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2023-12-31-accounts

Patchwork Foundation

Charity Number: 1177576

Trustees’ Annual Report and Financial Statements

For the year ended 31st December 2023

Doc ID: c717fbf9bd39fd47f310da87ab702e0b33aa23b7

Table of Contents

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||| |---|---| |Reference and Administrative Information 1| |Trustees’ annual report|2 - 10| |Independent examiner’s report to the trustees 11| |Statement of Financial Activities 12| |Balance Sheet 13| |Notes to the accounts 14 - 25|

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Patchwork Foundation Reference and administration information

Charity Number: 1177576

Areas of Operation: England and Wales

Registered & Operational Address:

Hanbury Hall Coworking

22 Hanbury Street

London E1 6QR

Trustees

Trustees, who are also directors under company law, who served during the year and up to the date of this report were as follows:

Key Management

Imran Sanaullah (CEO) to April 2023

Claire Eadington (CEO) October 2023 - July 2024

Sajidah Patel (CEO) October 2024 - Present

Bankers

Al-Rayan Bank, PO Box 12461, Birmingham, B16 6AQ

The Co-operative Bank, 25 Islington High St, London N1 9LQ

Independent Examiner

Patrick Morrello ACA, Third Sector Accountancy Limited, Holyoake House, Hanover Street, Manchester M60 0AS.

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Patchwork Foundation

Trustees’ annual report for the year ended 31 December 2023

The trustees of the Patchwork Foundation (“Patchwork” or “the Foundation” or “the Charity”) present their report and the independently examined financial statements for the Charity’s fourth period, starting 1st January 2023 and ending 31st December 2023.

Patchwork’s reporting period was adjusted to better align with the Foundation programme of activity, which follows the calendar year.

Reference and administrative information are set out on page 1, and form part of this report. The financial statements comply with current statutory requirements, Patchwork’s constitution and the Statement of Recommended Practice (SORP) – Accounting and Reporting by Charities: SORP, applicable to charities preparing their accounts in accordance with FRS 102.

Objectives and Activities

Patchwork’s key objective, as set out in our governing document, is to further the engagement of young people in the UK (18-30 years old) who come from under-represented, deprived and minority communities, and provide opportunities for them to more actively participate in the democratic processes and wider civil society of the United Kingdom, by:

(a) advancing their education and knowledge of the United Kingdom’s democracy and civil society;

(b) providing advice and assistance, programmes, activities and other support to develop their skills, capacities and capabilities; and

(c) helping and encouraging them to implement their knowledge in their lives, including taking active roles in public life and civil society.

The Patchwork Trustee Board has reviewed the aims, objectives and activities of the Charity and will continue to review these annually. The Trustees have referred to the general guidance provided by the Charity Commission regarding public benefit when reviewing the Charity’s aims and objectives, assessing the Charity’s current activities and planning its future activities.

Patchwork Foundation runs a number of initiatives and programmes to support the involvement of young people with diverse lived experience in British politics and democracy, from across England and Wales but primarily centred around London. Through these, we support their development and learning by encouraging institutions and senior individuals to engage directly with young people. Patchwork delivers its objective through four distinct programmes:

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Patchwork Foundation

Trustees’ annual report for the year ended 31 December 2023

Masterclass Programme

A 12-month programme which provides participants with the opportunity to learn from senior figures across politics, civil society, industry and journalism. The programme also develops soft skills, such as networking, public speaking and chairing, and includes in-depth Q&A sessions with the tutors to learn about the nature of their work. The sessions are hosted by corporate partners, government departments, politicians and philanthropists to make physical spaces that beneficiaries might otherwise not enter more accessible. The programme delivers on both parts of the Foundation’s purpose, ensuring that graduates of the programme leave with a better understanding of the work done by senior politicians, civil servants and businesspeople, as well as increased self-belief, confidence and knowledge, to engage with prominent individuals and develop their personal aspirations for future roles in wider society. Patchwork continues to support programme graduates through its alumni network.

#GetInvolved Programme

The #GetInvolved initiative is focused on the involvement and engagement of young people in British democracy by working directly with political parties. The first element sees the Foundation working closely with the parties to support young people in developing their understanding of political campaigning methods and techniques. By enabling such interactions, beneficiaries of the programme learn about the processes and procedures but also develop greater skills and confidence to both engage with such work in the future and lead on initiatives they feel passionately about. The Foundation also provides the opportunity for complimentary passes to political party conferences for young people and supports these attendees by providing bespoke sessions and access to senior party figures to remove any barriers to engaging with key decision-makers. Through the Party Conference Programme, the Foundation also provides soft skills training and techniques for participants to use in their professional development.

MP of the Year Awards

The MP of the Year Awards seeks to support and encourage MPs to engage with underrepresented and minority communities, by recognising those who have actively sought to engage and represent these communities in the UK. All MPs are nominated by the public, with the Foundation carrying out independent research. This research is then anonymised and provided to a panel of independent judges from leading charities or organisations focused on supporting those from underrepresented communities. Our young people are provided with an opportunity to vote for their ‘Young People’s MP of the Year’, and ‘Masterclass Tutor of the Year’. The awards are intended to serve as a driver for all MPs to engage with underrepresented communities and to highlight best practice amongst electorally elected representatives to engage with those who may be overlooked due to their limited voting or political capital.

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Patchwork Foundation

Trustees’ annual report for the year ended 31 December 2023

Internships

The Patchwork Internship Programmes focus on better representation of young people from traditionally underrepresented backgrounds at the heart of political institutions. The first element sees the Foundation working closely with the institutions to support young people in their internship journey throughout different departments within their institution. The Foundation also provides the opportunity to develop soft skills such as public speaking, networking, and debating to use in their professional development.

Patchwork focuses on the four key initiatives above in order to deliver its mission and purpose, and deliver a wider public benefit. The Foundation delivers the programmes and activities through an efficient small staff team.

Volunteers

Staff engage with a group of 70 volunteers, who assist with the Foundation’s delivery of events. In addition to the four core areas of work, the Foundation also supports a growing network of alumni from the Masterclass, #GetInvolved and Internship programmes to ensure their longterm development and positive contribution to wider society following the programme(s).

Achievements and Performance

During the reported period, Patchwork’s Masterclass Programme supported 99 young people over the 10-month programme. The #GetInvolved Programme engaged around 100 young people in grassroots democracy, including the opportunity for 39 young people to attend one of the three major political party conferences. The MP of the Year Awards 2023 saw 41 MPs nominated from across the country. The internships supported 32 young people through programmes with political institutions.

Programme Achievements

Over the reported period, the Foundation’s core programmes continued to grow, and our evaluations showed that the programmes are highly effective.

Masterclass Programme

This year’s flagship Masterclass Programme received speakers from various professions, notably Susan Acland-Hood, Permanent Secretary at Department for Education.

Evaluation of the programme showed the following results:

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Patchwork Foundation

Trustees’ annual report for the year ended 31 December 2023

#GetInvolved Programme

The Foundation was able to work with a network of political parties to provide access to the Party Conferences for selected candidates, providing them with unique development and learning opportunities. The impact of the programme showed that young people selected for the programme had an increased and improved understanding of our democracy and how to engage with it.

Evaluation of the Party Conference Programme showed:

The Foundation held an event in collaboration with the U.S. Embassy at the Natural History Museum, focusing on how politics can help in the fight against climate change. With a range of different speakers from across the political and activism spectrum, the event saw over 50 attendees.

MP of the Year Awards

The MP of the Year Awards saw 41 Members of Parliament nominated, and over 100 people attended our in-person ceremony hosted at the Speaker's House, Parliament.

Alumni

Since the Foundation’s creation, it has amassed an alumni network of over 450 young people who are graduates of its programmes. Alumni are engaged on a regular basis through newsletters and events. The Foundation held four Alumni Masterclasses in 2023, with Wes Streeting MP, then Shadow Secretary for Health, Matthew Palmer, Deputy Chief of Mission at US Embassy London, Jean Christophe Gray, Private Secretary to Prince William and Sarah Healey, Permanent Secretary at DLUHC.

International Visitor Leadership Programme (IVLP)

The Foundation again collaborated with the U.S. Embassy to deliver the bespoke IVLP programme, sponsored by Norton Rose Fulbright for eight Patchwork graduates to visit the US to meet with leaders and representatives across the US to immerse themselves in American culture and politics.

Political Internship Scheme

The Foundation continued to grow its Summer Diversity Internship Scheme, a paid 6-week internship opportunity for young people without traditional routes into professional politics.

The programme continued with the Conservative Party for the third year with 16 successfully completing the programme and began with the Labour Party for the first time with 8 interns successfully completing the programme. Interns completed a number of rotations across different departments within the parties as well as attending weekly ‘Patchwork Development Days’.

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Patchwork Foundation

Trustees’ annual report for the year ended 31 December 2023

Evaluation of the programme showed:

Towards the end of 2023 in October, Patchwork Foundation successfully launched the Parliamentary Placement Scheme in partnership with the Speakers House. This is a year-long programme which allows participants to pursue a career in Parliament through working across different departments including multiple rotations with MPs Offices and House of Commons teams. This programme saw six participants successfully complete it. The programme did include a monthly Patchwork development day in addition to 1-1 support and mentoring sessions.

Accessibility Fund

Throughout this period, the Foundation made available an ‘Accessibility Fund’ which sought to remove financial barriers for participants on the Foundation’s programmes. In the reported period, the Foundation covered the travel costs of eligible beneficiaries which was funded by the COSARAF Foundation.

Beneficiaries

The young people Patchwork supports are selected under two elements: age and background. All beneficiaries of the programme are aged between 18-30 years old and must be from a democratically underrepresented, disadvantaged or minority community.

With the scope of those who are democratically underrepresented being wide-ranging, it enables the Foundation to support a range of young people from across England and Wales, taking into consideration factors such as but not limited to: socio-economic background, race, faith, education, gender, sexuality, disability and geography. The Foundation assesses participants on the scope of opportunities that may or may not be naturally available to them to ensure the resources of the Charity are invested in those in most need.

Wider Benefits

Beyond the quantitative impact and success of the programmes, the Foundation feels the benefit and impact are better captured through the journey of the beneficiaries. During the reported period, graduates have gone on to work in Parliament, the Civil Service, Local Authorities, charities, political campaigns, education, medicine and roles across the private sector.

The Foundation works to not only support the development of young people but also to ensure they are well-equipped to succeed in any profession they may choose, and become positive assets to both wider society and the organisations and communities they go on to engage with.

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Patchwork Foundation

Trustees’ annual report for the year ended 31 December 2023

The Foundation’s work with political parties, government departments and private companies to promote social mobility of young people from underrepresented, disadvantaged and minority communities benefits not only the Charity’s beneficiaries but also other young people in similar situations or backgrounds who interact with the Patchwork participants.

Some of the beneficiaries of the 2023 Masterclass Programme have explained the impact in their testimonies:

“The programme gave me a broader sense of what good practice is across government, and I witnessed first-hand the direct and tangible impact civic engagement can make through being given the opportunity to attend Party conference. It demystified the role of the politicians and politics in general. Each masterclass broke down a particular aspect of politics for me from journalism, foreign office and internal party politics which was great.”

“It has altered my career ambitions: this programme provided clarity when it came to my career pushing me to turn down a law training contract and accept a job with the Ministry of Defence in policy. I could not have achieved this without the fantastic masterclasses that helped me decide where I want to contribute to political discourse.”

The Trustees confirm that they have complied with their duty to have due regard to the guidance on public benefit published by the Charity Commission in exercising their powers and duties. The public benefit of the Charity’s activities is to help young people to advance in life by promoting and encouraging young people from underrepresented, disadvantaged and minority communities to actively participate in the democratic processes and wider civil society of the United Kingdom.

Administration

The Foundation staff team maintained four full-time members of staff throughout the majority of 2023.

Patchwork’s Chief Executive, Imran Sanaullah MBE left in May 2023 and the Trustees appointed recruitment firm Perrett Laver to conduct the search. Claire Eadington, a Patchwork Alumni, was appointed by Trustees and started her role in October 2023.

The Charity continues to focus its efforts on being volunteer-led, enabling the ongoing personal and professional development of Alumni. Alumni also support the strategic direction and longterm approach of the Foundation’s activities through the Alumni Leadership Council, which consists of Alumni in senior positions who provide feedback and guidance to the Foundation on particular topics.

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Patchwork Foundation

Trustees’ annual report for the year ended 31 December 2023

No trustees joined the board in 2023. One trustee resigned their position as their term came to an end.

Plans for the future

In line with the Foundation’s growth plans, the next three years will see the stabilisation and expansion of the Foundation’s core programmes to increase the number of beneficiaries, as well as understanding how it can provide greater support to young people at the intersections of disadvantage. The Foundation is also looking to diversify its income stream to ensure greater sustainability of the Charity and resilience in the long term.

Structure, Governance and Management

The Patchwork Foundation has a full trustee board, comprising eleven members and chaired by Farmida Bi. All Trustees have signed a code of conduct in line with the aspirations and aims of the Charity and have been provided with guidance provided by the Charity Commission on the responsibilities of the trustee board. None of the trustees has any beneficial interest in the Foundation.

The board meets four times a year (once a quarter). Each board meeting includes detailed reporting from the CEO and Director of Programmes to the board, with the trustees giving active consideration to the progress of the Charity in achieving its key targets and fulfilling its purpose. This also includes updates on fundraising performance and budget sign-off and review for the Foundation to achieve its objectives and targets.

The Trustees delegate responsibility for the day-to-day operation and management of the Foundation to the Charity. The CEO manages all of the Foundation staff, ensures the Foundation delivers on agreed objectives set out by the Trustees and is tasked with reporting to the Board on all aspects of the Foundation’s operations and finances as well as potential risks or issues.

Patchwork Foundation Limited

The charity had originally been incorporated as a company limited by guarantee without share capital since 15 April 2013 before registering as a charity with the Charity Commission on 19 March 2018. The trustees considered that there was no longer any need to maintain the company registration and applied on 6 June 2023 for voluntary strike off from the register. The company was dissolved on 5 September 2023.

Related party relationships

Related party relationships and transactions with the charity are described in Note 9 to the accounts.

Financial Review

The Foundation opened a second bank account with The Co-operative Bank, to use as a dayto-day account and maintained the Al-Rayan account as a secondary account. The long-term

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Patchwork Foundation

Trustees’ annual report for the year ended 31 December 2023

support for the Foundation’s programmes has enabled the Foundation to budget for funding to cover all costs associated with its charitable activities. For this reason, the Charity has adopted a going concern basis in the preparation of the financial statements for the period under review.

The total income for the year was £196,043 (2023: £249,903) and total expenditure was £266,032 (2023: £233,769) leaving a deficit of £69,989 (2023: a surplus of £16,134). Restricted income was £120,959 (2023: £135,000) and restricted expenditure was £142,305 (2022: £113,654) leaving a deficit of £21,346 (2023: a surplus of £21,346) for the year. Unrestricted income was £75,084 (2023: £114,903) and unrestricted expenditure was £123,727 (2023: £120,115) leaving a deficit of £48,643 (2022: a deficit of £5,212) for the year.

At the end of the year the charity’s total funds were £178,550 (2023: £248,539) consisting of restricted funds of £0 (2023: £21,346) and unrestricted funds of £178,550 (2023: £277,193).

Financial Controls

The Trustees reviewed and reapproved the financial handling policy at the September 2023 meeting. Updates are as follows:

“The CEO and DOP are both recognised as budget holders and are responsible for maintaining financial systems and records. The Foundation’s reserves, accountants and bank accounts have all been updated to reflect current agreements as authorised by trustees. Exceptions for expenses without receipts amended to £15. Fixed assets value on acquisition amended to £500 per the recommendation of bookkeepers. The Executive Assistant is responsible for the fixed asset register. CEO updated as level 3 signatory.

Reserves Policy

The Trustees have agreed to maintain a reserve to cover one year core running costs. It was previously nine months.

The Foundation’s reserves seek:

Unrestricted reserves as at 31 March 2024 were £178,550 which equates to over 12 months’ core expenditure for the next financial year and beyond.

Remuneration policy for key management personnel

The Trustees have identified the CEO as the key management personnel of the Charity. Executive pay is determined by the Trustees. In line with the Foundation’s expected growth and transition from a small limited company, the Trustees will be reviewing staff pay to ensure it is comparative to salaries within the sector, specialism and skill of the staff and with due regard to “value for money”. During the year, no employee earned above £60,000.

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Patchwork Foundation

Trustees’ annual report for the year ended 31 December 2023

Risk

The Foundation does not have any financial investments or debt. The Trustees have assessed the major risks to which the charity is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks.

Statement of Trustees’ responsibilities

The Trustees 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).

Charity law requires the Trustees to prepare financial statements for each financial period, which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the Charity for that period. In preparing these financial statements, the Trustees are required to:

The Trustees are responsible for maintaining proper accounting records which disclose with reasonable accuracy at any time the financial position of the Charity and enable them to ensure that the financial statements comply with the Charities Act 2011. They are also responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The Trustees are responsible for the maintenance and integrity of the organisational and financial information included on the Charity’s website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

22 / 10 / 2024 This report was approved by the Trustees on …………………. and signed on their behalf by:

………………………… Farmida Bi CBE (Chair of trustees)

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Patchwork Foundation Independent examiner’s report to the trustees for the year ended 31 December 2023

I report on the accounts of the charity for the year ended 31 December 2023 set out on pages 12 to 25 .

Respective responsibilities of trustees and examiner

The charity's trustees are responsible for the preparation of the accounts. The charity’s trustees consider that an audit is not required for this year under section 144 of the Charities Act 2011 (“the Charities Act”) and that an independent examination is needed.

It is my responsibility to:

Basis of independent examiner’s statement

My examination was carried out in accordance with general Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from the trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently no opinion is given as to whether the accounts present a ‘true and fair’ view and the report is limited to those matters set out in the statement below.

Other matters

Your attention is to drawn to the fact that the charity has prepared the accounts (financial statements) in accordance with Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has been withdrawn. We understand that this has been done in order for the accounts to provide a true and fair view in accordance with the Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015.

Independent examiner's statement

In connection with my examination, no matter has come to my attention:

  1. which gives me reasonable cause to believe that, in any material respect, the requirements:

  2. to keep accounting records in accordance with section 130 of the Charities Act; and

  3. to prepare accounts which accord with the accounting records and comply with the accounting requirements of the Charities Act

have not been met; or

  1. to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.

Patrick Morrello ACA

Third Sector Accountancy Limited Holyoake House Hanover Street Manchester, M60 0AS

Date: 22 / 10 / 2024

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Patchwork Foundation

Statement of Financial Activities (including Income and Expenditure account) for the year ended 31 December 2023

Unrestricted
funds
Note
£
Income from:
Donations and grants
3
31,639
Charitable activities
4
38,100
5
5,345
Total income
75,084
Expenditure on:
Charitable activities
6
123,727
Total expenditure
123,727
Net movement in funds for the year
(48,643)
Reconciliation of funds
Total funds brought forward
227,193
Total funds carried forward
178,550
Other trading activities		 Restricted
funds
£
120,959
-
-
120,959
142,305
142,305
(21,346)
21,346
-		 Total funds
2023
£
152,598
38,100
5,345
196,043
266,032
266,032
(69,989)
248,539
178,550		 Unrestricted
funds
£
106,836
3,307
4,760
114,903
120,115
120,115
(5,212)
232,405
227,193		 Restricted
funds
£
135,000
-
-
135,000
113,654
113,654
21,346
-
21,346		 Total funds
2022
£
241,836
3,307
4,760
249,903
233,769
233,769
16,134
232,405
248,539

The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.

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Patchwork Foundation Charity No.1177576

Balance sheet as at 31 December 2023

Note
£
£
Fixed assets
Tangible assets
11
3,766
Total fixed assets
3,766
Current assets
Debtors
12
23,522
Cash at bank and in hand
-
169,712
Total current assets
193,234
Liabilities
Creditors: amounts falling
due in less than one year
13
(18,450)
Net current assets
174,784
Total assets less current liabilities
178,550
Net assets
178,550
The funds of the charity:
Restricted income funds
14
-
Unrestricted income funds
15
178,550
Total charity funds
178,550
2023		 £
£
6,640
6,640
39,748
203,700
243,448
(1,549)
241,899
248,539
248,539
21,346
227,193
248,539
2022

For the year in question, the charity was entitled to exemption from an audit under section 144 of the Charities Act 2011. The Charity Commission has not ordered an audit to be carried out under Section 146 of Charities Act 2011.

The notes on pages 14 to 23 form part of these accounts.

Approved by the trustees on and signed on their behalf by: 22 / 10 / 2024

Farmida Bi CBE (Chair, Trustee)

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Patchwork Foundation

Notes to the accounts for the year ended 31 December 2023

1 Accounting policies

The principal accounting policies adopted, judgments and key sources of estimation uncertainty in the preparation of the financial statements are as follows:

a Basis of preparation

The accounts (financial statements) have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued in October 2019 and the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and the Charities Act 2011 and UK Generally Accepted Practice as it applies from 1 January 2019.

The accounts (financial statements) have been prepared to give a ‘true and fair’ view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a ‘true and fair view’. This departure has involved following 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) issued in October 2019 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.

Patchwork Foundation meets the definition of a public benefit entity under FRS102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy note.

The financial statements are presented in sterling which is the functional currency of the charity and rounded to the nearest £ sterling.

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

c Income

Income is recognised when the charity has entitlement to the funds, any performance conditions attached to the item(s) of income have been met, it is probable that the income will be received and the amount can be measured reliably.

Income from government and other grants, whether ‘capital’ grants or ‘revenue’ grants, is recognised when the charity has entitlement to the funds, any performance conditions attached to the grants have been met, it is probable that the income will be received and the amount can be measured reliably and is not deferred.

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

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Patchwork Foundation

Notes to the accounts for the year ended 31 December 2023 (continued)

d Fund accounting

Unrestricted funds are available to spend on activities that further any of the purposes of charity.

Designated funds are unrestricted funds of the charity which the trustees have decided at their discretion to set aside to use for a specific purpose.

Restricted funds are donations which the donor has specified are to be solely used for particular areas of the charity’s work or for specific projects being undertaken by the charity.

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.

f Operating leases

Operating leases are leases in which the title to the assets, and the risks and rewards of ownership, remain with the lessor. Rental charges are charged on a straight line basis over the term of the lease.

g Tangible fixed assets

Individual fixed assets costing £500 or more are capitalised at cost and are depreciated over their estimated useful economic lives on a straight line basis as follows:

Office fixtures and equipment 20%

h 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.

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

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.

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Patchwork Foundation

Notes to the accounts for the year ended 31 December 2023 (continued)

k Pensions

Employees of the charity are entitled to join a defined contribution ‘money purchase’ scheme. The charity’s contribution is restricted to the contributions disclosed in note 8. There were no outstanding contributions at the year end.

The charity is a charitable incorporated organisation registered with the Charity Commisssion in the United Kingdom (England and Wales) and has no share capital. In the event of the charity being wound up, the members of the CIO have no liability to contribute to its assets and no personal responsibility for settling its debts and liabilities.

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Patchwork Foundation

Notes to the accounts for the year ended 31 December 2023 (continued)

Donations
Grants
Total
4
Income from charitable activities
Charitable trading
Total
5
Income from other trading activities
Rent income
Other income		 Unrestricted
£
26,639
5,000
31,639
Unrestricted
£
38,100
38,100
Unrestricted
£
5,000
345
5,345		 Restricted
£
-
120,959
120,959
Restricted
£
-
-
Restricted
£
-
-
-		 Total 2023
£
26,639
125,959
152,598
Total 2023
£
38,100
38,100
Total 2023
£
5,000
345
5,345		 Unrestricted
£
106,836
-
106,836
Unrestricted
£
3,307
3,307
Unrestricted
£
4,667
93
4,760		 Restricted
£
-
135,000
135,000
Restricted
£
-
-
Restricted
£
-
-
-		 Total 2022
£
106,836
135,000
241,836
Total 2022
£
3,307
3,307
Total 2022
£
4,667
93
4,760

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Patchwork Foundation

Notes to the accounts for the year ended 31 December 2023 (continued)

6 Analysis of expenditure on charitable activities

Staff costs
Other staff costs
Travel
Audit & accountancy fees
Legal and profesisonal fees
Premises costs
Office costs
General Expenses
Subscriptions & memberships
Depreciation
Project costs - COSARAF
Project costs - GetInvolved
Project costs - Internship
Project costs - MasterClass
Project costs - MPoTY
Project costs - IVLP
Fundraising expenses
Trustee/governance expense
Volunteer expenses
Loss on disposal of asset
Restricted expenditure
Unrestricted expenditure
7
Net income/(expenditure) for the year
This is stated after charging/(crediting):
Depreciation
Independent examiner's fee		 2023
£
177,161
1,131
11,740
5,650
27,705
10,947
4,921
1,096
332
1,270
1,458
6,682
531
8,731
5,910
164
-
-
-
603
266,032
142,305
123,727
266,032
2023
£
1,270
1,550		 2022
£
162,209
1,741
2,724
3,670
750
9,679
3,930
7,705
748
1,876
1,440
2,451
-
2,464
6,315
22,535
3,230
89
213
-
233,769
113,654
120,115
233,769
2022
£
1,876
2,000

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Patchwork Foundation

Notes to the accounts for the year ended 31 December 2023 (continued)

8 Staff costs

Staff costs during the year were as follows:

Wages and salaries
Social security costs
Pension costs		 2023
£
158,272
13,434
5,455
177,161		 2022
£
150,150
4,649
7,410
162,209

No employee has employee benefits in excess of £60,000 (2022: 1 employee £60,000-£70,000).

The average number of staff employed during the period was 4.7 (2022: 4).

The average full time equivalent number of staff employed during the period was 4.5 (2022: 4).

The key management personnel of the charity comprise the trustees and the Chief Executive Officer. The total employee benefits of the key management personnel of the charity were £48,732 (2022: £69,131). During 2023 the post of Chief Executive Officer was vacant for five months.

Trustee remuneration and expenses, and related party transactions

Neither the trustees nor any persons connected with them received any remuneration or reimbursed expenses during the year (2022: Nil).

There were no donations from related parties which are outside the normal course of business and no restricted donations from related parties apart from the transactions listed below involving trustees of the

Simon Fraser made a donation of £5,000 towards the costs of executive recruitment.

Flint Global Limited made a donation of £27,500 towards the Masterclass Programme (2022: £25,000). Simon Fraser is a director of the donor's parent company.

Norton Rose Fulbright LLP made a donation of £10,000 towards the Masterclass Programme (2022: £13,500). Farmida Bi is a designated partner of the donor.

KPMG LLP (UK) entered into a sponsorship contract with the charity for the Masterclass Programme. The contract value was £27,500 (2022: £25,000). Jonathan Holt is Group Chief Executive and a UK Senior Partner with the donor, and Simon Ranger is Vice Chair and a partner.

No trustee or other person related to the charity had any personal interest in any contract or transaction entered into by the charity, including guarantees, during the year (2022: nil).

10 Corporation tax

The charity is exempt from tax on income and gains falling within Chapter 3 of Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects. No tax charges have arisen in the charity.

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Patchwork Foundation

Notes to the accounts for the year ended 31 December 2023 (continued)

11 Fixed assets: tangible assets

Cost
Additions
Disposals
Depreciation
Charge for the year
Disposals
Net book value
12
Debtors
Grants receivable
Trade debtors
Prepayments and accrued income
Taxation and social security costs
At 1 January 2023
At 31 December 2022
At 31 December 2023
At 1 January 2023
At 31 December 2023
At 31 December 2023		 Office
equipment
£
8,516
1,549
(3,717)
6,348
1,876
1,270
(564)
2,582
3,766
6,640
2023
£
-
21,618
1,007
897
23,522		 £
8,516
1,549
(3,717)
6,348
1,876
1,270
(564)
2,582
3,766
6,640
2022
£
6,000
33,000
748
-
39,748
Total

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Patchwork Foundation

Notes to the accounts for the year ended 31 December 2023 (continued)

----- Start of picture text -----
2023 2022
£ £
Trade creditors 3,699 573
Other creditors and accruals 4,735 89
Wage payable 5,695 -
Taxation and social security costs 4,321 887
18,450 1,549
----- End of picture text -----

14 Analysis of movements in restricted funds

Valesco Foundation
Flint Global Ltd
Simon Fraser
Simon Patterson
US Disbursing Office
Norton Rose Fulbright LLP
Oluwole Olatunde Kolade
Total
South Street Asset
Management Ltd
Hogan Lovells
International LLP		 Balance at 1
January 2023
£
11,346
-
-
-
-
-
-
10,000
-
21,346		 Income
£
-
13,750
27,500
37,500
5,000
15,000
2,209
10,000
10,000
120,959		 Expenditure
£
(11,346)
(13,750)
(27,500)
(37,500)
(5,000)
(15,000)
(2,209)
(20,000)
(10,000)
(142,305)		 Transfers
£
-
-
-
-
-
-
-
-
-
-		 Balance at 31
December
2023
£
-
-
-
-
-
-
-
-
-
-

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Patchwork Foundation

Notes to the accounts for the year ended 31 December 2023 (continued)

Note 14 continued

Comparative period

Rockwell Properties Ltd
Karali Services Limited
Valesco Foundation
Flint Global Ltd
Algbra
Norton Rose Fulbright LLP
Total
South Street Asset
Management Ltd
Hogan Lovells
International LLP		 Balance at 1
January 2022
£
-
-
-
-
-
-
-
-
-		 Income
£
24,000
1,500
13,750
12,500
25,000
35,000
13,250
10,000
135,000		 Expenditure
£
(24,000)
(1,500)
(2,404)
(12,500)
(25,000)
(35,000)
(13,250)
-
(113,654)		 Transfers
£
-
-
-
-
-
-
-
-
-		 Balance at 31
December
2022
£
-
-
11,346
-
-
-
-
10,000
21,346

Note concerning the filed accounts for 2022

The filed accounts for 2022 show a total of restricted expenditure of £2,464. The above figures show the corrected position based on discussions with management and the actual activities of the charity.

Name of

restricted fund

Description, nature and purposes of the fund

Rockwell Properties Ltd

Karali Services Limited

South Street Asset Valesco Foundation Flint Global Ltd Hogan Lovells International LLP Redstrike Simon Fraser Simon Patterson

US Disbursing Office

Donations to support the cohort for Masterclass Programme 2022 Funding for the 2022 MP of the Year Award, which contributed to costs associated with the MP of the Year Awards ceremony and planning.

Funding for the Masterclass Programme, to support different cohorts. Funding for the Masterclass Programme, to support different cohorts. Funding for the Masterclass Programme, to support different cohorts. Funding for the Masterclass Programme, to support different cohorts.

Funding for the Masterclass Programme, to support different cohorts. CEO Recruitment Donation CEO Recruitment Donation A grant from the US Embassy to support an event in March 2023, in collaboration with the Natural History Museum.

Norton Rose Fulbright LLP Funding to support the IVLP programme, in partnership with the US Embassy. Funding to support for the CCHQ internship programme for 2023, in partnership Oluwole Olatunde Kolade with CCHQ and with the supporter.

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Patchwork Foundation

Notes to the accounts for the year ended 31 December 2023 (continued)

15 Analysis of movement in unrestricted funds

Comparative period
General fund
Name of
unrestricted fund
General fund
General fund		 Balance at 1
January 2023
Income
Expenditure
Transfers
£
£
£
£
227,193
75,084
(123,727)
-
227,193
75,084
(123,727)
-
Balance at 1
January 2022
Income
Expenditure
Transfers
£
£
£
£
232,405
114,903
(120,115)
-
232,405
114,903
(120,115)
-
Description, nature and purposes of the fund
The free reserves after allowing for all designated funds		 As at 31
December
2023
£
178,550
178,550
As at 31
December
2022
£
227,193
227,193

16 Analysis of net assets between funds

Tangible fixed assets
Net current assets/(liabilities)
Total
Comparative period
Tangible fixed assets
Net current assets/(liabilities)
Total		 General
fund
£
3,766
174,784
178,550
General
fund
£
6,640
220,553
227,193		 Designated
funds
£
-
-
-
Designated
funds
£
-
-
-		 Restricted
funds
£
-
-
-
Restricted
funds
£
-
21,346
21,346		 Total 2023
£
3,766
174,784
178,550
Total 2022
£
6,640
241,899
248,539

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