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2024-12-31-accounts

Patchwork Foundation

Charity Number: 1177576

Trustees’ Annual Report and Financial Statements

For the year ended 31st December 2024

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Table of Contents

Reference and Administrative Information 1
Trustees’ annual report
2
Independent examiner’s report to the trustees 12
Statement of Financial Activities 13
Balance Sheet 14
Notes to the accounts 15

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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

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 2024

The Patchwork Foundation (“Patchwork” or “the Foundation” or “the Charity”) Trustee Board presents their report and the audited financial statements as a charitable incorporated organisation (CIO) for the Charity’s fourth period, starting 1st January 2024 and ending 31st December 2024. Patchwork’s reporting period was adjusted to better align with the Foundation’s 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) issued by the Charity Commission for charities preparing their accounts in accordance with FRS 102 (‘Accounting and Reporting by Charities’).

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;

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 centered 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 2024

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 business people, 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’. 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 2024

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 50 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 long-term 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 Sir Philip Robert Barton KCMG OBE, former Permanent Under-Secretary of the Foreign, Commonwealth and Development Office, and Simon Case CVO, Former Cabinet Secretary and Head of the Home Civil Service.

Evaluation of the programme showed the following results:

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Patchwork Foundation

Trustees’ annual report for the year ended 31 December 2024

#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 also organised 22 ‘Get Involved’ canvassing sessions with a number of political parties during the election and organised a General Election hustings which was attended by over 75 young people.

MP of the Year Awards

The MP of the Year Awards saw 52 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 one Alumni Masterclass in 2024, Alastair Campbell and one networking reception in the summer.

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.

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Patchwork Foundation

Trustees’ annual report for the year ended 31 December 2024

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 Labour Party for the second year with 8 successfully completing the programme. Interns completed a number of rotations across different departments within the parties as well as attending weekly ‘Patchwork Development Days’.

Evaluation of the programme showed:

In 2024, Patchwork Foundation successfully ran the Parliamentary Placement Scheme in partnership with the Speakers House. This year-long programme allowed 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.

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.

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Patchwork Foundation

Trustees’ annual report for the year ended 31 December 2024

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.

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:

“It has given me greater clarity on the different pathways available to me, and has left me more confident in my abilities. It has definitely been an invaluable learning experience.”

“The programme has equipped me with invaluable skills and exposure to policy making, strategy, networking and confidence building. These experiences gave me the confidence to articulate ideas better and more effectively and has made me present myself as a well rounded candidate in professional settings. ”

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.

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Patchwork Foundation

Trustees’ annual report for the year ended 31 December 2024

Administration

The Foundation staff team maintained four full-time members of staff throughout the majority of 2024. Patchwork’s Chief Executive, Claire Eadington, left in July 2024 and a Patchwork Alumni, Sajidah Patel, was appointed by Trustees and started her role in August 2024.

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 long-term 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.

The organisation currently has twelve trustees and is in the process of appointing a Chair.

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 twelve members and currently chaired by Harris Bokhari OBE. 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 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.

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Patchwork Foundation

Trustees’ annual report for the year ended 31 December 2024

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.

The charity’s company was wound down in June 2023.

Financial Review

The Foundation opened a second bank account with The Co-operative Bank, to use as a day-to-day account and maintained the Al-Rayan account as a secondary account. The long-term support for the Foundation’s programmes has enabled the Foundation to budget for funding to cover all costs associated with its charitable activities.

The total income for the year was £276,732 (2023: £196,043) and total expenditure was £252,487 (2023: £266,032) leaving a surplus of £24,245 (2023: a deficit of £69,989). Restricted income was £227,835 (2023: £120,959) and restricted expenditure was £149,528 (2023: £142,305) leaving a surplus of £63,307 (2023: a deficit of £21,346) for the year. Unrestricted income was £63,897 (2023: £75,084) and unrestricted expenditure was £102,959 (2023: £123,727) leaving a deficit of £39,062 (2022: a deficit of £48,643) for the year.

At the end of the year the charity’s total funds were £202,795 (2023: £178,550) consisting of restricted funds of £63,307 (2023: £0) and unrestricted funds of £139,488 (2023: £178,550).

Financial Controls

The Trustees reviewed and reapproved the financial handling policy at the September 2024 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, accounts and bank accounts have all been updated to reflect current agreements as authorised by trustees. The limit for exceptions for expenses without receipts was amended to £15. The threshold for recognising expenditure on fixed asset items on acquisition was amended to £500 per item per the recommendation of the accountants. The Executive Assistant is responsible for the fixed asset register. CEO updated as level 3 signatory.

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Patchwork Foundation

Trustees’ annual report for the year ended 31 December 2024

Reserves Policy

The Trustees have agreed to maintain a reserve of the Foundation’s unrestricted income from the Foundation’s donations. This has been increased from 9 months core running costs to 12 months.

The Foundation’s reserves seek:

The Foundation’s free reserve at the end of the reporting period was £136.993, the equivalent of 12 months’ core running costs.

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”. No employee is earning above £60,000 per annum with all remaining employees earning below £60,000.

Risk

The Foundation does not have any financial investments or debt. The Trustees have recently 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 Trustee’s responsibilities

The Trustees are responsible for preparing the Trustees’ Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

The law applicable to charities in England and Wales requires the Trustees to prepare financial statements for each financial year, which give a true and fair view of the state of affairs of the charity and of the income and expenditure of the Charity for that period. In preparing these financial statements, the Trustees are required to:

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Patchwork Foundation Trustees’ annual report for the year ended 31 December 2024

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, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed/constitution. 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 Charity 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.

This report was approved by the Trustees on and 10 / 10 / 2025 signed on their behalf by

…………………………

Harris Bokhari OBE Interim Chair

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Patchwork Foundation Independent examiner’s report to the trustees for the year ended 31 December 2024

I report on the accounts of the charity for the year ended 31 December 2024 set out on pages 13 to 24.

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. The charity’s gross income exceeded £250,000, and I am qualified to undertake the examination by being a qualified member of ICAEW.

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: 11 / 10 / 2025

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Patchwork Foundation

Statement of Financial Activities

(including Income and Expenditure account) for the year ended 31 December 2024

Unrestricted
funds
Note
£
Income from:
Donations and grants
3
63,480
Charitable activities
4
-
5
417
Total income
63,897
Expenditure on:
Charitable activities
6
102,959
Total expenditure
102,959
Net movement in funds for the year
(39,062)
Reconciliation of funds
Total funds brought forward
178,550
Total funds carried forward
139,488
Other trading activities		 Restricted
funds
£
212,835
-
-
212,835
149,528
149,528
63,307
-
63,307		 Total funds
2024
£
276,315
-
417
276,732
252,487
252,487
24,245
178,550
202,795		 Unrestricted
funds
£
31,639
38,100
5,345
75,084
123,727
123,727
(48,643)
227,193
178,550		 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

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 2024

Note
£
£
Fixed assets
Tangible assets
11
2,496
Total fixed assets
2,496
Current assets
Debtors
12
70,960
Cash at bank and in hand
-
143,238
Total current assets
214,198
Liabilities
Creditors: amounts falling
due in less than one year
13
(13,899)
Net current assets
200,299
Total assets less current liabilities
202,795
Net assets
202,795
The funds of the charity:
Restricted income funds
14
63,307
Unrestricted income funds
15
139,488
Total charity funds
202,795
2024		 £
£
3,766
3,766
23,522
169,712
193,234
(18,450)
174,784
178,550
178,550
-
178,550
178,550
2023		 £
£
3,766
3,766
23,522
169,712
193,234
(18,450)
174,784
178,550
178,550
-
178,550
178,550
2023
3,766
174,784
178,550
178,550
-
178,550
178,550

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 15 to 24 form part of these accounts.

Approved by the trustees on and signed on their behalf by: 10 / 10 / 2025

Harris Bokhari (Trustee)

Simon Ranger (Trustee)

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Patchwork Foundation

Notes to the accounts for the year ended 31 December 2024

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.

b Preparation of the accounts on a going concern basis

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 2024 (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.

e 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.

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.

i 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

j 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.

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Patchwork Foundation

Notes to the accounts for the year ended 31 December 2024 (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.

2 Legal status of the charity

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 2024 (continued)

Donations
Grants
Total
Income from charitable activities
Charitable trading
Total
Income from other trading activities
Rent income
Other income		 Unrestricted
£
43,480
20,000
63,480
Unrestricted
£
-
-
Unrestricted
£
417
-
417		 Restricted
£
-
212,835
212,835
Restricted
£
-
-
Restricted
£
-
-
-		 Total 2024
£
43,480
232,835
276,315
Total 2024
£
-
-
Total 2024
£
417
-
417		 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

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Patchwork Foundation

Notes to the accounts for the year ended 31 December 2024 (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
VAT adjustment
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		 2024
£
202,455
1,581
12,872
3,160
1,450
10,304
3,931
(462)
1,022
1,270
1,373
5,243
10
136
4,372
-
3,770
-
252,487
149,528
102,959
252,487
2024
£
1,270
1,960		 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
£
2,582
1,550

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Notes to the accounts for the year ended 31 December 2024 (continued)

8 Staff costs

Staff costs during the year were as follows:

sts during the year were as follows:
Wages and salaries
Social security costs
Pension costs		 2024
£
178,155
18,541
5,759
202,455		 2023
£
158,272
13,434
5,455
177,161

No employee has employee benefits in excess of £60,000 (2023:nil.)

The average number of staff employed during the period was 4.8 (2023: 4.7). The average full time equivalent number of staff employed during the period was 4.4 (2023: 4.5).

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 £60,664 (2023: £48,732). During 2023 the post of Chief Executive Officer was vacant for five months.

9

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 (2023: 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 charity:

Flint Global Limited made a donation of £33,000 towards the Masterclass Programme (2023: £27,500). 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 (2023: £10,000). 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 £29,000 (2023: £27,500). 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 (2023: 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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Notes to the accounts for the year ended 31 December 2024 (continued)

11 Fixed assets: tangible assets

Fixed assets: tangible assets
Cost
Depreciation
Charge for the year
Net book value
Debtors
Grants receivable
Trade debtors
Prepayments and accrued income
Taxation and social security costs
At 1 January 2024
At 31 December 2024
At 31 December 2023
At 31 December 2024
At 1 January 2024
At 31 December 2024		 Office
equipment
£
6,348
6,348
2,582
1,270
3,852
2,496
3,766
2024
£
65,500
-
379
5,081
70,960		 £
6,348
Total
6,348
2,582
1,270
3,852
2,496
3,766
2023
£
-
21,618
1,007
897
23,522

12 Debtors

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Notes to the accounts for the year ended 31 December 2024 (continued)

13 Creditors: amounts falling due within one year

Creditors: amounts falling due within one year
Trade creditors
Other creditors and accruals
Wage payable
VAT adjustment
Taxation and social security costs		 2024
£
-
5,119
54
3,770
4,956
13,899		 2023
£
3,699
4,735
5,695
-
4,321
18,450

14 Analysis of movements in restricted funds

Flint Global Ltd
KPMG LLP (UK)
Nas Foundation
Norton Rose Fulbright LLP
Penny Appeal
Valesco Foundation
Total
Hogan Lovells International
LLP
South Street Asset
Management Ltd		 Balance at
1 January
2024
£
-
-
-
-
-
-
-
-
-		 Income
£
55,500
65,000
29,000
11,710
10,000
15,000
13,750
12,875
212,835		 Expenditure
£
(27,500)
(37,500)
(29,000)
(3,903)
(10,000)
(15,000)
(13,750)
(12,875)
(149,528)		 Transfers
£
-
-
-
-
-
-
-
-		 Balance at 31
December
2024
£
28,000
27,500
-
7,807
-
-
-
-
- 63,307

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Notes to the accounts for the year ended 31 December 2024 (continued)

Note 14 continued

Comparative period

Note 14 continued
Comparative period
Flint Global Ltd
Norton Rose Fulbright LLP
Oluwole Olatunde Kolade
Simon Fraser
Simon Patterson
US Disbursing Office
Valesco Foundation
Total
South Street Asset
Management Ltd
Hogan Lovells International
LLP		 Balance at
1 January
2023
£
-
-
10,000
-
-
-
11,346
-
-
21,346		 Income
£
27,500
37,500
10,000
10,000
5,000
15,000
-
2,209
13,750
120,959		 Expenditure
£
(27,500)
(37,500)
(20,000)
(10,000)
(5,000)
(15,000)
(11,346)
(2,209)
(13,750)
(142,305)		 Transfers
£
-
-
-
-
-
-
-
-		 Balance at 31
December
2023
£
-
-
-
-
-
-
-
-
-
- -

Name of

restricted fund

Description, nature and purposes of the fund

Flint Global Ltd Funding for the Masterclass Programme, to support different cohorts. Hogan Lovells International Funding for the Masterclass Programme, to support different cohorts. LLP KPMG LLP (UK) To support the running of the masterclass programme. Nas Foundation To support funding for staff for operations and communications. Norton Rose Fulbright LLP Funding to support the IVLP programme, in partnership with the US Embassy. South Street Asset Funding for the Masterclass Programme, to support different cohorts. Management Ltd Funding to support for the CCHQ internship programme for 2023, in Oluwole Olatunde Kolade

KPMG LLP (UK) To support the running of the masterclass programme. Nas Foundation To support funding for staff for operations and communications. Norton Rose Fulbright LLP Funding to support the IVLP programme, in partnership with the US Embassy. South Street Asset Funding for the Masterclass Programme, to support different cohorts. Management Ltd Funding to support for the CCHQ internship programme for 2023, in Oluwole Olatunde Kolade partnership with CCHQ and with the supporter. Penny Appeal To support cover the cost of patchwork programmes. Simon Fraser CEO Recruitment Donation Simon Patterson CEO Recruitment Donation A grant from the US Embassy to support an event in March 2023, in US Disbursing Office collaboration with the Natural History Museum. Valesco Foundation Funding for the Masterclass Programme, to support different cohorts.

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Notes to the accounts for the year ended 31 December 2024 (continued)

15 Analysis of movement in unrestricted funds

Comparative period
General fund
Name of
unrestricted fund
General fund
General fund		 Balance at
1 January
2024
Income
Expenditure
Transfers
£
£
£
£
178,550
63,897
(102,959)
-
178,550
63,897
(102,959)
-
Balance
at 1
January
Income
Expenditure
Transfers
£
£
£
£
227,193
75,084
(123,727)
-
227,193
75,084
(123,727)
-
Description, nature and purposes of the fund
The free reserves after allowing for all designated funds		 Transfers
£
-		 As at 31
December
2024
£
139,488
- 139,488
Transfers
£
-		 As at 31
December
2023
£
178,550
- 178,550

16 Analysis of net assets between funds

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
£
2,496
136,992
139,488
General
fund
£
3,766
174,784
178,550		 Designated
funds
£
-
-
-
Designated
funds
£
-
-
-		 Restricted
funds
£
-
63,307		 Total 2024
£
2,496
200,299
63,307 202,795
Restricted
funds
£
-
-		 Total 2023
£
3,766
174,784
- 178,550

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