants payable - Relief for ill health - institutions
Grants payable - Relief for disability - institutions
Grants payable - Advancement of amateur sport - institutions
Grants payable - Community recognition - individuals|**Total**
**2024**
**£**
3,442
-
5,897
9,339
-
-
(1,092)
(35)
-
(3,753)
(345)
(134)
(538)
(5,897)
-
(11,015)
(2,000)
(3,984)
(250)
(3,147)
(4,112)
(2,550)
(27,058)|**Total**
**2023**
**£**
32,021
2,000
3,020|
|---|---|---|
|||37,041|
|||17,113|
|||17,113|
|||(720)
(35)
(59)
(1,421)
(332)
(120)
(333)|
|||(3,020)|
|||(1,000)
(6,168)
-
(5,050)
-
(4,485)
(2,500)
-|
|||(19,203)|
This page does not form part of the statutory financial statements. Page 14