Doctssign Envelope ID OC19518&D36D4B8C-ACCW9A967A2FA3 JRF ANNUAL REPORT For the year ended 31 December 2024 JOSEPH ROWNTREE FOUNDATION Docusign Enwelope ID OC19518&D36N4B8C-ACCW9A967A2FA3 OUR MISSION The Joseph Rownlree Foundalion (JRF) is an independent social change organisation, working lo supporl and speed up the transition to a more equilable and jusl fulure, free from povertyy where people and planet can flourish. The Joseph Rowntree Housing Trust (JRHT) is a housing association that is sustainable and engagingj provides high-qualily services, good, affordable homes and well-managed neighbourhoods. Docus¥n Envelope ID". OC195184-D36NB8CACCW9A*7A2FA3 Contents CONTENTS 01- REPORT OF THE BOARD Structure, governance and management Introduction - Carol Tannahill. Choir of Trustees Governing document 2024 Objectives and activities Achievements ond performance How JRF'S aclivities deliver public benefit Risks and uncertointies Financial review Plans for the future Carbon emissions Section 172(1) statement Trustees, statement of responsibility 02 - FINANCIAL STATEMENTS Independent auditors. report to Trustees Statement of financial activities Balance sheet Statement of cash f lows Statement of accounting policies Notes to the accounts JOSEPH RowKfREE FOUNDATION DoGUSNJn En¥elDpe ID." OC195184-D36tk4B8C-ACCW9A*7A2FA3 Trustees and Statutory Directors Professor Carol Tannahill OBE Chair from April 2023 Terrie Alafat Sophié Ashtiony Anita Bhatia Deborah Codman OBE Dr Hilary Cottam Farah Elahi Paul Jenkins David Lunts Gillian Russell Pn>fessor Jo Swaffield Kené Umeasiegbu JOSEPH ROWKrnEE FOUNDATION Docusin En¥elwB ID." OC195184-D36tk4B8C-ACCW9A967A2FA3 Slructure, governance and managemenl Executive Directors Paul Kissack. Group Chief Executive Sophia Parker. Frank Soodeen. Director of Emerging Director of Futures Communications & Public Engagement Tracey Preece, Chris Simpson, Director of Finance JRHT Executive Director Clare Aynsleyp Interim Director of People Alfie Stirling. Director of Insight and Policy Stuart Coe, Interim Director of Corporate Services (to July 20241 Graeme Cooke. Director of Insight and Policy (to March 2024) Itmerim from Morch to August 2024, permanent from Septernber 2024) JOSEPH RowKfREE FOUNDATION Docus¥n Envelope ID". OC195184-D36NB8CACCW9A*7A2FA3 Reference and administration information HEAD OFFICE The Homesteod 40 Water End Clifton York Y030 6WP BANKERS HSBC 13 Parliament Street York Yol 8XS SOLICITORS Ivershed£ Siitherland 8th Floor Wellbar Central Gallowgate Newcastle upon Tyne NEI 4TD Ward Hodaway LLP Sandgate House 102 Quayside Newcaslle upon Tyne NEI 3DX EXTERNAL AUDITOR C7ronf Thornton UK LLP 30 Finsbury Square London EC2A IAG JOSEPH RowKfREE FOUNDATION Docus¥n Envelope ID". OC195184-D36NB8CACCW9A*7A2FA3 Introduction Carol Tannahill, Chair of Trustees I am very pleased to be introducing this Annual Report, my second as chair of Trustees for JRF. It has been a year of significant change for the organisation, with Trustees working closely with the Executive to make important decisions about the strategy that JRF should pursue to deliver its mission. As we reflect on the past year and look forward to marking the centenary of Joseph Rowntree's death during 2025. we find ourselves at a critical juncture. Rownlree. a visionary social pioneer. laid the foundation for our work during a period of profound economic and social change. Today, we face challenges that, while different in specifics, echo the uncertainties and disruptions of Rowntree's time. 2024 was a year of significant change nationally and internationally. The general election in July saw a new government come to power. We welcomed the new Government's first King's Speech. with its ambition to address some of the leading drivers of poverty through the legislative programme - including through a commitment to building more affordable and sociol housing. and strengthening the rights of workers and tenants. However, Trustees became increasingly concerned over the course of the year about the depth of povety in the country. Our Povety in the UK report, published in January, showed that poverty was climbing back to pre- pandemic levels and that it has been almost 20 years since the last period of sustained reduction in poverty in the UK. JRF'S research findings published in September demonstrated that even with the most optimistic assumptions about growth and employment. relative poverty is unlikely to foll over the life of this Parliament. Those assumptions. which appeared ambitious in September, seem, at the time of writing, increasingly out of reach following the brooder geopolitical uncertainty ond upheaval that we hove experienced in the intervening months. Rowntree's era saw the emergence of the welfare state amidst unprecedented economic, technological, and social transformation. His focus was on addressing the root causes of social injustices, particularly how wealth tronslated into power. This perspective remains cruciol as we navigote the complexities of the 21st century. A century later, we recognise that we are at a point of even greater transilion. Economic inequality, climate emergency, and technological advances present profound challenges and risk marginalising even further those already at the JOSEPH RowKfREE FOUNDATION Docus¥n Envelope ID". OC195184-D36NB8CACCW9A*7A2FA3 edges of society. The welfare state seems increasingly incapable of acting as the safety net it was designed to be. The political and media discourse often mirrors the inequality and extractive capitalism Rowntree opposed, pushing ordinary families into deeper economic insecurity and poverty. Those concerns have weighed heavily on us as Truslees over the course of the year and we have thought deeply about how we fulfil our charitable objectives and use the wealth of JRF to support the change that we want to see in the world. We committed in October to 3 new routes for change which will run through everything the organisation does in support of our mission: . Shifting the terms of the debate: Refocusing our policy work on challenging dominant economic systems by highlighting their failures and proposing policy ideas to enhance household economic security and catalyse change. Supporting and shielding the new: Resourcing grassroots movements and supporting practical alternatives to the economic status quo through funding. tools. and initiatives that foster new models and mindset shifts. Building infrastructure for transition: Investing in grassroots movements to support those living with injustice, helping them shape change and shift mindsets. Furthermore. we recognised that JRF has a wealth of assets. including our substantial financial endowment. During 2024 Trustees agreed to fundamentally reconsider how we use that endowment in support of our mission by: Spending more: committing to significantly higher spending on mission- aligned activities, including through our new Grounding and Unfurling Funds Investing wisely: moving our wealth into social, impact. and transformational investments better aligned with our mission. None of these decisions have been easy and I am grateful to my fellow Trustees for the time, support and care that they have put in to helping us plot this new way forward. I am looking forward to seeing the f irst fruits from this new approach during 2025.. one of the areas that we will have as a focus is ensuring an excellent understanding of the impact that we are making and the learning that we can share. For JRHT too it has been a significant year. The new executive team, led by Chris Simpson, is now in place and driving forward work in support of the Trust's strategic objectives. This has included making sure that there is a clear understanding of tenant views. including through a door-knocking campaign that took place over the summer, and through reinvigorating the Residents Assembly. In October, we were one of the first Housing Associations in the country to receive the new Consumer judgement from the Regulator of JOSEPH RowKfREE FOUNDATION Docus¥n Envelope ID". OC195184-D36NB8CACCW9A*7A2FA3 Social Housing (RSH), and we were pleased to secure a C2 grade alongside a reconfirmation of our Gl grade for governance. Further improving our work on consumer standards for the benefit of our tenants will be a focus during 2025. We have continued work to ensure that our care services are sustainable for the future, and I am pleased that all of our Care Quality Commission (CQC) registered services conlinue to have a good rating. We have also made significant progress on our development work to secure our ambition of 1,000 new social and affordable homes. I am grateful to Terrie Alafat and the rest of the JRHT Board for their continued dedication and hard work. Conclusion As we remember Joseph Rowntree's legacy, we are committed to honouring his radical intent and determination. The crises we face demand nothing less. We are dedicated to advancing our mission, supporting profound social and economic changes, and ensuring that people and the planet can flourish. Despite the challenges we face I am optimistic about 2025 and the part that JRF will play in shaping the future. I would also like to thank the many people and organisations who worked with us during 2024. We greatly value these partnerships and the spirit of collaboration and joint learning.. none of what we seek to achieve can be done by JRF alone. Finally, my thanks go to my fellow Trustees, members of the JRHT Board, our Independent Committee Members, and most importantly to all JRF and JRHT staff for their considerable efforts, care and achievements over the past year. I would like particularly to pay tribute to Stuart Coe and Christine Frame who have provided the Trustees with huge amounts of support and good counsel over many years. JOSEPH RowKfREE FOUNDATION Docus¥n Envelope ID". OC195184-D36NB8CACCW9A*7A2FA3 Governing document 2024 The Joseph Rowntree Foundation (JRF) was formed by a Deed of Foundation dated 13 December 1904, originalW under the name of the Joseph Rowntree Village Trust. There have been a number of changes to the Deed since then, the most significant being effected under the Joseph Rowntree Memorial Trust Act 1959. The name was changed to the Joseph Rowntree Foundation in 1990. Following a review of governance structures and an incorporation process in 2020, JRF is now constituted as a Company Limited by Guarantee and its governing document is the JRF Articles of Association. As per the Articles of Association, JRF is the parent organisation of the Joseph Rowntree Housing Trust (JRHT). Trustees set the strategy for JRF and the wider Group. day-to-day management functions are the responsibility of the Executive Directors. Recruitment of Trustees As per the Articles of Association. JRF Trustees are appointed by existing Trustees to serve 3-year terms. There is a maximum of 3 terms for each Trustee. so each may serve for up to 9 years. All recruitment drives are conducted in partnership with external specialists, with diversity, skills and continuous improvement pivotal to the brief. A skills matrix is maintained for all Trustees, which informs the recruitment of Trustees and nominations to other governance committees in the Group. Trustee induction and personal development arrangements are regularly reviewed, and a specific budget has been established for this purpose. Each Trustee has an annual review with the chair, where strengths and areas for development are discussed and action plans put in place. Trustees also have an annual development day as a group. Some individuals are both JRF Trustees and members of the Board of the JRHT. Organisational Structure JRF is governed according to its Articles of Association by JRF Trustees. JRHT. a Community Benefit Society and subsidiary of JRF, is governed by its Board in accordance with its rules. JRF is responsible for setting strategy and Group operations and there is an Intra-Group Agreement that specifies the relationship be￿een the 2 organisations. The￿ are 2 sub-committees that support both JRF and JRHT: JOSEPH RowKfREE FOUNDATION io Docus¥n Envelope ID". OC195184-D36NB8CACCW9A*7A2FA3 . The Audit and Risk Committee (ARQ is responsible for ensuring that there is a robust and independent control framework across JRF and JRHT. It ensures compliance with the risk-management strategy and that there is best practice in the approach to internal audit. At the beginning of 2024, the Committee consisted of 3 JRF Trustees, 2 JRHT Board members and 2 independents (5 individuals). . The Nominations and Governance Committee is responsible for ensuring that best practice in governance is adopted across JRF and JRHT. It is also responsible for recommending the appointment of all govemance committee members to Trustees. At the start of QI, there were 4 members of this committee. one of whom was a JRF trustee. one was o JRHT Boord Member and 2 of whom were joint JRF Trustees ond JRHT Board members. In addition to the subcommittees that are shared with JRHT, there are 3 further committees that report direclly to JRF Trustees alone.. . The Investment Committee oversees the management of the financial investments in line with any financial and non-financial objectives or ethical constraints in the endowment and investment strategy set by JRF Trustees. The Committee consists of a minimum of 3 JRF Trustees and a maximum of 3 independent members. At the start of 2024, there were 3 JRF Trustees and 2 independent members. . The Social Investment Committee oversees the implementation of the social investment strategy in line with any financial and non-financial objectives or ethical constraints in the endowment and investment strategy set by JRF Trustees. The membership consists of up to 4 JRF Trustees and up to 4 independent members. At the start of 2024, there were 2 JRF Trustees on the committee and 3 independent members. . The People and Culture Committee is o new committee, established in March 2024, and is responsible for providing oversight of people and culture policies and performance for JRF: including pay. performance and progression: learning and development. Equality, Diversity and Inclusion. and staff engagement. Its membership consists of 3 JRF Trustees and one independent member. Trustees ore committed to delivering best practice in the governance of the Group. Board effectiveness work was undertaken with an external partner, to review and enhance board performance. Trustee appraisals, including for the Chair of Trustees, and light-touch effectiveness reviews are conducted annually the latest of which is planned for early 2025. The design of this process was developed in 2020 in conjunction with external experts. JRF Trustees have adopted the Charity Commission Code of Governance and self-assess against this annually. Pay and remuneration are set by JRF Trustees, on the recommendation of the Nominations and Governance Committee and in consultation with the JRHT Boord. JOSEPH RowKfREE FOUNDATION li Docus¥n Enkn ID. OC195184-D36NB8CACCW9A967A2FA3 4•1 Docus¥n Envelope ID". OC195184-D36NB8CACCW9A*7A2FA3 Objectives and Activities JRF'S charitable objectives, as set out in our incorporated memorandum and articles, are to: prevent and relieve poverty and other necessitous circumstances relieve those in need because of youth. age. ill-health (whether mental or physical), disability, financial hardship or other disadvanlage undertake and carry on such activities as are calculated to ameliorate unsatisfactory living conditions, social unrest or disharmony among the public provide or assist in the provision of facilities for recreation or other leisure-time occupation in the interests of social welfare for the public at large. Nothing in these articles shall authorise an application of the property of the charity for purposes which are not charitable in accordance with Section 7 of the Charities and Trustee Investment (Scotland) Act 2005 and/or Section 2 of the Charities Act (Northern Ireland) 2008. Our analysis of the present overlapping crises afflicting the UK and The refreshed orgonisotional strategy and mission statement for delivering our objectives that flowed from it. recommitted us to addressing the most urgent and pressing manifestation of poverty today, while sowing the seeds of a more equitable future. The organisation's mission is to be an independent social change organisation, working to support and speed up the transition to a more equitable and just future, free from poverty, where people and planet can flourish. In 2024. Trustees agreed to a new framework Comprising 3 routes for change which will run through everything the organisation does in support of our mission.. Shifting the terms of the debate: Refocusing our policy work on challenging dominant economic systems by highlighting their failures and proposing policy ideas to enhance household economic security and catalyse change. • Supporting und shielding the n•w: Resourcing grassroots movements and supporting practical alternatives to the economic stotus quo through funding. tools. and initiatives that foster new models and mindset shifts. Building infrastructure for transition: Investing in grassroots movements to support those living with injustice, helping them shape change and shift mindsets. These new routes for change will replace the 3 impact pathways that we have been using since 2023. Furthermore, Trustees have agreed to fundamentally reconsider how we use our endowment in support of our mission by: JOSEPH RowKfREE FOUNDATION 15 Docus¥n Envelope ID". OC195184-D36NB8CACCW9A*7A2FA3 Spending more: Committing to significantly higher spending on mission- aligned activities, including through our new Grounding and Unfurling Funds • Investing wisely: Moving our wealth into social, impact, and transformational investments better aligned with our mission. In 2024 JRHT launched its updated strategy and core purpose and in doing so now strives to be a housing association that is sustainable and engaging, provides high quality and continuously improving services and decent affordable homes in well managed communities prioritising those in greatest n••d. During The summer of 2024, JRHT underwent an inspection and assessment by the RSH. We are pleased to say That JRHT received updated grades for Governance, Viability, and the new Consumer Standard confirming our compliance across all assessed areas.. . Gl for Governance - retained top grade . V2 for Viability - retained position C2 for the new Consumer Standard. Our commitment to understanding residents, needs, strengthening engagement, and refining our approach to learning from complaints remains ot the core of what we do. To support this work, we sought direct feedback from residents about their experiences with JRHT and the services we provide. Between 5 June and 10 October 2024. more than 70 colleagues knocked on over 2.200 doors and spoke with over 1,000 residents. We visited homes in York, Leeds, Scarborough, Hartlepool, and places in between. The response was fantastic, with residents sharing their concerns, opinions, and welcoming us into their homes. Additionally. we developed and aligned our Equity, Diversity, and Inclusion (EDI) strategy within JRHT'S corporate plan. This strategy focuses on creating inclusive and welcoming services. challenging discrimination. and increasing diversity and representation of staff at all levels. JOSEPH RowKfREE FOUNDATION 14 Docus¥n Envelope ID". OC195184-D36NB8CACCW9A*7A2FA3 Achievements and performance JRF At the start of 2024. we set ourselves 2 main objectives. First. given the neor certainty of a general election we knew we needed to stay sharply focused on policy and politics. Our aim was to shape the public and political conversation around hardship and economic security, and to offer ideas and propositions that spoke to the major challenges facing society. 2024 was also The second year of a self-imposed learning journey as we sought to define more clearly our role in fostering the conditions necessary to meet our ambition to 'support and speed up the transition. in the fullest possible way. To support our work we continued to utilise our endowment, in line with our agreed financiol objective. We drew down £46 million from our investments to support our charitable activities. with the balance of our financial endowment being held primarily in equities. At the end of 2024, £11 million of our endowment was held in social investments. The overall value of the endowment reduced from £419.8 million to £418.8 million between 31 December 2023 and 31 December 2024. This is a 0.2Yo decrease over the year and remains Iyo ahead of JRF'S internal target. Further detail on our financial performance is described in the Financial Review section below. As in 2023 we organised our activity under 3 impact pathways agreed by our trustees - directional change, systemic change and infrastructure for change. In this section we elaborate on the different strands of work we have either delivered or set in train under the 3 headings. JOSEPH RowKfREE FOUNDATION 15 Docus¥n Envelope ID". OC195184-D36NB8CACCW9A*7A2FA3 Directional Change Systemic Change Infrastructure for Change Where we are taking a concrete stance ond advancing an orgument or o clear proposition for a particular direction of change. This could take the fomi of a specific oction or chonge we want to see, or o directionol shift in the way an issue is thought akx)Ut or responded to Where we ore looking to explore, define ond support deeper, more foundational shifts needed for a more equitable and just future, based around values. principles and culture rother than def ined or particular policy changes. Where we are not goal oriented, other than on ultimote connection bock to the mission, but are instead acting as a Foundation to invest in and nurture the conditions ond capabilities for others to shape change, with our support Description Those with the power to act including central and local government. businesses Those building alternative futures and countervailing sources of Those seeking both defined/directional and systemic change Key partners & audiences Expert- generoting insights. arguments ond ideas to mobilise 5UPPOrt and influence Explorer - as o curious. values- driven f ield-buikler and risk-taker Builder - as a generous infrastructure builder and convener JRF playing the role of.- Impact - are we persuading those with the power to act to make the specific changes or shifts we are advocating fo Learning - are we deepening understanding about the necessary conditions of change and the more radical shifts needed? Usage- are others using the infrostructure, tools and resources we build to create change? How do we know we are moking a difference? JOSEPH RowKfREE FOUNDATION 16 DotJJ$in En¥elwB ID." OC195184-D36tk4B8C-ACCW9A967A2FA3 Directional change Main signs of impact: The April 2024 review of Homes England mirrored several JRF recommendations on the need for a public sector master developer. The SNP. Liberal Democrat and Plaid Cymru manifestos committed either to stretching targets to end deep povety and destitution or to adopting our flagship ask of enshrining an Essentials Guarantee into law. . The Labour Party committed to 'end moss dependence on emergency food parcels. as well as to review Universal Credit, so that it better tackles poverty. in its manifesto. The Labour Party also pledged to give local authorities a central role in monaging local care markets while taking suff iciency gaps more seriously. The Conservative, Lal)our and Liberal Democrat manifestos collectively hinted at an emerging consensus oround the need for more publicly led development while the Conservotive manifesto echoed our calls to use the tax system to shift the balance of tenures away from renting to a higher rate of home ownership. The Ministry of Housing, Communities and Local Government (MHCLG) consultation on Right to Buy echoed some our recommendations to fix right to buy discounts and extend the period in which discounts need to be repaid if tenants sell to Ioten years from 5five. In addition to some more money for social housing. following representations from JRF, Trussell and others. the Government agreed at the Oclober Bbudget to reduce The level of debt repayments that can be taken from Universal Credit. Our contribution to their deliberations was publicly credited by the Chancellor in her speech. The Spring 2025 Green Paper introduced a 'right to try, guarantee that will prevent people receiving health-related benefits from having their entitlements automatically reassessed if they enter employment. Activity in 2024 Hardshi and destitution UK Poverty was successfully published in January with an accomponying JOSEPH RowKfREE FOUNDATION 17 Docus¥n Envelope ID". OC195184-D36NB8CACCW9A*7A2FA3 webinar. This 'state of the nation, publication format set out key trends, with the aim of leading and defining the national conversation on poverty. The report had impressive reach and immediate impact, drawing on our new brand and website. including 5 factor increases in social media plafform click throughs and impressions (with over a million impressions across Twitter, LinkedIn and Facebook). We also secured endorsements from high-profile figures including Martin Lewis, Andrew Marr and James O'Brien, and recorded nearly 1,000 webinar attendees. In April we published a series of essays looking at different aspects of how working in neighbourhoods can protect people from hardship. The series covered building social connection, strengthening community power, providing emergency support and accessing practical help and advice. We discussed the work at New Local's major community power conference in June and released a series of award-nominated films featuring some of the projects namechecked in the essays. to elevate their work and show what it looks like in practice. In May we launched a pledge action asking all parliamenlary candidates to, if elected, use their voice as an MP to 'advocate for changes which would help ensure our social security system protects people from needing a food bank to survive,. Over 3,000 people wrote to their local parliamentary candidates, leading to signatures from 237 candidates, including 33 Labour candidates, 26 Lib Dems and one Conservative. Many more engaged positively, thoughfful and constructively with us, even when they were not in a position to sign the pledge. After the snap election was called our Insight and Policy team adapted and brought forward several existing projects and programmes. including work on the cost-of-living tracker survey, analysis of 'poverty proximity. and The qualitative work on The impact of hardship on primary healthcare and primary schools to increase the salience of hardship and destitution during the short campaign. This led some journalists to ask politicians more probing questions about their plans for tackling poverty. In early September we put on a parliamentary event jointly with Trussell for more than 50 MPS. Engagement across the room was very positive, with MPS wonting to find out more about the Minimum Floor, the Essentials Campaign, and the work of JRF and Trussell more generally. There was much lo follow up on, including requests for Parliamentary Questions and local statistics, providing a strong foundation for parliamentary engagement ahead of The Budget. At the start of that month, we also published the latest Minimum Income Standard, which led he Observert front page with new findings on supplementary private health care entering the basket of minimum standard items. The work will form the basis of new Reol Living Wage rates later this year, and the latest paper also included constructing standards for what people need for oll population groups for the first time since the first report in 2008. meaning we now have a robust base for the next 4 years of reports. JOSEPH RowKfREE FOUNDATION Docus¥n Envelope ID". OC195184-D36NB8CACCW9A*7A2FA3 Later in September we published new modelling of possible paths for poverty across the Parliament, based on conditional scenarios for the macro economy using Office for Budget Responsibility (OBR) and Bank of England forecasts. The work showed that relative poverty - which we believe is likely to be a key metric for the new government- is unlikely to fall due to growth alone. Even in a scenario where the Government met their targets for the fastest growth in the G7 and achieved an 800A employment rate. poverty is likely to be no lower by the end of the current Parliament than it is loday. The findings were published on the day of the Chancellor's conference speech and led to broadcast coverage and reporting online. The Institute for Fiscal Studies also published the final Living standards. poverty and inequolity in the UK report that we have been funding, with particular deep dives into mortgages and differential inflation by income and poverty rates among pensioners. The work on mortgages in particular received strong media coverage and the work on pensioners helped to inform the debate around Winter Fuel Payments. Care In March, we published our report. A new social contract in the childcare system, setting out our vision for a childcare system which met the needs of children, parents. workers. providers. and the taxpayer. Alongside this we worked with The Guardian on novel analysis looking at the finances of the 50 biggest childcare providers to explore the stability and profiteering of privote equity- backed providers, resulting in several pieces in the paper and online as well as mentions in the months following. In August we published The future of care needs, which estimated the number of people who would be undertaking unpaid care in 10 years and called for a cross-government taskforce to think in the round about evolving paid care services and unpaid care to meet growing and changing demand. We ran 2 well-attended events at Labour and Conservative conferences on the need to centre care in any programme for government, partnering with Progressive Britain and Bright Blue. 4 parliamentarians, 2 national journalists, and the Children's Commissioner contribuled on our panels, and we continued to deepen our relationships with government ministers, special advisers and Department for Education (DfE) and Department of Health & Social Care (DHSC) officials. The Autumn Budget. Employment Rights Bill and Child Poverty Strategy offered further opportunities for the care programme with reforms to Carer's Allowance and the possibility of further change around care and work. We held a session in early December with MPS and No. 10 advisers on our paternity leave asks and modelling (with the Centre for Progressive Policy and Dad Shift). hosted an exploratory round table with care workers and experts with the Raye Foundation exploring care worker power and how we can bolster it; and published the results of a long-running research project with Gingerbread on JOSEPH RowKfREE FOUNDATION 19 Docus¥n Envelope ID". OC195184-D36NB8CACCW9A*7A2FA3 creating a Child Maintenance Service that would tackle child poverty, Housin In March we published a report looking at the contribution that strategic acquisitions of homes in the secondary market could play in rebalancing the distribution and tenure mix of housing. The paper appraised the growth of acquisition programmes - covering their potential but also their limitations - before recommending 3 scenarios where they should be deployed. These ore: to reduce the cost of providing temporary accommodation, while driving up quality; growing a community-owned sector in lower-cost housing markets which are otherwise plagued by poor conditions. poor management, and where rental payments are not benefiting local communities. and" as port of a wider plan to reform the 'right to buy, to arrest the decline of social housing and prevent the leakage of public subsidies. Ahead of the MHCLG consultation on the Right to Buy we engaged with advisers and officials on the report's proposals and can see some impact from our thinking on where ministers have landed. In the run-up to the October Budget, we published onalysis on the impact of maintaining the freeze on Local Housing Allowance (LHA) rates. We shared this analysis with officials in the Department for Work and Pensions (DWP) and HMT. UnfortunateW, LHA was not re-linked but our analysis did feature in media coverage of the Budget - adding scrutiny in this area that would likely not have happened without this intervention. It was also used by the MP for Dewsbury, Iqbal Mohamed, in a post-Budget parliamentary debate. Work The primary focus in this area was on generating insight and policy propositions capable of gaining political influence and moving the dial on employment entry rates for those struggling with the hardship caused in part by being without a job. We were concerned both about those who are inactive (with projects underway on those Not in Education, Employment or Training (NEETS) and the caF)ability to work for people with ill-health or a disability) and the unemployed (with work underway on how to design mutual obligations in the system in ways that support strong employment outcomes). To frame this work. and to influence government and opposition thinking ahead of the election. we published a mojor research and policy briefing in February on the previous Government's Jobcentre Plus/DWP approach and proposals for change. This argued for a shift from enforcing compliance to facilitating engagement and employment as the driving motivation for the system. Our analytical findings were offered as an exclusive to The Times, featuring prominently online and on page 2 of the paper. They were also shared widely on social media. Our influencing strategy involved engaging octively with key advisers and politicians in the Opposition and senior officials at DWP during the course of the project. An early sign of impact from this line of argument was Keir Starmer's message to 'end the tick-box culture, in Jobcentres. JOSEPH RowKfREE FOUNDATION Docus¥n Envelope ID". OC195184-D36NB8CACCW9A*7A2FA3 Scotland In April we published a report on expanding childcare for low-income families. This was a multi-faceted piece of work that explored both parental attitudes towards the current childcare offer in Scotland and what more they might want, as well as analysing the impact an increased offer of childcare might have on relative poverty levels and disposable income. While presenting what parents are calling for (around 20 hours a week for l- and 2-year-olds and 35 hours for 3- and 4-year-olds all year), it also made the case for changing the woy childcare is funded to increase the possibility of the Scottish Government supporting such a significant expansion. This work has also opened avenues for other parts of the third sector to explore alternative approaches than the currently campaigned for universal 50-hour offer. In October we published Poverty in Scotland 2024, a deep dive into the impacts of the social security in Scotland. The report encouraged the UK Governments and Scottish Governments to work more closely together on social security and reiterated cross UK calls on the adequacy of the system as a whole. The report was launched at the start of Challenge Poverty Week with both the Secretary of State for Scotland and the Scottish Governmenfs Cabinet Secretary for Social Justice in attendance. Later that month we also published qualitative research into how people with lived experience of poverty have been supported and empowered to deliver change in Dundee. We hope this will provide a template for other public authorities to take similar approaches to long-term commitments to citizens. participation in local decision-making. JOSEPH RowKfREE FOUNDATION 21 Docu$*n En¥ekpB ID." OC195184-D36tk4B8C-ACCW9A967A2FA3 Systemic change Main contributions to knowledge.. Insights into the levers and interventions needed to shift the finance system in service of people and planet, and the work already being done in the UK. The early steps needed to create alternative governance models that enable financial resources to flow towards shared, strategic missions across ecosystems of organisations. A map and social network analysis of the ecosystem of around 2,000 alternative future builders across the UK. A set of principles for ethical storyfelling. The role of existing narratives (such as meritocracy) in shaping public perception and opinion.. the role of images in shaping public perception and opinion. and the role of data visualisation ond storytelling in shaping public perception and opinion. Activity in 2024 Wealth in service of eo le and lanet Much of our efforts here focus on 'field-building': convening people and ideas in new ways, to open UK conversations about how wealth can be better directed towards people and planet. In the first part of the year. we established a group of slrategic partners - organisations and individuals who are asking similar questions to us, and who represent a vital part of the ecosystem - to whom we offered core f unding. They included the Good Ancestor Movement (£50,000), the Impact Investing Institute (£50,000), Share Action (£20,000), Patriotic Millionaires (£20,000), the Funders Collaborative Hub (£30,000) and the Purpose Foundation (£50,000). We have also resourced 2 Associates - Iris Brilliant for her expertise in wealth redistribution and Dimple Abichandani for her expertise in progressive philanthropy- both of whom are writing books in related areas. In our home city of York. we soughl to build coalitions around The possibility of bringing the practices of community weallh building to the city. We co-hosted (with York St John University) a Fairer Futures event on community ownership and wealth building which brought in experts in this area as well as practitioners from other councils who have implemented the approach. JOSEPH RowKfREE FOUNDATION Docus¥n Envelope ID". OC195184-D36NB8CACCW9A*7A2FA3 In April we published a new article series on reimagining wealth. The articles shared the findings from interviews with 25 people working across the finance system. conducted in summer 2023 with New Constellations. to identify the levers and interventions needed to shift the finance system in service of people and planet, and the work already being done in the UK. The main summary piece lays out the findings, followed by reflections by key collaborators: Creating global financial systems that volue people and planet (Gemma Mortensen), To shift wealth, we need to change how we talk about money (Megan Lucero) and Building a new asset class for people and planet (Emma Shaw). We continued throughout the year to actively build coalitions and networks with wealth-holders. The 'Next Frontiers, conference that took place in June was the most public example of that, attracting around 900 people in person and online. Less publicly, we developed partnerships with Next Generation wealth holders and networks interested in shifting their capital into impact. Since March we have co-hosted events and round tables with: Resource Transformation (next gen wealth holder networks) in Europe and Canada to better understand what would support these infrastructures to grow in their influence . The Trottier Foundation (Canada) to bring together next gen wealth holders who are playing new roles related to their family offices to explore both what the roles are and The F)Otenfial of family off ices as sites of change and influence CREO, a ne￿Ork of family offices who together have £1 trillion of assets under management, all of whom are seeking to move their money in service of planet. We also continued to explore alternative f inance and governance structures as critical civic infrastructure that can enable communities fo drive systemic change and transition to regenerative and distributive futures. To do This, we instigated a new partnership wilh Plafform Places and FOO￿Ork to explore the financial vehicles needed to scale a transition of asset ownership from private hands to community asset developers seeking to transform neighbourhoods. In Sheffield. work progressed exploring the development of civic infrastructure to enable people across the city to reimagine multiple systems. as well as how decisions are being made. how capabilities are recognised. and how capital flows. A core aim of the work is to seek to learn and understand what the sum impact could be if, through and alongside the development of civic infrastructure, various transitions across multiple systems such as food, care, nature, and energy are demonstrated in parallel in a city, and to trial approaches that can potentially be adapied and replicated elsewhere. Separately, we concluded in June a 4-part workshop series co-hosted with the London School of Economics (LSE'S) International Inequalities Institute. Over 80 participants responded to the findings of a JRF-funded literature review on the effects of frames on the public understanding of, and engagement with, the topic of wealth inequality. Our aim is to turn this nucleus into a vibrant JOSEPH RowKfREE FOUNDATION Docus¥n Envelope ID". OC195184-D36NB8CACCW9A*7A2FA3 community of practice that collaborates on ideas for impactful and ethical framing and storytelling around wealth. In September. the Wealth Hackers Initiative. a group of innovators working in radical wealth planning and investment advisory to dismantle the so-called Wealth Defence Industry, designed and launched the first Wealth Hackers Challenge with JRF funding. The purpose was to crowdsource from a global network the tools, technologies, ideas and innovations that are already moving money differently. We received 31 submissions - 11 from the UK, 6 from the US, 2 from Belgium and one each from Australia, Canada. Mexico and South Africa. 6 hacks were chosen and awarded £15,000 each to develop their idea further over a 4-8-week period. Su ortin a visiona ecos stem In January we confirmed to all the existing Pathfinder organisations that we would fund them for the second year of this learning cycle. We added several new organisations this year as well, including Hastings Commons, Devon Bioregional Centre, Opus, Library of Things, and the Stour Trust. In 2024, JRF made financial commitments of £1.2 million to Pathfinder organisations. As in 2023, we used the pathfinder characteristics we developed to identify organisations to extend this invitation to; in addition. we sought out work that would bring 2 specific capabilities that have emerged as significant for future-building work over this last year. These were active experimentations with alternative governance models and financial instruments (beyond grant funding) and stewardship of systemic place-based transformation at the scale of cities and bioregions. In the middle of the year, we hosted a 2-day gathering where 10 Pathfinders met to co-create a new vehicle and governance model for financial resources to flow towards shared, strategic missions that respond to the polycrisis. Drawing upon the excellent work of Beyond the Rules, with the Pathfinders, we developed a form of'many to many governance, and sought legal advice to ensure that everything being proposed is compatible with the scope of Trustees. current legal duties. We also continued to build partnerships with other funders seeking to support transformative work, including a relationship with major global funder Novo Foundation who have now co-funded 3 of the Pathfinders. Finally, to support the movement of resources into this field we commissioned a social ne￿Ork analysis of the ecosystem of alternative future builders across the UK. The work revealed a network of around 2,000 organisations engaged in this kind of work. While the network showed a healthy distribution of nodes and connections, it also revealed a level of f inancial precarity that underlines how poorly resourced this kind of system change work can be. The mopping underlined the critical role that Pathfinder organisations and infrastructure organisations like JRF are playing. acting as connectors and convenors of this ecosystem JOSEPH RowKfREE FOUNDATION 24 Docus¥n Envelope ID". OC195184-D36NB8CACCW9A*7A2FA3 Following 2 scoping reports from Perspectiva and Jo Wells we convened a decision-making group to identify participants for our prototype Visionaries programme. The purpose of this programme is to resource a small group of individuals who are signalling what might be required for deep transformation in current systems. We plan to ￿source these individuals for a period of 18 months, supporting them through individual funding, as well as convening them as a group to explore how their practices and thinking might weave together in ways that tell powerful stories about what it will take to shift our mindsets and values towards regenerative futures. In total, we received 68 nominations, which our decision-making group honed down to a final group of 6. The group will be supported by a ne￿Ork steward, who will work alongside them for the duration of the programme. Sti ma-free futures Since Ihe start of 2023 JRF has been exploring through a form of cooperative inquiry The issue of poverty stigma and what to do about it with a diverse team of external experts nearly all of whom have first-hand experience of the phenomenon. The first major report from the project team was published in May: Stigma. the glue that holds poverty in place, generated supportive coverage in The Big Issue and the Metro, and registered more than 1.000 readers in its first 7 days on the website, a level of interest more commonly associated with major statistical outputs such as UK Poverty. We also published accompanying blogs from design team members Heather Coady and Nkechi Deborah Adeboye, the latter (co-written by JRF staffer Ryan Heeley) describing how the project has influenced JRF'S own visual portrayals of poverty. This completes phase l of the work which shares learning and tentative recommendalions to government, charity sector, and funders. Phase 2 of the work over 2024 involved the design team developing a manifesto with grassroots organisations led by people affected by injustice. The idea is to test out whether the shared experience of being stigmatised could be a potential tool for mobilisation. The goal is to build a more powerful and larger voice around the issue which can then be used to act at different levels - embracing the 'coalitional' opprooch that this project has sought to embody by bringing different forms of expertise to make change. JOSEPH RowKfREE FOUNDATION Docu$*n En¥elwB ID." OC195184-D36tk4B8C-ACCW9A967A2FA3 Inf rastructure for change Main indicators of usage: More than 150 charitable organisations contributed data and insight to our scoping project for the Charity Data project. More than 800 practitioners joined the Collective Imagination Practice Community, and 241,000 people have viewed the programme toolkit since its launch in October 2024. Our Cost-of-Living Dashboard attracted 1,100 views in the first 2 weeks after launch. Activity in 2024 Data infrastructure Building on the discovery work carried out in 2023 the focu5 in 2024 has been to operationalise key pillars of our insight infrastructure and engage target audiences who we believe will want to harness our data. tools. networks and plafforms for their own impact. Over the year the team developed tools to help: Enrich understanding of household income volatility using close to real time banking data in conjunction with Smort Data Foundry. Build an up-to-date picture of poverty in London in conjunction with Policy in Practice, using unpublished local authority administrative data. Create local level estimates of poverty using open-source administrative data via the Northern England Insight Finder (NEIF) in conjunction with Open Innovations. People access adult social care by trialling with Access Social Care the application of machine learning to quantitative and qualitative data. Make JRF'S cost-of-living data more accessible through the creation of an accessible dashboard. Collective Ima ination The Collective Imaginotion Practice Community now represents 800 practitioners spanning the fields of local government. art and culture. and community development. The community gathers around 'huddles' focused on specific shared inquiry questions. In March, we opened 3 huddles, one looking at JOSEPH RowKfREE FOUNDATION 26 Docus¥n Envelope ID". OC195184-D36NB8CACCW9A*7A2FA3 imagination and local government; one looking at imagination and government innovation; and the last taking a more place-based lens to look at applying imagination practice in the London borough of Newham. 55 local government teams from across England and Wales applied to take part. Alongside these aclion-focused huddles, we curated a speaker series, which launched in April with an opening conversation be￿een Paul Kissack and Sir Geoff Mulgan on the topic of imagination in government. This work attracted Co-funding from a European funder, Arising Quo, enabling us to take an international perspective on these questions. In June we previewed the collective imagination toolkit at the annual local government Stronger Things conference. The toolkit is an online resource which introduces a range of imagination practices that have been developed by 19 experts from around the world. To mark the moment we also published a special supplement of the Local Government Chronicle, focused on civic imagination, with contributions from council leaders and officers, as well as imagination practitioners. At the official launch in September over 1,100 people from 52 countries registered to join the webinar. Narrative infrastructure Following the positive, if overwhelming, response to the pilot fund in 2023 we launched the Storytellers Fund 2024 in October. With insight and experience from The first round we adapted our approach, particularly in relation to managing demand and improving communications. Despite narrowing the criteria and shortening the application window this year, we again had an overwhelming response. In the 4-week application window we received 386 submissions from all regions and countries in the UK, with an overall grant ask of £12.6 million for an available budget of £400,000. We funded 5 exciting and impacfful projects including plays, podcasts and immersive virtual reality exhibitions and AI-generated art. Earlier in 2024 we commissioned cultural strategist Iris Andrews to interview 18 narrative and culture experts about how we might build belief that better futures are possible. This informed a strategy and a set of experiments we wanted lo take forward, including Seeds of Hope. a series of 18+ place- based and experiential commissions stewarded with Work and Class over the autumn. Each was designed to help people experience new possibilities in their communities, and to connect to the hope and collective action we know exists. Collectively they generated over 180 media pieces. Our joint initiative with Nationwide Foundation, Talking About Homes, continued to equip stakeholders who have voices in the housing debote to become more effective stowellers. Our ambition is to provide them with knowledge, skills and motivation to use a new narrative capably and confidently. Over 2024 we developed a bank of easy-to-use, practical guides, provided practical framing guidance through webinars and more in-depth tailored coaching sessions organisations with particularly large shares of voice. JOSEPH RowKfREE FOUNDATION 27 Docus¥n Envelope ID". OC195184-D36NB8CACCW9A*7A2FA3 Ahead of the October Budget a group of more than 60 charities came together to write publicly to the Chancellor urging her to move away from her predecessors, stigmatising language around social security. The initiative, organised by the charity Turn2Us. was sparked by conversations within the network of organisations working together (with funding from JRF) to push against negative narratives about social security. Res onse to the riots In the immediate aftermath of the anti-migrant riots JRF agreed a small package of emergency funding. We thought it important to act speedily. given the needs arising in real time. Therefore. much in the early stages was slanted towards existing partners and patterns of funding. with which we are familiar. and align with our wider strategy. The main elements were: £30.000 from JRF which joined £10,000 from Civic Power Fund and £20.000 from Paul Hamlyn Foundation towards an ad hoc fund (administered by Civic Power Fund) that more than 60 community organisations working with refugees, migrants, asylum seekers, racialised communities, and other communities facing hate could draw on quickly in the form of £1,000 emergency grants. This went towards convening and supporting groups and individuals directly affected by the violence, as well as to help, to a small degree, to cover financial shortfalls as groups repurpose their own money to respond to the crisis. This was complemenled by £25.000 in unrestricted funding to Hope not Hate to support general running costs around policy and engagement, research, community organising and education. Given their expertise we suspect they are going to be an important voice in the debates to come about the role of online plafforms in fomenting hatred and violence, and any necessary regulations that should follow. We also agreed to fund a series of 'deep listening. community conversations with a range of local and national partners to listen to the views from across Hartlepool. including those invofved in rioting. and subsequently agreed to partner with Esmée Fairbairn to develop 'deep listening. exercises in two other sites, Middlesbrough and Oldham, to understand similarities, differences and share learning. JOSEPH RowKfREE FOUNDATION DocusNJn En¥tlDpe ID." OC195184-D36tk4B8C-ACCW9A967A2FA3 JRHT JRHT'S updated strategy and core purpose, and progress made in 2024 In 2024 launched its updated strategy and core purpose and in doing so now strives to be a housing association that is sustainable and engoging. provides high quality and continuously improving services and decent affordable homes in well managed communities prioritising those in greatest need. JRHT have subsequently focussed on establishing the 4 core objectives that sit within this strategy and on the aims that underpin each of these. The below table provides an overview of our progress against these objectives, highlighting the key initiatives and outcomes that have driven us forward as well as the major achievements and advancements made in alignment with our strategic objectives. I "ATY JOSEPH ROWKrnEE FOUNDATION 29 Docus¥n Envelope ID". OC195184-D36NB8CACCW9A*7A2FA3 Objective I Decent affordable homes and well managed Communities Priorities and progress made Stock Quality- over 99% of homes meet decency standards Health and Safety complianee - good compliance but some slippage in fire risk assessment completions, re- view of checks in care, increose in resident satisfaction on maintenance (80%) and safety of home (87%) Repairs, maintenance and planned improvements - all measures on target. Increase in resident satisfaction with the time taken to complete the most recent repair (72%) Adaptations - new policy in development, approval with Board Anti-social behavitsur - new policy agreed by Board, improvement in satisfaction with handling of ASB cases (60Yo) Safeguarding - satisfactory performance in core ser- vices, further development work needed in housing-re lated services. Procedure to be reviewed A safety-first opproa¢h for people, ploces ond homes Investment in our communities ond neighbourhoods to deliver improvement ond ensure sustainability Investment - Completion of planned improvement pro- gramme in year Communal areas- Satisfaction with safety of commu- nal areas has increased (77%) Retrofit and carbon reduction - improved data through surveys and consortium in place for funding application JRHT land - good progress with planning consent on key sites in York S106 and bulk pur¢huse- increose in number of these schemes agreed and handed over in yeor Development goal - 631 homes committed in our development pipeline, out of our 1,000 target by 2029, thot ore at vorious stages, for example. site identified. planning process, in tender, in contract, on site and d livered EDI - development activity embedded in EDI strategy Grow our housing stock Prioritising sociol rent. with affordable rents options where thays not possible Significant majority of existing and proposed homes are social rent Overall JRHT rents compared to other orgonisotions and LHA- JRHT rents are consistently below Local Housing Allowance in our oreos of operation JOSEPH RowKfREE FOUNDATION 50 Docus¥n Envelope ID". OC195184-D36NB8CACCW9A*7A2FA3 Objective 2 High quality, continuously improving services Priorities and progress made High performing and ac- cessible core services for all residents Core areas of performance Improved understanding of our residents (who they are, and their needs)- boosted by Neigh- bourhood Profile System,'In Your Communities. door-knocking and work on understanding addi- tional needs Services thot reflect the needs of all our residents To be inclusive and wel- coming. To active￿ ¢hol- lenge discrimination JRHT appointed a dedicated Head of EDI in April and JRHT Board ogreed o new EDI Strategy in December 2024 Overnll satisfaction - increased (60% to 78%) Tenants Satisfaction Measures - show progress Key complaints data - number of complaints per 1,000, has increased (49%), response time has not reached target (86.5% against a target of 95%) An excellent resident ex- perience Objective 3 A sustainable and engaging oryanisation Priorities and pmgress made Regulatory judgements- Gl, V2, C2 confirmed in October, all care services rated 'good' Corporate and Strategic plan progress - we have approved and embedded our plan Financial plan - our financial position remains pre- carious, and we are dependent on support from JRF Policy Assurance Framework toryets- we have established a process Independent audit plan and programme- com- pleted Risk strategy - reviewed and updated Data management - strategy in development Well-run, financially sustainable housing trust JOSEPH RowKfREE FOUNDATION 31 Docus¥n Envelope ID". OC195184-D36NB8CACCW9A*7A2FA3 Resident voice - we have appointed 2 tenant board members, have established local resident groups and the resident assembly and have resident satisfaction surveys in place as well as a formal process for com- plaints ond compliments in ploce Colleague voice - we hove well-established Staff Council who are engaged at a senior level, we have held our first colleague engagement survey Stakeholders - we have established increased en- gagement with Hartlepool, North Yorkshire and York Councils A voice ond influence for residents, staff ond stakeholders Communication strategy - Strategy in development Resident communication group- established to improve how we communicote on key issues. Increased satisfaction that we keep residents in- formed about things that matter to you (80%) Clear, honest, transpar- ent and timely commu- nication Spend on the right things, in the right way, at the right cost, at the right time Vfm strategy and metrics - in place and reported through annual report Procurement - new strategy opproved by Board Resident voice - resident assembly feedback on 2025 budget Objective 4 New directions for JRHT Care Services Priorities and progress made All services roted good by the CQC AII JRHT Care services ore currently rated 'Good' by coc A clear understanding of the opportunities and chollenges facing JRHT care services Plaxlon Court and Harrfields Opiions appraisals completed - transition plan is in progress Hartrigg Oaks- initial consultation completed with residents on their reflections on the first 25 years of Hartrigg Oaks A sustainable future for all care services that meets the needs of local communities Care strategy will expk)re options and outcomes available for each service JOSEPH RowKfREE FOUNDATION 52 Docusign Envelope ID OC19518&D36D4B8C-ACCW9A967A2FA3 -+ Docus¥n Envelope ID". OC195184-D36NB8CACCW9A*7A2FA3 How JRF'S activities deliver public benefil JRF'S main activities are described above. Our charitable activities focus on working with others to speed up and support the transition to a future free from poverty, in which people and planet can flourish. JRHT'S objectives and activities are all intended to provide a public benefit. This is achieved through services such as: the provision of affordable homes in local communities designing and building new affordable homes providing care services that are tailored to people's needs, offering residential and nursing care as well as care within people's homes. Trustees have had due regard to guidance on public benefit produced by the Charity Commission and are of the opinion that undertaking these activities fully meets The requirements of Section 17 of the Charities Act 201110 deliver public benefit. The role of social investments Since 2015. 50A (currently notionally set at £20 million) of JRF'S endowment has been allocated to fund sociol investments. Our social investments are a mix of direct and fund investments, supporting organisations that further JRF'S overarching mission and strategy to support the transition to a more equitable and just future, free from poverty. Social investment spans across JRF'S impact pathways of directional Chonge, systemic change and infrastructure for chonge. This breadth is illustrated by the following examples from our work in 2024. In line with JRF'S focus on specific directional change, we completed an investment into Ascension Fund III which funds ventures providing solutions to the cost-of-living crisis for those on below average incomes in the UK. Another highlight among our porffolio organisations included Lightning Reach (an online portal which enables individuals in financially vulnerable situations to access a range of personalised support) attaining 158,000 registered users and focilitoting their access to £17 million of grants since inception. There was also recognition for Generation UK'S programmes in an analysis by the DWP'S Employment Data Lab which found high levels of job placement and retention for participants in its Skills Bootcamps. JOSEPH RowKfREE FOUNDATION 34 Docus¥n Envelope ID". OC195184-D36NB8CACCW9A*7A2FA3 To contribute to systemic change, we have funded organisations creating the deeper, more foundational shifts needed for a more equitable and just future. This includes our investments in Resolution Foundation's Workertech Partnership and Bellevie Care. both of which aim to foster new models of work that improve pay and conditions associated with typically low-paid jobs. We also recognise the need to build much-needed infrastructure for change in the social investment and wider financial sectors. In 2024 we approved investments in Ethex, a crowdfunding plafform that democratises access to impact investing in community and sociol enterprises ond in Foir Tax Foundation, which promotes high standards of responsible corporate tax behaviour through its Fair Tax Mark. JRF also provided further funding to Pathway Fund, the UK'S first impact investment wholesaler dedicated to catalysing opportunities for black and ethnically minoritised communities across the UK. We are particularly proud to have funded the launch of Pathway's groundbreaking First-time Fund Manager Incubator and the initial cohort of 3 fund management teams. Alongside meaningful social impact, social investments are also expected to deliver a modest financial return. However, the overriding purpose of the commitments is to contribute towards the achievement of JRF'S vision and mission. Our investments From 2015 through 2024, JRF committed £16.5 million to 37 social investments. The following 33 investments were active as of December 2024, with values shown reflecting the total original commitment made by JRF. Over the years we have made social investments aligned with JRF'S current focus areas, from housing, deep poverty and destitution, to care and work. Housing Funding Afft)rdable Homes (FAH) - £500,000 FAH is a fund of approximately £90 million. which was launched in 2015. investing in general needs and specialist affordable housing in the UK. The fund cur￿ntIY has deployed capital across several schemes. Hartlepool Housing Heroes (HHH) - £75,000 The HHH project is run by Hartlepool NDC Trust with Let's Connect Hartlepool, in partnership with JRHT and the Hartlepool Action Lab. HHH purchases properties for young care leovers to refurbish and move in to, and supports the young people's transition to adulth¢X)d. London Community Land Trust (London CLT) - £IOO,000 London CLT works with teams of local residents to create permanently JOSEPH RowKfREE FOUNDATION 35 Docus¥n Envelope ID". OC195184-D36NB8CACCW9A*7A2FA3 affordable homes that are priced according to local income and are owned by local people. London Rebuilding Society (LRS) - £250.000 LRS helps older homeowners, who are income poor, to manage and finance the refurbishment of their homes to a safer and greener standard so that they can live longer and better in their own homes. Micro Rainbow International - £400.000 Micro Rainbow International provides safe temporary housing, move-on support and social inclusion activities for LGBTQI asylum seekers and refugees in the UK. National Homelessness Property Fund l (NHPFI) - £500.000 NHPF provides move-on accommodation for people at risk of homelessness. The £44 million fund has purchased homes in Oxford, Bristol and Milton Keynes, and works with St Mungo's and Developing Health and Independence to support tenants so that they can transition into the private rented sector. Social and Sustainable Housing (SASH) - £I.000.000 The £65 million SASH fund provides flexible Icons to small- and medium-sized charities across the UK to finance the purchase of properties to house people experiencing poverty and hardship. Women in Safe Homes (WISH) - £300.000 The £29 million WISH fund provides safe. secure and affordable homes to women and their children across the UK. It works with women's sector organisations that provide specialisl support to women who are survivors of domestic abuse, are leaving prison or have complex mental health problems. York Refugee Housing - £500,000 This investment is for the purchase of up to 3 homes for refugees in York. The properties aim to provide housing for those facing complex situations, such as those with disabilities, who would otherwise struggle to access suitable accommodation. Social impact funds Ascension Fund 111- £250,000 Ascension Fund III is a tech-for-good impact fund which has reached first close at £20 million. It aims to invest in tech solutions that can significantly mitigate the effects and drivers of the cost-of-living crisis with its disproportionate impact on lower income households. The fund's imF)act themes are l) increased income opportunities, 2) reducing costs of essential goods and services, and 3) improved health outcomes for UK households in the lower half of income brackets. JOSEPH RowKfREE FOUNDATION 36 Docus¥n Envelope ID". OC195184-D36NB8CACCW9A*7A2FA3 Big Issue Invest Social Enterprise Investment Fund II (SEIF II) - £500,000 SEIF II is a £24 million fund that invests in social enterprises and charities with sustainable business models. The fund has invested in organisafions operating in areas such as social care, early years education, financial inclusion, mental health and employment. Bridges Inclusive Growth Fund (BIGF. formerly known os Bridges Evergreen Holdings) - £500.000 BIGF makes long-term investments in for-profit organisations with a clear social mission. The fund size is approximately £60 million. BIGF has invested in organisations operating across impact areas including fuel poverty, affordable housing, healthcare for older people, education and care for young people with complex needs. Fair by Design - £3,000.000 Fair by Design is a £15 million fund, which was set up by JRF and Big Society Capital in 2015 to invest in early-stage ventures that find fairer ways to serve low-income consumers, tackling the poverty premium in key sectors such as financial services, energy, insurance, household goods and food. Growth Impact Fund (GIF) - £250,000 GIF is a fund that invests in early-stage. growing organisalions that tackle inequality in the UK and which have diverse representation at board and leadership level. The fund and an associaled grant-funded technical assistance programme are jointly managed through a partnership be￿een Big Issue Invest and UnLtd. Key Fund, Northern Impact Fund 11 - £500,000 Key Fund has a 20-year track record of investing in communilies and social enferprises working in disadvantaged areas in the north and Midlands of England. Northern Impact Fund II is a fund that supports organisalions fo develop or grow trading activity in the north and Midlands with blended grant and loan financing. Mustard Se•d - £500.000 JRF has invested in a managed account, run by Muslard Seed, which invests in for-profit social purpose enterprises. North East Sociol Investment Fund (NESIF) - £500,000 NESIF is a £10 million fund that supports charities and social enterprises across the north-east of England. The fund has invested in approximately 30 organisations across impact areas including social care, education and mental health. JOSEPH RowKfREE FOUNDATION 37 Docus¥n Envelope ID". OC195184-D36NB8CACCW9A*7A2FA3 Pathway Fund - £120,000 (repayable grant) Pathway Fund is a new initiative founded in 2022 to catalyse opportunities for black and minority ethnic communities. across England, through social investment. It aims to act as a wholesaler in the social investment sector. Financial inclusion Fair Finance - £180.000 Fair Finance provides microlending and financial advice to individuals excluded from mainstream banking. It is particularly focused on serving areas of need in London. Fair For You - £500,000 Fair For You offers loans for the purchase of white goods and other essential household goods. This has enabled low-income consumers to benefit from the provision of flexible, low-cost credit. Five Lamps - £500,000 Five Lamps is a microlender based in the north-east of England providing low- cost flexible loans. Great Western Credit Union - £350,000 Great Western Credit Union (previously, Bristol Credit Union) is a community credit union committed to serving Bristol, Bath and the surrounding areas. Leeds City Credit Union - £250,000 Leeds City Credit Union is one of the largest credit unions in the UK. Lightning Reach - £lOO,000 Lightning Reach is a fintech-for-good start-up, which connect5 individuals in financially vulnerable situations to the personalised financial support (including benefits and discretionary support schemes in the UK) they need through its online plarform. Work and care Bellevie - £400,000 (2 investments) Bellevie is a home-care provider applying a Buurtzorg (NetherlandsFinspired operating model in the UK. This apprcoch facilitates home care workers to work in small self-managed teams, thereby increasing flexibility and autonomy. This in turn translates into improved employee wellbeing, satisfaction and patient care. as well as providing cost savings. Bellevie is also an accredited Living Wage employer in a low-paying industry. JOSEPH RowKfREE FOUNDATION Docus¥n Envelope ID". OC195184-D36NB8CACCW9A*7A2FA3 Generation - £200,000 Generation offers practical training bootcamps and employment support to help people into life-changing careers that would otherwise be inaccessible. If focuses on supporting people who face multiple situational or demographic barriers to work and are disproportionately affected by un- or underemployment. Glasgow Together - £250.000 Glasgow Together has created employment opportunities for ex-offenders in the construction seclor by building new affordable homes and bringing empty properties back into use. London Early Years Foundation (LEYF) - £187,010 LEYF operates a cross-subsidy model for children's early years education that makes it more accessible to children from lower-income households. Over half of LEYF'S nurseries are rated 'outstanding' by Ofsted and over 70% operate in deprived areas. RefuAid - £420,000 (2 investments) RefuAid helps those with refugee status to access language tuition. education. finance and employment. Its Equol Access Loan scheme provides support by offering interest-free loans of up to £10,000 for refugees to pay for U K accreditotion. requalification or training. thereby facilitating people to return to employment in their professional fields. Resolution Foundation (Workertech) - £150,000 The Resolution Foundation's Workertech Partnership aims to finance and support new sociol ventures that are seeking to use technology to improve the prospects of workers in the U K. Timewise - £250,000 Timewise is a social consultancy working to unlock the flexible jobs market in the UK to enable Those who need flexibility to find good-quality jobs. By Tackling the lack of decent flexible work, Timewise aims to reduce in-work poverty and gender inequality. Community Fair Tax Foundation - £lOO,000 Fair Tax Foundation's mission is to see business everywhere make a fair tax contribution and to recognise and celebrate responsible enterprises leading the way through its Fair Tax Mark accreditation scheme. YMCA Robin Hood Group - £500,000 YMCA Robin Hood Group is the largest YMCA in the Midlands, with services including supported housing, residential care for children, health and fitness, JOSEPH RowKfREE FOUNDATION 39 Docus¥n Envelope ID". OC195184-D36NB8CACCW9A*7A2FA3 and support programmes for children and families. JRF has committed funding to develop the Community and Activity Village in Newark and Sherwood. The project seeks to tackle root causes of underlying social and health problems to provide better opportunities for young people from deprived backgrounds, while also creating new jobs in an economically disadvantaged area. JOSEPH RowKfREE FOUNDATION 40 Docus¥n Envelope ID". OC195184-D36NB8CACCW9A*7A2FA3 Risks and uncertainties Trustees ore responsible for setting the risk appetite for JRF. All staff hove o responsibility to identify and manage risk throughout the Group. Separate risk management strategies are in place for JRF and JRHT. Each risk. whether in JRF or JRHT, is ossessed for its likelihocé and its impact both before and after controls ('inherent risk, and 'residuol risk,). Controls ore identif led together with responsibility for the management of each risk Where necessary. actions to improve the monogement of the risks are identified. The following principal risks and uncertainties have been identified for the Group. These include the most significont risks within JRHT. JRF Trustees and the JRHT Board hove considered the risks to which the 2 orgonisotions are exposed ond hove token appropriate steps to ensure controls ref lect the level of risk appetite. RISK MITIGATION REPUTATION Risks orising from JRHT activity ore reported to the JRHT Board by the Managing Director. There are strong internal quality assurance processes in pbce in JRF team5 and a robust strategic communication5 pbnning process to structure the roll-out of external-facing outputs and messages. Risk to the credibility of, and trust in, the organisation COMPLIANCE AND REGULATION As a chority, JRF is registered with and is regulated by the Charity Commission for England and Wales and the Scoff ish Charity Regulator. JRHT 15 regulated by the Regulator of Sociol Housing and Care Quality Commission. Regulatory requiremerits are tracked, and gap analyses undertaken on at least on annual basis ond regulators are notified where needed. A standing report is presented to the Audit and Risk Commirree each quarter, providing details of any regulation or inspection reports received and highlighting key risk areas communicated with the regulators. Inspection by the Regulator of Sociol Housing (RSH) during 2024 retumed compliant gradings for G¢)vernonce, Finonciol Viability and Consumer Standards. Failure to comply with any regulator's requirement5 Dedicated compliance roles are established. Actions arising from inspections and oudits are tracked ond monilored. with progress regular￿ reported to the relevant leadership teams and the Audit and Risk Committee (ARC). JOSEPH RowKfREE FOUNDATION 41 Docus¥n Envelope ID". OC195184-D36NB8CACCW9A*7A2FA3 RISK MITIGATION The Audit and Risk Committee (ARC) receive annual reports on Health and & Sofety in both JRF and JRHT arid agree priorities for the forthcoming year. JRHT Board receive regU￿r health and safety reports. Complionce framework for'°Big 6,° (Fire. Lifts, Electrical, Gas, A5best05 and Legionella) hos been developed with extemol legol support. In JRF and JRHT F)olicies are in place for safeguording, and health and safety. These are supplemented by training at induction and on a refresher cycle. Safety and wellbeing of our residents. employees, visitors, contractors or members of the public Failure to adequately comply with the General Dotc Protection RegulaTion (GDPR), other UK laws, sector- specif ic regulations and contracts relating to data and technology Information governonce and security policies a￿ in ploce. A dedicated Information Security Manager is supported by other sector-specific compliance managers. Retention policie5 have been established. There is mandatory doto protection training for all staff. We have a comprehensive picture of which systems are at or close to end-of-life and contingency plans are developed where indicated. Business critical systems no longer being supported and/ or technology plarforms no longer being aintained, or with key gaps in functionolity/ coverage Replacement Housing, Finonce and Purchasing systems went live in 2024 and a programme to replace Asset Monagement, repairs and compliance systems is underwoy and due to go live in 2025. Core elements of technology infraslructure upgraded and provide improved resilience. Agreement to repk]ce internal intranet reached for action in 2025 OPERATIONAL/SERVICE DELIVERY Operations disrupted by external factors beyond our control. This include5 disruption 0$ a ￿SuIt of a cyber- ottack ond / or lock of readiness when outages or emergencies occur A corporote emergency protocol is in Pla￿ with local disaster recovery and business continuity plans developed at department and operational level. Suite of technology system controls in place to reduce the likelihood of a successful eyber-ottack. Response plan mointoined and tested for a cyber-attack. A programme of phishing simulation tests underway to raise colleague awareness of and response to such threats. Active window. door and boiler replacement programme and insulation measures to deliver energy efficiency measures are underway. A condition survey of all of our housing stcKk including Energy Performance Certificate (EPC) and associated thermal performance dota surveys has been completed. EPC C and Net Zero scenarios are being modelled for budgeting and planning purposes. A detailed analysis of energy consumption oeross the JRF Group has been conducted and an action plan to compw with ESOS Phase 3 is being prepared. Risk of being unoble to achieve the Goverrnmenfs Decarbonisation targets due to a550ciated costs, complexity of solution5 ond resource needed to deliver chonge JOSEPH RowKfREE FOUNDATION 42 Docus¥n Envelope ID". OC195184-D36NB8CACCW9A*7A2FA3 RISK MITIGATION FINANCE Our defined benefits scheme is now closed and we onty have def ined Contributions pension schemes available. A comprehensive report prepared by a leading independent pension adviser with particular experience in the SHPS scheme was presented TO the ARC. This included a review of The effectiveness of current def ined contribution arrangements, oversight of legacy obligations in relation to defined benef its and outlined changes to arrangements that align with organisational objectives. Further discussions will be progressed with Trustees including the desired/ required benefits for staff. To mitigate the risk of F)ayments increasing moteriolly, JRF hos. since 2019, op￿led defined benefit accounting, which means that the scheme ossets are measured ot fair volue and liabilities on on actuarial basis. At the end of 2024, there was a decrease of the pension liability from £8.4 million to £6.3 million. Pension risks Cost of defined benef its pension deficit payments increases materially Current def ined contributions pension scheme does not deliver desired and required benef its for staff PEOPLE AND CULTURE Heads of EDI appointed in both JRF and JRHT to provide expert15e. A JRHT EDI strategy approved by the JRHT Board and JRF EDI strategy is being preF)ared aligned to new strategic approach and will be approved by Trustees during 2025. We have active Race Equity, LGBT+. Disability and Women's Staff networks. Our approach to EDI doe5 not match up to our stated ambitions ond principle on equity. Regular review and discussion take place of workforce data ond recommendations in relation to strategies to mitigate risk areas and identify opportunities. Employee Value Proposition prepared in both JRF and JRHT. Colleague surveys completed in both JRF and JRHT with action plans in place to address any areas of concern. Annual review prJnls8d in thè ￿ll0d. All Incom8 and eX￿ndItur8 darfv&s from continuing activities. The Notes on pages 74-100 form part ofthese Financial Statements 71 En¥•lop• ID". OC195184-D38(k4B8CAcc&849A967A2FA3 Joseph Rowntrée Foundation Registered Charity BALANCE SHEEr as at 31 December 2024 Group Parent 2023 2024 2023 2024 Notè £'ooo £'ooo £'ooo £'ooo Fixed Assets Tangible Assets Intangible A55ets Homebuy Loans Investments 10 218.995 1,139 1.913 203,655 2.167 1,134 2,430 1,192 1,198 12 1,962 423,469 410,858 11.140 11.145 13a 414.258 11.145 420,069 11,140 Programme Related Investments 13b 647,450 641,424 425.304 434.831 Current Assets Properties held foi s￿e Stc¢k Debtors Cash and Cash EquNalents 14 3.135 88 2.733 16,588 22,544 2,263 85 2.657 15 6Q2 5,829 6,431 725 10,344 725 ities Credilors.. Amounts falling due within one year Net Current A88etsl(Liabilities) Total Assets Less Cufrgnt Liabilities 18 11,683 10,861 6,230 201 6.821 {6.096) 428.735 {1.786) 639,638 425,505 658.311 Creditors: Amounts falllng due after more than on8 y&ar Net Pensions Liabillty 17 {85,970) (83,848) {470) {6,280) 18,3741 (6,280) (565) {8,374) 566.061 547 416 418.755 419.796 Funds Restricted Funds Unrestricted FoundatK*n Capital 98.311 467,750 99,098 448,318 418.755 419,796 Total Funds 566.061 547.416 418.755 419.796 The Financial Statements were approved by the Board of Trustees . They were signed on its behalf by .' Trugtse Carol Tonnahlll 10 July 2025 The Notes on pages 74-100 form part of these Finan￿al Statemenls 72 Docus¥n Envelope ID". OC195184-D36NB8CACCW9A*7A2FA3 Josgph Rowntrg9 Foundatlon R•gl8tored Charlty CONSOLIDATED STATEMENT OF CASH FLOWS for the year ended 31 December 2024 2024 2023 Rvtsted £'ooo £'ooo £'ooo £'ooo Net cash oufflow from operating activities 19 {22.897) {20.99n Cash flows from Investlng actNitles Interest received Purchase of other fixed assets Proceeds from disposal of other fixed assets Homebuy Loans redeemed Purchase of quoted investment8 Sale of quoted investments Purchase of other investments Sale of other investments Social housing grant received Social housing grant repaid 182 119,4401 2,361 112 112,7591 2,373 60 173,3171 112,267 145,4271 46,684 1,460 (50,9511 95,685 149,3561 48,575 2,610 (151 29,700 31,453 Cash flows from Flnanclng actlvltles Interest paid Taxation Increase in Capilalised ccmmunily fees Increase in Hartrigg Oaks residerKe fees Decrease in bank loans Bonds and108n stock repaid {2,3881 (2,456) 23 309 2.899 19,0211 25 15 1,505 1241 50 (942) {8,271) Management of Ilquld resources Decreaselllncrease)ca5h held for investment N•t change In cash and cash •qulvalonts Cash and cash equlvalents at 1 January Cash and cash equlvalents at 31 December 5.388 11,249 5.339 16,588 3.326 {1,141) 6,480 5,339 Anafysis of changej in net debt At 1.1.24 £'ooo Other non cash changes At 31.12.24 £'ooo Cash Flows Cash Bank Loans due within one year Bank Loans due greater than one year 5,339 (241 (37,6401 11,249 24 16,588 126) {37,614) 1261 26 Net debt 32,325 The Notes on pages 74-100 form part ofthese Financial Statements 73 Docus¥n Envelope ID". OC195184-D36NB8CACCW9A*7A2FA3 Jo¥gph Rowntrg9 Foundjtlon RoglBtwed Chartty STATEMENT OF ACCOUNTING POLKES 1 Legal status Jo$eph Rowntree Foundation IJRFI is a charity register¥d the Charity C¢ynmI$6i￿. JRF th8 parent of a Group ccfflprisir#J the following.. Joseph Rowntree Hou51ny Trust IJRHT) is a chaNty registered Ihe Regulator for Social Housing Iregistrabon number 50791 and Charity Commission. JRFtr Is 8 C¢Jnmunity Bènofit Society Irogi$irab"tsn nurnber 82091 and its registwed officg is Tho Homestead, 40 Water End, Yort(. Y030 6WP. Clrfton Estate Lmited ICELI 1$ a pnvate Mmpany limited by share Caprtal, regislered uThJer the Companies A¢t 20C6 and Incorporatsd in En9bnd. hs registered officé 1$ The Homestea¢l, 40 Water End. York, Y030 6WP. JRF own$ 100% of the share ¢aprtal of CEL Basig of accounting The Financial Statery*nts of JRF meet the requirements ol its of A$so¢iats"on and have been p￿pared underthe historic cost ¢onvenb"on m(KI1r￿ to indude the vajuation of Inwe$trnonts in accordan¢o Wth appli¢able a¢￿)UntIng $tandards, the Charib¥s Stste￿￿nt ol Re¢ommended Practi￿ effecb.ve 1 January 2019. Finanual Retx)rting Standard 102 IFRS 1021 an(1 compty wrth the Charibes Act 2011. JRF is a public benefit entty in accordan￿ with FRS 102 CEL has not been wnsolKlated into these financial statements on the basis that rts resulb are immaterk81 to the Group. JRF has taken advantage of lh8 exemption under section 408 of th8 Compan￿5 Acl 2006 frorn presenting its own statement of rinanaal activities. JRF'S net expenditure tefore investment rnOV8ments was £22.05rn12023.. £19.4rn1. The Financial Ststements are pr6sented in Stsflng 1£). Fund Accounting The JRF endolwnent 18 8n expendS￿e endowment fund. no restricted or deS￿nated reserves. Trustees have power to spend both income 8nd capital, but have sat a finanoal objectNe that the18vel of sp8nding and the value of th8 endow7nent should b8 maintained in real terms. A 8UStainat18 kvel of annual spending 18 d8temiin8d to meet this objective by referenc8 to prqect8d totsl return frcffi th8 inve51rnents and future innation. Th8 distribution rate for 2024 was 4.6% per annurn. Tha JRHT fund is a r8stric18d fund whereby funds can only ba spent to further the 5peufic obj8CtiV8s of tha Community Benefrt So￿ety. Going Con¢•m The financial stat8rnents Shrpw that. at the end of 2024, the charity had invest￿Ents of £422.0 rnill￿n compared with its annual expenditure of £57.1 milli￿. unrestncted capital reserves remained rElativety fiat during the year, dpcreasirrfj by £1.0 rnillion to £41&8 million, investsnerrt gains offsèt expenditu￿. - the vasl majority of tt)e investment portfoh'o195%1 Is invested in easity tradeabk assets. As such these funds are relativeiv easy to a¢¢es$. - th6 Charity ha$ no dgbL In December 2024, JRF'S Twstees fom)ally approved the charws budget for 2025. Separateb, the amount of ¢ash required to fund activ￿88 over the year was calculated and arrangem8nts ￿re put in plats to liquidate inv88tments. Provisional c2lculatons have also ixen prepared for 2026 to ensure there is surricient IKiuidty Mrilhin the portfolio. The arrangements with investment managers allow the amount$ s¢hedul8d to Èe dr8wn down to be reduced or iD¢rea8ed at $hort noti￿ should ¢ash requirements ¢hanga Despit8 JRPS signifKant inv8Strnenl holjings, rnanag8ment has.. -prcduc8d a stressed casmrpw forecast to tsst that, in all situations, JRF will have 8cce5S to suffich8nt Iv4uid fund5 to meet ts comrnilments. - satiSf￿d itsel that rt will contsnue to be po5511￿e to drawfunds do￿ from its InVeSt￿￿nt pormio even in a stressed scenario. JRHT undertook its own s(*nario anatysis to understand the finanaal impacts of 8dverse changes to the extemal and internal envirgnment In addition. an as8e8$ment h88 been undertaken to understsnd how extreme ￿nariO8 wguld need to become befo covenants were breached. This shows that Ihere would need to b8 a vary significant d8t8ri0rat￿n in Ferfornlan￿ to breach th8 int8re8t covenant and a rapid and substantial increase in debt to risk a breach of the gearing covenanL At the gnd of thg finanrial year, JRHT ha$ unu8frJ borrwng f8rilib'g$ gf £50 million. Al of thg totsl unused fa¢ilitlg8 relats$ to e loan faulity wrlh JRF and thi8 ha8 been di6c*)$8d in the related party tran8action8 to the acojunts. Th8 faality was incr8a8ed to £75rnillion in January 2025. Based on above. Trustees are of the opinSon that the Group h8s adequate resources to ets)tinue to operate Trmthout disruption for I0￿see8b￿ future, at least untsl to 31 December 2026.As such, it is appropriate to adopt the going toncèm basis for the 2024 rinanual statements. 74 DoGusign Envelope ID." OC195184.D36D4B8C-ACC8-849A967A2FA3 Josèph Rowntree Foundation Registered Charity STATEMENT OF ACCOUNTING POLICIES Icontinuedl Slgnlficant PAanag•ment Judgamants The following are the signfficanl management judgements made In applying the accounting policies of JRF that have the most significant effect on the finanoal ststements Judgements lil Timing of grant eommitments Msnagement eslirnates the vslue of grant commitments payable within one year by looking at the average exp8nditure over previous yesrs and applying this as 8 wrcentage to the year end creditor. Since expenditure varies from year to year this represents an estimate of sums due. Tha liabilty at 31 December 2024 due within one year was £5,050,000 and more th8n one ye8r was £470,000. 1111 Impalm)ont As part of JRHTS continuous review of the performan￿ of 8ssets, management identify any properties or schemes that have increasing void losses, are impacted by policy changes or whar8 the decision has been made to disposa of these prowrties. These factors are considered to be an indication of impairrnent. whe￿ there Is an Indication of Impairment, the assets a￿ written down to the ￿COVerable amount and any Impairment losses a Charged to operating surpluses. Management ¢onsiéer there to be no indicators of impaiment In either 2024 or 2023. liiil Meryer Accounting Management. having reviewed the true and fair override Impliot in tt)e Charities SORP. Considered it appropriate to p￿pare the rinancial statements on a merger accounting basis when the Group began operating on 1 January 2020. Estimation Uncertainty Information at>out estimates and assumptions that have the most significant effect on ￿COgnitiOn and Measu￿rnent of assets, liabilitie$, income and expenditure is provided below. A¢tually results may be diffe￿nt lil Usefvl lives of depreciable assets Management ￿VieWS its estimate of the usefu1 lives of depreciable assets at ea¢h reporting date based upon the expeded utility of the assets. Un¢ertaintiès in these e$timates ￿late to te¢hnological obsoles¢en¢e that may change the utility of ￿rtain software and IT equipment, housing property a8sets which are split Into different components that are depreciated using different useful economic live8 requiring estimation and the useful economic life of office buildings. Group accumulated depreciation at 31 December 2024 wa$ £46.685.00012023.' £42.105.0001. Parent a￿UmUlated depreciation at 31 December 2024 was £2.493,00012023.. £2.054,0001. lill Retirement Benefits S¢heme assets are measU￿d at fair value. S¢heme liabilities are measured on an aduarial basis using the proie¢ted unrt credit method and are discounted at appropriate high quality Corporate bond rates. As al the yesr ended 31 December 2024, the net defined benefit liability in respect of SHPS-DB was £6,280,000 which has ￿en recognised In full in the balan￿ sheet. The movement in the Scherne deficit is charged or credited to the actuarial gain or loss reported on the fa￿ of the ststement of financial activities. Management review the assumptions applied to the actuarial valuation each year and consider the sensitivity of the valuation to the variables Ihereon. The independent actuary appointed to V81ue the schemes as8ets and liabilities e81im8tes that a 0.3OA shift in the discount rate could result in an increase in the overall deficit. amounting lo £1.40m. Similarly. a 1¥0 increase in pay inflation above actuarial assumption8 would incre88e the overall deficit by £0.05m and a rise in general inflation of 0.30A more than that assumed results in an increased dèficit of £1.1 m. M8nagement is comfortable that the assumptions it has used are appropriate for usa in calculating the scheme's defi￿t. liiil Recovery of Social Investment Management have induded social investments at their book cost 01 market value (where there is a reliable sourcel les5 any provisions and revaluations. Social Investments that are loan5 are accounted for at the outstanding amount of the loan less any provision for unrecoverable amounts. Unquoted equity or bonds, 50C131 Investment funds and p3rtner5hips. and similar social investments are held at cost. less any provision for diminution In value, unless JRF Is able to obtain a reliable estimate of fair value. Judgements on ￿liable estimate takes on a range of fa¢tors Induding availability of independent verification of tt)e underlying holdings, re(tnt entrants to and exists from funds. For the year ended 31 December 2024, the value of social investments net of new provisions of £409.000 and revaluations in the year of £410,000. was £11.146,000. Management has assumed that social invesknenls will be fully recoverable unless, through routine monitrjring, there is evidence of impairment. 75 Docus¥n Envelope ID". OC195184-D36NB8CACCW9A*7A2FA3 Jo¥gph Rowntrg9 Foundjtlon RoglBtwed Chartty STATEMENT OF ACCOUNTING poL￿Es Icontinu•dl Significant Management Judgements (Gontinuedl Esymatlon Un¢•rtalnty l¢onfjnu•dl (lvl Fairv4lu• m•asurement Managernent uses valuation techniques to deterrnine the fair v￿ut of financial instruments Iwhere aL*ve market quote5 a￿ not available) and noTrfinanrial a55ets Induding investment pTvperb"e5. ThL5 invdves developing estimates and assumpts"on5 rA)ns15tent with how market patb"cipants WOLld pri¢* the instrument or ass￿. Management basè$ its assumption$ on observable dala as far as possible but this is not aTrways available. In that case management uses the best infom)ab"on a¥a1￿ble $u¢h as ¢omparable marftet data and discDunled future ¢a$h Tr)ws. Esb"mated fair values may vary from actual price% Fair value Measu￿Ments have been applied to bonds and loan stod( and investrnent proportie8. The totsl values of these at 31 ￿e￿mber 2024 were £765.C¥)0 12023. £837,000) and £3.400,00012023 £3,400,OCPJl resp8ctively. Iv) Shared ownership sal•s porcentays Future shared 0￿￿e￿h1p sale5 at are estirnated at 45% reflecting the percerrtage of each property expected to be scld at ompleb"on. Thi$ percentage is a$suTY*d when pr¢4e¢ts are appraised. This estimate in1)Jen￿$ the valuè of work in pr¢gre$s propgrties held for Sakn witt)In debtors and shared ownorship a$$ots under devdopment In houslng land and bulldln9$. Tho total value of both these at 31 Decernl￿r 2024 was £674,000. Turnover and rnv•nue rncognltlon Income from UK and Overneas E4uit*s 1$ brought into acGount on the tlate that the stock is dedared ex4Jividend. IncL)me from overseas equths a￿ stated in sterfing at the prevailing ¢xt*ange rate. ￿1 other income 1$ a¢wuntsQ for on an accruals basis. In￿me which 1$ receivad diTr¢ty Into managed fund$ Is arxounlgd for within the Statoment of Finanoal A¢twib'g$ a corresponding amendment being made to the movement on the market value of the in¥estmenL Hwsing A$so¢Aation tumover comprises rental and fee income receivab￿ In tt)e year, In¢ome receivable Irtyr shared ¢)wn8rship first tran¢he sales, olher goods and Servi￿ supplied In the year lexduding VATI and grants receivable in the year. Rontal incom8 is recognised at point when propertN85 under d8veloprnent reach practic81 ccXnFl8t￿n or othèrwisè ￿COMe available for18tling. not of any voids. Rental I￿orne is Ih•n mC￿nised in lin? wlh the tenancy agreernent for the period this 15 in 8XiStence. S•rwice charge income is r•cogni58d in the F42ri0d to which it relates, n•t of any V0￿S. Charges for care and support services funded under SUPKX)rtSng pe￿Ie aThJ loca aulhorfty care contracts are recognlseil as they fall due under the contracbjal arrangements wrth the Administering Authoth"es. Govemment grant income received fDr the acqui5itK)n or developrnent of propeitie5 is credrted to re51ricted lunds when receivatrAe providing any conditions attaching to the grants are fulfilled. Vvhere, at the balan¢* sheet date, condi*ons rernain unluifilled, the 9rants aro dotsrred pending sab"sfa¢tion of ￿￿$8 condib"on$. Sak88 of Housing Land and BU1￿1ng8 are recojnised on Ihe date of th8 leg81 compk8b.on of the sa18. Th8 proceed5 of Sa￿ of Ihe first tranch8 of shared ownership properb8s ar8 Statsd nel of any contributicfi required to cross subsdise Olher dements of the 5chem8 concerned and are induded in tumover. sU￿lUSe$ on subsequent tranthes and from other sales are recoynised in their entirety in the Statement ol Financial Activities on the date of the legal (x)mpletion of the $ale. At JRHfs Extra Carg xhemes the Trust 1$ ¢ommrtw to buying bac* property on tho terminab'on of the ￿aSe. The pri￿ paid to the outgoing ￿Sident 1$ Ihe original price paid ￿u$ a percenta9e of the equity appreryation and is induded in 8uWuse8 on sale. The rwnaining equity apprety8t.on is retsined by JRHT. In￿*tM&nts 111 Quot•d Invulm•nts. Prop•rty UnltTrusts •nd Other Investments Quoted Investrnents, Property Unit T[￿ts and other Investments are induded in the Balance Sheet at market valu? on the Balance Sheet date. Overseas Investrrents are Induiled at marflet value at the prevailing oxchange rat& at the Balance Sheet date. Income from overseas investrnents 1$ $hown at the prevailin9 ex¢han9e rale at Ihe bme of receipL 76 Docus¥n Envelope ID". OC195184-D36NB8CACCW9A*7A2FA3 Jo¥gph Rowntrg9 Foundjtlon RoglBtwed Chartty STATEMENT OF ACCOUNTING POLKES Icontlnu•dl Inv•stmgnts Icontinugdl 1151 Propertlej Hekl for Investment Properties hekl lor invesbnent are held at fair value with1n the Statement of Financial Posrtion wth 9ain$ and losses re¢ognise£l in the Ststement of FinanrAal A¢bvrties. A formal independent valuab.on of dI￿¢11Y manrfed invesbnent properbes in accordan￿ witt) the RICS Valuation Standards guideline8 is obtained every th￿& to five yea￿. The histori¢ cosl of propeFtie6 includes diredy attributable financ8 costs which wer8 capital'sed unb'l th8 property raached practical cOMp￿tr.0n. 11511 Soclal Inv•ilm•nts S¢xial Investments 8re pro9rarnme ￿lated 1nvestrn￿nts, as defined by the Charity Commission and represent fundin9 to organisab"on$ in order to furthor JRF$ Charitsble objo¢ts. Th& primary purpose of Social Investsnents 1$ to provKlo a soual rotum rather than a financial retum. Socia Investments that are k)ans are a(*x)unted for at the outstandin9 amount of the loan less any provision for un￿¢oVer￿￿e amounts. Unquoted equity or bonds. S￿￿81 inve$trnenl funds and p8rtnership8. and simi18r $o¢ial inve8tmgnts are at cost b88 any provi$ion for diminution in vakJ¢. unle88 JRF is ab19 to obtain a reli8N8 98timats of fairvaluo. FSxed Assets 111 Houslng Land and Bulldlngs Housing Land and Buildings, which indudes propertie5 for K8thng, residential care hom8S and extra care sch8rn85, are statEd at C05t and indud8s propertie5 in th8 COU￿ of construction which 8re being d8V8Iop8d wrth 8 vh8W to JRHT retainirrfj a long.t8 Interest. C05t of Hou51ng Land and Builjings Indudes direcdy attributab￿ rnanagernent expenses and directy attn"butat4e finance costs which are capitslised until th• propgrty rèaches practical cornpjgtion. Th• c05t of Pr￿1990 r8nt8d property in N8w E4r5wck wa5 re-statsd at the Existing Use Valu8- So￿31 Housng as at 31 Docèmbor 2013, in accordan￿ wilh the SORP atthattime. The infft85e in c05t is reflected through a Revaluali¢)n Resefft. Costs of mod8misth.on and r8improv8rnents to existing prop8rb"8s are capit81i8ed rfth8y r8suIt in the replacement of a component or •nhancemont tsfthè oeonemie ￿nOfft ofth• Strueturo. 1111 Shar•d Own•rnhlp Pro￿rtI Induded within Housing Land and Buibjings is JRHfs retained interest in thvellings develoFed on Shared thvner8hip terms. Under Shared Ovmer8hip arr8ngements Ihe purchaser acquires a porbon of the equity of the prqxrty and h8s an option to acquire at any tim8 further porbons up to a lirnit d8tsrmined by JRHT.. Th8 price payab18 is a corresponding portion of th8 mathet valu8 of th8 propety at Ih8 date of the initial purthas8 or the eK8fci88 of Ihe option. A rent 18 payat48 on any porbon of th8 8quty which 18 retained in tha JRHfs own8r5hip. At the discretion of JRHT. the tems of tenure k*tsveen rent, shared ownership and outri9ht ownernhip ¢4n be varied ¢)vertim The book velue gf JRHf$ retsined interest in Shared Cmership prop¢rbe$ 1$ staled at ¢¢¢t. F4u$ ￿$t of equity $ub¥equent repurch888d by JRHT. The book value ofthe equty in Shared (kne￿h1p Properb"es held fcf res8￿ 18 induded within CunEnt As%ts as Housing Stock Hold for Rosa￿. 77 DoGusign Envelope ID." OC195184.D36D4B8C-ACC8-849A967A2FA3 Josèph Rowntree Foundation Registered Charity STATEMENT OF ACCOUNTING POLICIES l¢ontinu•dl Fixed Assets Icontinuedl liiil D•ferrnd Land JRHT has a number of housing s¢hemes where land has been pur¢hased on deferred ¢onsideration terms. Where the tems allow for final payment of the land value to be made by a specified date. the liability has been re¢ognised at the net present value of e8timated future eash flow8 and the value of land within Housing Land and Buildings has been incrÈ88ed accordingly. Where no dale for the purchase of the land exists, the liability 18 shown within contingent liabilities. livl Hartrigg Oaks Hartrigg Oak5 reP￿SentS the cost of construction of 152 bungalows, 43 rooms in the Csre Centre, and communsl fscililies, together th apportioned msnagement expenses, start-up cost5, and directly attributsble finance costs incurred up to completion. On subsequent S8les, when a new lease for the occupation of a bungalow at Hartrigg Oak8 18 entered into, the cost of the bungalow is reststsd at the Fully Refundable Residence Fee. or equivalent sum. included in the lease for that bungalow. Ivl Other Land and Building$ other Land and Buildings, which are held to support the wider social housing ¢tsmmunity or which are let at sub-market rents, a treated as 'property. plant and eouipmenf and a￿ stated at cost Cost of Other Land and Buildings indudes directly atthbutable management expenses and dI￿¢t1Y attributable finan￿ ¢osts which are ¢apitali$ed until the property reaches practical completion. Homebuy Under the Homebuy loan arrangements JRHT has made 108ns to Individuals to enable them to pur¢h8se 8 property. The loan Is equivalent to a spècified percentage. ranging from 12Y/.Ok to 300A of the market value of the property. No interest is charyed on the loan but JRHT is enliued to receive the 8pecified percentage of the market value of the property which is credited in full to interest receivable in the Statement of Financial Activities when it is sold. The108ns are secured on the properties to which they relate. This 8cheme 18 SUPPOrted by Homes England through the provision of Social Housing Grant which has been recognised 88 a revenue grsnt when received. 10 D•pr&clatlon and Amortlsatlon lil Housing Land and Buildings No depreciation is provided on freehold land. Housing Proparties are categorised into th8ir main components and these compon8nts are depreciated ov8r their 8Stimal8d useful economic lives to their estimated re5idusl value. Depreciation of Housing Properties 3nd their components are calculated at the following rates". Structure of Housing Properties built since 1 January 2000.. over 100 years structure of Housing Properties built prior to 1 January 2000.- Housing Properties built before 1950.. over 50 years from 1 January 2000 Housing Properties buitt since 1950." over the balance of 100 years from 1 January 2000 Roofs.. over 45 years Windows.. over 35 years Boilers". over 15 years Kitchens.. over 25 years Mechanical Systems. over 20 to 40 years Bathrooms." over 30 years Lifts.. over 30 years FI￿ Protection". over 20 years Resident Safety snd Security Equipment.. over 20 years 78 DoGusign Envelope ID." OC195184.D36D4B8C-ACC8-849A967A2FA3 Josèph Rowntree Foundation Registered Charity STATEMENT OF ACCOUNTING POLICIES leontinu•dl 10 D•pr&clatlon and Amortlsatlon Icontlnuèdl lill Shared Ownership Properties No depreciation is provided on freehold land. Shared Ownership properties are depreciated over their estlTnated usefvl ewnomic lives to their estimated residual value. Under shared ownership, residents may acqui￿ additional sha￿$ In the property and ultimately own the property outroht. known as 'staircasing ouy. The useful economic life is therefore dependent upon ¢hoi¢es made by residents. Based on past experience of 'stsircasing ouy. an estimated useful economic life of 70 years has been applied to the structure of shared ownership propèrties liiil Hartrigg Oaks The building8 at Hartrigg Oaks are depreciated on a straight line basis, 80 as to write down the net book value of the buildings to their estimated residual value over their estimated useful economic lives. Depreciation is calculatsd over the balance of 100 years from 1 January 20DO. livl Other Land and Buildings Other Buildings are depreciated on a straight line basls, so as to write down the net book value of the buildings to their estimated residual value over their estirnated useful economic live5 at rate5 ranging from fifteen lo fifty years. Other Buildings more than 50 years old 8t 1 January 2000 and those from which no finanual benefit is received have been fully depreciated. The Group's freehold offices at The Homestead, 40 Water End. York are maintained to a high standard by carrying out a Continuing and planned programme of refurbishment and maintenance. As a consequence, the buildings are estimated to have an outstanding economic life of a minimum of 100 years.. the charge for depreciation is, therefore, immatsrial so no provision h88 been included in the Accounts. Iv) Vehicles, Furniture and Equipment Vehides, Fumiture and Equiprnent are written off over five year5 by a 51raight line rnethod. Computer Equipment is wrrtten off over three ye3r5 by a straight line method. Kitchen fittings and equiprnent 3t the n￿Y refurbished Folk Hall New Earswick 3re written off at various rates ranging between 8 and 40 years by a straight line method. Ivll Intanglblè Flxed Assèts Computer software Is written off over five years by a straigm line method. 11 Government Grants Govemment grants Indudes grant ￿￿1Vable from Homes England. local authorities and other govemment agencies. All govemment gffjnts ￿￿1Ve￿ are ¢redited to ￿$tricted funds providing any perfomance conditions have been met. Government grgnts ￿leaSe￿ on sale of a property may be repayable but are nomally available to be re¢yded and a￿ ¢redikd to a Re¢y¢led Capital Cr2nt Fund and included in the Balante Sheet In creditors. Where properties are under construction al the reporting date, associated government grant is shown in the Balanc* Sheet as deferred government grant. 79 DoGusign Envelope ID." OC195184.D36D4B8C-ACC8-849A967A2FA3 Josèph Rowntree Foundation Registered Charity STATEMENT OF ACCOUNTING POLICIES l¢ontinu•dl 12 Other Grants Other Grants. whith includes legacies and other donations. are rewnised as revenue when the grant is receivable 13 Deferred Income- Amounts Received in Advance JRHT ha5 entered into Leases in which it is required to defer income to match against future expenditure on rnaintenan￿ and rep3irs and equiprnent frorn 5urns collected via the serviTr charge. Interest is added to the sums set 85ide at JRHfs marginal cost of borrowng. 14 Hartrigg Oaks Capitslised Community Fees Hartrigg Oaks Capitalised Comrnunity Fees represent sums paid in advance by residents at Hartrigg Osks towards the Community Fee. Capitslised Cornmunity Fees are not refundable when a resident leaves Hartngg Oaks on a pertnanent basis. If they leave thin the first 56 rnonths of residen￿. a partial repayment is made. Capitalised Community Fees are amortised in the Account5 overthe anticipated lives of the residents at 8 r3te b35ed on advi￿ frotn JRHT'S actuaries. 15 Recycled Capitsl Grant Fund Following the full sale of a rented property lother than under the Voluntary Purchase Grant or Sou81 Homebuy programm8sI, the demolition of a propety, tha partial sale of a sh8r8d ownership property or upon a Homebuy redemption, the Social Housing Grant sttribulable to that property is transferred to the Recycled Capital Grant Fund. Sums in that Fund must be applied in accordsnce th criteria estsblished by Homes Englsnd. 16 Hartrigg Oaks ReBidence Fees Hartrigg Oaks Residence Fees represents sums received from residents under the Lease and Care Agreements 8t Hartrigg 08ks. Fully Refundable Residence Fees are refundable in the original sum within 14 days of a resident leaving Hartrigg Oaks on p8rmanent basis. No interest is P8y8ble by JRHT on the sums received. Non-refundable Residence Fees are not refundsble when resident leaves Hartrigg Oaks on a permanent basis. If they leave within th8 first 56 month5 of residence, a partial r&payment is made. Non-iefundable Residence Fees are smortised in the Accounts over the anticipated lives of the residents at a rste based on advi￿ from JRHT'S actuaries. 17 Bonds and Loan Stock JRHT has issued Bond5 and Loan Stock al its Residential Care Homes. Re5ident5 who take up Bonds or Loan Stod( are entitled to a rebate on their fee. Any interest which is earned on the Bonds or Stod( in exTrss of the rebate5 given is available to provide Bursary Support to those residents In the Homes who are unable to rneet the fvll fee. Repayments are made when a resident ceases to be in occupation orfollowing a rfrassessment Of a resident's financial position. Bonds and Loan Stock are recognised in the Statement of Finanaal Position at the Net Present Value of the estimated future cash flows. The liming of future payments. which will be triggered when a resident ce8s88 occupation. are uncertain and it has been assumed that one in eight residents will cease occupation in any one year based on past experience 18 Cost of raising funds - Investment Management Costs Inveslrnent management C051s cons15t of fees paid to investment tnanagers. for inveslrnent adviTr, costs Incurred In tnanaging JRF'S porttolio costs of direct property Investments. Certain fees are perforrnsnce related and are payable if an investment manager delivers an Out-performan￿ versus the relevant benchmark. An accrual has been raised for arnounts which relate to past performan￿ and which fall due for payment within the following accounting year. whe￿ fees paid or due to investment managers have been dedu¢ta from eitt)er distributions or the asset value and are available from asset managers. these a￿ all adjusted to ensure that the financial statements refie¢t the gross amounts. 80 DoGusign Envelope ID." OC195184.D36D4B8C-ACC8-849A967A2FA3 Josèph Rowntree Foundation Registered Charity STATEMENT OF ACCOUNTING POLICIES Icontinuedl 19 Charitable activities . Grant Commitments Grant commitments are recognised in full in the ye8r where there is 8 leg81 or unconditional obligation to the third party. Grant commitments for which expenditure was outstanding at the year-ènd ara shown as liabilities in the Balsnce Sheet. 20 Charitable activities . Support and Governance Costs Support costs ¢omprise stsff costs and 8ss0¢ialed overheads Incurred on Stsff dI￿¢￿Y engaged in the management, dissemination, influencing and demonstration of the results of work funded by JRF, together bmth $tsff costs and a$$ociatsd overhead$ incurred by teams providing central services. 21 Employéè ¢o$ts Employee costs include liabilities for the cost of all benefits which employees are entitled to but which were unpaid at the Balance Sheet dale. 22 R•tir&mènt, Redundancy and Exlt paymants Retirement, redundancy and exit payments are re¢ognised a$ an expense in the Statement of Financial Activities and a liability on the balanee sheet immediately at the point the Group is demonstrably committed lo either. terminate the employment of an employee or group of employees before nomial retirement date., or provide termination benefits as a result of an offer made in order to encourage voluntsry redundancy. The Croup is con8idered lo be formally committed only when it has a demonstrable formal plan for the termination and is without re81istiC Possibility of formal withdrawal from the plan. In 2024 group redundancy and termination costs tot8lled £136,00012023.. £97,000) 23 Retirement Benefits JRF participates in the Social Hou51ng Pension Schetne ISHPSI which Is a tDulti-etDployer defined benefit schetne which is in actuarial deficit and JRF Is ￿MmItted to meeting the ¢ost of past seNi¢e defi¢ils at a prtrdetermined rate unbl Mar¢h 2028. These ¢onthbJtions a￿ a¢¢ounted on a defined benefits basis (see S li abovel The defined benefrt scheme was closed on 1 Apnl 2017. Employer contributions to direct contribution schemes are charged to the Statement of Finanual Activities in the year they are incurred. 24 Dèbtors Short term debtor5 are measured at transaction pri￿. less any impairment. Loans receivable are measured initially at fair value. net of transaction cost5 and are rnea5ured subsequently al amorts5ed cost Using the effective intere51 tnethod, less any impaiimenL 25 Creditors Short tèrm trade ¢reditors are measured at the tran$action pri￿. Other financial liabilities. including bank loans. are measured initially at fair value, net of transaction costs. and are measured subsequently at amortised cost using the effective interest rate method. 26 Cash and ¢a$h eq4Jivalents Cash and ¢ash equivalents comprise ¢ash balances wrth banks and any funds held as cash wth Investment managers. 81 Docus¥n Envelope ID". OC195184-D36NB8CACCW9A*7A2FA3 JO￿Ph Rawntrn• Foundatk•n Registered Charity NOTES TO THE ACCOUNTS 1 Inve$tm•ni In¢omo 2024 R•¥tri¢t•d Unr•¥tri¢ttd Total 2023 Total Rostatsd £'ooo £'ooo £'ooo Quot￿ Invostmonts UK Ftxed Interèst and Index ￿rtked UK Equ((ies Overseas Fixed Interest and Index Linked Overseas Equ￿.eS Other Investment¥ Other Invg$lmenl$ Prop$rty Unil Trust$ Social Investments Dirnclly Managod Invostmgnt ProwrtS05 Rents and other income net of Oth•r Incom• Interest weivablellpayable) In•tl 57 53 218 3.590 30 87 3,470 30 87 3,470 338 588 220 338 588 220 235 775 211 83 174 216 182 (2871 11051 12191 293 4514 4807 Intere$l poyablgllre¢eivable) r¢pre$gnts $um$ re¢elved on Hartrlgg Oaks ban$ and ¢a$h held invastment net of overdraft intsr8st The reststement arise5 from an Incor￿Cl 8nnualiy8tion yield percentage being used within one of the overseas investment lund$, resuking in over$t*ed income and an understslemenl of gains on quoltrj investments of £6,187,000. Group unrestricted foundatson capital was unaffected by this adjustment remaining at £448,318,OfrJ. Parent unrestricted foundats'on capital was also unaffected remaining at £419,796,000. Pr￿r year in¢ome was previously Slated as follows: 2023 Total £'ooo Quotsd Inv￿lmOnts UK Fixed Interest and Ind¢x Unked UK Equ((io$ Overseas Fixed Interest and Index Linked Overseas Equ￿.eS Othor Inv8stmont8 Other Invastménts Property Unil Tru318 Social Investments Direclly Managed Investment Propertie Rents and other income net of othor Incom• Interest r&¢&iv¥ble1{￿￿b￿) (not) 57 53 218 9.777 235 775 216 1219) 11,323 2 Othor Incom• 2024 2023 Rostrl¢t•d UnrostrIct￿ Total Totsl £'ooo £'ooo £'ooo £'ooo Other 155 155 14 155 155 14 3 R•i$ing fvnds- inv•stm•nt management Unr•Stri¢t￿ 2024 2023 Total Total £'ooo É'ooo 2,377 2.373 30 62 33 2,468 Re•trict É'ooo É'ooo 2,377 22 Investment management fees Expendf(ure on direcdy managed investrnent Em￿n￿(lure on Social Invg$1ments 2,403 2,411 82 DoGusign Envelope ID." OC195184.D36D4B8C-ACC8-849A967A2FA3 Joseph Rowntree Foundation Registered Charty 4 Grant Cornrnitments Th8 Group funds e￿8￿￿1 activity lo Supp￿ ils oulcotnes, detsils of which are includ8d in the Trusl8es' Annual Report. All grant comtnilmpnls rel?le to unrestricted funds £nd IndiVidLhal proieds committed during the yearwilhin the Group's programmes, In excess Df £25,000, are 9el out beknw Ptoj•¢t Org8ni¥ation MIDjmum Incomp Standards 2025-2028 DeslilLrtioD In the UK 2026 Organisplional Resilvence Palhfirhder c0nveningslcommis￿O￿s Pathway Fund Fiscal hosting for New CoDstdl*ions York Crew Cost ol Living Fund 2024 Health Benefits Trusselv JRF Lobby Day Fiscal Suslainabilily Beyond the D8bl Ratio Next Fronbers Conference 2024 Talking aWul Housing- tnobilisalion phase ning a pro S￿la1 security drumbeat Hardship and public services Redhills Cornmunity Neiwork G8tting the child poverty slr*egy right Srnart Data Foundry- Banking Data Futures Lab Care PU￿1c Attrtud8S Chalbol Development Rewewing Ihe effectiveness ol'wotk fir6f e[￿￿OYment support LPC Activation IGOE Campaign) WondeTbox LoughLw)rough University Heriot-watt University Held Colledive JRF The P*hway Funding Body Yorspace CLT Lirniled Two RidiDgs Cotnmunity Foundati Institute for Empbym8nl Studies The Trussell Trust IPPR JRF P?rtn8Tsfrip" JRF & Nationwide Warwick Institute for Ernploytnent Thinks Insight & Strategy Redhills Durham IPPR Smart Data Foundry AKO Storytelling Inslrtule Foca￿ala AcG8ss R￿h1 lo Care Instslule for Employment Studie6 edia Lab Rubber Republic Instslule for Fiscal Studie6 Healing justi￿ London CIC Partl￿pat0ry City Trading Civic Square Birmingham VVal8rshed Art5 Trust Vlest Media Centre Onion Collective CIC Open Sy5teffls Lab MAIA Collective CIC Library of Things Limited Datk Maller Lab5 Bioregional Learning Centre Haslings Common CLT LTD SlourTru5t CIC DUd￿Y Council for Vduntary Setvice Doughnut EconomKs Action Lab Centre ForA118mthve Techn￿og￿5 JRF IPPR 823 491 190 150 150 120 100 100 100 91 80 75 74 73 72 70 67 63 62 60 60 55 55 55 55 55 55 55 55 55 55 55 55 55 55 55 55 55 54 50 50 50 50 50 50 50 50 50 50 Palhfinder5 Project 2024 Palhfinder5 Project 2024 Palhfinder5 Project 2024 Palhfinder5 Project 2024 Palhfinder5 Project 2024 Palhfinder5 Project 2024 Palhfinder5 Project 2024 Palhfinder5 Project 2024 Palhfinder5 Project 2024 Palhfirbder5 Project 2024 Palhfirbder5 Project 2024 Palhfirbder5 Project 2024 Palhfirbder5 Project 2024 Palhfirbder5 Project 2024 Palhfirbder5 Project 2024 Palhfirbder5 Project 2024 Narrative Power Co118clive Impact Prograrnme- Participation Delivering the National Care Se￿iCe R&imagining IN￿lIh Growing & ifflproving the effectiveness of impact investing Advancing JRF'S thinking on Re-lmagining W8allh. Funding & Investment Museum of Auslerily Spoken Fulunsm Live HOST Youth Organising Framework Transformative Organising FundiDg for the We're Right Here campaign Research into regenerthve, communily4ed, Elace-based transformation Ihsionaries pr￿[amMe N81work Steward Core funding- the d8velopmpnl of a long-leryn lunding ecosystem for communiiy asset devdopers Foolwotk Ttusl Ernerging Futures Visionanps Programme M8mb8r Shrishl88 Bajpai Ernerging Futures Visionanps Programme M8mb8r Jyoli F8mardps Ernerging Futures Visionan8s Programme Mpmb8r Jack KY Tan Ernerging Futures Visionan8s Programme Mpmb8r Gathoni Blessol Ernerging Futures Visionan8s Programme M8mb8r Cotnrnunity Centred KnoW￿ge Ernerging Futures Visionan8s Programme M8mb8r Ace and Clover In Funding a comtnunrtyjournalist in Br?dford The Bureau of Invesbgabve Joumalism Lpveraging the Gov8mm8nt balance shept lo increase the suppty of affordable hDusing knial Finance Weatth, Poverty and Endurjng Irwuality. Let's Talk W*llherty London School of Economics Seeds of Hope bunch + publicity Ready Media Litnited TIA Work & Class Translormalive Organising Act BU1￿ Change Narrative Infra$truCture$ 10 build hope and belief Ih81 olherworfd$ are p¢$¥ibk wilh a broader audien GoodAnce5tors Movement Impact Investing Institute PurEK>se Foundation English Tounng Th8alre Poetry Prescribed The Advo(xGyArademy New Economy Organisers Nelwotk Really Regenerativ8 Centre Spaceship Dol Earth 50 50 50 50 50 50 50 50 49 49 48 47 JRF 47 83 Docus¥n Envelope ID". OC195184-D36NB8CACCW9A*7A2FA3 Jo•oph Foundadon R•9lit•r•d C￿rty 4 Grant Commitsbl•nt* l¢tyrtlny•d) S*d Guardrdn6 Voter &wtStions ￿ L$L￿r￿n lackh'ny hardship Sea Change Harlppool Storythings- PrDduclion of a MKYDsite Ctssl ¢1 Livinp TraL*erwa¥ots 7 a￿1 WCA REFORMS Shap¥ng wd wJrk Ihfough eorpal secuiity Quwlrfyinp cost Of￿W￿￿Y tor carethers Demonstraliny the Trdnsformthna CapabIrt￿6 ofcities York Space Swwng Afterthe R￿￿- Deep kn8t•ning 6LllaTyWotk fDrlTbsyhl InfrastruL*ure Palhfinder6 Pro*2024 Ch&wing the face Of￿ food Scotbsh BuwAna￿.5 Report Pathfinders Proit Z024 Palhfinder6 Propd2024 Palhfinder5 PrOPct￿d4 PalhfiTrde￿ Pro￿rt 2024 Palhfinder6 Propd 2024 Pathfinders Pro* 2￿24 Mand* T￿tre Comt*w Ye in Comtnon Pwples Economy Slorythings Savants 47 45 45 43 41 40 40 40 New Economiy Foundllbon Cordis BDghl Opus In￿K￿nts AC01￿￿8 Cory Opus IndBk*Klants Stirto kt Univernily of8tratWd Nob￿ Research Free￿rn and Readve SIL￿103 East Marsh Unrted Kin Slnxtures Kiondo CIC 35 35 33 33 33 33 kii PalhfinderB Pro￿2ry24 Pathfinders PrO￿tt 2024 Polhfinder5 Propct 2024 Palhfindèra Propct2024 Devdjping a nth¥ rnodelforfrjnthng chi Norralive P￿er Impact Prograrnme The powerofnorrabve and &Welhng for￿AlchInge EM￿rKYA￿0Th Fund Remaoiniw FundirvJ. PhlHnthropy and Investrnents The Feteof Biitain". On Tour Port Tabot Gotta Banksy Publc atbludes towards Chi￿ poverty in ScolBnd Next Fronbers Conference. Content Curator Lurw foruse ofthe IPPR Tax Benefft Mod N0vw&￿r￿￿ Pdthe41 Chang Adapli¥eAction & Leaming Lab Progrgm Jand Demands eetter Unrestnctsd knnding for Not HAte Seebtshm Ro¥wlree Communty Th8atre S GrBnLs under£25.000 Total grants linked ttrJRF ob*thv8s GenllB RadKal Muhrtude5 Ccoperative Land in Our NHm05 CIC Bhck Farrnerd Mart(ot C New EGonomiGS Foundabon Colkctive Irnp3cI Agpncy CIC TEDxLthidon LTD Ciwc PrA¥er Fund ACF Absurd &ilelp4eru Ltd Theol Save Ihts Chldren Sr*ALv Leamiw 2 Unleam Ply IPPR 8ntssh Future Schoolof Internabonal FU￿ The Poverty Pjliance Hope Not Hala YortTtholr• Roy 33 33 33 33 32 30 30 30 30 30 30 30 28 27 25 25 25 25 8.348 er ￿ R•wrth and DgvgkwntGr8nlB m•dfy Strats9￿ Supwi Homo81oAd Park ￿￿t￿b0¢k •PPTowd in y¢ors no loyw requr¥d 418 164L Furuw infomi8bon ￿ th8 wani In th8 year 1$ aval8bk In tr* Tru8tee8' Annual and on thoJRFN¥8b8tte. Wh8ro JRF 1$ a6 th8 ¢X98nisabon Il 1¢ WINJ fund$ on 1*￿¢f0t￿r61tr￿l8tribthe. DoGusign Envelope ID." OC195184.D36D4B8C-ACC8-849A967A2FA3 Joseph Rowntree Foundation Regi¥t9rpd Charty 4 Grant Cornrnitments Individud projects committed during 2023 Vyilhin prI￿r￿mmes. in ex￿SS of £25.000 all of which relAle lo unrestricted funds, s￿ sel oui below. Projèct Organkgation B$v8n Foundation Partnership 2024-2026 Paihw?y Fund JRF NPRC Economi¢ Ins8curily Pand Study Enabling 8 tnovemenl lo ￿d.￿O r8cour&e lo wbli¢ funds, CollectlV8 Imayinalion Community of PraGlits- Op8n Collo¢tivg Enabling 8 tnovtmenl lo ￿d.￿O tscourse lo wblic funds, Particip3lion, Poliw, Pos&ibilthe$ Poverty2SDlulions 202>2026 A Writing Ch?nct Poverty and Stigm8 pr￿r$M UK Mindset Proi Cost ol Liviry Cnsis Fund Srn?rt D?la foundry- banking data N¥Mt Frontiers Conference Finance for SyslemiGCh3ng8- ￿r&fundIng Blath Designers Gui Funding th8 calcu￿110￿ of th$ Rt81 Living Wage R¥it$ Rewrt on living standards, wverty and IDequalily DemoDslralirbg the TraDslormatsonai Capabilities of Crties in Sheffield Challenge Poverty Week Scaling L￿l￿g Hours The Social Media Listening Project Northern Regional Mapping Project Hosting Imagination CommuDily in PractKe Talking About Poverty Pre4eGlion Public Attitudes Project (deep listening) Phase 1 Volatslily in earnings and incomes Relorming condilionalily Warm Wel￿rne Listening Carnpa￿￿ Youth ImagiDatso Participatory woddbuilding through mus A Platform for Progressive Landowners Volatslily in earnings and incomes EnhaDGing the tax-LEnelil modelling lunctionalily Gingetbread- Making the case for refoTm Visual Frames and Wealth Inequality Palhfirbder5 Programme Palhfirbder5 Programme Palhfirbder5 Programme Palhfirbder5 Programme Palhfirbder5 Programme Palhfirbder5 Programme Palhfirbder5 Programme Palhfirbder5 Programme Palhfinder5 Programme Palhfinder5 Programme Palhfinder5 Programme La￿Tru[ Together Ltd Econotnic Change Phoenix Riddels Garys EconomKs Youtube Channel Where nextfor UKwelfare policy? Designing and lesling approaches and tools the UK'S ¢h$riiy Sector to bu1￿ an insight InfraStrU¢tu￿ to ￿ck soaal and economic Inequalities North Ingighl Finder Im8ginatiOn pr£ctiee wth communitie$ GoDd Ancestor Movement- Reim8gining Fundin9, Phil$nthropy and Investment$ P$thfinders Programme Admin D8ta Qutsoureed Wodters R&im4ining the Homestead Parft Yo Companng Intemaiional E8rfy Childhcth Edu¢ati¢n 8nd Care IECECI 8y$iems Cost ol Liviffj Survey Autumn 20231Spriro 2024 Bla¢k, Queer and Done QuBnlifying the short and m&ium terffl effect on dern8nds OD NHS setvicps frotn PDverty andlorthe cost ol living Round our way Social FInan￿- Building a care sectorlhal delivers for users And workers Btvan Found81ion Voice4Change England Nuffie￿ Politics R8search ¢￿tra Glob81 Dialogut HuddlecTrft Glob¥l Dialogut Thnve T8esid$ N￿W￿lIng North JRF FratneWQTks UK Two Ridings Cotnmunity Found$ii Smart Dats F￿ndary JRF University of C¥tnbridga Helb Er?v8 LI￿n9 Wagt Foundation In5ts1ule for Fiscal Studies Opus IDdependeDts Ltd The Povety Alliance Li¥iDg Wage Foundation 530 370 242 190 1È8 1È6 144 144 125 120 108 107 100 100 92 84 75 70 70 70 68 67 67 65 62 60 60 60 60 60 59 58 57 56 52 52 52 52 52 51 51 51 51 51 50 50 50 50 50 DEMOS JRF Hudd*raft Heard Organisalion Ltd Foca￿ala PdiGy in PractKe New Economics FoundatioD Civic Power Fund Peoples Economy EarchPercenl The Real Fattning Trust Resolution F0urbdal￿n Manchester Metropolitan Gingerbread LoDdon Sch￿￿ of Economics Onion Collective CIC Civic Square Birmingham Datk141atter Labs DUd￿Y CVS MAIA Creatives Watershed Arts Trust Centre lor Allemalive Techndogy Healing Justice London Kno￿18 Wesl Media Centre Open Systern5 Lab PartI￿p310ry City Trading LabourTogether Ltd Bdfa5t Photo Festival Climate 2025 IPPR Data for Acbon Open Innovstions Project T8llaw8h GoodAnCes￿r$ Movement Doughnut Econom￿ A¢tion Pdicy In Pr8di Opinium Rèsearch 181 VISion Communications Ltd The F$wcett Souoy S8vanta Weusi Ltd 50 50 50 50 50 49 48 47 46 44 43 The Kings Fund Round ourway Stt181 Finance 43 42 41 85 Docus¥n Envelope ID". OC195184-D36NB8CACCW9A*7A2FA3 J¢M•ph Founthtion R¢g￿tered Charty 4 Grnnt Commllment• l¢ortlnu4d) SoGk4 knpknothalion D¥bt Ju¥ith- Towhtr against Dobt-corè FundiNJ s￿14 Chanyo No$1 cic- H￿p Dpsk funding for He￿Ing Just￿ FrgpthYnB fostiv41 GrDNng and el￿al¥enesS of impart inve¥1 Advanong JRF'S tiiinking on R*tnagining W8atth. FU￿Ing & hs*stm8nt EmergiDg Futwes CoDtsnugd Support Talking About Howng- Learniny & EvBluation CommunKabon & ad￿￿W￿ lo arn￿lty￿ oflho PSC WheTo tho Thlrd Horizon grarrt67 SITategK forthe UKlin ￿1th UKRI and 0¢￿) H￿den Wiring-￿ and l&w Stanf(Kd Swial InDovation Revi Paihfinder6 Programme. ext8n6 Pre4oction w￿￿￿ttitUd•S proJKt (deep lsteninyl Phue 2 & 3 Fvrus grLwps tots8tattiludeo to hardthip fur￿ E8sentids GuaranteecBmpaiqn Paihfinder6 Programme Palhfinder6 Programme Palhfinder6 Prooramme Palhfinder6 ProgTamme PalhfiDder6 Programme Palhfinder6 Prooramme Bradford Stthlling "slemic Jus FS Retsremenl Sawng Consothum 202X5 Mqknng Sense of Data GBF aginakns oflhe Forest k knagination ExFIDration Bu1￿1ng the research base" infr4slruGture of thB irnpBginobon 40 40 40 40 40 40 40 Oebl Ju¥ii¢ SO¢￿ Chango Nesi c Healing Ju¥lKe London Impact knvesliny I￿titU1¥ PurK¥￿ Foundat Sh4red Infrastrudut¥ Ltd JRF & N￿￿￿￿￿7d0 Cenirp fty SUC￿1 st￿1￿$ on￿ CIC Oe¥igD Mu8eum C1￿￿tEarth Slanfowd s￿81 JRF Pubk First Pubk First East MaTSh Unrt*d MuArtudp6 Co4)wative ck Farrnern Martlet C Free&Jm and Wance Kin Slrwtures Kiondo CIC The ol InvestigDti¥e JL¥JmBli8m Greater Mancheter CVO In6ti1ute for Fiscal Stud*S InS￿h1￿￿o Unwersity ofvthrio Free Wack Lthi Unwersrty of8nBtd 35 33 33 32 32 32 31 31 31 30 30 30 30 30 FF! F￿dbUIldr￿ for ecobJiGal irnpeginatb Syslems Leadershipfcr TransitbJnB Lpadershipfor ￿sPIcI￿j Httemtive stw4rdsttip and frjndry CreBting an Ektreme vv0￿h ￿ne Pathfinders Programme Polhfindens ProgrBmme Palhfinder& ProgrAmme A Fairer ofhou%rp in Yo Core fvnding forThrive Outside Cl¢ She coubj ly Chldc4re 2023- SDJdHnd Lwed Expenence in ScollBnd Ern￿91n9 Fthwes LeAming wllh Kwry Mccarty Publc atbtLh*stthYards chld rnvety In Sc¢dBnd UaerT6GtiNJ and technKBI ￿￿nir￿j pBrtTrW8hip Hrrt¥ loAcc4erate depth kning for ¥ystemrtron* The Povety Tnrth Communty Grants undèr £25.000 Totsl grants linked toJRF obixhve elllck Liviw Whc*nevJ hstitute TNdf WIllLYI In5tilLrte for Systems Leg￿n9 Librory of Thing5 Patsiobc Milionmrns kntsmation Genue Rad￿4 Land in Our Nobk Reseorch YorSpBce CLT Lirnibj Thrive Oul%de C W￿•bagger Production4 Fraser of MLqnder Inattsjte Adam Bennem Kery Mccarlhy Save the Chldren sr￿knd Finance Liwr*J Whrknss hislitute FAith In Communrty Sttotknd 30 30 30 30 30 30 30 30 30 30 30 29 28 27 25 25 8.531 othor Ro5oArch and DovokpThnl Gr4n15 madè Strateg¢ Supr*Yi The Homestead Park Rtyional Gr8nts INota Il Wnlfvba¢k proi¢cts •PPT¥vgd In ￿or* no loyw roquy 539 133 1162L Nots li) Rryicnal Granis comw*J.- York HBrfepool 121 12 133 Fur￿￿ infomation on the want commitrnenls in the year 15 aValab￿ in TFusteS5' Annu￿ Rqwiand on theJRFwebiite. Where JRF is as tho organisation Il is hL+Jing funds on b*￿[01 othBrstodistribuie. 86 Docus¥n Envelope ID". OC195184-D36NB8CACCW9A*7A2FA3 MOTESTQnEACCWNTS ID14 ?,702 2.14$ IT2 12.W_ 172 thv rhwywj larihl In JRrff È41.ua> PW. tJl.W CEL É4.*AS £4670h *TrYi￿dU￿r4+￿Y*￿￿￿jRHT3.9SSYO2￿.£3.ll4lTrlCEL£a.I*(lm."￿.Ol5I. Nll (•) 1•.92J 31 1U.gBQ 17M21 $7 7$0 I.￿? 9P1 IJ . th1 1S2 ¢Wml.£7fj 1.£1M,Q É1th.uts1.E110.tyJts É110.0ty1-E120WJO É1X.QD1.É1JD.VJD É1JO.utsi-fiitstyJts É17ll.DD1.E11D.VJD bknithlEeo.(oitty£70.(*X. ÈIO.OOI zi T¢lAI rrm £y In 139 156 lOJ JRHTkIl￿*￿LYI•C￿I lJ2 105 IC4 DhdoroTEM•1q￿g NNllm) ID2 105 13• 1347 752 IJ 87 Docus¥n Envelope ID". OC195184-D36NB8CACCW9A*7A2FA3 Jo#•ph R¢)wntrno Foundation Reg￿￿Ted Ch•rlty JRF paibcirAted In Ihe houBing Pen￿on &heme ISHPSI. a rnulfrernployer provides benefft3 to son* 500 nor a&SL¥)￿ emkknyet& The Sthemtr * a dèfi￿ in thè UK SHPS 8thBm8 was L*J*d 10 sialffrom 1 Awl 2017. s(*eme 1$ wiwtto fundiw1oyislaii¢n ¢xJdin8d in th8 Pon&thsAd 2Th)4 whi¢h £*mt into fort* on 30 0è¢8mber2Th15. Thi togthrvthh do￿r￿1& 188L*d by Ihg pen9ions regubtor BrKI Tg¢hnd Atharid Sta￿8rd5 i09u•d bythe FIn9n¢￿ r•porbr*J ¢¢uwl. s•twtthe framework f0rfu￿1ng defined occupath￿81 pen￿On echmes in the UK Tl* b8ttrwn181*81thity of ihe forfundiw W88 ¢8m8d ¢xJt 88 8130 S•pigmb8r2023. Th￿ rove8￿1 8 d8 ot£700rn. A recowry F&n has wi In F4ace*ilh tho of reM￿ryn9 IhTh deficrt by 31 March 202& Tho 18 ¢bswfi¢d 88 8"L4$1-msn 818nding arrany￿*nV'. Th8r8kn JRF 18 PQtenti•lty fOr￿h￿r￿￿￿1p8t1ffj •mpWr8' Iflhose empby5 are unat4B to maettheir shareofthe Scheme %%ilhdrawal from the Schew Part￿ap￿ting nph)yets are kgaly rwuired to mèo1tt*ir8h*fv uf Ihtr xthemtrdofKiiOn an annuty pwchaso bs*$on*iihdra*81 fTDm thè S¢hBm8. JRF IB n￿tirfj th• pABt dofiat clanth￿t￿￿¥knICh hAB Ang•n frcth th• 2008. 2011 . 2014. 2017.2020 and 2023 ￿L￿ari valuat￿￿5. 2024 £'ooo Yoar 1 Year 2 Yesr 3 Year4 Year S Year6 Yejr 7 1.822 1,817 1,853 465 1.378 1.971 2.069 2.172 549 549 bKty fin￿¢181 u*umptloM 2024 2023 %po DiBeount rBte hifflllk)n IRHI (CHI &10 118 284 2.69 3.69 The alb￿anC*f0rf*rnnVatation of penDbJn fo-cll•h ot rebremenl ¥Y48 75% in both 2024 qnd 2021 ¢Avw•y• lifv •xFwt•b(bn¥ 2024 Yo8YS Y••r8 The n￿rtSIrtY agGumpts"onA adopted At 31 D￿ember2024 bre expe¢¢wues gt t￿* 9ge or8s'. Malo rttiring in 2024 F•m* Yetiriny in 2024 Malo t¥lifing ￿ 2044 rnbring in 2¢M4 2QSO 23.00 21.80 24.40 21.fX) 23AO 22.20 24. Amounts ro¢ognl8ed In tho¥t•tom•ni of fln&￿￿1￿¢t￿tl 2024 £'ooo 20r4 Ewaeo (r￿? 51 leFè&t Gcsl 21 Total to stat8m8nt offin8rt?al&#Mi*8 49 35 47 410 407 467 • RKon¢lithtson of d•fin•d bonofitotliytition 2024 £'OOD Defined benefit oLlgalM 41 teginring of ￿ar 42,312 49 1,965 314 150n {2,9161 {2,1681 3g,C*9 41.528 47 2.025 179 lem5t G08t Aduanal b55esdue to Scherm experience Acluanal gains due to thange in dernographK gssumpts'on5 Actuonol gainslllosoe8} due lo change In finwciala85umpkn Benefits wd Total Cha￿ to lltatement offin?￿d￿rI￿I￿vS 724 12.0781 42.312 88 Docus¥n Envelope ID". OC195184-D36NB8CACCW9A*7A2FA3 Jo8•ph Rowntreo Fourbd•bon Rfryhterqd Chadty I Sochl Hou•ing P•nBion S¢h•m• Icontinu•d) f Recon¢1￿￿0￿ offairv￿￿fr of Schomo 2024 e'ooo 33.938 1.627 12,5411 1.933 12,1681 2023 Folr ¥8kne Ofscheme 8$8et$ot twlnnkw ofwr IBroxt irbcomB on Sch8rn0 aS¥8ts g&nxllk)BÈ891 on pLgn a99•ts(￿udry A￿ntO Inththd in int￿t Contnbubong by JRF Bty%fils p8id FAir Vabe of Scheme assetsater￿ ol yeor 32.243 1.605 335 1.833 (2.0781 33.938 q Arnourti rncollniJ•d in tha balllnu #ho•1 2024 e'ooo 2023 Far wa￿9 ofSth9￿ asBet Aduarial valu8 of g¢heN* 18blit*& 32,7$9 33.938 139,W91 142.3121 08f￿￿t in thp 8che hAnaty•vd of au•ta 162WI 18.3741 2024 eOOD ryobgl Equty bgdtho Rètum D￿tr¢s¥￿d Qpportunth$ Credit Rel8iNe Vd rngtv8 Risk Promkq LKpidPthBM8b￿6 Emerginy Markeis Debt Ri$k Shari guranc￿LIn￿ Property fvsslruciure Privat$ Equlty 3,79J 2.765 633 1.082 493 5.87S 544 2.008 165 1.243 3.171 13S 1.SSS 29 3.72S Pnv#te debt OpKth1uni%￿¢ IllhJuKI Cr*Jit Pdvat8 Cw*l Cr8drt Investhwl Grad• Cr*dl H*h Yi8kl Cash LDNJ L8960 Pror*tr S•xred Income Lk4ylity Drivon Inv8Stw cU￿nCy Wjing NBt Curn¥nt 8¥8th$ 1.298 1.502 4,182 1.214 838 26S 478 954 854 15.330 5S1 10,521 1471 142 82 Total As88t8 l An•￿￿ of r•tum on •ts#•ts 2024 £'ODD l•r•&t on schomo ea ActuariEI gdins11105ses} 1,627 {2,541) 1.605 335 tUAI rotum on 914 j Anatyskn of return on rocognkn•d in othor ¢ompr•h•nsiv• In¢om• 2024 £'ooo 2023 12,5411 335 ExFqrienGe kJ5885 Cll SGheme liabikn¥ Losses1(ga￿s> on In a5SUrnPt￿S lffinan(xa and dernograph￿l 3.425 Actulll rvtum on a8E•ts 89 Docus¥n Envelope ID". OC195184-D36NB8CACCW9A*7A2FA3 Joseph Rowntrw Foundallon Rgglstergd Charfty 9 Joseph Rowntree Housing Trust Turnover and Operating Costs The results of JRHT. avafflable on ils website, prepared under the Housing SORP 2018 but modified lo the Charities SORP, and by the removal of intercompany transactions, for the purpose of consolidation are 2024 2023 £'ooo £'ooo £￿00 £'ooo Tumover Grant5 Received Recycled grant ulilised 27,335 2,610 150 30,095 23,184 1,460 24,644 Op9rdting Costs Stsff Cost8 other Costs Interest Payable Gain on Di5P0581 of Fixed Assets Propety Depreciation Taxation Grants Repaid Recyded grant repaid 116,399) 19,522) 12,226) 472 13,335) 114,020) 15,284 12,231 404 13,170) 23 {15) 142 130 131,167} 124,4081 Gain on revaknalion of investment properties Income from investment properties Expenditure tsn investment properties Interest Receivable 153 {411 112 18) 182 87 460 90 Docus¥n Envelope ID". OC195184-D36NB8CACCW9A*7A2FA3 Jg¥•ph Rwntrw Foynd•¢lon Rqglilgrqd Ch•FIty 10 T•ngibb FIX￿ A•wl• Group Prop•rt HDld For undvr •* ￿nI1[￿£t10n Equlpment F￿rn￿r• ProperUeA Total Co•1 At 1 January 2024 Additions Di5P0s￿$ Sa￿$ Worksto ￿%￿l¥j Proptrrtits InueasA in valuation of dfyferrod1or¥l Comthlons Al 31 De￿rnber2024 238.869 3,923 13201 12.0221 2,719 582 11.421 254,972 2.812 1.816 14,095 1,794 245.091 18.018 143n 12.05n 2,719 582 111.421 4,490 1,677 263,918 Al 1 January 2024 Charye in the ye8r Di¥po¥45 Transfer lo Asstrls hdd for 8818 Al 31 Deornber 2024 39.067 4,003 14881 836 1,533 87 41.436 4.090 16051 42,582 1,503 44.921 N•t Book Valuè At 1 January 2024 At 31 Der*mber2U24 199,602 212.39D 1,976 1,Y41 1,816 4.490 261 174 203,655 218.995 Prnp•rtlw •r• r9pro59nt￿ by: F￿hokI Land and Bulding$ Long Leaseho￿ LarKI and Buibliws 21H.490 7.900 212.390 Pro￿t￿$ 1*n￿$￿ tsf S0¢4al H￿SINj Properbes helj for letting, bL6lness and offK* P￿mIseS Induding solar par*ls, communal areas at extra tare schemes. norp property In New Ears*ick and DeTh%*nlhorpe atKI the conlinutyj care retirement communty al Hartngg Oaks. New Earsmck. P•r•nt Furn￿￿• Propert￿$ Equlpmerrt Totsl Co•¢ Al 1 January 2024 Di¥poJd& At 31 D6r*rnbor2024 2,242 673 3.015 656 2.898 Al 1 January 2024 Chawe in th& yéar Disposals At 31 Dectmber2024 585 29 585 283 234 497 731 Net Book Value At 1 J8nuary 2024 At 31 tbcornber 2024 88 59 2.108 2.167 Propert￿$ consists of JRFS fre8hL*J offices at Th8 Home$l&ad, Yth JRF sow 115 revers10￿ry Interest kn the property known •5 Ouse Lea dwng the year. 91 Docus¥n Envelope ID". OC195184-D36NB8CACCW9A*7A2FA3 Jg¥•ph Rwntrw Foynd•¢lon Rqglilgrqd Ch•FIty 11 Intanglbkn Flx•J A¥¥•ts Group Ir Softvm ¢0•¢ At 1 January 2024 Addttl¢)n5 Dlsposd8 Al 31 Decomber2024 2,669 235 2,904 Amortfjb•tSon At 1 January 2024 Char98 In ￿ar Dlsposals Al 31 tkcember 2024 1.471 294 1.765 N•t Book Valuo At 1 January 2024 Al 31 Derernber 2024 1.198 1.139 Par•nt Ir Softwws Coit At 1 January 2024 Addrtion$ Al 31 December 2024 2,661 235 2.896 Amoth•t At 1 January 2024 Charge in th? yéar At 31 Detarnber2024 1.469 293 M•t Book V•lu• At 1 January 2024 At 31 Decembw 2024 1,192 1.134 12 Hom•buy L•9 Group 2023 Al 1 January R8pawnents Ai 31 Dtcember 1,962 2.022 60 1.*2 1.913 Trxre are no Hom8buy Loans in the Parent. 92 Docus¥n Envelope ID". OC195184-D36NB8CACCW9A*7A2FA3 Joseph Rowntree Found4tlon Reglstsred CharSty 13a Investments Group Market Valu• Purch￿•¥1 1.1.24 Addition# Salegl hlarket Repa Galnsl Value monts ILo¥¥¢¥l 31.12.24 Cost 31.12.24 £'ooo eooo £000 rooo tooo tooo Quoted Investments UK Index Linked UK Fixed Int¢r¢$t UK Equities Ovèrsèas Ind8x Llnkèd Overseas Fixed Interest Overseas Equities 3,182 1,903 2,103 121 2,203 820 2.850 3,090 41,867 50,951 12,473) 14,138} 12,1J39) 12,244) 19,578} (75,1831 (95,6851 {830) 32 {854) {606) (1,042) 39,133 35,833 7,530 376,135 39J,853 381,￿2 381,952 19J,088 190,088 Other Investments Other Property Unil Trusts 11,217 12,2( 23,423 48.367 (48,0141 159) (48,0731 4,205 96 4,301 15,775 12,726 28,501 16,237 14,990 31,227 48.850 I￿￿$tr￿ent Pro￿rtIe8 Direcily Managed 3,4 3.400 2,238 unquot￿ Inv￿tm•rtts Clifton Estate Limrted 17 17 C••h h￿d for Inv••tmont 5.793 15.388} 405 405 423,469 149,146 99.801 40,134 414,258 223,975 Other Investments repre8ent8 holding8 in unit tru81s in gold and precAOUS rnetals, credit and illiquid strategies and money market funds at the year end. A forni81 Tevalualion of JRFS one inve$lmènl property was carried out in December 2020 by an independent, qu8lified. chartered surveyor. The carrying value in the balance sheet refiects this valuation less a provision given that the current 198$9 expirod in 2023 and has onty bèen rongw8d on a montNy rolling basi$. $ito 1$ gxpgctgd lo b& r¥urpos¢d. 93 Docus¥n Envelope ID". OC195184-D36NB8CACCW9A*7A2FA3 Joseph Rowntree Found4tlon Reglstsred CharSty Parent Mark•t Value purch￿0*1 1.1.24 Addition• Salegl Markèt Rgpa Gain•1 Value ment¥ IL088esl 31.12.24 rooo £'ooo eooo Co•t 31.12.24 £'ooo eooo £000 Quoted Inve¥tments UK Indèx Linkèd 3,182 121 12,473} 14,138) 12,C69) {8541 2,850 12,244) {606} 3.090 19,576} (1,0421 41.867 39,133 5,183 {830) 32 UK Fixed Interest 1,903 2,103 2.203 820 UK Equities Overseas Index Linked Ov&rsea$ Fix¢d Int￿$1 7,530 376,135 Overseas Equf(ies 381,952 1￿,088 3￿,853 50,951 35,833 95,685 381,952 1￿,088 Other Investments Other 11,217 48,387 {48,0141 4,205 96 4,301 15,775 16,237 Propety Unil Tru$l¥ 23,423 48,073 In￿￿tr￿ent Propgrti Diredy Managed unquot￿ InveBtmwts Clthn Eslale Limited 17 17 Cash held f*x InveBtment 5,793 15,388) 405 405 420.C69 99,801 40,134 410,858 149,146 223,201 13b Group and Parent Market Value Purchasesl 1.1.24 AddlUons £'ooo rooo Sal￿1 Market Rep Gain91 Value ments (Losses) 31.12.24 Eooo rooo £'ooo Cogt 31.12.24 Eooo Progrnmmo R•lat•d In¥￿tments 11,140 15021 11,145 10,686 JRF owns 1NJ°kn ofthe Ordinary Share Capital of Clifton Estate Limited . No value has been placed on this 8harehc4dings in the Accounts.. in the ownion of the Trustees, any sum WOLdd be immaterial in the context of the JRF'S total investment pcYtf¢lio. A p8reèl of land has bèèn rètsin•d following thè salè of thè invèstm•nt propèrty known as B•vèrf•y Housè in 2019 but no value has been placed upon this in these financid statements as il is considered as not material. Docus¥n Envelope ID". OC195184-D36NB8CACCW9A*7A2FA3 Jo••ph R￿vntret Found&thin 14 Prop•rU•i h•bJforu Gwi 2024 2023 Completed pro￿l￿e& Woth in pn>Jros$ 2,414 721 417 Thor•wo no PTOPOrtkn• hdd fol in tho porontund8rta￿r¥a. Gro 20Z4 P4went 2024 ZQ23 539 929 28S 857 PTrp8ymwt8 Sundry a￿1 *Jyuod inM 406 283 442 602 725 18 Crgdltors.. Arnounts fallng duTrwllhln on• y• Gro4> 2024 P4r•nt 202J 24 £Dx) £Mo 0th4t8ndlng Gr8ntCommthY*nts INots In AThounl lo JRHT Cawta Grtnt In athance Act￿919 otherc￿drtorg Oebl Inole 18} 5.OSO 5,250 5.050 S.260 670 1,728 361 1,57S 3,305 24 2.186 2.303 502 67 280 735 11663 12130 17 Crndttorn.. Amounts f411ng du•4ft•r rnor•than on•y Gro Pw•nt ioz 2Q2J 2024 £f#YJ ENO 0th4tsndln9 Gr8ntComM￿￿ts.' Al 1 J4nuary 5.816 5.816 4.4QO Nkn¥ granlwmmttmwt8 d￿NaY88r{NO￿4I Granis pak1 durtno>*¥r 9.670 Jl.182 23,3¥5 5,520 5,815 5.520 5,815 Less. Arn￿￿15 falllng dw*ilhln rffie￿r (Note 161 A131 Derember 470 565 470 5e5 Rythd ca￿ta ts￿t Celerred IncoMe￿arn0UnIS recei¥•J In than 772 767 4,445 3.672 2.307 35.925 34,554 705 ¥37 37 014 37 fj40 85 970 83 848 3,891 ca￿18¢d Cormiunty F RoWdwcÈ Fo88 •t H8ftri*a 0*6 BMd$ and Losn Slctk Debt (Nole 18) 470 The timing of grnnt pa￿rAnts is lary* dryendont submiBBTh of dairn• frcqn th? recowiru In8tiution. Thv daBSffKalion of outstsnding grant commitments bet￿￿n Ih)Ee pay4blèwthin one >Yarand thoEe plly1￿e after than one y 15, trlerefore, nol certabi. Th&th1sfficDli￿ betrfAenlhose pBy&blevAthinone btarand Ihtsse payabbafter mDTelhan one year13 basedan an estsrnate. 95 Docus¥n Envelope ID". OC195184-D36NB8CACCW9A*7A2FA3 Jo••ph R￿vntret Found&thin 20Z4 1023 e'ooo rooD L￿8 INots11 THFC Bond (Note ill 22.640 22,664 15OW 15QOQ 37 640 37 e64 Tho Hou8iw Loans ¢thxprf60'.. 2024 2023 OrthardbrrNX Ltd L￿5 Banklw Gmup k* F*ItyA Lkrydg Banking Group Flc Fatslity B (Trdncho 11 L￿￿# Banki￿ G￿uP Fatylty 8 ffrarthe 21 10,OW 10,000 8.000 IAI The loanB from Orchardbrook Ltd are seitkd ty equ￿ ha-￿ In￿￿￿ents of￿prt4 Intsre5to¥erthe estsrnated life oflhe scheme lorvthwjl thè b3nw4 Prowd￿. flna InAlaknBnt8 fAlI to ￿ rykl in thè p•nod 202S to 2047. Tho rAt•B ol IntÈrèxt ar• and ran￿ from 925% to ISA7SX. Thè banB gr• 89•in$165 of JRHT'$ ry¢ptrrb$8. Ibl FaGIIty A frDm L￿5 Banklw Group pklsfora 30 yeartermwlth a bjlet ￿aYrr￿t ala llx*J rate of Interest The￿e rn12 charged d￿￿the yearwa 4.81%. The maryins Inc￿ase over the life of the so thal from Sept¢n*w 2030 the Ate, In￿￿ing rnaigln5. ￿ 4.83￿ The loan Is 5￿ured agaln51123 of JRHT'# VOF*rbes and Isfvlty repgygbkcn 9 D8c£mber2036. Ic) Farlity8 IT[￿￿ 11 frorn LW¥ B&Dkiw GTLWP Fk Islora 28yearteTrn ￿7th a tAIIBIre￿YrneTrf ala fixed of inlBml. Th? ￿ter￿st rnte chat4ed during theyearwds4.34%. The rna￿￿n￿ i￿rease￿￿￿E1￿e ofthelDan, so thalf￿ 24 March 2036 the rate. IDduding I￿￿rg￿￿, IB4.38%. The loan is against 119 ol JRPtrs propertie5 and with a final repayThenl due on 24 De￿rnb￿203T. Idl Faclity 8 (Tra￿h@ 21 trom Ltyls BAnking GrDup [* IB fora 20yoartMm repa￿entS at3 yBgrt/ intBrvak and 8 flnal rwA￿ntOn 28 Dwber 2034. Intor¢8t ¢haryod dunn9 th8 yoarws$ 33VA. Th• maryin8 IrKw88 thokan. 90 thatfrom 28 Marth 2028 th8 r8t8. InrlJdln9 mar9ln8, 1$ 3.6Pts. The Is against86 ofJRHf8 property The Houslry Loans are repayable perh￿..- 2024 rooD 2023 one 5wrorles5 {Note 161 Be*n we and th years Between1￿￿ and fwe yeats kn fiv• y•arG orr(￿9 24 1.024 59 1.068 21,546 A bond ofÉlSm from THFC tkn 2013. kntoroBt IschargAd at rdt•of5.2%. Th• bjnd Y& A￿￿r0d awrAt240 oftho JRFff8 prwbès 10 Th8THFC r8pay*Jo kn 1h•bIk￿lry p8l¢d8'.- 2024 rooD 2023 to h one 5wrorle55 BoM*8nw8 and yaars BeM*en1￿￿ andfwe In fiye orrnore 15,000 15,000 96 Docus¥n Envelope ID". OC195184-D36NB8CACCW9A*7A2FA3 Jo••ph R￿vntret Found&thin 19 C4•b Fbwlrom Qp•rthg ActMth• 2024 tooo É'o tooo in l*year EeprecL3lonoftarfjibbftted a¥xets 121,4WI 119,8401 4.090 3.710 AmorbgatKm ol No￿[elundAbk Fe Arnortssal￿ olcapwged Communlty Fees (Dec￿l￿nCrease *i Net Presenl ValueolL03n Stock (Décrnaaèlllnc￿89* in OulstAn¢iro gr8nt¢tyMmlknont8 (I￿reaSe}ID￿Crea8e ￿ Slvck of K*tetith su￿6 On 5th of propert hmse in houYAng 9tock hBbJ for•alfr huease in debtor5 IDe¢re•3ellln¢reaye kn ¢Tedlttys D*¥ea8e ID Net pen$th 13281 {2031 12 1.355 129SI 13.5471 11041 (2,0941 71J -122,89 0,#971 L•￿Ing C(bmmkni•nts T¢tsl minimumoperathYJ kage payr(•ts 8re8el¢xrt b¢k￿. Gr 2024 P¥•nt 1023 2024 Wrthln or*yeai 17 19 230 323 20 26 Lease5 rebte to￿ared (Alke5p￿ inoneknvon, ￿hl*S and pMtrAy*s The annual chap4Efcf rqnlal of offlce spa>J under cpeRt*y *a506 ¥YdG£NI12023". £NI 97 Docus¥n Envelope ID". OC195184-D36NB8CACCW9A*7A2FA3 24 427 1*,7571 155,0 (7,0451 P.2111 18.2801 18.3741 82 187 15232 HMRG 1$". 24 e.280 8,2È0 6.374 8,374 37 rooo 9.324 Tr4Dthr ITOI 31 O•c•rr*w2024 87 816 *311 Bknxal1 Jwxwy2Q24 kncLYne4nd M￿m￿nlin rntrKot¥duo of Invoi1rr￿ 88,144 24.• 124,4491 1521 1.1 8,391 98.636 24.•J9 124.4491 TranstÉr r*irNovtrnOntknlori￿frOmtr*￿r￿Ul onlth OV4Ybookc¢il oriwrofromMhJofyopwtyurthrlh• Sumiinthè FundvAllb• thÈyhÈvÈ Its s4YrluB clpr• 1$￿T￿N•￿ 98 Docusign Envelope ID.. ocl9518￿36D488￿ACcW9A9s7A2FA3 JO￿ph Rowntrng Found*tion Regl$tered Charbty 23 of N•t Ass•i8 bèts¥•gn FuTrth Gro R•Jlrict•d Unr•Jtrict Fund4 Fund* P*r•nt Unr•Btrict•d Fund* Tot*1 Toi £'•oo Fixed A*bets Prwerii¢$ PrapÉrty sch8mo8 In progr8ss MDtor Vettic￿5 & equiprnent Iniangib19 Fixsd A$6ets Hornobuy Lo8n8 Investsnents 210 282 4.4 2.10B 212.3 4.4 174 2,10B 2,108 59 1.134 59 1.134 59 1,134 410.858 414,258 419.858 410,858 CUTT￿1 Ass81s Los5 Li￿111t1@S 1121.6941 53.591 53.S91 53.S91 TO1￿ Net As6•t$ 467.750 5eA(61 467 75D 467 75D At 31 0￿+mb¥r 2023 Group R•5￿CtO￿ Unr•8trfctod F￿d$ Fund P*r*nt Unr•Btrfctqd Fund Tot Tot £'(¥Jo Flx•d Au•t• Propsrti¢s Pfw9rty In progress MotOT vehicbs& 8quipm8nt Intsngible FixsdA$59ts Loan InvestrnBnts 197,260 1.618 173 2.342 199,602 2,342 2,342 2S1 1,19B 1.192 1,192 1.*2 420 069 423,469 420.069 420,￿& Qutrgnl Assfji$ Le$5 Li*ilitl85 24.627 180.8921 24.827 4.827 Told Nèt A￿et6 448,318 547,416 448,31B 448,318 t41 COrnn￿lm￿ntO and C¢ThWng•nl U4￿1ft1 Atthe ba￿rnce 5he21 date. commilrnènts madB by JRHT ID rdation tDtho const￿￿￿￿ Orrèfv(bi5Thm￿l thprOPBrfy a￿￿￿tedtD￿6.94rn1202a" E13.77Th1. Tr*ré 1$ a WntIn￿rnt Iiabiliiy foi dsferred la￿ paym•nis Wlh M 11Md r8p4ym¢ni aats of £3.924,W). JRF has bg9Th nOtrf￿d by iheTrusio9 of Social Hwsing Pw510Th Sthgmg ISHPSI Ihai Il has p￿•d oft￿• ¢h3ng9$ wd• 10 the Sthwne'E benefii% ovei ib?￿ar$ nd IhE result Is thstthere Is uncertainty sutrounding SDrne of Ihesechsnges. The TTUStee has been adv15ed Io sBekdarification frorn the ¢oull on the8e Ilerns. This prwess Is ongoiry ano mailer is unlikely 1¢ be r&sdveo bef¢r$ the wd of2025 * thè eèiliesl. li is tewgnised thèt Ihis ￿Uld potertiolly Inip*tk* Schème Iigbililies, bLrt until C¢urf dir8clions aTO réc8ivÉd, Il Ig nDipossi￿￿tOc￿cuI318 lh8 Impaciof this Issu8. particularly on Individua ryllly8rbasis, vAth any accurary al tristim8. No adI￿tmEnt has mBde In lthse IinBnci4 si8￿MentS In r¢$wi ol this po*nii4 Issuè. R￿ng amondmont￿ Contr4¢1•d out Srlary Relit•d P•ThBiQn 8¢h•rn Thevirgin M8dia Ltd v NTL PEnsion TrustE8s11 dFcision. handBd down by High Court ￿ 16 Jw82023. ￿n￿d￿rEd irndicatiorbs IOT 58dion 37 otth8 Ponsiun SthBmBsAd 1993 In a judgement delivered 2024. Ihe Court ol *pp¢al unanim￿$1Y uphehJ t￿ decision of th¢ High C￿rt and Impact of 49¢4Si¢n 15 likely 10 be thai s¢hem*s who ad8 aM￿dmant8Wthoul gèttingt￿ rtyuirod cértificationfrorn th8 actuary will ha￿ additional Iiabiliti8s. Th18cons8qu8ndy Impacts financial stat8menls IdBfin8d b8n@fit psnsi¢n ¢t4igationl of spon$oriDg ¢M￿ty¢r. The￿ gre ￿arn$ In plBcè by co￿rr￿?￿t Aetuaial Depertment io revi*iith¢ PthWli81 imF41¢￿IQTh*. at cu￿nttlmÈ it i$not possibl8to 8stimat8 Impact on th8 Schom8 habililig& 25 R*tad Party TranBaEtions JO￿Ph ROWn￿ HO￿11￿9 Tru¥tlJRHTI-Rqlated Pty Tran•llction* lal Loan F￿11 Al 31 DÈcombér 2024 JRF Prav￿￿d afxilrtyfry up 10£50.000,(KOlo JR￿[. Thi$farJlitywa$ ifyoa$gd 10 £75,OW,fal In Jwuary2025. Inter95twll bg ¢harp¢ alO.85% a￿¥8 Bank Df England ba50 Taté. AS at 31 t>•￿￿Èr2o24. nonè otthis IèEilrty had ￿n￿ra￿l2￿23. ENill. Ibl Grants JRF providBd 2 bursary gupwrtgrÈnt of rts14 ￿0tTr JRHT irt202￿ Thè &m￿nt midèd in 20YJ w8$ t314.￿. JRF providBd a rO￿nU@ suppllrt uranl to JRFrf In 2024of £3.B92,(XIO12023 £1.6B1,QWI. JRF providBd 8 fjr￿ to JRHT In 2D24 as part of ￿￿se L￿1￿Ill9 pfL¥f5rn￿ of £16,843.0￿(2o23 £16,395.(XIOl. This is th@fifthdrawdtrwn of grantsol upto£SOm agr8Bdwth JRHT to cre*è i.tsjo nèNY ￿Me$o¥s1 10yeBIs. JRF provid8d a Gr￿ of £463.fmio JRHTin 2024 Irthaid&th8 diT8d runnin9 casts of ￿rIta98 as88ts, Th&aM￿nt yovid8d In ￿23 £5￿,￿0 R•ch￿* An ovethèad ￿eth￿was Charged by JRF to JRHTduring amountofthe re¢harAe in 2024 was £1,402.OW12023 £2,370.woI 99 Docusign Envelope ID.. oc19s18￿D36D4B8￿ACcm49A967A2FA3 Josèph Rowntrno Foundatlon Re*otered Charbty 26 ciwion E*tBt* Llmhed ICE) v Relttttd JRF hold$ all t￿ $har• capital of CE. a yopeny managgment and devdoprneDt Mmpany operating in York. Alth• year Ond, olthe Dir•ctN% of CE w•re a150 Trustw$ of JRF. No Trus188 or Dir8Ctor r8c8iv8d any paymEnl In r8VCt ofthis $8rvic8. Ttu*ttè$' Rtl*ted P*rty Ttsn•a¢ti¢)il• Th&f￿1(mIng Ttu8tg8 r@biod patytransactiong occurT8d Inlh8 y8ar On& giani 101 £50.OW In r&spe¢10ft￿'Gt0thng and Impmving eff*iveNss of Impe¢i Inv&sung"wés madètothè knpa￿ Inv&511ng Insli￿le Tiustee. AF)Ita Bhaiia. was a Pawl M9mbgr until 31 Mar¢h 2024. Apinlky fundgd giani pigiKt £90.100 In r•sp•ct of Ih*'Talking about Hou%ing. MobiliEaliw Phass'wasarye￿ witr the Naiionwide Fowdalion yh•re tsvoTrusle•s. SaFthiO Ashtiany Ichairl and TEtri8AW ar8 Trus1￿. Onèoiani lor t50.OCO In ièsped of 'MuSèum of Austsfitrf, was madè io Thè Enolish Ttrjfino Th&8ifeWthieonèTrus￿&, SBphiéA9hlialy. IS a Trustèè Dirertcrf. Th&fcqluwing TNstee rekiied party Iransadi¢ns occurred In 2023 Onè oianllDr t4D.th￿ In rèspÈdoItth"Grtrwing and Improving tth oft6￿￿4￿￿$S ol impacl InvEsbng wS$ madettrtth Investing Insti￿￿ ￿er& Truat4è. Ar)Ita Bhaba. Ig a PBnel ￿em￿r. Qn&grgnlfor£100,(W In respe￿ gf tho"FIDarKg foT Systefflic C￿￿90"Wo5 madg io Univgrsityol Cambridgg Whgrg ￿eTrUSte8, Deborah Cadman, Isa Fellcw. TWD pr￿ on8 for £S1.MO In r8sFWt of 'P￿hrill￿rs Pmgramme" and anoth8rfor £41,￿QfOr"LondC￿ REhparsing Fréqthms Fqsbvd"wEro m8dB to Justsca LondDn where the hu$b&nd of Tru¥tÈe, F8rth Elahi. received remun6r￿IOft f¢r delivery trf awOtk$￿p. rectors. Related Party Transac￿OnI On& giantforE120,WOvJas In 202412023 £120,QODI In r@sp￿ oflhB ￿st of th8"Cost of Livinu F￿(r'for Ridin98 Charitable Foundat￿￿￿jh￿r@ Chi Th& Ex￿Ul1¥@ DirEcior JRHT dso hDlds a nDll 8X8CUtIV8 POSt with l￿dS F￿dEr￿ed HDUSln9ASs￿all￿ ILFHAI. LFHAprowdèd chaniry servic￿￿tD JRHT Df than £s.o duliw year. Tne Extttyjlivè Dir£thr JRHT IS Invc4Yed In aspÈct trf contra￿. 100 Docus¥n Envelope ID". OC195184-D36NB8CACCW9A*7A2FA3 Joseph Rowntreo Foundatlon Roglstsrod Charlty COMPARATIVE CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES 2023 Rutrlct•d Unro$tri¢t•d Totsl Restatsd Restated £'ooo £'ooo Notè £Y)OD INCOME AND ENDOWMENTS FROM: Investment$ CharilaL4e Activities 265 4.871 5,136 Housing Association tumover Other income 24,644 24.644 14 14 TOTAL 24,909 4,885 29.794 EXPENDITURE ON: Raising funds- investment management Charitable a¢tivtties Grant commitments Support and governance c08ts Housing Association operating costs (41} 12.427) (2.4681 19.4001 19.4001 112,9031 112,9031 (24.4081 124,408) TOTAL 124,449} 124,730) {49,1791 NET INCOMEIIEXPENDITUREI BEFORE INVESTMENT GAINSIILOSSESI 460 119,8451 119,3851 Other Comprghenslve Incomo Actuarial Loss in respect of Social Housing Pension Scheme Re-mea$urement of Social Housing Pension obligation 1455) 14551 TOTAL OTHER COMPREHENSNE INCOME 14551 14551 N•t Galn$llLos$•$l on Inv••tm•nt8 Loss on Quoted Investments Gain on Other Investrnents Gainl{Lo$sl on Diredy Managed Investment Propertie$ 12 12 33,704 75 33,704 75 12 TOTAL INVESTMENT MOVEMENTS 33,779 33.779 TOTAL COMPREHENSIVE INCOME 460 13,479 13.939 Total Funds brought forward at 1 January 98,638 434.839 533.477 TOTAL FUNDS CARRIED FORWARD AT 31 DECEMBER 99,098 448,318 547.416 The Statement of Financial Activities inC￿deS all gains and losses recognised in the period. All income and expendf(ure derives from continuing aclivilies. 101