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2023-12-31-accounts

Jack Petchey Foundation

Report and financial statements For the year ended 31 December 2023

Company number: 10872145 Charity number: 1176221

Jack Petchey Foundation Contents For the year ended 31 December 2023

Reference and administrative information ...................................................................................... 1 Trustees’ annual report .................................................................................................................. 2 Objectives, activities, purpose and aims ..................................................................................... 2 Achievements and performance .................................................................................................. 4 Financial review ........................................................................................................................ 15 Reserves policy and going concern ........................................................................................... 15 Fundraising ............................................................................................................................... 16 Plans for the future ................................................................................................................... 17 Statement of responsibilities of the trustees ............................................................................. 18 Auditor ..................................................................................................................................... 19 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 Foundation Reference and administrative information For the year ended 31 December 2023

Company number 10872145
Country of incorporation United Kingdom
Charity number 1176221
Country of registration England & Wales
Registered office Dockmaster’s House
and operational 1 Hertsmere Road
address London
E14 8JJ
Patrons Sir Jack Petchey CBE Founder Patron
Dame Helen Mirren DBE Patron
Tim Campbell MBE Patron
Trustees Amanda Galanopoulos
Lewis Hooper
Robert McArthur
Ronald Mills
Riana Morrison-Kirnon
Raymond Rantell
Matthew Rantell Chair of the Board
Sonia Sinclair
Key management Gemma Juma Chief Executive Officer
Personnel Victoria Mirfin Director of Programmes & Partnerships
Bankers HSBC
7B, The Water Gardens
South Gate
Harlow
CM20 1AB
Solicitors Charles Newman
Edwards Duthie Shamash Solicitors
Bank House, 269-275 Cranbrook Road
Ilford, Essex IG1 4TG
Auditor Sayer Vincent LLP
110 Golden Lane
LONDON, EC1Y 0TG

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Jack Petchey Foundation Trustees’ annual report For the year ended 31 December 2023

The trustees present their report and the audited financial statements of the Jack Petchey Foundation (JPF) for the year ended 31 December 2023.

Reference and administrative information on page 1 form part of this report.

The financial statements comply with current statutory requirements, the memorandum and articles of association, the requirements of a directors’ report as required under company law, and the Statement of Recommended Practice - Accounting and Reporting by Charities: SORP applicable to charities preparing their accounts in accordance with FRS 102.

About the Jack Petchey Foundation

Sir Jack Petchey set up the Jack Petchey Foundation in 1999 to inspire and motivate 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 its formation, JPF has invested over £170 million in young people.

A Trust Deed originally established JPF in 1999. It was registered as a Charity in its current form on 11 December 2017 and is a company limited by guarantee, incorporated on 18 July 2017.

Objectives, activities, purpose and aims

JPF’s vision is of a world where young people have high aspirations; the opportunity to develop their potential; the chance to be architects 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 11 – 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 development.

JPF’s values stem from the ideology, vision and values of its Patron, Sir Jack Petchey CBE, and his motto, “If you think you can, you can!”

JPF seeks to:

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Jack Petchey Foundation Trustees’ annual report For the year ended 31 December 2023

We achieve this through the following:

The trustees review the charity's aims, objectives, and activities 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 helps the trustees ensure that the charity's aims, objectives and activities remain focused on its stated purposes.

Strategic and operational planning

Trustees approved a three-year strategic plan for 2022-2024, focusing on delivering

opportunities for young people in line with our vision and mission. 2023 was the second year of the strategy. Our five strategic priorities for 2022-2024 are:

  1. Invest - 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.

  2. 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 and experiences to fulfil their potential in line with our mission and values.

  3. 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.

  4. Influence – we seek to change the way that society sees, values and treats young people. We will work with those who work with young people, joining with them to strengthen 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’.

  5. Infrastructure – we will strengthen our infrastructure and work as efficiently and effectively as possible to deliver our mission.

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Jack Petchey Foundation Trustees’ annual report

For the year ended 31 December 2023

In 2023, we made significant progress towards our strategic goals by facilitating schools and youth organisations to reconnect with our full range of small grant programmes and partner initiatives. This effort maximised benefits for young people across London and Essex, marking the second year of our ambitious strategic plan. We observed sustained growth across several small grant programmes as well as many of our partner initiatives, despite the challenges faced by the schools and organisations we support. These challenges included the ongoing cost of living crisis, teacher strikes, budget constraints, school and charity staff recruitment and retention issues, and disruptions caused by reinforced autoclaved aerated concrete (RAAC) in schools and theatres. This is coupled with issues that continually affect and persistently impact young people post-COVID.

Overall, there was a 13% increase in funds distributed compared to 2022, with a £10 million annual budget for 2023, most of which was successfully allocated. Furthermore, we reached 21% more young people in the academic year 2022/23, compared to the previous academic year.

While there was a slight decrease in the number of Achievement Award schemes operating in 2023, there was a notable increase in the total amount invested through Achievement Awards and the total number of young people recognised. This indicates that more schools and youth organisations running the scheme fully utilised their allocated number of awards.

Leader Awards saw a remarkable 22% increase in the number of applications approved compared to the previous year, with a staggering 46% surge in applications for the Leader Award Grant programme, resulting in an additional £217,271 awarded compared to the previous year.

The largest growth was seen in Educational Visits, which experienced a notable 66% increase in approved applications, with an additional £223,566 awarded this year compared to last (£122,536 2022).

Our commitment to investing in partner programs remained strong, alongside continuous enhancements to our grant management and CMS systems aimed at improving efficiency and enhancing the application and reporting experiences for our grantees. Throughout the year, we reviewed and streamlined internal financial and operational processes and policies and will continue to do so in 2024 .

In 2024, we celebrate the 25th Anniversary of The Jack Petchey Foundation. This significant milestone allows us to reflect on our accomplishments, knowing that nearly 1.2 million young people have directly benefited from Sir Jack’s vision and our programmes and that over 235,000 young Jack Petchey Achievement Award winners have been celebrated. As a foundation, our aim is to empower and enable all young people in London and Essex to be the best that they can be. We aspire to make a difference to future generations and eagerly anticipate the next 25 years.

Achievements and Performance

JPF’s main activities focus on providing opportunities for young people aged 11-25 across London and Essex to achieve their potential and develop new skills. Activities are undertaken to further JPF’s charitable purposes for the public benefit.

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Jack Petchey Foundation Trustees’ annual report For the year ended 31 December 2023

In 2023, the Foundation’s principal charitable activity was grant-making. We received 3,907 (2022: 2,959) requests for funding and were able to support 3,611 (2022: 2,544) of these to a total value of £9,128,656 (2022: £8,057,406).

The total value of grants awarded since JPF was formally established in September 1999 was over £170 million by the end of 2023.

Our main programmes in 2023 were:

1. Jack Petchey Achievement Award Scheme

The Achievement Award Scheme is our flagship programme and recognises the individual achievements of young people aged 11-25 across London and Essex. Each award winner receives a grant of £300 to invest within their school or youth organisation to benefit other young people. The grants are paid to the young person’s school or youth organisation. Over the year, JPF paid particular attention to re-engaging lapsed organisations, in addition to recruiting new organisations to join the scheme.

Independent research conducted by Bean Research in 2023 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 awards process. The recognition delivered by the awards motivates and inspires young people to further achievement, 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:

In 2023, 74 (2022: 56) new youth organisations/schools joined the programme, and there were 1,916 Achievement Award schemes operating (2022: 1,957). 11,782 Achievement Awards were made during the year (2022: 11,569). Independent research revealed that the programme was operating in 79% of mainstream schools in London and 89% in Essex and in 737 youth organisations (2022: 776) across both areas.

There was a small decrease in the overall number of schools participating in the scheme compared to the previous year which can be attributed to alterations in our data collection methods and changes to Department of Education's classification of schools. Regarding the decline in the

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Jack Petchey Foundation Trustees’ annual report For the year ended 31 December 2023

number of youth organisations involved in the scheme, many continue to grapple with the repercussions of the pandemic, leaving them unable to administer the program. Additionally, some organisations have permanently ceased operations. Nevertheless, we are pleased to report an increase in the number of young people recognised through the achievement award scheme compared to 2022 and are delighted to have welcomed 74 new schools and youth organisations onto the scheme

The total value of Achievement Awards granted during the year was £3,574,500 (2022: £3,470,700).

We currently support 39 uniformed organisations on the scheme that operate 348 (2022: 434) schemes. In 2023 they collectively recognised 2,161 award winners (2022: 2,216) and 187 (2022: 164) Leader Award Winners. The following uniformed organisations operated multiple schemes with a value of over £20,000:

Police Cadets Metropolitan £113,400
Scouts Greater London Middlesex West £38,700
Scouts Greater London South West £36,000
Scouts Greater London North East £35,400
Scouts Greater London North £35,100
Guides GLW £34,800
Sea Cadets £31,200
Air Cadets London Wing £28,500
Army Cadets Greater London £27,000
Guides EW £25,200
Air Cadets Middlesex Wing £21,000

2. Jack Petchey Environmental Award

In the summer of 2022, we launched the Jack Petchey Environmental Award as a six-month pilot programme in response to our 2021 Environmental Survey. We are delighted that in 2023 this became a permanent addition to our small grant programme.

Each Environmental Award Winner is eligible to apply for a grant of £300 to invest in an environmental project within their school or youth organisation. In 2023, we recognised 13 Environmental Award Winners of which 4 were successfully awarded grants totalling £1,200.

In 2024, we anticipate a rise in the number of young people nominated and acknowledged for their dedication to environmental causes, with hopes for the expansion of the programme.

3. Leader Awards

Organisations that run the Jack Petchey Achievement Award scheme are eligible to nominate leaders, including staff and volunteers, for an award to recognise their outstanding dedication and commitment to supporting young people. Leaders are invited to attend one of our Achievement Award ceremonies to receive a certificate and medallion.

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Jack Petchey Foundation Trustees’ annual report For the year ended 31 December 2023

In 2023, 917 Leader Awards were awarded (2022: 749) and JPF was delighted to recognise 367 leaders at live Achievement Award Scheme Celebration Events across London and Essex.

Independent research published in our 2021 21[st] Birthday impact report demonstrated that schools and youth clubs have more motivated leaders as a result of JPF’s support.

4. Leader Award Grants

Every winner of a Leader Award is eligible to apply for a small grant of up to £1,000 to enhance their organisation’s work with young people.

In 2023, 723 applications were received (2022: 491), and 667 grants (2022: 458) were approved totalling £649,622 (2022: £432,351).

In 2023, 55% of Leader Award Grants were used towards new equipment and resources, 14% towards a course or workshop and 12% to improve facilities. The remaining applications supported the purchase of new uniforms, day trips, events such as graduations, and overnight residential trips.

5. Educational Visits

The Educational Visits programme supports schools and youth organisations operating the Achievement Award scheme with the cost of trips. Eligible organisations (not umbrella uniform organisations) 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 September 2022, Trustees agreed to double the maximum grant amount from £10 to £20 per head (or £60 per head for SEND schools/organisations, Pupil Referral Units and Alternative Education Providers) and to increase the maximum number of beneficiaries per application from 30 to 60 young people. Since implementing these increases, JPF has witnessed a significant surge in the number of applications submitted and the number of applications approved.

In 2023, we received 525 applications (2022: 330) and approved 445 grants (2022: 268) of which 281 were for mainstream schools, alternative education provisions and sixth form and colleges. Total grant expenditure on the programme in 2023 was £346,102 (2022: £122,536) and over 22,000 (2022: 14,087) young people benefitted from the programme.

6. Individual Grants for Volunteering (IGFV)

These grants aim to encourage young people aged 14 - 25 across London and Essex to participate in volunteering projects in the UK and overseas.

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Jack Petchey Foundation Trustees’ annual report For the year ended 31 December 2023

During the year, JPF supported 42 (2022: 26) different organisations with young people participating in a wide range of projects, including mental health initiatives, water and sanitation projects, literacy and numeracy programmes, and conservation projects in places such as Uganda, Tanzania, Gambia, France, Nepal, Kenya and Fiji. The average grant awarded was £200.

In 2023, we received 261 applications and approved 212 applications (2022: 212 new applications and approved 132 grants). Total grant expenditure on the programme was £41,590 (2022: £24,240). The programme is growing slowly, following the COVID pandemic and the curtailing of overseas volunteering opportunities.

7. The Jack Petchey Internship 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 an intern, paid the London Living Wage and employed for 12 months. Each intern is eligible to apply for a training bursary of up to £1,000 to enable them to develop their skills 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. 24 interns were provided with full-time employment in youth-focused organisations and collectively had a direct impact on over 3,800 young people.

In 2023, JPF received 83 training bursary applications from this 5[th] cohort of interns (who were employed by organisations receiving grants that were approved in December 2022) towards the cost of training, including sports coaching, graphic design course, paediatric first aid and careers counselling. 96% of interns said they found the training bursary helpful, with 54% saying it was extremely helpful.

In December 2023, JPF approved its 6[th] programme, with 30 organisations successfully gaining a paid intern (see the complete list of organisations below). We received 58 applications (2022: 79) from youth organisations, of which 30 (2022: 30) were approved with a total grant value of £583,500 (2022: £543,000) inclusive of a training bursary. In addition, the Jack Petchey Foundation hosted our own intern as part of the programme.

Cohort 6 Bar 'n' Bus Trust Kingsley Hall Church and Community Centre Caius House Lewisham Youth Theatre Canvey Island Youth Project London Basketball Association Capital Kids Cricket London Bubble Theatre Company Caxton Youth Organisation Mayor's Fund for London Circle Community Reaching Higher City Gateway Regenerate.com Construction Youth Trust SKYWAY Fight for Peace Spark! Fitzrovia Youth in Action Spitalfields City Farm Ignite Youth The Diana Award

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Jack Petchey Foundation Trustees’ annual report For the year ended 31 December 2023

Tower Hamlets Education Business Partnership (The Immediate Theatre Switch) InCommon Volunteer Centre Sutton Kids Inspire XLP

8. Achiever Network

The Achiever Network is 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 programme 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 young person throughout the programme. As part of the programme, every young person volunteers within their community.

In September 2023, 32 young people graduated from Achiever Network 11, and we launched our 12[th] cohort with 28 participants.

Young people who have participated in the Achiever Network continued to have a connection to JPF in 2023, supporting interview panels for new employees, decision-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 (YCP).

To date, over 350 young people have been a part of the Achiever Network Programme, with 318 graduating from the programme and contributing over 40,504 hours of volunteering within their communities.

9. Partnership Programmes

We work closely with our partners to deliver a range of outstanding programmes providing opportunities for young people in a range of areas, from singing to maths, public speaking to financial education.

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. Panathlon resumed all of its in-person activity and continued with online delivery, which has increased their reach and enabled many more young people to access disability sports programmes.

Following successful pilots, we significantly increased our support for some of our newer partnership programmes, including Talk about the Future and Talk about Transition with Talk the Talk, Wallball UK, and WizeUp Financial Education. We made new grants to three music tuition providers (Newham Music, World Heartbeat and Essex Music Services) to provide bursaries for young people to learn musical instruments.

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Jack Petchey Foundation Trustees’ annual report For the year ended 31 December 2023

We partnered with London Youth and Essex Boys and Girls Clubs to offer the chance of an overnight residential in the great outdoors for young people from across London and Essex. 1,176 young people attended an overnight residential; for many young people, this was the first time they had stayed away from home overnight or been away with their peers.

The Petchey Academy School transferred to the Community Schools Trust on 1 September 2023. The Jack Petchey Foundation’s sponsorship of the school ceased on 31 August 2023.

The complete list of partnership grants made in 2023 is set out below:

Anthony Nolan £50,000
BTS Spark £44,914
Essex Boys and Girls Clubs (Respect Programme and
Residentials) £187,849
Essex Music Services £30,000
First Give £161,500
London Youth (Sports programme and Residentials) £220,151
Mayor's Fund for London (the Count on Us Maths Challenge) £99,760
Newham Music Service £15,000
Panathlon £132,620
Royal Academy of Dance (Step Into Dance) £545,348
Science Made Simple £8,303
Speakers Trust (Jack Petchey’s Speak Out Challenge) £994,896
Table Tennis England £211,760
Talk The Talk (Talk about the Future) £285,875
UK Wallball £92,576
WizeUp Financial Education £81,250
World Heartbeat Foundation £15,000
Young Enterprise (Employability Masterclasses) £69,720

We convened 30 representatives from our partners for Partnership Networking Events in June and December 2023. This provided an opportunity for our partners to share best practices, learn from each other and hear from the findings of our surveys and impact report.

10. Recognition Grants

The Recognition Grant was a ‘one-off’ JPF grant programme solely for youth organisations who had operated the Achievement Award Scheme to an exceptional standard and utilised all of the associated small grant programmes (LA, LAG and EDV) the previous year. £186,500 was awarded to 187 youth organisations in December 2023 to support their provision of activities and opportunities for young people.

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Jack Petchey Foundation Trustees’ annual report For the year ended 31 December 2023

11. Other major grants

The following grants were committed to support work with young people. We continued to provide funding for all schools in London and Essex towards the cost of School Planners for their students. And we retained a grant-making relationship with Prime Skills in Portugal, a long-standing JPF partner to support their programmes with young people in schools.

School Planner Company £ 100,000 Penstripe £ 50,000 Prime Skills - Portugal £ 45,000

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.

Over the course of the year, we delivered 69 uplifting live AA events recognising 4,825 Achievement Award Winners. In addition, we presented 367 Leaders with their Awards. Our 132 VIP Guests at these events included Mayors, Queen’s Representative Deputy Lieutenants and Directors of Children’s Services. We are delighted that 719 young people provided entertainment, showcasing their talents to over 20000 audience members.

The fourth cohort of the Jack Petchey Internship Programme graduated in January 2023 and were celebrated at an uplifting ceremony at the Young Actors Theatre, Islington.

In addition to the 69 AA events, the Jack Petchey Events Team also supported our partnership programmes to deliver 6 unique events including the Jack Petchey Speak Out Challenge Grand Final at the Cambridge Theatre in the West End. 15 young people (out of 30,251 young people trained) delivered their speeches to an audience of approximately 500 people in front of a panel of VIP Judges.

We were also delighted to work with Speakers Trust to support a special JPSOC reception in recognition of 250,000 young people being trained in public speaking through the programme to date.

We worked alongside the Mayor’s Fund for London to deliver the Jack Petchey Foundation Count on Us Secondary Maths Challenge Final at City Hall, where 59 young people competed, representing 12 schools.

And we celebrated young people from Step into Dance at the Step Live showcase events held at the prestigious Cadogan Hall, bringing 318 dancers together to perform from schools and companies across London and Essex. The event was a huge success, with performances showcasing a range of dance genres.

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Jack Petchey Foundation Trustees’ annual report

For the year ended 31 December 2023

13. Youth Voice

JPF places great emphasis on ensuring that young people’s voices and opinions are heard, understood and shared with youth providers, decision-makers and broader society. We are committed to ensuring that young people’s views shape our programmes and opportunities.

In 2023, 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 our work.

The members of YCP contributed over 640 hours of support within their role.

Their work included:

Trustees and Governance

Our Trustees are: Robert McArthur, 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, graduate of JPF’s Achiever Network; Amanda Galanopoulos, who is Sir Jack’s daughter and Matt Rantell, who is Sir Jack’s grandson. Matthew Rantell is our Chair, Riana Morrison-Kirnon our Youth Trustee and Sonia Sinclair our designated Trustee safeguarding lead.

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 Sir Jack’s legacy and share Sir 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. There were no new appointments to the Board in 2023.

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 themselves for re-election. New trustees receive an induction from the Chief Executive Officer and access ongoing training on an ad-hoc basis, as required. Visits are arranged for trustees 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 activity for JPF, including consideration of grant-making, oversight of

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Jack Petchey Foundation Trustees’ annual report

For the year ended 31 December 2023

finances, risk management, policies and performance. The day to management of JPF is delegated to the Chief Executive Officer 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. There is a Governance Action Plan that is reviewed by the Governance and Remuneration Committee. Trustees are committed to diversity and inclusion within a Board of seven or eight Trustees. The Board has implemented recommendations from the Board growth and development plan, developed in 2020 with support from the Worshipful Company of Management Consultants.

All trustees give their time voluntarily and receive no benefits from the charity. Any expenses reclaimed 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 four times yearly, with two Trustee members, including the Chair. The remuneration of senior staff is determined by this Committee.

Risk Management

JPF maintains a Risk Register that addresses the risks the charity 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 needs of 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, inflation and cost of living increases are detrimental to many of the 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 responses to economic and social challenges to ensure that youth organisations and programmes can support young people through such challenging times.

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Jack Petchey Foundation Trustees’ annual report For the year ended 31 December 2023

Sir Jack celebrated his 98[th] birthday in 2023. A small working group of former and current JPF staff, Trustees, colleagues and family members of Sir Jack have worked on a legacy project documenting his life, work and how the foundation was created. This project has captured the essence of Sir Jack’s vision for the foundation and his values, which will continue 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 2024, we will remain vigilant about changes in the external environment that may affect our risk exposure.

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Jack Petchey Foundation Trustees’ annual report For the year ended 31 December 2023

Financial Review

The Trustees of the Jack Petchey Foundation consider financial performance for the year to be satisfactory. There was increased expenditure in 2023 compared to 2022 as a result of the staff team working hard to invest funds through grant-making and delivery of JPF presentation events.

The Trustees have only made commitments to grants that can be fulfilled and have not overburdened the charity. Total income in 2023 was £10,229,830 (2022: £8,774,385), and the total value of grants committed in 2023 was £8,352,758 (2022: £7,405,421). The value of grants that were cancelled in the year was £607,303 (2022: £625,485).

There is a restricted fund of £1,788,628 (2022: £1,707,430), initially received as a donation from Hollybase Ltd. to benefit the Santa Casa, Pirilampos and Gaviota orphanages in the district of Albuferia, Portugal and now available for general purposes. Note 14 of the accounts contains further information about this restricted fund.

Trustees have designated £151,753 from the general reserve for Jack Petchey Programmes that were approved in the financial year 2022 and 2023 but will be delivered in 2024. These are our flagship Achiever Network, Glee Club Challenge and the Internship Programme.

Trustees designated £82,701 from the general reserve in 2022 to complete Jack Petchey Programmes, including Internship programmes, Achiever Network 10, and Glee Club Challenge. £70,317 was spent on the running costs for these programmes in 2023.

The Trustees have written assurance from the Directors of Incorporated Holdings Limited and its subsidiaries (the primary funder of the Jack Petchey Foundation) that sufficient 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 31 December 2024 and an increase of £0.5m to £11m in 2025.

Reserves Policy and Going Concern

The Jack Petchey Foundation exists as a Grant Making Trust. It is almost exclusively funded by donation income from Incorporated Holdings Limited (IHL) and its subsidiary companies. The vision is for this 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 Holdings Limited (PHL). JPF staff determine JPF’s monthly cash flow requirements for the following 12 months and share this with PHL monthly. JPF Trustees review the cash flow at every meeting. As part of its commitments to JPF, a letter of intent has been provided to JPF by IHL, setting out funding for 2024 and 2025. The Jack Petchey Board of Trustees does not commit the charity beyond the funding promised by Incorporated Holdings Limited and its subsidiary companies.

The Jack Petchey Foundation Board of Trustees has taken into consideration the long history and strong relationship with IHL and its subsidiaries and their understanding of both cash reserves and

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Jack Petchey Foundation Trustees’ annual report For the year ended 31 December 2023

property investments within the control of IHL. The Board of Trustees is confident that IHL and its subsidiaries are able to and will provide all necessary funding required to support JPF and its activities for a period of at least 18 months from the date of approval of these financial statements. As such, the Board of Trustees continues to adopt the going concern basis of accounting in preparing the annual financial statements.

In the very unlikely event that the Jack Petchey Foundation were to need to cease its activities, sufficient 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 Trustees work to ensure sufficient cash, or IHL-confirmed support, to cover grant commitments outstanding at the year end. At the end of 2023, these grant commitments included in creditors were £3,276,976 and covered by sufficient cash balances. Additional funds were set aside as designated funds, at the balance sheet date, to support planned commitments. JPF’s total free reserves held at the end of 2023 were £364,146, allowing the charity some further flexibility. However, as a result of the strong and close relationship 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 public 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 to the executive team, who are accountable to the Jack Petchey Foundation 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 relating to fundraising. We have received 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 Charity Commission's general guidance on public benefit when reviewing the charity's aims and objectives and planning future activities. Trustees are confident that JPF operates for public benefit and fully consider how planned activities will contribute to the aims and objectives they have set to further JPF’s charitable purposes.

16

Jack Petchey Foundation Trustees’ annual report For the year ended 31 December 2023

Plans for the future

We will aim to grow our activity and increase our budget to invest up to £11.5 million in programmes and activities that recognise and reward young people’s achievements and support their education, employment, and physical, mental and emotional wellbeing. We will continue to champion and enable young people to develop and thrive and will work to support and strengthen the youth work and education structures that impact on their lives. Throughout the final year of our three-year 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, schools and youth organisations than ever before.

Specific priority areas of work to deliver our strategic aims include:

  1. Continued delivery of our Jack Petchey Achievement Award Scheme, supporting schools and youth organisations to participate successfully and run the scheme. Staff will support new youth organisations and secondary schools, including special schools and alternative provision, to join the scheme and work to enable those organisations where the scheme has lapsed to restart. The aim is to encourage all state secondary schools to participate and to increase the number of youth charities involved across London and Essex.

  2. Deliver our expanded Leader Award Grant programme for leader award winners to apply for funds that provide additional opportunities for the young people they work with.

  3. Deliver and expand our Individual Grants for Volunteering and Educational Visits grant programmes.

  4. 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.

  5. Continue to build on the work of Jack Petchey’s “Speak Out” Challenge! , aiming to work with our partner, Speakers Trust, to train ever-more young people.

  6. 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.

  7. Maintain our partnership with the Panathlon Challenge to ensure that more young people with disabilities can participate in competitive sports through in-person activities and digital delivery.

  8. Continue our successful partnership with Table Tennis England to ensure young people can access training, tables and competitive opportunities across London and Essex.

  9. Re-launch our Perfect Pitch challenge and deliver the Glee Club Challenge to provide young people with these musical training and performance opportunities. Additionally, deliver a new programme of support for young people to have the opportunity to receive high quality musical instrument tuition.

  10. Expand our Talk about Transition programme with Talk the Talk , as well as Talk about the Future, and deliver more financial education sessions to sixth formers with Wize Up.

17

Jack Petchey Foundation Trustees’ annual report For the year ended 31 December 2023

  1. Support our other partnership programmes , including First Give, Wallball UK, and the Jack Petchey Count on us Maths Challenge to deliver opportunities for young people.

  2. Develop new programmes , including STEM opportunities for young people, and ensure that we effectively support young people in special schools, alternative provision and Pupil Referral Units.

  3. Provide opportunities for young people to express their views and be involved in our work.

  4. Deliver a full programme of inspiring in-person celebration events and increase the number of young people and leader award winners who attend them.

  5. Deliver and strengthen the Achievers Network, ensuring that young people continue to engage in opportunities such as volunteering and the youth consultation panel.

  6. Celebrate our 25[th] Anniversary year with events to showcase JPF and the youth organisations and young people we work with.

  7. Ensure our back-office systems , digital tools and IT systems, including our bespoke grantmaking and events database, are user-friendly and enable us to be a more efficient, effective and responsive grant-maker.

  8. Deliver opportunities for our partners and grantees to connect virtually and in person to network and share best practices.

Statement of responsibilities of the trustees

The trustees (who are also directors of the Jack Petchey Foundation for the purposes of company law) are responsible for preparing the trustees’ annual report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United 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 the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing these financial statements, the trustees are required to:

The trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

18

Jack Petchey Foundation Trustees’ annual report For the year ended 31 December 2023

In so far as the trustees are aware:

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 was reappointed as the charitable company's auditor during the year and has 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 22 May 2024 and signed on their behalf by:

Matt Rantell Chair of Trustees

19

Independent auditor’s report To the members of Jack Petchey Foundation

Opinion

We have audited the financial statements of Jack Petchey Foundation (the ‘charitable company’) for the year ended 31 December 2023 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 Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard and we have fulfilled our other ethical responsibilities in accordance 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 the 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 conditions 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 trustees with respect to going concern are described in the relevant sections of this report.

20

Independent auditor’s report To the members of Jack Petchey Foundation

Other Information

The other information comprises the 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 opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. 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 course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

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 material misstatements in the trustees’ annual report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

21

Independent auditor’s report To the members of Jack Petchey Foundation

Responsibilities of trustees

As explained more fully in the statement of trustees’ responsibilities set out in the trustees’ annual report, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees 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.

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 (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 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:

22

Independent auditor’s report To the members of Jack Petchey Foundation

financial statements or that had a fundamental effect on the operations of the charity from our professional and sector experience.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance 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 less 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.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Use of our report

This report is made solely to the charitable company's members as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Judith Miller (Senior statutory auditor)

Date 14 June 2024

for and on behalf of Sayer Vincent LLP, Statutory Auditor 110 Golden Lane, LONDON, EC1Y 0TG

23

Jack Petchey Foundation

Statement of financial activities (incorporating an income and expenditure account)

For the year ended 31 December 2023

For theyear ended 31 December 2023 For theyear ended 31 December 2023
Unrestricted
Note
£
Income from:
2
10,148,632
-
10,148,632
10,238,151
3
10,238,151
(89,519)
Reconciliation of funds:
605,418
515,899
Total funds carried forward
Net movement in funds
Inspiring and motivating young people
Total funds brought forward
Total expenditure
Charitable activities
Investments
Total income
Expenditure on:
Donations		 Restricted
£
-
81,198		 2023
Total
£
10,148,632
81,198		 Unrestricted
£
8,751,173
-		 Restricted
£
-
23,212		 2022
Total
£
8,751,173
23,212
10,148,632 81,198 10,229,830 8,751,173 23,212 8,774,385
10,238,151 - 10,238,151 8,945,949 - 8,945,949
10,238,151 - 10,238,151 8,945,949 - 8,945,949
(89,519)
605,418		 81,198
1,707,430		 (8,321)
2,312,848		 (194,776)
800,194		 23,212
1,684,218		 (171,564)
2,484,412
515,899 1,788,628 2,304,527 605,418 1,707,430 2,312,848

All of the above results are derived from continuing activities. There were no other recognised gains or losses other than those stated above. Movements in funds are disclosed in Note 14 to the financial statements.

24

Jack Petchey Foundation

Balance sheet

Balance sheet Balance sheet
As at 31 December 2023 Company no. 10872145
Note
£
Fixed assets:
10
Current assets:
11
68,287
5,589,623
5,657,910
Liabilities:
12
(3,356,375)
13
14
151,753
364,146
Total unrestricted funds
Restricted income funds
Unrestricted income funds:
Designated funds
The funds of the charity:
Total net assets
Debtors
Creditors: amounts falling due within one year
Net current assets
Cash at bank and in hand
Tangible fixed assets
General funds
Total charity funds		 2023
£
2,992		 £
89,898
5,161,889		 2022
£
5,043
2,992
2,301,535		 5,043
2,307,805
5,657,910
(3,356,375)		 5,251,787
(2,943,982)
151,753
364,146		 82,701
522,717
2,304,527 2,312,848
1,788,628
515,899		 1,707,430
605,418
2,304,527 2,312,848

Approved by the trustees on 22 May 2024 and signed on their behalf by

Matt Rantell Chair of Trustees

25

Jack Petchey Foundation

Statement of cash flows

For the year ended 31 December 2023

For the year ended 31 December 2023
Cash flows from operating activities
Net expenditure for the reporting period
(as per the statement of financial activities)
Depreciation charges
Dividends, interest and rent from investments
Decrease/(Increase) in debtors
Increase/(Decrease) in creditors
Net cash (used in)/provided by operating activities
Cash and cash equivalents at the end of the year
Change in cash and cash equivalents in the year
Cash and cash equivalents at the beginning of the year
Net cash provided by investing activities
Cash flows from investing activities:
Dividends, interest and rents from investments		 £
£
(8,321)
2,051
(81,198)
21,611
412,393
346,536
81,198
81,198
427,734
5,161,889
5,589,623
2023		 £
£
(171,564)
2,781
(23,212)
(17,836)
(194,051)
(403,882)
23,212
23,212
(380,670)
5,542,559
5,161,889
2022
346,536
81,198
427,734
5,161,889		 (403,882)
23,212
(380,670)
5,542,559
5,589,623 5,161,889

26

Jack Petchey Foundation

Notes to the financial statements

For the year ended 31 December 2023

1 Accounting policies

a) Statutory information

Jack Petchey Foundation is a charitable company limited by guarantee and is incorporated in the United Kingdom.

The registered office address and principal place of business is Dockmaster's House, 1 Hertsmere Road, London, E14 8JJ.

b) Basis of preparation

The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) - (Charities SORP FRS 102), The Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy or note.

In applying the financial reporting framework, the trustees have made a number of subjective judgements, for example in respect of significant accounting estimates. Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The nature of the estimation means the actual outcomes could differ from those estimates. Any significant estimates and judgements affecting these financial statements are detailed within the relevant accounting policy below.

c) Public benefit entity

The charity meets the definition of a public benefit entity under FRS 102.

d) Going concern

The trustees consider that there are no material uncertainties about the charity's ability to continue as a going concern.

Trustees have a letter of intent from IHL, JPF’s long-standing donor, confirming funding to be provided to JPF for 2024 and 2025. Trustees have taken into consideration the long history and strong relationship with IHL and its subsidiaries and their understanding of cash reserves and property investments within the control of IHL to support Trustees’ belief that JPF is a going concern. The Board of Trustees are happy that IHL and its subsidiaries are able to and will provide all necessary funding required to support the Foundation and its activities until at least 31 December 2025, with the vision for this arrangement to be long-lasting. The Chair of JPF has been provided with evidence that confirms that IHL has sufficient cash reserves to meet their commitment outlined in their letter of comfort.

The trustees do not consider that there are any sources of estimation uncertainty at the reporting date that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next reporting 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 received and that the amount can be measured reliably.

Income received in advance of the provision of a specified service is deferred until the criteria for income recognition are met.

27

Jack Petchey Foundation

Notes to the financial statements

For the year ended 31 December 2023

f) Donations of gifts, services and facilities

Donated professional services and donated facilities are recognised as income when the charity has control over the item or received the service, any conditions associated with the donation have been met, the receipt of economic benefit from the use by the charity of the item is probable and that economic benefit can be measured reliably. In accordance with the Charities SORP (FRS 102), volunteer time is not recognised so refer to the trustees’ annual report for more information about their contribution.

On receipt, donated gifts, professional services and donated facilities are recognised on the basis of the value of the gift to the charity which is the amount the charity would have been willing to pay to obtain services or facilities of equivalent economic benefit on the open market; a corresponding amount is then recognised in expenditure in the period of receipt.

g) Interest receivable

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the bank.

h) Fund accounting

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 donations and other incoming resources received or generated for the charitable purposes.

Designated funds are unrestricted funds earmarked by the trustees for particular purposes.

i) Expenditure and irrecoverable VAT

Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably. Expenditure is classified under the following activity headings:

Irrecoverable VAT is charged as a cost against the activity for which the expenditure was incurred.

j) Grants payable

Grants payable are made to third parties in furtherance of the charity's objects. Single or multi-year grants are accounted for when either the recipient has a reasonable expectation that they will receive a grant and the trustees have agreed to pay the grant without condition, or the recipient has a reasonable expectation that they will receive a grant and that any condition attaching to the grant is outside of the control of the charity.

Provisions for grants are made when the intention to make a grant has been communicated to the recipient but there is uncertainty about either the timing of the grant or the amount of grant payable.

k) Allocation of support costs

Resources expended are allocated to the particular activity where the cost relates directly to that activity. However, the cost of overall direction and administration of each activity, comprising the salary and overhead costs of the central function, is apportioned on the following basis which are an estimate, based on staff time, of the amount attributable to each activity.

Governance costs are the costs associated with the governance arrangements of the charity. These costs are associated with constitutional and statutory requirements and include any costs associated with the strategic management of the charity’s activities.

28

Jack Petchey Foundation

Notes to the financial statements

For the year ended 31 December 2023

1 Accounting policies (continued)

l) Operating leases

Rental charges are charged on a straight line basis over the term of the lease.

m) Tangible fixed assets

Items of equipment are capitalised where the purchase price exceeds £1,000. Depreciation costs are allocated to activities on the basis of the use of the related assets in those activities. Assets are reviewed for impairment if circumstances indicate their carrying value may exceed their net realisable value and value in use. Major components are treated as a separate asset where they have significantly different patterns of consumption of economic benefits and are depreciated separately over its useful life.

Depreciation is provided at rates calculated to write down the cost of each asset to its estimated residual value over its expected useful life. The depreciation rates in use are as follows:

 Fixtures and fittings

 Computer equipment

10% straight line 25% 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 prepaid net of any trade discounts due.

o) 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 date of acquisition or opening of the deposit or similar account.

p) Creditors and provisions

Creditors and provisions are recognised where the charity has a present obligation resulting 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 can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.

q) Financial instruments

The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.

r) Pensions

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 represents contributions payable under the scheme by the Foundation to the fund. The Foundation has no liability under the scheme other than for the payment of those contributions.

s) Accounting estimates and judgements

There are no significant accounting estimates or judgements in the current or prior year.

2 Income from donations

Income from donations
Gifts
Donated services		 Unrestricted
£
10,001,596
147,036		 £
-
-
Restricted		 2023
Total
£
10,001,596
147,036		 Unrestricted
£
8,600,961
150,212		 £
-
-
Restricted		 2022
Total
£
8,600,961
150,212
10,148,632 - 10,148,632 8,751,173 - 8,751,173

Donated services primarily comprises rent free accomodation.

29

Jack Petchey Foundation

Notes to the financial statements

For the year ended 31 December 2023

3a Analysis of expenditure (current year)

Staff costs (note 6)
Grant making (note 4)
Presentation events
Professional fees
Organisational costs
JPF Programmes
Support costs
Governance costs
Total expenditure 2023
Total expenditure 2022		 Inspiring and
motivating
young people
£
962,880
8,352,758
324,720
-
-
89,509		 Governance
costs
£
1,066
-
-
14,640
-
-		 Support
costs
£
-
-
-
15,000
477,577
-		 2023
Total
£
963,946
8,352,758
324,720
29,640
477,577
89,509		 2022
Total
£
803,634
7,405,421
151,579
51,320
439,611
94,384
9,729,868
492,577
15,706		 15,706
-
(15,706)		 492,577
(492,577)
-		 10,238,151
-
-		 8,945,949
-
-
10,238,151 - - 10,238,151 8,945,949
10,253,857 - -

With organisational costs are donated services of £147,036 (2022: £150,212).

3b Analysis of expenditure (prior year)

Staff costs (note 6)
Grant making (note 4)
Presentation events
Professional fees
Organisational costs
JPF Programmes
Support costs
Governance costs
Total expenditure 2022		 Inspiring and
motivating
young people
£
803,062
7,405,421
151,579
-
-
94,384		 Governance
costs
£
572
-
-
13,320
-
-		 Support
costs
£
-
-
-
38,000
439,611
-		 2022
Total
£
803,634
7,405,421
151,579
51,320
439,611
94,384
8,454,446
477,611
13,892		 13,892
-
(13,892)		 477,611
(477,611)		 8,945,949
-
-
8,945,949 - - 8,945,949

With organisational costs are donated services of £150,212.

30

Jack Petchey Foundation

Notes to the financial statements

For the year ended 31 December 2023

Grant making
Grants paid in the year
Grant commitments brought forward
Grants committed in the year
Grants cancelled in the year
Total net commitments in the year
Grant commitments carried forward		 2023
£
2,878,835
8,960,061
(607,303)		 2022
£
3,076,466
8,030,906
(625,485)
8,352,758
(7,954,617)		 7,405,421
(7,603,052)
3,276,976 2,878,835

A breakdown of the major grants with a total value in excess of £20,000 are on pages 6-11 of the Trustees' report, as well as grants made through our Internship Programmes.

Grants payable include £3,276,976 (2022: £2,878,835) for grants agreed prior to the year-end but to be paid in the next. Additional analysis and explanation of the grants made in the year is included within the Trustees' Report. There are no grants committed which do not represent a constructive obligation at the year-end.

This is stated after charging / (crediting):

This is stated after charging / (crediting):
2023 2022
£ £
Depreciation 2,051 2,781
Auditor's remuneration (excluding VAT):
Audit 12,200 11,100
Unaccrual in prior year - -

31

Jack Petchey Foundation

Notes to the financial statements

For the year ended 31 December 2023

Staff costs were as follows:

Staff costs were as follows:
Salaries and wages
Social security costs
Employer’s contribution to defined contribution pension schemes
Termination & redundancy costs		 2023
£
820,324
87,363
35,193
20,000		 2022
£
659,937
74,255
38,870
30,000
962,880 803,062

The following number of employees received employee benefits (excluding employer pension costs and employer's national insurance) during the year between:


national insurance) during the year between:
2023 2022
No. No.
£60,000 - £69,999 1 -
£100,000 - £109,999 1 1

The total employee benefits (including pension contributions and employer's national insurance) of the key management personnel were £209,225 (2022: £193,690). Key management personnel of the charity comprises the trustees, who are unpaid, as well as the Chief Executive Officer and the Director of Programmes and Partnerships

The charity trustees were neither paid nor received any other benefits from employment with the charity in the year (2022: £nil). No charity trustee received payment for professional or other services supplied to the charity (2022: £nil).

Trustees' expenses represents the payment or reimbursement of travel and subsistence costs totalling £1,066 (2022: £572) incurred by three (2022: one) member relating to attendance at meetings of the trustees.

7 Staff numbers

The average number of employees (head count based on number of staff employed) during the year was 20 (2022: 17).

8 Related party transactions

During the year, there were grants payable to The Petchey Academy of £2,700 (2022: £155,073) with nil (2022: £139,083) outstanding as a creditor at the year end. The Jack Petchey Foundation's sponsorhip of the Petchey Academy ceased on 31st August 2023 and the school transferred to the Community Schools Trust on 1st September 2022. Trudy Kilcullen MBE is an employee of the Jack Petchey Foundation and was a Member of The Petchey Academy. Gemma Juma and Victoria Mirfin are employees of the Jack Petchey Foundation and were Governors/Members of The Petchey Academy. Ron Mills was a Member of the Petchey Academy and is a Trustee of JPF. The individuals concerned were not involved in decisions to make a grant.

Grants totalling £187,849 were made to Essex Boys and Girls Clubs (2022: £190,508) with £187,849 (2022: 190,508) outstanding as a creditor at the year end. The Foundation is related to Essex Boys and Girls Clubs by virtue of a shared trustee - Ron Mills is a Trustee of both JPF and Essex Boys and Girls Clubs.

Grants totalling £15,689 (2022: £9,138) were made to Barking and Dagenham Future Youth Zone with £4,500 (2022: nil) outstanding as a creditor at the year end. The Foundation is related to Onside by virtue of a shared trustee – Matt Rantell is a Trustee of both JPF and was a Trustee of Future Onside Youth Zone – Barking and Dagenham until November 2023.

There are no donations from related parties which are outside the normal course of business and no restricted donations from related parties.

32

Jack Petchey Foundation

Notes to the financial statements

For the year ended 31 December 2023

9 Taxation

The charity is exempt from corporation tax as all its income is charitable and is applied for charitable purposes.

10 Tangible fixed assets

Tangible fixed assets
Depreciation
At the start of the year
Additions in year
Disposals in year
At the start of the year
Eliminated on disposal
At the end of the year
Net book value
At the end of the year
Charge for the year
At the start of the year
At the end of the year
Cost		 £
7,480
-
-
Fixtures and
fittings		 Computer
equipment
£
12,254
-
-		 Total
£
19,734
-
-
7,480 12,254 19,734
3,740
748
-		 10,951
1,303
-		 14,691
2,051
-
4,488 12,254 16,742
2,992 - 2,992
3,740 1,303 5,043

All of the above assets are used for charitable purposes.

11 Debtors

11
Debtors
12
Grants payable
Accruals
Taxation and social security
Creditors: amounts falling due within one year
Other debtors		 2023
£
68,287		 2022
£
89,898
68,287 89,898
2023
£
26,606
3,276,976
52,793		 2022
£
25,700
2,878,835
39,447
3,356,375 2,943,982

33

Jack Petchey Foundation

Notes to the financial statements

For the year ended 31 December 2023

13a Analysis of net assets between funds (current year)

Analysis of net assets between funds (current year)
Analysis of net assets between funds (prior year)
Net assets at 31 December 2023
Tangible fixed assets
Net current assets
Tangible fixed assets
Net current assets
Net assets at 31 December 2022		 General
unrestricted
£
2,992
361,154		 Designated
£
-
151,753		 Restricted
£
-
1,788,628		 Total funds
£
2,992
2,301,535
364,146 151,753 1,788,628 2,304,527
General
unrestricted
£
5,043
517,674		 Designated
£
-
82,701		 Restricted
£
-
1,707,430		 Total funds
£
5,043
2,307,805
522,717 82,701 1,707,430 2,312,848

13b Analysis of net assets between funds (prior year)

14a Movements in funds (current year)

Total restricted funds
Total designated funds
General funds
Unrestricted funds:
Total unrestricted funds
Total funds
Jack Petchey Internship Programme
Jack Petchey Glee Club Challenge
Achievers Network
Designated funds:
Restricted funds:
Portugal Children's Home		 At 1 January
2023
£
1,707,430		 Income &
gains
£
81,198		 Expenditure
& losses
£
-		 Transfers
£
-		 At 31 December
2023
£
1,788,628
1,707,430 81,198 - - 1,788,628
61,704
3,000
17,997		 -
-
-		 (49,440)
(3,000)
(17,877)		 28,075
91,268
20,026		 40,340
91,268
20,146
-
82,701 - (70,317) 139,369 151,753
522,717 10,148,632 (10,167,834) (139,369) 364,146
605,418 10,148,632 (10,238,151) - 515,899
2,312,848 10,229,830 (10,238,151) - 2,304,527

The narrative to explain the purpose of each fund is given at the foot of the note below.

34

Jack Petchey Foundation

Notes to the financial statements

For the year ended 31 December 2023

14b Movements in funds (prior year)

Movements in funds (prior year)
Total restricted funds
Total designated funds
General funds
Restricted funds:
Portugal Children's Home
Total unrestricted funds
Total funds
Jack Petchey Internship Programme
Jack Petchey Glee Club Challenge
Achievers Network
Jack Petchey Perfect Pitch
Unrestricted funds:
Designated funds:		 At 1 January
2022
£
1,684,218		 Income &
gains
£
23,212		 Expenditure
& losses
£
-		 Transfers
£
-		 At 31 December
2022
£
1,707,430
1,684,218 23,212 - - 1,707,430
122,928
123,860
18,523
80,150		 -
-
-
-		 (89,785)
(120,860)
(18,523)
(80,150)		 28,561
-
17,997
-		 61,704
3,000
17,997
-
345,461 - (309,318) 46,558 82,701
454,733 8,751,173 (8,636,631) (46,558) 522,717
800,194 8,751,173 (8,945,949) - 605,418
2,484,412 8,774,385 (8,945,949) - 2,312,848

Purposes of restricted funds

Portugal Children's Home - In 2018, JPF received a restricted donation of £1.74m from Hollybase Ltd. to support the work of Santa Casa Albufeira, Portugal (Est 1498), providing care for children and young people who are in need. Despite extensive efforts, the JPF Board was unable to progress this work satisfactorily. In March 2024 the donor agreed to repurposing the fund to be used for work in line with JPF's charitable objects and mission.

Purposes of designated funds

Trustees designated funds from 2023 for the Jack Petchey Internship Programmes 5 & 6 to provide grants and associated training and development for the two cohorts of interns. They additionally designated funds for the Jack Petchey Glee Club Challenge in 2024. Funds were designated for the Jack Petchey Achiever Network, whose young people are due to graduate from the programme in September 2024. Designated funds from 2022 were spent in 2023 on the Jack Petchey Internship Programmes 4 & 5, Glee Club Challenge and Achiever Network.

15 Legal status of the charity

The charity is a company limited by guarantee and has no share capital. The liability of each member in the event of winding up is limited to £10.

35