JackPetchey< Foundation Jack Petchey Foundation Report and financial statements For the year ended 31 December 2022 Company number.. 10872145 Charity number.. 1176221 Jack Petchey Foundatlon Contents For the year ended 31 December 2022 Reference and administrative informatlon Trustees, an nual report Objectives, activities, purpose and aims Achievements and performance...... Financial review. Reserves policyand going concern........................................................................................... Fundraising............................................................................................................................... Plans for the future..... Statement of responsibilities of the trustee5.......................................................... Auditor . Independent auditor's report 20 Statement of financial activities {incorporating an income and expenditure account} 24 Balance sheet .25 Statement of cash flows .26 Notes to the financial statements .27 Jack Petchey Foundatlon Reference and administrative information For the year ended 31 December 2022 Company number Country of Incorporatlon 10872145 United Kingdom Charlty number Country of reglstratlon 1176221 England & Wales Reglstered office and operational addre55 Dockmaster's House l Hertsmere Road London E148JJ Patrons Slr Jack Petchey CBE Dame Helen Mirren DBE TIM Campbell MBE Founder Patron Patron Patron Trustees Ron Mills Ray Rantell Matt Rantell Sonia Sinclalr Lewis Hooper Robert McArthur Amanda Galanopoulos Riana Morrison-Kirnon Chalr to 15111122, then Trustee Vlce Chairto 15111122, then Chair Appointed 2210212023 Key management personnel Trudy Kilcullen MBE Gemmajuma Chief Executive Officer to 2812122 Deputy Chief Executive Officer to 2812122, then Chief Executive Officer from 113122 Director of Programmes & Partnerships from 113122 Vlcky Mirfin Bankers HSBC 7B, The Water Gardens South Gate Harlow CM20 IAB Sollcltors Charles Newman Edwards Duthie Shamash Sollcltors Bank House, 269-275 Cranbrook Road Ilford, Essex IGI 4TG Audltor Sayer Vincent LLP Invicta House 108-114 Golden Lane LONDON, ECI Y OTL Jack Petchey Foundation Trustee5' annual report For the year ended 31 December 2022 The tru5tee5 present their report and the audited financial statements of the Jack Petchey Foundation UPF) for the year ended 31 December 2022. Reference and administrative information on page 3 form part of this report. The financial statements comply with current statutory requlrements, the memorandum and articles of association, the requirements of a directors, report as required under company law, and the Statement of Recommended Practice Accountlng and Reporting by Charities- SORP applicable lo charities preparing their accounts in accordance wlth FRS 102. About the Jack Petchey Foundation Sir Jack Petchey set up the Jack Petchey Foundation in 1999 to inspire and motlvate young people across London and Essex to do their best and reach their full potential. We do this by funding, Supporting and delivering youth programmes in, with and for schools and youth organisations. Since it5 formation, JPF has invested over £160 million in young people. A Trust Deed originally established JPF in 1999, and a corporate trustee company was set up in 2007. It was registered as a Charity in its current form on I I th December 2017 and is a company limited by guarantee, Incorporated on 18¢h July 2017. Objectives, activities, purpose and aims JPF'S v151on is of a world where young people have high aspirations,. the opportunity to develop their potential., the chance to be architect5 of their own future., to play a full part in society, and to be valued and recognised for the positive things they achieve. Our mission is to enable young people aged l 1 25 years in London and Essex to achieve their potential by Inspiring, investing in, developing and promoting activities that increase their personal, social, emotional and physical developmenr. JPF'S value5 Stem from the ideology. vision and values of Its Patron, Sir Jack Petchey CBE, and his motto, °Ifyou thlnk you can, you canl" JPF seeks to-. Insplre and ralse the asplratlons of young people affirm, reward and celebrate achlevement value youngpeople and those who work wlth them. advocatlng thelr vlews and putting young people's volces at the centre of our work develop young people's confldence, motlvarlng them to take on new challenges and to belleve In themselves be posltl¥e and promote a poslflve perspective on life be Incluslve, working at the grassroots and building communltles promote a culture of giving somerhlng back,. and strive for excellence in our woik Jack Petchey Foundatlon Tru5tees' annual report For the year ended 31 December 2022 We achieve this through the followlng.. programmes that we deliver to support, celebrate and motivate young people and the schools and youth organisations that work with them. These pro9rammes include the Jack Petchey Achievement Award scheme and Achiever Network funding for schools and youth organisations to provide young people with opportunities (including thematic open grants, project grants and the Jack Petchey Internship Programme) developing Jack Petchey partnership programmes with others to provide young people with opportunities to develop new skills and achieve their potential (including Jack Petchey's "Speak Out~ Challengelwith Speakers Trust and Step into Dance with the Royal Academy of Dance) work to enable young people to influence their environment and challenge the negative stereotypes of young people in society (including by producing research reports to amplify voung people's opinions, support for a youth consultation panel and providing a platform for voung people to write blogs, thought pieces and to meet with decision-makers) The trustees review the charity's aims, objectives, and activitle5 each year. This report looks at what the charity has achieved through its work in the reporting period. The trustees report the success of each key activity and the benefits the charity has brought to those groups of people that it is set up to help. The review also help5 the trustees ensure that the charity's aims, objectives and activities remain focused on its stated purposes. Strategic and operational planning Trustees approved a new three-year strategic plan for 202 2-2024, focusing on delivering opportunities for young people in line with our vision and mission. 2022 was the first year of the new plan, which focuses on embedding and expanding our progre55 under the previous strategy. Our five strategic priorities for 2022-2024 are.. Invesr- we will invest in youth organisations and programmes that represent value for money and create inclusive and positive opportunities for young people to engage, excel and achieve. Instigate - in response to young people's needs, we will identify gaps in current education or youth work practice and seek to instigate high-impact, high-profile programmes that give young people the opportunity to develop new skills at)d experiences to fulfil their potential in line with our mission and values. Inspire through public celebration and reward, we will inspire young people to achieve more. We will promote good news about young people in the media, highlight the positive things that young people achieve and challenge negative portrayals of youth in our society. Influence - we seek to change the way that society sees, value5 and treats young people. We will work with those who work with young people, joining with them to strengrhen the sector and to shape and influence youth policy. We will amplify youth voices, ensure young people's views are communicated and promote their leadership within society. In line with Sir Jack's motto, our work will focus on developing self-belief, positivity and 'giving something back,. Jack Petchey Foundatlon Trustee5' annual report For the year ended 31 December 2022 Infrastructure - we will strengthen our infrastructure and work a5 efficiently and effectively as possible lo deliver our mission. The various lockdowns and restrictions of COVID since March 2020 significantly impacted the schools. youth organisations and young people that we support and limited our ability to operate all of our programmes at scale. 2022 was the first year without any COVID-related restrictions, which allowed us to stablllse and grow our grant programmes. aiming to return to pre-pandemic activity levels. Our drive to deliver and provlde opportunltles for young people led to Us re-launching many of the programmes that had been suspended due to COVID, including the Individual Grants for Volunteering IIGfVI programme. In addition, we reviewed our Educational Vi51ts Grant programme and increased the grant Size in response to feedback from schools and youth organisations. In response to feedback from our Youth Consultation Panel, we joined Tiktok, which has enabled us to extend our reach with young people by using a platform which is current and accessible. We continued to invest In our grant management and CMS systems to improve our efficiency and our grantees, experiences with applications & reporting. Our newly created Operations Team reviewed many of our internal financial and operating processes and policies supporting these functions over the year. We made good progress in 2022 a9ainst each of our strategic aims, supporting organisations to re-engage with our full complement of small grant programmes and partner programmes to deliver the maximum possible benefit to young people across London and Essex. Achievements and Performance The charity's main activities focus on providing opportunities for young people aged 11-25 across London and Essex to achieve their potential. Activities are undertaken to furtherJPF's charitable purposes for the public benefit. In 2022, the principal charitable activity of the Jack Petchey Foundation was grant-making. We received 2.95912021 .. 2,5 731 requests for fvnding and were able to support 2.5441202 7: 2,22 71 of these to a total value of £8.030.906 12021 '. £8,136,595). The total value of grants awarded slnce JPF was formally established in September 1999 was over £160 million by the end of 2022. Our main programmes In 2022 were.. T. Jack Petchey Achlevement Award Scheme The Achlevement Award Scheme is our flagship programme and recognises the Individual achievements of young people aged 11-25 across London and Essex. The board of trustees were dellghted to announce a significant increase to investmeni in this programme for 2022, with Jack Petchey Foundatlon Trustees. annual report For the year ended 31 December 2022 award winners receiving an increased grant of £300 (previously £2 501 to invest within thelr School or youth organisation ro benefit other young people. Over the year, JPF paid particular attention to supporting lapsed organisations to re-engage with the programme, additionally recruiting new organisations. Independent research conducted by Bean Research in 2022 found that the Achievement Award programme creates a long-term impact on award winners and their communities. There is an immediate impact on young people's self-confidence, self-belief, work ethic and ambition. Longer-term gains stem from the winners internalising and acting on the lessons and skills learned from the award5 process. The recognition delivered by the awards motivates and inspires young people to further achievementi giving back to their communities and pursuing personal goals. Through surveying the Jack Petchey Coordinators, who are our main point of contact in schools and youth organisations, Bean's research found that.. 96% of coordinators agree that the Achievement Award Scheme inspires and motlvates young people 92% say the scheme increases young people's confidence and self-belief 89% agree that Jack Petchey Foundation programmes encourage young people to contribute positively to society In 2022, 5612021 ".451 new youth organisationslschools jolned the programme, and there were 1 ,95 7 Achievement Award schemes operating 12021 .. 2,0371. 11 , 569 Achievement Awards were made during the year12021 .. 11 ,2051. Independent research revealed that the programme wa5 opefating in 86% of schools in London, 96% in Essex and in 776 club5 across both areas. The reduction in the total number of schemes, compared to the previous year, reflects the fact that many organisations were negatively affected by the pandemic and were unable to deliver the scheme, despite our flexible approach. Others permanently closed. However, we were pleased to increase the number of awards made compared to 2021 and to have welcomed new organisatlons onto the scheme. The total value of Achievement Awards granted during the year was £3,470,700 12021 '. £2,801,259). We currently support 39 uniformed organisations on the scheme that operate 434 scheme5. In 2022 they collecrively recognised 2,216 award winners and 164 Leader Award Winners. The following uniformed organisation5 operated multiple schemes with a value of over £20.000.. Police Cadets Metropolitan Scouts Greater London South West Scout5 Greater London North East Guides Greater London West Scouts Greater London North Air Cadets London Wing £116,100 £32,400 £37,800 £35,100 £35,100 £31,500 Jack Petchey Foundatlon Trustees, annual report For the year ended 31 December 2022 Guides Essex West Sea Cadets Scouts Greater London Middlesex West Fire Cadets London Army Cadet Greater London £36.100 £37,200 £21,000 £25.200 £26.100 2. Jack Petchey Envlronmental Award In the Summer of 2022. we launched the Jac1< Petchey Environmental Award as a six-month pilot programme. This initiative was developed in response to our 2021 Environmental Survey. 3,896 young people responded, 47% of whom wanted funder5 to recognise the positive impacts that young people have on the envlronment. In 202 2. we awarded 141 Environmental Awards to young people determined to build a greener future in London and Essex. 19 young people from our networks were involved in the judging and selection process and three award winners have gone on to create content for the JPF websitelsocial media platforms. Each Environmental Award Winner was eligible to apply for a grant of £300 to invest in an environmental project within their school or youth organlsation. We made 43 Environmental Award Grants totalling £12,900. Funding was for initiatives including.. materials for raised beds and vegetable gardens,. reusable sports water bottles,. a winter mental health garden,. a bee house and 5ave-the-bee packs. a school pond and much more. JPF will embed the Environmental Awards and Grants as a permanent additlon to our small grants programme offer from 202 3. 3. Leader Awards Organi5ations that run the Jack Petchey Achievement Award scheme are eligible to nominate leaders, Includirbg Staff and volunteers, for an award to recognise their outstanding dedication and commitment to supportlng young people. Leaders are invited to attend ono of our Achievement Award ceremonies to receive a certificate and medallion. In 2022, 749 Leader Awards were awarded 12021 .. 5121 and JPF was delighted to recognise 200 leaders at live Achievement Award Scheme Celebration Events acr055 London and Essex. Independent research published in our 2021 2151 Birthday impact report demonstrated that schools and youth clubs have more motivated leaders as a result of JPF'S support. 4. Leader Award Grant5 Every winner of a Leader Award is eligible to apply for a small grant of up to £1 000 to enhance their organlsation's work with young people. In 2022, 491 applications were received 12021: 5071, and 458 grants were approved 12021 ..4751, totalling £432.351 12021.. £443,642). Jack Petchey Foundation Trustees, annual report For ihe year ended 31 December 2022 In 2022, 43% of Leader Award Grants were used towards new equipment and resources, 18% towards a course or workshop and 7% to improve facilities. The remaining application5 supported the purchase of new uniform5. day trips, events such as graduations, and overnight residential trips. 5. Educatlonal V151ts The Educational Visits programme supporis schools and youth organisations operating the Achievement Award scheme with the cost of trips. Eligible organisations (not umbrella uniform organisatlonsl can apply for two Educational Visits per calendar year. The grants can be used towards entrance and travel fees, enabling young people to enhance their learning experience outside the classroom and benefit from opportunities to visit museums, theatres, science exhibitions and more. In the summer of 2022, we reviewed the Educational Visit programme and consulted coordinators about this grant programme. 89% of coordinators confirmed that the grant had a moderate to high impact on young people, with 74% stating that wlthout the grant. the visit would not have been able to go ahead. Overall, coordinators were extremely positlve about the programme. However, 62% said that the grant amount per person was insufficient and that the cap of 30 young people per trip was limiting the positive impact of the grants. In September 202 2, Trustees agreed to double the maximum grant amount from £1 O to £20 per head and to increase the maximum number of beneficiaries per application from 30 to 60 young people. In 202 2, we received 330 applicalions12021 '. 61). We approved 268 grants, of which 151 were for schools and 117 for youth organisations12021 '. 49). Total grant expenditure on the programme in 2022 was £122,56612021.' £12,487) and 14,08712021.. 2.702) young people benefitted from the programme. 6. Indlvldual Grants for Volunteerlng (IGFV) These grants aim to encourage young people aged 14 - 25 across London and Essex to participate in volunteering projects in the UK and oversea5. The programme was temporarily closed from May 2020 due to COVID-related festrictlon5 on travel. The programme re-opened in May 2022, with 48 applications received within the first 30 days, demonstraiing that young people continue to seek opportunitie5 to volunteer and make a difference to the lives of others. In 2022, we supported more than 26 different organisations with young people participating in a wide range of project5, including mental health initiatives, water and sanitation projects, literacy and numeracy programmes, and conservation project5 in places such as Uganda, Tanzania, Gambia, France, Nepal. Kenya and Fiji. The average grant awarded was £200. In 2022, we received 212 new applicatlons and approved 132 grants. Total grant expenditure on Jack Petchey Foundailon Trustee5' annual report For the year ended 31 December 2022 the programme was £24.240 12021 '. £01. 7. The Jack Petchey Intemshlp Programme The Jack Petchey Internship Programme is designed to give dynamic young people an opportunity to gain valuable paid work within the youth sector. JPF provides grants to organisations to employ a young intern, paid the London Living Wage and employed for 12 months. Each Intern is eligible to apply for a training bursary of up to £ 1000 to enable them to develop thelr skllls and knowledge in any work-related subject, six professional development workshops and every intern is allocated a skilled and experienced mentor to support them throughout the year. In 2022, JPF received 80 training bursary applications from the interns of IP4 (who were employed by organisations receiving grants that were approved in December 2021) toward5 the cost of training, including financial coaching, digital marketing, youth work qualifications, life coaching, and British sign langua9e. 77% of IP4 intern5 Stated that the training bursary had a significant impact on their learning and development. Following completion of the year-long internship, ten interns have remained with the organisations and been offered permanent employment contracts. two interns are freelancing whilst considering other opportunitles, and a further three Intern5 have gained employment within the voluntary sector. In December 2022, JPF approved its IP5 programme, with 30 young people successfully gaining a paid internship with a youth organisation (see the complete list of organisations below). We received 79 applications12021 .'431 from youth organisation5, of which 30 12021 ..2 71 were approved with a total grant value of £ 543,00012021 .. £417,600) inclusive of a training bursary. Cohort 5 Kids Inspire Kinetic Foundatlon Laburnum Boat Club* Magpie Dance Prospex Reaching Higher South London Refugee Association Street Doctor5 Ltd The Maypole Project Theatre Peckham Tower Hamlet5 Education Business Partnership Tram5hed Vauxhall City Farm World Heart Beat Music Academy XLP Active Communitie5 Network BIG KID Foundarion Canvey Island Youth Project Capital Kids Cricket Caxton Youth Organisation Clrcle Community City Gateway Construction Youth Trust Crystal Palace Community Trust Essex Boys and Gir15 Club5 Fitzrovia Youth In Action Frenford Youth Clubs Ignlte Youth Iheart Principles Limited Iknown as iheart) Jack Petchey Foundatlon Trustees, annual report For the year ended 31 December 2022 We are extremely proud of our internship programme and of the graduates that have completed the programme. In April 202 2, we appointed two former Jack Petchey Interns as JPF Grallt5 Officers, following a competitive recruitment process. 8. Achlever Network 2022 was a landmark year for our Achiever Network, a year-long learning and development programme for young people who have received Achievement Awards or are graduates of our partner programmes, Jack Petchey's Speak Out Challenge, Step into Dance, First Give or Panathlon. Each year, the cohort comprises a diverse group of young people aged 14-21 from across London and Essex, including those with additional needs. The pro9ramme consists of a residential and five training days to develop young people's self-esteem, communication techniques, leadership, stress management. presentation. speaking, influencing skills and revision techniques. Each young person is paired with a skilled mentor who supports the youn9 person throughout the programme. As part of the programme, every young person volunteers within their community. In 2022, we celebrated the l Oth year of the Achiever Network with a celebration event at the Gherkin in London, organised by young people. We were delighted that 114 graduates from all ten cohorts attended, sharing their experiences, memories and achievements, with five young people delivering speeches. We plan to launch an alumni network in the coming year to ensure that we continue to engage and support AN graduates in the future. In September 2022, 28 young people graduated from ANI O, and we launched our I I th cohort W￿th 34 participants. Young people who have participated in the Achievers Network continued to have a connection to JPF in 2022, supporting interview panels for new employees, deci5ion-making on JPF programmes, contributing to our campaigns and volunteering at our events. Graduates from the Achiever Network also have the opportunity to apply to become a member of our Youth Consultation Panel iycp). To date, 320 young people have been a part of the Achiever Network Programme and have completed over 34,51 O hours of volunteering. 9. Partnershlp Programmes We work closely with our partners to deliver a range of outstanding programmes providing opporrunities for young people in diverse areas. from singing to maths, engineering to gardening. We increased a number of grants over the year to enable partners to provide additional services or sessions, including a significant expansion of the Jack Petchey Speak Out Challenge to reach whole year groups of year l 05. Panathlon resumed all of its in-person activity and continued with online delivery. which has increased Panathlon's reach and enabled many more young people to access disability sport5 programme5. Jack Petchey Foundation Trusiees, annual report For the year ended 31 December 2022 Following Successful pilot5. we significantly increased our Support for some of our newer partnership programmes, such as Talk about the Future, Wallball UK, and Wlzeup Financial Education. In celebration of the festive atmosphere of summer 2022 (Platinum Jubilee, Commonwealth Games, London 2012 1 Oth anniversary), JPF funded London Youth to deliver a sports programme called Jack Petchey Summer of Sport,. 475 young people attended this memorable occasion and participated in 25 different sports at the London Copperbox. We partnered wlth London Youth and Essex Boy and Girls Clubs to offer the chance of an overnight residential In the great outdoor5 for young people from across London and Essex. 1,176 young people attended an overnight residential., for many young people, this was the flrst time they had stayed away from home overnight or been away with their peers. In 2022, 11 l organisations used our reignite grants to help engage young people in extra- curricular activities, reach more young people and provide opportunities across London and Essex. These grants have supported over 18,500 young people through taster sessions, extra holiday 5ession5 and adapiations so that more young people engage with youth services after the disruptions caused to their lives by the pandemic. We continued to support the Petchey Academy throughout this period with an allocatlon of up to £1 SO,000 in funding. The complete Ilst of partneiship grants made in 2022 is set out below.. Speakers Trust Uack Petchey'5 Speak Out Challenge) Royal Academy of Dance (Step into Dance) London Youth (Sports programme and Re5identials1 Table Tennls England First Glve Panathlon Mayor's Fund for London (the Count on Us Maths Challenge) Talk The Talk (Talk about the Future) Reachout Young Enterprise (Employability Masterclassesl Essex Boys and Girls Clubs (Respect Programme and Residelltialsl UK Wallball Anthony Nolan The London Children's Flower Society Wize Up Financial Educatlon Inclusion Ventures £851,659 £513,205 £219,168 £198,344 £191,500 £118,079 £89,604 £124,750 £75,000 £41.588 £178,808 £93,260 £46,500 £45,600 £42,050 £51,652 We convened 30 representatives from our partners for Partnership Networking Events in June and December 2022. This provided an opportunity for our partners to share best practices, learn from Jack Petchey Foundatlon Trustees, annual report For the year ended 31 December 2022 each other and hear from the flndings of our surveys and impact report. In addition, we invlted guest speakers from our YCP and Achiever Network programme, who shared their experiences of these programmes and provlded insight into the Importance of youth voice and partlclpation. l O. Recognltlon Grants The Recognition Grant was a 'one off, JPF grant programme 501ely for youth organisations who had operated the Achievement Award Scheme to an exceptional standard and utilised all of the associated small grant programmes ILA, LAG and EDV) the previous year. £124,500 was awarded to 124 youth organisations in December 2022 to support their provision of activities and opportunities for young people. I l. Other major grant5 The followlng grants were provided to support work with young people. We continued to provide funding for all schools in London and E55ex towards the cost of School Planners for their students. Penstripe Prime Skills Portugal School Planner Company £ 54,375 £ 46,000 £ i 00.000 12. Jack Petchey Events Celebration events are a significant part of JPF'S work to inspire and motivate young people. celebrate their successes and raise their aspirations. We celebrate young people's achievements publicly at our Achievement Awards in front of their peers, parents, teachers, leaders, friends and dignitaries from the community. After delivering our Achievement Award celebration events virtually since March 2020, we were delighted to return to live events in 2022. Some challenges arose as theatres and other venues recovered from the pandemic's impacts and associated social restrictions. Over the course of the year, we delivered 39 uplifting in-person events as well as 79 virtual school events. We recognised 2,726 Achievement Award Winners at live events and 575 via digital events. In addition, we recognised 200 Leader Award Winners collectively. Our VIP Guest speakers at these events included Mayors, Queen's Representative Deputy Lieutenant5 and Directors of Children's Services. Over 200 young people provided entertainment, showcasing their talents. The third cohort of the Jack Petchey Internship Programme graduated in March 2022 and attended an uplifting celebratiot) ceremony at the Young Actors Theatre, Islington. In July 2022, we supported our partner Speakers Trust in delivering the Jack Petchey Speak Out Challenge Grand Final at the Cambridge Theatre in the West End. 15 young people (out of more than 27,000 young people trained) delivered thei r speeches to an audience of approximately 500 people in front of a panel of VIP Judges. In addition, we worked alongside Mayor's Fund For London to deliver the Jack Petchey Foundation Count on Us Secondary Math5 Challenge Final at City Hall. where 72 young people competed. representlng 12 schools. And we celebrated 15 year5 Jack Petchey Foundatlon Trustees. annual report For the year ended 31 December 2022 of the Step Into Dance programme with the Step Live Events held at the prestigious Cadogan Hall, bringing dancers from 28 schools or companies representing 15 boroughs. The event was a huge success. with performances showcasing various dance genres. 13. Youth Volce JPF strongly focuses on ensuring that young people's volces and opinions are heard, understood and shared with youth providers, decision-makers and broader society. We are committed to ensLtring that young people's view5 shape our programmes and opportunities. In 2022, we continued to work closely with our Youth Consultation Panel of young people who have graduated from the Achievers Network programme and provide guidance to the Foundation across all aspects of Its work. Their work included: Havlng a representative Youth Trustee on the Board of Trustees Ensuring that all JPF interview panels include at least one young person Involving young people in reviewing grant applications for partner programme5 such as the Internship Programme and the Environment Awards Planning the AN l Oth Anniversary Celebration Writing content for JPF'S media output Recruitment and selection of new YCP members In late 2021 , JPF surveyed nearly 4,000 young people from London and Essex about their thoughts on environmental issues, environmental education in schools, and how young people can be better empowered to build a more sustainable future. The survey findings were analysed and disseminated in a report published in January 2022. These survey findings have informed JPF'S work in 202 2 and will continue to do so in 2023. Key outcomes were.. More schools do not have adequate green space143%1 than do131 %), according to students. In direct response, we piloted the planting in the playground initiative in 2022, a programmo which provides schoo15 Wlth planters, seeds and equipment to enable student5 to develop small areas of green space and make their playground5 greener and more attractive. Young people would like more school trlps to engage wlth nature. Their top recommendation was for schools to engage studeni$155% of young people prioritlsed this). We have reviewed the Educational Visit programme, increasing the number of young people that can benefit and doubling the grant amount per per50n. Young people told what they would Ilke funders to do for young people and the environment, including recognising those helping the environment. The Environment Award wa5 piloted in 2022 and will be launched as a permanent programme in autumn 2023. Fo￿ard to the Future Competltlon The Forward to the Future competition invited young people from London and Essex to submit a creative piece exploring a vision of the world in 2117 - in 96 years. The competition was launched as part of Sir Jack Petchey's 96th birthday celebration5 to shDW the changes he had seen in the world over his life so far and to get young people to think about what positive changes might lie Jack Petchey Foundatlon Tru5tees' annual report For the year ended 31 December 2022 ahead in their future. The competition received 168 entries spanning art, music, video, writing and more, with the top three winners chosen by the Youth Consultation Panel IYCPI. Each of the three finalists shared a grant totalling £ 1000 to spend on an art project. The competition culminated in 36 artists having their work curated by a member of the YCP and exhibited at the Poplar Union. Trustees and Governance Matt Rantell, formerly Vlce Chair of the Board of Trustees, was appolnted Chair of Trustees in November 2022, when Ron Mills, formerly the Chair of the Board, stood down as Chair, but remained as a Trustee. Riana Morri50n-Kirnon, a former double Achievement Award Winner Ifrom her school and dance group), participant of the Step Into Dance programme and an Achiever Network alumni, was appointed to the Board as a Youth Trustee in February 2023 on a two-year term. Sonla Sinclair has been appointed by Trustee5 as the designated Board lead for safeguarding. Our Trustees are.. Robert MtArthur. an employee of Petchey Holdings Limited,. Ray Rantell and Ron Mills, who previously worked for the Petchey Businesses.. Sonia Sinclair, a former Vice Principal of the Petchey Academy,. Lewis Hooper and Riana Morrison-Kirnon, graduates of JPF'S Achiever Network-, and Matt Rantell, who is Sir Jack'5 grandson. The existing trustees appoint new trustees based on their skills, experience and background to undertake responsibility for the charity's governance. The principal requirement is that Trustees are willing and able to deliver Slr Jack's legacy and share Slr Jack's vision that young people can achieve great things when given the right opportunities. The Board places great value on long service and on having Trustees with personal and family connections to Sir Jack Petchey. The articles of association provide for a minimum of three trustees. and at each AGM one third of trustees must retire by rotation and may offer themselve5 for re-election. New trustees receive an Inductlon from the Chlef Executlve Officer and access ongoing training on an ad-hoc ba515, a5 required. Visirs are arranged for Erustees to see JPF'S work in action. A buddy system is in place to pair new Trustees with longer-serving members of the Board. The trustees agree the broad strategy and focus of activlty for JPF, including consideration of grant-making. oversight of finances, risk management, policies and performance. The day to management of JPF is delegated to the Chief Executive Officer (frudy Kilcullen to 2812122, Gemma Juma from 113122) and the JPF staff team. The Board have worked through all seven Charity Governance Code principles and review updates to the Code as they are made. Trustees are committed to diversity and inclusion within a Board of seven or eight Trustees. The Board has continued to implement recommendatlons from the Board growth and development plan, developed in 2020 with support from the Worshipful Company of Management Consultants. This has included succession planning and the appointment of Gemma Juma as the new CEO from I st March 202 2. The incoming Chair has developed a new reporting strategy with the CEO. Jack Petchey Foundatlon Trustees, annual report For the year ended 31 December 2022 All trustees give their time vol*Jntarily and receive no benefits from the charity. Any expenses reclalmed from the charity are set out in note 6 to the accounts. Remuneration of Senior Staff In 2022, JPF adopted a new remuneration and reward policy and implemented a new salary scale. The policy was developed with support from a pro bono expert consultant from the Cranfield Trust, who reviewed JPF'S remuneration and reward policy and practice with reference to voluntary sector salary surveys and benchmarking with other charities, including Charitable Trusts and Foundations. A Governance and Remuneration Committee of the Board meets fou r times yearly, with two Trustee members, including the Chair. The remuneration of senior staff 15 determined by this Committee. Risk Management JPF maintain5 a Risk Register that addresses the risks the charlty Is exposed to. This is held under regular review in light of any changes In the external environment. The Register is updated and circulated before each quarterly Board meeting and is a standing item on the Board Agenda. Trustees are confident that the necessary systems are in place to manage identified risks. The top overall risks identified by the Board relate to the negative consequences the COVID-19 pandemic had on our beneficiaries - young people in London and Essex and the organisations that support them and the increased need for JPF'S programmes and funding. The negative economic outlook, the current energy crisis, inflation and cost of living increases are detrimental to many of rhe organisations we fund, many of whom have indicated that salaries and overhead costs are a significant concern. Trustees mitigate against these risks by ensuring JPF develops effective response5 to economic and social challeriges to ensure that youth organisations and programmes can support young people through such challenging times. Sir Jack celebrated his 97Th birthday in 2022. A small working group of former and current JPF staff, Trustees. colleagues and family members of Sir Jack have been working on a legacy project documentlng hi5 life, work and how the foundation was created. This project has captured rhe essence of Sir Jack's vision for the foundation and his values, which will contlnue to Inform the foundation's work in the future. The Trustees do not consider that any of the risks identified on our risk register pose a threat in the foreseeable future to JPF'S ability to operate as a going concern. In 202 3, we will remain vigilant about changes in the external environment that may affect our risk exposure. Jack Petchey Foundation Trustees, annual report For the year ended 31 December 2022 Financial Review The Tru5tee5 of the Jack Petchey Foundation consider financial performance for the year to be sat15factory. There was a slightly increased expenditure in 2022 compared to 2021 . The resumption of live, face-to-face events increased spending in thi5 area. The Trustees have only made commitment5 to grants that can be fulfllled and have not overburdened the charity. Total income in 202 2 was £8,774,3 85 12021 .' £7,605,672), and the total value of grants committed in 2022 was £8,030,906 12021= £8,136,595). The value of grants that were cancelled in the year was £625,485 12021 .. £792,882). There is a restricted fund of £l.707,430 12021.. £1 ,684,218}, received a5 a donation from Hollybase Ltd. to benefit the Santa Casa, Pirilampos and Gaviota orphanages in the district of Albuferia, Portugal. Note 14 of the accounts contains further information about this restricted fund. Trustees have designated £82,701 from the general reserve for Jack Petchey Programmes that were approved in the financial year 2022 and 2021 but will be delivered in 2023. These include our flagshlp Achiever Network and the Internship Programme. Trustees deslgnated £345,461 from the general reserve in 2021 to complete Jack Petchev Programmes, including Internship programmes 3 & 4, Achiever Network l O, as well as Perfect Pitch and Glee Club Challenge. £94,384 was spent on these programmes in 2022. The Tru5tee5 have written assurance from the Directors of Incorporated Holdings Limited and its subsidiaries (the primary funder of the Jack Petchey Foundation) that 5ufficieni funds will be available to the charity to meet its commitments as they fall due. with continued funding at the present levels until at least 315t December 2024. Reserve5 Policy and Going Concern The Jack Petchey Foundation exists as a Grant Making Trust. It is almost exclusively funded by donatlon income from Incorporated Holdings Limited IIHLI and its subsidiary companies. The vision is for thls to be a lasting arrangement, and the detail of donations to the charity from IHL is agreed two years In advance. As part of JPF'S cash management strategy, regular meetings are held between the CEO of JPF and the Directors of Petchey Holdlngs Limited IPHL). JPF staff determine JPF'S monthly cash flow requirements for the following 12 months and share Ehis with PHL monthly. JPF Trustees review the cash flow at every meetlng. As parr of its commitments to JPF, a letter of intent has been provided to JPF by IHL, setting out funding for 2023 and 2024. The Jack Petchey Board of Trustees does not commit the charity beyond the funding promised by Incorporated Holdings Limlted and its subsidiary companies. The Jack Petchey Foundation Board of Trustees has taken into consideratlon the long history and strong relationship with IHL and its subsldlarles and their understandlng of both cash reserve5 and Jack Petchey Foundatlon Trustee5' annual report For the year ended 37 December 2022 property investments within the control of IHL. The Board of Trustees is confident that IHL and its subsldlaries are able to and will provide all necessary funding required to support JPF and its activltie5 for a period of ar least 19 months from the date of approval of these financial statements. As such, the Board of Trustee5 continues to adopt the going concern basis of accounting in preparing the annual financial statements. In the very unlikely event that the Jack Petchey Foundatlon were to need to cease its activities, 5ufficieni notice would be given for an orderly and solvent wind-down of activities with due notice to all staff and beneficiaries. Given JPF'S relationship with IHL and focus on grant-making. the Trustee5 work to ensure sufficient cash, or IHL-confirmed support, to cover grant commitments Outstanding at the year end. At the end of 2022, these grant commltments included in creditors were £2,878,83 5 and covered by sufficient cash balances. Addltlonal funds were set aside as designated funds, at the balance sheet date, to support planned commitment5. JPF'S total free reserves held at the end of 2022 were £517.674, allowing the charity some further flexibility. However, as a result of the strong and c105e relationshlp with the funder and the nature of JPF'S charitable purpose as a grant-maker, Trustees do not believe that it is necessary to hold reserves. The Board of Trustees will aim to minimise its level of free reserves and continue to hold its reserves policy under review. This will ensure it remains suitable for JPF'S operating model and the risks it faces. Fundraising The Jack Petchey Foundation does not undertake widespread fundraising from the general pu blic and does not use professional fundraisers or commercial participators. We occasionally receive a very small number of unsolicited donations from members of the public in appreciation of our work. The day-to-day management of all income generation is delegated lo the executive team, who are accountable to the Jack Petchey Fouridation Board of Trustees. The charity's income is not bound by any regulatory scheme, and the charity does not consider it necessary to comply with any voluntary code of practice relaring to fundraising. We have retelved no complaints about any fundraising activities. Our terms of employment require staff to behave reasonably at all times. As we do not approach individuals to raise funds, we do not have specific requirements related to fundraising activities, nor do we consider it necessary to design specific procedures to monitor such activities. Public Benefit The trustees have referred to the guidance contained In the Charlty Commission's general guidance on public benefir when reviewing the charity's aims and objectives and planning future actlvities. Trustees are confident that JPF operates for public benefit and fully consider how planned activities will contribute to rhe aims and objecrives they have set to furtherJPF's charitable purposes. Jack Petchey Foundatlon Trustees, annual report For the year ended 31 December 2022 Plans for the future We will aim to grow our activity to pre-pandemic levels and increase our budget to invest £1 0.5 million in programmes and activities that recognise and reward young people's achievements and support their education, employment, and mental and emotional wellbeing. We will continue to champion, support and enable young people to develop and will work to support and stren9then the youth work and education structures that impact on their lives. Throughout the new strategic period, we will be driven by our ambition to.. Focus our work on the things that matter most and have the greatest positive impact., Sharpen our existing programmes and approaches so that we are the best that we can be., and Reach more young people, schoo15 and youth organisations than ever before. Specific priority areas of work to deliver our strategic aims include.. Contit)ued delivery of our Jack Petchey Achlevement Award Scheme, supporting schools and youth organisations to participate successfully and run the scheme. Staff will inspire new secondary schools and youth organisations to join the scheme and provide additional support to those organisations where the scheme has lapsed. The aim is to encourage all State secondary schools to participate and increase the number of youth charities involved acr055 London and Essex. Deliver and expand our Leader Award Grant programme for leader award winners to apply for funds that provide additional opportunities for the young people they work with. Deliver and expand our Individual Grants for Volunteering and Educational Visits grant programmes. Continue to develop the Jack Petchey Internship programme, improving our monitoring and evaluation of its impact, strengthening the youth sector and its work with young people by providing paid employment and development opportunities for young interns starting their careers. Contlnue to build on the work of Jack Petchey's 'Speak Out" Challengel aimlng to work with our partner, Speakers Trust, to traln ever-more young people. Support the popular and inclusive step into Dance programme with the Royal Academy of Dance to offer training and performance opportunities to young people in mainstream and special schools. Maintaln our partnership with the Panathlon Challenge to ensure that more young people with disabllitles can participate in competitive sports through in-per50n activities and digital delivery. Continue our successful partnership with Table Tennls England to ensure young people can access training, tables and competitive opportunities across London and Essex. Re-launch our Perfect Pltch and Glee Club Challenges to provide young people with these musical training and performance opportunities. l O. Support our other partnershlp programmes, including First Give, Wallball UK, and the Jack Petchey Count on us Maths Challenge to deliver opportunities for young people. Develop new programmes, including mental health, music and STEM opportunities for young people. and ensure that we su pport young people in Pupil Referral Units. Jack Petchey Foundatlon Trustees, annual report For the year ended 31 December 2022 12. Provide more opportuniiies for young people to express thelr vlews and be Involved in our work. 13. Deliver a full programme of inspiring in-person celebration events and Increasing the number of young people and leader award winners who attend them 14. Deliver and strengthen the Achievers Nerwork, ensuring that young people continue to engage in opportunities such as volunteering and the youth consultation panel. 15. Ensure our back-office 5yStems. hybrid working approach and digltal tools and IT systems, including our bespoke grant-making and event5 database, are user-friendly and enable us to be a more efficient, effective and responsive grant-maker. 16. Develop our impact reportlng to understand better and aggregate the difference our programmes and grant-making make to young people. 17. Deliver opportunities for our partners to connect virtually and in person to network and share best pracrices. Statement of responsibilities of the trustees The trustees (who are also directors of the Jack Petchey Foundation for the purposes of company lawl are responsible for preparing the trustees, annual report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards Iljnited Kingdom Generally Accepted Accounting Practice). Company law requires the trustees to prepare financial statements for each financial year which give a true and fair view of rhe state of affairs of the charitable company and of the incoming resources and application of resources. includirig the income and expenditure. of the charitable company for that period. In preparlng these financial statements. the trustees are required to.. Select suitable accounting policies and then apply them consistently Observe rhe methods and principles in the Charities SORP Make judgements and estimates that are reasonable and prudent State whether applicable UK Accounting Standards and statements of recommended practice have been followed, subject to any material departure5 disclosed and explained in the financial statement5 Prepare the financial statements on the golng concern basis unless it is inappropriate to presume that the charity will continue in operation The trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financlal position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevenrion and detection of fraud and other irregularities. In so far a5 the trustees are aware.. There is no relevant audlt information of which the charitable company'5 auditor is unaware The trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditor is aware of that informatlon Jack Petchey Foundation Trustees, annual report For the year ended 31 December 2022 The trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions. Auditor Sayer Vincent LLP wa5 reappointed a5 the charitable company's auditor during the year and ha5 expressed its willingness to continue in that capacity. The directors. annual report has been prepared in accordance with the special provisions applicable to companies subject to the small companies, regime. The trustees, annual report has been approved by the trustees on 17 May 2023 and signed on their behalf by.. Matt Rantell Chair of Trustees Independent audltor's report To the members of Jack Petchey Foundatlon Opinion We have audited the financial statements of Jack Petchey Foundation (the 'charitable company'l for the year ended 31 December 2022 which comprise the statement of financial activities, balance sheet, statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accountlng Standards, including FRS 102 The Financial Reporting Standardapplicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practlce}. In our opinion, the financial 5tatements'. Glve a true and fair view of the state of the charitable company's affairs as at 31 December 2022 and of Its incoming resources and application of resource5, including its income and expenditure for the year then ended Have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice Have been prepared in accordance with the requirement5 of the Companies Act 2006 Basis for opinion We conducted our audit in accordance with International Standards on Auditing (UK) IISAS IUKII and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilitie5 for the audit of the financial statemenES section of our report. We are independent of the charitable company in accordance with Ehe ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC'S Ethical Standard and we have fulfllled our other ethical responsibilities in accordante with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Conclusions relating to going concern In auditing the financial statements, we have concluded that the trustees, use of the going concern basis of accounting in ihe preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or condition5 that, individually or collectively, may cast significant doubt on Jack Petchey Foundation's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the trustee5 Wlth respect to going concern are described in the relevant sections of this report. 20 Independent audltor's report To the members of Jack Petchey Foundation Other Information The other information comprises rhe information included in the trustees, annual report other than the financial Statements and our auditor's report thereon. The trustees are responsible for the other information contained within the annual report. Our oplnlon on the flnancial statements doe5 not cover the other informaiion and, except to the extent otherwise explicitly stated in our report, we do not expre55 any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other Information Is materlally Inconsistent with the financial statemenrs or our knowledge obtained in the COLirse of the audit, or otherwise appear5 to be materially misstated. If we identify such material inconsistencies or apparent material rnisstatements, we are required to determine whether this gives rise to a material misstatement in the financial statemenis themselves. If, based on the work we have porformed, we conclude that there is a material misstatement of this other information, we are requlred to report that fact. We have nothing to report in this regard. Opinions on other matters prescribed by the Companies Act 2006 In our oplnion, based on the work undertaken in the course of the audit.. The information given in the trustees, annual report for the flnancial year for which Ihe financial Statements are prepared is conslstent with the financial statements., and The trustees, annual report has been prepared in accordance with applicable legal requirements. Matters on which we are required to report by exception In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified materia5 misstatements in the trustees, annual report. We have nothing to report in respect of the following matters in relation to which the Companie5 Act 2006 requires us to report to you if. in our oplnlon.. Adequate accounting records have not been kept, or returns adequate for our audit have not been received from branche5 not vlslted by us., or The flnancial statements are not In agreement with the accounting records and returns., or Certaln 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 The direcrors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies, exemptions in preparing the tru5tees' annual report and from the requirement to prepare a strategic Teport. 21 Independent audltor's report To the member5 of Jack Petchey Foundatlon Responsibilities of trustees As explained more fully in the statement of trustee5' responsibilities set out In the trustees, annual report, the trusrees (who are also the directors of the charitable company for the purposes of company lawl are responsible for the preparation of the financial statements and for being sat15fied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statement5 that are free from material misstatement, whether due to fraud or error. In preparlng the financial statements, the trustees are responsible for assessing the charitable company's ability to continue as a going concern, disclosing, as appllcable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquldate the charitable company or to cease operation5, or have no realistic alternative but to do so. Auditor's 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 auditor's 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 IUK) will alway5 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 are set out below. Capability of the audit in detecting irregularities In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, our procedures included the following.. We enquired of management, and the board of trustees, which included obtaining and reviewing supporting documentation, concerning the charity's policies and procedures relating to.. • Identifying, evaluating, and complying with laws and regulations and whether they were aware of any instances of non-compliance.. Detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected, or alleged fraud., The internal controls established to mitigate risks related to fraud or non-compliance with laws and regulations. We inspected the minutes of meetings of those charged with governance. We obtained an understanding of the legal and regulatory framework that the charity operates in, focusing on those laws and regulations that had a material effect on the 22 Independent audltor's report To the members ofjack Petchey Foundatlon financial statemenis or that had a fundamental effect on the operations of the charity from our professional and sector experience. We communicated applicable laws and regulations throughout the audit team and remained alert to any indlcatlons of non-compliance throughout the audit. We reviewed any reports made to regulators. We reviewed the financlal statement disclosures and tested these to supporting documentation to assess compliance with applicable law5 and regulations. We performed analytical procedures to identify any unusual or unexpected relationships that may indicate risk5 of material misstatement due to fraud. In addressing the risk of fraud through management override of contro15, we tested the appropriateness of journal entries and other adjustment5, assessed whether the judgements made in making accounting estimates are indicative of a potential bias and tested significant transaction5 that are unusual or those outside the normal course of business. Because of the inherent limitations of an audit, Ihere is a risk that we will not detect all irregularitles, including those leading to a material misstatement in the financial statement5 or non-compllance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be les5 likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. A further description of our responsibilities is available on the Financial Reporting Council's website at: www.frc.or auditors s. This description forms part of our auditor's report. Use of our report This report is made solely to the charltable company's member5 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 the charitable company'5 members as a body, for our audit work, for this report. or for the opinions we have formed. Judith Miller (Senior statutory auditor) Date 23 May 2023 for and on behalf of Sayer Vincent LLP, Statutory Auditor Invicta House, 108-114 Golden Lane, LONDON, ECT Y OTL 23 Ja¢k Petchey Foundatlon 5tatemeni of flnanclal actlvltles Ilncorporatlng an income and expendirure accountl For the ear ended 31 December 2022 2022 Total UnrÈstrScted 2021 Unresirlcted Restrlcted Restrlcred Total Note Income from.. Donation5 Invesiments 8,751,173 8.751,173 23.212 7,604,826 7,604,826 801 23,212 720 Total Income 8.751,173 23.212 8.774.385 7,604,907 720 7.605,627 Expendlture on.. Insplrlng and motivating young people Total expendlture 8,945,949 8,945.949 8,476,359 73,775 8,550,134 8,945.949 8.945,949 8,476,359 73,775 8,550,134 Net movement In funds 1194.7761 23.212 1171.5641 1871,4521 173.0551 1944,5071 Reconcillation of funds.. Total fund5 brought forward Total funds carrled forward 800,194 1,684.218 2.484.412 1,671,646 1,757,273 3,428,919 605,418 1.707.430 2,312,848 800,194 1,684.218 2,484.412 All of the abtsve re5ulis are derlved from contlnulny attiviiles. There were no oiher recognlsed galns or10sses other than those stated above. Movements in fund5 are dlsclosed In Note 14 to the flnancial 5taiernents. 24 Jack Petchey Foundatlon Balance sheet Company no. 10872145 2022 2021 Note Flxed assets-. Tangible fixed a5set5 5.043 7.824 5,043 7,824 Current assets= Debtors Cash at bank and in hand 89,898 5,761,889 72,062 5,542,559 5,251.787 5,614,621 Liabilitles.. Creditors.. amounts falllng due within one year {2.943.9821 13,138,033> Net current assets 2,307.805 2,476,588 Total net assets 2,312,848 2,484.412 The fund5 of the ¢harlty'. Restricted income funds Unrestricted income funds.. De51gnated funds General funds 1.707,430 1.684,218 82.701 522.717 345,461 454,733 Total un¥estricted fund5 605,418 800.194 Total charlty funds 2,312,848 2,484,412 Approved by the trustee5 on 17 May 2023 and siqned on ihelr behalf bv Matr Rantell Chalr of Trustee5 25 Jack Petchey Foundatlon Statement of cash flows rthe 2022 2021 Cash flows from operatlng actlvities Net expenditure for the reporting period las per the statement of financial activiriesl Depreciation charges Dividends, interest and rent from Investrnents Increase in debt015 IDecreaselllncrease in credltors 1171,564} 1944,5071 2,781 123,2121 117,8361 1194.0511 3.811 18011 1681 1,050,034 Net cash Iu5ed Inllprovided by opeTatlng actfvltlès Cash flows from Investlng actlvltles.. Dlvldend5, interest and rent5 from investments 1403,8821 108,469 23,212 801 Net cash provided by Inve5t4ng actlvltles 23,212 801 Change In cash and cash equlvalents In the year Cash and cash equlvalents at ihe beginning of the year Cash and cash equlvalents at the end of the year 1380,670) 5,542.559 109.270 5,433.289 5,161.889 5.542.559 26 Jack Petchey Foundatlon Notes to the financial statements l Accountlng pollcles al Statutory Informatlon Jack Petchey Foundation is a charitable company limited by guarantee and Is Incorporated in the United Kingdom. The registered offlce addres5 and princlpa1 place of buslness is Dockma5ter'5 House, l Hertsmere Road. London, El 4 8JJ. b) Basls of preparatlon The financial statements have been prepared In accordance wlth Accouniing and Reporting by Charities.. Statement of Recommended Practice applicable to charitbes preparing their accounts in accordance with the Financial Reporting Standard applicable the UK and Republbc of Ireland {FRS 1021- (Charities SORP FRS 1021. The Financial Reportlng Srandard applicable in the UK and Republic of Ireland IFRS 1021 and the Companies Act 2006. Assets and1Sabilitles are Initlally recognised at hlstorlcal cosi or rransactlon value unless otherwise stated In the relevant accout)ting policy or note. In applying the financial reportlng framework, the trustees have made a number of subjective judgements, for example in respect of significani accounting estimates. Estimate5 and judgements are CDntinually evaluated and are based on hlsiorlcal experlence and other factors, including expectarlons of future events that are believed to be reasonable under the circumsiances. The nature of the estimailon means the acrual ourcomes could differ from those estimates. Any significant estimates and judgements affecring these financSal statements are detailed within the relevant accounting policy below. cl Publlc benefit entlty The charity meets the (Jefinition of a public beneflt entlty under FRS 102. dl Going concern The trustees consider that there are no material uncertainties about the charity's abllity to continue as a golng concern. Trustees have a letter of intent from IHL, JPF'S long-standing donor. confirming fundlng to be provlded to JPF for 2023 and 2024. Trustees have taken into consideration the long history and strong relationship with IHL and its subsldiaries and thelr understanding of cash reserves and property investment5 Wlthin the control of IHL to support Trustees, belief that JPF 15 a going concern. The Board of Trustees are happy that IHL and its subsidiaries are able to and will provide all necessary fundlng required to support the Foundation and its activities until at least 31 December 2024, with the vision for ihis arrangement to be long-la5ting. The Chabr of JPF has been provlded with evidence that confirm5 that IHL has sufficient cash reserves to meet their commitment outlined In thelr lerter of comfort. The trustees do not conslder that there are any sources of estimarlon uncertainty at the reporting date that have a significant rlsk of causing a materlal adjustment to the carrying amounts of assets and liabilities within the next ieportlng period. e) Income Income is recognised when the charity has entitlement to the funds, any performance conditions attached to the income have been met, It is probable that the income will be recelved and that the amount can be measured reliably. Income received in advance of the provlslon of a specified servSce is deferred until the criterla for Income recognition are met. 27 Jack Petchey Foundatlon Notes to the financial statements nded 31 De l Accounting pollcles (contlnued) f) Donatlons of gifts. services and facllltles Donated professional services and donaied facllities are recognised as Income when the charlty has control over rhe item or received Ihe service, any conditions a550ciated with the donation have been met, the receipt of economic benefit from the use by the charity of the item is probable and that economlc benefit can be measured reliably. In accordance with the Charities SORP IFRS 1021, volunteer lime is not recognised so refer to ihe trustee5' annual report for more information about iheir contribution. On receipt, donated gifts, professlonal servlces and donated facilliies are recognised on (he basis of the value of the gbft to the charity which is the amount the charity would have been willing to pay to obtaln services or facilities of equivalent economlc beneflt on the open market,. a corresponding amount is then recognised in expenditure in the period of receipt. gl Interest receivable Interest on fund5 held on deposit is Included when recelvable and rhe amount can be measured reliably by the charbty; this 15 normally upon notlf¢catlon of the interest paid or payable by the bank. h) Fund accotjntlng Restricted funds are to be used for specific purposes as laid down by the donor. Expenditure which meets these criteria is charged to the fund. Unrestricted funds are donatlons and other incoming resources received or generared fof the charitable purp05e5. Designated fund5 are unrestricted funds earmarked by the trL¢Stees for particular purposes. l) Expendlture and Irrecoverable VAT Expenditure is recogni5ed once there is a legal or constructive obligation to make a payment to a thlrd party, it is probable that settlement will be requlred and the amount of ihe obllgation can be measured rellably. Expenditure Is classified under ihe following activlty headings.. Expendlture on charitable actlvities includes the costs of grant making and associated activities undertaken to further the purposes of the charity and their associated support costs Other expendlture represents those items not falling Into any other heading Irrecoverable VAT is charged as a cost against the activity for which the expenditure wa5 Incurred. J) Grant5 payable Grant5 payable are made to thlrd parties in furtherance of rhe charity's objects. Single or multi-year grants are accounted for when elther the recipient has a reasonable expectation rhat they will receive a grant and the trustees have agreed to pay the grant without conditlon, or the recipient has a reasonable expeciatlon that they will recelve a grant and that any condition attaching to the grant is outside of the conrrol of the charity. Provisions for grants are made when the intention to make a grant has been communlcated to the reciplent but there is uncertalnty about elther the timing of the grant or the amount of grant payable. k) Allocatlon of support costs Resources expended are allocated to the particular activity where the cost relates direcrly to that acrivity. However, the cost of overall dlrection and administrarSon of each activity, comprlslng the salary and overhead costs of the central functlon, is apportioned on the following basis which are an estlmate, based on staff tlme, of the amount attrlbutable to each activity. Governance costs are the costs associated with the governance arrangement5 of the charity. These costs are associated with constitutional and statutory requirement5 and include any cost5 associated wlth the strategic management of the charlty's aciivities. 28 Jack Petchey Foundatlon Notes to the flnanclal statements ce l Accountlng pollcles {contlnued) l) Operating leases Rental charges ale charged on a straight line basis over the term of the lease. m) Tanglble flxed assets Items of equipment are capitali5ed where the purchase price exceeds £1 ,000. Depreciation costs are allocared to aciivities on the basis of the use of the relaled a55ets in those activitles. Assets are reviewed for Impairment if circumsrances indlcaie their carrying value may exceed their net realisable value and value in use. Major components are treated as a separate asset where they have sS9nificantly dlfferent parterns of consumptlon of economic benefits and are depreciated separately over Its useful Ilfe. Depreciation is provided at rate5 calculated to wrlte down the cost of each asset to its estimated residual value over its expected useful life. The depreciation rates use are as follows.. Fixtures and fittings Computer equipment 0% straight line 2 5% straight line n) Debtors Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepald net of any trade discounts due. ol Short term deposlts Short term deposi15 Include5 cash balances that are invested In accounts wlth a maturlty date of beiween 3 and 12 months. pl Cash at bank and in hand Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the dare of acqulsition or opening of the deposit or Similar account. q) Credltors and provlslons Creditors and provisions are recognised where the charity has a present obligation resultlng from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation cat) be measured or esiimated reliably. Creditor5 and provision5 are normally recogni5ed at thelr settlemevlt amount after allowlng for any Irade discounts due. r) Flnancial instrument5 The charity only has flnanclal asseis and flnancial liabilitie5 of a kind that qualify as basic financial instruments. Basic financial instrumenis are initially recognised at transaction value and Subsequently measured at their settlement value. sl Penslons The Foundation operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the Foundation in an independently administered fund. The pension cost charge represent5 contributions payable under the scheme by ihe Foundation to the fund. The Foundation has no liability under the scheme other than for ihe payment of Ihose conr¥ibutlons. tl Accounting estimates and judgements There are no siqnificant accountino estlmates or iudqements in the current or prior year. 29 Jack Petchev Foundatlon Notes to the financlal statement5 ecem 2 Income from donatlons 2022 Total Unresirlcted 2021 Total Unrestricted Restrlcted Restricted Gifts Donated services 8.600,961 150,212 8.600.961 150.212 7,458,401 146,425 7,458,401 146.425 8,751.173 8.757.173 7.604,826 7,604.826 Donated services primarily comprises rent free accomodatlon. 30 Jack Petchey Foundation Note5 to the financial statements For the ear ended 31 December 202 3a Analysis of expenditure (current year) Inspiring and motivating Governance youn9 people Costs Support costs 2022 Total 2021 Total Staff cost5 (note 61 Grant making (note 41 Presentation events Professional fees Organisatlonal costs JPF Programmes 773,062 7,405.421 151,579 572 773.634 7,405,427 151.579 51,320 469.611 94.384 721,199 7,343,713 47,364 13,290 370,755 53,813 13,320 38,000 469,611 94,384 8,424,446 13,892 507,611 8,945.949 8,550,134 Support costs 507,611 1507,6111 Governance costs 13,892 {13,8921 Total expenditure 2022 8,945,949 8,945,949 Toral expenditure 2021 8,550.134 8,550.134 With organisatlonal costs are donated services of £150,212 12021.. £146,425). 3b Analysts of expendlture Iprlor yearl Inspirlng and motivaring Governance voung people costs Support costs 2021 Total Staff costs (note 61 Grant making Inoie 4) Presentation events Professional fees Organisational costs JPF Programmes 683,542 7,343.713 47,364 37,657 721.199 7,343,713 47,364 13,290 370.755 53,813 13,290 370,755 53,813 8,12 8,432 370,755 50,947 50,947 370,755 1370,7551 8,550,134 Supporr costs Governance costs 150,9471 Total expenditure 2021 8,550,134 8.550.134 With orqanisational costs are donated servlces of £146,425. 31 Jack Petchey Foundation Notes to the flnancial statements Fort ended 31 Dece 22 Crant maklng 2022 2021 Grant commitments brought forward Granr5 commStted in the year Grants cancelled in rhe year Total net commitmenrs in the yeat Grants paid in the year 3,076,466 8,030,906 1625,485) 2,020,985 8.136.595 1792,8821 7,405,421 17,603,052} 7,343,713 16.288.232) Glart commStments carried forward 2.878,835 3,(176,466 A breakdown of the major grants with a rotal value in excess of £20,000 are on pages 6-1 l of the Trusree5' report. as well a5 grants made through tsur Internship Programmes. Grants payable include £2,878,835 12021.. £3,076.4661 for grant5 agreed prlor to the year-end but to be paid in the next. Addirional analysI5 and explanarion of rhe grants rnade in the year Is included within the Trustees, Report. There are no grants committed which do nor represent a constructive obligation at the year-end. Net Income for the year This is stated afrer charging } Icreditingl.. 2022 2021 Depreciatlon Auditor's remuneraiitsn lexcluding VAT).. Audit Unaccrual In prlor year 2.781 11,100 10,075 1.000 32 Jack Petchev Foundatlon Notes to the flnanclal stateménts ended Decem er2 22 Analysls of staff costs. trustee remuneratlon and expenses, and the cost of key manaqemenr personnel SrafF costs were a5 follows.. 2022 2021 Salaries and wage5 Soclal security cosis Employer'5 contribution to defined contributlon penslon schemes 659,937 74,255 38,870 631,381 69.381 20.437 773,062 721.199 The following number of employees received employee benefit5 (excluding employer pension costs and employerfs national insurance) durino the vear between.. 2022 No. 2021 No. £70.000 - £79,999 £1 00,000 - £109,999 The rotal employee benefirs Ilncluding pension contributions and employer's national insurance) of rhe kev management personnel wefe £193,690 12021.. £188,284). Key managemenr personnel of rhe charity comprises the Irustees. who are unpaid. as well as the Chief Executive OffScer and the Deputy Chief Executive. The charity trustees were nesrher paid nor received any other benefits from employment wirh rhe charity In the year 12021.. £nill. No charity trustee received payment for professional or other services supplied to rhe charlty12021.' £nlll. Trustees, expenses represents the payment or reirnbursement of travel and sub51Stence costs totalling £5 72 {2021.. £941 incurred by one1202 1.. one) member relating to attendance at meeting5 of the trustees. Sraff numbefs The average number of employees Ihead count based on number of Staff employed) during the year was 1712021.. 151. Related party transactlons During rhe year. there were grant5 payable to The Petchey Academy of £155,073 12021.. E67,4021 with £139.083 12021.. £13,1241 outstanding as a crediior at the year end. The charity 15 related to The Petchey Academy by virtue of shared tru5tee5 1 senior management. Trudy Kilcullen MBE is an employee of Jack Petchey Foundation and is a Member of The Petchey Academy. Gemrna Juma and Victoria Mirfin are employees of the Jack Petchey Foundation and GovernorslMember5 of The Petchey Academy. Ron Mills 15 a Member of the Petchey Academy and a Trustee of JPF. The IndSvlduals concerned were not involved in the decision to make a grant. Grants totalling £9,13812021.. £9,750) were made to Barking and Dagenham Future Youth Zone with NIL12021.' NIL) outstanding a5 a credltor at the year end. The Foundation is related to Onside by virtue of a shared irusree - Mati Rantell is a Trustee of both JPF and Future Onslde Yourh Zone - Barklng and Dagenham. There are no donation5 from related partie5 which are out51de the normal course of busine55 and no restricted donations from related partles. 33 Jack Petchev Foundation Notes tts the flnancial statemenis ea ended 31 0 Taxatlon The charliy Is exempr from corporatSon tax as all its income is charltable and is applied for charitable purposes. l O Tanglble flxed asset5 Fix¢ures and fittings Computer equipment Total Cost At the start of the year Addition5 in year Disposals in year 7,480 12,253 19,733 At the end of the year Oepreclatlon At the Start of the year Charge for the year Ellminated on disposal 7,480 12,253 19.733 2,992 748 8,917 2,033 11,909 2.781 At the end of the year Net book value At the end of the year 3,740 10.950 14.690 3,740 1.303 5,043 At the starr of the year 4,488 3.336 7,824 All of ihe above asset5 are used for charitable purposes. I l Debtors 2022 2021 Other debtors 89,898 72.062 89,898 72.062 12 Credltors.. amounts falllng due wlthln one year 2022 2021 Taxation and Social security Grants payable Accruals 25,700 2.878,835 39,447 30.081 3,076,466 31,486 2,943,982 3,138.033 34 Jack Petchey Foundatlon Notes to the flnanclal statements For the ear ended 31 December 2022 13a Analy51s of net assets between fund5 (current yearl General unrestrlcred Designated Restricted Total funds Tangible fixed a55ets Nei current assets 5,043 517,674 5,043 2,307.805 82,701 1,707.430 Net a$5ets at 31 December 2022 522,717 82,701 1,707.430 2,312.848 13b Analysts of net assers beNeen funds Iprlor yearl General unrestricted Designated Restricted Total funds Tangible fixed 355et5 Net current assets 7.824 446,909 7,824 2,476,588 345.461 1.684.218 Net assets at 31 December 2021 454,733 345,461 1.684,218 2,484,412 14a Movements In funds (current year) At l January 2022 Income & Expenditure galns & losses At 31 Oecember 2022 Transfer5 Restritted funds.. Portugal Children's Home 1,684,218 23,212 ,707,430 Total restrlcred funds 1,684,218 23,212 ,707,430 Unrestrlcted funds: Designated funds.. Jack Petchey Internship Pro9ramme Jack Perchey Glee Club Challenge Achievers Network Jack Petchey Perfecr Pttch 122,928 123,860 18,523 80,150 189,7851 (120,8601 118,5231 180,1501 28,561 61.704 3.000 17,997 17,997 Toral designated funds 345,461 1309,3181 46.S58 82.701 General funds 454,733 8,751,173 18.636,6311 146,5581 522.717 Total unrestrlcted funds 800,194 8.751 173 18.945.949) 605,418 Total funds 2,484.412 8.774,385 18,945,949) 2.312,848 The narratlve to explaln the purpose of each fund 15 given at the foot of the note below. 35 Jack Petchey Foundatlon Notes to the flnanclal statements or 14b Movements in fund5 Iprlor yearl At l January 2021 Income & Expenditure gains & losses At 31 December 2021 Transfers Restricted funds.. Portugal Children'5 Home 1,757,273 720 173,7751 1,684,218 Total restrlcted funds 1,757,273 720 173,7751 1,684.218 Unrestrlcted funds.. Desl9nated fund5'. Jack Petchey Internship Programme Jack Petchey Glee Club Challenge A£hieve Nenvork l O Jack Petchey Perfect Pitch 951,300 1881,8221 53,450 123,860 18,523 80.150 122,928 123,860 18.523 80.150 Total dessgnated funds 951.300 1881,8221 275,983 345.461 General funds 720,346 7,604,907 17,594,537) 1275,9831 454,733 Total unrestrlcted funds 1,671,646 7.604.907 18,476,3591 800,194 Total fund5 3,428,919 7,605,627 18,550,1341 2.484.412 Purposes of restr(cted funds Portugal Children's Home - In 2018, JPF receSved a restricted donaiion of £1.74m from Hollyba5e Ltd. to support the work of Santa Casa Albufeira, Portugal IE5t 14981. providing care For children and young people who are in need. The JPF Board is working with Santa Casa Albufeira on appropriate development of their work at the Pirilampos Children's Home, wlth a vlew to a making a grant to support rhls. Purp05e5 Qf designated funds Trustees designated funds from 2022 for the Jack Petchey Internshlp Prtsgrarnrnes 4 & 5 to provide grants and associated training and developrnent for the rwo cohorts of Interns. They additionally designated funds for the Jack Petchey Glee Club Challenge in 2023. Funds were designated for the Jack Petchey Achiever Nerwork, whose young people are due to graduate from the programrne in September 2023. De51gnated funds from 2021 were spent in 2022 on the Jack Petchey Internship Programmes 3 & 4, Glee Club Challen9e and Achiever Network. Legal Status of rhe charlty The charlty Is a company limited by guarantee and has no share capital. The liabillty of each member in rhe even¢ of wlnding up Is1Smited to £1 O. 36