2024-12-31-accounts

The Joseph Rowntree Charitable Trust

Annual Report 2024

Trustees’ annual report

JRCT Annual Report 2024

Contents

Forewords 03 Foreword from the chair 03 Foreword from the acting chief executive 04	Trustees’ annual report 05 Objects and activities for the public beneft 05 Activities in 2024 08 2024 grants in fgures 14 Grants made in 2024 18 Investments 30 Finance 33 Governance and management 36 Risk management 37 Statement of trustees’ responsibilities 38	Auditor’s report 40 Financial Statements 43 Statement of fnancial activities 43 Balance sheet 43 Statement of cash fows 44 Notes to the fnancial statements 45 Legal and administrative information 54	Cover images courtesy of Civil Liberties Trust, North West Migrants Forum, The Kindling Trust, Rethinking Security and 50:50 Parliament (image by David Miko).

Grants made Investments Finance in 2024

Governance and Risk management management

Statement of trustees’ responsibilities

Auditor’s report

Financial Legal and statements administrative

Forewords Objects and Activities 2024 grants activities in 2024 in figures

2

Trustees’ annual report

JRCT Annual Report 2024

Foreword from the chair

Jonathan Heawood, chair of JRCT

I joined the Joseph Rowntree Charitable Trust as a trustee in 2024 and assumed the role of Chair at the end of the year, succeeding Huw Davies.

Having grown up in York, the birthplace of Joseph Rowntree, it is an honour to chair the Trust he founded 120 years ago, and to build on his legacy by supporting organisations and individuals working for a more just and equitable society.

In 2024 the Joseph Rowntree Charitable Trust spent £13.8 million in grant funding, supporting a diverse range of people and organisations. This funding directly supports our mission: supporting those tackling the root causes of conflict and injustice to drive systemic change.

We remained steadfast in our commitment In addition to our grant-making, 2025 will to this mission in 2024. While undergoing be a year of ongoing strategic development for JRCT. We want to ensure sustained a period of internal reflection and review, we prioritised the stability and resilience and considered support for the people of our grant-holders. We reaffirmed our and organisations doing vital work in an commitment to long-term impact by increasingly complex and unequal world. prioritising multi-year grants and providing cost of living increases to help grantees sustain their vital work. Our grant-making is made possible by the careful stewardship of our endowment and “ by the knowledge and expertise held in our teams. I would like to thank the entire team - Recognising the staff, trustees and co-optees - at JRCT for immense pressures the essential role they play in the running of the Trust. facing non-profits, we We understand that many of our grantremain unwavering holders are facing unprecedented challenges. We have consistently heard about the urgent in our commitment to need for sustainable and reliable funding from people we support across all of our standing alongside those programmes. Recognising the immense working on the most pressures facing non-profits, we remain unwavering in our commitment to standing pressing challenges alongside those working on the most pressing challenges facing our society. facing our society.” Chair: Jonathan Heawood

Grants made Investments in 2024

Finance

Governance and management

Risk management

Statement of trustees’ responsibilities

Auditor’s Financial Legal and report statements administrative

Forewords Objects and Activities 2024 grants activities in 2024 in figures

3

Trustees’ annual report

JRCT Annual Report 2024

Foreword from the acting chief executive

We work to strengthen the hands of those leading change in our society. At the end of 2024 we had a total of 340 active grants to organisations achieving wide ranging and significant impact; whether they are promoting peace in Northern Ireland, advocating for some of the most marginalised people in our society or taking steps towards an environmentally sustainable future. You can read more about their wide-ranging work in this report.

Nicola Purdy, acting chief executive of JRCT

The relationships we have with grant-holders is important to us and we continue to do what we can to be a supportive and responsive funder. As acting chief executive, I would like to express my sincere gratitude to the whole team at JRCT who are united in their care for JRCT’s mission to support those who address the root causes of conflict and injustice.

Acting chief executive: Nicola Purdy

Forewords Objects and Activities 2024 grants activities in 2024 in figures

Grants made Investments Finance in 2024

Governance and management

It was a year of change at JRCT. We were delighted to welcome Avila Kilmurray and Michael Gidney as trustees, Jonathan “ Heawood as chair and Alison Breadon as The work of the vice chair. We’re grateful to Huw Davies for his leadership as interim chair. We said organisations and farewell to Jenny Amery, Linda Batten, John Fitzgerald and Hannah Torkington individuals we support who all left in 2024 and Fatima Rajina who seems more crucial left at the year-end – we are deeply grateful for their contributions to JRCT. than ever before.”

It was also a time of transition within the JRCT team as we welcomed Christine Frame, Eliza Broadbent, Farah AlHaddad, and Nancy Perez. We were grateful for the leadership of Helen Moulinos as JRCT’s interim chief executive. We were pleased to welcome some outstanding new co-opted advisors to provide valuable insights on funding and investments. The work of the organisations and individuals we support seems more crucial than ever before. We are fortunate to have such an exceptional team dedicated to supporting their efforts. Building upon the strong foundation laid by our predecessors, we are committed to ensuring JRCT continues to be a catalyst for positive social change.

Statement of trustees’ responsibilities

Risk management

Auditor’s Financial Legal and report statements administrative

4

Trustees’ annual report

JRCT Annual Report 2024

Objects and activities for the public benefit

Joseph Rowntree founded the Joseph Rowntree Charitable Trust in 1904, giving its trustees wide discretion to support charitable causes “in such manner “ as the trustees shall in their uncontrolled discretion think fit”. There may be no better way of advancing the Within this guidance trustees have carefully considered how best to use the charity’s resources for the public objects one has at heart good, in line with guidance published by the Charity than to strengthen the Commission under section 4 of the Charities Act 2011. hands of those who are JRCT continues to pursue its goals mainly by awarding effectively doing the work grants to charities and other non-profits. This approach that needs to be done.” is based on Joseph Rowntree’s belief that: “There may Joseph Rowntree be no better way of advancing the objects one has at heart than to strengthen the hands of those who are effectively doing the work that needs to be done.”

Statement of trustees’ responsibilities

Grants made Investments in 2024

Finance Governance and management

Risk management

Forewords Objects and Activities 2024 grants activities in 2024 in figures

Auditor’s Financial report statements

Legal and administrative

5

Trustees’ annual report

JRCT Annual Report 2024

Objects and activities for the public benefit Continued

The trustees aim to empower others with their resources, rather than keeping that power to themselves.

Beyond grantmaking, the Trust advances its charitable goals by providing extra support to those we fund, sometimes commissioning research or other work in our areas of focus, and also through its investment strategy. “

Joseph Rowntree believed in addressing “the underlying causes of weakness or evil in the community” rather than simply treating the symptoms. The Trust’s independent resources and structure allow its trustees to support organisations working on controversial or unpopular issues, or tackling intractable problems. The Trust’s grantmaking is guided by core Quaker values such as peace, equality, simplicity, and truth and integrity in public affairs.

Trustees have summarised this strategy in our current statement of purpose: “We are a Quaker trust which supports people who address the root causes of conflict and injustice.”

Northern Ireland: The Peace Bridge in Derry-Londonderry

Grants made Investments Finance in 2024

Governance and Risk management management

We are a Quaker trust which supports people who address the root causes of conflict and injustice.”

Statement of trustees’ responsibilities

Auditor’s Financial report statements

Legal and administrative

Forewords Objects and activities

Activities 2024 grants in 2024 in figures

6

Trustees’ annual report

JRCT Annual Report 2024

Objects and activities for the public benefit Continued

While the specifics of the Trust’s funding programmes may evolve yearly, the trustees believe real change requires time. Longterm engagement in a field allows the Trust to develop internal expertise and external relationships, leading to more effective and informed grantmaking.

Grants are currently awarded under six programme areas: Peace and Security, Power and Accountability, Rights and Justice, Sustainable Future, Northern Ireland, and our pilot Grassroots Movements programme. Each programme has its own grant policy, detailing specific priorities, all of which are available on the Trust’s website.

Peace and Security Power and Accountability Rights and Justice Sustainable Future Northern Ireland Grassroots Movements

Grants made Investments in 2024

Governance and management

Finance

The Trust primarily funds in the UK, reflecting our location and heritage and our scale of operation. The Trust also makes some grants at the pan-European level, recognising that UK and EU policies and practices influence each other, and that many of the issues we support cross national boundaries.

Statement of trustees’ responsibilities

Risk management

Auditor’s Financial Legal and report statements administrative

Forewords Objects and Activities 2024 grants activities in 2024 in figures

7

in figures

Trustees’ annual report

JRCT Annual Report 2024

Activities in 2024

----- Start of picture text -----
Tackling
root causes:
our grant-
making
at JRCT
Voicing the Void, a
Northern Ireland grant
holder. Image courtesy
of Voicing the Void
----- End of picture text -----

We funded grassroots groups, national charities, and lots in between. What they had in common was that they were each addressing the root causes of conflict and injustice.

JRCT is an independent Quaker trust which makes grants to organisations and individuals working to produce positive social change through their charitable work.

In 2024 we began to review our organisational processes and funding approaches, and we remained committed to providing stability and support to existing grant-holders.

By the end of 2024, the Trust had 340 active grants. These were made towards all kinds of charitable work, and to groups and entities of different sizes.

Our total grant-making expenditure was £13.8 million – which includes new grants of £9.3 million and increases and extensions to existing grants of more than £4 million. In 2025 our grant-making budget is £13.9 million.

340

Active grants

£1 .8m 3

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Total grant-making
expenditure
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Grants made Investments Finance in 2024

Risk Statement of trustees’ management responsibilities

Governance and Risk management management

Auditor’s Financial Legal and report statements administrative

Forewords Objects and Activities 2024 grants activities in 2024 in figures

8

Trustees’ annual report

JRCT Annual Report 2024

Activities in 2024 Continued

five year Being a grants responsive[2] £496k three year funder Our largest grant grants 23 £20k new grants Our smallest grant 55 percent were returners >75% 45 percent were new over 75 percent of our grants applicants. spanned two years or longer JRCT aims to be a responsive and patient Recognising the need for long-term support funder: we recognise that systemic change to drive meaningful change, we provided takes a long time and we are willing to take two five-year grants in 2024. Additionally, the long view in our grant-making. Each of our programmes funds in a way 23 grants were awarded for three years, and Our long-term perspective was reflected in that reflects the needs of those it serves: over 75 percent of our grants spanned two the number of returning grantees in 2024: in 2024 we made grants ranging in size years or longer. We understand from sector 55 percent of our 77 new grants were from as much as £496,000, our largest research and from grantee feedback that returners; 45 percent were new applicants. grant, to our smallest of £20,000. multi-year funding is crucial to those we fund.

Each of our programmes funds in a way that reflects the needs of those it serves: in 2024 we made grants ranging in size from as much as £496,000, our largest grant, to our smallest of £20,000.

Grants made Investments Finance in 2024

Governance and management

Risk management

Statement of trustees’ responsibilities

Forewords Objects and Activities 2024 grants activities in 2024 in figures

Auditor’s Financial Legal and report statements administrative

9

Trustees’ annual report

JRCT Annual Report 2024

Activities in 2024

Continued

Strengthening the hands of those doing the work

Guided by Quaker values of peace, truth, integrity, simplicity, sustainability, equality, and justice, JRCT supports organisations addressing the root causes of injustice. The challenges we and our grantees face are multifaceted. We believe in a diverse range of approaches to addressing these. We trust the expertise of those on the front lines to find, develop and deliver effective solutions.

Some of our grants have visible and direct outcomes such as our funding for Cooperation Town, a food cooperative empowering communities with collective purchasing power and access to affordable food – whilst others are longer-term investments in knowledge and capacity building. This includes our support for the Department of Politics and International Relations at the University of York to develop theories of social change within the UK’s peace and security NGO sector.

This is why we support a variety of approaches to tackling deep rooted political and social issues. These include legislative change, building power amongst affected communities, supporting research, policy and advocacy efforts, and building alternatives to the current system.

Cooperation Town, a Sustainable Future grant holder. Image courtesy of Cooperation Town

Grants made Investments in 2024

Governance and management

Finance

Cost of living and other increases

Recognising the significant impact of Additionally, we continued to provide rising living costs on our grant-holders, we enhanced support by way of increases to continued to implement a ten percent cost existing grants, exceeding £1.3 million in of living increase across grant payments total. We’re committed to ensuring the in 2024. This adjustment, totalling over sustainability and resilience of our grantees £400,000, aimed to support grantees whose during challenging times. budgets did not already account for inflation. We encouraged new and returning applicants to build inflation into their multi-year budgets. Where this had not happened, we offered the ten percent uplift. 10% Cost of living increase >£1.3m

Cost of living increase Increases to existing grants

Statement of trustees’ responsibilities

Risk management

Auditor’s report

Financial Legal and statements administrative

Forewords Objects and Activities 2024 grants activities in 2024 in figures

10

Trustees’ annual report

JRCT Annual Report 2024

Activities in 2024 Continued

Relational funding

To be a supportive funder, we employ skilled staff who build and maintain trusting relationships with those we fund. Grant management requires a mix of subject knowledge and the relational skills needed to work supportively with our grant holders.

In addition to grant-making our team holds expertise in finance and investment, HR, communications, operations, and governance.

To ensure the effective and responsible use of grant funds, we maintain clear and concise reporting requirements, proportionate to the grant size and complexity. While higher-risk grants may require more detailed reporting, we minimise the administrative burden on our grantees. We value open communication and build strong relationships with our grantees through regular contact. We occasionally provide access to resources and support, such as legal or communications advice, to assist them in achieving their goals.

We also seek to share learning with others through membership of a number of UK and international philanthropic networks and through our website and other communications.

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Ask Her To Stand
parliament event: 50:50
Parliament, a Power
and Accountability
grant holder
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David Miko
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JRCT asks all grantees to complete a closing and Accountability report on each grant to help us understand grant holder the impact of the work we have funded and to help us learn and improve as a grantmaking trust. All closing reports are fed back “ to trustees, and common themes arising from We value open reports are identified and reviewed. From time to time, we support grantees and communication and other groups working in our areas of interest to strengthen networking, to benefit from external input, or to help the Trust learn build strong relationships more about specific subject areas or reflect on its own practice and priorities. with our grantees.”

Grants made Investments Finance in 2024

Governance and management

Risk management

Auditor’s Financial Legal and report statements administrative

Statement of trustees’ responsibilities

Forewords Objects and Activities 2024 grants activities in 2024 in figures

11

Trustees’ annual report

JRCT Annual Report 2024

Activities in 2024

Continued

Changes to the board

We were delighted to welcome a number of new trustees to our board in 2024 as recruitment expanded to board members beyond the Quaker community. Avila Kilmurray and Michael Gidney joined the JRCT board at the start of 2024. Fatima Rajina joined us for a year before stepping down due to professional commitments; we’re grateful to Fatima for her contributions to the work of JRCT.

In September, Jonathan Heawood and Alison Breadon joined us as trustees, Jonathan took over from Huw Davies as chair and Alison as vice chair as the year ended. We said farewell to long-standing trustees Hannah Torkington, Jenny Amery, John Fitzgerald and Linda Batten.

Grants made Investments in 2024

Governance and management

Finance

Staff and co-optee recruitment

In the wider staff team we were pleased to welcome Nancy Perez to the Grassroots Movements team, Eliza Broadbent to Peace and Security, Farah AlHaddad to the Rights and Justice team, and Christine Frame as executive assistant to the chief executive, all bringing additional expertise, knowledge and experience to our work.

We were grateful to Helen Moulinos for her interim leadership of JRCT for much of 2024. At the end of the year Nicola Purdy stepped up from her role as head of people and operations to become acting chief executive as we begin the process to recruit a permanent CEO to lead the Trust for the longer term.

In November 2024, we were delighted to welcome Sophie Long as our new head of programmes. Sophie brings a wealth of experience to the role and she has worked for JRCT for seven years, contributing significantly to the Northern Ireland and Sustainable Future programmes.

We welcomed some excellent co-opted members to our committees, including Michelle Daley, Fatima Iftikhar and Josetta Malcolm to our Rights and Justice committee and Claire Lauterbach, Craig Gent, Mohammed Afridi and Swee Leng Harris to our Power and Accountability committee. Helena Coles joined our Investment committee. Earlier in the year, we welcomed Stephen Bloomer and Gerard Deane to our Northern Ireland committee.

Statement of trustees’ responsibilities

Risk management

Auditor’s Financial Legal and report statements administrative

Forewords Objects and Activities 2024 grants activities in 2024 in figures

12

in figures

Trustees’ annual report

JRCT Annual Report 2024

Activities in 2024

Continued

Plans for the future

2025 will begin a process of long-term All funders are grappling with a surge in strategic planning for JRCT. We will develop demand for resources. We want to carefully a long-term vision that ensures JRCT’s consider how to best serve those working on continued impact and enables us to provide complex long-term problems while creating sustained support to organisations working space for new applicants. to address the root causes of social injustice. This process is expected to run from 2025 to 2027, effectively beginning the “decennial review” (a forward-looking process setting “ priorities for the next decade). We want to carefully Trustees remain committed to a process of exploring and identifying forms of reparation consider how to best which further our charitable purposes for the public benefit. Work continues to develop the approach and timeline. serve those working We will also work to improve policies and procedures to improve grantee experience on complex longwhen they apply for a grant and to learn from the grants we make so we can adapt our practice accordingly and make the greatest term problems while difference with our grant-making. creating space for new applicants.”

The Informing Choices NI team, a Northern Ireland programme grant holder. Image courtesy of Informing Choices NI.

Statement of trustees’ responsibilities

Forewords Objects and Activities 2024 grants activities in 2024 in figures

Grants made Investments Finance in 2024

Governance and management

Risk management

Auditor’s Financial Legal and report statements administrative

in figures

13

Trustees’ annual report

JRCT Annual Report 2024

2024 grants in figures

Breakdown of new programme grants

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Other
2
Sustainable Future grants 12 £311,000
grants
£2,601,299
Grassroots Movements
15
grants
£799,345
14
grants
Total
Peace & Security
£9,278,245
£1,030,326
plus grant extensions to existing
grant-holders of £1,049,292
grants [8]
77
Rights & Justice
£2,008,318 grants Northern Ireland
13
plus grant extensions to existing
£1,025,874
grant-holders of £1,138,463 grants
plus grant extensions to existing
13 grant-holders of £286,550
Power & Accountability grants
£1,502,083
plus grant extensions to existing
grant-holders of £552,534
Forewords Objects and Activities 2024 grants Grants made Investments Finance Governance and Risk Statement of trustees’ Auditor’s Financial Legal and 14
activities in 2024 in figures in 2024 management management responsibilities report statements administrative
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Trustees’ annual report

JRCT Annual Report 2024

2024 grants in fgures Continued	2024 grants in fgures Continued	2024 grants in fgures Continued	2024 grants in fgures Continued	2024 grants in fgures Continued
We made 77 new grants in 2024 10% 9 8 of the 77 new grants were unrestricted funding. 69 of made fundi supp These grants totalled £993,240 (11% of the total awarded) Thes £8 (89% £13 Taking our total reported grant expenditure for the year to	0% 45 the 77 new grants were for project ng including ort costs. of the grants m were to new ap e grants totalled ,285,005 of the total awarded) These grants t £3,186, (34% of the total a ,802,65	% 55% ade plicants. grants were made to returning grantees. otalled 174 warded) These grants totalled £6,092,071 (66% of the total awarded) 4
					In addition to the above new grants, we have awarded £4,841,357 for increases or extensions to existing grants,minus £316,948of other accounting adjustments to grants Adjustments made in the year to existing grants Extensions £3,026,839 Discretionary £1,056,247 Wellbeing £340,227 Cost of Living £418,044 £4,841,357
			These grants totalled £6,092,071 (66% of the total awarded)
15 Forewords Objects and activities Activities in 2024 Grants made in 2024 Investments Finance Governance and management Risk management Statement of trustees’ responsibilities Auditor’s report Financial statements Legal and administrative 2024 grants in fgures

Trustees’ annual report

JRCT Annual Report 2024

2024 grants in figures Continued

Ten largest grants in 2024

Ten largest grants in 2024 Cooperation Town DeSmog UK Quaker for Eu Af 60 60 3 £496,311 £400,000 £26 (€30 months mo months Sustainable Future Sustainable Future O	Council ropean airs The Restart Project Participation and the Practice of Rights Project 6 36 36 1,000 0,000) £235,107 £210,000 months nths months Sustainable Future Northern Ireland ther	Migrants’ Law Project Women’s Resource and Development Agency The Inde Workers of Great 36 36 3 £210,000 £210,000 £200 months months mon Northern Ireland Rights and Justice Rights Just	pendent ’ Union Britain European Legal Support Center Leeds GATE 6 36 ,000 £200,000 £200,000 months ths months and ice Rights and Justice Rights and Justice 24
16 Forewords Objects and activities Activities in 2024 Grants made in 2024 Investments Finance Governance and management Risk management Statement of trustees’ responsibilities Auditor’s report Financial statements Legal and administrative 2024 grants in fgures

Trustees’ annual report

JRCT Annual Report 2024

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2024 grants in figures
Continued
Length of grants
< One 18 Two Three Five
15
28% months months
1 year year years years years
163
The Trust’s ten largest Number of applications in 2024 33
grants represent 28% of
the total new grants.
23
47%
of applications received resulted in a grant
13
340
We had 340 active grants at the end of 2024.
4
2
1 1
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----- Start of picture text -----
Length of grants
< One 18 Two Three Five
15
28% months months
1 year year years years years
163
The Trust’s ten largest Number of applications in 2024 33
grants represent 28% of
the total new grants.
23
47%
of applications received resulted in a grant
13
340
We had 340 active grants at the end of 2024.
4
2
1 1
Forewords Objects and Activities 2024 grants Grants made Investments Finance Governance and Risk Statement of trustees’ Auditor’s Financial Legal and 17
activities in 2024 in figures in 2024 management management responsibilities report statements administrative
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Forewords Objects and Activities 2024 grants activities in 2024 in figures

Trustees’ annual report

JRCT Annual Report 2024

Grants made in 2024

Peace and Security

We support approaches to defence and security which prioritise peace, non-violence and human rights.

£1,030,326 total grants

14 grant recipients

JRCT wishes to prioritise support for charitable work on the following issues: 1

Challenging militarism

2

Scrutiny of counter terrorism measures in the context of human rights and peacebuilding

3

Building support for alternative approaches to defence and security

4

Responding to the harms of systemic racism.

Arcola Theatre

www.arcolatheatre.com The Shadow World Musical £49,972 | 12 months

APPG on Extraordinary Rendition www.extraordinaryrendition.org APPG on Extraordinary Rendition £120,000 | 24 months

British American Security Information Council (BASIC) www.basicint.org Scoping British Nuclear Weapons Harms (2024-2026)

£100,000 | 24 months

Centre for Military Justice www.centreformilitaryjustice.org.uk Core costs

Connection e.V

• www.connection ev.org

“The right to conscientious objection to military service: ensuring universal protection and implementation”

€119,000 | 24 months

Federation of American Scientists

www.fas.org Research and Analysis of the United Kingdom’s Nuclear Arsenal

$62,000 | 12 months International Campaign to Abolish Nuclear Weapons www.icanw.org Cooperation or catastrophe? Strategic engagement across environmental and nuclear abolition movements

CHF66,173 | 10 months

£60,000 | 36 months

You can read more about our funding priorities here.

Grants made Investments Finance in 2024

Governance and management

Risk management

Statement of trustees’ responsibilities

Auditor’s Financial Legal and report statements administrative

Forewords Objects and Activities 2024 grants activities in 2024 in figures

18

Trustees’ annual report

JRCT Annual Report 2024

Grants made in 2024 Continued

University of West London

New Internationalist www.newint.org How to stop the arms trade £50,800 | 15 months

Freedom of Information and CounterTerrorism: Improving Access to Information, Transparency, and Accountability £46,765 | 12 months

Ownership Futures Ltd (Common Wealth t/a) University of York, Department of - www.common wealth.org Politics and International Relations A new Common Wealth centre www.york.ac.uk/politics for research on militarism Developing theories of social change in the UK peace and security NGO community £100,000 | 24 months £88,000 | 18 months Prevent Watch Limited www.preventwatch.org We Are Not Numbers Building a Coalition – www.wearenotnumbers.org Outreach & Engagement We Are Not Numbers: UK set up £110,187 | 24 months £60,000 | 12 months United Nations Association Scotland www.unhscotland.org.uk Secure Scotland £32,000 | 24 months

Developing theories of social change in the UK peace and security NGO community £88,000 | 18 months We Are Not Numbers www.wearenotnumbers.org We Are Not Numbers: UK set up £60,000 | 12 months

Grants made Investments in 2024

Governance and management

Finance

Rethinking Security, a Peace and Security grantee, recording their podcast. Image courtesy of Rethinking Security.

Risk management

Auditor’s Financial Legal and report statements administrative

Statement of trustees’ responsibilities

Forewords Objects and Activities 2024 grants activities in 2024 in figures

19

in figures

Trustees’ annual report

JRCT Annual Report 2024

Grants made in 2024

Continued

||Power and
Accountability
We support those working for
a world in which power is more
equally shared and powerful
institutions are accountable to
wider society.
£1,502,083 total grants
13 grant recipients|Our funding priorities are:
1
Strengthening corporate
accountability
2
Strengthening democratic
accountability
3
Encouraging responsible media
You can read more about our
funding priorities here.||British Deaf Association
www.bda.org.uk
Deaf People are Here
£111,648 | 24 months
Climate Emergency UK
www.climateemergency.uk
Climate Action Scorecards Initiative
£104,511 | 24 months
Democracy Network
www.democracynetwork.org.uk
Democracy Network: Reaching wider
£156,811 | 24 months
Gambling with Lives
www.gamblingwithlives.org
Core costs
£127,240 | 36 months||Generation Rent
www.generationrent.org
Empowering Renters
£131,594 | 24 months| |---|---|---|---|---|---|---| |||||||Glitch
www.glitchcharity.co.uk
Core costs
£65,000 | 12 months| |||||||Index on Censorship
www.indexoncensorship.org
UK Anti-SLAPP Coalition
£148,141 | 24 months| |||||||Just for Kids Law
www.justforkidslaw.org
Holding the Government to account on
its response to the pandemic and creating
change for children and young people
impacted by Covid-19
£66,600 | 36 months| ||||||||

Grants made Investments Finance in 2024

Governance and management

Risk Statement of trustees’ management responsibilities

Auditor’s Financial Legal and report statements administrative

Forewords Objects and Activities 2024 grants activities in 2024 in figures

20

in figures

Trustees’ annual report

JRCT Annual Report 2024

Grants made in 2024 Continued

N1M Trust

https://not1more.org/about

Not1More: A Route Towards Accountability for Human Rights Violations against Environmental Protesters

• £79,858 | 24 months

Research for Action

www.researchforaction.uk

Local government in crisis: research and monitoring

• £159,954 | 36 months

The Worker Support Centre www.workersupportcentre.org.uk Engagement of temporary migrant workers in policymaking

• £124,806 | 24 months

UK Feminista

Grantee focus:

www.ukfeminista.org.uk

Combatting the harms of commercial sexual exploitation

50:50 Parliament is dedicated to increasing women’s representation in UK politics.

£155,000 | 36 months

Voice of the Listener & Viewer Ltd www.vlv.org.uk

Shaping Public Service Broadcasting policy for the future of citizens

We empower women to pursue political careers by providing support, training, and networking opportunities at all levels, from local councils to Parliament.

£70,920 | 18 months

Ask Her To Stand parliament event: 50:50 Parliament, a Power and Accountability grant holder. Image by Jennifer Stazaker, courtesy of 50:50 Parliament

Statement of trustees’ responsibilities

Finance Governance and management

Risk management

We want to raise awareness of the gender imbalance on elected bodies, including why it’s a problem, and hold Parliament to account on women’s representation in UK politics.

Our approach is effective: 101 of the women we supported across the political spectrum stood for election with 25 winning seats, resulting in a significant increase in female MPs.

Research consistently demonstrates that women in leadership prioritise crucial areas like healthcare, education, and social care. With more women in leadership, we are less likely to go to war and peace deals last longer. Women are also disproportionately affected by poverty, violence, and climate change making representation in leadership essential.

More women at the highest levels of power helps to shape a fairer more equitable society. Lyanne Nicholl, CEO of 50:50 Parliament

Forewords Objects and Activities 2024 grants activities in 2024 in figures

Grants made Investments in 2024

Auditor’s Financial report statements

Legal and administrative

21

Trustees’ annual report

JRCT Annual Report 2024

Grants made in 2024

Continued

||Rights and
Justice
We support those who
uphold equality and human
rights in support of racial
and religious minorities.
£2,008,318 total grants
13 grant recipients||Our funding priorities are:
1
Protection and promotion
of human rights and their
enforcement in the UK
2
Promoting rights and justice
for minorities who face the
most severe forms of racism
3
Promotion of rights and
justice for refugees and other
migrants by identifying
and tackling structures and
systems that may deny them
their rights.
You can read more about our
funding priorities here.||Civil Liberties Trust
www.libertyhumanrights.org.uk
Core support
£90,000 | 36 months
European Legal Support Center
www.elsc.support
Fighting anti-Palestinian racism in Britain
£200,000 | 24 months
Friends of Birzeit University
www.fobzu.org
Resisting the ‘Scholasticide’: Building
Solidarity in the UK with Palestinian
Students, Educators and Institutions
£121,192 | 24 months
IWGB (The Independent Workers’
Union of Great Britain)
www.iwgb.org.uk
Organising the ‘unorganisable’:
Building migrant leadership and
empowering our communities
£200,000 | 36 months||Joint Enterprise Not Guilty by
Association (JENGbA)
www.jointenterprise.co
Rights and Justice: Spotlight Joint Enterprise
£165,000 | 24 months| |---|---|---|---|---|---|---|---| ||||||||JustRight Scotland
www.justrightscotland.org.uk
Paving Routes to Justice in Scotland
£149,146 | 36 months| ||||||||Leeds GATE
www.leedsgate.co.uk
Reimagine
£200,000 | 36 months| ||||||||Makan Rights
www.makan.org.uk
Building support for human rights and social
justice through transformative education
£160,500 | 36 months| |||||||||

Grants made Investments in 2024

Finance

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Grants made in 2024 Continued

Migrants’ Law Project www.themigrantslawproject.org The Migrants’ Law Project

• £210,000 | 36 months

National Ugly Mugs (NUM) www.uglymugs.org Racial Justice for Sex Workers: Advocacy and Engagement

• £96,530 | 18 months

Public Interest Law Centre www.pilc.org.uk

Defending Gypsies and Travellers’ nomadic way of life

• £74,950 | 24 months

SDS: Solidarity Detainee Support £150,000 | 36 months

The Anne Matthews Trust

www.theannematthewstrust.org

Walking The Walk Phase 2: Implementing Our Learning £191,000 | 12 months

Civil Liberties Trust, a Rights and Justice grant holder. Image courtesy of Civil Liberties Trust.

Grantee focus:

influencing behind the scenes, winning hearts and minds, using rights tools to challenge injustice and protect everyone’s rights, is vital, and has stood for more than 90 years.

Right now, our work is focused on

Civil Liberties Trust

discriminatory policing including the use of facial recognition, curbing powers to limit protest, and protecting human rights tools and frameworks.

Liberty is an independent human rights campaigning organisation founded in 1934. We employ 35 people, who collaborate with our partners to protect rights, challenge injustice and hold people in power to account.

Last year wasn’t easy for anyone fighting injustice. In the summer, we saw racist, Islamophobic violence unfold across the UK, harming communities and allies we support. We issued a solidarity statement, spoke out in the press and on news programmes debunking the dangerous ‘two-tier policing’ myth, and offered support to frontline and migrants’ rights organisations. We also distributed guidance on how to hold counter demonstrations safely and within the law.

This is ‘the fight that is never done’ as we see threats to rights and democracy multiply around the world, including the UK. But we are also seeing changes to the UK political landscape that present new opportunities. Whatever the challenges we face, we will continue working with our partners, from established NGOs to grassroots collectives and individual activists, towards our vision of a society where everyone is treated with dignity and respect.

We do this through a combination of strategic litigation, parliamentary advocacy, public campaigning, investigative journalism, and movement building.

We fight injustices impacting us all but prioritise those experienced by marginalised communities. And we bring the most to issues that intersect, where the diversity of our skills can support partners and achieve a greater impact.

Emma Finch, head of philanthropy at Civil Liberties Trust

Our work won’t provide every solution to threats like these, but Liberty’s role

Statement of trustees’ responsibilities

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Continued

Sustainable Future

We fund imaginative and inclusive approaches to tackling the climate crisis and building a just and equitable economy in order to protect the planet for future generations.

£2,601,299 total grants

15 grant recipients

The overall focus of our funding priorities are to develop and promote sustainable, low-carbon alternatives to the current consumerist and growth-based paradigm. We will support a range of actions to achieve these aims, recognising this might include defending current policies, frameworks, and regulations.

Our funding priorities are:

1 Better economics

2

Beyond consumerism

3 New voices

You can read more about our funding priorities here.

Grants made Investments in 2024

Governance and management

Cooperation Town

Ecological Land Cooperative

www.ecologicalland.coop Developing affordable low-impact living solutions to support the sustainable farming revolution

www.cooperation.town Cooperation Town

£496,311 | 60 months

£51,509 | 18 months

Decolonising Economics

www.decolonisingeconomics.org Nourishing Economics

Europska Siet Komunitneho Organizovania www.organizeeurope.org European Community Organisers Network Organising for a Sustainable Future

£60,000 | 12 months

DeSmog UK

www.desmog.uk

€184,000 | 24 months

Investigative reporting to end support for fossil fuels, enhance climate action and protect nature

Everything Must Change

Everything Must Change: Tour

£400,000 | 60 months

£30,430 | 12 months

Drive 2 Survive CIC www.drive2survive.org.uk Gypsies forging Sustainable Futures 2

Fossil Free Pride

Severing Ties Between Queer Culture and the Fossil Fuel Industry

£198,000 | 36 months

£164,500 | 24 months

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Grants made in 2024 Continued

Good Ancestor Limited Rethinking Economics International www.goodancestormovement.com www.rethinkeconomics.org Accelerating the just transition: building Educating, Organising and Agitating regenerative structures for the stewardship for a Better Economics in an Age of Crisis of private capital £110,250 | 36 months £180,000 | 36 months Retrofit Balsall Heath Leave it in the Ground Initiative www.facebook.com/RetroftBalsallHeath (LINGO) Development and relationship building - - - - www.leave it in the ground.org £43,350 | 12 months Towards Defusing Carbon Bombs €140,000 | 24 months The Restart Project www.therestartproject.org RadHR Working towards a ‘Right to Repair’ www.radhr.org in the UK RadHR: Because humans are more £235,107 | 36 months than resources £150,000 | 36 months Welsh Centre for International Affairs (WCIA) www.wcia.org.uk Building a powerful and diverse movement to transform society £199,962 | 24 months

Grants made Investments Finance in 2024

Governance and management

Grantee focus:

The Kindling Trust The Kindling Trust is a social and environmental change organisation based in Manchester.

Driven by frustration with the environmental and social injustices of the mainstream food system, we develop and support progressive initiatives to change our local food system and demonstrate the potential for a radically different food economy that is equitable and sustainable.

So far we’ve set up farming projects, a community food hub and a veg box project – and in 2023, with the support of over 800 members, we collectively bought a 77-acre farm between Liverpool and Manchester. Now, we’re transforming this conventionally farmed land into an agroforestry system to farm in a way that benefits both people and the environment.

The Kindling Trust, a Sustainable Future grant holder. Image courtesy of Kindling Trust.

Statement of trustees’ responsibilities

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Auditor’s report

We’re not going to revolutionise the food system on our own, but there are a lot of people who want to join us. Being involved with the farm gives people hope that change can happen in time, and it’s easier – and much more enjoyable – together.

Helen Woodcock, co-founder and coordinator of Kindling Trust and Kindling Farm.

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Grants made in 2024 Continued

Northern Ireland

We support those whose work to promote peace, equality, inclusion and human rights contributes to the ongoing transformation of the Northern Ireland conflict.

£1,025,874 total grants

8 grant recipients

Our funding priorities are:

1

Strengthening human rights and equality

2

Reimagining society

3

Cultivating peace and reconciliation

You can read more about our funding priorities here.

Grants made Investments Finance in 2024

Governance and management

Grantee focus:

In 2024 we worked with people with a range of experiences from victims of serious crime, to young people facing educational challenges, to those impacted by racist hate crimes.

Voicing the Void

Voicing the Void is a grassroots organisation based in Northern Ireland that empowers vulnerable and marginalised members of our community, including at-risk young people. Our programmes emphasise personal and social development, with a strong focus on storytelling and community building.

In 2025, we plan to bring many of these stories together in a festival, creating a space for people to connect with the experiences of others across different communities in Northern Ireland. Hopefully, people will see similarities and connections, or connect with someone else’s story. That’s what our work is all about – healing through connection.

We support people in finding their voice and using it to spark change. While there’s no pressure to share publicly, many participants choose to do so, hoping to prevent others from experiencing similar hardships.

Rory Doherty, founder of Voicing the Void

Voicing the Void, a Northern Ireland grant holder. Image courtesy of Voicing the Void

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Grants made in 2024 Continued

Action for Community Northern Ireland Anti-Poverty Network The Rainbow Project - Transformation Initiative www.niapn.org www.rainbow project.org - www.act ni.co.uk Revive NIAPN Core costs Demilitarisation Programme £100,259 | 24 months £150,000 | 36 months £65,184 | 24 months Participation and the Women’s Resource and Committee on the Administration Practice of Rights Project Development Agency of Justice www.pprproject.org www.wrda.net www.caj.org.uk Core costs Women’s Sector Lobbyist A peaceful society based on human £210,000 | 36 months £210,000 | 36 months rights and equality £170,431 | 36 months Quaker Service www.quakerservice.com Creggan Enterprises Limited Core costs www.rathmor.com £100,000 | 24 months

Creggan Enterprises Limited www.rathmor.com Community Dialogue programme

£20,000 | 12 months

Women’s Resource and Development Agency (WRDA), a Northern Ireland programme grant holder. Image courtesy of WRDA.

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Continued

||Grassroots
Movements
We support grassroots
movements on the frontlines
of social and environmental
injustice who are striving for
transformative change.
£799,345 total grants
12 grant recipients||Building Trust
CAPS Project (Community Advocacy
Pilot Strategy Project)
£80,259 | 12 months
Disabled People Against Cuts
www.dpac.uk.net
Disability Justice think-tank
£73,300 | 24 months
English Collective of Prostitutes
www.prostitutescollective.net
No Bad Sex Workers, Just Bad Police
£49,214 | 24 months
Manchester Migrant Solidarity (MiSol)
www.manchestermigrantsolidarity.org
Building Power Through Strong
Communities: Expanding Support
for Migrant and People Seeking
Asylum Members
£77,000 | 12 months||Na’amod
www.naamod.org.uk
Mobilising for Transformative Change
within UK Jewish Communities
£76,950 | 24 months
Nejma Collective CIC
www.nejmacollective.wordpress.com
Resisting Punishing Systems
£44,902.20 | 24 months
Pan-African Workers’ Association
(PAWA)
www.pawa.uk
Supporting African migrant workers
to join the working class movement
£80,000 | 24 months
SCALP (Scottish Community
& Activist Legal Project)
scalp.org.uk
Empowering Action in Scotland
£32,060 | 24 months||Sistren Legal Collective
www.sistren.co.uk
Sistren Legal Collective
£77,000 | 24 months| |---|---|---|---|---|---|---|---| ||||||||Trans Action for Housing Justice
https://linktr.ee/TransHousingJustice
Trans Action for Housing Justice
£76,995 | 24 months| ||||||||Unis Resist Border Controls
https://linktr.ee/urbc
Toward a more informed and organised
resistance of the hostile environment in
higher education
£65,665 | 24 months| |||||||||

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Grants made in 2024

Continued

Friends Provident

Other

£311,000 total grants

2 grant recipients

Charitable Foundation www.friendsprovidentfoundation.org

Foundation Practice Rating: assessing the diversity, accountability and transparency of UK philanthropic practices

£50,000 | 36 months

Quaker Council for European Affairs www.qcea.org Justice and peace in a time of climate crisis

€300,000 | 36 months

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Investments

Approach to investment

We are clear that we cannot manage our investments in isolation and that the investments we make, and our behaviour as an investor, have a role in helping achieve the overall aims and objectives of the Trust.

Accordingly, four main principles underlie our approach to investment. These are that we should:

• Be able to fund the Trust’s grant-making programmes over the long term

• Invest in enterprises which seek to realise our aims

• Avoid investing in corporations whose activities conflict with our aims

• Encourage business to be ethical, socially responsible and to protect the environment.

To this end we choose to invest through managers who regard themselves as responsible investors and seek to invest sustainably. By adopting this approach, we can have confidence that the companies in which we are invested are a good match for our ethical concerns. We also believe that those companies which recognise future trends, whether they be the immediate impact of climate change or the movement towards greater transparency, accountability and fairer reward systems, are most likely to outperform in the long term.

Grants made Investments Finance in 2024

Governance and management

As a long-term investor, we choose to invest almost entirely in global equities. We appreciate that, because of this, the value of the portfolio is likely to be volatile and therefore that we need to keep the Trust’s investment performance and spending policy under review.

Our approach to investment is explained further in our investment strategy which is available on our website at www.jrct.org.uk.

Cooperation Town, a Sustainable Future grant holder. Image courtesy of Cooperation Town.

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Investments

Continued

Investment portfolio

As at 31 December 2024 our externally managed investments represented almost 100% of our portfolio (2023: almost 100%). They were all invested through equity funds managed on a total return basis. Our externally managed investments are now all in global equity funds, invested in listed equities with four fund managers all chosen for the alignment of their strategies with our values as a responsible investor.

During the year there were no further payments as part of our committed investment into the Generation Sustainable Solutions Fund III, although of the remaining £0.7 million committed at year-end, £0.2 million has been paid since the year-end. In making this investment a number of years ago, as a long-term investor we felt that we could afford to accept less liquidity on this relatively small private equity investment in the hope of generating higher long-term returns. Currently this investment represents 3% of our portfolio.

The small number of investments we manage ourselves are social investments and represent less than 1% of the portfolio. These investments are in the Ethical Property Company, Mundo-Lab (formerly Ethical Property Europe) and the Social Justice and Human Rights Centre.

More detailed information on our funds and directly held investments can be found on our website at www.jrct.org.uk.

Grants made Investments in 2024

Governance and management

Finance

Investment performance and future plans

This underperformance reflects the dominance in investment markets of a small number of companies which do not fit our investment strategy, and factors such as continuing high inflation, and we remain confident in the long-term ability of our investment strategy to continue to deliver positive returns.

In reviewing investment performance, we take a long-term view of performance as is appropriate for our time horizon and we have an above average risk tolerance. We monitor the market value of our fund holdings and other securities using returns over a threeyear period.

In 2024, our global equities portfolio returned 8.5% underperforming its benchmark of MSCI All Countries World Index by 11.1%, and over 3 years returned 0.03% per annum (underperformance against benchmark 8.2%). This is as we would expect in recent market conditions given the nature of our investment strategy which aligns with the Trust’s values and expressly excludes fossil fuels.

In pursuing the Trust’s long-term investment policy as described above, we recognise the limitations of comparing performance to a benchmark and therefore only regard our benchmark as a guide.

We have reviewed the Trust’s investment performance during 2024 and since the end of the financial year. While we are aware of investment risks, we remain confident that the theoretical case for us to invest primarily in equities and in a responsible and sustainable manner is borne out in practice.

The portfolio is heavily skewed to a quality growth style. This has faced multiple headwinds over the past three years, including high inflation and a surge in performance of energy stocks followed by a period of extremely narrow markets, led by a small number of technology and AI-themed stocks.

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Investments

Continued

Review of investment activities

Investment governance

During 2024 we continued to actively oversee our whole portfolio both as a responsible investor and with an eye to returns. Our Investment Committee, which refers back to the Trust board, is supported in its work by four co-opted members with a professional investment background.

In 2024 we decided to change from having an individual independent investment advisor, and appointed Redington as our investment consultants. This will further strengthen the skills and resources available to us and we are very much looking forward to working with them.

During 2023 the reviews of our managers led to us reducing the number from five to four, and throughout 2024 and at the year-end we were still holding some of the proceeds withdrawn in a high-yielding cash deposit fund, while drawing down from these funds for our operational and grantmaking cash requirements.

Our usual practice is to meet twice a year with our managers. At one meeting we look at performance and asset allocation and at the other we concentrate primarily on ESG (environmental, social and governance) issues.

PRI (Principles for Responsible Investment)

Rising to our commitment as a signatory to PRI we also held our managers to account throughout the year on their general engagement activities.

Membership organisations

We are a member of the Church Investors Group, the Charities Responsible Investment Network, the Institutional Investors Group on Climate Change (IIGCC) and the UK Sustainable Investment and Finance Association (UKSIF). We are also an investor signatory to the CDP (Carbon Disclosure Project). Through these networks and other collaborative initiatives we engaged directly with companies and policy makers on a range of issues.

Fossil fuels

We are divested from fossil fuel extractive companies.

Grants made Investments in 2024

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Finance

Financial review

Income in 2024 was £3.5 million (2023: £2.9 million). This is primarily the income of £3.504 million from our investments (2023: £2.941 million). We also received unrestricted donations of £5k (2023: £3k).

Our relatively modest level of investment income compared with the size of the endowment reflects the fact that we are predominantly invested in managed investment funds run on a total return basis where the majority of the returns are in the form of capital, although we have seen an increase in income in recent years with higher interest rates increasing the return on our cash funds.

Expenditure allocated to charitable activities in the year was £17.3 million (2023: £22.8 million), principally being grants expenditure.

The grants expenditure in the year of £13.803 million (2023: £20.032 million) comprised £9.278 million (2023: £16.359 million) of new grants awarded, £4.841 million (2023: £3.818 million) of increases or extensions to existing grants, minus £0.316 million (2023: £0.145 million) of other adjustments including write-offs of closed grants. In 2023 we had continued our increased funding levels in response to the Covid-19 pandemic and the wider external context including the cost of living crisis; in 2024 we reduced to a more sustainable funding level while continuing to award some wellbeing and cost of living increases in grants in 2024.

The amount spent in the year on generating funds was £1.8 million (2023: £1.9 million) which is primarily fees paid to our investment managers.

Our investment portfolio reported gains in the year, with the accounts showing gains on investments of £21.7 million (2023: £32.0 million).

Income £3.5m 2023: £2.9 million Charitable expenditure £17.3m 2023: £22.8 million Reported gains £21.7m 2023: £32.0 million Net assets £284.9m 2023: £278.8 million

Fundraising practice

The Trust does not undertake fundraising from the general public and does not use professional fundraisers or commercial participators.

The income of the Trust is therefore not bound by any regulatory scheme, and the Trust does not have a requirement to comply with any voluntary code of practice relating to fundraising.

As such, we have received no complaints in relation to any fundraising activities. As we do not approach individuals for the purpose of raising funds, we do not have specific requirements related to fundraising activities, nor do we consider it necessary to design specific procedures to monitor such activities.

The value of the Trust’s net assets increased to £284.9 million (2023: £278.8 million).

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Finance

Continued

Spend policy

In 2018, as part of our decennial review, we agreed that, for the next ten years, we would operate on the basis of a fixed total spend (to cover grant and non-grant expenditure, net of investment fees) to be increased by our grant inflator annually. We agreed that the starting level for this expenditure would be £11.7 million for 2019, based on a forecast of potential sustainable spend provided by a reputable investment house. We recognise that there is no certainty in that regard but also that trustees have freedom to spend at whatever level they see fit. We welcome and celebrate the opportunities that this new spend level has brought.

In 2020 we agreed further increased spending in response to the Covid-19 crisis, and since then we have continued to provide higher levels of supplementary support to our grantees in response to the continued challenges of the Covid-19 pandemic and the wider external context including the Cost of Living crisis. We are now reducing our expenditure to a more sustainable level, whilst continuing to provide support above the level anticipated in 2018. We will consider our long-term spending plans as part of our decennial strategic review.

Governance and management

Finance

Reserves policy

We aim to maintain a free reserve of cash In setting this level of free reserves, we are mindful that all the Trust’s funds are in fact and cash equivalents sufficient to respond to applications for grants and ensure that the unrestricted and that, in the case of urgent costs of raising funds (excluding fund manager need, further liquid assets can be generated. fees, which are met out of our investments), The balance held as unrestricted funds at governance and support are covered without 31 December 2024 was £284.9 million becoming a forced seller of equities should (2023: £278.8 million), of which £37.3 million there be a downturn in the market. That said, (2023: £55.0 million) was held as available if prudent portfolio management demands reserves in cash, short-term deposits or liquid it, we are prepared to hold as cash and cash cash-based funds. Budgeted expenditure equivalents up to three years of unrestricted before any income in 2025 is £18.2 million. expenditure net of income from investments.

Given this, we believe that the current level of free reserves is reasonable.

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Finance

Continued

Going concern

The balance held as unrestricted funds at 31 December 2024 totalled £284.9 million. This figure reflected all known liabilities as at the balance sheet date and there were no material uncertainties. This sum comprised of assets totalling £306.0 million and creditors totalling £21.1 million, principally grant commitments payable over a number of years. Of the assets, £295.3 million were in liquid form (cash or cash equivalents) or near liquid form (quoted equities).

Given the strength of the Trust’s unrestricted reserves, its liquidity position and our attitude to expenditure levels, we are confident that the Trust will remain a going concern for the foreseeable future.

Remuneration policy

We are a living wage employer.

The policy of the Trust is that those employed by it are fairly remunerated for the necessary skills and experience they bring to the work of the Trust, and for the responsibilities they undertake on its behalf. The pay policy is agreed by the trustee body and is consistent across all posts in JRCT. The principle of equal pay for work of equal value is adhered to.

A full pay review is carried out periodically, with the last review having taken place in 2016. External consultants are commissioned to assess current salary scales in relation to UK endowed grant-making charities of similar size and with a national UK remit, as per the Trust’s pay policy. Trust policy is that salaries are set at levels at least as good as the median paid by comparator trusts.

Staff receive an annual cost of living award with effect from 1 April each year, which is approved by trustees following consideration of factors including the Retail Prices Index and the Average Weekly Earnings Index.

Grants made Investments Finance in 2024

Governance and management

Under the Trust’s scheme of delegation, authority to set the salaries of new posts is delegated to the Chief Executive, in consultation with the Chair of Operations and Finance Committee for senior roles. As an exception to this, Operations and Finance Committee sets the salary to be paid on the appointment of a new Chief Executive.

PEACH, the People’s Empowerment Alliance for Custom House, is a Grassroots Movements grantee. Image courtesy of PEACH.

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Governance and management

Historically, trustee recruitment drew on elements of Quaker nominations practice and while some parts of this process remain, JRCT consciously opened recruitment to non-Quakers in 2023 to encourage broader participation. The board initiates recruitment by determining the number of trustees needed and the desired skills and qualities, emphasising a diversity of perspectives and experiences.

The Joseph Rowntree Charitable Trust, a charity registered in England and Wales, (number 210037), was founded in 1904.

Our governing document is a deed of variation dated May 13, 2024, of a declaration of trust from November, 6, 1939, as amended in 1968, 1990, 1998, 2006, 2022 and 2024.

A sub-group of trustees, supported by staff, oversees the recruitment process to the board. While vacancies are typically advertised, JRCT may also seek recommendations or directly approach potential trustees with relevant skills. All candidates are required to provide an expression of interest, a CV and references.

JRCT is governed by a board of up to 14 trustees. New trustees serve a maximum term of ten years, renewable every five years. The chair and two vice chairs are appointed by trustees and serve a five-year term, open for renewal once.

Trustees meet as a full board at least four times a year, including dedicated time for trustee-only discussions. Some trustees also participate in grant assessment through programme committees. The full board consider and approve all grants over £200,000, as well as high-risk grants. This threshold is reviewed annually by trustees. Trustees also oversee the Trust’s investments and operations through dedicated committees.

The trustees are supported in their role by staff and also take external advice when needed. Day-to-day administration of JRCT is delegated to the chief executive. A written scheme of delegation is maintained.

Conflicts of interest and related parties

The Trust has a written conflict of interest policy for trustees, co-optees, staff and advisors aligned with statutory guidance and the Trust deed. More information about related parties can be found in note 9 of the financial statements.

All trustee appointments are made by the full Trust board and new trustees undergo an induction process.

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Risk management

Trustees are responsible for the management of the risks faced by the Trust, and consider a range of different types of risks as follows:

Strategic and operational risks

The board of trustees considers an update on risks, and mitigating actions, at least once a year. Risks are considered under the themes of board governance, leadership and management, people, financial sustainability, financial management, grant-making, reputational, information management and facilities.

The principal strategic risks facing the Trust during 2024 were identified as follows:

• Lack of diversity among the board and senior leadership team

• Staff management and capacity challenges arising from organisational growth, increase in grant-making and the scale of work associated with addressing the origins of the endowment.

For each of these risks, mitigating actions have been identified or are in the process of being developed and implemented. As part of the board’s commitment to ensure a board more representative of wider society, last year we changed the Trust deed to enable the appointment of trustees from outside the Quaker community and in 2024 we have welcomed non-Quaker trustees onto the board.

The staff management and capacity challenges created by the vacant chief executive post and other senior vacancies were monitored with trustees approving additional temporary resource where necessary to mitigate this. This included the appointment of an interim chief executive for a period during 2024.

Grants made Investments Finance in 2024

Governance and management

Grant-making risks

Financial risks

The principal financial risk is of significant investment losses through the poor investment management of our predominantly equity-based portfolio. We mitigate this risk by ensuring that our portfolio is properly diversified across industry sectors and geographical markets. The majority of our funds are invested through four external managers with different investment styles. We monitor them closely, using an independent consultant to assess and report to us on their performance. Our trustees themselves actively review our internally managed investments on an ongoing basis.

The Trust’s grant-making model and commitment to tackling the root causes of conflict and injustice also requires us to manage a higher-than-average level of risk associated with our grants, and we aim to support our grantees to do the same. The Trust has a grant risk management framework which we use to identify and assess risk as part of our due diligence. Risk is discussed with grant applicants as part of the assessment process, and strategies for mitigating risk by the Trust and the applicant are considered. When grant decisions are taken, the Trust identifies whether extra measures are necessary to support the grantee, and whether additional monitoring is required. Grants that are considered to be high-risk are considered by the full Trust board before approval.

While we are comfortable with the level of risk inherent in equity markets, we keep our strategic asset allocation and all our investments under close review. That said, at all times we avoid speculative and opaque investments and other investments that we do not understand. Our investment consultant supports us on managing investment risk and our co-opted members on investment committee ensure that the committee membership itself has an adequate skills base.

Statement of trustees’ responsibilities

Risk management

Auditor’s Financial Legal and report statements administrative

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in figures

Trustees’ annual report

JRCT Annual Report 2024

Statement of trustees’ responsibilities in respect of the trustees’ annual re p ort and the financial statements

The trustees are responsible for preparing the trustees’ annual report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

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

• Select suitable accounting policies and then apply them consistently

• Observe the methods and principles in the Charities SORP

• Make judgements and estimates that are reasonable and prudent

• State whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements, and

The trustees are responsible for keeping Approved by trustees on 15 March 2025 and proper accounting records that disclose with signed on their behalf by: reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity Jonathan Heawood , Chair of Trustees (Accounts and Reports) Regulations 2008 and the provisions of the Trust Deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

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

• Prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.

in figures

Grants made Investments Finance in 2024

Governance and management

Risk management

Statement of trustees’ responsibilities

Auditor’s Financial Legal and report statements administrative

Forewords Objects and activities

Activities 2024 grants in 2024 in figures

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Auditor’s report and financial statements

JRCT Annual Report 2024

Auditor’s report and financial statements

in figures

Grants made Investments in 2024

Finance

Governance and management

Risk management

Statement of trustees’ responsibilities

Auditor’s Financial report statements

Legal and administrative

Forewords Objects and activities

Activities 2024 grants in 2024 in figures

39

Auditor’s report

JRCT Annual Report 2024

Independent auditor’s report to the trustees of The Jose h Rowntree Charitable Trust p

Opinion

We have audited the financial statements of The Joseph Rowntree Charitable Trust (the ‘charity’) for the year ended 31 December 2024 which comprise the statement of financial activities, balance sheet, statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

• Give a true and fair view of the state of the charity’s affairs as at 31 December 2024 and of its incoming resources and application of resources, for the year then ended

• Have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice

• Have been prepared in accordance with the requirements of the Charities Act 2011.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on The Joseph Rowntree Charitable Trust’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other Information

The other information comprises the information included in the trustees’ annual report, other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Forewords Objects and Activities 2024 grants activities in 2024 in figures

in figures

Grants made Investments in 2024

Finance

Governance and management

Risk

management

Statement of trustees’ responsibilities

Auditor’s Financial report statements

Legal and 40 administrative

Auditor’s report

JRCT Annual Report 2024

Independent auditor’s report to the trustees of The Joseph Rowntree Charitable Trust Continued

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion:

• The information given in the trustees’ annual report is inconsistent in any material respect with the financial statements;

• Sufficient accounting records have not been kept; or

• The financial statements are not in agreement with the accounting records and returns; or

• We have not received all the information and explanations we require for our audit.

Responsibilities of trustees

As explained more fully in the statement of trustees’ responsibilities set out in the trustees’ annual report, the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with regulations made under section 154 of that Act.

Our objectives are to obtain reasonable

assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or

in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud are set out below.

Capability of the audit in detecting irregularities

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, our procedures included the following:

• We enquired of management and the

• operations and finance committee, which included obtaining and reviewing supporting documentation, concerning the Trust’s policies and procedures relating to:

Grants made Investments in 2024

Finance

Governance and management

Risk management

Statement of trustees’ responsibilities

Auditor’s Financial report statements

Legal and administrative

Forewords Objects and activities

Activities 2024 grants in 2024 in figures

41

in figures

Auditor’s report

JRCT Annual Report 2024

Independent auditor’s report to the trustees of The Joseph Rowntree Charitable Trust Continued

• Identifying, evaluating, and complying with laws and regulations and whether they were aware of any instances of non-compliance;

• Detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected, or alleged fraud;

• The internal controls established to mitigate risks related to fraud or noncompliance with laws and regulations.

• We inspected the minutes of meetings of those charged with governance.

• We obtained an understanding of the legal and regulatory framework that the Trust operates in, focusing on those laws and regulations that had a material effect on the financial statements or that had a fundamental effect on the operations of the Trust from our professional and sector experience.

• We communicated applicable laws and regulations throughout the audit team and remained alert to any indications of non-compliance throughout the audit.

• We reviewed any reports made to regulators.

• We reviewed the financial statement disclosures and tested these to supporting documentation to assess compliance with applicable laws and regulations.

• We performed analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud.

• In addressing the risk of fraud through management override of controls, we tested the appropriateness of journal entries and other adjustments, assessed whether the judgements made in making accounting estimates are indicative of a potential bias and tested significant transactions that are unusual or those outside the normal course of business.

Because of the inherent limitations of an

audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/

. auditorsresponsibilities This description forms part of our auditor’s report.

Use of our report

This report is made solely to the charity’s trustees as a body, in accordance with section 144 of the Charities Act 2011 and regulations made under section 154 of that Act. Our audit work has been undertaken so that we might state to the charity’s trustees those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity’s trustees as a body, for our audit work, for this report, or for the opinions we have formed.

27 March 2025

Sayer Vincent LLP, Statutory Auditor 110 Golden Lane, LONDON, EC1Y 0TG

Sayer Vincent LLP is eligible to act as auditor in terms of section 1212 of the Companies Act 2006

in figures

Grants made Investments in 2024

Finance

Governance and management

Risk management

Statement of trustees’ responsibilities

Auditor’s Financial Legal and report statements administrative

Forewords Objects and activities

Activities 2024 grants in 2024 in figures

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Financial statements

JRCT Annual Report 2024

Financial Statements

Statement of financial activities

for the year ended 31 December 2024				2024	2023
		Note		£’000	£’000
Income
Donations		2		5	3
Income from investments		3		3,504	2,941
Total income				3,509	2,944
Expenditure
Raising funds				1,850	1,854
Charitable activities				17,292	22,772
Total expenditure		4		19,142	24,626
Net expenditure before net gains on investments				(15,633)	(21,682)
Netgains on investments		12		21,688	31,952
Net movement in funds				6,055	10,270
Reconciliation of funds
Total funds brought forward				278,815	268,545
Total funds carried forward				284,870	278,815
All income and expenditure in both years was unrestricted.

All of the above results are derived from continuing activities. There were no recognised gains or losses other than those stated above.

Grants made Investments Finance in 2024

Activities 2024 grants in 2024 in figures

Governance and management

Balance sheet

	Balance sheet
	as at 31 December 2024			2024	2023
			Note	£’000	£’000
	Fixed assets
	Tangible assets		11	105	15
	Investments		12	285,029	278,407
	Current assets			285,134	278,422
	Debtors		13	262	315
	Short term deposits			-	2,678
	Cash at bank and in hand			20,627	21,145
	Liabilities			20,889	24,138
	Creditors: amounts fallingdue	within oneyear	14	(13,115)	(12,674)
	Net current assets			7,774	11,464
	Total assets less current liabilities			292,908	289,886
	Creditors: amounts fallingdue	after oneyear	15	(8,038)	(11,071)
	Net assets			284,870	278,815
	The funds of the charity
	Unrestricted funds:
	Expendable endowment			284,870	278,815
	Total charityfunds			284,870	278,815
	Approved by the trustees
	on 15 March 2025 and
	signed on their behalf by:	Jonathan Heawood,	Chair of Trustees	Alison Breadon, First

Alison Breadon, First Vice Chair

Statement of trustees’ responsibilities

Risk management

Auditor’s Financial report statements

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Forewords Objects and activities

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Financial statements

JRCT Annual Report 2024

Financial Statements

Continued

Statement of cash flows

for the year ended 31 December 2024

Statement of cash fows for the year ended 31 December 2024
				2024	2023
		Note		£’000	£’000
Cash fows from operating activities Net income for the reporting period (as per the statement of fnancial activities)				6,055	10,270
Depreciation charges				21	2
Gains on investments		12		(21,688)	(31,952)
Income from investments		3		(3,504)	(2,941)
Decrease/(increase) in debtors		13		53	(238)
(Decrease)/increase in creditors		14,15		(2,592)	4,931
Net cash used in operating activities				(21,655)	(19,928)
Cash fows from fnancing activities
Income from investments				2,681	2,225
Purchase of fxed assets Purchase of investments		11 12		(111) -	- (31,494)
Proceeds from sale of investments		12		15,889	54,114
Net cashprovided byfnancingactivities				18,459	24,845
Change in cash and cash equivalents in the year				(3,196)	4,917
Cash and cash equivalents at the beginningof theyear				23,823	18,906
Cash and cash equivalents at the end of theyear				20,627	23,823

Grants made in 2024

Activities 2024 grants in 2024 in figures

Finance

Investments

	Analysis of cash and cash equivalents
		At 1		At 31
		January 2024	Cash fows	December 2024
		£’000	£’000	£’000
	Operating cash at bank and in hand	3,923	856	4,779
	Floating reserve
	Cash held in deposit accounts on call	17,222	(1,374)	15,848
	Notice deposits	2,678	(2,678)	-
	Total cash and cash equivalents	23,823	(3,196)	20,627

Statement of trustees’ responsibilities

Governance and management

Risk management

Auditor’s report

Financial statements

Legal and administrative

Forewords Objects and activities

44

Financial statements

JRCT Annual Report 2024

Notes to the financial statements for the ear ended 1 December 202 y 3 4

departure has involved following Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.

1. Accounting policies

Organisation address and country of registration The Joseph Rowntree Charitable Trust is an unincorporated charity, registered with the Charity Commission in England and Wales (number 210037). The registered office is The Garden House, Water End, York, YO30 6WQ.

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

Basis of preparation

The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) – (Charities SORP FRS 102), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.

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

The financial statements have been prepared to give a ‘true and fair’ view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a ‘true and fair view’. This

Grants made Investments Finance in 2024

Governance and management

Public benefit entity

Dividends and interest receivable

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

Dividends and interest on investments, short term deposits and cash at bank are included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable. This includes reinvested income in investment funds where dividend notifications enable the amount to be quantified, in which case the reinvestment of income is recorded as an addition to the investment.

Going concern

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

Key judgements that the charity has made which have a significant effect on the accounts include estimating the liability from multi-year grant commitments.

Fund accounting

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

All unexpended funds are held in the General Fund (expendable endowment) which can, under the terms of the Trust Deed, be used at the discretion of the trustees.

Expenditure and irrecoverable VAT

Income

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

Income is recognised when the charity has entitlement to the funds, it is probable that the income will be received and that the amount can be measured reliably.

Expenditure is classified under the following activity headings:

Risk management

Auditor’s Financial Legal and report statements administrative

Statement of trustees’ responsibilities

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Financial statements

JRCT Annual Report 2024

Notes to the financial statements for the year ended 31 December 2024 Continued

• Costs of raising funds include investment management fees, custodian fees, professional fees and other direct costs together with an allocation of staff costs, overhead costs and depreciation, based on the number of staff hours allocated to generating funds.

Allocation of support costs

Support costs have been allocated between governance costs and other support costs. Governance costs comprise all costs involving the public accountability of the charity and its compliance with regulation and good practice. These costs include costs related to statutory audit, governance related legal fees and Trust meetings together with an apportionment of overhead and support costs.

• Trustees consider that grant-making is the Trust’s primary charitable activity. Grants approved represent grants approved net of cancelled grants and grants repaid and other grant adjustments. Grant related support costs include the direct costs of grant-making together with an allocation of staff costs, overhead costs and depreciation, based on the number of staff hours allocated to grant-making.

Governance costs and other support costs relating to the costs of raising funds and grant-making have been apportioned based on the number of staff hours allocated to these activities.

Tangible fixed assets

Grants and loans are recognised in the statement of financial activities as expenditure in the year in which they are approved and such approval has been communicated to recipients, except to the extent that it is subject to conditions that enable the Trust to revoke the award.

Leasehold improvements and fixtures, fittings and equipment which are capable of being used for more than one year and have a cost equal to or greater than £5,000 are capitalised.

Depreciation is provided at rates calculated to write down the cost of each asset to its estimated residual value over its expected useful life, on a straight line basis.

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

Grants made Investments in 2024

Governance and management

Depreciation costs have been apportioned to the costs of raising funds, grant-making, governance and support costs based on the number of staff hours allocated to these activities. Assets are reviewed for impairment if circumstances indicate their carrying value may exceed their net realisable value and value in use. Major components are treated as a separate asset where they have significantly different patterns of consumption of economic benefits and each is depreciated separately over its useful life.

sheet date using the closing quoted market price.

Unquoted equity investments, including social investment equities, are usually shown in the balance sheet based either on the value of the shares as determined by independent accountants or the boards of the companies themselves or on a market price where there have been recent trades of sufficient volume to reasonably indicate one. However, they are also subject to an annual impairment review and, where it is deemed necessary, valuations will be adjusted downwards to reflect this.

Leasehold improvements are depreciated over 10 years or the term of the lease if shorter. Furniture is depreciated over 5 years. Computers, other technological hardware and computer software are depreciated over 3 years. Occasionally these terms are reassessed for assets that have a longer or shorter life than as stated above.

Cash and cash equivalents comprises cash deposit funds which are available to realise at short notice but are not expected to be realised within 12 months of the year-end.

Investment gains and losses, whether realised or unrealised, are combined and shown in the heading “Net gains/(losses) on investments” in the statement of financial activities. The charity does not acquire put options, derivatives or other complex financial instruments.

Investments

Investments are a form of basic financial instrument and are initially recognised at their transaction value.

Quoted equity investments are subsequently measured at their fair value as at the balance

Risk management

Auditor’s Financial Legal and report statements administrative

Statement of trustees’ responsibilities

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Finance

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Financial statements

JRCT Annual Report 2024

Notes to the financial statements for the year ended 31 December 2024 Continued

Debtors

Financial instruments

The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.

Debtors are recognised at the settlement amount due after any discount offered. Prepayments are valued at the amount prepaid net of any discounts due.

Short term deposits and cash at bank and in hand

Short term deposits represent amounts held on deposit with a maturity of between three months and one year. Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

Pension scheme

The Trust offers employees a defined contribution scheme. Contributions are made on a sliding scale with employees contributing from 5.0% to 7.5% of their gross salary and the Trust contributing between 12.5% and 15.0%, depending on the employee contribution. Each participating member is able to select their own contribution rate. The liability for the Trust is limited to contributions arising from regular payroll expenditure.

Creditors and provisions

Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.

Foreign exchange

Transactions in foreign currencies are translated into sterling at the rate of exchange

Grants made Investments Finance in 2024

Governance and management

ruling at the date of the transaction. Realised exchange differences are included within the relevant transaction as part of expenditure. Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. The unrealised exchange differences are included in other gains and losses, where material.

Taxation

The Trust is considered to pass the tests set out in Paragraph 1 Schedule 6 Finance Act 2010 and therefore it meets the definition of a charitable trust for UK income tax purposes. Accordingly, the charity is potentially exempt from UK taxation in respect of income or capital gains received within categories covered by Part 10 Income Tax Act 2007 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes. To the extent that the Trust engages in overseas activity, or derives income from overseas, it may incur a foreign tax liability depending on the application of the tax legislation in the relevant jurisdiction.

Statement of trustees’ responsibilities

Risk management

Auditor’s report

Related party transactions

Transactions with related parties are disclosed in the notes to these financial statements. The Trust’s policy is for trustees, co-optees, staff and advisors to declare their interest and exempt themselves from all relevant discussions and decisions which may involve a transaction with a related party or in which they may have a conflict of interest.

Financial Legal and statements administrative

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Financial statements

JRCT Annual Report 2024

Notes to the financial statements for the year ended 31 December 2024 Continued

2. Income from donations

4a. Analysis of expenditure

2024 2023 £’000 £’000 Gifts 5 3 5 3 2024 2023 £’000 £’000 Dividends – equities 488 437 Reinvested income in investment funds 823 716 Interest and other investment income 2,193 1,788 3,504 2,941 2. Income from donations 3. Income from investments All income from donations was unrestricted.		4a. Analysis of expenditure (current year) Cost of raising funds Charitable activities Governance costs Other support costs 2024 Total 2023 Total £’000 £’000 £’000 £’000 £’000 £’000 Staf costs (note 7) 65 1,721 181 510 2,477 1,897 Grants awarded (note 5) - 13,803 - - 13,803 20,032 Grant awarding related costs - 451 - - 451 456 Investment managers’ fees 1,612 - - - 1,612 1,654 Legal and professional fees 108 15 10 153 286 122 Other investment related costs 25 - - - 25 31 Auditor’s remuneration - - 19 - 19 16 IT consultancy - - - 54 54 39 Premises and ofce costs - - - 156 156 152 Depreciation 1 15 1 4 21 2 Other costs - - 33 205 238 225 1,811 16,005 244 1,082 19,142 24,626 Allocation of support costs Governance costs 7 237 (244) - - - Other support costs 32 1,050 - (1,082) - - Total expenditure 2024 1,850 17,292 - - 19,142 Total expenditure 2023 1,854 22,772 - - 24,626 Cost of raising funds comprises the costs of managing the Trust’s investments.
48 Forewords Objects and activities Activities in 2024 2024 grants in fgures Grants made in 2024 Investments Finance Governance and management Risk management Statement of trustees’ responsibilities Auditor’s report Financial statements Legal and administrative

Forewords Objects and Activities 2024 grants activities in 2024 in figures

Financial statements

JRCT Annual Report 2024

Notes to the financial statements for the year ended 31 December 2024 Continued

4b. Analysis of expenditure

4b. Analysis of expenditure (prior year) Cost of raising funds Charitable activities Governance costs Other support costs 2023 Total £’000 £’000 £’000 £’000 £’000 Staf costs (note 7) 61 1,268 157 411 1,897 Grants awarded (note 5) - 20,032 - - 20,032 Grant awarding related costs - 456 - - 456 Investment managers’ fees 1,654 - - - 1,654 Legal and professional fees 70 11 - 41 122 Other investment related costs 31 - - - 31 Auditor’s remuneration - - 16 - 16 IT consultancy - - - 39 39 Premises and ofce costs - - - 152 152 Depreciation - 2 - - 2 Other costs - - 89 136 225 1,816 21,769 262 779 24,626 Allocation of support costs Governance costs 9 253 (262) - - Other support costs 29 750 - (779) - Total expenditure 2023 1,854 22,772 - - 24,626 Cost of raising funds comprises the costs of managing the Trust’s investments.		5. Grant-making 2024 2023 £’000 £’000 Grants payable at the start of the year 23,468 18,527 New grants awarded in the year 9,278 16,359 Increases awarded in the year to existing grants 4,841 3,818 Other amendments togrants in theyear (316) (145)
		Netgrant awards in theyear(note4) 13,803 20,032
		Grantspaid in theyear (16,450) (15,091)
		Grantspayable at the end of theyear 20,821 23,468
		Creditors: amounts due within one year (Note 14) 12,783 12,397 Creditors: amounts due in over oneyear(Note 15) 8,038 11,071
		Total creditors at the end of theyear 20,821 23,468
		Further details on grants awarded in the year are provided in the Trustees’ Report on pages 14 to 29.

in figures

Grants made Investments in 2024

Finance

Governance and management

Risk management

Statement of trustees’ responsibilities

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49

Forewords Objects and Activities 2024 grants activities in 2024 in figures

Financial statements

JRCT Annual Report 2024

Notes to the financial statements for the year ended 31 December 2024 Continued

1. Net incoming resources for the year 7. Analysis of staff costs, trustee remuneration and This is stated after charging: 2024 2023 expenses, and the cost of key management personnel £’000 £’000 Staff costs were as follows: 21 2 Depreciation 2024 2023 Auditor’s remuneration (excluding VAT): 15 14

Employer pension costs include payments made by the charity under staff salary sacrifice arrangements. Employee benefits include one-off items such as overtime, holiday pay and pay for additional responsibilities.

	Salaries	2024 £’000 1,745	2023 £’000 1,398
	Social security costs	185	149
	Pension costs (defned contribution plan) Termination costs Other employment-related costs	484 62 1 2,477	349 - 1 1,897
	The following number of employees received employee benefts
	(excluding employer national insurance and employer pension costs)
	during the year between:
		2024 No.	2023 No.
	£60,000 - £69,999	1	3
	£70,000 - £79,999	4	2
	£80,000 - £89,999	1	-
	£90,000 - £99,999	2	1
	£100,000 - £109,999	1	1
	£110,000 - £119,999	-	1

The total employee benefits including pension contributions and employer national insurance contributions of the key management personnel were £420k (2023: £481k). This includes staff who joined and/or left during the year. This does not include individuals employed on short term consultancy contracts.

The charity trustees were neither paid nor received any other benefits from employment with the charity in the year (2023: £nil). No charity trustee received payment for professional or other services supplied to the charity (2023: £nil).

Trustees’ expenses, representing the payment or reimbursement of travel and subsistence costs, compensation for loss of earnings, plus the cost of sundry expenses including telephone and stationery, totalled £14k (2023: £20k) incurred by 11 (2023: 10 ) trustees.

Statement of trustees’ responsibilities

Grants made Investments in 2024

Governance and Risk management management

Auditor’s Financial Legal and report statements administrative

Finance

Forewords Objects and Activities 2024 grants activities in 2024 in figures

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in figures

Financial statements

JRCT Annual Report 2024

Notes to the financial statements for the year ended 31 December 2024 Continued

8. Staff numbers

9. Related party transactions

The average number of employees (head count based on number of staff employed) during the year was as follows:

Transactions with related parties are disclosed below.

Jonathan Heawood (trustee since September 2024) is Executive Director of Public Interest News Foundation. During the year grant funding was awarded to Public Interest News Foundation of £nil (2023: £189,867) with £70,000 remaining outstanding at year-end (2023: £135,000).

	2024 No.	2023 No.
Grant-making Support Governance	22 8 2	18 7 2
	32	27

Linda Batten (trustee until July 2024) is a freelance worker at Peace Museum. During the year grant funding was awarded to Peace Museum of £nil (2023: £20,000) and at the year-end there were outstanding grant payments of £nil (2023: £20,000).

10. Taxation

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

Linda Batten (trustee until July 2024) is director and freelance worker at Coal Action Network. During the year grant funding was awarded to Coal Action Network of £4,504 (2023: nil) and at the year-end there were outstanding grant payments of £33,779 (2023: £78,823).

Grants made Investments in 2024

Finance

Governance and management

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Statement of trustees’ responsibilities

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Forewords Objects and Activities 2024 grants activities in 2024 in figures

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Financial statements

JRCT Annual Report 2024

Notes to the financial statements for the year ended 31 December 2024 Continued

11. Tangible fixed assets

	Leasehold property and leasehold improvements	Fixtures, fttings and ofce equipment	Total
Cost	£’000	£’000	£’000
At the start of the year	492	126	618
Additions in year	81	30	111
Disposals inyear	-	(25)	(25)
At the end of theyear	573	131	704
Depreciation
At the start of the year	477	126	603
Charge for the year	11	10	21
Eliminated on disposal	-	(25)	(25)
At the end of theyear	488	111	599
Net book value
At the end of theyear	85	20	105
At the start of theyear	15	-	15

The Trust occupies The Garden House in York jointly with the JRSST Charitable Trust, with whom the capital costs have been shared. The premises are leasehold, the lease being for a term of 136 years from 1992 at a nominal rent. The leasehold building was fully depreciated in prior year accounts.

12. Investments

12. Investments
	2024	2023
	£’000	£’000
Fair value at the start of the year	278,407	268,359
Additions at cost	823	32,210
Disposal proceeds	(15,889)	(54,114)
Gains on investments	21,688	31,952
Fair value at the end of theyear	285,029	278,407
Investments comprise
Listed investments
Global equity investment funds	258,008	237,113
Unlisted investments
Overseas equities	9,562	9,379
UK equities	745	720
Cash and cash equivalents	16,714	31,195
	285,029	278,407

Included in unlisted investments (overseas equities) is £9.4m (2023: £9.2m) in respect of a private equity fund investment. At the year end our outstanding commitment to the fund totalled £0.7m (2023: £0.7m).

Included in additions at cost is £0.823m of reinvested income (2023: £0.716m).

All of the above assets are used for charitable purposes.

Grants made Investments Finance in 2024

Governance and management

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Auditor’s Financial report statements

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Forewords Objects and Activities 2024 grants activities in 2024 in figures

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Financial statements

JRCT Annual Report 2024

Notes to the financial statements for the year ended 31 December 2024 Continued

2024 2023 £’000 £’000 Sundry debtors 65 34 Prepayments 52 9 Accrued income 145 272 262 315 13. Debtors		2024 2023 £’000 £’000 Grant commitments 12,783 12,397 Trade creditors 49 18 Sundry creditors 40 61 Taxation and social security 46 50 Accruals 197 148 13,115 12,674 14. Creditors: amounts falling due within one year		2024 2023 £’000 £’000 Grant commitments fallingdue within 1-5 years 8,038 11,071 8,038 11,071 15. Creditors: amounts falling due after one year

Forewords Objects and Activities 2024 grants activities in 2024 in figures

Grants made Investments in 2024

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Legal and administrative information

JRCT Annual Report 2024

Legal and administrative information

Constitution The Joseph Rowntree Charitable Trust is governed by its Trust Deed. It is a registered charity no. 210037.	Trustees Trustees who served during the year and up to the point that the accounts were signed were: Jenny Amery (to 12 July 2024) Linda Batten (to 12 July 2024) Alison Breadon (from 14 September 2024) Hannah Darton Huw Davies John Fitzgerald (to 16 March 2024) Michael Gidney (from 1 January 2024) Jonathan Heawood (from 14 September 2024) Avila Kilmurray (from 1 January 2024) Fatima Rajina (from 1 January 2024 until 9 January 2025) Marghuerita Remi-Judah Hannah Torkington (to 16 March 2024)	Chair John Fitzgerald to 15 March 2024 Huw Davies from 16 March 2024 to 31 December 2024 Jonathan Heawood from 1 January 2025 First vice chair Hannah Darton to 31 December 2024 Alison Breadon from 1 January 2025 Second vice chair Marghuerita Remi-Judah	Co-opted members Co-optees who served on committees during the year were: Peace and Security: Charlotte Heath-Kelly (from November 2024) Ibtehal Hussain (to October 2024) Maki Kimura Kieran McEvoy (from November 2024) Taniel Yusef Nora Ziegler

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Legal and administrative information

JRCT Annual Report 2024

Legal and administrative information Continued

Power and Accountability: Mohammed Afridi (from July 2024) Craig Gent (from July 2024) Sebastien Krier (to November 2024) Claire Lauterbach (from July 2024) Swee Leng Harris (from July 2024) Susan Morgan Alex Runswick Brian Whelan (to October 2024) Yuan Yang (to January 2024)	Rights and Justice: Fidelis Chebe Tanzil Chowdhury Michelle Daley (from September 2024) Kavian Kulasabanathan Fatima Iftikhar (from September 2024) Marai Larasi (to June 2024) Josetta Malcolm (from September 2024) Nani Jansen Reventlow (to June 2024)	Sustainable Future: Zarina Ahmed John Barry Sean Byers (from December 2024) J Clarke Kamran Fazil Anna Fielding Maryam H’Madoun (from December 2024) Mhari Littlewood (from December 2024) Alessandra Palange (from December 2024)	Northern Ireland: Stephen Bloomer Gerard Deane Nazia Latif Harriet Long Monina O’Prey Investment committee: James Barty Stephen Beer Helena Coles (from October 2024) Abigail Rotheroe

Grants made Investments in 2024

Finance

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Auditor’s report

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Forewords Objects and Activities 2024 grants activities in 2024 in figures

Financial statements

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Legal and administrative information

JRCT Annual Report 2024

Legal and administrative information Continued

Auditor Solicitors Custodians Staff Key management personnel at the year-end: Sayer Vincent LLP, 110 Golden Lane, Bates Wells and Braithwaite London LLP, Investec Wealth & Investment, London EC1Y 0TG 10 Queen Street Place, London, EC4R 1BE 3 Wellington Place, Leeds LS1 4AP Nicola Purdy Acting Chief Executive (from 23 December 2024) Bankers Fund Managers Investment Consultants CAF Bank Limited, 25 Kings Hill Avenue, Generation Investment Management LLP, Redington Limited, Floor 6, Sophie Long Kings Hill, West Malling, Kent ME19 4JQ 20 Air Street, 7th Floor, London W1B 5AN 1 Angel Court, London EC2R 7HJ Head of Programmes (from 11 November 2024) HSBC, 13 Parliament Street, York YO1 8XS Impax Asset Management, Sarah Butcher 7th Floor, 30 Panton Street, Head of Finance and Investment London SW1Y 4AJ Deposit Holders Liontrust, 2 Savoy Court, COIF Charities Deposit Fund, CCLA, London WC2R 0EZ Principal Office One Angel Lane, London EC4R 3AB The Garden House Royal London Asset Management, Epworth Investment Management, Water End, York YO30 6WQ 80 Fenchurch Street, Methodist Church House, 25 Tavistock Place, London EC3M 4BY Tel [phone] London WC1H 9SF Email [e-mail] Web www.jrct.org.uk

Grants made Investments in 2024

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Risk Statement of trustees’ management responsibilities

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