The TK Maxx and Homesense Foundation Trustees. report and financlal statements for the 53 weeks ended 3 February 2024 Reglstered charity number: 1162073 Company number: 09156201 The TK Ilaxx and Homosenso FoundatSon Cont•nts pa9￿$) Baknce str*¢l 10-13 Tho TK Maxx and Honwon￿ F<¥und•llon Forthe 53 f*••ks •nd8d 3 F•bruary 2024 Trustses and advisers Erfca M. Faff41 73 a8reThkn Rc United ￿"n￿J￿1) WD17 1TX Indop•nd•nl•u¢NIOrn 1 Embathnent Place WC2N 6RH 49 Biswgate L(￿￿On EC2N 3AS PIuk7*reo Crojrt 25 Sho¢ L EC4A4AU 1162073 09156201 Th• TK M•xx and Homo¥onM Foundation Forth• 53 w••ks •nded 3 F•bru•ry 2024 Trustsgs, r•port 2023. The Charfws crxr¥>any rxrtw ￿ tF31%201 (*arity 11620T3. Thè •*Jress ol its 8p[Aic8￿ in UK aTrJ R8rthl¢rAlrel*KI (FRS 11YII 1 Jawwy 2015. D￿r￿j tho twknj. the Ch￿ty dkl Ifas by of £￿. é500 ￿ 2.5￿z1 a A¢hl•v•M•nt8 and p•rforn￿h th& the Chwty nMd8 1,678 12023: 1.164 £i￿O.0C￿ (2023.. £1.050.1)JOI to var1(￿8 tharfties. t*rfoticn5 irK*Jdad E265.rKKI lo fv erf￿sh Red Crr)s* £60.(KIO lo Wcrfn*)'$Aid IUKI, £60,000 to MiTrS UK. £60.OLM) to Rc4e Nknjds, £2fj,rKo10 Cancer Researth UK £25.C(¥) to the aTrJ Inlwnakn* th￿￿8$. Fln•nclal ravl t Ihe 8ha8td* th• h>J £4.657.ClXI la)23: £8.376.￿xI>Ol￿We$lth knd5 8voLbbkn. Unrestrf(knJ fuTrJ$ ￿ nee¢J8d kn wder Ihe l>•ity to be at48 to n*8t its wrpose as set ￿1 in th8 OOr•ctors and trust• Rtha81 J. 8¥b Maureen Dunn Erta M. Farvel Ml*ael The TK M•xx #nd Homttth8• Foyndatlon For tho 53 weeks •nd•d 3 February 2024 Tryst••s' report Ic¢Mrtinued) Dlrn¢torn and trust••s leontinued) Stru¢¢urn. gov•rnanc¢ and rnanaq•n￿t Gov•ming docum•nt 9 ju￿ 2015. TN•t••s re5dubon u by a Ile¢i5w of the trustees. The rn4￿1ty ol Intsteos a￿ from Ihe executive mryen*nt rf TJX UK and TJX Ulfs Liry¥y. TJX Ccfflwles. IrL The trustee$ mgy appuit or Iheir Njrts to ts)Thy¥y (ffte of the Ch*ty. aFwntrnent may k m￿0 Rityk manag•mqnl e Chaiitys oxposwe to m*y risk& cpor* In th8 Ic￿e8th firtuTr. P•tst•m•nt ol trust•es' ￿ponsIbMill•S lawl are resp)n*ble Tn*' iepyt aThl th• sts1th￿ts in xcud•Kx apF4icablo Iw regul￿. Comp8ny l** r8quires Ihe trustees kn rKepwe 5tatemrts for eath f￿￿al ￿. Undor that law comprisiThJ FRS 102 'The Fr￿Ual aFpkatAe in LK aTrJ Rew** of 1rnI￿tr. Th• YK IAaxx and Hofvwens• Foundation For th• S3 •nded 3 F•bru•ry 2024 Trustees, rel￿rt {ryJntlnued) 8 thje la￿ wew ol fv $Ue ￿ Ihe affars ol ts Ltsitthl8 of the resryjrces RepubTrJ by (kntye$120191.' charitatle wmpw)y arkj enatle Ihem to engjfe that the finan04 stalwrwts ctyf with the Conwie$ Act 2W6. They are also re8F￿NI e saWardirvJ ￿ 8ssets of the ftharitable tt¥rpany l*n¢• for taknng J8gk%latKffj in otherwri5t5thm5. lh￿ have tt*en ￿ the steps thatJw W to laken as trustees in ￿￿er lo m#ke It￿￿$¢1￿$ Cm tthwofthe Board oftrwtees Erica M. Fwreu Dir*J 10 2024 ## _**Independent auditors’ report to the members of The TK Maxx and Homesense Foundation**_ ## **Report on the audit of the financial statements** ## **Opinion** In our opinion, The TK Maxx and Homesense Foundation’s financial statements (the “financial statements”): - give a true and fair view of the state of the charitable company’s affairs as at 03 February 2024 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended; - have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards, including FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland”, and applicable law); and - have been prepared in accordance with the requirements of the Companies Act 2006. - We have audited the financial statements, included within the Trustee’s report and financial statements (the “Annual Report”), which comprise: the balance sheet as at 03 February 2024; the Statement of financial activities including the income and expenditure account; and the notes to the financial statements, which include a description of significant accounting policies/ comprising material accounting policy information and other explanatory information. ## **Basis for opinion** We conducted our audit in accordance with International Standards on Auditing (UK) (“ISAs (UK)”) and applicable law. Our responsibilities under ISAs (UK) are further described in the Auditors’ responsibilities for the audit of the financial statements section of our report. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. ## _Independence[1]_ We remained independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, which includes the FRC’s Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. ## **Conclusions relating to going concern** Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company’s ability to continue as a going concern for a period of at least twelve months from the date on which the financial statements are authorised for issue. In auditing the financial statements, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate. However, because not all future events or conditions can be predicted, this conclusion is not a guarantee as to the charitable company’s ability to continue as a going concern. Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report. ## **Reporting on other information** The other information comprises all of the information in the Annual Report other than the financial statements and our auditors’ report thereon. The trustees are responsible for the other information. Our opinion on the financial statements does not cover the other information and, accordingly, we do not express an audit opinion or, except to the extent otherwise explicitly stated in this report, any form of assurance thereon. In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit, or otherwise appears to be materially misstated. If we identify an apparent material inconsistency or material misstatement, we are required to perform procedures to conclude whether there is a material misstatement of the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that 1 If breaches of the Ethical Standard have been identified, consult ARQ as to what considerations are required with regards to this statement. there is a material misstatement of this other information, we are required to report that fact. We have nothing to report based on these responsibilities. With respect to the Trustees' report, we also considered whether the disclosures required by the UK Companies Act 2006 and Charities Act 2011 have been included. Based on our work undertaken in the course of the audit, the Companies Act 2006 requires us also to report certain opinions and matters as described below. ## _Trustees’ report_ In our opinion, based on the work undertaken in the course of the audit the information given in the Trustees’ report for the period ended 03 February 2024 is consistent with the financial statements and has been prepared in accordance with applicable legal requirements. In light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we did not identify any material misstatements in the Trustees’ report. ## **Responsibilities for the financial statements and the audit** ## _Responsibilities of the trustees for the financial statements_ As explained more fully in the Statement of trustees’ responsibilities, 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 in accordance with the applicable framework and for being satisfied that they give a true and fair view. The trustees are also responsible for such internal control as they determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the trustees are responsible for 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 the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so. ## _Auditors’ responsibilities for the audit of the financial statements_ 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 an auditors’ report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a 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 the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below. Based on our understanding of the charitable company and its industry/environment, we identified that the principal risks of non-compliance with laws and regulations related to the Charities Act 2011 and the Companies Act 2006, and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the financial statements. We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls) and determined that the principal risks were related to misappropriate cash from the foundation. Audit procedures performed by the engagement team included: - Discussions with management, including consideration of any known or suspected instances of non-compliance with laws and regulations and fraud. - Tracing of donations during the year to evidence the appropriateness of the donation There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in financial statements. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations or through collusion. A further description of our responsibilities for the audit of the financial statements is located on the FRC’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditors’ report. ## _Use of this report_ This report, including the opinions, has been prepared for and only for the company’s members as a body in accordance with Chapter 3 of Part 16 of the Companies Act 2006 and for no other purpose. We do not, in giving these opinions, accept or assume responsibility for any other purpose or to any other person to whom this report is shown or into whose hands it may come save where expressly agreed by our prior consent in writing. ## **Other required reporting** ## **Companies Act 2006 exception reporting** Under the Companies Act 2006 we are required to report to you if, in our opinion: - we have not obtained all the information and explanations we require for our audit; or - adequate accounting records have not been kept or returns adequate for our audit have not been received from branches not visited by us; or - certain disclosures of trustees’ remuneration specified by law are not made; or - the financial statements are not in agreement with the accounting records and returns. We have no exceptions to report arising from this responsibility. ## **Entitlement to exemptions** Under the Companies Act 2006 we are required to report to you if, in our opinion, the trustees were not entitled to: prepare financial statements in accordance with the small companies’ regime and; take advantage of the small companies exemption from preparing a Strategic Report. We have no exceptions to report arising from this responsibility. Craig Skelton (Senior Statutory Auditor) for and on behalf of PricewaterhouseCoopers LLP Chartered Accountants and Statutory Auditors London 10 September 2024 Th• TK lkn •nd Hom•s•n8• Foundatlon For the 53 w••ks •ndod 3 Fe￿U￿Y 2024 St•t•m•nt of flnancial actlvlllos Includln9 the Income and exp•ndlture acc¢>unt 2024 2023 rooo Total r4048) 11.1971 92 13 14 {111 11.7191 1,1081 11.719) 11,108) Ilet mo¥•m•rt In IWMIK 10 {1.V201 {1.0501 1147) lThv85trr*nl I￿?)me 13 Olherexpense8 14 116) 0,376 (31 7,484 F￿d8 kwdrd 6,376 Th• TK M•xx •nd HomM•ns• FoundJt5on Forth• $3 T*••ks •ndod 3 Fe￿ 2024 Bal•nc• $h¢•t 3 F•￿￿￿ 2024 28 Jwry2023 £￿C IN￿ngIble assets TO¢al non cuwrwrt aS8•ts 15 currnnt •Mets 16 6,721 U*blltth¥ Cr8ditNs. a[￿nts rme 17 13891 6.332 14•t curront4¥8•ts Tolal w••ts curvonl Nabifiu•• 4.65T 6.376 4657 6,376 Th•furth ofth• Ch•wlty Unr8slrira•J 6.376 6.376 Tho flnorK*I Staten￿ts p•38$ 0 to 13 TAW• ¥4¥tr￿j Bowd 10 Samentr 2024 aTrJ we sbJrp*d on br. Ert4 M. F￿£1 Regstw&J r•Mknr. (Q156201 Th• TK M•xx •nd Homwn¥• Foundati(trn For th• 53 ¥M•k8 gndod 3 Fabwary 2024 10 Notes to th• financlal statom•nts Gon•ral Infwmallon t*yn1￿I8d In Er#JlaThY Wales. The •JthE55 rwSte￿d 73 Clamkn A￿1. Watford, Hw*￿5h￿e. United Iwyn, W017 17 Stat•m•nt of ¢ompllane• aF*ic*)￿ in the Kinglcrfn Rewblic of IFRS 10218ffth l janu￿ 2015. These fmandal Charty Ls a bert￿￿ty. bl Don Funds U•WIII Tho TK lkn H(knosens• Foundation For th• 53 Tm•k• Md•d 3 F•bru•ry 2024 11 Notes to the financlal xlal•ments IMnllnu•d) Summwy of s1gnlfft￿rt accounthv4 policies (contIn￿d> gl TaxaUGn and suryluse5 ￿Y Ih05e we ￿18￿ ￿¥th￿SnrO of the Ch8rftys L•g•l slatus Oltho Charmy d W*51. Ith OFW*S th8 rthling P4piitr•S of TK *A￿￿..H￿￿erts•, ￿ TKNkn.ccffl' in im(. TJX UK Is a rthnkntwsed TJX UK £8S.(rfJO frx the C￿$ Offi￿r5. sawies tr* ￿rrent p￿j 12023.. £104,000). TJX UK of TJX UK. Erica M. F8rrdl re¢eNe5 en￿￿M￿ts 0$ an ol Th TJX Coryar*88, lrt. Their Charity. 2W23 Cash dcfflth frtyn TJX UK TK IA•xx and Horrwns• Found•tlon Forlh• 53 wgoks •nd•d 3 Fobruary 2024 12 Nots¥ to the flnancial stalem•nts (￿rtIn￿d) 10 Donantlons to charll 2023 £'oc4) Ctsh donatlom 913 196 137 r￿r[r￿j Il* PWK*J, Ihe maj8 1.678 12tr23.. 1.164 l(rtaliry £1.Y20,(¥X) 12023: £1.050.OIX)I lo ￿arK￿Js (￿e$. Otywtions £265.C(Kl to the Bthsh Red Cross, £PA),CW to Wcfflens IUKI. £fjo.￿0 to Pthnd UK. £ell.(￿X) io Rd8 N*>J81s. £26,IX#) to ca￿ Rese¥th UK £25,IKXI to the Red Crc6s. The a150 (kffiabj t1,424.c￿ (Brthsh PrArtI eqthialenii to brarK*8s ol 1 Intemaiknnal (*awth& 11 2024 20rJ 104 26 14 17 126 147 2024 81 10 104 £70.(Th. Total siaff costs bonofjls ty) £91.t¥Xl12023." t104.CO)l of 7% (2Q3.. I￿) L8 d as è Grfi byTJX LI<. 13 2023 roc¥) 92 13 For lh• $3 Tw••k• •nded 3 F•brywy 2024 Not•s lo the financial statemonts (Gontlnued) 14 Oth•r •xp•n• 2023 t'oc 15 15 Intanglbl• a*Jets As ht 29 Jarrtwy 2023 AthJItc￿$ A• •t 3 F•bru•ry2024 As at29 J*uary 2023 Chwg8 forlho AS al 3 F•tyuwy 2024 N•t book vdu• a• at 3 F•lxuary 2024 16) 16 Dabt¢xs TT•Je detlors 17 Cr•dltors. amowts falllng fwlthln ygar 2024 2023 £'ooo Translws 1298 115 222 167 1.413 389 18 Uablllty of mwnb•rs As tr* Ch*iy 15 th8 of ••* m8th its £1. Tlys the tynryjnt thal